• Galan more than doubles Hombre West’s resources to 5.8Mt of contained lithium carbonate equivalent
  • Green Technology Metals secures 100% ownership of Ontario lithium projects from Ardiden
  • Vulcan produces highest grade, lowest impurity lithium hydroxide to date

All your lithium news, Monday October 24.

 

According to Benchmark Mineral Intelligence, Europe’s looking at a supply deficit this decade which could grow from 66 GWh in 2022 to almost 270 GWh in 2030 thanks to a lack in midstream capacity and raw materials.

The European battery industry will struggle to keep pace with rising demand for EVs, falling behind the US – which is expected to reach cell surplus from 2027 to 2050, and Asia – as China continues to maintain the largest battery surplus of all regions until 2033.

BMI’s latest data highlights how Europe needs to accelerate the build-out of a battery supply chain, whilst the US and China rapidly expand capacity to meet their own demand.

cell capacity BMI
Pic: Benchmark Mineral Intelligence.

 

“There are investments coming in Europe at cell capacity level, but the issue is that there’s no point building these gigafactories if you’ve not got the supply chain to feed them,” said Aran Waid, analyst at Benchmark.

“The biggest issue for them is building that midstream capacity and sourcing that raw material.”

European battery demand for electric vehicles is set to grow by 600% by the end of the decade to over 735 GWh, according to Benchmark.

That compares to 436 GWh of battery EV demand for the US.

“Europe is leading in battery development outside of China but it still retains a deficit because we expect the demand to be much higher as it has such high EV penetration rates as well,” Waid said.

At the same time, the North American market has already seen $13 billion announced for domestic EV manufacturing and $24 billion in batteries after the passing of the Inflation Reduction Act with 16 gigafactories set to come online by 2025.

But of all the regions, China has consistently been ramping up its capabilities ranging from refining to manufacturing and all aspects of the EV supply chain.

Its battery production is looking to grow from 562 GWh in 2022 to 2.2TWh by 2030.

Experts say China EV/ plug-in sales are up 100pc year-on-year, reaching a record 29.4pc share of all passenger vehicle sales in August.

 

Here’s how ASX lithium companies are tracking:

