ASX lithium stock up 40% in a month, and directors keep buying

Two directors of James Bay Minerals have been raising their personal holdings.

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ASX lithium stock James Bay Minerals Ltd (ASX: JBY) is up 5.26% to 40 cents on Friday.

The newcomer has had a good run since it began trading on the ASX on 12 September.

It hit the ASX boards at an initial public offering (IPO) price of 30.5 cents.

It rose by 100% in two days and closed that first week at 52 cents per share.

Clearly, investors were feeling pretty excited about the new ASX lithium stock.

ASX lithium stock rebounds from October low

Not surprisingly for an ASX nano-cap, the James Bay share price has fluctuated dramatically since the IPO.

It hit a low of 24 cents last month and has lifted by more than 40% over the past four weeks.

This week, we learned two directors have been raising their personal holdings in the lithium junior.

According to an ASX disclosure, James Bay executive director Andrew Dornan acquired 97,750 shares between 15 and 21 November for $37,917.

Dornan is the biggest shareholder in James Bay Minerals.

He owns 7,847,750 James Bay shares, with 7,125,000 escrowed for 24 months post-IPO.

Non-executive chair Gerard O'Donovan also bought some shares over the same period.

O'Donovan acquired 26,749 James Bay shares on-market for $10,098.

He now owns 1,026,749 shares, including 975,000 in escrow.

The background on this lithium explorer

James Bay Minerals has properties spanning 224 sq km in the La Grande Greenstone Belt in Canada.

Its Aero, Aqua, and Joule properties are directly along-trend from the Corvette lithium discovery.

That's where fellow lithium junior Patriot Battery Metals Inc (ASX: PMT) reported a maiden inferred mineral resource estimate of 109.2 Mt at 1.42% Li2O.

James Bay's Troilus property is 5km from the Moblan deposit owned by Sayona Mining Ltd (ASX: SYA).

Sayona has previously announced measured, indicated and inferred resources of 51.4 Mt at 1.31% Li2O.

Motley Fool contributor Bronwyn Allen 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.

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