Why the Piedmont Lithium (ASX:PLL) share price is rocketing 15% higher today

This lithium explorer's shares are back on form on Thursday…

| More on:
Vanadium Resources share price person riding rocket indicating share price increase

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Piedmont Lithium Inc (ASX: PLL) share price has returned from its trading halt and is rebounding on Thursday morning.

At the time of writing, the lithium developer's shares are up almost 15% to 78.5 cents.

Why is the Piedmont Lithium share price rocketing higher?

The catalyst for the rise in the Piedmont Lithium share price today has been the release of a response to an ASX Price Query.

This query is in response to a 20% decline in the Piedmont Lithium share price on Wednesday before being hurried into a trading halt.

That selloff was driven by reports that the company has not applied for a state mining permit or a necessary zoning variance in Gaston County in the United States. The report also suggests that officials may block the project due to environmental concerns.

How did the company respond?

The company acknowledged the media speculation regarding upcoming local zoning and other approvals. And while it wasn't able to comment directly on the matter, it provided investors with some information which appears to have settled their nerves.

It advised that it had a formal engagement with Gaston County on Tuesday, which it described as a "constructive work session meeting."

In addition, it has communicated with the Gaston County Board of Commissioners that it plans to submit a mine permit application in August. After which, it plans to complete a definitive feasibility study in September and then an economic impact study in October.

Management also intends to continue engaging with Gaston County and the local community in an open and transparent manner. This will be via town hall and small group meetings over the next few months.

Finally, the company confirmed that it has not received any official notification from the Gaston County or the State of North Carolina regarding its upcoming rezoning and mine permit applications.

The Piedmont Lithium share price has more than doubled in value in 2021.

Should you invest $1,000 in Agl Energy Limited right now?

Before you buy Agl Energy Limited shares, consider this:

Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now... and Agl Energy Limited wasn't one of them.

The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

And right now, Scott thinks there are 5 stocks that may be better buys...

See The 5 Stocks *Returns as of 30 April 2025

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and has recommended Piedmont Lithium Inc. 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.

More on Share Gainers

Happy woman working on a laptop.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a pleasant end to the trading week for investors this Friday.

Read more »

A happy investor sits at his desk in front of his laptop and does the mexican wave with his arms to celebrate the returns from his ASX dividend shares
Share Gainers

Why Chrysos, GQG Partners, Macquarie, and Webjet shares are storming higher today

These shares are ending the week on a positive note. But why?

Read more »

A young man sits at his desk working on his laptop with a big smile on his face.
Share Gainers

The top 3 ASX 200 trades since the Liberation Day dip

These companies are up at least 35% in just over a month.

Read more »

A man in his 30s holds his laptop and operates it with his other hand as he has a look of pleasant surprise on his face as though he is learning something new or finding hidden value in something on the screen.
Share Gainers

Boss Energy shares have rocketed 90% in a month. Here's why

The massive rally in Boss Energy shares will be painful to the host of short sellers betting against the uranium…

Read more »

Fancy font saying top ten surrounded by gold leaf set against a dark background of glittering stars.
Share Gainers

Here are the top 10 ASX 200 shares today

Investors sent the market higher once again today.

Read more »

Rising gold share price represented by a green arrow on piles of gold block.
Gold

3 reasons to buy this surging ASX All Ords gold stock today

The ASX All Ords gold stock has doubled investors’ money in 12 months, and this leading expert forecasts more outperformance…

Read more »

Two colleagues at work looking at a tablet and smiling at a rising share price.
Share Gainers

Why Generation Development, Orica, Pro Medicus, and Zip shares are storming higher today

These shares are having a strong session on Thursday. But why?

Read more »

Cropped shot of an attractive young female scientist working on her computer in the laboratory.
Healthcare Shares

Up 114% in a year, why is the Pro Medicus share price leaping higher again on Thursday?

Pro Medicus shares are back in form today and leaping ahead. Here’s why.

Read more »