21 Sep Lake Resources continues meteoric price rise ahead of Tesla’s ‘Battery Day’
ASX-listed lithium junior Lake Resources has seen its share price surge by another 50% today in the run up to Tesla’s ‘Battery Day’ on Tuesday, an event which will reportedly reveal ground-breaking developments in battery technology.
Last week, the company announced that its partner Hazen Research was in the final stages of producing samples of battery-grade lithium carbonate using brines from Lake’s Kachi Lithium Brine Project in Argentina.
The first of these larger samples will be sent to ASX-listed battery maker Novonix Limited, which will use the lithium carbonate to produce NMC622-based lithium-ion battery test cells.
Novonix shares have skyrocketed by 593% since May amid online rumours that its technology or products could feature during Tesla’s Battery Day. The highly anticipated event also seems to be creating price momentum for companies like Lake with exposure to the electric vehicle battery supply chain.
Lake’s managing director Steve Promnitz last week underscored recent developments at the Kachi project, located in Latin America’s famous lithium triangle, and noted “a number of converging value-accretive events” that are expected to demonstrate the robustness of the project.