One of the market's newest lithium shares – Leo Lithium Ltd (ASX: LLL) – has been the subject of recent insider buying, with one director doubling their stake in the S&P/ASX 300 Index (ASX: XKO) company.
Leo Lithium director Alan Rule indirectly tipped more than $50,000 into the company's securities last week.
Right now, the Leo Lithium share price is 50.5 cents – 2.88% lower than its previous close.
For comparison, the ASX 300 is gaining 0.74% at the time of writing.
Let's take a closer look at the latest insider buying at the Firefinch Ltd (ASX: FFX) spinout.
Director doubles stake in ASX 300 lithium share
Alan Rule saw his stake in Leo Lithium nearly double last week on the back of on-market trades by his spouse.
That sees the director with an additional 100,000 shares in the lithium hopeful – paying 50.5 cents apiece – leaving him with a parcel of nearly 205,000 stocks.
Rule was appointed to the company's board in early January.
He previously spent more than 25 years prior as chief financial officer in other ASX-listed mining companies including Galaxy Resources – which merged with Orocobre in 2021, eventually becoming Allkem Ltd (ASX: AKE) – and Paladin Energy Ltd (ASX: PDN).
Leo Lithium is developing the Goulamina Lithium Project in Mali, West Africa in partnership with global giant Jiangzi Ganfeng Lithium. The project has the potential to be West Africa's first spodumene producer.
The company is aiming to begin production at the project in the second quarter of 2024. In the meantime, direct shipped ore (DSO) is expected to bring in revenue in the second half of this year.
The ASX 300 lithium stock listed on the Aussie bourse in June 2022. It raised $100 million through its initial public offering (IPO), offering new shares for 70 cents each.
Those invested in Firefinch received one Leo Lithium share for every 1.4 stocks held as part of the demerger.
Sadly, the Leo Lithium share price tumbled on its ASX float, closing its first session at 49 cents. It has gained 3% in the months since.
