Canterbury Resources (ASX:CBY) is the ASX’s newest explorer, but it’s not doing as well as it hoped on its first day as a publicly listed company.

Shares opened 10 per cent lower than the 30c issue price before falling further to 25c — notching a 16.6 per cent decline.

By midday AEDT just under 120,000 shares worth $31,400 had changed hands in four trades.

Canterbury is the second explorer to light up the boards, following African Gold (ASX:A1G) which made its debut on February 15.

And it was some kind of entrance – African Gold doubled its share price in the first eight minutes as a publicly listed company. It’s still trading at a 17.5 per cent premium to its 20c issue price.

Copper and gold junior Canterbury, meanwhile, was admitted to the ASX after raising $6.1m from the issue of shares at 30c each.

At its current share price of 25c, Canterbury has a market value of $12.2m.

Canterbury, which has exploration projects in Papua New Guinea and Queensland, was originally hoping to be listed by the end of October last year.

But the “headwinds of volatile markets” and “Donald Trump’s tweeting” made it a little challenging, director Grant Craighead told Stockhead previously.

Canterbury closed its reduced $6m IPO on December 28 and thought it might make its debut in the “latter part of January”.

The company had the cash, but just needed the spread of shareholders required by the ASX, so it extended the offer to February 20.

A major in its corner

Canterbury has the support of mining heavyweight Rio Tinto (ASX:RIO), which is managing and sole funding a drilling program that is already under way at Canterbury’s Bismarck project on Manus Island.

Rio can earn up to an 80 per cent stake in the project.

Canterbury also previously acquired the Briggs and Mannersley projects in Queensland from Rio, which has the right to earn back into the projects if a major discovery is made.

With the Manus Island drilling comfortably taken care of by a major, Canterbury plans to get cracking on drilling programs in mainland Papua New Guinea and at the Briggs project post-listing.

Canterbury has been contacted for comment.