Shares in Resouro Strategic Metals spiked as much as 40 per cent on its ASX debut on Friday, as the market’s fascination with Brazilian rare earths projects shifted up a gear.

Investors piled into the stock on its first day of trading to capitalise on Resouro’s low offer price of 50¢ compared to its latest share price on the Toronto Stock Exchange of C56¢ (61.5¢). Shares traded as high as 69¢ on Friday morning before closing the session up 34 per cent at 67¢.