• 85 companies have listed so far this year, with 8 more due before the end of the year
  • Only 26 stocks are in the green and only 7 made +100% gains on their listing price
  • A massive 53 companies are in the red, with the biggest loser down 88% since listing


2022 has seen a whopping 85 ASX IPOs – and there are another eight companies waiting in the wings to list before the end of the year.

Only 26 out of 85 are in positive territory, with six stocks staying flat, and a massive 53 fresh listees down from their listing price.

And among those poor performers were fintechs like Beforepay (ASX:B4P) down 88% on its listing price of $3.41, now at $0.405, and Equity Story (ASX:EQS) down 77% from its listing price of $0.2 to $0.047.

Buy Now Pay Later (BNPL) stocks have plummeted this year with rising inflation and interest rates taking their toll.

Not surprisingly, resources stocks dominated the top 20 listings. The positive outlook for battery metals is showing no signs of slowing down, and gold is already starting to trend into more positive territory. Gold, rare earths, nickel, copper, lithium and graphite players made the most gains.


Here’s how 2022’s ASX IPOs have performed so far:

Scroll or swipe to reveal table. Click headings to sort: 

Code Company Listing Price Current Price % Gain/Loss Market Cap Sector
WA1 Wa1Resourcesltd 0.2 1.885 843% $69,753,139 Resources
SXG Southern Cross Gold 0.2 0.825 313% $73,279,369 Resources
NC1 Nicoresourceslimited 0.2 0.69 245% $61,547,501 Resources
FEG Far East Gold 0.2 0.51 155% $70,067,757 Resources
SGA Sarytogan 0.2 0.47 135% $31,470,643 Resources
OCN Oceanalithiumlimited 0.2 0.46 130% $15,543,000 Resources
PMT Patriotbatterymetals 0.6 1.25 108% $12,320,000 Resources
OD6 Od6Metalsltd 0.2 0.38 90% $18,749,388 Resources
LPM Lithium Plus 0.25 0.46 84% $22,623,091 Resources
PR1 Pureresourceslimited 0.2 0.355 78% $9,759,754 Resources
SPD Southernpalladium 0.5 0.85 70% $36,616,578 Resources
BRX Belararoxlimited 0.2 0.325 63% $13,450,507 Resources
BVR Bellavistaresources 0.2 0.32 60% $11,679,203 Resources
IG6 Internationalgraphit 0.2 0.28 40% $24,196,730 Resources
MMA Maronanmetalslimited 0.2 0.275 38% $21,000,003 Resources
MPG Manypeaksgoldlimited 0.2 0.27 35% $9,167,040 Resources
T92 Terrauraniumlimited 0.2 0.27 35% $10,738,000 Resources
DRM Demetallicalimited 0.25 0.335 34% $36,124,947 Resources
LGI Lgilimited 1.5 1.855 24% $173,868,370 Utilities
VMM Viridismining 0.2 0.245 23% $7,646,205 Resources
FRE Firebrickpharma 0.2 0.24 20% $25,553,200 Health
A11 Atlantic Lithium 0.58 0.695 20% $420,990,454 Resources
OSM Osmondresources 0.2 0.23 15% $6,946,002 Resources
AG1 Australia Sunny Glass Group 0.35 0.37 6% $33,779,089 Unclassified
1AE Auroraenergymetals 0.2 0.21 5% $25,241,355 Resources
MGA Metalsgrovemining 0.2 0.205 2% $7,200,100 Resources
BUS Bubalusresources 0.2 0.2 0% $5,409,235 Resources
CMG Criticalmineralgrp 0.2 0.2 0% $6,107,115 Resources
HCF Hghighconviction 0.98 0.98 0% $21,617,334 Financial
L1M Lightning Minerals 0.2 0.2 0% $7,826,962 Resources
PAT Patriot Lithium 0.2 0.2 0% $11,592,500 Resources
TEE Topendenergylimited 0.2 0.2 0% $8,907,500 Resources
