Eye on Lithium: A sniff of Sigma-like success has ASX hard rock explorers moving to Brazil

Brazil becoming a popular hard rock destination due to Sigma Lithium’s success at Grota do Cirilo lithium mine
Following rumours of an Elon Musk-led takeover in February Sigma now mulling “multiple strategic proposals”
ASX lithium stocks in Brazil: Latin Resources, Adelong Gold, Solis Minerals, OzAurum, Gold Mountain, Alderan Resources, Oceana Lithium, SI6 Metals

All your lithium news, Friday September 22.

Minas Gerais’ ‘Lithium Valley’ in Brazil is becoming a James Bay-level hotspot, thanks to $5.3bn-capped Sigma Lithium Corp’s (TSXV: SGML) early success at the Grota do Cirilo spodumene mine.

Sigma says it is on track to achieve guidance in its first year of production, something that hard rock miners have traditionally struggled to do.

Following rumours of an Elon Musk-led takeover in February, the company is now mulling over “multiple strategic proposals” from global industry leaders in the energy, auto, batteries and lithium refining industries.

It has since negotiated offtake with Glencore at a premium to the depressed Chinese spot price.

This M&A buzz is good news for the Lithium Valley cohort, especially more advanced explorers like $740m capped Latin Resources (ASX:LRS), which has a 45.2Mt @1.34% Li2O resource at the Salinas project.

The other major discovery in the region, so far, has been made by $240m capped Lithium Ionic (TSX.V:LTH) at its 19.4Mt Itinga project.

The ASX speccy flood cometh

A sniff of Sigma-like success has early-stage explorers flooding Minas Gerais and other mining-friendly Brazilian hotspots.

NSW explorer Adelong Gold (ASX:ADG) is the latest junior to join the Brazil hard rock invasion, inking a cash and shares deal with a dude called Rafael Mottin to buy ground in Lithium Valley.

The exploration permits being acquired are largely unexplored for lithium, but regional and local geology suggests the area has “attributes of good potential for hosting lithium-bearing pegmatites”, ADG says.

The $6m capped minnow got a nice share price bump on the news.

It joins fellow ASX-listed Brazilian lithium hunters like Perpetual Resources (ASX:PEC), Alderan Resources (ASX:AL8), Oceana Lithium (ASX:OCN), Gold Mountain (ASX:GMN), SI6 Metals (ASX:SI6), OzAurum (ASX:OZM) and Solis Minerals (ASX:SLM) (TSX.V: SLMN).

OZM’s deal announced last week was a game changer, with the stock soaring 200% on volume thanks to “a +7m wide spodumene zone with an average grade of spodumene crystals of 6.94% LiO2” at the Jaime Linopolos project.

You can see some of those spod crystals (spo) here, above and to the left of the sneezing man:

AL8 experienced a similar rerate earlier this week when it bought projects in Minas Gerais from the aptly named ‘Parabolic Lithium’.

SLM boss Matt Boyes says it’s not just ASX lithium juniors establishing a foothold in Brazil.

“There is a lot of interest from North America. American juniors, Canadian juniors are throwing big money at assets in Brazil, so you must make sure you have a network in place, people that can get these assets to you ahead of the next guy,” he told Stockhead in June.

“A lot of juniors, like Lithium Ionic and Atlas Lithium (NASDAQ:ATLX), have high valuations of the back off their ground in Brazil.”

ASX lithium stocks in Brazil

Spot prices continue to weaken

2023-09-21#Lithium Carbonate 99.5% Min China Spot

Price: $24,187.93
1 day: $-418.24 (-1.70%) 📉
YTD: -67.18%#Spodumene Concentrate (6%, CIF China)

Price: $3,020.00
1 day: $-10 (-0.33%) 📉
YTD: -48.15%https://t.co/UxoM77l15t

— Lithium Price Bot (@LithiumPriceBot) September 21, 2023

Who’s Hot 🚀 ?

The week’s biggest gains

OzAurum Resources (ASX:OZM) +291%

Wildcat Resources (ASX:WC8) +71%

Alderan Resources (ASX:AL8) +50%

Who’s Not 📉 ?