CODE COMPANY PRICE % TODAY % WEEK % MONTH % YEAR MARKET CAP
SHH Shree Minerals Ltd 0.009 20% 13% 0% -18% $9,288,652
GLN Galan Lithium Ltd 1.5 18% 24% 12% 36% $386,803,749
FRS Forrestaniaresources 0.205 14% 8% 3% -47% $9,075,568
VUL Vulcan Energy 6.87 14% 5% -12% -49% $865,745,218
ESS Essential Metals Ltd 0.58 14% 16% 22% 190% $126,664,968
DRE Dreadnought Resources Ltd 0.1125 13% 18% -2% 188% $304,253,355
AUN Aurumin 0.094 12% 13% -6% -53% $10,525,800
MMC Mitremining 0.19 12% 9% 6% -17% $4,604,467
NWM Norwest Minerals 0.03 11% 7% -30% -63% $5,996,899
MM1 Midasmineralsltd 0.2 11% 5% 3% 0% $10,283,718
PLL Piedmont Lithium Inc 0.9375 10% 13% 1% 16% $1,491,438,468
NMT Neometals Ltd 1.155 10% 13% -3% 29% $579,963,833
LRS Latin Resources Ltd 0.11 10% 12% 0% 156% $197,209,329
SCN Scorpion Minerals 0.077 10% 10% -4% 1% $23,359,433
BMM Balkanminingandmin 0.28 10% 8% -20% -58% $10,967,743
RMX Red Mount Min Ltd 0.006 9% 0% 0% -33% $9,033,001
LSR Lodestar Minerals 0.006 9% 20% -14% -33% $9,561,405
INR Ioneer Ltd 0.565 9% 8% -16% -19% $1,091,029,720
QXR Qx Resources Limited 0.071 8% -8% 109% 238% $58,202,913
CZL Cons Zinc Ltd 0.03 7% 11% 36% -27% $12,961,801
PLS Pilbara Min Ltd 5.385 6% 15% 9% 152% $15,132,607,094
MNS Magnis Energy Tech 0.37 6% 6% -15% -1% $339,616,019
WCN White Cliff Min Ltd 0.02 5% 5% -5% 33% $14,204,464
ASN Anson Resources Ltd 0.305 5% 7% -16% 243% $340,687,332
JRL Jindalee Resources 2.24 5% -3% -10% -9% $122,217,198
AGY Argosy Minerals Ltd 0.5625 5% 18% -5% 121% $738,577,304
RDT Red Dirt Metals Ltd 0.535 5% -7% -12% -25% $169,317,870
LRD Lordresourceslimited 0.325 5% 8% 12% 0% $10,318,233
INF Infinity Lithium 0.225 5% 13% 18% 18% $89,590,451
GT1 Greentechnology 0.865 4% 14% 11% 0% $158,312,866
EMS Eastern Metals 0.125 4% -11% -14% 0% $4,638,750
ARN Aldoro Resources 0.26 4% 16% 18% -39% $24,896,829
BNR Bulletin Res Ltd 0.13 4% 4% 0% 71% $36,573,888
KAI Kairos Minerals Ltd 0.029 4% 4% -24% -6% $54,994,618
LPI Lithium Pwr Int Ltd 0.595 3% 10% 0% 38% $224,940,647
MIN Mineral Resources. 76.64 3% 8% 10% 87% $14,062,720,230
SYA Sayona Mining Ltd 0.2325 3% 6% -7% 50% $1,869,863,193
MQR Marquee Resource Ltd 0.065 3% 12% 0% -21% $20,009,908
AZL Arizona Lithium Ltd 0.0815 3% 6% -4% 22% $190,384,119
NVA Nova Minerals Ltd 0.67 3% 2% -11% -58% $119,379,829
WR1 Winsome Resources 0.39 3% 11% 22% 0% $51,343,318
MLS Metals Australia 0.042 2% -5% -13% 5% $24,888,484
LKE Lake Resources 1.075 2% 10% 1% 40% $1,459,708,644
IGO IGO Limited 16.185 2% 6% 10% 65% $11,979,976,802
CAI Calidus Resources 0.3575 2% -2% -34% -40% $153,223,597
CHR Charger Metals 0.495 2% 5% -11% 18% $21,148,927
PAM Pan Asia Metals 0.39 2% 4% -9% -28% $56,172,263
ALY Alchemy Resource Ltd 0.0265 2% 6% 26% 89% $30,499,983
RAS Ragusa Minerals Ltd 0.285 2% 4% -11% 171% $36,683,536
WES Wesfarmers Limited 44.06 2% -2% -2% -18% $49,083,944,076
PGD Peregrine Gold 0.59 2% 4% -2% 31% $22,458,502
AM7 Arcadia Minerals 0.315 2% 9% 2% 43% $14,476,347
QPM Queensland Pacific 0.1675 2% 5% 8% -32% $285,493,958
LTR Liontown Resources 1.88 1% 15% 14% 16% $4,074,387,574
RIO Rio Tinto Limited 92.64 1% -4% 2% -4% $33,966,283,581
CXO Core Lithium 1.39 1% 20% -1% 142% $2,522,465,964
LIT Lithium Australia 0.0515 1% -5% -12% -59% $62,280,265
LLL Leolithiumlimited 0.59 1% -2% -17% 0% $577,194,294
AKE Allkem Limited 14.76 1% 1% -6% 64% $9,341,690,960
LEL Lithenergy 1.205 0% 8% 22% 80% $114,487,050
ADV Ardiden Ltd 0.0075 0% 7% -6% -32% $20,012,515
1MC Morella Corporation 0.022 0% 5% -8% -65% $127,634,227
AML Aeon Metals Ltd. 0.026 0% -7% -13% -54% $28,429,200
AVZ AVZ Minerals Ltd 0.78 0% 0% 0% 136% $2,752,409,203
EUR European Lithium Ltd 0.09 0% 14% 7% -10% $126,021,526
RLC Reedy Lagoon Corp. 0.013 0% 0% -13% -48% $7,246,550
TKL Traka Resources 0.006 0% -14% -25% -57% $4,132,647
AAJ Aruma Resources Ltd 0.073 0% 4% 14% -15% $11,458,190
AX8 Accelerate Resources 0.033 0% -3% -20% -20% $8,925,144
