The surging company in question is European Metals Holdings Ltd (ASX: EMH).

European Metals shares closed yesterday trading for 23 cents. In late morning trade on Friday, shares are changing hands for 46 cents apiece.

In earlier trade today, shares were trading as high as 55 cents apiece, up a remarkable 139.1%.

At the current price, this ASX lithium stock is up a whopping 100% today and commanding a market cap of $104 million.

It also now sees shares up more than 218% since this time last year.

Here's what's capturing ASX investor interest in the junior ASX mining company today.

ASX lithium stock soars on $645 million grant

The European Metals share price is going through the roof after the company announced that its Geomet joint venture company (49% owned by EMH) has been awarded a grant of up to 360 million euros (AU$645 million).

The grant will help fund the development of the ASX lithium stock's flagship Cinovec Lithium Project, located in the Czech Republic. Management said it will support significant investments in the production and expansion of equipment, key components, and critical raw materials at the project.

The money is being provided via the Strategic Investments for a Climate-Neutral Economy program, which is administered by the Ministry of Industry and Trade of the Czech Republic.

While many Aussies won't be familiar with the project, it's a pretty big deal.

According to the release:

Cinovec hosts a globally significant hard rock lithium deposit with a total Measured Mineral Resource of 53.3Mt at 0.48% Li2O, Indicated Mineral Resource of 360.2Mt at 0.44% Li2O and an Inferred Mineral Resource of 294.7Mt at 0.39% Li2O containing a combined 7.39 million tonnes Lithium Carbonate Equivalent.

In fact, Cinovec counts as the largest hard rock lithium deposit in Europe. As such, Cinovec has been designated a Strategic Project by the European Union under the Critical Raw Materials Act.

The ASX lithium stock noted that the final amount of the grant will be confirmed upon formal award, and it could come in below the maximum amount of 360 million euros.

What did management say?

Commenting on the government grant sending the ASX lithium stock flying today, European Metals executive chairman Keith Coughlan said, "This is a transformational milestone for European Metals and the Cinovec Project."

Coughlan added:

The Czech government's award of a grant of up to 360 million euros represents one of the largest direct project level funding commitments to a critical raw materials project within the European Union.

Following the previously detailed formal recognition of the project, the approval of such a significant financial contribution clearly demonstrates the support for and importance of Cinovec in the future of European electromobility.

The post Guess which ASX lithium stock just doubled investors' money on Friday appeared first on The Motley Fool Australia.

Today's gains come after the company announced it has the ability to produce battery-grade lithium carbonate.

Let's take a closer look at today's news from European Metals.

European Metals share price rides the lithium train

In a statement to the ASX, European Metals said, after successful locked-cycle tests (LCT), it is clear its Cinovec lithium project has the capacity to produce battery-grade lithium carbonate. Cinovec is located on the border between Germany and the Czech Republic.

According to the company, battery-grade lithium carbonate was produced in every LCT. In four LCTs, lithium recoveries of up to 92% were observed.

Lithium is surging on the commodities market as demand for electric vehicles explodes. It is an essential component in the manufacture of batteries for electric cars. Lithium is currently trading at around US$13,800 per tonne. According to the website Trading Economics, the metal's value has increased an incredible 91.4% since the beginning of this year.

The rising price of lithium, combined with today's announcement, seems to have investors pretty pumped over European Metals shares today.

Management commentary

European Metals executive chair Keith Coughlan said:

In a significant vote of confidence for our Pre-Feasibility Study, the proposed process methodology has been confirmed by excellent locked-cycle test results which also include new processes involving recycle streams.

The recovery of up to 92% of the lithium in the zinnwaldite concentrate at this early stage of DFS test work is very promising for increased recoveries during the planned process optimisation work. Further, an improved fluoride removal step, which is cheaper and cleaner, represents only the beginning of further optimisation work which we expect will result in greater lithium recoveries and even stronger economics for the Cinovec Project.

We look forward to providing further updates on the Definitive Feasibility Study work as it unfolds.

European Metals share price snapshot

Over the past 12 months, the European Metals share price has increased by almost 480%. However, since reaching an all-time high of $1.92 in March, the company's value has fallen by around 34%.

