ASX lithium newcomer Patriot Battery Metals dumps 28% on third day of trade

We take a look at this ASX lithium share in more detail.

| More on:
A woman sits at her computer with her hands clutched her the bottom of her face as though she may be biting her fingermails with a worried expression in her eyes and frown lines visible.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Key points

  • This ASX lithium share listed on Wednesday 
  • Patriot shares have more than doubled since listing this week 
  • However, the company's share price is down 28% today 

ASX lithium share Patriot Battery Metals Inc (ASX: PMT) is having a tough run today following a flying start since its debut on the market.

This ASX lithium share is down 28% and is currently fetching $1.27. For perspective, the S&P/ASX 200 Index (ASX: XJO) is climbing 0.14% today.

Let's take a look at what is going on at Patriot Battery Metals.

What's going on?

Patriot Battery Metals is not the only ASX lithium share in the red today. The Core Lithium Ltd (ASX: CXO) share price is down 4.24% today, while the Sayona Mining Ltd (ASX: SYA) share price is falling 2.27%. Loyal Lithium Ltd (ASX: LLI) shares are down 9% today, while Lithium Plus Minerals (ASX: LPM) shares are falling 8.91%.

This follows Goldman Sachs predicting that lithium prices will start to decline from the second half of next year.

Patriot listed on the ASX at noon on Wednesday following an initial public offering (IPO). This raised $4.2 million.

Despite today's falls, Patriot shares are still fetching more than double the listing price of 60 cents per share.

Patriot is also trading in Canada on the TSX Venture Exchange as (TSX-V: PMET). This listing fell 2.95% overnight to CAD$9.55.

Patriot owns the Corvette Property in the James Bay region of Quebec. Patriot says this land hosts "significant lithium potential".

The company is expecting to receive assay results from its exploration projects in the future. CEO Blair Way said on Wednesday:

With the ASX listing blackout behind us I look forward to getting back to our normal news flow providing progress updates and assay results.

Patriot share price snapshot

The Patriot Battery Metals share price has soared 112% since joining the ASX.

This ASX lithium share has a market capitalisation of about $8.9 million based on the current share price.

Motley Fool contributor Monica O'Shea has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Fallers

A worried man holds his head and look at his computer.
Share Fallers

Why Graincorp, Light & Wonder, Orica, and Wildcat shares are falling today

These shares are having a tough time on Thursday. But why?

Read more »

A man with his back to the camera holds his hands to his head as he looks to a jagged red line trending sharply downward representing the ASX tech share sell-off today
Share Fallers

Why Insignia, Light & Wonder, Mineral Resources, and Nuix shares are sinking today

These shares are having a difficult time on hump day. But why?

Read more »

A man sits in despair at his computer with his hands either side of his head, staring into the screen with a pained and anguished look on his face, in a home office setting.
Share Fallers

Why Endeavour, Global Data Centre, OFX, and Paladin Energy shares are dropping today

Why are these shares under pressure today? Let's find out.

Read more »

A man sits wide-eyed at a desk with a laptop open and holds one hand to his forehead with an extremely worried look on his face as he reads news of the Bitcoin price falling today on his mobile phone
Share Fallers

ASX 200 uranium stock alert: Paladin Energy shares just crashed 29%!

Paladin Energy shares are under intense selling pressure on Tuesday.

Read more »

A woman with a sad face looks to be receiving bad news on her phone as she holds it in her hands and looks down at it.
Share Fallers

Why Champion Iron, Endeavour, Infomedia, and Resolute Mining shares are sinking today

These shares are starting the week in the red. But why?

Read more »

A man sits in despair at his computer with his hands either side of his head, staring into the screen with a pained and anguished look on his face, in a home office setting.
Share Fallers

Why Arcadium Lithium, Block, Jumbo, and Mineral Resources shares

These shares are ending the week in the red. Why are investors selling them?

Read more »

A woman with short brown hair and wearing a yellow top looks at the camera with a puzzled and shocked look on her face as the Westpac share price goes down for no reason today
Share Fallers

Why Clearview, NAB, Resolute Mining, and Westpac shares are dropping today

These shares are under pressure today. But why?

Read more »

A man looking at his laptop and thinking.
Bank Shares

Why is the Bendigo Bank share price tanking today?

There are a few things that could be driving this bank lower today.

Read more »