The week’s biggest falls

Charger Metals (ASX:CHR) -25%

Discovery Alaska (ASX:DAF) -24%

Norwest Minerals (ASX:NWM) -19%

Here’s how ASX lithium stocks are tracking intraday Friday:

Scroll or swipe to reveal table. Click headings to sort. Best viewed on a laptop.

Stocks missing from this list?

Email [email protected]

CODE	COMPANY	1 WEEK RETURN %	1 MONTH RETURN %	YTD RETURN %	12 MONTH RETURN %	PRICE	MARKET CAP
OZM	Ozaurum Resources	291%	213%	89%	19%	0.125	$17,780,000
AVW	Avira Resources Ltd	100%	33%	-33%	-50%	0.002	$4,267,580
WC8	Wildcat Resources	71%	61%	1608%	1039%	0.41	$269,575,113
WCN	White Cliff Min Ltd	50%	71%	-14%	-43%	0.012	$12,570,186
AL8	Alderan Resource Ltd	50%	71%	71%	20%	0.012	$7,400,336
AUN	Aurumin	40%	40%	-54%	-72%	0.028	$7,759,520
VMC	Venus Metals Cor Ltd	38%	10%	75%	43%	0.1375	$24,664,729
BUR	Burleyminerals	29%	16%	-18%	29%	0.18	$18,739,900
TKL	Traka Resources	25%	-29%	-38%	-38%	0.005	$4,356,646
BNR	Bulletin Res Ltd	25%	36%	-19%	-42%	0.075	$22,312,924
LPM	Lithium Plus	21%	61%	11%	-44%	0.41	$27,055,162
AOA	Ausmon Resorces	17%	-13%	-50%	-56%	0.0035	$2,907,868
KOB	Kobaresourceslimited	16%	-26%	-42%	-42%	0.081	$8,486,042
KGD	Kula Gold Limited	15%	0%	-40%	-52%	0.015	$5,598,179
THR	Thor Energy PLC	15%	-10%	-25%	-55%	0.045	$6,391,506
AX8	Accelerate Resources	14%	9%	4%	-41%	0.024	$8,753,840
CTN	Catalina Resources	13%	13%	-55%	-50%	0.0045	$5,573,191
EFE	Eastern Resources	13%	-14%	-69%	-69%	0.009	$11,177,518
IR1	Irismetals	12%	3%	79%	12%	2.08	$161,998,308
TMX	Terrain Minerals	11%	-9%	-17%	-38%	0.005	$6,288,219
ADV	Ardiden Ltd	10%	-21%	-21%	-31%	0.0055	$14,785,844
VKA	Viking Mines Ltd	10%	0%	10%	22%	0.011	$11,277,843
RGL	Riversgold	9%	-8%	-60%	-70%	0.012	$11,415,137
1MC	Morella Corporation	8%	-7%	-46%	-73%	0.0065	$36,831,934
EVR	Ev Resources Ltd	8%	-13%	-7%	-54%	0.013	$13,103,777
ALY	Alchemy Resource Ltd	8%	0%	-43%	-38%	0.013	$14,136,915
ESS	Essential Metals Ltd	8%	14%	48%	1%	0.48	$127,708,484
VSR	Voltaic Strategic	6%	-23%	45%	70%	0.034	$14,892,907
ADG	Adelong Gold Limited	6%	6%	36%	-5%	0.0095	$5,366,901
SRI	Sipa Resources Ltd	5%	-17%	-38%	-57%	0.02	$4,563,163
TOR	Torque Met	5%	162%	89%	70%	0.34	$39,660,653
RAG	Ragnar Metals Ltd	5%	0%	101%	-38%	0.023	$10,901,562
IPT	Impact Minerals	4%	-4%	79%	79%	0.0125	$37,241,151
M2R	Miramar	4%	-2%	-34%	-50%	0.05	$6,996,869
JRL	Jindalee Resources	4%	8%	1%	-24%	1.905	$98,691,822
TKM	Trek Metals Ltd	4%	-19%	-25%	-15%	0.057	$29,153,085
AZI	Altamin Limited	3%	-4%	-13%	-15%	0.07	$27,420,173
