Aurora Energy Metals share price rockets 35% on ASX debut

This lithium and uranium explorer debuted the ASX in style.

| More on:
a man sits on a rocket propelled office chair and flies high above a city

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Key points

  • Aurora Energy Metals debuted on the ASX at 11am today 
  • The company's share price surged 35% higher in early trading
  • Aurora raised $8 million via the issue of 40 million shares at 20 cents per share 

The Aurora Energy Metals Ltd (ASX: 1AE) is enjoying a strong debut on the ASX today.

The explorer’s share price is swapping hands at 25.56 cents, up 27.5%, nearing the close on its first day of trading. Earlier, the company’s share price surged 35% higher. In comparison, the S&P/ASX 200 Index (ASX: XJO) is currently up 0.81%.

Let’s take a look at this ASX lithium share in more detail.

Uranium and lithium explorer

Aurora is an Australian company exploring uranium and lithium at the Aurora Energy Metals Project in Oregon, USA.

The company raised $8 million in its initial public offering (IPO). A total of 40 million ordinary shares were issued at 20 cents per share.

Aurora will use these funds for more exploration and development activities at the Oregon project. The company hopes to define the lithium resource and grow the uranium mineral resource.

Commenting on the ASX debut, managing director Greg Cochran said:

The Aurora Energy Metals Project offers investors two bites at the clean-energy pie.

We will look to grow the well-defined, shallow uranium resource hosted in the basement and conduct techno-economic studies, whilst following up the significant lakebed sediment-hosted lithium mineralisation that surrounds and overlies it.

We are excited by the strong response that we had to the capital raising from both retail and institutional investors.

The project is located within an area home to two of the biggest lithium deposits in the United States that Jindalee Resources (ASX: JRL) and Lithium Americas (NYSE: LAC) are exploring nearby.

Aurora has a market capitalisation of about $30.6 million based on the current share price.

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.

More on IPOs

IPO written in circles with a man holding a smartphone and a laptop open.
IPOs

Interested in upcoming IPOs? These ASX shares will make their debut in June

Let's find out which companies are set to make their debut.

Read more »

A woman sits crossed leg on seats at an airport holding her ticket and smiling.
IPOs

Virgin Australia eyes upcoming ASX IPO: ‘Doing at least as well’ as Qantas

Virgin shares were dramatically wiped from the market in 2020. Could they return as soon as next year?

Read more »

Graphic showing a tablet with an IPO rocket going up with a stock market chart representing the upcoming IPO of ASX uranium and lithium share Aurora Energy Metals
IPOs

Southern Palladium share price zooms 30% higher on ASX debut

The ASX has just hosted its latest IPO. Let's check out how its going.

Read more »

IPO written in circles with a man holding a smartphone and a laptop open.
IPOs

3 junior miners with initial public offerings and ASX floats in June

These small-cap miners are getting ready to go public next month. Here are all the details.

Read more »

Man in business suit above the clouds plummeting downwards back first
IPOs

Chrysos Corporation share price plummets 40% on ASX debut

The ASX newbie offers a fresh way to analyse gold assays.

Read more »

Graphic showing a tablet with an IPO rocket going up with a stock market chart representing the upcoming IPO of ASX uranium and lithium share Aurora Energy Metals
IPOs

New ASX uranium share to hit boards next month and investors are already pouncing

Introducing ASX uranium and lithium miner Aurora Energy Metals...

Read more »

A miner in a hardhat makes a sale on his tablet in the field.
IPOs

This lithium miner is set to list on the ASX next month following its IPO, and counts a Tesla supplier among its key investors

We could be in for a new ASX debutant...

Read more »

A team celebrates a win in the office.
IPOs

Newest battery minerals share booms 80% on ASX debut

Early investors in this ASX battery-focused company, rejoice!

Read more »