Why the Queensland Pacific Metals (ASX:QPM) share price is jumping today

The Queensland Pacific Metals Ltd (ASX: QPM) share price is having a top day today, rising 20% to 12 cents a share. Here are the details

Sebastian Bowen

Author Bio Sebastian Bowen has been a Motley Fool contributor since late 2018. Sebastian found his passion for writing and educating others about shares and all things finance after completing his studies in political, economic and social science and enjoys bringing this passion to life at the Fool. His investment philosophy is a simple one – buying high-quality companies at prices that make sense. When he’s not researching his next investment at all hours of the morning, Sebastian enjoys classic movies and likes to unwind with a good book, newspaper or record. Areas of Expertise Dividend investing ETFs Education Bachelor of Political, Economic, and Social Sciences (Government and International Relations), University of Sydney Social Media X/Twitter Favorite Investment Quote "In the short run, the market is a voting machine, but in the long run, it is a weighing machine." – Benjamin Graham

Published April 27, 2021 12:24 pm AEST

The Queensland Pacific Metals Ltd (ASX: QPM) share price is jumping today, up 19% at the tie of writing to 12 cents a share. Queensland Pacific opened at 11 cents this morning before rocketing as high as 13 cents early in morning trade. Today's move is just the latest in what has been a very successful year for the company. AS recently as July 2020, Queensland Pacific Metals was trading at a price of 1 cent a share, meaning the company has rocketed more than 1,000% over the past 10 or so months. Even just in 2021 so far, the company is up around 200%.

So why are Queensland Pacific Metals shares jumping today?

rising asx share price represented by woman jumping in the air happily — Image source: Getty Images

Queensland Pacific Metals share price gains

There have been a few recent developments that are likely to be feeding into Queensland Pacific Metals shares today. Firstly, a fortnight ago, the company announced that it had managed to produce battery-grade nickel sulphate. As my Fool colleague Brooke reported at the time, Queensland Pacific stated that the results managed to adhere to the highest battery specification standards. That news sent Queensland Pacific shares up 15% at the time.

But we have some fresh news today as well.

Queensland Pacific Metals released an ASX announcement before the market opened this morning. This announcement heralded the appointment meant of James (Jim) Simpson as a non-executive director of Queensland Pacific Metals, effective 1 May. Mr Simpson reportedly has more than 30 years of experience in the resources sector, including a stint at Aurelia Metals Ltd (AX: AMI). He has most recently worked as executive director for Peel Mining Ltd (ASX: PEX).

Queensland Pacific chair Eddie King had this to say on the appointment:

I am delighted that someone of Jim's calibre has chosen to join the Board of QPM. Jim brings with him a wealth of resources and corporate experience and has a detailed understanding of what is required when taking a resources project through its technical feasibility and funding/development phases and ultimately into production. I look forward to working with Jim during this period and beyond.

Judging by the performance of the Queensland Pacific share price today, the market agrees with these sentiments. At the current pricing, Queensland Pacific Metals has a market capitalisation of $140 million.

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