AS2 Askarimetalslimited 0.47 0% 24% 38% 129% $21,375,187
BYH Bryah Resources Ltd 0.025 0% 9% -11% -55% $6,981,337
DTM Dart Mining NL 0.083 0% 5% -8% -34% $12,886,593
FG1 Flynngold 0.11 0% 5% -8% -29% $7,046,716
LRV Larvottoresources 0.21 0% -5% -2% 0% $8,721,825
TSC Twenty Seven Co. Ltd 0.002 0% -20% 0% -43% $10,643,256
KGD Kula Gold Limited 0.041 0% 5% 32% -19% $13,784,689
PNN Power Minerals Ltd 0.485 0% 10% -10% 24% $34,996,161
AZI Altamin Limited 0.085 0% 6% 4% 4% $33,295,924
ENT Enterprise Metals 0.009 0% -18% -36% -43% $5,876,826
AVW Avira Resources Ltd 0.003 0% -14% -25% -57% $6,401,370
MRR Minrex Resources Ltd 0.045 0% -17% -10% 150% $48,744,717
EFE Eastern Resources 0.039 0% -7% 34% -13% $43,671,848
VKA Viking Mines Ltd 0.008 0% 14% -11% -62% $8,202,067
SRI Sipa Resources Ltd 0.053 0% 18% 13% -4% $10,866,315
EPM Eclipse Metals 0.02 0% -5% -9% -64% $40,485,137
WC8 Wildcat Resources 0.032 0% -9% -11% -37% $20,856,727
M2R Miramar 0.105 0% 6% 0% -42% $6,739,600
XTC Xantippe Res Ltd 0.008 0% 14% -11% 167% $65,161,839
MMG Monger Gold Ltd 0.48 0% 23% 5% 68% $19,219,200
WMC Wiluna Mining Corp 0.205 0% 0% 0% -77% $74,238,031
ZEO Zeotech Limited 0.038 0% -3% -21% -56% $61,352,248
GW1 Greenwing Resources 0.35 0% -5% 23% 21% $44,171,912
DAF Discovery Alaska Ltd 0.037 0% 6% -54% -8% $8,296,684
IR1 Irismetals 1.78 0% 5% -4% 439% $111,659,400
DAL Dalaroometalsltd 0.13 0% -4% 0% -47% $3,883,750
TKM Trek Metals Ltd 0.06 0% -10% -10% -50% $18,636,609
CY5 Cygnus Gold Limited 0.46 0% -3% 84% 241% $67,705,245
TUL Tulla Resources 0.45 0% 0% -3% -11% $72,097,592
AOU Auroch Minerals Ltd 0.061 -1% 0% -18% -65% $22,823,376
GL1 Globallith 2.63 -1% 9% 4% 534% $423,724,344
TEM Tempest Minerals 0.03 -2% -6% -17% 50% $15,395,368
ZNC Zenith Minerals Ltd 0.295 -2% -6% -2% 13% $103,428,684
A8G Australasian Metals 0.245 -2% -13% -17% -66% $10,292,624
OCN Oceanalithiumlimited 0.475 -2% -2% -17% 0% $16,259,625
IMI Infinitymining 0.22 -2% 2% -2% 0% $14,201,719
RGL Riversgold 0.043 -2% -7% 8% 98% $34,157,246
LIS Lisenergylimited 0.42 -2% -18% -26% -82% $71,343,100
WML Woomera Mining Ltd 0.0135 -2% -2% -15% -38% $10,831,371
EMH European Metals Hldg 0.785 -2% 15% -13% -41% $96,350,198
FTL Firetail Resources 0.19 -3% -10% -24% 0% $12,047,588
KZR Kalamazoo Resources 0.185 -3% 0% -21% -54% $28,275,681
CRR Critical Resources 0.072 -3% 18% -13% 132% $110,273,886
LNR Lanthanein Resources 0.036 -3% -3% -27% 89% $35,624,546
KTA Krakatoa Resources 0.061 -3% 9% -5% 3% $21,716,725
A11 Atlantic Lithium 0.595 -3% -3% 0% 0% $372,531,121
STM Sunstone Metals Ltd 0.029 -3% -12% -26% -56% $77,893,393
TMB Tambourahmetals 0.135 -4% -7% -16% -36% $5,766,964
SRZ Stellar Resources 0.013 -4% 0% -7% -66% $13,562,517
G88 Golden Mile Res Ltd 0.026 -4% -4% -19% -50% $5,523,923
TON Triton Min Ltd 0.025 -4% 9% 14% -22% $35,952,389
RAG Ragnar Metals Ltd 0.024 -4% -14% -38% -44% $9,479,622
EVR Ev Resources Ltd 0.024 -4% -4% -14% -23% $23,149,602
MXR Maximus Resources 0.042 -5% -7% -16% -51% $14,031,854
PSC Prospect Res Ltd 0.1 -5% 4% 16% 334% $48,537,244
TYX Tyranna Res Ltd 0.046 -6% 18% -18% 475% $117,547,341
GSM Golden State Mining 0.036 -8% -10% -22% -66% $4,563,554
IPT Impact Minerals 0.006 -8% -14% -14% -59% $16,128,909
MTM Mtmongerresources 0.115 -8% -8% -18% -28% $4,688,754
LPD Lepidico Ltd 0.02 -9% 11% -23% -23% $144,808,757
THR Thor Mining PLC 0.008 -11% -11% -20% -58% $9,916,186
AOA Ausmon Resorces 0.007 -13% -7% -13% 0% $6,858,315
VMC Venus Metals Cor Ltd 0.12 -14% -14% -27% -35% $22,411,016
CMD Cassius Mining Ltd 0.03 -14% -14% -14% 76% $14,130,932
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The ASX 200 is a field of green today as it closed +1.48pc higher, following the rally that took place over in New York thanks to reports stating the Fed would soon be ready to debate on how to slow the pace of rate hikes from December.

