JBY delivered one of the most rapid raisings for some time, closing its A$6 million initial public offer at 20c in just two days, and opened at 28c, delivering its backers an immediate paper profit.

 

The company has 224sq.km of the region of Quebec, primarily the Joule, Aero and Aqua properties directly along-trend from Patriot Battery Metals' giant 109.2 million tonne at 1.42% Corvette lithium discovery within the La Grande greenstone belt.

 

It also has the Troilus project just 5km from Sayona Mining's 51.4Mt at 1.31% Moblan deposit, but that is expected to see limited work given it has seen even less prior work than the La Grande properties, despite sitting within Quebec's second-largest Archean greenstone belt, the Frotet-Evans belt.

 

The company plans to ratchet up exploration with surveys, mapping and sampling expected to begin over the coming weeks.

 

The hope is the work will generate pegmatite targets akin to its neighbours that can be drilled next year.

 

Executive director Andrew Dornan has promised "focused, systematic and aggressive exploration programs" he believes can deliver discoveries of scale amid unprecedented activity within the global lithium sector.

 

Dornan comes from a background with Pilbara Minerals and Tianqi Lithium.

 

Non-executive chair Gerard O'Donovan also comes from Pilbara, Dean Ercegovic was a founder of Primero Group that has engineered multiple lithium processing plants, and Judy Baker has a background with Canadian explorers Nemaska Lithium and Lithium Canada. 

 

JBY's largest shareholders are Dornan (12.8%), co-founder and Wagtail Capital's Matthew Hayes (12.4%), and three project vendors: Canadian geologists Marty Huber (4.96%) and Mark Fekete (4.96%), and James Cecchetto's South Shore Partnership (4.96%).

 

The float traded at 23.5-30.5c on its debut, before closing up 50% at 30c.