Small-cap mining group Metal Tiger is planning to bring what it calls the "first IPO of a Thai operation on the London Stock Exchange" to the market later this year.
Metal Tiger, which has been listed on the Alternative Investment Market (Aim) since mid-2014, will float the silver, lead and zinc-focused Thai joint venture on the junior market in the second quarter, effectively spinning out the group's Thai assets.
It is looking to raise between £3m and £4m, including any pre-float funding.
It holds a 77.9 per cent interest in the Boh Yai and Son Toh mines, both brownfield sites mothballed in 2002 that the company is expecting to bring back into production next year.
“The IPO of the Thai Joint Venture is expected to realise significant value for all interested parties and shareholders and create a highly attractive company on Aim for investors to gain exposure to a near-term production silver-lead- zinc project," said Michael McNeilly, Metal Tiger's chief executive.
The group has estimated it will need around $15m (£12m) to $20m to reboot and reopen the mines.
Silver prices rallied in the middle of last year, though have lost some of their shine since then. Spot silver prices reached $16.565 a tonne today, according to Bloomberg data.
The precious metal is still experiencing a significant downturn from peaks several years ago. Before metal prices started falling in 2013, the price was more than $30 a tonne.