Silica United Resources is unlocking one of South Korea’s largest high-grade silica deposits, positioned to supply critical raw materials to the nation’s industrial giants. With production restart plans underway and a clear path toward an IPO, SUR offers early investors exposure to a high-value industrial commodity in a premium, infrastructure-rich location.
Silica United Resources Ltd
SUR
Lead Manager
Contact - Jake Grbavac
0474 484 982
jake@liquidity.com.au
Minimum Investment
A$2,000
Offer Details
Issue Price (Per Note)
A$0.120
Offer Size
A$6,000,000
Notes Available
50,000,000
Silica United Resources Ltd is offering 50,000,000 convertible notes, exchangeable into ordinary shares upon completion of final acquisition of mining rights.
Documents & Downloads
Company Overview
Silica United Resources Ltd is advancing two previously producing, high-grade silica projects in South Korea — the Daesan and Taean Mines — strategically located within an established industrial and port region near Seoul. The flagship Daesan Mine, covering 320.6 hectares in Seosan, South Chungcheong Province, hosts an estimated 90 million tonnes of recoverable reserves as assessed by the Korea Mineral Resources Corporation, positioning it among the country’s largest known silica deposits.
The Daesan Mine previously supplied premium-grade quartzite and silica sand (averaging 96% purity) to major industrial players such as Hyundai Steel, POSCO, and Korea Glass, distinguishing it from Korea’s predominantly low-grade silica producers. Silica United is now working to secure full mining rights, restart operations, and produce higher value-added silica powder through new processing facilities. The company is also preparing a Competent Person’s Report (CPR) and engaging with international engineering consultants as part of its pathway toward a potential Initial Public Offering.
Daesan Mine
Output:Â
- Silica stone/sand
- SiO2 quality 90-99%
Area:Â
- 3,220,000m2
Recoverable Resources:
- Over 90m tons (Korea Resources Corporation Estimation)
Mine Previous Sales
Daesan Harbour
Location:
- Located in between Seoul and Cheonan
- Can reduce distribution costs
Proximity:
- Short distance to mainland China
- 461km - Dalian
- 538km - Qingdao
Topography:
- 10-43m water depth
- Short sea route to harbour
- Large vessels including LNG carrier can dock at Daesan Harbour
Expansion Plan:
- Currently in talks to expand the harbour due to the expansion of a petrochemical complex nearby
- Aggregate can be used as cap stones for land reclamation
Daesan Mine is only 3km form Daesan Harbour
Mining Production
Historical work at the Daesan/Seosan Mine confirms its high-quality silica resource, while the nearby Taean project offers potential for smaller-scale, low-capex (approximately US$1 million) near-term production. Following completion of the CPR at Daesan/Seosan, the Company plans to advance toward restarting operations with an enhanced production capacity of around 3,000 tonnes per day.
One of two scenarios are expected:
Scenario 1: High-quality silica (SiO₂ 99%, Fe₂O₃ ≤0.1%, Al₂O₃ ≤0.1%)
- Consistent with historical production
- Beneficiated by removing the iron and aluminum oxidesÂ
- Target price US$58.13/t as refined input for glass, solar panel, advanced material industries). Several historic buyers and a major port within a few kilometres
- Total Capex is estimated $12.2 million
Scenario 2: Ultra-high-quality silica (SiO₂ 99.99%, Fe₂O₃ ≤0.001%, Al₂O₃ ≤0.001%)
- Subject to CPR confirmation, additional and specialised equipment will be required to:
- Beneficiate to achieve the ultra-high-quality – remove trace iron and aluminum oxidesÂ
- Target price US$232.61/t as refined input for Semiconductors, optical fiber, specialty markets. A semiconductor facility, and a major port are located opposite Seosan.Â
- Total Capex is estimated $19.2 million
Use of Funds
Use of Funds
Cost
1.
Mining Rights
4,275,000
2.
