The EverGreen Lithium (ASX: EG1) share price has had a positive start to life as a listed company.
In morning trade, the ASX lithium share rocketed 20% higher than its IPO listing price to 30 cents.
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What is EverGreen Lithium?
This morning, EverGreen Lithium became the latest lithium developer to list on the Australian share market.
It listed on the ASX after raising $7 million at 25 cents per new share. This gave the company a valuation of approximately $45 million.
These funds will be used to finance the exploration program for its projects in the Northern Territory and Western Australia.
Interestingly, these projects are relatively close to those owned by fellow ASX lithium shares Core Lithium Ltd (ASX: CXO) and Liontown Resources Ltd (ASX: LTR).
EverGreen owns two projects in the Northern Territory. These are its flagship Bynoe project and its Fortune project. The former is adjoining Australia's newest lithium mine, Finniss, owned and operated by its neighbours Core Lithium.
Pleasingly, management highlights that the flagship Bynoe project exhibits many of the geological features that were key to the Finniss discovery. Through methodical exploration and learning from Core's regional experience, the company hopes to emulate their success.
Over in Western Australia, the company has the Kenny project. It is in close proximity to Liontown's Buldania project.
Commenting on its projects, the company said:
The Board of EverGreen believes that it has assembled a portfolio of assets with the potential to position the Company at the forefront of the battery metal revolution and a team with the skill set to optimise this tenure. Both the Board and senior management have a substantial shareholding in the Company to ensure alignment with shareholder interests.
