Lithium Universe (ASX: LU7) shares explode 200% on ASX listing

Highlights

• Lithium Universe commenced trading on the ASX under the ticker code LU7.
• The shares hit the ASX on 14 August, trading over 200% higher at the time of writing.
• The company has completed the oversubscribed public offer of AU$4.5 million.
• The primary focus is on its 80%-owned Apollo Lithium project in Québec.

Lithium Universe Limited (ASX: LU7) commenced trading on the Australian Securities Exchange (ASX) today (14 August 2023), under the ticker code “LU7”, following the completion of a public offer valued at AU$4.5 million at share price of 2 cents each.

Shares of the company exploded on the ASX, trading 200% higher at the time of writing.

The company witnessed strong support from new and existing shareholders, backed by the highly prospective rare earth and hard-rock lithium exploration opportunities in tier 1 mining jurisdiction in Australia and Canada under the leadership of Iggy Tan, said Lithium Universe.

Why is Apollo Lithium Project so significant?

LU7 informed that the primary focus would be on the Apollo Lithium project, which covers an area of approximately 240km² in James Bay, north-west Quebec and comprises 466 claims. The project lies within the La Grande Subprovince, near the La Grande and Opinaca sub-provisional boundaries.

The project is located in close proximity to Patriot Battery Metals Inc.’s Corvette property and Winsome Resources Ltd’s Adina property.

Patriot Battery shared a drill result of 156m at 2.12% Li₂O at its project, while Winsome Resources announced a mineralised intersection of 107m @ 1.34% Li₂O from 2.3m. Considering these significant results from these neighbouring projects, which have similar geological hosts, the company is confident about its project.

Only last week, lithium major Allkem (ASX:AKE) announced a 173% increase in the mineral resource for its James Bay project, at 110.2Mt @ 1.30% Li₂O.

This follows the recent announcement of Patriot Battery Metals’ (ASX:PMT) Corvette project maiden resource of 109.2Mt @ 1.42% Li₂O.

Today, Cygnus Metals (ASX:CY5) released their 10.1Mt @ 1.04% Li₂0 maiden resource only today.

Iggy Tan leads the Lithium Dream Team

Iggy Tan is the non-executive chairman of Lithium Universe. The company highlights that he is one of the first executives to recognise the opportunities within the lithium-ion battery sector when he was part of Galaxy Resources Limited. While with Galaxy, he developed the Mt Cattlin spodumene project and the downstream Jiangsu Lithium carbonate project.

Worth mentioning here is that when Tan began with Galaxy, its market capitalisation was around AU$10 million, and after he left, the company was valued at nearly AU$2.5 billion. In August 2021, Galaxy merged with Orocobre Limited.

Data source: Company update

Lithium Universe is backed a leadership team that holds strong project-building expertise. Iggy Tan has assembled his lithium dream team to execute technical strategy. To know more, read here.