Normandy Minerals (ASX: NMD) - A$12 Million IPO to Explore the Halleys and Mt Jackson Gold Projects
The Normandy Minerals IPO raised the maximum A$12 million, and the Western Australian gold explorer lists on the ASX as NMD on Monday 5 October 2026 [R3][R5]. The company was incorporated in November 2025. It has put together about 1,621 square kilometres of ground in the Marda-Diemals region, about 130 kilometres north of Southern Cross [R1][R2]. Two historical gold mines are inside that ground. The company has not reported a mineral resource, which is an estimate of the tonnes and grade of gold in the ground. The IPO money is meant to pay for the drilling that could lead to one. This review is based on the prospectus dated 14 August 2026 and the pre-quotation disclosure of 1 October 2026.
The Normandy Minerals IPO Offer
Normandy offered up to 60 million shares at 20 cents each. The minimum raise was A$8 million and the maximum was A$12 million [R1]. The offer closed on 4 September 2026. On 25 September the company issued 60,000,000 shares and raised A$12,000,000 before costs [R3]. Euroz Hartleys was the lead manager, the broker that ran the offer. The offer was not underwritten, which means no broker had agreed to buy shares that were left unsold [R1].
The company now has 118,364,685 shares on issue [R4]. At the issue price that is a market capitalisation, the number of shares multiplied by the price, of A$23,672,937 [R1]. The prospectus timetable gave 29 September 2026 as the expected first day of trading. The ASX now lists it as Monday 5 October 2026 at 12.00pm Sydney time [R5].
TABLE 01 below sets out the terms. The full document is the Normandy Minerals prospectus on the company website.
The Halleys, Mt Jackson and Perrinvale Gold Projects
Normandy describes itself as a gold exploration company [R1]. It holds, or has agreements over, 62 tenements in three project areas (FIG. 01). A tenement is a licence from the state to explore or mine a defined block of land. About 1,285 square kilometres is granted and the rest is under application [R1][R2].
FIG. 02 shows where the three projects are. Halleys is in the north, Mt Jackson is to its south and Perrinvale is a separate block to the east. TABLE 02 lists every tenement by project. Of the 62 tenements, 43 are granted and 19 are in application [R2].
Normandy names Halleys as its priority project. It covers about 553 square kilometres and includes the Halleys East open pit (PLATE 01) [R1]. Beacon Minerals mined the pit between late 2013 and May 2015. The ore was trucked more than 300 kilometres to mills owned by other companies, which is called toll treatment. A total of 78,000 tonnes of ore was processed at an average grade of 8.27 grams of gold per tonne, and about 18,300 ounces of gold were recovered [R1][R2]. This is a historical production figure, as is the Clampton figure below. Neither describes what remains in the ground.
Halleys has two parts (FIG. 03). Halleys District is 8 tenements over about 31 square kilometres around the Halleys East pit. Its drilled prospects include Phil, Crabman, 120, Eastside, Albert and GLR. Halleys Regional is the other 23 tenements, where earlier work was mostly soil sampling and shallow drilling [R1][R2].
Mt Jackson is the second project, at about 801 square kilometres. Its main feature is the Clampton Shear Zone, a corridor of faulted rock more than 35 kilometres long. The Clampton mine produced about 7,800 ounces from underground workings between 1933 and 1950, at a grade of 25.4 grams of gold per tonne [R1].
Mt Jackson also has two parts (FIG. 04). The Clampton Shear Zone area is 15 tenements over about 252 square kilometres on the western side, and it holds the three granted mining leases. Drilled prospects near the Clampton mine include Andromeda, Yarbu, Sandplain, Tiger, Gossan East and Bullseye. Mt Jackson Regional is 14 tenements over about 549 square kilometres, with limited drilling [R1].
Perrinvale is the third project and the earliest in stage, at about 267 square kilometres [R1].
It is two granted exploration licences, E30/530 and E30/532, about 145 kilometres north-west of Kalgoorlie. The greenstone belt there runs for 23 kilometres and has had limited gold exploration [R1].
What the Independent Geologist Reports
SRK Consulting wrote the Independent Geologist’s Report in the prospectus, an outside technical review dated 13 August 2026. It reports historical drill holes around and beneath the Halleys East pit with gold outside the mined area as drawn (FIG. 05). Table 4.1 of the report lists hole BRC135 at 14 metres at 45.3 grams per tonne from 86 metres down the hole [R2]. It is not marked as mined out. Several of the highest-grade intercepts in the same table are marked as mined out. These are downhole lengths, which means the distance measured along the drill hole. The report says true thicknesses are not known and that no top-cut, an upper limit on very high assays, has been applied [R2].