A total of 59 lithium stocks finished in the green, 39 fell flat and 35 tumbled into the red zone.

 

Who’s got news out?

GALAN LITHIUM (ASX:GLN)

Galan steps it up a notch at the Hombre Muerto West Project after more than doubling resources to 5.8Mt of contained lithium carbonate equivalent.

What’s more, the vast majority of the resource or 4.4Mt of contained lithium carbonate equivalent at a grade of 883mg/l lithium, is within the very high confidence Measured category.

“Even the Galan team has been amazed by the scale of this updated resource,” managing director Juan Pablo Vargas de la Vega says.

“The outcome is game changing in terms of the step-up in the overall technical and economic potential of this world-class lithium brine asset.”

The outcome is now set to be incorporated into the ongoing definitive feasibility study work, on track for completion during Q1 2023.

 

GREEN TECHNOLOGY METALS AND ARDIDEN (ASX:GT1, ADV)

GTI has executed a binding agreement with ADV to purchase the residual 20% free-carried interest in the Ontario Lithium Projects (Seymour, Root and Wisa JV tenure) held by Ardiden.

The consideration for the purchase is comprised of A$16 million cash, payable upon completion, and a milestone payment of a further A$2.5 million cash, payable upon JORC-compliant mineral resources of more than 20 million tonnes being defined across the Ontario lithium projects.

“It is full steam ahead at GT1,” Green Technology CEO Luke Cox says.

“We are drilling intensively at both Seymour and our Root Project and undertaking multiple metallurgical testwork programs, alongside all our environmental and permitting baseline work, as we rapidly progress the requisite PEA workstreams for Seymour.

