ASX lithium QX Resources stock soars 70% on ex-Lake Resources MD appointment


Image source: Getty Images

The stock price of the tiny ASX lithium hope QX Resources Ltd. (ASX:QXR) takes off on news the company named old Lake NL Resources (ASX: LKE) General Manager Steve Promnitz.

Promnitz fled the S&P/ASX 200 Index (ASX: XJO) lithium developer in June, apparently selling its $10.2 million stake in the company shortly thereafter.

But Lake Resources’ loss appears to be QX Resources’ gain. Shares of lithium and gold developer ASX are soaring after the company announced its new boss.

QX Resources stock price is currently climbing 69.7% to trade at 5.6 cents.

Let’s take a closer look at the news pushing ASX lithium share higher on Wednesday.

QX Resources the share price soars when the CEO is appointed

QX Resources stock price is soaring today. His gain comes after the company announced that Promnitz would take the reins of the growing minerals developer focused on Western Australia and Queensland.

The former Lake Resources boss will take on the newly created chief executive role at the lithium and gold hopeful.

Upon his appointment, Promnitz said he looked forward to his new challenge, adding:

I plan to move forward [QX Resources’] current assets and grow the battery minerals focus by leveraging my extensive networks and skills acquired over the past six years in the battery minerals business.

QX Resources noted that Lake Resources was a million-dollar private company when Promnitz stepped into his old role. At the time of his departure, the now ASX 200 company was worth around $2.1 billion.

QX Resources Chairman Maurice Feilich also commented on the company’s new leadership saying:

QX Resources has built a quality portfolio of nearly drill-ready lithium hard rock assets in Western Australia with very promising geology. Additionally, our gold assets in Queensland hold considerable unlocked value and growth for future development.

The QX Resources Board of Directors has decided that the time has come to appoint a Managing Director to accelerate the development of these assets while evaluating new battery mineral projects that complement the portfolio.

We are convinced that [Promnitz] can lead QX Resources to the next stage of its growth and development.


Comments are closed.