The company listed at A20c in May after raising $4.2 million but was suspended this month after its shares rose to $7.96, prompting six price queries from the Australian Securities Exchange.

Fifth Element offered no explanation for the rise and the ASX questioned why it had made no operational announcements since listing.

Today, in its June quarterly, Fifth Element said it had completed no exploration activities on its four New South Wales copper-gold licences.

The company said this month it had engaged SRK Consulting to provide technical oversight, though it was already based out of SRK’s offices.

Fifth Element said it had also sought a quote to acquire high-quality geophysical data in August.

It said activities between now and mid-2015 would comprise landholder discussions, planning of a high-resolution geophysical survey and preliminary structural and lithological interpretation of magnetic and radiometric data.

The company did not touch on its suspension in the report or any expected date of reinstatement to trading.

During the period, Fifth Element spent $66,000 on administration, which was its only cash outflow.

Cash at the end of the quarter was $3.7 million and the company said $2.4 million was available for exploration work.

The company’s rapid rise as well as its lack of shareholders and assets has baffled market watchers, with many contacting MiningNews.net.

Fifth Element was formed by its executive chairman Chi Ho William Lo, who is the company’s largest shareholder with a 49.3% stake.

According to an updated shareholder list earlier this month, the company has just 13 shareholders with the top three controlling more than 95% of the shares.

Hong Kong-based Yang Zhang invested $1.44 million to become a significant shareholder with a 17.4% stake but has been selling his stake on-market and holds just 11.5% now.