Eye on Elon: Tesla boss Lithium Musk says get into refining, ‘it’s a licence to print money’

Elon begs entrepreneurs to get into the lithium refining business
Power Metals says Salta lithium-brine suitable for DLE technology
Aldoro’s latest assays from Niobe support further resource definition drilling

All your ASX lithium news for Thursday, July 21

Tesla has reported its earnings for Q2 and Elon Musk encouraged entrepreneurs to get into lithium refining.

“There’s like, software margins in lithium processing right now,” he said in the company’s earnings call.

“I would really like to encourage, once again, entrepreneurs to enter the lithium refining business – you can’t lose.

“It’s a licence to print money.”

He’s not wrong, Chinese battery makers still willing to pay upwards of US$70,000/t to get chemicals for electric vehicles in a tight market.

And it’s not the first time he’s begged people to get into the biz.

“Can some more people please get into the lithium business?” Musk said back in April. “Do you like minting money? Well, the lithium business is for you.”

He’s even previously toyed with the idea of getting Tesla into lithium mining and refining because of sky high prices and a long lead time to production.

In the second quarter, Tesla produced over 258,000 vehicles and delivered over 254,000 vehicles, despite ongoing supply chain challenges and factory shutdowns beyond in Shanghai.

June 2022 was the highest vehicle production month in Tesla’s history, but Musk reckons there’s room to improve.

“We have the potential for a record-breaking second half of the year,” he added.

Here’s how ASX lithium stocks were tracking today:

