Patriot Battery Metals (ASX:PMT) has been selected for inclusion in theS&P/ASX 300 Index by the S&P Dow Jones, effective prior to the ASX market opening on 18 September 2023.
The $598.62 million market capitalisation company says its shares are included in 2 North American indices — the MVIS Global Rare Earth/Strategic Metals Index — and the S&P/TSX Battery Metals Index on the Toronto Stock Exchange.
Inclusion in these indices led to increased ownership by institutional investors in North America, and Patriot Battery expects that its inclusion in the S&P/ASX 300 index may result in increased institutional ownership in Australia as well.
“This inclusion to the S&P/ASX 300 Index places Patriot among the 300 largest securities traded on the ASX“
Commenting on the inclusion, Patriot Battery Metals President and Chief Executive Officer (CEO) Blair Way says: “We are very pleased that Patriot has been selected for inclusion in the S&P/ASX 300 Index. Over a short timeframe, the team has advanced our Corvette property into a world-class lithium deposit that is still growing.
Inclusion in this index recognises our increased market capitalisation and trading liquidity prompted by our growth and the development of our flagship Corvette hard rock spodumene lithium deposit, located in the Eeyou Istchee James Bay region of Quebec.
This inclusion to the S&P/ASX 300 Index places Patriot among the 300 largest securities traded on the ASX. It should also help increase our trading liquidity through incremental demand for our shares in Australia from institutional investors and fund managers who track the composition of the index and benchmark their performance against it.”
The S&P/ASX 300 is designed to provide investors with broader exposure to the Australian equity market. The index measures 300 of Australia’s ‘largest’ liquid securities listed on the ASX by float-adjusted market capitalisation.
Patriot Battery Metals is a hard-rock lithium explorer, focused on the advancement of its wholly owned Corvette property in Canada.
Write to Aaliyah Rogan at Mining.com.au
Images: Patriot Battery Metals