The Liontown Resources Limited (ASX: LTR) share price is soaring to new heights despite no news having been released by the company.
However, the mineral exploration and development company has been busy lately.
Its spin-off’s Initial Public Offering (IPO) is just weeks away and it’s enjoying its new spot on the S&P/ASX 300 Index (ASX: XKO).
Right now, the Liontown share price is $1.34, 18.14% higher than its previous close. That also represents a new all-time high for Liontown’s stock.
Let’s take a closer look at what Liontown has been up to lately.
What’s Liontown been up to lately?
The Liontown share price is taking off today despite the company’s silence. Here’s what it’s been up to lately.
Anticipation is continuing to build for the company’s planned spin-off’s ASX debut.
Liontown is spinning off its non-lithium assets into Minerals 260 Limited. As part of the spin-off, Liontown shareholders will receive 1 share in Minerals 260 for every 11.91 Liontown shares they hold.
Following the demerger, Minerals 260 will own the Moora Gold-Nickel-Copper-PGE Project and will have an option to earn a 51% interest in the Koojan Gold-Nickel-Copper-PGE Project, the Dingo Rocks Project, and tenement applications at Yalwest.
Minerals 260 is also waiting to float on the ASX on 11 October. Under Minerals 260’s prospectus, 60 million shares of the company were offered for 50 cents apiece.
Additionally, the Liontown share price might have been strengthened recently by its recognition as one of the ASX’s top 300 companies.
The company was one of 13 that made their way onto the ASX 300 Index as part of S&P Dow Jones Indices’ quarterly rebalance.
Liontown share price snapshot
It’s been a good year for the Liontown share price, which has gained 217% since the start of 2021.
It is also currently 685% higher than it was this time last year.
The post The Liontown (ASX:LTR) share price is leaping 18% to a new all-time high today 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 Bruce Jackson.
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