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Code	Company	Price	% Month	% Week	% Today	Market Cap
TKL	Traka Resources	0.006	-25%	0%	20%	$3,443,872.81
ALY	Alchemy Resource Ltd	0.019	27%	15%	19%	$15,249,184.91
RMX	Red Mount Min Ltd	0.007	40%	27%	17%	$9,854,183.15
VKA	Viking Mines Ltd	0.007	17%	0%	17%	$6,151,550.59
PNN	Power Minerals Ltd	0.475	19%	19%	14%	$25,529,498.98
FRS	Forrestaniaresources	0.16	23%	19%	14%	$4,352,082.56
MNS	Magnis Energy Tech	0.345	15%	21%	13%	$294,778,025.35
LEL	Lithenergy	0.74	3%	15%	9%	$30,702,000.00
LTR	Liontown Resources	1.21	19%	28%	9%	$2,444,331,095.77
TKM	Trek Metals Ltd	0.064	7%	16%	8%	$18,325,998.85
INF	Infinity Lithium	0.13	4%	18%	8%	$49,801,567.92
STM	Sunstone Metals Ltd	0.052	37%	24%	8%	$124,629,428.11
LKE	Lake Resources	0.755	-44%	12%	8%	$972,796,934.20
SYA	Sayona Mining Ltd	0.1725	33%	33%	8%	$1,319,480,427.20
CRR	Critical Resources	0.042	-7%	14%	8%	$58,032,594.32
KTA	Krakatoa Resources	0.057	8%	19%	8%	$18,269,625.60
QPM	Queensland Pacific	0.145	45%	21%	7%	$211,087,772.69
ZNC	Zenith Minerals Ltd	0.295	9%	16%	7%	$94,809,626.73
VUL	Vulcan Energy	6.98	29%	24%	7%	$933,112,809.51
BYH	Bryah Resources Ltd	0.03	-14%	3%	7%	$6,333,800.90
QXR	Qx Resources Limited	0.03	25%	11%	7%	$24,062,144.99
LRS	Latin Resources Ltd	0.077	28%	15%	7%	$140,053,664.16
AUN	Aurumin	0.16	28%	14%	7%	$16,383,487.80
ADV	Ardiden Ltd	0.0085	21%	21%	6%	$21,346,682.85
CXO	Core Lithium	1.06	-1%	21%	6%	$1,733,215,716.00
AGY	Argosy Minerals Ltd	0.37	17%	14%	6%	$474,617,845.45
CHR	Charger Metals	0.47	21%	6%	6%	$14,498,560.58
GT1	Greentechnology	0.685	-1%	8%	5%	$119,775,267.95
ESS	Essential Metals Ltd	0.425	23%	23%	5%	$99,827,407.13
AZL	Arizona Lithium Ltd	0.085	-9%	1%	5%	$180,913,256.19
EPM	Eclipse Metals	0.022	10%	10%	5%	$40,343,654.67
RDT	Red Dirt Metals Ltd	0.335	3%	-6%	5%	$97,457,416.32
LPI	Lithium Pwr Int Ltd	0.45	20%	13%	5%	$150,132,284.64
BNR	Bulletin Res Ltd	0.115	-4%	-4%	5%	$32,185,021.00
FTL	Firetail Resources	0.23	-16%	2%	5%	$13,592,150.00
LIT	Lithium Australia	0.071	1%	1%	4%	$70,407,834.10
KGD	Kula Gold Limited	0.029	16%	-6%	4%	$6,024,917.70
NWM	Norwest Minerals	0.032	10%	7%	3%	$5,598,829.00
TMB	Tambourahmetals	0.165	18%	22%	3%	$6,590,815.68
FG1	Flynngold	0.1	-17%	-17%	3%	$6,213,921.85
MQR	Marquee Resource Ltd	0.068	11%	5%	3%	$20,830,760.28
WR1	Winsome Resources	0.185	-10%	-5%	3%	$24,320,518.92
KZR	Kalamazoo Resources	0.195	-15%	-19%	3%	$27,586,931.06
MM1	Midasmineralsltd	0.195	0%	11%	3%	$10,855,035.16
LRD	Lordresourceslimited	0.205	14%	-2%	3%	$6,356,924.20
AS2	Askarimetalslimited	0.235	-11%	-4%	2%	$9,566,682.10
PLS	Pilbara Min Ltd	2.53	24%	7%	2%	$7,382,583,992.32
DRE	Dreadnought Resources Ltd	0.051	21%	13%	2%	$141,934,177.55
GLN	Galan Lithium Ltd	1.095	2%	12%	2%	$327,229,314.15
EVR	Ev Resources Ltd	0.029	12%	7%	2%	$26,390,546.02
NMT	Neometals Ltd	1.02	11%	11%	1%	$551,118,277.98
SCN	Scorpion Minerals	0.068	-6%	-3%	1%	$22,232,689.86
EUR	European Lithium Ltd	0.071	31%	8%	1%	$96,914,398.91
JRL	Jindalee Resources	2.5	-12%	-4%	1%	$141,726,046.02
WES	Wesfarmers Limited	47.36	12%	5%	1%	$53,063,723,325.60
AZI	Altamin Limited	0.096	1%	1%	1%	$37,213,091.44
OCN	Oceanalithiumlimited	0.48	0%	32%	1%	$15,924,375.00
PSC	Prospect Res Ltd	1	3%	3%	1%	$457,636,867.38
PLL	Piedmont Lithium Inc	0.54	-22%	7%	1%	$282,250,378.00
GL1	Globallith	1.1	-7%	5%	1%	$172,981,099.04
AKE	Allkem Limited	9.96	2%	3%	1%	$6,306,438,470.54
NVA	Nova Minerals Ltd	0.715	25%	4%	1%	$127,943,622.35
IGO	IGO Limited	9.95	-4%	2%	0%	$7,527,242,061.22
1MC	Morella Corporation	0.017	6%	-6%	0%	$87,995,637.76
