James Bay Minerals (ASX:JBY) debuted trading on the Australian Securities Exchange (ASX) today (12 September 2023) to close almost 50% higher following a $6 million initial public offering (IPO).
Since trading began, the company’s shares have increased by 49.99% to $0.30 as of 4:30pm AEST.
James Bay Minerals says the IPO saw a ‘strong’ response from new institutional and retail investors, and saw scaled back applications well in excess of the maximum subscription amount.
Exploration activity is now expected to begin in the coming weeks and will include Lidar survey, aerial imagery acquisition, field mapping, geochemical and geophysical surveys, as well as rock chip and channel sampling, says James Bay Minerals.
These activities will take place across its ‘high quality’ portfolio comprising 244km-square of wholly owned, strategically located exploration properties in the heart of the world-class James Bay Province in Quebec, Canada.
The company’s properties include the Joule, Aero, and Aqua properties situated directly along-trend from the Corvette lithium discovery, where Patriot Battery Metals (ASX:PMT) recently reported a globally ‘significant’ maiden inferred Mineral Resource Estimate (MRE).
James Bay’s Troilus property is located only 5km from Sayona Mining’s (ASX:SYA) Moblan lithium deposit, with measured, indicated, and inferred resources of 51.4 million tonnes (Mt) at 1.31% lithium oxide (Li2O).
The company notes these properties were identified and secured by its ‘experienced’ team.
Speaking on the listing, James Bay Minerals Executive Director Andrew Dornan says: “We are absolutely delighted by the strong response from investors to the IPO, which saw us achieve our $6 million maximum subscription well ahead of schedule. This strong interest from investors reflects the exceptional outlook for the lithium market and the outstanding credentials of the James Bay region as a lithium exploration hotspot.
As fellow shareholders, the James Bay team are incredibly excited by the Company’s extensive high quality portfolio of properties, which are located in close proximity to major recent discoveries and exhibit all the key geological ingredients required to host major spodumene discoveries.
We are very much looking forward to unlocking the potential of our portfolio with focused, systematic and aggressive exploration programs that are planned to commence in the coming weeks.
We are starting our life as a Canadian-focused lithium explorer against the backdrop of unprecedented activity within the global lithium sector. Recent major news emanating from the James Bay district vindicates our strategy to focus on the James Bay area as the next major global frontier for hard rock lithium discoveries of scale.”
Write to Adam Drought at Mining.com.au
Images: James Bay Minerals