Patriot Battery Metals share price rockets again, up 26% in 2 days

The newest lithium share on the market is off to a great start.

Bronwyn Allen

Author bio Bronwyn has 28 years of experience in journalism, copywriting, and media relations. She began her career as a reporter with News Corporation in Sydney in 1997. She later worked for two real estate corporations in communications and PR roles, then started her own freelance copywriting and publicity business. A keen shares investor, Bronwyn joined the Motley Fool Australia team as a copy editor and writer in June 2021. Areas of expertise ASX shares and ETFs News writing Macroeconomic trends Real estate Education Diploma in Journalism, Macleay College Social media LinkedIn Favorite investment quote "Don't look for the needle in the haystack. Just buy the haystack." — John C. Bogle, Vanguard founder and pioneer of index investing for ordinary investors

Published December 8, 2022 2:18 pm AEDT

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.

Female miner smiling in front of a mining vehicle. — Image source: Getty Images

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.

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