Guess which ASX All Ords lithium share is getting a boost today despite burning through nearly $10m

The share price of All Ordinaries Index (ASX: XAO) lithium and sustainable metals developer Neometals Ltd (ASX: NMT) is outperforming on Monday.

Its gain follows the release of the company’s quarterly report, showing it burned through around $9.4 million in cash over the three months ended 30 September.

But the market’s seemingly more focused on the positive progress made by the developer of technology to produce sustainable battery metals.

Right now, the Neometals share price is up 2.8%, trading at $1.10.

Let’s take a closer look at today’s news from the All Ords lithium share.

This ASX All Ords lithium share is taking off today

The Neometals share price is joining many of its fellow ASX All Ords lithium shares in the green on Monday as a host of stocks post quarterly updates.

Here are the key takeaways from Neometals’ financial activities in its most recent quarter:

• Used $6 million in operating activities
• Spent $3.3 million in investing activities
• Used $16,000 in financing activities
• Ended the period with $50.8 million in cash and no debts

What else happened during the quarter?

Neometals’ 50%-owned Primobius booked its maiden recycling revenue last quarter.

Meanwhile, the company continued work at its core battery materials business units: its Lithium-ion Battery Recycling Operation, its Vanadium Recovery Project, and its Lithium Chemicals Project.

Additionally, results from trials using products from the company’s Barrambie Titanium and Vanadium Project are expected to be released next month.

Looking beyond that, the project’s pre-feasibility study is on track to be completed in December.

Neometals share price snapshot

The Neometals share price is gaining alongside many of its ASX All Ords lithium peers amid several quarterly updates.

Core Lithium Ltd (ASX: CXO), Liontown Resources Limited (ASX: LTR), and Lake Resources NL (ASX: LKE) also dropped quarterlies today. They’re gaining 3.88%, 2.96%, and 3.76% respectively right now.

But unlike many of its ASX lithium peers, the Neometals share price has tumbled in 2022.

It’s dumped 33% year to date. Though, it has gained 10% over the last 12 months.

The post Guess which ASX All Ords lithium share is getting a boost today despite burning through nearly $10m appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper 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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