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In a bad year for IPOs the top ASX debutante of 2022 rose… *checks notes*… 843%
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- 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 |
Which stocks gained 100% or more?
WA1 RESOURCES (ASX:WA1)
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.
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