Scythian Mining Group Ltd has reaffirmed its commitment to pursuing a listing on the London Stock Exchange’s AIM market. Despite facing challenges in 2023-2024, the mining company is moving forward with its plans to go public. Previously, the company struggled with a lack of funds, which hindered its progress on its flagship gold project in Kazakhstan. As a result, drilling operations planned for the year did not take place, as the expected funding from Canadian investors failed to materialise. The company had initially announced its intention to list on the London Stock Exchange’s AIM market in late 2023. Following this announcement, updates were scarce until now. Scythian Mining has now appointed London-based brokerage firm, Tavira Securities, to assist in planning a pre-IPO fundraising of up to $10 million. This staged funding will cover drilling, exploration, and other costs before the Initial Public Offering (IPO). The company remains optimistic about its chances of going public on the London Stock Exchange’s AIM market.
In late 2023, Scythian discovered a significant copper-gold (Cu-Au) porphyry system in Kazakhstan. Subsequently, Scythian negotiated a 50/50 joint venture with the US-based company IG Global. The joint venture has applied for two new exploration licenses in the region. Under the terms of the agreement, IG Global will finance and conduct exploration activities for the first two years. This arrangement allows Scythian to concentrate on exploring and developing the Kokkus project and preparing for its IPO. To manage its interest in the project, Scythian has established a new wholly-owned subsidiary, Scythian Copper Ltd.
