Shares only briefly eclipsed the issue price of 50c, hitting an intraday high of 50.5c before closing at 45c, a 10% discount.

Parent company, privately owned Tigers Realm Minerals (TRM) formed TRC by spinning off its hard coking coal assets in Russia and Colombia.

TRM is based in Melbourne and is headed up by former Oxiana Resources managing director Hegarty as chairman and former Oxiana general manager exploration and resources Tony Manini as MD.

Both also sit on the board of TRC, with former BHP Billiton Energy Coal chief development officer Martin Grant as MD and chief executive officer and former Minter Ellison chief and current OZ Minerals director Brian Jamieson rounding out the board.

TRM remains the company’s largest shareholder with a 32.9% stake.

The Amaam project in far eastern Russia has inferred resources of 177 million tonnes with a further exploration target of 240-380Mt.

TRC has a 40% interest in the project but can increase that to 80% by completing a bankable feasibility study.

A drilling program comprising five rigs will begin in November.

Meanwhile, TRC can earn up to 60% and 70% of the three joint ventures that make up the Landazuri project in Colombia.

The project has a current resource of 21Mt, but has an additional exploration target of 280-470Mt of hard coking coal.

The company is awarding contracts and expects to begin drilling in the current quarter.