Nemaska Lithium Spikes 20 Percent

On Monday, shares of Nemaska Lithium (TSXV:NMX) were up as much as 11 cents on Monday to $0.60 on the Toronto Venture exchange.
The company’s share price closed up 20.83 percent at $0.58. 2.68 million shares of the lithium developer traded hands, compared to the company’s daily average of 597,436.
On the OTC, Nemaska gained 12.84 percent, also on high volume.
It’s unclear what led to the rise in Nemaska’s share price on on Monday. The latest insider filing was from Steve Nadeau, CFO of Nemaska, who acquired 5,568 shares of the company on the open market at $0.375 on February 16. The most recent news from Nemaska came on February 25, when the company was ranked as one of the top companies on the TSX Venture 50.

Certainly, interest in the lithium space has only been growing, and Nemaska wasn’t the only lithium junior to see a jump in share price on Monday. Stria Lithium (TSXV:SRA) was up 50 percent to $0.045 per share. Pure Energy Minerals (TSXV:PE) also saw its shares spike recently.
Nemaska Lithium is currently developing its Quebec-based Whabouchi lithium project, and ultimately plans to produce spodumene concentrate there, then transform that material into high-purity lithium hydroxide and lithium carbonate that it can sell to lithium-ion battery producers.
Earlier this month, the company released an update on the construction of its Phase 1 lithium hydroxide plant. Construction is expected to start this quarter and finish in Q4 2016; the plant is slated to produce 500 tonnes per year of high-purity lithium hydroxide.
Nemaska is currently exhibiting at this year’s Prospectors & Developers Association of Canada conference (PDAC). Shares of the company have gained 31.82 percent on the TSXV so far in 2015 and 231.43 percent over the past year.
 
Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article. 
Editorial Disclosure: Nemaska Lithium is a client of the Investing News Network. This article is not paid-for content.