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

Steve Promnitz has taken the reins at the lithium and gold developer.

| More on:

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

Key points
  • The QX Resources share price is launching 70% today to trade at 5.6 cents 
  • Its gains come on news the company has appointed former Lake Resources managing director Steve Promnitz to its newly created managing director role
  • Promnitz resigned from Lake Resources in June without providing an explanation 

The share price of tiny ASX lithium hopeful QX Resources Ltd (ASX: QXR) is taking off on news the company has appointed former Lake Resources NL (ASX: LKE) managing director Steve Promnitz.

Promnitz fled the S&P/ASX 200 Index (ASX: XJO) lithium developer in June, seemingly selling his 10.2 million shareholding in the company shortly afterwards.

But Lake Resources' loss appears to be QX Resources' gain. The ASX lithium and gold developer's stock is roaring higher after the company announced its new boss.

The QX Resources share price is soaring 69.7% right now to trade at 5.6 cents.

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

A man in a suit and glasses guffaws at his computer screen in bewilderment.

Image source: Getty Images

QX Resources share price surges on MD appointment

The QX Resources share price is rocketing higher today. Its gain comes after the company announced Promnitz will take the reins of the growing Western Australia and Queensland-focused mineral developer.

The former Lake Resources boss will take up the newly created managing director role at the lithium and gold hopeful.

On his appointment Promnitz said he was looking forward to his new challenge, adding:

I plan to advance [QX Resources'] current assets and expand the focus on battery minerals by drawing on my extensive networks and skills from the past six years in the battery minerals sector.

QX Resources noted Lake Resources was a $1 million private company when Promnitz stepped into his former role. By the time he departed, the now-ASX 200 company was said to be worth around $2.1 billion.

QX Resources chair Maurice Feilich also commented on the company's new leader, saying:

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

QX Resources' board decided now is the right time to appoint a managing director to fast-track the development of these assets while also assessing new battery minerals projects that complement the portfolio.

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

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. 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 Scott Phillips.

More on Materials Shares

Miner holding a silver nugget.
Materials Shares

Why are these ASX silver stocks racing higher today?

A 4% silver rise sparked double-digit gains in silver shares.

Read more »

Overjoyed man celebrating success with yes gesture after getting some good news on mobile.
Materials Shares

Why is this ASX rare earths stock storming 7% higher today?

This stock is having a strong session. Let's see what is getting investors excited.

Read more »

A smiling man wearing a collared blue shirt and black jacket holds a piece of black rock containing rare earths.
Materials Shares

This major update just sent Lynas shares higher today

Lynas shares rise after announcing a key rare earth production milestone.

Read more »

A man looking at his laptop and thinking.
Materials Shares

Core Lithium shares tumble after $120m capital raising for Finniss restart

It won't be long until the company is producing lithium again.

Read more »

A man holding a cup of coffee puts his thumb up and smiles while at laptop.
Materials Shares

Top broker names 3 ASX rare earths stocks to buy

Let's see which stocks could benefit from strong prices.

Read more »

Business people discussing project on digital tablet.
Materials Shares

What does a change of CEO mean for the BHP share price?

The BHP Group Ltd (ASX: BHP) share price is rising on Wednesday. In afternoon trade, the mining giant's shares are…

Read more »

A happy construction worker or miner holds a fistful of Australian dollar notes.
Materials Shares

$10,000 invested in BHP shares 5 years ago is now worth…

Was it a good idea to buy the mining giant's shares five years ago?

Read more »

A white EV car and an electric vehicle pump with green highlighted swirls representing ASX lithium shares
Materials Shares

This ASX lithium stock is slipping, but brokers see 135%+ gains

Analysts remain highly bullish on the long-term outlook.

Read more »