The company jumped another 25.2% today, closing at $1.99 after shares peaked at $2 intraday.
Alderan listed in June after a heavily oversubscribed $8.5 million initial public offering, and closed its first day at 90% above the 20c per share issue price.
Today’s closing price represents an 895% rise for Alderan since the start of its listed life, making it by far the best performing resources IPO of 2017.
The company’s listing coincided with the start of a rally in base metals, with copper reaching close to a three-year high last week, while zinc sits at 10-year highs.
Alderan owns the Frisco project in Utah, a historical base metals project which is underexplored in modern times due to fragmented ownership.
The company considers Frisco to be a single, connected and preserved copper porphyry system with large associated copper-gold-silver breccia pipes and copper-zinc/lead-silver-zinc skarns.
Today Alderan said an induced polarisation survey at the Cactus Canyon prospect had identified a large anomaly coincident with a large circular magnetic anomaly, surface alteration and geochemical surface anomalism.
The company said the large 5km by 3km chargeability anomaly wrapped around a 2km by 1.5km resistivity anomaly, consistent with a large porphyry copper system.
The IP survey is continuing ahead of the maiden drilling program, which will focus on the 1000m corridor comprising the Cactus, Comet and New Year mines – the first at Cactus in nearly 30 years.
Alderan CEO Christopher Wanless presented at the Melbourne Mining Club this afternoon.
Also contributing to Alderan’s rise today could be a report by The Australian yesterday that said Deutsche Bank was backing the company’s current East Coast roadshow.
Chairman Nicolaus Heinen’s Belgrave Capital Management is the company’s largest shareholder with a 28.5% stake, while former Syrah Resources boss Tolga Kumova holds 11.8%.
Joining Wanless and Heinen on the board is geologist Don Smith (also chief operating officer) and fellow Syrah founder Tom Eadie.