Anson Resources share price rockets 39% on new lithium partnership

The Anson Resources Ltd (ASX: ASN) share price is entering the stratosphere on Thursday.

This comes after the company announced it has ‘joined forces’ with a leading global direct lithium extraction (DLE) technology provider.

At the time of writing, Anson Resources shares are up 39.29% to an all-time high of 29.3 cents.

Anson Resources enters new partnership for Paradox Lithium-Bromine Project

Investors are fighting to get a hold of Anson Resources shares after digesting the company’s positive news today.

In its release, Anson Resources advised it has signed a binding Memorandum of Understanding (MoU) with Sunresin New Materials Co. Ltd.

Under the agreement, Sunresin will provide equipment, consumables, innovations, and technical support services to Anson Resources. This will allow Sunresin’s DLE technology to be constructed for the production of battery-grade lithium carbonate at the Paradox Project.

In return, Anson Resources will supply data related to the project, including results of the definitive feasibility study (DFS). 

There is no fixed term to the MOU, and either party is responsible for their own costs.

Furthermore, Anson Resources will have access to Sunresin’s distribution centres and technical support network in Asia and Europe.

Sunresin will also provide technology updates, innovations and support, including future expansions and optimisations.

Anson executive chair and CEO, Bruce Richardson commented:

We are delighted to announce the strategic partnership with Sunresin as our technology partner today. Sunresin’s DLE technology is the most attractive for the Paradox Lithium Project’s brine and meets our goal of producing the highest quality and cleanest lithium carbonate in the United States. We look forward to a long association with Sunresin.

Anson Resources share price snapshot

Not factoring in today’s record high, the Anson Resources share price has moved in circles over the last 12 months.

However, when looking at percentage terms, the share is up almost 200% when including today’s gain.

If you invested when its shares hit a year-to-date low of 7.6 cents on 23 June, you’d be up an astonishing 285%.

Based on today’s price, Anson Resources presides a market capitalisation of approximately $179.88 million.

The post Anson Resources share price rockets 39% on new lithium partnership appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. 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 Scott Phillips.

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