BMC Minerals (Ticker: Pending) is a Canadian polymetallic developer focused on the Kudz Ze Kayah project in Yukon, Canada. The company plans to list on the Australian Securities Exchange on December 12, 2025, offering 43.4 million to 52.6 million CHESS Depositary Interests at an indicative price range of A$1.90 to A$2.30, raising up to A$121 million (US$79 million). The IPO values the company at more than A$500 million.

BMC Minerals will use proceeds to "advance exploration, permitting and optimisation studies" at the KZK project, which hosts 27.9 million tonnes of mineral resources and 15.7 million tonnes of ore reserves at the ABM deposit. The project is expected to become a 2 million tonne per year operation with a nine-year mine life, producing an average of 32 million ounces of silver-equivalent annually. A feasibility study assessed the ABM mine's pre-tax net present value at $835 million with initial construction costs of $492 million and a 2.2-year capital payback period.

The deal is led by Barrenjoey Markets as sole global coordinator, with Argonaut Securities and Morgans Corporate as joint lead managers. Books are covered, with the institutional offer closing November 21, pricing on December 1, and listing on December 12, 2025.