The purchases increase Davies’ holding in the company to 1.44 million shares.
Davies’ purchases are a vote of confidence for the company who has just released its pre-feasibility study (PFS) for its Rhyolite Ridge Lithium-Boron Project in Nevada, US.
The PFS estimated a net present value (NPV) for the 100% owned project of US$1.82 billion, which is equivalent to over A$2.5 billion.
At a share price of 24 cents, Global Geoscience has a market cap of around A$350 million.
The recent estimated valuation provided by the PFS highlights the upside potential for the company and its shareholders.