The Patriot Battery Metals Inc. CDI (ASX: PMT) share price is having another cracking day today. The brand new ASX lithium share is currently up 12.2% to $1.43.
The Canadian company began trading on the ASX yesterday. It opened at $1.135 and closed up 12.3% at $1.275.
This followed an initial public offering (IPO) that raised $4.2 million at 60 cents per share. With seven million shares on issue, this gave Patriot Metals an indicative market capitalisation of $553 million.
If we put its performance over the two days together, the Patriot Battery Metals share price is up 26%.
As my Fool colleague James reported yesterday, Patriot Battery Metals has been trading on the Canadian share market for several months. The ASX-listed CDIs are equal to 10 of those shares.
An introduction to Patriot Battery Metals
Patriot Battery Metals is a mineral exploration company that buys and develops properties containing battery metals, base metals, and precious metals.
The companyâs flagship asset is the 100% owned Corvette Property in Québec.
The company reckons this property has “significant lithium potential”, according to an ASX statement.
The company has discovered a 2.2 km long CV5 spodumene pegmatite with notable drill intercepts. Patriot has also found significant gold samples at the site.
Patriot also has a property with two gold prospects in Idaho, in the United States, another lithium-gold prospect in Quebec, a lithium prospect in the US Old Northwest, and several other assets in Canada.
The task now is taking Patriot Battery Metals from being a minerals explorer to a minerals producer.
The company has an experienced management team. It includes the former CEO of Pilbara Minerals Ltd (ASX: PLS), Ken Brinsden, as non-executive chairman.
The post Patriot Battery Metals share price rockets again, up 26% in 2 days appeared first on The Motley Fool Australia.
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Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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