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Nemaska riding the lithium wave

Last updated: 08:15 17 Feb 2016 EST, First published: 03:15 17 Feb 2016 EST

lithium-battery
The group, which aims to feed the growing market for lithium batteries, has been named the top firm in the "2016 OTCQX Best 50" award.

Nemaska Lithium (CVE:NMX, OTCQX: NMKEF) saw shares nudge higher in Toronto today as it revealed it had won an OTCQX award.

The group, which aims to feed the growing market for lithium batteries, has been named the top firm in the "2016 OTCQX Best 50" award.

The OTCQX Best 50 is an annual ranking of the top 50 US and international companies traded on the OTCQX market.

The ranking is calculated based on an equal weighting of one-year total return and average daily dollar volume growth in the previous calendar year.

Guy Bourassa, Nemaska's president and chief executive, told investors: "Nemaska Lithium is one of only 3 projects worldwide that are permitted and able to respond to the near-term shortage of lithium compounds.

"Based on announced construction of new lithium battery manufacturing facilities, industry analysts are predicting that up to 100,000t of new lithium compounds is required by 2021; this does not take into account the expansion of existing battery facilities.

"While there are numerous new lithium exploration companies being formed weekly, none are as well positioned and advanced as Nemaska Lithium.

"Our US investors have recognised this investment opportunity and have ranked us in the top 50 of OTCQX Companies."

Nemaska's spodumene concentrate produced at the Whabouchi mine will be shipped to its lithium compounds processing plant to be built in Shawinigan, Quebec.

This plant will transform spodumene concentrate into high purity lithium hydroxide and carbonate using methods developed by Nemaska, and for which patent applications have been filed.

Nemaska shares added 1.49% in Toronto to stand at C$0.2798.

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