AML	Aeon Metals Ltd.	0.028	33%	0%	0%	$27,751,677.04
AVZ	AVZ Minerals Ltd	0.78	0%	0%	0%	$2,752,409,203.44
EMH	European Metals Hldg	0.75	13%	11%	0%	$89,897,149.50
LPD	Lepidico Ltd	0.03	20%	11%	0%	$195,215,145.99
MLS	Metals Australia	0.047	2%	2%	0%	$26,697,700.98
AAJ	Aruma Resources Ltd	0.069	0%	15%	0%	$10,830,343.71
AX8	Accelerate Resources	0.032	14%	10%	0%	$8,654,684.77
AM7	Arcadia Minerals	0.15	-21%	11%	0%	$7,004,683.80
DTM	Dart Mining NL	0.062	7%	-7%	0%	$8,386,129.92
GSM	Golden State Mining	0.048	8%	14%	0%	$5,588,223.31
IMI	Infinitymining	0.13	-7%	-7%	0%	$7,475,000.00
LRV	Larvottoresources	0.205	-11%	14%	0%	$8,514,162.50
MMC	Mitremining	0.125	4%	0%	0%	$3,385,637.50
RAG	Ragnar Metals Ltd	0.037	-8%	-5%	0%	$14,029,840.89
SHH	Shree Minerals Ltd	0.008	0%	0%	0%	$9,907,895.14
TEM	Tempest Minerals	0.045	25%	-2%	0%	$22,714,477.92
WCN	White Cliff Min Ltd	0.013	-19%	0%	0%	$8,496,843.71
ENT	Enterprise Metals	0.01	-9%	-9%	0%	$6,446,468.55
KAI	Kairos Minerals Ltd	0.023	15%	5%	0%	$45,128,150.29
AVW	Avira Resources Ltd	0.004	14%	14%	0%	$8,475,160.00
MRR	Minrex Resources Ltd	0.033	0%	3%	0%	$34,984,849.71
EFE	Eastern Resources	0.026	13%	4%	0%	$25,855,352.41
SRZ	Stellar Resources	0.016	-6%	-6%	0%	$13,428,842.02
LSR	Lodestar Minerals	0.007	0%	17%	0%	$12,169,061.44
SRI	Sipa Resources Ltd	0.038	6%	-5%	0%	$7,790,942.51
VMC	Venus Metals Cor Ltd	0.17	6%	6%	0%	$27,213,376.11
RGL	Riversgold	0.028	4%	8%	0%	$21,178,527.97
G88	Golden Mile Res Ltd	0.027	-29%	-7%	0%	$5,500,780.58
WC8	Wildcat Resources	0.026	-7%	4%	0%	$16,777,090.90
THR	Thor Mining PLC	0.01	11%	11%	0%	$10,689,009.73
MXR	Maximus Resources	0.05	4%	14%	0%	$15,895,288.40
M2R	Miramar	0.087	16%	-3%	0%	$5,584,239.68
XTC	Xantippe Res Ltd	0.008	0%	0%	0%	$63,689,188.51
WMC	Wiluna Mining Corp	0.205	-34%	0%	0%	$74,238,030.68
ZEO	Zeotech Limited	0.049	-4%	9%	0%	$74,720,858.03
LNR	Lanthanein Resources	0.016	-6%	7%	0%	$13,405,209.12
DAL	Dalaroometalsltd	0.1	5%	0%	0%	$2,987,500.00
CY5	Cygnus Gold Limited	0.15	-3%	0%	0%	$17,697,797.25
TUL	Tulla Resources	0.55	12%	6%	0%	$88,119,279.60
INR	Ioneer Ltd	0.485	31%	11%	-1%	$1,027,722,548.44
LLL	Leolithiumlimited	0.405	0%	11%	-1%	$404,529,333.92
PAM	Pan Asia Metals	0.365	-20%	-9%	-1%	$27,350,489.54
MIN	Mineral Resources.	46.87	-3%	6%	-1%	$9,002,227,676.33
ASN	Anson Resources Ltd	0.1325	33%	20%	-2%	$138,768,165.23
DAF	Discovery Alaska Ltd	0.046	-8%	5%	-2%	$10,539,030.81
PGD	Peregrine Gold	0.41	5%	1%	-2%	$16,080,400.98
CAI	Calidus Resources	0.605	-4%	-3%	-2%	$252,855,193.96
BMM	Balkanminingandmin	0.185	-3%	6%	-3%	$6,222,500.00
LIS	Lisenergylimited	0.76	81%	35%	-3%	$130,242,636.80
ARN	Aldoro Resources	0.145	0%	-3%	-3%	$14,915,597.55
RIO	Rio Tinto Limited	94.21	-7%	0%	-4%	$36,304,945,729.20
EMS	Eastern Metals	0.125	0%	-17%	-4%	$4,628,000.00
MTM	Mtmongerresources	0.11	5%	-8%	-4%	$4,313,653.80
GW1	Greenwing Resources	0.21	-9%	5%	-5%	$27,114,416.78
CZL	Cons Zinc Ltd	0.019	-5%	6%	-5%	$7,267,156.26
TYX	Tyranna Res Ltd	0.019	19%	-10%	-5%	$30,647,213.34
RAS	Ragusa Minerals Ltd	0.074	-14%	-3%	-5%	$9,807,420.17
RLC	Reedy Lagoon Corp.	0.018	6%	6%	-5%	$10,591,111.33
AOU	Auroch Minerals Ltd	0.065	-3%	3%	-6%	$25,509,424.13
WML	Woomera Mining Ltd	0.015	-21%	-6%	-6%	$10,989,329.06
IPT	Impact Minerals	0.0075	-6%	-6%	-6%	$19,850,964.45
AOA	Ausmon Resorces	0.006	0%	0%	-8%	$5,572,380.73
MMG	Monger Gold Ltd	0.2	-20%	-7%	-9%	$8,808,800.00
A8G	Australasian Metals	0.215	8%	5%	-10%	$9,880,918.56
IR1	Irismetals	0.24	-17%	-14%	-11%	$16,098,750.00
TON	Triton Min Ltd	0.026	18%	53%	-13%	$37,763,525.31
TSC	Twenty Seven Co. Ltd	0.0025	-17%	0%	-17%	$7,982,441.72

