Why is this ASX lithium stock racing 15% higher today?
Vulcan Energy Resources Ltd ( $Vulcan Energy Resources Ltd (VUL.AU)$ ) shares are avoiding the market weakness on Thursday.
In morning trade, the ASX lithium stock is up almost 15% to $3.28.
In morning trade, the ASX lithium stock is up almost 15% to $3.28.
Why is this ASX lithium stock jumping?
Investors have been scooping up shares of the lithium developer after it dropped an update on its Lithium Extraction Optimisation Plant (LEOP) in Landau, Germany.
The buzz? The company has kicked off production of the first Lithium Chloride (LiCl) product at LEOP.
Management is hyping this as a major milestone - it's the first time lithium chemicals have been domestically produced from a local source in Europe, specifically for the European market.
And the cherry on top? LEOP is off to a blazing start, with an insanely high lithium extraction efficiency of over 90% (even touching 95%) from its Adsorption-type Direct Lithium Extraction (A-DLE) unit. This mirrors the results the ASX lithium stock saw in its lab and pilot plant operations, and it's right on track with commercial plant expectations and financing model. 🔥🚀
The buzz? The company has kicked off production of the first Lithium Chloride (LiCl) product at LEOP.
Management is hyping this as a major milestone - it's the first time lithium chemicals have been domestically produced from a local source in Europe, specifically for the European market.
And the cherry on top? LEOP is off to a blazing start, with an insanely high lithium extraction efficiency of over 90% (even touching 95%) from its Adsorption-type Direct Lithium Extraction (A-DLE) unit. This mirrors the results the ASX lithium stock saw in its lab and pilot plant operations, and it's right on track with commercial plant expectations and financing model. 🔥🚀
What is the LEOP?
Vulcan invested 40M euros in LEOP, a testing facility for operational readiness of its Phase One lithium plant. LEOP's LiCl product will be transported to Frankfurt for battery-grade conversion. Vulcan aims to produce enough lithium for 500,000 EVs with its renewable, zero-carbon business. $BHP Group Ltd (BHP.AU)$ $Rio Tinto Ltd (RIO.AU)$
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