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Interest in the lithium sector is growing again as prices surge and leading producer Albemarle has tipped demand to rise due to a growing electric vehicle uptake.
Nickel Rock president and CEO Robert Setter said its Clayton Valley neighbour Cypress Developments had just closed an upsized C$19.55 million offering to advance its lithium project.
"This is fantastic news, and it complements news from our other neighbour Albemarle who announced earlier this year that it is planning to double its lithium production in Nevada at its Silver Peak mine by 2025 and is committing between US$30-$50 million in additional investment on the property," he said.
Nickel Rock had expanded its Clayton Valley project by about 50% in January through staking to take the land package to 930ha.
"It is apparent that lithium extraction in Clayton Valley from both lithium brine and lithium clays is fast becoming a reality and Nickel Rock needs to be part of that reality," Setter said at the time.
The company, which changed name from Nevada Energy Metals in November, also has nickel assets in British Columbia.
It had raised C$520,000 in December at 13c per flow-through unit and gained a further $452,000 through the exercise of warrants in January.
Its shares spent much of 2020 below 15c and spiked to $1.18 in February.
They closed up 25.6% yesterday to 27c, valuing it at $12.2 million (US$9.7 million).
