The Lake Resources N.L. (ASX: LKE) share price struggled on the ASX today.
The lithium explorer’s shares fell by 6.68% to $1.745. In contrast, the S&P/ASX 200 Index (ASX: XJO) slid 0.42% in today’s trade.
Let’s take a look at what is happening at Lake Resources.
Lithium explorer falls
The Lake Resources share price has sunk to its lowest level since late March today. For perspective, the S&P/ASX 200 Materials (ASX: XMJ) index fell by more than 1% today while the shares of ASX lithium miner Core Lithium (ASX: CXO) also closed 4.53% lower.
In today’s news, Lake advised the market company secretary Garry Gill has resigned as joint company secretary. Peter Neilsen will remain in his role as company secretary and chief financial officer.
Commenting on the news, the company said:
The board expresses its appreciation to Mr Gill for his services to the company and wishes him well for the future.
Lake Resources is exploring lithium from multiple projects including the flagship Kachi Project in Argentina. Lake aims to produce 100,000 tonnes of lithium by 2030. Lithium is a critical component of Electric Vehicle (EV) batteries.
The lithium carbonate price has fallen 6.85% in a month to 462,500 yuan per tonne, Trading Economics data shows.
Lake Resources share price snapshot
The Lake Resources share price has soared 463% in the past 12 months and is up 73% this year to date.
In contrast, the benchmark index has returned about 4% in the past year.
Lake Resources has a market capitalisation of about $2.3 billion based on the current share price.
The post Why did the Lake Resources share price tumble 7% today? appeared first on The Motley Fool Australia.
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