TRE Toubaniresourcesinc 0.2 0.195 -3% $5,850,000 Resources
BIM Bindimetalslimited 0.2 0.19 -5% $4,819,950 Resources
RLF Rlfagtechltd 0.2 0.19 -5% $14,397,643 Tech
CRD Conradasiaenergyltd 1.46 1.3575 -7% $129,752,353 Energy
CMX Chemxmaterials 0.2 0.17 -15% $8,904,564 Resources
OM1 Omnia Metals Group 0.2 0.17 -15% $4,365,600 Resources
USQ Us Student Housing R 1.38 1.115 -19% $61,928,458 Real Estate
NYM Narryermetalslimited 0.2 0.16 -20% $4,878,000 Resources
SLS Solsticeminerals 0.2 0.16 -20% $16,045,889 Resources
SUM Summitminerals 0.2 0.16 -20% $3,709,133 Resources
CVR Cavalierresources 0.2 0.155 -23% $4,710,303 Resources
NFL Norfolkmetalslimited 0.2 0.155 -23% $4,921,124 Resources
NHE Nobleheliumlimited 0.2 0.155 -23% $19,740,712 Resources
R8R Regener8Resourcesnl 0.2 0.155 -23% $3,784,906 Resources
AHL Adrad Hldings 1.5 1.16 -23% $93,558,043 Automobiles
NNL Nordicnickellimited 0.25 0.19 -24% $11,097,267 Resources
BSN Basinenergylimited 0.2 0.15 -25% $7,440,000 Energy
KOB Kobaresourceslimited 0.2 0.15 -25% $9,750,000 Resources
OMA Omegaoilgaslimited 0.2 0.15 -25% $21,185,099 Energy
MAP Microbalifesciences 0.45 0.335 -26% $95,847,759 Health
KLI Killiresources 0.2 0.145 -28% $4,868,375 Resources
OCT Octava Minerals 0.2 0.145 -28% $5,388,564 Resources
LLL Leolithiumlimited 0.7 0.505 -28% $498,261,741 Resources
BTE Botalaenergyltd 0.2 0.14 -30% $7,464,333 Energy
GRE Greentechmetals 0.2 0.14 -30% $4,520,600 Resources
HAR Harangaresources 0.2 0.14 -30% $5,853,963 Resources
HRE Heavy Rare Earths 0.2 0.135 -33% $8,030,871 Resources
SLB Stelarmetalslimited 0.2 0.135 -33% $5,305,500 Resources
UVA Uvrelimited 0.2 0.135 -33% $4,094,999 Resources
NGL Nightingale Intel 0.22 0.145 -34% $12,577,332 Tech
PIM Pinnacleminerals 0.2 0.13 -35% $3,046,875 Resources
FTL Firetail Resources 0.25 0.16 -36% $10,400,000 Resources
CMO Cosmometalslimited 0.2 0.125 -38% $3,188,750 Resources
VTX Vertexmin 0.2 0.125 -38% $5,229,625 Resources
SRR Saramaresourcesltd 0.2 0.12 -40% $4,560,751 Resources
TG6 Tgmetalslimited 0.2 0.115 -43% $4,691,685 Resources
FDR Finder 0.2 0.1 -50% $7,500,000 Energy
FXG Felix Gold Limited 0.2 0.1 -50% $8,067,141 Resources
SNX Sierra Nevada Gold 0.5 0.245 -51% $12,072,081 Resources
C79 Chrysoscorpltd 6.5 3.18 -51% $201,447,937 Commercial & Professional Services
5EA 5Eadvanced 2.78 1.335 -52% $365,951,369 Resources
CBH Coolabah Metals Limi 0.2 0.095 -53% $3,201,500 Resources
BGE Bridgesaaslimited 0.2 0.092 -54% $2,671,313 Tech
SRX Sierra Rutile 0.45 0.2 -56% $82,726,107 Resources
APS Allup Silica Ltd 0.2 0.086 -57% $3,309,031 Resources
CSF Catalanoseafoodltd 0.2 0.08 -60% $2,696,320 Food
OXT Orexploretechnologie 0.25 0.095 -62% $9,848,099 Tech
CTQ Careteq Limited 0.2 0.066 -67% $7,929,340 Health
EQS Equitystorygroupltd 0.2 0.047 -77% $1,696,930 Financial
MBX Myfoodieboxlimited 0.2 0.0455 -77% $1,524,250 Food
MRI Myrewardsinternation 0.2 0.04 -80% $7,463,070 Commercial & Professional Services
HAL Halo Technologies 1.2 0.17 -86% $22,015,957 Tech
B4P Beforepay Group 3.41 0.405 -88% $14,976,564 Financial
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Which stocks gained 100% or more?



