Powerhaus Uranium (ASX:POW) has made its ASX debut after raising $9M at 20c per share, giving the company an indicative market capitalisation of ~$17M at the offer price.
Shares have seen strong volume, reaching 24c in afternoon trade.
The company is not planning to spend much time enjoying the listing either.
Field reconnaissance at its flagship Central Malbec Project in Argentina is due to start in early September, with preparations already underway for a 5,000m diamond drilling program targeted for October, subject to permits and final contractor arrangements.
Malbec gets first crack
Central Malbec is the main event.
Powerhaus is targeting sandstone-hosted roll-front uranium within the Salamanca Formation, a geological setting the company believes shares characteristics with Kazakhstan-style uranium systems.
Those types of deposits can potentially be mined using in-situ recovery, which is one reason the target has strategic appeal.
Surface sampling has already returned up to 771ppm U₃O₈ at Aguada de Piedra and 523ppm U₃O₈ at Del Molle, giving Powerhaus something tangible to follow up.
More than half of the IPO funds are earmarked for exploration at Central Malbec, including the upcoming drill campaign.
Figure 1: Malbec Project regional location and tenure, showing the interpreted Malbec prospective trend within the San Jorge Basin, Chubut, Argentina.
A second uranium front
Powerhaus has also completed the acquisition of Hidden Bay on the eastern edge of Canada’s Athabasca Basin.
The project gives the company exposure to basement-hosted uranium in one of the world’s best-known uranium districts, with ground geophysics planned across Q4 2026 and Q1 2027.
Managing Director Siobhan Lancaster said the IPO provides the funding needed to maintain an aggressive exploration program across both jurisdictions.
What’s next
September brings reconnaissance, mapping and target refinement in Argentina.
October is when the drill bit is expected to start testing the Salamanca roll-front model.
Then comes the first real proof point, assays.
The IPO got Powerhaus onto the ASX, now it has to turn fresh capital into a uranium discovery.