RAS	Ragusa Minerals Ltd	3%	-35%	-70%	-89%	0.035	$4,990,958
LIT	Lithium Australia	3%	-8%	-20%	-38%	0.036	$41,554,517
MAN	Mandrake Res Ltd	3%	-3%	-3%	-3%	0.039	$23,950,397
CRR	Critical Resources	3%	-7%	-7%	-52%	0.04	$67,539,311
MTM	MTM Critical Metals	3%	-33%	-49%	-71%	0.04	$3,844,622
TON	Triton Min Ltd	3%	-15%	-43%	-7%	0.0205	$32,788,468
BMM	Balkanminingandmin	2%	-5%	-36%	-40%	0.21	$14,793,542
NIS	Nickelsearch	2%	-22%	-70%	-66%	0.047	$4,781,519
FBM	Future Battery	2%	7%	122%	59%	0.1175	$63,412,623
AM7	Arcadia Minerals	2%	-9%	-51%	-68%	0.1	$11,521,136
SCN	Scorpion Minerals	2%	2%	-14%	-25%	0.06	$20,742,372
LRD	Lordresourceslimited	1%	-12%	-55%	-74%	0.075	$2,784,909
MIN	Mineral Resources.	0%	8%	-11%	-1%	68.97	$13,083,847,009
WR1	Winsome Resources	0%	-7%	21%	366%	1.49	$247,541,906
WES	Wesfarmers Limited	0%	7%	16%	17%	53.05	$60,543,855,784
AVZ	AVZ Minerals Ltd	0%	0%	0%	0%	0.78	$2,752,409,203
LPD	Lepidico Ltd	0%	-5%	-34%	-59%	0.0105	$76,383,079
LPI	Lithium Pwr Int Ltd	0%	-4%	-47%	-61%	0.235	$141,578,451
RLC	Reedy Lagoon Corp.	0%	0%	-38%	-59%	0.006	$3,700,102
GL1	Globallith	0%	-4%	-20%	-41%	1.485	$376,798,014
LEL	Lithenergy	0%	1%	-21%	-38%	0.61	$62,321,050
LRV	Larvottoresources	0%	-7%	-19%	-40%	0.13	$9,415,661
MMC	Mitremining	0%	-2%	-11%	39%	0.25	$9,749,951
TEM	Tempest Minerals	0%	-36%	-61%	-75%	0.009	$4,602,451
EMC	Everest Metals Corp	0%	-18%	46%	15%	0.115	$15,327,558
WML	Woomera Mining Ltd	0%	0%	-37%	-24%	0.012	$11,474,335
ENT	Enterprise Metals	0%	0%	-60%	-71%	0.004	$3,197,884
KAI	Kairos Minerals Ltd	0%	-8%	10%	-33%	0.023	$57,660,068
PGD	Peregrine Gold	0%	20%	-22%	-49%	0.3	$16,853,283
MQR	Marquee Resource Ltd	0%	3%	-5%	-46%	0.035	$11,244,055
LSR	Lodestar Minerals	0%	-25%	20%	-14%	0.006	$12,140,384
YAR	Yari Minerals Ltd	0%	0%	12%	-14%	0.019	$9,164,798
WMC	Wiluna Mining Corp	0%	0%	0%	0%	0.205	$74,238,031
TYX	Tyranna Res Ltd	0%	-6%	-29%	-70%	0.017	$55,869,231
LLL	Leolithiumlimited	0%	-56%	4%	-29%	0.505	$498,553,663
CMD	Cassius Mining Ltd	0%	3%	70%	-3%	0.034	$15,895,302
RMX	Red Mount Min Ltd	0%	0%	-20%	-33%	0.004	$10,694,304
ENT	Enterprise Metals	0%	0%	-60%	-71%	0.004	$3,197,884
XTC	Xantippe Res Ltd	0%	0%	-67%	-81%	0.001	$17,528,005
EMC	Everest Metals Corp	0%	-18%	46%	15%	0.115	$15,327,558
IEC	Intra Energy Corp	0%	-17%	-38%	-29%	0.005	$8,103,908
MHC	Manhattan Corp Ltd	0%	-20%	45%	0%	0.008	$20,558,858
MHK	Metalhawk.	0%	5%	-33%	-44%	0.11	$8,664,811
VUL	Vulcan Energy	-1%	-9%	-52%	-62%	3.01	$508,372,609
