The Galaxy Resources Limited (ASX: GXY) share price has continued its incredible run and rose over 5% to hit a multi-year high of $3.84 in early trade.
Incredibly, this means the lithium miner's shares have now more than doubled in value in just three months.
Why are its shares higher today?
This morning Galaxy announced that it has submitted a project notice to the Government of Quebec and the Federal Government of Canada for its James Bay lithium project.
The project notice is the first step the company must take in order start the regulatory process aimed at securing the necessary mining and infrastructure licenses.
Furthermore, management revealed the results of further assays from its drilling program at the site.
While not all of the assays have been received, the ones that have been received appear to confirm that James Bay has the potential to be another world-class asset.
Should you invest?
Due to its strong share price run I would class Galaxy as a hold now.
While I do think it has significant long-term growth potential thanks to the insatiable demand for lithium carbonate and its three quality assets, I feel this is priced into its shares now.
The same applies for lithium miner rivals Orocobre Limited (ASX: ORE) and Pilbara Minerals Ltd (ASX: PLS).
In light of this, I would suggest investors wait for a sizeable pull back before making an investment.
