ASX lithium share QX Resources soars 70% on ex-Lake Resources MD appointment

Steve Promnitz has taken the reins at the lithium and gold developer.

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Key points
  • The QX Resources share price is launching 70% today to trade at 5.6 cents 
  • Its gains come on news the company has appointed former Lake Resources managing director Steve Promnitz to its newly created managing director role
  • Promnitz resigned from Lake Resources in June without providing an explanation 

The share price of tiny ASX lithium hopeful QX Resources Ltd (ASX: QXR) is taking off on news the company has appointed former Lake Resources NL (ASX: LKE) managing director Steve Promnitz.

Promnitz fled the S&P/ASX 200 Index (ASX: XJO) lithium developer in June, seemingly selling his 10.2 million shareholding in the company shortly afterwards.

But Lake Resources' loss appears to be QX Resources' gain. The ASX lithium and gold developer's stock is roaring higher after the company announced its new boss.

The QX Resources share price is soaring 69.7% right now to trade at 5.6 cents.

Let's take a closer look at the news driving the ASX lithium share higher on Wednesday.

A man in a suit and glasses guffaws at his computer screen in bewilderment.

Image source: Getty Images

QX Resources share price surges on MD appointment

The QX Resources share price is rocketing higher today. Its gain comes after the company announced Promnitz will take the reins of the growing Western Australia and Queensland-focused mineral developer.

The former Lake Resources boss will take up the newly created managing director role at the lithium and gold hopeful.

On his appointment Promnitz said he was looking forward to his new challenge, adding:

I plan to advance [QX Resources'] current assets and expand the focus on battery minerals by drawing on my extensive networks and skills from the past six years in the battery minerals sector.

QX Resources noted Lake Resources was a $1 million private company when Promnitz stepped into his former role. By the time he departed, the now-ASX 200 company was said to be worth around $2.1 billion.

QX Resources chair Maurice Feilich also commented on the company's new leader, saying:

QX Resources has assembled a quality portfolio of near drill-ready lithium hard-rock assets in Western Australia with some very promising geology. As well, our gold assets in Queensland hold considerable unlocked value and growth for future development.

QX Resources' board decided now is the right time to appoint a managing director to fast-track the development of these assets while also assessing new battery minerals projects that complement the portfolio.

We are confident that [Promnitz] can drive QX Resources to the next stage of its growth and development.

Motley Fool contributor Brooke Cooper 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 Scott Phillips.

More on Materials Shares

A bearded man holds both arms up diagonally and points with his index fingers to the sky with a thrilled look on his face.
Materials Shares

Which ASX mining stock could rise 120% according to a leading broker?

Bell Potter thinks this mining stock could be seriously undervalued.

Read more »

Male building supervisor stands and smiles with his arms crossed at a building site with workers behind him.
Materials Shares

Down 25%! Is this resurgent ASX 200 stock a strong buy?

Analysts at Morgans see more than 60% upside ahead.

Read more »

A man wearing a suit holds his arms aloft, attached to a large lithium battery with green charging symbols on it.
Materials Shares

Should I buy PLS Group shares in April?

Can the ASX lithium share continue charging higher?

Read more »

A man holds his head in his hands, despairing at the bad result he's reading on his computer.
Materials Shares

Why is this ASX rare earths share sinking 13% today?

What's going on with this share today? Let's dig deeper into things.

Read more »

A construction worker leaps high in the air on a building site.
Materials Shares

Why are James Hardie shares storming higher today?

After a steep sell-off, investors may start to see strength and long-term potential.

Read more »

Young successful engineer, with blueprints, notepad, and digital tablet, observing the project implementation on construction site and in mine.
Materials Shares

Which ASX rare earths company's shares are trading higher on new funding news?

Two major government finance agencies have signed on.

Read more »

A man sitting at his dining table looks at his laptop and ponders the share price.
Materials Shares

ASX lithium shares 'compelling' as top broker adjusts ratings

UBS predicts the global oil shock caused by the war in Iran will drive higher demand for electric vehicles.

Read more »

Three workers jump in the air at a steel factory.
Materials Shares

This ASX steel stock is unlocking hidden value. So why is it falling today?

BlueScope shares fall after an update on surplus land developments.

Read more »