SRK concludes the ground has “material exploration upside”, with “strong brownfields potential” at Halleys and the Clampton Shear Zone [R2]. Brownfields means exploring next to an old mine. SRK also lists technical risks. At most prospects the gold is defined by short intervals, typically 1 to 8 metres, in shallow or widely spaced holes. Some historical data lacks survey and quality control records. SRK says verification drilling “will be required before any Mineral Resources can be declared” [R2]. Normandy plans to twin selected holes. A twin hole is a new hole drilled within 1 to 2 metres of an old one to check its result [R2].
Two items are treated differently within the documents. Samso quotes each version as published. The JORC Code is the Australian standard for reporting mineral resources. Section 5.3.2 of the prospectus says Beacon reported an Inferred Mineral Resource at Halleys East in 2012. Inferred is the lowest confidence category. SRK says Beacon’s resources “are not JORC 2012 compliant and are therefore not reported here” [R1][R2]. Table 4.2 of the SRK report lists the BRC135 intercept at 43.2 grams per tonne, against 45.3 in Table 4.1 [R2].
Normandy Minerals Use of Funds
With A$250,000 of existing cash, the company has A$12.25 million to allocate over two years (FIG. 06) [R1]. Exploration takes A$9.15 million, which Samso calculates as about 75 per cent of the total. Halleys receives A$4.25 million, Mt Jackson A$3.75 million and Perrinvale A$1.15 million [R1].
Listing costs are A$1.1 million. That includes the lead manager’s fee of 6 per cent of the money raised, which is A$720,000. The Managing Director’s package is A$364,000 a year including superannuation [R1].
The prospectus expects the funds to cover two years of operations. Its risk section says it is “highly likely” the company will need to raise more equity or debt after that [R1].
Normandy Minerals Capital Structure and Escrow
Before the IPO there were 46,200,100 shares. Of these, 45,600,000 were sold in June 2026 at 2.5 cents each, one eighth of the IPO price. This was a seed raising, a funding round before the IPO, and the buyers were outside investors and some directors. A further 11,500,000 shares went to tenement vendors, including 2,000,000 to settle the plaints described below [R1].
Escrow is an ASX restriction that stops a holder selling for a set period. A total of 52,614,585 shares are escrowed, which Samso calculates as about 44 per cent of the shares on issue (TABLE 03) [R3]. Of these, 28,037,500 are held for 24 months from quotation and 24,577,085 for 12 months from their date of issue. The share registry report shows escrow classes ending on 10 June, 23 June and 25 September 2027 [R4]. None of the IPO shares are escrowed [R3].
Managing Director Joshua Conner is the largest shareholder. He holds 18,400,100 shares, or 15.55 per cent, almost all through Oak & Compass Pty Ltd. Of these, 18,200,000 were bought in the seed raising [R1]. The top 20 holders have 70.49 per cent [R4].
Directors and managers also received 18,359,341 performance rights. A performance right becomes a share at no cost if a milestone is met [R3]. Almost all of the directors’ rights, 16,610,268 of 16,939,341, depend on share price hurdles of 22, 24, 26 and 28 cents. Each hurdle is a volume-weighted average price, or VWAP, measured over the whole first year of trading. The rest need a resource of at least 1,000,000 ounces of gold, a safety target or a first-pass mine study, each with a 26 cent VWAP over three years [R1]. BDO, the independent expert, concluded the issue is fair and reasonable to other shareholders [R1].
Leadership Commentary
Non-Executive Chairman Bradley Rogers wrote the following in his letter in the prospectus [R1].
“The Directors believe the combination of a quality, strategically consolidated asset base, a clear exploration strategy and an experienced Board and management team provides an attractive platform from which to seek to deliver value for Shareholders.”
The same letter says an investment in the company “should be considered highly speculative”. Mr Rogers is Managing Director of Jupiter Mines (ASX: JMS) [R1].
Risks and What the Prospectus Does Not Settle
Part of the company’s title was before the courts at the prospectus date. A subsidiary, Mining Projects Management Group (MPMG), was in a joint venture in which AU KT Pty Ltd held 75 per cent of certain tenements. On 20 July 2026 the Supreme Court of Western Australia found that AU KT was deemed to have withdrawn and had to transfer its 75 per cent to MPMG. AU KT has appealed. On 6 August 2026 the Court ordered its seal placed on the transfer forms after AU KT did not sign them. An application to pause the transfer was withdrawn the next day [R1]. The company says it “remains confident” and that the appeal does not stop the planned work [R1].
Separately, 9 of the 31 Halleys tenements and 14 of the 29 Mt Jackson tenements were under plaint [R1]. A plaint is a legal challenge to a tenement lodged in the Warden’s Court, which hears mining disputes in Western Australia. Normandy agreed to issue 2,000,000 shares to settle the plaints. The pre-quotation disclosure confirms the settlement deed has completed. It also says there are “no legal, regulatory, statutory or contractual impediments” to exploring the granted tenements [R3]. The disclosure does not mention the appeal.
