Founded as Discovery Nickel Limited, the Company was incorporated in New South Wales, Australia in May 2003 and listed on the Australian Securities Exchange (ASX) in December 2003. Following the ASX listing, exploration commenced on the Company's projects in Western Australia and the Northern Territory. These projects did not proceed from the evaluation phase and all Australian exploration projects have been relinquished.
In July 2004, the Company and Falconbridge Exploration (Botswana) Pty Ltd signed a Joint Venture Agreement for the Dikoloti Nickel Project in north-east Botswana. By entering this project, the Company changed from an Australian explorer to a Botswana focused explorer.
A significant addition to the Company's project portfolio in 2005 was the Boseto Copper Project consisting of the first seven prospecting licence package in Ngamiland, north-west Botswana. The Government of Botswana approved the Company's renewal of these prospecting licences in September 2008 and October 2010 and all prospective areas were retained by the Company.
In 2006, the Company changed its name to Discovery Metals Limited (DML) to reflect the change in direction of expanding its mineral exploration into commodities other than nickel, with the Boseto Copper Project becoming the focus of the Company's activities.
In June 2008, Discovery Metals was granted an additional seven Ghanzi district prospecting licences extending from the south-west boundary of the original 2005 granted tenements through to the Namibian border, adding 5,700 square kilometres to the area held under prospecting licences.
In February 2012, Discovery Metals was granted prospecting licences for an additional four prospecting licences in the vicinity of the D’Kar community which cover more of the Kalahari Copperbelt and adds an additional 250 kilometres of strike length to the prospective horizon.
Through partial relinquishment of some prospecting licences on renewal and the granting of the additional prospecting licences, the total area currently held under prospecting licences is 11,872 square kilometres.
In addition to its primary listing on the ASX the Company listed on the Botswana Stock Exchange (BSE:DML) in December 2006 and on the London Stock Exchange AIM Market (AIM: DME) in June 2007. In March 2011, Discovery Metals became part of the ASX200 list of companies. In March 2012, the Company de-listed from the London AIM Market, as we found our UK and European investors chose to move their shareholding to the ASX.
In September 2012, the 100%-owned Boseto Copper Project was officially opened by the President of the Republic of Botswana His Excellency Seretse Khama Ian Khama, accompanied by Vice President and Minister for Mines, Energy & Water Resources Dr Ponatshego Kidikilwe. The Company's first producing copper mine was brought on stream, on time and within budget.
The past 5 years have seen Discovery Metals evolve from an explorer to a copper-silver producer.