The Leo Lithium Ltd (ASX: LLL) share price is charging higher again today, up 9.9%.
Shares in the ASX lithium explorer closed yesterday trading for 73 cents and are currently trading for 80 cents apiece.
That puts the Leo Lithium share price up a whopping 48% over the past month. And it's worth noting that the All Ordinaries Index (ASX: XAO) went the other way, losing 3% over the month.
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What's piquing ASX investor interest?
Leo Lithium is a newcomer to the ASX. The company listed on 23 June this year following a demerger with Firefinch Ltd (ASX: FFX), splitting Firefinch's gold and lithium assets. Shares initially went backwards following the listing, reaching closing lows of 37 cents on 13 July.
Then Leo Lithium began to march higher, and higher. And barring some heavy selling in the final hours of trading today, the explorer should close the day at new all-time highs.
Investors bid up the Leo Lithium share price again on 20 July, after the company announced it had secured an expandable US$40 million debt facility with Ganfeng Lithium Co, its Joint Venture partner in the Goulamina Project.
Located in Mali, Goulamina is reported to be amongst the largest spodumene projects on Earth. The JV partners estimate the mine will eventually produce more than 830,000 tonnes of spodumene concentrate per year. Development is currently underway, with the first lithium production expected in 2024.
With little price-sensitive news released over the past month, the Leo Lithium share price looks to be a beneficiary of continuing near-record high lithium prices.
And as the world continues to transition away from fossil fuels, the longer-term demand for lithium is widely forecast to remain strong, supporting prices well beyond 2024, when Leo Lithium expects Goulamina to be producing its first product.
Leo Lithium share price snapshot
Since its debut on the ASX on 23 June, Leo Lithium has gained 53%. By comparison, the All Ordinaries is up 6% over that same period.
