2023 IPO stonks: Which stocks are seeing the best returns since their ASX debut this year?

This year a total of 29 stocks have listed on the ASX. There’s still a month left and nine companies waiting in the wings to burst onto the scene before new years – but that’s another story.

Today we’re taking a look at which players have made gains since listing, because even though Stockhead’s Eddy Sunarto recently noted investing in an IPO can be an excellent way to potentially maximise your chances of lucrative returns, only 7 IPOs are actually trading above their listing price for the year.

Who made the gains?

Code Company IPO Price Current price % Return Market Cap Listing Date JBY James Bay Minerals 0.2 0.37 85% $12,653,550 12/9/2023 GHY Gold Hydrogen 0.5 0.83 66% $48,384,570 13-Jan CC9 Chariot Corporation 0.45 0.69 53.33% $62,331,833 30/10/2023 GDM Greatdivideminingltd 0.2 0.265 32.50% $7,221,250 18/10/2023 PLN Pioneer Lithium 0.2 0.26 30% $7,532,625 28/9/2023 GR8 Great Dirt Resources 0.2 0.245 22.50% $6,331,221 10/11/2023 TOK Tolu Minerals 0.5 0.52 4% $30,555,639 10/11/2023 RDX Redox Limited 2.55 2.45 -3.92% $1,281,198,684 3/7/2023 NDO Nido Education 1 0.96 -4% $216,207,503 16/10/2023 HTM High-Tech Metals Ltd 0.2 0.19 -5% $4,702,783 23/1/2023 NVO Novo Resources Corp 0.2 0.19 -5% $8,325,846 11/9/2023 ACM Aus Critical Mineral 0.2 0.18 -10% $5,648,938 3/7/2023 LM1 Leeuwin Metals Ltd 0.25 0.225 -10% $10,076,625 29/3/2023 CHW Chilwaminerals 0.2 0.175 -12.50% $8,716,250 5/7/2023 NGX Ngxlimited 0.2 0.17 -15% $14,950,954 16/6/2023 COV Cleo Diagnostics 0.2 0.165 -17.50% $13,299,750 22/8/2023 DYM Dynamicmetalslimited 0.2 0.16 -20% $5,600,000 16/1/2023 ASK Abacus Storage King 1.41 1.06 -24.82% $1,399,519,655 1/8/2023 ILT Iltani Resources Lim 0.2 0.145 -27.50% $4,931,523 30/6/2023 EG1 Evergreenlithium 0.25 0.175 -30% $9,840,250 11/4/2023 SQX SQX Resources Ltd 0.2 0.135 -32.50% $3,375,000 20/2/2023 PL3 Patagonia Lithium 0.2 0.13 -35% $6,860,490 31/3/2023 CVB Curvebeam Ai Limited 0.48 0.3 -37.50% $57,602,158 23/8/2023 AUG Augustus Minerals 0.2 0.105 -47.50% $10,082,400 25/5/2023 CGR Cgnresourceslimited 0.25 0.13 -48% $12,708,947 18/10/2023 VHM Vhmlimited 1.35 0.68 -49.62% $100,045,481 9/1/2023 DY6 Dy6Metalsltd 0.2 0.095 -52.50% $3,547,749 29/6/2023 ADC Acdc Metals Ltd 0.2 0.073 -63.50% $3,581,310 17/1/2023 ACE Acusensus Limited 4 0.77 -80.75% $97,135,481 12/1/2023

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James Bay Minerals (ASX:JBY)

+85%

James Bay Minerals has performed strongly since IPO thanks to a dominant, spod-rich, but underexplored landholding in the James Bay region.

It has enjoyed a steady stream of early stage exploration success across the Joule, Aero and Aqua properties in the La Grande sub-province, along trend from Patriot Battery Metals’ (ASX:PMT) 109.2Mt Corvette deposit.

Aqua is also right next door to Fin Resources (ASX:FIN) Cancet West project, where FIN recently identified “abundant spodumene crystals within a broad pegmatite outcrop” less than 250m from the tenement boundary.

Recent helicopter surveys of Aqua have now identified five large outcropping pegmatite dykes, interpreted to be a continuation of FIN’s spodumene-rich pegmatites.

At Aero, JBY has discovered the 560m-long Warhawk pegmatite, and subsequently the Gauntlet pegmatite – both sampled to contain high grades of lithium.

Maiden drilling is planned in H1 2024.

Pic: Location of JBY projects and major deposits in Canada. Source: JBY.

Gold Hydrogen (ASX:GHY)

+66%

Gold Hydrogen holds the Ramsay project in South Australia’s Gawler craton and is already seeing some early success.