LTR	Liontown Resources	-1%	14%	128%	83%	3.005	$6,606,766,758
INF	Infinity Lithium	-1%	-8%	-26%	-53%	0.089	$39,320,328
ICL	Iceni Gold	-1%	-10%	3%	-14%	0.082	$21,587,143
DLI	Delta Lithium	-1%	-7%	66%	30%	0.79	$420,800,348
RIO	Rio Tinto Limited	-1%	9%	-2%	25%	113.79	$43,023,959,203
EMH	European Metals Hldg	-1%	-17%	4%	-26%	0.665	$87,467,192
DAL	Dalaroometalsltd	-2%	4%	-46%	-58%	0.054	$2,593,750
LM1	Leeuwin Metals Ltd	-2%	-13%	0%	0%	0.27	$12,091,950
DRE	Dreadnought Resources Ltd	-2%	18%	-50%	-54%	0.053	$181,403,724
SGQ	St George Min Ltd	-3%	3%	-43%	11%	0.039	$33,016,424
CY5	Cygnus Metals Ltd	-3%	-17%	-50%	-24%	0.19	$51,297,866
AGY	Argosy Minerals Ltd	-3%	-24%	-68%	-69%	0.185	$252,793,350
MLS	Metals Australia	-3%	13%	-24%	-29%	0.034	$21,841,267
AAJ	Aruma Resources Ltd	-3%	-13%	-38%	-48%	0.033	$6,694,311
AZS	Azure Minerals	-3%	-4%	1064%	1210%	2.62	$1,121,271,823
ASN	Anson Resources Ltd	-3%	0%	-22%	-60%	0.145	$190,601,728
QPM	Queensland Pacific	-3%	-38%	-47%	-63%	0.058	$107,185,645
A8G	Australasian Metals	-3%	-13%	-26%	-53%	0.14	$7,818,074
IMI	Infinitymining	-4%	8%	-51%	-40%	0.135	$10,482,937
L1M	Lightning Minerals	-4%	-13%	-18%	0%	0.135	$5,307,957
PLS	Pilbara Min Ltd	-4%	-13%	13%	-14%	4.23	$11,969,036,046
LLI	Loyal Lithium Ltd	-4%	-4%	156%	66%	0.755	$61,472,944
ZEO	Zeotech Limited	-4%	16%	6%	4%	0.05	$93,825,769
GT1	Greentechnology	-4%	-11%	-44%	-40%	0.465	$102,229,211
INR	Ioneer Ltd	-4%	-15%	-41%	-67%	0.225	$474,617,878
QXR	Qx Resources Limited	-4%	-27%	-48%	-35%	0.022	$20,627,833
PAM	Pan Asia Metals	-5%	-24%	-49%	-51%	0.21	$33,352,501
GLN	Galan Lithium Ltd	-5%	-12%	-43%	-54%	0.615	$217,332,675
KTA	Krakatoa Resources	-5%	-26%	-55%	-69%	0.02	$9,806,661
GSM	Golden State Mining	-5%	26%	-9%	-15%	0.039	$7,643,531
MNS	Magnis Energy Tech	-5%	-17%	-79%	-83%	0.076	$92,361,358
AKE	Allkem Limited	-5%	-13%	7%	-23%	12.01	$7,441,699,851
PAT	Patriot Lithium	-5%	-10%	-30%	0%	0.185	$11,819,188
G88	Golden Mile Res Ltd	-5%	-3%	77%	16%	0.036	$10,869,854
PNN	Power Minerals Ltd	-5%	-15%	-50%	-51%	0.265	$22,320,530
BYH	Bryah Resources Ltd	-6%	-6%	-34%	-39%	0.017	$6,096,290
PSC	Prospect Res Ltd	-6%	-25%	-32%	-5%	0.082	$40,216,573
EUR	European Lithium Ltd	-6%	-20%	-12%	-23%	0.065	$93,414,025
AML	Aeon Metals Ltd.	-6%	-6%	-41%	-47%	0.016	$17,542,410
CAI	Calidus Resources	-6%	-6%	-41%	-71%	0.16	$100,300,177
CXO	Core Lithium	-6%	-12%	-65%	-75%	0.3575	$737,980,878
FRS	Forrestaniaresources	-6%	-19%	-66%	-77%	0.047	$4,218,737
FG1	Flynngold	-6%	-14%	-40%	-48%	0.06	$7,773,807
