Pioneer Lithium investors would have been smiling over the weekend with the new ASX entrant closing the week more than 90 per cent up on its issue price.
The North America-focused explorer raised $5m at 20c a share in a heavily oversubscribed offer, and traded as high as 39c after listing on Thursday. The stock dipped a bit in late trade on its opening day before rallying again to close on Friday at 38.5c.
The company says its portfolio covers three highly prospective battery/critical minerals projects in Northern Ontario and in James Bay, Quebec, all of which have access to the fast-growing battery raw materials market.
The company intends to kick off exploration at its Root Lake lithium project in Ontario, which sits directly between Green Technology Metals’ Root Bay and Morrison/McCombe lithium deposits, and at its LaGrande project in the James Bay region.
The exploration projects are early stage, and will initially involve prospecting, airborne surveys, mapping and sampling.
Former Fortescue Future Industries executive Clinton Booth is heading up the company, which is chaired by Robert Martin, who is also the second-largest holder of the stock with 12.2 per cent.
Booth said previous exploration “confirmed the presence of high-grade spodumene mineralisation and we are looking forward to a period of significant news-flow in the weeks and months ahead as our maiden exploration campaign ramps up”.
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