Working Capital
1,725,000
Board & Management
Park Ji Won
Executive Chairman
Currently based in Singapore and holds degrees in Computer Engineering and International Business. With over 30 years of experience, he has demonstrated expertise in international business investment, new business development, and incubation consulting, showcasing his ability to drive business success. Drawing on his knowledge of IT simulation technologies, he has successfully grown businesses in sectors such as energy, mining, logistics, healthcare, insurance, and advanced materials, overseeing new business development across the Americas, Asia, the Middle East, and Africa. He possesses a strong combination of expertise in company establishment and management, investment attraction, and value creation through innovation. Currently, he serves as the Managing Director of Nexfin ASIA PTE. LTD., leading operations for clients in Asia. He has received multiple awards for innovation and excellence in Korea and across Asia.
Enrique Lopez de Mesa
CEO and Director
Enrique López de Mesa is based in London and serves as Chairman of the Nexfin Group, which maintains teams in Korea, Singapore, and Hong Kong. A seasoned international finance professional, he has built a career focused on the natural resources sector, having served as President of Ferro Mongolia and as a senior executive at Nova Resources Limited — the first AIM-listed Mongolian mining logistics group. He has also held board-level roles including Non-Executive Chairman of Petrolympic Ltd, President of Alpaca Resources Inc., Southern Oregon Gold and Sino Vanadium Inc. (TSXV: SVX), and Director of Mandarin Mining, Veraz Petroleum Ltd and Aspartus.
His experience spans natural-resource ventures across Asia-Pacific and the Americas, with earlier roles including Vice-President at a Hong Kong-based financial services group and Director of Corporate Finance at PricewaterhouseCoopers Securities in Toronto. He began his career with Barclays de Zoete Wedd, spending seven years in the investment banking division of Barclays PLC. Mr López de Mesa holds a degree from McGill University and an MBA from the University of Toronto.
Chae Jung Ho
Non-Executive Director
Based in Seoul, South Korea, Jaengho Chae is a seasoned investment and IPO consulting specialist with a proven track record of leading high-impact projects and managing strategic investments. In his prior role as Head of the IPO/IR Consulting Group at CHIRON Partners, Jungho successfully led consulting efforts for over 50 KOSPI and KOSDAQ-listed companies, including dedicated IPO management for three companies. His career also includes strategic roles at Hanmac Investment Securities’ FICC division and the investment management team at Rich&Co. In these roles, he drove significant M&A projects, such as acquiring a leading cosmetics OEM/ODM company and a Spanish automotive parts firm, and made multiple successful investments in the biotech sector. His expertise spans advising high-profile conglomerates like Hyundai and numerous others, demonstrating his capability to deliver tailored financial strategies and comprehensive consulting services.
Lee Insung
Chairman of Advisory Board
Professor Insung Lee is a leading Korean geologist with over four decades of experience in mineral resource geology. A graduate of Seoul National University and Indiana University, he served as Professor and later Director of the School of Earth and Environmental Sciences at Seoul National University, where he is now Emeritus. His research has encompassed Korea’s major mineral belts. He has played a pivotal role in advancing understanding of Korean mining geology and has collaborated internationally on projects in Mongolia, China, and Southeast Asia. His work on silica and silicate mineral systems, including talc, quartz, and banded iron formations, and combined field geology. Professor Lee currently directs L&K Resource and continues to advise on geological exploration and silica resource development across East Asia.
Yang Tao
Commercial Director
Tao is a seasoned investment professional with over eight years of experience across private equity secondaries, investment banking, and LNG advisory, spanning New York, Hong Kong, and Shanghai. As Director at Impacts Capital / Rainmaker Securities, he specialises in PE/VC secondary transactions, maintaining strong ties with leading funds including Tiger Global, Altimeter, and IDG Capital. He also directs Richterion Company’s LNG financing advisory and previously supported billion-dollar equity and debt raises at EAS Advisors for clients like Sirius Minerals (FTSE 100). Fluent in English, Mandarin, and Cantonese, Tao holds FINRA Series 7 and 63 licences and earned degrees from Columbia University and Baruch College.
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