Lithium miner Patriot Battery Metals refutes claims in short-seller report (updated)

PMET Resources

10/07/2023 10:52

(Adds details from short-seller report and Patriot in
paragraphs 2-5)
       July 10 (Reuters) - Lithium miner Patriot Battery Metals
 PMET.V   PMT.AX  on Monday refuted the claims made in a
short-seller report by Night Market Research, stating that the
report's assertions were "factually inaccurate and misleading."
    In a report dated July 6, Night Market Research said it is
shorting Patriot Battery Metals, attributing the company's stock
price rally to promotion with marketing outlets which it
underlined 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.
  
        Patriot has sought legal advice on the report and
refutes the key conclusions made by Night Market Research, the
company said in a statement. 
  
        The report has been published without consultation of
the company or the opportunity for fact-checking, it added. 
  
        
  

 (Reporting by Harish Sridharan in Bengaluru; Editing by Dhanya
Ann Thoppil)
 ((Harish.Sridharan@thomsonreuters.com; Twitter: https://twitter.com/damnit_saladin;))