Marechale Capital shares rocket ahead of Durham lithium planning decision
Marechale Capital
1.75p
16:55 14/02/25
Marechale Capital's share price rocketed on Wednesday as speculation begins to build ahead of a planning meeting that could greenlight the largest lithium extraction facility in the UK.
Financial Services
18,182.95
17:00 14/02/25
FTSE AIM All-Share
726.06
17:09 14/02/25
While no official approval has been given, Marechale's investee company Weardale Lithium is waiting on the outcome of a planning application for the lithium extraction project that is scheduled for next week.
A planning application was submitted to Durham County Council on Tuesday, and the report – which is publicly available on the council's website – has a recommendation to approve the application, Marechale said.
Shares were up nearly 70% at 2.94p by 1207 GMT, trading at levels not seen since mid-2022.
"Weardale has advised the company that the planning committee hearing is scheduled for 5 February 2025. If planning is approved, the project could become the UK’s largest lithium extraction facility," Marechale said in a statement, acknowledging its recent share-price movement.
Weardale Lithium is Marechale's largest investment to date, which at the date of its annual results in August was valued at £3m.