New ASX listings fail to hold gains

The listings of Infini Resources and Kali Metals have delivered a salutary lesson for investors with both stocks well ahead of their IPO pricing but failing to maintain early strong gains.

Infini listed yesterday after raising $5.3 million at 20 cents per share.

The stock peaked early yesterday at 56 cents, with heavy buying at that level, but has since drifted to 35 cents.

It’s a similar story at Kali, which commenced trading last week amid much hype over its high-profile backers, including ‘rich listers’ Chris Ellison and Tim Roberts.

The company raised $15 million at 25 cents per share and delivered quick and spectacular gains, trading as high as 89 cents.

However it has trended lower to 48 cents today.

Kali has also copped a ‘speeding ticket’ from the ASX, which asked the company to explain the disclosure of a rock chip sampling program that identified spodumene at its Spargoville project.

The company said the results were released to the market one day after the program was completed – which happened to be shortly after its shares commenced trading.  

Kali is focused on lithium projects while Infini is focused on lithium and uranium.

Of Infini's eight present projects, three are located in Western Australia. 

Infini's lithium-based sites, Pegasus and Parna, are both situated in WA's south-east, near Ravensthorpe and Norseman respectively. 

Parna has two exploration licences at its site, while Pegasus has one granted exploration licence. 

The company's WA-based uranium project, Yeelirrie North, lies 50km south-west of Wiluna in the state's north, with future reviews and exploration at the site expected.