PERTH (miningweekly) – Canada-focused lithium explorer James Bay Minerals has listed on the ASX, following a A$6-million initial public offering (IPO).

The Perth-based company is now trading under the ticker JBY.

“We are absolutely delighted by the strong response from investors to the IPO, which saw us achieve our A$6-million maximum subscription well ahead of schedule. 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,” said executive director Andrew Dornan.

“As fellow shareholders, the James Bay team is 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.

“We are very much looking forward to unlocking the potential of our portfolio with focused, systematic and aggressive exploration programmes that are planned to commence in the coming weeks.

“We are starting our life as a Canada-focused lithium explorer against the backdrop of unprecedented activity within the global lithium sector. Recent major news emanating from the James Bay district vindicates our strategy to focus on the James Bay area as the next major global frontier for hard rock lithium discoveries of scale.”

James Bay holds a number of properties in the La Grande greenstone belt, and has the option to acquire a 100% interest in one of the largest lithium exploration portfolios in the La Grande Sub Province, covering 22 438 ha.

The company has plans in place to commence exploration immediately following its ASX listing, with field exploration programmes scheduled to begin in September in parallel with expanding the company’s in-country exploration and administration team.