Look out Pilbara Minerals (ASX:PLS). Another new lithium share is about to hit the ASX

Green Technology Metals is planning to hit the ASX boards, Pilbara Minerals may need to watch out.

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Pilbara Minerals Ltd (ASX: PLS) may need to watch out, there are plans for another lithium share to hit the ASX called Green Technology Metals.

Pilbara is one of the biggest lithium miners on the ASX with a market capitalisation of $6.45 billion. It has been an extraordinary 12 months for the company – it has risen by just over 600%.

It isn’t the only one. Another of the other major lithium miners is Orocobre Limited (ASX: ORE), which has gone up 257% in the last year. Orocobre now has a market capitalisation of $5.86 billion.

But there are other, smaller players wanting to cash in on the huge rush for lithium and lithium companies.

Last week my colleague Brooke Cooper covered 10 upcoming ASX floats in the battery and electrification sector. Some of those included Li-S Energy Limited, Dalaroo Metals Ltd, Recharge Metals Limited and C29 Metals.

However, there’s another potential lithium player wanting to join Pilbara Minerals and others on the ASX with an initial public offering (IPO).

Green Technology Metals

According to reporting by the Australian Financial Review, the new prospective ASX lithium share is called Green Technology Metals, which is planning to raise up to $24 million in an IPO.

This offer is going to be priced at $0.25 per share and the business will list with a market capitalisation of up to $49.4 million.

What is it going to use the money for?  

The business currently plans to use that capital to fund its exploration drilling and also buy 80% of the Ontario Lithium Project in the Quebec region of Canada according to the AFR.

But that isn’t the company’s sole asset. It also has deposits called Root and Wisa.

It was reported that all of the company’s tenements have “lithium bearing pegmatites within the ‘Goldilocks Lithium Zone’ and numerous mapped pegmatites untested at depth and 1 kilometre to 5km strike extensions, partially covered.”

Leadership

There is actually a Pilbara Minerals connection with the current leadership team. The Pilbara Minerals co-founder John Young is reportedly involved with Green Technology Metals as its chair. The AFR also reported that Luke Cox will be the CEO, who is a geologist and former mine manager. Other members of the board include Cameron Henry and Patrick Murphy.

It will be interesting to see how the company performs if and when it makes it onto the ASX to become part of the listed lithium sector.

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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. 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.

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