The S&P/ASX 200 Materials Index (ASX: XMJ) is rising 1.35% today, but one ASX lithium share is soaring far higher.
The Patriot Battery Metals Inc. CDI (ASX: PMT) share price is surging 12.5% today and is currently fetching $1.39.
Let's take a look at what could be boosting Patriot shares today.
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Broker upgrade for this ASX lithium share
Analysts at Macquarie have upgraded the price target on Patriot to $1.60 a share, the Australian Financial Review reported today. This implies a 15% upside, based on the current share price.
Macquarie is impressed with the company's lithium drilling results at the Corvette Property in Quebec.
Patriot shares have exploded a massive 130% from the initial public offering (IPO) price of 60 cents when the company joined the ASX in early December.
As Motley Fool Australia reported last week, the ASX lithium share recently shared drilling results to the market including the "highest grade lithium intercept to date".
This included 25m at 5.04% lithium oxide or 5m at 6.36% lithium oxide.
Commenting on Patriot's drilling at the project, Macquarie said in comments cited by the AFR:
These intersections underpin our view that Corvette is likely to become one of the largest spodumene projects globally, with grades of this nature only in evidence at the world-class Greenbushes mine in Western Australia.
Meanwhile, Patriot has also unveiled changes to its executive management team today. Natacha Garoute has been appointed as the chief financial officer. Dusan Berka has left the CFO position but will remain on Patriot's board of directors.
Commenting on today's news, Patriot CEO, company president, and director Blair Way said:
We are very lucky to have been able to attract an executive of the calibre of Natacha to the team. Her broad experience with both TSX and ASX listed companies is perfectly suited to our needs.
On behalf of the Company, I would like to sincerely thank Dusan for his contributions as CFO over the last 10 years. I appreciate his remaining on the board and his tireless support as we grow our company.
Patriot share price snapshot
The Patriot share price has surged 84% in the last month. In the last week, Patriot shares have soared 46%.
For perspective, the S&P/ASX 200 Index (ASX: XJO) has jumped 5% in the last month.
This ASX lithium share has a market capitalisation of about $165 million based on the current share price.
