In a brief notice, the ASX said Fifth Element would be suspended pending a review of “the company’s satisfaction of conditions for admission to the official list of the ASX”

It comes after Fifth Element shares went from 20c on May 20 to $7.96 yesterday, steadily rising on thin volume.

The rapid rise has prompted six price queries from the ASX, all of which contained no explanation from the company.

The ASX also questioned the company yesterday as to why it hadn’t made an operational announcement since listing.

“The company is reviewing different exploration options and will make an announcement to the market when a decision has been made,” Fifth Element said in its response.

Fifth Element was formed by its executive chairman Chi Ho William Lo, who is the company’s largest shareholder with a 49.3% stake.

According to an updated shareholder list earlier this month, the company has just 13 shareholders with the top three controlling more than 95% of the shares.

Hong Kong-based Yang Zhang invested $1.44 million to become a significant shareholder with a 17.4% stake but has been selling his stake on-market and holds just 11.5% now.

Fifth Element holds early stage tenements in New South Wales considered prospective for copper and gold.

The company’s rapid rise, as well as its lack of shareholders and assets, has baffled market watchers with many contacting MiningNews.net.

Fifth Element was also the subject of this week’s Dryblower column.