What’s driving the Lithium Energy (ASX:LEL) share price higher today?

The battery minerals explorer has updated the market on its progress. Here are the details
The post What’s driving the Lithium Energy (ASX:LEL) share price higher today? appeared first on The Motley Fool Australia. –

The Lithium Energy Ltd (ASX: LEL) share price is surging today on the back of a graphite project update.

The company’s shares were trading at 81 cents apiece early today, a gain of almost 11%. They have since retreated to 76.5 cents, still up 4.79% on yesterday’s closing price.

Let’s take a look at what may be weighing on investors’ minds today.

What did the lithium miner announce?

The company provided a wide-ranging update on its drilling, test work, and manufacturing potential at the battery miner’s Burke graphite project in Queensland.

Lithium Energy is a battery minerals explorer, also operating at the Solaroz lithium project in Argentina.

Test work to improve the production of battery-grade graphite is progressing nicely and high purity graphite concentrate from drill samples is being produced.

This graphite will be purified and tested by the CSIRO to help the company market the use of this graphite for lithium-ion batteries.

Further, Lithium Energy is planning a drilling expedition in the first quarter of 2022.

Drilling at the Burke tenement is aimed at upgrading the mineral resource to a higher standard. Doing so would help Lithium Energy explore the commercial potential of a new purified spherical graphite manufacturing operation. This production would tap into high-grade graphite from the Burke tenement as the feedstock.

The company is also planning to drill for graphite at the Corella tenement, located 150km south of the Burke tenement.

Lithium Energy is gauging interest from engineering companies to advance the planned manufacturing facility.

Lithium Energy share price snapshot

The Lithium Energy share price has surged 282% this year to date after the company joined the ASX in May.

In the past week, the company’s shares have gained more than 8%.

The company has a market capitalisation of about $58 million based on its current share price.

The post What’s driving the Lithium Energy (ASX:LEL) share price higher today? appeared first on The Motley Fool Australia.

Should you invest $1,000 in Lithium Energy right now?

Before you consider Lithium Energy, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Lithium Energy wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

Here’s why the Lithium Energy (ASX:LEL) share price is tumbling 6% today

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. 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.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!