Patriot Lithium doubles on debut: A US-based hard-rock lithium explorer

Fri 09 Dec 22, 12:18pm (AEST)
2011 Geologists sampling rocks in iron ore exploration in the Outback
Source: iStock

Key Points

  • Patriot Lithium raised $10 million at 20 cents per share.
  • The stock briefly rallied to a session high of 44 cents.
  • The company plans to kick off reconnaissance exploration and fieldwork at all three projects.

2022 seems to be the year where any lithium-related IPO can double from the get-go.

Patriot Lithium (ASX: PAT) is the latest lithium junior to join the ranks after successfully raising $10 million at 20 cents per share. Unsurprisingly, the stock opened at 33 cents on its debut at 12:00 pm AEDT on Friday. It quickly rallied to a session high of 44 cents and currently trading around the 40 cent level.

Patriot is focused on exploring and developing hard rock lithium projects in North America, primarily focused on the Black Hills region in South Dakota and Wyoming and the Pegmatite Belt region in Arizona.

Projects overview

Patriot operates three projects consisting of the:

  • Keystone Project in South Dakota

  • Tinton West Project in South Dakota and Wyoming

  • Wickenburg Project in Arizona

The three projects are early staged projects as Keystone and Tinton West have been subject to no modern, systematic exploration. While Wickenburg is a little more advanced, covering lithium-bearing pegmatites that have never been drill tested.

Patriot also said it was undergoing discussions with third parties regarding access to claims over historic lithium mines in the Black Hills, Arizona. The region has over 20,000 mapped pegmatites with over 30 historic hard rock lithium mines.

What does the next six months look like?

In a nutshell: Patriot plans to systematically explore the project portfolio for high-grade, hard rock lithium.

Post IPO, the company will commence reconnaissance exploration and fieldwork at all three projects. Reconnaissance exploration involves sampling a few sites before the initiation of a full sampling program. The company's exploration timeline can be found below.

Of note, a maiden drill program at the Wickenburg Project is expected in April 2023.

Patriot Lithium schuedule
Source: Patriot Lithium (December 2022)


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Written By

Kerry Sun

Content Strategist

Kerry holds a Bachelor of Commerce from Monash University. He is an avid swing trader, focused on technical set ups and breakouts. Outside of writing and trading, Kerry is a big UFC fan, loves poker and training Muay Thai. Connect via LinkedIn or email.

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