2 beaten-up ASX lithium shares being bought up by directors

Despite market pessimism about ASX lithium stocks, these directors are buying.

| More on:
Miner and company person analysing results of a mining company.

Image source: Getty Images

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

ASX lithium shares are starting the year swirling in a pool of pessimism following an 80% decline in the lithium carbonate price last year.

Not only that, but top broker Goldman Sachs reckons lithium commodity prices won't bottom until 2025.

Despite this gloomy backdrop, several directors of two beaten-up ASX lithium micro-caps are ploughing more of their own investment funds into their companies this week.

Which directors are buying ASX lithium shares?

Patrick Murphy, a non-executive director of lithium explorer Green Technology Metals Ltd (ASX: GT1), is our first buyer.

Murphy snapped up 362,610 shares on-market over three days in late December and early January. The series of trades cost him a little over $100,000 at an average price of 27.6 cents.

And he's not the only director buying.

Last month, Cameron Henry also bought 386,148 Green Technology shares for close to $100,000 on-market. He paid an average of 25.9 cents per Green Technology share.

John Young also bought 750,000 shares over two days on-market at an average price of 26.1 cents for a total investment of $196,196.

The buys followed a capital raise in December that raised $14.6 million through the issue of 39,477,680 new shares at 37 cents per share.

The Green Technology share price is currently 19 cents, down 5% for the day. There is no official news relating to the ASX lithium share today.

ASX lodgements also reveal that two directors of Nova Minerals Ltd (ASX: NVA) have also been buying up more shares.

Chris Gerteisen spent just over $15,000 buying 45,000 Nova Minerals shares this week at an average price of 33.8 cents.

The notice also revealed that he let 500,000 unquoted director options expire on 29 December. They were exercisable at 75 cents per share.

Also this month, Craig Bentley bought 200,000 Nova Minerals shares for a tad under $68,000. That's an average price of 33.9 cents per share.

The Nova Minerals share price is currently 33 cents, up 1.54% for the day. There is no news from the company today.

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 positions in and has recommended Goldman Sachs Group. 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 woman jumps for joy with a rocket drawn on the wall behind her.
Materials Shares

Guess which ASX All Ords stock just rocketed 80%

What is getting investors excited about this stock today? Let's find out.

Read more »

two businessmen shake hands in a close up mid-level shot with other businesspeople looking on approvingly in the background.
Materials Shares

Core Lithium share price higher on 'invaluable' ex-Rio Tinto appointment

The lithium miner has made a new addition

Read more »

Two male ASX 200 analysts stand in an office looking at various computer screens showing share prices
Materials Shares

Here's what this leading broker is saying about Pilbara Minerals shares

Is now a good time to buy this lithium miner? Let's see what this broker is saying.

Read more »

A young man goes over his finances and investment portfolio at home.
Materials Shares

Should you buy Liontown shares after 'highly encouraging' quarter?

Bell Potter has given its verdict on this lithium miner.

Read more »

Lion holding and screaming into a yellow loudspeaker on a blue background, symbolising an announcement from Liontown.
Materials Shares

Why is the Liontown share price sinking 6% today?

This lithium miner is failing to roar on Wednesday. Let's find out why.

Read more »

Close up of a sad young woman reading about declining share price on her phone.
Materials Shares

Pilbara Minerals shares higher despite guidance downgrade and project suspension

This lithium miner has announced a lot of things today. Let's dig deeper into them.

Read more »

Miner looking at a tablet.
Resources Shares

Mineral Resources share price up 7% as company responds to ASX queries

The mining giant has responded to an ASX Aware Letter it received on Friday.

Read more »

Miner looking at a tablet.
Materials Shares

This ASX 300 mining stock is up 27% in a month. Here's why it's in the red today

This mineral explorer has just released its quarterly activities and cash flow report.

Read more »