Did the Core Lithium chair really just offload $1 million of his shares?

Core Lithium Ltd (ASX: CXO) shares have been in the news a lot lately. This ASX 200 lithium stock is one of the wildest shares on the ASX 200.

Just this week, Core Lithium rose almost 12% on Monday, only to drop 16% on Tuesday, 5.4% on Wednesday and another 4.7% yesterday. Today, the company has shed yet another 2% and is going for $1.39 a share.

But even so, this company remains up by 9% over the past month, and a whopping 120% year to date. Talk about a rollercoaster.

But let’s talk about some news that we got out of the ASX on Thursday. Did the chair of Core Lithium really just offload $1 million worth of shares in the company?

Well, sort of.

Core Lithium chair nets a cool $1 million from share sale

According to an ASX release, Gregory English is the non-executive chair of Core Lithium. English (through a company called GDE Exploration) has just exercised 2 million options of Core Lithium, for a price of 6 cents each. This gives him 2 million shares bought at that price, costing English $120,000.

English has then gone on to sell 600,000 of those 2 million shares at the market price, netting him a cool $1.02 million. So it’s been a pretty decent payday for the chair.

It’s not like English is cashing out of the company, though. According to the ASX filing, he still owns 40,000 shares directly, and another 7.6 million shares and 3 million options indirectly.

However, it is worth noting that Core Lithium directors, in general, don’t seem to have a large appetite for their own company’s shares.

No ASX filings from recent years show any on-market purchases of shares from any director. That doesn’t include any performance rights though, from which many directors have benefitted.

Still, this has been an incredible ASX growth story. Two years ago, Core Lithium was just a 5-cent share. Investors have enjoyed a gain of 2,650% since November 2020 on today’s pricing.

The post Did the Core Lithium chair really just offload $1 million of his shares? appeared first on The Motley Fool Australia.

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Motley Fool contributor Sebastian Bowen 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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