Could this help turn a corner for the Lake Resources share price?

a man looks down at his phone with a look of happy surprise on his face as though he is thrilled with good news.

a man looks down at his phone with a look of happy surprise on his face as though he is thrilled with good news.

The Lake Resources N.L. (ASX: LKE) share price is charging higher today, up 7.4% in afternoon trade.

Lake Resources shares closed Friday trading for $1.08 and are currently changing hands for $1.16 apiece.

The wider materials sector is broadly outperforming today as well, with the S&P/ASX 200 Materials Index (ASX: XMJ) up 3.4% at the time of writing compared to a 0.4% gain posted by the S&P/ASX 200 Index (ASX: XJO).

Despite today’s big boost, the Lake Resources share price has underperformed most ASX lithium shares in 2022.

Today’s gains put the lithium explorer back in the green for the calendar year. However, shares are only up 6%.

We say ‘only’ because the competition has broadly gained far more.

Core Lithium Ltd (ASX: CXO) shares, for example, are up a whopping 127% in 2022, while the Pilbara Minerals Ltd (ASX: PLS) share price has surged 48%.

Could this help turn a corner for the Lake Resources share price?

In a non-price sensitive announcement today, that could still bode well for the Lake Resources share price over time, the company reported it has appointed Karen Greene as a senior vice president.

Greene has more than 20 years of experience in leading US companies.

She will head investor relations at Lake Resources, in an appointment intended to strengthen the miner’s management team and build the business for the long term.

Lake Resources executive chairman, Stuart Crow said Greene will help the company with its environmental, social and governance (ESG) considerations in supply chains.

“She also has hands-on experience in helping companies grow and mature – as well as branding and marketing expertise as we progress our cleaner way of producing lithium,” Crow added.

The post Could this help turn a corner for the Lake Resources share price? appeared first on The Motley Fool Australia.

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Motley Fool contributor Bernd Struben 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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