SINGAPORE – CNMC Goldmine has moved a step closer to a mainboard listing after receiving approval in principle from the Singapore Exchange (SGX), in a move that could raise the company’s profile among investors.
The Catalist-listed mining company said on July 3 that the transfer is subject to several conditions, including obtaining shareholders’ approval by way of a special resolution at an extraordinary general meeting and complying with SGX’s listing requirements.
Shares of CNMC rose more than 6 per cent to hit $1.17 during the midday trading break. More than 3.5 million shares changed hands.
CNMC first announced plans on May 14 to transfer its listing from Catalist to the mainboard. It said that public investors tend to place a bigger premium on SGX mainboard-listed companies than those on the Catalist board.
The group also noted the move would enable access to a larger and more diverse investor base, including institutional investors whose mandates may be restricted to investment in only SGX mainboard-listed companies.
This is expected to enhance the liquidity of the shares and encourage greater institutional investor participation.
The board added that companies listed on the mainboard “generally benefit from broader and more consistent analyst coverage”.
“Increased research coverage may improve market transparency, reduce information asymmetry, and support a more accurate and efficient valuation of the shares,” it said.
The proposed transfer comes after a strong rally in gold prices over the past year, driven by geopolitical tensions and sustained central bank buying, which provided a favourable backdrop for gold miners like CNMC.
The company posted record FY2025 revenue of US$128.4 million (S$165.8 million), more than double the previous year’s figure, while net profit attributable to shareholders surged to a record US$42 million.
Its shares, which were trading at around $1 in January, doubled to over $2 in March before sliding as gold prices turned volatile.
The precious metal hit a record US$5,589.38 an ounce on Jan 28 before retreating sharply to trade between US$4,800 and US$5,200 for months.
It has since fallen to around US$4,200 as expectations that inflation could keep interest rates higher for longer weighed on the non-yielding metal.
