The Liontown (ASX: LTR) share price is trading higher today following the company’s announcement of a new CEO. Here’s what we know.
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The Liontown Resources Limited (ASX: LTR) share price is trading higher today, up 3.66% at 42 cents a share at the time of writing.
The battery metals exploration and development company has lithium discoveries at two Western Australia projects: the Kathleen Valley project and the Buldania mining site.
Why is the Liontown share price up today?
Earlier today, the company announced the appointment of international mining executive Tony Ottaviano as chief executive officer.
Liontown described Mr Ottaviano as a “highly-credentialed” global mining executive. He has held senior executive roles with BHP Group Ltd (ASX: BHP) and Rio Tinto Limited (ASX: RIO), two of the world’s largest mining companies.
Mr Ottaviano will oversee the company’s next phase of the Tier-1 Kathleen Valley Lithium-Tantalum Project. With project financing and development plans underway, Mr Ottaviano will assume his role in early May this year.
Commenting on the appointment, Mr Ottaviano said:
I was attracted to Liontown because of the exciting opportunity to build a world-class battery metals business that can play a meaningful role in the impending global energy transformation.
As a Tier-1 lithium asset with world-class scale and economics, Kathleen Valley is uniquely placed to meet growing demand for battery raw materials, both as a low-cost spodumene producer and as a potential participant in the high-value downstream segment of the lithium raw materials supply chain.
A snapshot of the Liontown share price
The Liontown Resources share price has boomed more than 300% higher than the previous 12-month period.
In its latest quarterly activities and cash flow report, the company reported spending approximately $2.1 million on operating activities during the quarter ended 31 December 2020.
Liontown also posted a $13.2 million net cash flow benefit gained from financing activities. Among these, the company issued 12,500 shares and earned $1.3 million from the exercise of options.
At the end of the quarter, Liontown’s cash balance was $16.4 million.
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Motley Fool contributor Gretchen Kennedy has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.