Connect with us

Uncategorized

Snow Lake (LITM) Stock Pops on Huge Lithium Deal

Source: tunasalmon / Shutterstock

Snow Lake (NASDAQ:LITM) stock is heading higher on Friday after the company revealed a collaboration agreement with…

Share this article:

Published

on

This article was originally published by Investor Place

Source: tunasalmon / Shutterstock

Snow Lake (NASDAQ:LITM) stock is heading higher on Friday after the company revealed a collaboration agreement with LG Energy Solution.

The big news here is the two companies working together to create a domestic supply line for electric vehicles (EVs) in the U.S. That includes the creation of lithium hydroxide processing plants in Canada. These will be located in CentrePort, Winnipeg, Manitoba.

The agreement between Snow Lake and LG Energy Solution has it supplying the latter with lithium for 10 years. That goes into effect once production at the lithium hydroxide processing plants starts in 2025.

Philip Gross, CEO Snow Lake Lithium, said the following about the deal in a news release.

“Both Snow Lake Lithium and LG Energy Solution recognise the importance of local sourcing of critical raw materials, such as lithium, and that this is the logical step for battery and electric vehicle manufacturers. Our all-electric lithium mine in Snow Lake Manitoba will power 5 million electric vehicles over the next 10 years, helping to secure the future of the North American automobile market.”

With today’s announcement comes heavy trading of LITM stock. This has over 46 million shares of the stock changing hands as of this writing. That’s worth noting when its daily average trading volume is only about 311,000 shares.

LITM stock is up 37.8% as of Friday morning.

Investors looking for more of the latest stock market news will want to keep reading!

InvestorPlace is home to all of the hottest stock market coverage traders need for Friday! Among that is what has shares of Avenue Therapeutics (NASDAQ:ATXI), Velo3D (NYSE:VLD), and Sonendo (NYSE:SONX) stock on the move today. You can catch up on all of this news at the following links!

More Friday Stock Market News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

More From InvestorPlace

The post Snow Lake (LITM) Stock Pops on Huge Lithium Deal appeared first on InvestorPlace.


nasdaq

Share this article:

Energy & Critical Metals

What’s in the Inflation Reduction Act for Miners?

What are the key features of the US’s ground-breaking bill, and how could it incentive mining energy transition minerals?

Share this article:

Continue Reading
Uncategorized

Closing Bell: Meek Monday belies terrifying Tuesday RBA meet and awful OPEC idea; DNK up 30% on potash sale

Benchmark spikes, falls, recovers, trips again, stays down.   Small caps just fall Delta Drones, Danakali rise   Choppy, dicey, angsty … Read More
The…

Share this article:

Continue Reading
Uncategorized

ASX September Winners: Markets crushed in September as Fed still pulls the strings

Major asset categories were sold off in September Fears of recession are driving the markets right now Best and worst … Read More
The post ASX September…

Share this article:

Continue Reading

Trending