European Lithium Ltd (OTCMKTS:EULIF) Stock Rockets 34%: Here is Why

There were many stocks which emerged as notable gainers yesterday and one of those was the European Lithium Ltd (OTCMKTS:EULIF) which managed to record gains of as much as 34% after a key development.

Market Reaction

On Monday, EULIF stock soared 34% at $0.20 with more than 53k shares, compared to its average volume of 8.2k shares. The stock has moved within a range of $0.2000 – 0.2700 after opening the trade at $0.27.

Another Milestone

While the gains made by the stock yesterday are likely to bring the stock into sharp focus, it is also true that investor need to take a closer look at yesterday’s developments in order to get a better idea. The company announced yesterday that it decided to upgrade the measured and indicated resource figures at its Wolfsberg Project after having completed a targeted drilling programme.

The company announced yesterday that the measured and indicated resource at the project now stands at 9.7 million tonnes with 1.03% lithium oxide. Previously, the figures under the same metric had been 6.3 million tonnes with 1.17% lithium. It is quite clear to see that the announcement was a significant once from the company with regards to the Wolfsberg project and hence, the rally was perhaps understandable. The upgrade indicates a jump of almost 54% from the previously estimated resource at the site. At this point, it might be a good idea for investors to add the stock to the watch lists.

Key Quote

Non-executive chairman Tony Sage said: “It’s fantastic that the company has reached another milestone by significantly increasing the resource at Wolfsberg.

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