The Core Lithium Ltd (ASX: CXO) share price is on the move today amid strong interest from investors.
This comes despite the company not releasing any price-sensitive news to the ASX.
Core Lithium shares are trading up 4.98% at $1.37 at the time of writing, after hitting an intraday high 6.51% higher at $1.39. The S&P/ASX 200 Index (ASX: XJO) is also in the green today, currently up 0.92%.
What's driving Core Lithium shares up and away?
Investors are snapping up Core Lithium shares after the company has been progressing its wholly-owned Finniss Lithium Project.
Since the beginning of the year, the company's share price ascended on the back of market confidence in lithium demand.
Core Lithium is among ASX lithium shares likely to play a key role in meeting a future lithium supply gap. This is expected to grow rapidly as the demand for electric vehicles and renewable energy ramps up over the next decade.
Earlier this month, the company provided a development update on its flagship project which sent Core Lithium shares 9.28% higher.
Management highlighted that the crushing services contract awarded to CSI Mining Services will begin mobilisation to the site next month.
The crushed ore will be stockpiled before being processed to make spodumene concentrate by the Dense Media Separation (DMS) plant. This will then be ready for export to Core Lithium customers.
Core Lithium is building Australia's most advanced lithium project, with the first production of lithium concentrate scheduled in Q4 2022.
Once online, the Finniss Lithium Project will be the first Australian lithium-producing mine outside of Western Australia.
The Australian government is focused on increasing the capabilities of onshore refinement of critical minerals.
Last year, Core Lithium's Finniss was awarded Major Project Status (MPS) by the Australian federal government.
Achieving MPS underlines the importance of the strategic significance of this project to Australia. It provides extra support, including a single-entry point for regulatory approvals, project support and coordination with government authorities.
Core Lithium share price snapshot
It has been a stellar year for Core Lithium shares, surging to a record high of $1.675 before taking a slight breather.
When looking at the past 12 months, the Core Lithium share price is up an outstanding 470%.
Based on today's price, Core Lithium has a market capitalisation of roughly $2.26 billion, with more than 1.73 billion shares outstanding.