Listed: 8 February 

IPO: $6m at $0.20

Current share price: $1.885 (+843%)

The spinout of private project generator Tali Resources was the standout winner for the year, up a massive 843% on its listing price.

The company has three WA exploration projects — the flagship ‘West Arunta’ plus ‘Madura’ (IOCG) and ‘Hidden Valley’ (nickel, copper, PGEs).

Iron oxide copper gold ore deposits (IOCG) — like BHP’s Olympic Dam mine or more recent Oak Dam discovery  — can be huge, and simple-to-process concentrations of copper, gold and other elements like uranium.

Hidden Valley contains a number of potential intrusive bodies considered prospective for mafic-ultramafic intrusion-hosted Ni-Cu-PGE sulphides, à la Chalice Mining’s (ASX:CHN) Julimar.

But it’s the company’s recent hit of another niobium rich carbonatite at its West Arunta project which helped raise $10 million from investors to go drilling (at a 13% premium no less) and inspired a sudden rush of copycats and nearologists alike.

The lightly traded critical metal is mainly used to make steel better, but also has growing uses in lithium-ion batteries, intelligent glass, solar panels, 5G tech, and nuclear energy.

Just two Brazilian and Canadian companies have a virtual duopoly on the niobium market and ferroniobium metal (65% Nb) currently sells for ~US$45,000/t.


Southern Cross Gold (ASX:SXG)

Listed: May

IPO: $10m at $0.20

Current share price: $0.825 (+313%)

This gold explorer is focused on revitalising the Victorian goldfields, which host Fosterville and Costerfield, two of the highest-grade underground deposits in the world.

The company is a spin-out from Toronto Stock Exchange listed Mawson Gold – which is now a Nordic focused gold exploration company which holds the Rajapalot gold-cobalt project in northern Finland.

SXG operates the Sunday Creek, Redcastle and Whroo projects in Victoria, along with the Mt Isa polymetallic project in Queensland.

Last month the company rode the coattails of a recent 305.8m @ 2.4g/t AuEq drill hit (hole SDDSC050) at the Sunday Creek gold-antimony project – and generally improving gold sentiment – into a $16m cap raise.

Only 67% of SDDSC050 has been assayed so far, with assays reported from 0m to 651m downhole, with the hole completed at 923.7m.

The hole is the deepest hole on the property by 404.5m, SXG says.

The cash will be used to add an additional two drill rigs — with five diamond drill rigs planned all up — to advance exploration at the Victoria-based project.


NiCo Resources (ASX:NC1)

Listed: January

IPO: $12m at $0.20

Current share price: $0.69 (+245)

This nickel, cobalt and manganese explorer hit the bourse back in Jan with eyes on the pre-feasibility study for the Wingellina Project, which forms part of the larger Central Musgrave Project (spanning across Western Australia and South Australia) before the end of 2022.

Last month the company completed 10,192m of reverse circulation drilling at the Central Musgrave Project where the Wingellina portion of the program had been focused on improving the definition of the highest-grade nickel and cobalt zones within the entire resource base.

NC1 says drilling these previously defined high-grade pits is expected to provide data for mine scheduling and should enhance the early stage cashflows of the project.

Completing this program represents a key value input driver for the DFS, which will begin in 2023.

Once all data is returned and validated, a resource model update will be completed for the Wingellina deposit.

The lateritic deposit sits next to a remote indigenous community in the Ngaayatjarra Lands and has been known about since the mid-1950s.

But there is some indication the emerging market for nickel as a battery metal will support previously uneconomic nickel and base metals deposits, with BHP (ASX:BHP) target OZ Minerals (ASX:OZL) recently approving, with the blessing of traditional owners, the $1.7 billion construction of the West Musgrave project, also in the Ngaanyatjarra Lands.


Far East Gold (ASX:FEG)

Listed: March

IPO: $12m at $0.20 

Current share price: $0.51 (+155%)

The company holds six advanced stage tenements across Australia and Indonesia including a 1Moz and growing gold resource at the ‘Wonogiri’ project in Indonesia as well as the Woyla Project which was previously held by Barrick Gold and Newcrest.

These major miners identified several drill targets but were never able to start due to forestry designations – an issue Far East has bested.

There’s also ‘Trenggalek’, where more than 17,700m of drilling has been carried out to date.

