Patriot Lithium makes ASX debut

A new lithium hopeful chaired by former Tianqi Lithium Australia boss Phil Thick has made a solid start to its first day on the local bourse.

Patriot Lithium started trading on the ASX this morning at 42.8 cents before settling at 36 cents at the end of the trading day, marking nearly an 80 per cent increase on its 20 cents per share initial public offer price.

The company raised $10 million via its IPO, which was led by CPS Capital Group.

Based in Perth, the company has three hard-rock lithium exploration tenements, the Keystone and Tinton West Projects, located in the Black Hills Region of South Dakota and the Wickenburg Project situated in Pegmatite Belt in Arizona.

Proceeds from the IPO are set to go towards a drilling campaign testing new targets at the projects next year.

Patriot non-executive chair Phil Thick, who previously led Tianqi Lithium Australia and is a non-executive director at Lithium Australia, said his team was keen to scale up exploration activities on the ground.

“The company is pleased to complete the listing process and commence trading on the ASX,” Mr Thick said.

“The team is now focused on deploying the funds raised from the IPO on the highly prospective ground in South Dakota and Arizona.”

He added that Patriot was listing into a lithium market that was already dealing with supply constraints.

“We believe Patriot is near the front of the line in the race to develop domestic lithium supply for the US market.”

Patriot Lithium closed its first day on the ASX at 36 cents.