Here’s whats happening to the Lithium Australia share price this week (ASX:LIT)

This lithium company had a merry end to the month. Here are the details
The post Here’s whats happening to the Lithium Australia share price this week (ASX:LIT) appeared first on The Motley Fool Australia. –

The Lithium Australia NL (ASX: LIT) share price finished in the green this week.

The lithium company’s shares were swapping hands for 11.5 cents apiece at Friday’s close, up 4.55% on the day. That means its shares have gained 9.5% from last Friday’s closing price of 10.5 cents.

Let’s take a look at what’s been happening at the company lately.

What’s going on with Lithium Australia?

The Lithium Australia share price is climbing despite no price-sensitive news being released to the market. However, the company has made several announcements this week.

The lithium market is also gaining significant global interest and is seen by investors as a booming industry

Early this afternoon, the company issued 1.5 million shares to the market at 5.5 cents each. This raised $82,500 to exercise options held by Lind Global Macro Fund. This may explain the share price drop in the afternoon — it fell from a high of 12 cents — since issuing more shares to the market dilutes the value of each individual share.

On Tuesday, the company advised it is advancing its lithium extraction technology towards commercialisation.

The company is working with the Australian Nuclear Science and Technology Organisation to develop technology known as LieNA. This process can refine low-grade spodumene, which is used to produce high-purity lithium phosphate. Lithium Australia is working towards a patent on this technology.

Meanwhile, on Wednesday, Lithium Australia advised its battery recycling division has expanded to a bigger site in Laverton, Victoria. The company’s subsidiary has been granted a permit from the local council.

Lithium Australian managing director Adrian Griffin said:

Capturing larger volumes of spent lithium-ion batteries in particular helps the company create a secure battery supply chain, further underpinning the investment of Lithium Australia shareholders.

Lithium Australia share price recap

The Lithium Australia share price has charged ahead this year, up around 70% since the start of 2021.

Despite this, the company’s shares have shed 10% in the past month but are up 2% this week.

The company has a market capitalisation of nearly $116 million based on the current share price.

The post Here’s whats happening to the Lithium Australia share price this week (ASX:LIT) appeared first on The Motley Fool Australia.

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