Speculation is rife these days that the spectacular run of ASX lithium shares over the past few years may be over.

Probably not, if you ask these company directors.

They’ve just shelled out tens of thousands of dollars of their own money buying more shares in their ASX lithium companies.

Here are the details.

Galan Lithium Ltd (ASX: GLN)

Galan Lithium non-executive director Daniel Jimenez bought 105,000 shares on-market for $126,000 on 16 February.

According to the ASX change of director’s notice, the last time Jimenez bought Galan shares was in June 2022.

He now owns almost 2.45 million shares with a shares option of one million shares at 21 cents per share expiring in October this year.

Galan delivered an investor presentation at the recent RIU Explorers Conference in Western Australia.

Earlier this month, the company announced it had moved to 100% ownership of its Candelas lithium brine project in the Catamarca Province of Argentina.

Candelas has a JORC 2012 Resource of 685kt lithium carbonate (LCE) and a production capacity of 14,000 tonnes per year over 25 years of life, with an after-tax payback period of 4.75 years.

The Galan Lithium share price closed down 3.45% to $1.12 today. It is down 16% over the past 12 months but up 4.7% in the year to date.

Global Lithium Resources Ltd (ASX: GL1)

Global Lithium non-executive director Dianmin Chen purchased 30,000 shares on market for $53,100 via a family account on 16 February.

He now owns more than 5.53 million shares directly and about 4.3 million shares indirectly, according to the ASX notice.

Chen also has a juicy options contract for three million shares at $1 per share expiring in November 2024.

Global Lithium held an investor roadshow this week and also presented at the RIU Explorers conference.

In the latest news, Global Lithium revealed ‘compelling’ results in a scoping study of its Manna Lithium Project. Manna is located 100km east of Kalgoorlie in Western Australia.

Based on the results, the board has recommended that a definitive feasibility study should be conducted.

The Global Lithium share price closed down 3.93% to $1.59 today. It is up 16.5% over the past 12 months and down 13.8% in the year to date.

What’s going on with lithium prices?

Lithium carbonate prices in China have fallen to their lowest level in 12 months at US$61,289 per tonne.

This is 30% off their all-time high of US$87,038 per tonne recorded back in November.

Analysis from Trading Economics suggests stronger supply and expectations of poor demand means there might be a surplus of the mineral this year.

Fears of a global recession and the end of stimulus measures for Chinese battery manufacturers have impacted demand for electric vehicles.

The post 2 ASX lithium shares being bought up by company directors appeared first on The Motley Fool Australia.

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More reading

• Guess which ASX lithium share just leapt 32% on big news out of the US
• Why Boral, Galan Lithium, Nuix, and Suncorp shares are racing higher
• Guess which ASX lithium share is surging 9% on the prospect of ‘robust economic returns’?
• Lithium giant forecasts 15% greater demand. How are ASX lithium shares reacting?

Motley Fool contributor Bronwyn Allen 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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