Pelican Resources Limited
PEL.AX
Australian Securities Exchange0.02
AUD
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Pelican Resources Limited
PEL.AX
(Australian Securities Exchange)
Recent
price
0.02
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ratio
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div
yld
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ROIC.AI
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- Business
- Pelican Resources Limited (ASX:PEL) is an ASX-listed mineral exploration company focused on the resources sector, with projects in Western Australia and the Philippines. The company engages in the evaluation, exploration, and potential development of mineral assets, including historical interests in nickel at the Romblon Nickel Project, iron ore at sites such as Cockatoo Island, Bellary Springs, and gold at Donald Well and Xanadu Gold project; it sold its Cockatoo Island iron ore assets in 2018 for $3.75 million in cash and equity. Operations target base and precious metals in the basic materials sector, serving investors and partners in mining exploration. Founded in 1994 and headquartered in Perth, Australia, Pelican Resources maintains a portfolio of tenements across Australia and Southeast Asia, with past activities centered in the Ashburton Trough, Pilbara region, and Romblon area. The company listed on the ASX in January 2002 and employs directors including Antonio Torresan, Colin Chenu, and Alec Pismiris, who hold substantial indirect shareholdings. In recent developments, Pelican Resources completed a fully underwritten pro-rata non-renounceable entitlement offer to raise capital for its operations and rationalized its portfolio by divesting non-core assets like Cockatoo Island. Options held by directors expired in 2019 and 2020 as part of remuneration adjustments, while the company continues evaluating opportunities in the resources sector amid weak financial metrics including negative earnings per share and return on equity. No major acquisitions, partnerships, or new product launches have been announced in the last 1-2 years, with focus remaining on maximizing value from existing exploration efforts.