Shares in the junior explorer closed at $A1.20 on Friday, prompting a price query from the Australian Securities Exchange, the second in its short life.

Fifth Element listed on May 21 at 20c and its first few sessions of trading were uneventful, with little movement and thin volumes.

But on May 27, more than 4.9 million shares changed hands, with the stock rising to 23c.

Since then, shares have been rising steadily, prompting a first query on June 5 when the price hit 68c.

Fifth Element received another speeding ticket on Friday when its shares jumped more than 22% to $1.20.

In both responses the company could offer no explanation for the rise.

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

Hong Kong-based Yang Zhang invested $1.44 million to become a significant shareholder with a 17.4% stake, but has already sold 1.4% of his holding on market for $132,000.

Sydney-based Fifth Element holds early stage tenements in New South Wales considered prospective for copper and gold.

Shares in Fifth Element remained at $1.20.