ASX lithium share Patriot Battery Metals Inc (ASX: PMT) is having a tough run today following a flying start since its debut on the market.
This ASX lithium share is down 28% and is currently fetching $1.27. For perspective, the S&P/ASX 200 Index (ASX: XJO) is climbing 0.14% today.
Let’s take a look at what is going on at Patriot Battery Metals.
What’s going on?
Patriot Battery Metals is not the only ASX lithium share in the red today. The Core Lithium Ltd (ASX: CXO) share price is down 4.24% today, while the Sayona Mining Ltd (ASX: SYA) share price is falling 2.27%. Loyal Lithium Ltd (ASX: LLI) shares are down 9% today, while Lithium Plus Minerals (ASX: LPM) shares are falling 8.91%.
This follows Goldman Sachs predicting that lithium prices will start to decline from the second half of next year.
Patriot listed on the ASX at noon on Wednesday following an initial public offering (IPO). This raised $4.2 million.
Despite today’s falls, Patriot shares are still fetching more than double the listing price of 60 cents per share.
Patriot is also trading in Canada on the TSX Venture Exchange as (TSX-V: PMET). This listing fell 2.95% overnight to CAD$9.55.
Patriot owns the Corvette Property in the James Bay region of Quebec. Patriot says this land hosts “significant lithium potential”.
The company is expecting to receive assay results from its exploration projects in the future. CEO Blair Way said on Wednesday:
With the ASX listing blackout behind us I look forward to getting back to our normal news flow providing progress updates and assay results.
Patriot share price snapshot
The Patriot Battery Metals share price has soared 112% since joining the ASX.
This ASX lithium share has a market capitalisation of about $8.9 million based on the current share price.
The post ASX lithium newcomer Patriot Battery Metals dumps 28% on third day of trade appeared first on The Motley Fool Australia.
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More reading
- Patriot Battery Metals share price rockets again, up 26% in 2 days
- Patriot Battery Metals share price rockets after IPO
Motley Fool contributor Monica O’Shea 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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