With plenty of positive news to drive them, shares in Vulcan Energy Resources (ASX: VUL) have been having a party on the ASX lately.
At the time of writing, the lithium developer’s share price has gained 32% in 30 days, despite trading 5% down today. Currently, shares in the company are swapping hands for $7.81.
Vulcan Energy is a European lithium miner dedicated to creating the world’s first zero-carbon lithium. It owns Europe’s largest lithium resource in Germany and aims to provide lithium for the electric vehicle and renewable energy markets.
Let’s take a look at what’s been moving the Vulcan share price lately.
Vulcan Energy’s astonishing April
Vulcan has had a busy month on the ASX, to which its share price has reacted positively.
First up, it powered up its direct lithium extraction pilot plant. The company hopes the plant will prove that it’s possible and economical to extract lithium from geothermal brine.
Vulcan said it planned to use data from its pilot plant to determine whether it could build a larger plant to scale up its extraction method. The news drove the Vulcan Energy share price to gain 20% over the course of the week.
Not too long afterwards, on 21 April, the Vulcan Energy share price hit a bump in the road. The company announced plans to disconnect and publicly list its non-core Scandinavian battery metals projects. Its zero-carbon copper, nickel and cobalt assets are to form another company, named Kuniko Limited.
Vulcan stated the spin-off will let it focus on its lithium assets. As a result, the Vulcan share price slumped a minuscule 0.8% over the course of the day. It had well and truly gained that back by the time the company made its next announcement.
Next, on 27 April, Vulcan announced it had entered into a binding agreement to purchase geothermal surface consultancy business, Global Engineering and Consulting Gmbh. The engineering and consulting company has a scientific team of 25 people.
Vulcan said the acquisition leaves it with an “unparalleled surface and sub-surface geothermal development team” to drive its zero-carbon lithium strategy. That day, the Vulcan share price closed 8% higher than the previous day.
Finally, Vulcan released its report for the quarter ended 31 March. The report contained a list of achievements the company had made over the quarter, including a $120 million placement.
Vulcan share price snapshot
The Vulcan share price is no stranger to strong performance, it’s been wowing ASX investors for a while now.
It’s currently up by 181% year to date. Not to mention, it’s up a whopping 3,614% over the last 12 months – this time last year Vulcan shares were trading for 21 cents.
Vulcan has a market capitalisation of around $890 million, with approximately 107 million shares outstanding.