At its date, the prospectus said the company “is yet to conduct its own exploration activities” [R1]. What is known about the gold comes from the records of earlier explorers. The company has no mineral resource reported under the JORC Code [R1].
Drilling has since started. On 5 October 2026, its first day on the ASX, Normandy announced that a diamond drill rig is working at the Halleys East pit. A diamond rig cuts a solid core of rock. The first program is about 2,000 metres in 12 to 15 holes, and the company expects the first assays within 3 to 4 weeks. It expects to start about 6,000 metres of reverse circulation drilling, a faster method that returns rock chips, in October [R6]. No results have been reported.
All Halleys and Mt Jackson tenements are within the area of the Marlinyu Ghoorlie native title claim. The prospectus says the company may have to negotiate with native title parties before any mining [R1].
The prospectus discloses one related party acquisition. A tenement application is being bought from Black Horse Minerals, an entity controlled by Mr Conner, for up to A$2,971 [R1].
Near-term Milestones to Watch
The first assays from the Halleys East diamond drilling, which the company expects within 3 to 4 weeks of 5 October 2026 [R6].
Data compilation and twin holes, to check the historical intercepts [R2].
The first drilling programs, planned at 7,000 to 13,000 metres at Halleys and 3,500 to 6,000 metres at Mt Jackson over two years [R1].
The outcome of the AU KT appeal [R1].
A first mineral resource estimate, which the prospectus says will follow “if results allow” [R1].
The first escrow releases, from June 2027 [R4].
Samso Concluding Comments
Normandy has put together ground around two old gold mines and raised money to drill it. The independent geologist reports historical drill holes with gold outside the mined area at Halleys East. The same report says the historical data has to be checked before a resource can be declared.
At a time when "good" gold projects are in high demand, Normandy has done well to secure not only what looks like a decent project but one that has a continuous tenure for potential upside.
Samso has reviewed two other Western Australian floats in this series, the Wiluna Mining IPO and the Parbo Resources IPO.
SAMSO TAKE Halleys East was mined at 8.27 grams per tonne, with ore trucked more than 300 kilometres, on a pit design that used a gold price of A$1,600 an ounce [R1]. That history is why this ground was worth putting together. The first year of work is to verify the old results. Twin holes and step-out drilling, which means holes drilled further out from the known gold, will test them. Will the twin holes repeat the old intercepts, and will the title survive the appeal? |
THE OTHER WAY TO READ THIS The cautious reading is that the company has only just started drilling and has not reported a resource, and SRK says the historical data needs checking. Almost all of the directors’ performance rights depend on the share price in the first year, not on exploration results. About 44 per cent of the shares are escrowed, and seed investors paid 2.5 cents. The constructive reading is that A$9.15 million of a A$12.25 million budget goes into exploration, the old mines produced high grades, and the Managing Director is the largest shareholder. |
VOCABULARY IPO. Initial public offering. The first sale of a company’s shares to the public, before it lists on a stock exchange. Prospectus. The legal document a company lodges with the regulator, ASIC, to offer shares to the public. Tenement. A licence from the state to explore or mine a defined block of land. Escrow. An ASX restriction that stops a holder selling shares for a set period. JORC Code. The Australian standard for publicly reporting exploration results, mineral resources and ore reserves. Mineral resource. An estimate of the tonnes and grade of mineralisation in the ground, reported under the JORC Code. Grams per tonne. The grade of gold in rock. One gram per tonne is one part per million. Downhole length. The length of an intercept measured along the drill hole. It can be longer than the true thickness of the zone. Toll treatment. Paying another company to process ore at its mill. Brownfields. Exploration next to an existing or old mine. Twin hole. A new drill hole placed beside an old one to check its result. Plaint. A legal challenge to a mining tenement, lodged in the Warden’s Court of Western Australia. Performance right. A right to receive a share at no cost if a stated milestone is met. VWAP. Volume-weighted average price. The average share price over a period, weighted by the number of shares traded at each price. |
References
[R1] Normandy Minerals Ltd, Prospectus, dated and lodged with ASIC on 14 August 2026. normandyminerals.com.au
[R2] SRK Consulting (Australasia) Pty Ltd, Independent Geologist’s Report, 13 August 2026. Annexure A of the Prospectus.
[R3] Normandy Minerals Ltd, Pre-Quotation Disclosure, ASX announcement, 1 October 2026.
[R4] Normandy Minerals Ltd, Top 20 Holders and Distribution Schedule, ASX announcements, 1 October 2026. Both are as at 25 September 2026.
[R5] ASX, Upcoming floats and listings, read on 2 October 2026.
[R6] Normandy Minerals Ltd, Drilling From Day One, ASX announcement, 5 October 2026.
Cover photo: front cover of the Normandy Minerals Ltd Prospectus dated 14 August 2026, page 1. Reproduced from the prospectus.
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