Lithium Plus Minerals share price surges again, up 266% in only 3 days of trading

This new addition to the ASX is on fire this week.

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Key points

  • The Lithium Plus Minerals share price has surged 266% in three days 
  • This lithium explorer is working on projects in the Northern Territory
  • The company's share price increased another 5% today 

The Lithium Plus Minerals Ltd (ASX: LPM) share price ascended again today, just three days after joining the ASX.

The ASX lithium share has exploded in value, with its share price up 266% over those three days. It closed the session on Thursday at 91.5 cents, up 5.17% for the day.

Let’s take a look at what is impressing ASX investors.

New to the ASX

Lithium Plus Minerals started trading on the ASX on Tuesday. Shares were initially offered to the public at 25 cents per share. The company raised $10 million from this initial public offering (IPO) to commence explorations for lithium at key projects in the Northern Territory.

Lithium Plus plans an aggressive drilling program targeting a mineral resource estimate in the first quarter of 2023, an investor presentation reveals.

The company’s flagship project is Bynoe, located near the Finniss Project owned by Core Lithium Ltd (ASX: CXO).

The board is led by Dr Bin Guo, who is the executive chairman and founder of the company.

Commenting on the outlook for Lithium Plus Minerals, Guo said:

We are now simply excited to get started on aggressively exploring this world-class package of lithium ground.

More about Lithium Plus

Lithium Plus has 19 exploration licences approved across two areas, with three more on the way.

The company is working on five projects within these two areas. This includes Bynoe and Wingate within the Bynoe project area. And Barrow Creek, Spotted Wonder, and Moonlight within the Arunta project area. The Bynoe project is just 45km from the Darwin Port.

Lithium Plus had net cash of $10.34 million at the time of listing on Tuesday. Its market capitalisation is now about $84.39 million.

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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