AZL	Arizona Lithium Ltd	-6%	-25%	-76%	-82%	0.015	$47,920,345
SBR	Sabre Resources	-6%	29%	16%	-27%	0.044	$12,825,392
MRR	Minrex Resources Ltd	-7%	0%	-56%	-72%	0.014	$15,188,145
LIS	Lisenergylimited	-7%	-27%	-36%	-64%	0.205	$34,012,408
A11	Atlantic Lithium	-7%	15%	-26%	0%	0.46	$284,692,372
MXR	Maximus Resources	-7%	-16%	-35%	-48%	0.026	$8,326,650
LLO	Lion One Metals Ltd	-7%	0%	-13%	0%	1.02	$14,540,163
PL3	Patagonia Lithium	-7%	-24%	0%	0%	0.125	$5,880,420
DTM	Dart Mining NL	-7%	-22%	-55%	-72%	0.025	$4,498,318
PMT	Patriotbatterymetals	-7%	-3%	73%	0%	1.3	$450,000,627
MM1	Midasmineralsltd	-8%	-27%	-10%	-8%	0.18	$17,309,449
IGO	IGO Limited	-8%	-2%	-9%	-17%	12.205	$9,178,085,894
NVA	Nova Minerals Ltd	-8%	-22%	-65%	-69%	0.235	$51,668,040
PLL	Piedmont Lithium Inc	-8%	-11%	-2%	-32%	0.635	$248,854,125
ANX	Anax Metals Ltd	-8%	-8%	-15%	-34%	0.045	$19,775,580
LKE	Lake Resources	-8%	-30%	-79%	-84%	0.165	$234,703,377
ARN	Aldoro Resources	-8%	-46%	-31%	-50%	0.11	$14,808,612
SRZ	Stellar Resources	-8%	-8%	-15%	-21%	0.011	$13,077,535
FIN	FIN Resources Ltd	-8%	-15%	-42%	-54%	0.011	$7,452,424
AS2	Askarimetalslimited	-9%	11%	-52%	-38%	0.21	$16,191,747
FTL	Firetail Resources	-9%	-40%	-34%	-58%	0.105	$15,635,083
NKL	Nickelxltd	-9%	-6%	-21%	-53%	0.063	$5,445,423
EMS	Eastern Metals	-9%	-42%	-58%	-78%	0.031	$2,062,735
OCN	Oceanalithiumlimited	-9%	-25%	-41%	-64%	0.205	$11,676,830
SYA	Sayona Mining Ltd	-10%	-21%	-50%	-62%	0.095	$957,276,529
LRS	Latin Resources Ltd	-10%	-17%	181%	150%	0.275	$696,760,343
LNR	Lanthanein Resources	-10%	-47%	-57%	-82%	0.009	$10,094,180
EG1	Evergreenlithium	-10%	-16%	0%	0%	0.26	$15,744,400
DYM	Dynamicmetalslimited	-10%	-25%	0%	0%	0.215	$7,525,000
STM	Sunstone Metals Ltd	-11%	-29%	-54%	-56%	0.017	$55,475,728
GW1	Greenwing Resources	-12%	-15%	-47%	-49%	0.145	$25,266,465
KZR	Kalamazoo Resources	-13%	-26%	-52%	-57%	0.1	$17,806,294
EPM	Eclipse Metals	-13%	-24%	-19%	-41%	0.013	$28,392,837
NMT	Neometals Ltd	-14%	-18%	-49%	-66%	0.405	$226,856,254
ZNC	Zenith Minerals Ltd	-14%	27%	-66%	-70%	0.09	$33,476,184
REC	Rechargemetals	-14%	2%	56%	20%	0.21	$22,700,662
SLM	Solismineralsltd	-17%	-31%	287%	258%	0.29	$23,248,112
TMB	Tambourahmetals	-18%	-8%	76%	16%	0.185	$14,929,264
BM8	Battery Age Minerals	-18%	-35%	-46%	-46%	0.27	$23,999,460
NWM	Norwest Minerals	-19%	-40%	-46%	-33%	0.029	$9,202,224
DAF	Discovery Alaska Ltd	-24%	-24%	-41%	-76%	0.019	$4,450,459
CHR	Charger Metals	-25%	-44%	-70%	-76%	0.135	$11,801,730