Neometals (ASX:NMT) share price shoots to new 52-week high

Shares in Neometals have rocketed almost 20% since the company’s last ASX announcement on Tuesday.

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Key points

  • The Neometals share price is 10% higher this afternoon
  • Neometals had a great month in March with its shares advancing 25% in value 
  • Earlier this week, Neometals announced it has opened a new commercial lithium-ion battery recycling plant in Germany

The Neometals Ltd (ASX: NMT) share price is shooting skywards this afternoon despite no news out of the sustainable minerals explorer today.

At the time of writing, Neometals shares are up 10.8% to $1.95. In earlier trade, they reached a new 52-week high of $1.97.

What’s been happening lately?

The last time we heard any news from Neometals was on Tuesday. The company announced that its battery recycling joint venture Primobius has opened a commercial lithium-ion battery recycling plant in Germany.

Operations are expected to start this quarter. It appears ASX investors loved the news, with the Neometals share price advancing 19% to date on Monday’s closing price of $1.63.

Growth in the company’s share price has impressed ASX investors in recent times. In March alone, shares in the lithium, vanadium, and nickel miner moved 25% higher as my Fool colleague Aaron reported.

During the month, Neometals also announced it was in advanced discussions about a possible partnership between Primobius and Licular, a wholly-owned subsidiary of Mercedes-Benz Group AG (FRA: MBG).

As part of a global strategy for recycling car battery systems, Mercedes-Benz wants to build a recycling plant at its Kuppenheim operations in southern Germany.

In a statement on 11 March, Neometals said Licular “plans to cooperate with … Primobius, as its technology partner, for the design and construction of the proposed recycling plant”.

Neometals share price snapshot

The Neometals share price is up 447% over the past 12 months.

Neometals has a market capitalisation of $1.07 billion based on the current share price.

Motley Fool contributor Bronwyn Allen 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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