A silica mining firm that believes it could actually produce tons of of thousands and thousands of tons of the precious industrial commodity is focusing on a public itemizing in London.

Sky News has learnt that Extrac Technologies, which owns a web site overlaying hundreds of acres in Wyoming within the US, is kicking off talks with traders a few £7m pre-float fundraising.

Sources stated that Chrystal Capital Partners was engaged on the elevate.

An preliminary public providing has been pencilled in for 2024.

Extrac's administration group plans to mine its silica quarry for a broad spectrum of business manufacturing, with high-purity frac sand utilized in industries reminiscent of oil and gasoline, and glass and aluminium manufacturing.

The purification of silicon to create metallic components for electrical automobiles, batteries and semiconductor industries is seen as an more and more strategic pure useful resource, with the US having been reliant thus far on Chinese and Russian imports.

The Extrac quarry is being promoted to potential traders as possessing important price benefits due to its location.

The first gross sales from the positioning are anticipated as quickly as subsequent month.

Extrac is predicted to be operational cashflow-positive by October, with earnings subsequent yr forecast by the corporate to be greater than £20m.

The pre-IPO funding is being raised at a pre-money valuation of £40m, in accordance with insiders.

Lance Baller, Extrac Technologies' chief govt, stated: "Since discovering this extremely rare, large, high purity silica sand resource, it has taken us nearly five years to get all the necessary permits in place to finally start mining and monetising the asset.

"We are excited to now be underway with easy, open pit, low-cost mining of the silica useful resource which is in extraordinarily excessive demand from oil and gasoline operators who must inject over 10,000 tons of sand into every frac properly drilled."

Mr Baller is the founder and former chief executive of Iofina, the AIM-listed iodine producer.

A float on London's junior stock market is regarded by bankers as the likeliest route for Extrac next year.

"We will deal with fulfilling as a lot of the native demand as we are able to whereas more and more shifting into increased margin silica flour merchandise, and in the end into silicon metallic which is severely undersupplied in North America however experiencing big demand from transition financial system sectors reminiscent of EV, batteries, photo voltaic and wind and silicon chips," Mr Baller added.

The firm can also be beginning to discuss to potential advisers about its plan to go public.