The All Ordinaries Index (ASX: XAO) is up a slender 0.2% since last Friday's close despite some very heavy lifting from this ASX All Ords stock.
Shares in the boron and lithium miner closed on Friday trading for 16.5 cents apiece. At time of writing in afternoon trade on Wednesday, less than three full trading days later, shares are swapping hands for 31 cents apiece.
That puts this ASX All Ords stock up an eye-popping 87.9% so far this week.
Any guesses?
If you said 5E Advanced Materials Inc (ASX: 5EA), give yourself a virtual gold star.
Here's what's been spurring investor interest.
Image source: Getty Images
What's sending the ASX All Ords stock rocketing?
The 5E Advanced Materials share price gained 6.6% on Monday after the miner released an operational update, marked as non-price sensitive.
Shares closed up another 28.6% yesterday and the All Ords stock is rocketing 37.8% higher today.
The mining operations update involves the company's 5E Boron Americas Complex, for which it has a United States government Critical Infrastructure designation. And investor enthusiasm appears to have been piqued as the project moves closer to initial production.
Among recent progress, 5E Advanced Materials commenced mining operations last month.
The company said all four of its production wells to extract boric acid and lithium have been successfully running. Initial head grade and recovery rates were reported to be in line with historical expectations, with the wells continuing to be conditioned to achieve their final operational profile.
With final electrical engineering work at the facility now nearly completed, management expects to begin operating the plant commercially in the second quarter of 2024. If this occurs to plan, that could offer ongoing support for the ASX All Ords stock.
"This is an exciting time for all stakeholders of the company as we finalise a number of initiatives that will see us commence initial production next quarter," 5E Advanced Materials CEO Susan Brennan said.
Brennan added:
Our operations team is working diligently to transition our facility to operational status, and we are concurrently ramping up our commercial and marketing activities in order to leverage the value of our boron and lithium with potential customers.
I cannot emphasise enough the importance 5E will represent in the US in the coming months as a new and secure producer of critical materials needed for clean energy economies.
5E Advanced Materials share price snapshot
Despite the 88% boost to the 5E Materials share price this week, the ASX All Ords stock has a way to go before recouping the past months of losses.
Shares remain down 70% over 12 months.
