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(Sharecast News) - 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.
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.
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