As of today, Canadian-focused lithium explorer James Bay Minerals will commence trading on the Australian Securities Exchange (ASX).
This follows the completion of a highly successful $6 million initial public offering (IPO) that closed on August 16.
“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,” James Bay Minerals executive director Andrew Dornan said.
“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.”
Rio Tinto chief executive officer Jakob Stausholm recently spoke about the James Bay Province in Quebec, Canada having potential lithium opportunities at the Melbourne Mining Club.
To utilise this potential, James Bay Minerals acquired a 100 per cent interest in one of the largest lithium exploration portfolios in the region, that being the La Grande project.
The Perth-based lithium explorer said that it has plans to commence exploration immediately following its ASX listing, with field exploration programs scheduled to begin this month alongside expanding its in-country exploration and administration teams.
Initial drill programs are expected to commence in early 2024, pending results from the 2023 field program.
“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,” Dornan said.
“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.”