Guess which ASX lithium share has leapt 30% in a month to trade at all-time highs?

A white EV car and an electric vehicle pump with green highlighted swirls representing the ASX lithium share Green Technology Metals and its share price rise of lateA white EV car and an electric vehicle pump with green highlighted swirls representing the ASX lithium share Green Technology Metals and its share price rise of late

This one ASX lithium share has surged 30% in a month to trade at its top level since joining the ASX.

The Green Technology Metals Ltd (ASX: GT1) share price has surged 29.78% since 28 March. In Tuesday’s trade, the company’s share price climbed another 5% to $1.155.

Let’s take a look at what is driving this share price boost.

This ASX lithium share just keeps on rising

This ASX lithium share may be on the rise in the last month, but it is not a new trend. In fact, the Green Technology Metals share price has rocketed more than 200% in the past six months.

The Western Australian company is one of many ASX lithium players to surge recently amid the rising demand for electric vehicles (EVs). Lithium is an essential component of EV batteries. Deloitte predicts electric vehicle sales will make up 32% of the car sales market by 2030.

Green Technology Metals is exploring the Seymour Lithium project in Ontario, Canada.

On 12 April, Green Technology reported drilling intercepted “thick, high grade” lithium oxide.

Commenting on the results, CEO Luke Cox said:

The phase 1 drilling program at Seymour continues to deliver excellent outcomes. The latest set of assays have returned further thick, high-tenor intercepts that significantly extend the known boundaries of the North Aubry deposit.

On 28 March, Green Technology Metals furthered its joint venture interest in Ontario Lithium Projects by 29% to 80%, up from 51%. This includes the Seymour, Root and Wisa projects.

Share price snapshot

The Green Technology Metals share price has soared 122% in the year to date and 28% in the past week.

In comparison, the S&P/ASX 200 Index (ASX: XJO) has fallen nearly 2% in the year to date.

The ASX lithium share has a market capitalisation of $122 million based on the current share price.

The post Guess which ASX lithium share has leapt 30% in a month to trade at all-time highs? appeared first on The Motley Fool Australia.

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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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