Its first well, Ramsay-1, was drilled to a depth of 1,005m on time and on budget.

Importantly, it encountered significant concentrations of natural hydrogen and helium, confirming historical measurements and demonstrating that an active system is present in the Ramsay project area.

Testing and laboratory results measured air-corrected hydrogen at 73.3% at 240m below ground level, consistent with the 76% air-corrected concentration of hydrogen reported in the Ramsay Oil Bore 1 in 1931.

Helium was also detected with an air-corrected content of 3.6% at a depth of 892m, which represents a significant value-add given the high value of helium.

The company is currently preparing to drill the Ramsay-2 well in mid-November to further appraise the best estimate prospective resource of 1.3Mt of hydrogen.

Chariot Corporation (ASX:CC9)

+53.33%

Chariot Corporation is in third place, controlling one of the largest lithium exploration landholdings in the US and this is the first time any drilling has been undertaken at Black Mountain where 60cm long spodumene crystals (6-7% lithium) were first observed back in 1997.

CC9 managing director Shanthar Pathmanathan recently told Stockhead’s Reuben Adams the company’s Black Mountain project in Wyoming “looks like Liontown Resources’ (ASX:LTR) Kathleen Valley before it was drilled”.

In early November, the company announced plans to diamond drill the project, ahead of a Phase 1 4900m campaign targeting outcropping spodumene-bearing LCT pegmatite dykes within a 1km long by 50-150m wide zone.

Initial results are due in January.

Great Divide Mining (ASX:GDM)

+32.5%

Since listing, this Queensland gold, antimony and critical metals explorer reported a maiden inferred mineral resource estimate (MRE) at the Yellow Jack project of 1.84Mt at 0.86g/t gold (Au) for 51,100oz contained gold.

The project’s shallow, open resource is in close proximity to existing heap leach and Carbon-in-Pulp process plants, enabling project development with limited capital expenditure.

A maiden resource is the goal which the company expected to be completed in the near term.

Pioneer Lithium (ASX:PLN)

+30%

PLN’s main game is the Root Lake project, down the road from Benham and right next door to Green Technology Metals’ (ASX:GT1) 14.6Mt Root Bay deposit.

The company has already found three pegmatites — a host rock for lithium mineralisation — along the Extended Morrison trend in the northwest part of the project, which is also directly along strike from GT1’s Morrison-McCombe pegmatite system.

A drill program is being planned, which will feed into an exploration target and maiden resource in the first half of 2024.

PLN also owns the LaGrande project in Quebec which is surrounded by large lithium deposits such as Patriot Battery Metals’ district-scale 109.2Mt at 1.42% Li2O Corvette project and Winsome Resources’ (ASX:WR1) Cancet discovery.

The explorer is undertaking geological recon programs off historical data across three claim areas to determine future fieldwork that will look to identify lithium dispersion and associated pathfinder minerals.

Plus, earlier this month the company picked up the Benham project in Ontario and wasted no time kicking off exploration, with fieldwork underway and rock chip samples expected to narrow down future drill targets.

Pic: Location of PLN%E2%80%99s projects in comparison to the North American electric vehicle supply chain. Source: PLN.

Great Dirt Resources (ASX:GR8)

+22.5%

GR8 is set to tap manganese potential at its historical Doherty and Basin projects in NSW.

The company’s 168km2 exploration licence has produced both battery (74.3%) and metallurgical grade (46%) manganese oxide for two decades from 1940 to 1960.

The demand for manganese is expected to grow as it is steadily split between the more traditional steel industry, and the emerging battery sector, a trend market analysts see growing ninefold by 2030.

An aerial magnetic and radiometric survey have begun over the Doherty project to develop targets for future exploration.

Tolu Minerals (ASX:TOK)

+4%

The Papua New Guinea-focused Tolu is set to explore potential of the high-grade Tolukuma gold mine.

Recent trench and rock sampling at the Taula vein has returned 1m at 26.7g/t gold and 98.5g/t silver within a broader mineralised zone of 2m at 13.7g/t gold and 52.3g/t silver.

The results also extended the gold and silver mineralisation of the Taula vein system from a 750m strike length to over a 1300m strike length, demonstrating the potential to develop numerous near mine gold targets.

The plan going forwards is to establish a maiden resource centred on and immediately around the Tolukuma gold mine, but potentially looking to include the broader Tolukuma structure.

At Stockhead we tell it like it is. While Chariot Corporation, James Bay Minerals and Pioneer Lithium are Stockhead advertisers, they did not sponsor this article.

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