James Bay Minerals (ASX:JBY) has continued its dream start on the Australian Securities Exchange (ASX) today (13 September 2023) closing trade 27% higher at $0.380 per share.
The company yesterday debuted on the Australian bourse to close almost 50% higher following its $6 million initial public offering (IPO).
Comparatively, Novo Resources (ASX:NVO), which also had a stellar debut to dual list on the ASX on 11 September, today closed trade 6.25% lower to $0.225.
On Monday, the Canadian mining company, which is already listed on the Toronto Stock Exchange (TSX), started trading today at $0.20 each for an initial raise of $7.5 million but closed 20% higher to $0.24.
How fickle the market can be.
James Bay Minerals’ IPO received a ‘strong’ response from new institutional and retail investors, and saw scaled back applications well in excess of the maximum subscription amount.
Exploration is now to start in the coming weeks and will include a Lidar survey, aerial imagery acquisition, field mapping, geochemical and geophysical surveys, as well as rock chip and channel sampling.
This will take place across its portfolio comprising 244km-square of wholly owned, strategically located exploration properties in the heart of the world-class James Bay Province in Quebec, Canada.
While Novo is already listed in Canada, the junior exploration company is searching for gold in the Pilbara of Western Australia and holds gold tenements in Bendigo in Victoria.
Write to Adam Orlando at Mining.com.au