Snow Lake surges, tracking record gain since IPO on lithium supply deal

Frontier Nuclear and Minerals

23/09/2022 15:21

(Updates stock activity)
    ** U.S.-listed shares of Snow Lake Resources Ltd  LITM.O  up
32.2% at $3.04, bucking broader market selloff on Fri, after
announcing collaboration with South Korea's LG Energy Solution
Ltd  373220.KS 
    ** LITM's shares snapping 6-day losing streak and on course
for biggest one-day pct gain since co's IPO last Nov
    ** LITM inks non-binding memorandum of understanding with
LGES to explore opportunity to create one of Canada's first
lithium hydroxide processing plants in CentrePort, Winnipeg,
Manitoba  urn:newsml:reuters.com:*:nACSXwP0Sa
    ** Under deal terms, LITM will supply LGES with lithium over
a 10-year period once production starts in 2025
    ** 30,157,117 shares have traded as of 10:20 a.m. ET for
busiest day on record. This compares to stock's 10-DMA volume of
321,313, per Refinitiv
    ** Stock had lost 60% YTD through Thurs close. Subsidiary of
Australia's Nova Minerals Ltd  NVA.AX  went public at $7.50
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))