ASX lithium shares are starting the year swirling in a pool of pessimism following an 80% decline in the lithium carbonate price last year.
Not only that, but top broker Goldman Sachs reckons lithium commodity prices won’t bottom until 2025.
Despite this gloomy backdrop, several directors of two beaten-up ASX lithium micro-caps are ploughing more of their own investment funds into their companies this week.
Which directors are buying ASX lithium shares?
Patrick Murphy, a non-executive director of lithium explorer Green Technology Metals Ltd (ASX: GT1), is our first buyer.
Murphy snapped up 362,610 shares on-market over three days in late December and early January. The series of trades cost him a little over $100,000 at an average price of 27.6 cents.
And he’s not the only director buying.
Last month, Cameron Henry also bought 386,148 Green Technology shares for close to $100,000 on-market. He paid an average of 25.9 cents per Green Technology share.
John Young also bought 750,000 shares over two days on-market at an average price of 26.1 cents for a total investment of $196,196.
The buys followed a capital raise in December that raised $14.6 million through the issue of 39,477,680 new shares at 37 cents per share.
The Green Technology share price is currently 19 cents, down 5% for the day. There is no official news relating to the ASX lithium share today.
ASX lodgements also reveal that two directors of Nova Minerals Ltd (ASX: NVA) have also been buying up more shares.
Chris Gerteisen spent just over $15,000 buying 45,000 Nova Minerals shares this week at an average price of 33.8 cents.
The notice also revealed that he let 500,000 unquoted director options expire on 29 December. They were exercisable at 75 cents per share.
Also this month, Craig Bentley bought 200,000 Nova Minerals shares for a tad under $68,000. That’s an average price of 33.9 cents per share.
The Nova Minerals share price is currently 33 cents, up 1.54% for the day. There is no news from the company today.
The post 2 beaten-up ASX lithium shares being bought up by directors appeared first on The Motley Fool Australia.
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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 positions in and has recommended Goldman Sachs Group. 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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