Maximus raised $7 million on its IPO, including $1 million in oversubscriptions, with shares issued at 20 cents. The company recently started drilling at its Bird in the Hand gold project in the Adelaide Hills, and has a number of other projects at an advanced stage. Drilling should also start on three Western Australian prospects this month.

Managing director Dr Kevin Wills said he expected the company to have a flow of first assay results before Christmas.