Given 175.1 million shares outstanding, European Metals has a market capitalisation of approximately $219 million.

The post European Metals (ASX:EMH) share price jumps 20% on lithium update appeared first on The Motley Fool Australia.

European Metals is an Australian and UK-listed mineral exploration and development business. The company is actively pursuing its Cinovec Lithium Project.

The Cinovec Project is located in the Krusne Hore Mountains which divide the Czech Republic from Germany. According to European Metals, mining in this historic region dates back to the 1300s.

The company is presently endeavouring to become one of the lowest carbon footprint producers of battery grade lithium hydroxide and lithium carbonate in Europe.

European Metals share price boosts on $7 million placement news

The European Metals share price is on the move today as the market digests the company's placement news. According to today's announcement, the placement includes a significant $5 million contribution from the Luxembourg-based green energy fund, Thematica Future Mobility.

Thematica Future Mobility is a UCITS (Undertakings for the Collective Investment in Transferable Securities) fund with exposure to companies that are focused on, or will substantially benefit from, the transition to clean and sustainable transportation and energy storage solutions.

European Metals announced that it has received "firm commitments" for a placement of approximately 6.45 million CHESS Depository Interests (CDIs) at an issue price of $1.10 per CDI to raise the $7.1 million.

Placement proceeds will support the further development of the company's Cinovec Lithium Project. According to the company, Cinovec contains the largest hard rock lithium deposit in Europe.

The Cinovec Project is fully funded to final investment decision with approximately 26.7 million euros.

The future of electric vehicles in Europe

Commenting on its investment in European Metals, a Thematica representative said:

The strong growth in European EV sales and the rise of domestic battery cell production is going to require substantial lithium supply in the future. The European Raw Material Alliance (ERMA) has stated its ambition is to have 80% of lithium supply sourced locally – we see European Metals Holdings, that should reach final investment decision in early 2022 post the completion of a definitive feasibility study, as one of the first producers of battery-grade lithium chemicals on the continent and given its large resource, a meaningful contributor to the ERMA target.

Over the past 12-month period, the European Metals share price is up approximately 268%.

The post Why is the European Metals (ASX:EMH) share price 12% higher today? appeared first on The Motley Fool Australia.

European Metals Holdings Ltd (ASX: EMH)

The European Metals Holdings share price soared over 10% today, reaching $1.30. While it's been a bumpy road, the company's share price has roared over 300% in the past six-month period.

In recent news, the company appointed Ambassador Lincoln Palmer Bloomfield, Jr as a non-executive director. Ambassador Bloomfield will be based in Washington DC and has held several roles in the private sector promoting sustainability. European Metals said that he is a 'valuable addition' as part of the company's commitment to support the European Commission's new Batteries Regulation.

Copper Mountain Mining Corporation (ASX: C6C)

Copper Mountain Mining shares shot up an impressive 9.59% today, landing at $2.40. The share price posted booming gains after announcing record quarterly production with a positive 2021 outlook.

The announcement also advised that the company had exceeded its 2020 expectation to mine and develop between 70 to 75 million pounds of copper by 1.6 million pounds. The company's 2021 guidance expects copper production to range from 85 to 95 million pounds.

Gold production is expected to be between 25,000 to 35,000 ounces and silver production is expected to be in the range of 500,000 to 550,000 ounces this year.

Talga Group Ltd (ASX: TLG)

The Talga Group share price jumped by 5% today to reach $1.89. The company posted an impressive 2020 share price gain of nearly 250% with big plans to make its mark in the electric vehicles market. Talga Group has been operating since 2011 with operations in Sweden, Germany and the UK.

Morningstar analysts believe Talga Group is undervalued, while Thomson Reuters has posted a neutral rating for the company.

In December, the company announced completion of a successful institutional placement to raise $25 million. The announcement also cites a Share Purchase Plan put in place to raise an additional $10 million. 

Investors and analysts alike will be keeping an eye out on what's ahead after a $35 million capital bump. Talga has advised that all of the funds raised will be spent developing the company's Vittangi Anode Project in Sweden.

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