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 company's 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.