“Finally, we remain attuned to potential further project and/or strategic transactional opportunities within Ontario, and more broadly.”

 

VULCAN (ASX:VUL)

Vulcan has produced the highest grade, lowest impurity lithium hydroxide to date from its pilot plant with the Zero Carbon Lithium Project.

The latest material produced graded 57.1% LiOH, easily exceeding the best-on-the-market battery grade specification of 56.5% LiOH required from offtake customers with impurities well below market specification minimums.

VUL says the lithium chloride extracted by the sorbent in the pilot plant was recovered with water and sent offsite, where it was purified and concentrated by a third-party provider to prepare the lithium chloride for electrolysis to produce lithium hydroxide solution.

The solution was then crystalised to produce battery grade lithium hydroxide monohydrate.

While the plant has been operating since April 2021, the company says it has produced sufficient data to complete the phase-I definitive feasibility study set for Q1 2023.

 

PILBARA MINERALS (ASX:PLS)

Pilbara Minerals has broken another sales contract record for an additional 5,000dmt cargo following completion of the BMX pre-auction sale process.

The contract is for 5,000dmt SC5.5 FOB Port Hedland priced at US$7,255/dmt, which is the equivalent of ~US$8,000/dmt on a benchmark 6% basis inclusive of freight costs.

A 5% deposit is required by early this week, with delivery expected from mid-November 2022.

 

TWENTY SEVEN CO (ASX:TSC)

Around 9 rock chip samples taken from four pegmatites indicate a highly fertile (fractionated) pegmatite for rare elements such as tantalum, lithium and cesium at the Mt Edon Project, TSC says.

The average LCT grade of the latest rock chip samples taken is 1.0% Li2O; 1106ppm Cs2 O and 211ppm Ta2O5 which might reflect on the general mineralised nature of some zones in the pegmatites.

While the average mineralisation of the pegmatites has to be confirmed through detailed drilling and resource assessment, the results provide a good indication of the geological setting with reconnaissance drilling set to take place next week.

 

SHREE MINERALS (ASX:SHH)

A program of works (PoW) has been approved and SHH is now set to undertake RAB drilling, which will test lithium pegmatite potential and gold anomalies in the southern portion of tenement E63/2046.

The company will also infill the historical 1km space sample traverses in E63/2048 with a powered auger to define and prioritise targets for RAB and RC drilling.

 

ALCHEMY RESOURCES (ASX:ALY)

A reverse circulation drill program has kicked off at the Karonie Lithium-Gold Project in WA’s Goldfields region.

The drilling will consist of 33 RC holes for ~3,000-5,000m and will target 1,200m of strike length of the extensive system of pegmatites that have been identified by field mapping and from detailed soil sampling completed recently.

“This initial phase of lithium focussed drilling is a major milestone as we move toward testing these high priority targets for the first time,” ALY CEO James Wilson says.

 

CRITICAL RESOURCES (ASX:CRR)

An “exceptional” intersection with 18.45m at 2.06% Li2O within the Mavis Lake Lithium Project has been hit during the current diamond core drilling program.

The latest assays illustrate the continuity of high-grade lithium mineralisation within the main zone of Mavis Lake, CRR says.

All results will be incorporated into the maiden mineral resource estimate in Q1, 2023.

Following the outstanding results, a further 2,500m drilling extension has been approved, taking the planned program to 17,500m.

 

PAN ASIA METALS (ASX:PAM)

Results from rock-chip, soil sampling and associated geological mapping have “substantially increased” the exploration potential at the Bang I Tum Lithium Prospect (Bang I Tum or BIT) in southern Thailand.

High Li2O grades reported in rock-chip samples from the Bang I Tum prospect include 44 of 64 samples average 1.56% Li2O at a 0.30% Li2O cut off.

Another 35 samples returned >1.00% Li2O, 12 hit >2.00% Li2O while the maximum grade retuned included 2.62% Li2O.

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