A total of 62 stocks were in the green today, 41 were flat and 28 were red.

Who’s got news out today?

POWER MINERALS (ASX:PNN)

PNN says new samples from the Salta lithium-brine Project in Argentina have confirmed their amenability for the application of Direct Lithium Extraction (DLE) technology, as proposed under Power’s Memorandum of Understanding (MoU) with global lithium extraction group Sunresin New Materials Co. (Sunresin).

Brine samples returned 335.2mg/L at the Rincon salar and 241.2mg/L at the Incahuasi salar.

The next step is for 40 litres of brine from both the Salares to be sent to Sunresin to be processed through Sunresin’s proprietary DLE technology.

ALDORO RESOURCES (ASX:ARN)

Aldoro reckons the latest assays from its Niobe project in WA contribute to the project’s maiden resource and supports further resource definition drilling.

A total of 63 out of 65 holes intersected pegmatite over 1,091m with multiple intersections in fifty three holes and best mineralisation grades had lithium oxide up to 1.18%, rubidium up to 7,624ppm, caesium up to 1,565ppm and tantalum to 732ppm.

Additional down dip and extension drilling is planned to take place mid-July to increase the potential resource size and build a resource model.

CRITICAL RESOURCES (ASX:CRR)

Further assays from the Mavis Lake project in Canada have confirmed high grade lithium, with best results of 21.1m at 1.34% Li2O, including 8.6m at 1.91% Li2O.

The company has fast-tracked its Phase 2 drill program and has commenced drilling a further 5,000m focused on step-out and infill work in support of defining a JORC compliant resource.

LIONTOWN (ASX:LTR)

The company has engaged Lycopodium Minerals to complete the engineering, procurement, construction management (EPCM) and commissioning services for its Kathleen Valley Lithium Project in WA.

It’s another milestone for the development of the project, which remains on-track for commissioning and production by Q2, 2024.

TREK METALS (ASX:TKM)

TKM says it is set for a ‘major exploration push’ in the second half of 2022 as work programs gather momentum at its manganese, lithium and base metals projects in the Pilbara region of Western Australia.

Current and planned activities in the next few months are expected to underpin a pivotal period of exploration activity for the ~$21.3m market cap explorer.

The initial focus of work will be to obtain metallurgical samples through diamond drilling as well as regional exploration targeting additions to the resource base via airborne geophysics.

A soil sampling program is currently underway at the Tambourah Project across areas with highly anomalous stream sediment samples and multiple lithium-bearing pegmatite dykes.