Shares in Canada’s Patriot Battery Metals (TSX: PMET; ASX: PMT) were falling 5% on its debut in the major leagues of the Toronto Stock Exchange on Thursday, a day after the hard-rock lithium exploration company received the official approval.
The Vancouver-based firm had applied to graduate from the TSX Venture Exchange with a view to accessing further institutional capital and investors, enhancing the trading liquidity as well as its visibility and reputation, it said.
Patriot is focused on advancing its 100% owned Corvette property located in the Eeyou Istchee James Bay region of Quebec.
The junior kicked off in December the process to obtain all necessary approvals leading to the development of the Corvette property, which hosts numerous spodumene-bearing pegmatites.
Patriot is particularly interested in the CV5 cluster, which is estimated to hold an initial resource of 109.2 million inferred tonnes at 1.42% lithium oxide (Li2O).
According to the company, CV5 ranks as the largest lithium pegmatite resource in the Americas based on contained lithium carbonate equivalent. It is also one of the 10 largest in the world.
The listing comes as Patriot reported drilling results on Wednesday from the CV13 spodumene pegmatite, with highlights including 26.1 meters at 1.21% Li2O and 18.3 meters at 1.33% Li2O.
A previously identified higher-grade zone has also been extended to at least 200 meters strike length.
Additional step-out drilling is planned at the CV13 spodumene pegmatite as part of the 2024 winter program currently underway, the company said.
Quebec has become a hard rock lithium hotspot as companies vie to supply the surging electric vehicle market. The federal government approved this year the James Bay open-pit project by Galaxy Resources, a part of Allkem (TSX: AKE; ASX: AKE).
Azimut Exploration (TSX-V: AZM) is advancing its own James Bay project and Sayona Mining (ASX: SYA) restarted its North American Lithium (NAL) project in March 2023, with of production of battery-grade lithium carbonate expected as early as 2026.
Patriot’s market capitalization stood at $979 million on Thursday morning in Toronto, with its shares trading in a 52-week range of $6.05 and $17.74.
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