The first week of a company being on the ASX boards can be very telling. The market doesn't get any new information until the next quarterly or half-year result, so we can get a sense of the market sentiment from how the share does in its first week.
Of course, how the market treats a share doesn't ultimately mean anything. But, it can be interesting nonetheless.
Here are how the latest ASX shares fared:
Aldoro Resources Limited (ASX: ARN)
Aldoro Resources is going to explore and develop the Ryans Find, Kalgarin, Cathedrals and Leinster Projects and other mineral opportunities. They comprise over 1100km2 of granted tenure and applications which are prospective for either, or both, nickel-cobalt mineralisation in weathered lithologies or nickel sulphide mineralisation.
It was looking to raise $4.5 million at $0.20 per share, however it appears not to have made it onto the ASX boards last week. The ASX hasn't yet updated when it expects Aldoro to start trading.
AMD Resources Limited (ASX: ADM)
AMD Resources wants to become a leading Papua New Guinea and Australia based mining company. A key focus is gold and other materials located at the projects in PNG, Queensland and the Northern Territory. The company said it has already spent over $12 million on its project portfolio, building the material value of its assets.
It was looking to raise $20.3 million at $0.50 per share, however it also appears not to have made it onto the ASX boards last week. The ASX is yet to update when it expects AMD Resources to hit the exchange.
Black Dragon Gold Corp. (ASX: BDG)
Black Dragon Gold owns 100% of the Salave gold project in the Asturias region of Spain. According to the company, Salave is a technically robust project situated in a highly prospective region and recognised as one of the largest undeveloped gold projects in Europe.
It was looking to raise $6 million at $0.20 per share, but Black Dragon Gold Corp also didn't make it onto the boards. The ASX hasn't updated when it expects the miner to start trading.
Sultan Resources Ltd (ASX: SLZ)
Sultan Resources is going to acquire the East Tallering, Dalwallinu, Thaduna and Lake Grace projects. These projects combined are for land of approximately 946km2 to explore for gold and other minerals in WA. Most of them are near Perth.
It was looking to raise $5 million at $0.20 per share, however it also didn't make it onto the boards. The ASX has changed the expected listing date to 16 August 2018.
Foolish takeaway
Perhaps I shouldn't be surprised that all four of the resource exploration businesses didn't make it onto the ASX last week. Although it appears as though Sultan may be about to list. I wish all four companies the best, but I think the full house of no-listings shows how uncertain this end of the market is.
