Canadian lithium explorer Patriot Battery Metals (TSX-V: PMET) (ASX: PMT) refuted on Monday claims published in a short-seller report, stating the assertions made by Night Market Research were “factually inaccurate and misleading.” The short-seller said on July 6 it attributed Patriot’s stock price rally to promotion efforts with unnamed marketing outlets that other “Tier-1” developers would avoid.
“Patriot Battery Metals is a rare mining ‘unicorn’ – a lithium explorer ascending to a $2-billion valuation despite having acquired its core asset for $8-million only 16 months ago and lacking an established maiden resource,” the report said.
The North American firm also suggested that Patriot had used “curiously timed buyout rumours” to inflate its share price, and that lithium reserves at its flagship Corvette lithium project in Quebec, Canada, were 40% lower than what the explorer has said.
Shares in Patriot were halted on Monday in Australia after the Vancouver-based lithium junior was asked to respond to the bruising report, in line with Australian Securities and Investments Commission regulations.
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