First-ever drilling at the Anak Perak prospect within the Woyla project followed early stage rock chip sampling that returned bonanza grade assays of up to 119 grams per tonne (g/t) gold and 533g/t silver.

While laboratory assays are still pending (and imminent) for the drilling, all six of the holes drilled to date in the Phase 1 18-hole program have intersected the Main Zone quartz vein breccia system, which show consistent vein width along the 200m of strike length tested to date.

Drilling has also started at the Rek Rinti prospect area where sampling has returned results of up to 46g/t gold and 664g/t silver.

Last month the company raised $3.6m for Woyla exploration and aims release preliminary assay results from the Anak Perak and Rek Rinti drill programs  before the end of the year.


Sarytogan Graphite (ASX:SGA)

Listed: June

IPO: $8.5m at $0.20

Current share price: $0.47 (+135%)

The explorer has its eyes on the Sarytogan Graphite Project in Central Kazakhstan – an established mining jurisdiction right in the middle of the largest battery manufacturers in Europe and China.

The project already has a mineral resource of 209Mt at 28.5% total graphitic carbon (TGC) for 60Mt contained graphite, making it the highest grade and second largest graphite deposit of its ASX peers.

And last week the company hit “breakthrough” 99.87% graphite purity in metallurgical test work — a significant step towards battery anode specification, managing director Sean Gregory says.

“Sarytogan’s giant high grade mineral resource is now complemented by its premium micro-crystalline high-purity product, credentials that now elevate the project to be a potential answer to the world’s projected battery anode material shortage,” he says.

The product to support this strategy will be Uncoated Spherical Graphite (USpG), which trades at more than US$3,000/t.

That’s about triple the price of traditional flake graphite products.

To achieve USpG, the Sarytogan concentrates will require milling to make spherical graphite balls of 5-20 micron in size (that’s tiny) and further purification to 99.95% TGC.

Testing continues to find the most economical way to hit these size/purification targets.

Meanwhile, a bunch of drilling assays are pending ahead of a resource upgrade, due for release in Q1 next year. A scoping study is also planned for 2023.


Oceana Lithium (ASX:OCN)

Listed: July

IPO: $6m at $0.20

Current share price: $0.46 (+130%)

Oceana has two lithium projects – the Solonopole Project in Brazil and the Napperby project in the NT. 

Solonopole’s permits cover historic artisanal mining sites previously mined for lithium, Coltan (tantalum and niobium) and tin and in October, the company started detailed mapping and sampling last month to follow-up on high-grade lithium samples grading up to 9.2% Li2O which were taken from the Lapinha zone to the south.

The Napperby project is in the Pine Creek Pegmatite province – which hosts Core Lithium’s (ASX:CXO) Finniss project.

Last month, the company announced a joint research program with the Centre for Exploration Targeting, University of Western Australia (UWA) covering the North Arunta pegmatite province in the Northern Territory.

The program will be co-funded by Oceana, Core Lithium (ASX:CXO), Australasian Metals (ASX:A8G), Askari Minerals (ASX:AS2) and Lithium Springs Limited, all of which have been actively exploring for lithium-related minerals in the North Arunta.

Until now, there has been a dearth of systematic structural and petrogenetic constraints on the Arunta rare metal pegmatite province – as a consequence it has hindered systematic, cost-effective exploration targeting using modern geochemical, hyperspectral and mineralogical tools.

The joint research program will address this issue by first defining a robust lithochemical mineralisation framework for rare metal pegmatites.


Patriot Battery Metals (ASX:PMT)

Listed: December 

IPO: $4.2m at $0.60

Current share price: $1.25 (+108%)

This Canadian-based lithium player only listed last week but has already shot up 108%.

Patriot owns 214sqkm of prime spod exploration ground including the Corvette discovery, a 50km trend littered with spodumene outcrop it hopes could be the next major North American lithium discovery.

Among the leadership team is a modern lithium legend – Ken Brinsden, famed for not only helping turn Pilbara Minerals (ASX:PLS) into a $15 billion lithium giant, but also for driving the development of its Battery Material Exchange auction platform to uncover the true market value of Australian lithium concentrate.

PMT is looking to develop a new spodumene hotspot in Quebec, Canada, perfectly placed to service the undersupplied North American battery supply chain and plans to have a maiden resource out early next year for the Corvette discovery – a find that is already generating nearology plays.