Sydney Stock Exchange (SSX), the most recent addition to the country’s ecosystem of tier-one operators, has listed junior gold miner Torque Metals as its first company. The listing is part of the alternative listing venue’s new strategy announced in December last year.
According to Chief Executive Officer Michael Go, several more companies are were well advanced in the listing application process.
“Last year we announced we were focusing on providing a flexible, efficient alternative for growth companies to list and further their ambitions. That’s exactly what Torque Metals is doing and I’m delighted that we can support them, and the other companies getting ready to list, as part of a thriving Australian financial ecosystem”, said Michael Go.
Ian Finch, Managing Director at Torque Metals, said the firm will leverage SSX to raise capital in order to further its exploration plans. “Junior resources companies have found it increasingly difficult to float in recent years, but listing remains an excellent path to growth. SSX has been very supportive and helpful as we have brought Torque to market.”
SSX offers a six-week listing process focused on Australian companies. The exchange is the only venue in Australia with a dedicated ESG board, and the exchange expects listings to go live on that board in the last quarter of 2020. CEO Michael Go anticipates several more listings by the end of the year despite the challenges of the COVID-19 pandemic.
“We’ve been very focused on our plan – to help Australian growth companies succeed, and that’s especially true now in the pandemic. Every company we can help to grow will add a little bit to the COVID recovery and support the Australian economy, and that’s more important to me now than ever”, GO explained.
Michael Go was appointed Chief Executive Officer in late 2019. The industry veteran joined the SSX from an international career in finance and will head the firm’s strategy of supporting up-and-coming Australian companies and bring more benefits of competition to the Australian market, in the spirit of co-opetition.’
“Our focus is very much on growth companies – businesses that have a track record and are looking to take the next step but may not be big enough to easily list on a main bourse. By fostering growth in this sector we think we can add new depth and vibrancy to the Australian listed landscape and bring some fresh, positive options to the market”, Go said in 2019.
The Sydney Stock Exchange received its license in 2008, but the operator had not fulfilled its license potential in the past.