Marechale Capital shares rocket ahead of Durham lithium planning decision.

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.

Marechale Capital
29 January 2025 12:10:27

Source: Sharecast

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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