Global Lithium (ASX:GL1) share price soars 13% to record highs

New board appointments appear to have been well received by investors…

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The Global Lithium Resources Ltd (ASX: GL1) share price is charging higher today, up 12.69% at $1.46.

It marks a new record high for the company that began trading after being listed on the ASX in May last year.

The price rise comes after an announcement from Global Lithium regarding new appointments on its board. Here are the details.

What did Global Lithium announce?

The Global Lithium share price is surging after the company advised it has appointed two new members to its directorship. Specifically, it has appointed Ronald Mitchell as executive director markets and growth, and Greg Lilleyman as a non-executive director.

Global Lithium says Lilleyman comes with more than 30 years of international experience in the mining sector. He was formerly chief operating officer and director of operations at Fortescue Metals Group Limited (ASX: FMG) and had 26 years at Rio Tinto Limited (ASX: RIO) prior to that.

Meanwhile, Mitchell has more than 25 years of experience in senior roles. This includes more than 10 years in the lithium and battery metals industry, according to the company.

Mitchell, who is also the inaugural chairman of the London Metal Exchange (LME) Lithium Committee, will step into the role from 1 March.

Global Lithium also advised that managing director Jamie Wright has stepped down from the board and his role. Wright, who is moving back to his home state of South Australia, will remain as a director until 1 March.

Aside from that, the Western Australia-based company has engaged mining consultancy CSA Global to manage the exploration of its Marble Bar lithium project.

CSA Global is a “worldwide geological consultancy business with deep experience in managing drilling and exploration campaigns across a wide range of commodities”. CSA will act as program manager for the 60,000m drilling program due to commence this quarter.

With the “combination of CSA Global, Orlando Drilling, and Resource Potentials”, Global Lithium is “confident of successful campaigns across both the Marble Bar and Manna projects”.

Management commentary

Speaking on the announcement driving the Global Lithium share price, chairman Warrick Hazeldine said:

In his tenure as managing director, Jamie has overseen a significant period of growth, both in terms of tenement holdings and market capitalisation. Importantly, the Board and he are fully aligned in the belief that the company would continue to benefit from a WA-based management team. On behalf of the Board and our shareholders, I thank him for his tireless efforts over the past year.

We welcome Ron Mitchell and Greg Lilleyman to the Board.

Incoming board member Lilleyman said:

It’s great to have the opportunity to use my extensive experience and history in the Pilbara to assist Global Lithium in converting the exciting exploration potential of the Marble Bar Lithium Project into a world-class operation to support the clean energy transition.

Global Lithium share price snapshot

It’s been a fantastic start on the ASX for the Global Lithium share price. It is now up 620% from its IPO listing price of 20 cents in May 2021.

The share price was climbing steadily until late December when the company revealed significant lithium assay results from its exploration program at the Marble Bar project. Since then it has rocketed 128%.

The author has no positions 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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