Why is Core Lithium share price outperforming the ASX 200 today?

Core Lithium's shares are holding up on Monday despite the market selloff…

| 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

The Core Lithium Ltd (ASX: CXO) share price is outperforming the market on Monday.

In morning trade, the lithium miner's shares are flat at $1.15.

This compares favourably to a 1.4% decline by ASX 200 index.

a man sits at his computer screen scrolling with his fingers with a satisfied smile on his face as though he is very content with the news he is receiving.

Image source: Getty Images

Why is the Core Lithium share price outperforming?

The Core Lithium share price is performing better than most today after the market responded positively to an announcement this morning.

According to the release, Core Lithium's managing director, Stephen Biggins, will bring forward his resignation from the role and exit the company with immediate effect.

Mr Biggins had announced his resignation in March and planned to step down from the role before the end of 2022.

However, with the recent official opening of the Finniss Lithium Mine and appointment of Gareth Manderson as CEO, Biggins has decided it is the appropriate time to complete his role as managing director and as a director of Core Lithium.

He commented:

The Finniss Lithium Mine official opening was the culmination of 12 years of rewarding dedication to achieve this rare milestone and I feel that now is the right time to step down as Managing Director.

Now is the ideal opportunity to hand over the leadership to Gareth as he has settled into the role as CEO. The business is now in great shape, the financial performance is strong, and at the Finniss Lithium Project, we have built a platform for sustainable growth for many years to come.

Core Lithium's chairman, Greg English, notes that Biggins "has left a significant long-lasting legacy and has set Core up for strong earnings growth." He concludes:

On behalf of the Core team, I would like to thank Stephen for his outstanding contribution to the Company, and we wish him well in his other ventures.

Motley Fool contributor James Mickleboro 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 man wearing a suit holds his arms aloft, attached to a large lithium battery with green charging symbols on it.
Materials Shares

PLS shares jump 320% in 12 months: Buy, sell or hold?

The lithium miner has flown from strength to strength over the past year.

Read more »

Business people standing at a mine site smiling.
Materials Shares

Morgans just placed buy ratings on these ASX materials stocks

These two stocks could be worth adding to your portfolio according to Morgans.

Read more »

Female miner in hard hat and safety vest on laptop with mining drill in background.
Materials Shares

Why Lynas could be one of the ASX's biggest winners again today

Lynas is gaining strategic value as rare earths tensions rise.

Read more »

Two workers on site discuss the next stage of this civil engineering job.
Materials Shares

Is takeover tension sending this ASX steel stock soaring?

Strong fundamentals and takeover speculation have pushed this share up 42%.

Read more »

Smiling worker in metal landfill.
Materials Shares

Another US milestone, another share price drop: What's going on with this ASX stock?

Metallium hits another US milestone, but shares slip again on Tuesday.

Read more »

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 »