• Azure confirms SQM wanted to acquire the company and its Andover lithium project
  • $2.31/sh offer was rebuffed; since then “no further discussions have occurred”
  • Other lithium news today: Lake Resources, Stelar Metals, QX Resources

All your lithium news, Tuesday August 15.

 

This year’s lithium darling Azure Minerals (ASX:AZS) says it received ‘expression of interest’ from major shareholder Chilean lithium giant SQM to acquire the company and its massive Andover lithium resource in the West Pilbara.

Backed by Mark Creasy and with SQM also holding a 19.9% stake, Azure said it didn’t want a bar of the 12 July offer of $2.31 per share, valuing the stock at just over $900m.

Good move. Currently, its share value sits at $2.55 ($5m shy of a $1bn market cap) after a dreamy price spike to $2.96 on intra-day trading last week.

“Following careful consideration of the content of these approaches and in light of our rapidly evolving understanding of the potential of the Andover lithium project, Azure determined that the approaches did not warrant further engagement by the company and no further discussions have occurred,” Azure says.

Azure recently released an exploration target of between 100Mt and 240Mt, grading @ 1-1.5% Li2O for target areas 1, 2 and 3.

“This exploration target definitely puts us in the top 10 lithium deposits in the world,” AZS managing director Tony Rovira told Stockhead recently.

“If you take the upper part of the exploration target, that puts us in the top five lithium deposits in the world.”

Up ~1,000% this year and with six drill rigs out on the project, Rovira said Azure will now look to convert the exploration target into a mineral resource estimate in Q1 next year.

 

‘Mr Lithium’ heads down under

Meanwhile, celebrity lithium boffin Joe Lowry is coming to Australia – probably to smell some more “fresh-cut fairways” – and perhaps visit some mine sites once again. Keep an eye out.

Lowry says that the past promises from Argentina a decade ago to improve mining standards, accessibility and foreign investment are now finally starting to come to fruition.

 

Here’s how ASX lithium stocks are tracking:

Code Company Price % Today Market Cap
XTC Xantippe Res Ltd 0.0015 50% $11,480,100
1MC Morella Corporation 0.009 29% $42,690,063
VSR Voltaic Strategic 0.051 28% $18,052,009
LKE Lake Resources 0.2625 25% $298,713,388
RLC Reedy Lagoon Corp. 0.008 14% $3,967,037
LSR Lodestar Minerals 0.009 13% $14,747,179
FTL Firetail Resources 0.14 12% $12,031,250
DLI Delta Lithium 0.84 12% $391,931,016
TMB Tambourahmetals 0.215 10% $10,316,963
TMB Tambourahmetals 0.215 10% $10,316,963
WML Woomera Mining Ltd 0.012 9% $10,518,140
AZS Azure Minerals 2.54 9% $913,152,408
QXR Qx Resources Limited 0.033 6% $27,802,732
DTM Dart Mining NL 0.035 6% $5,685,478
WCN White Cliff Min Ltd 0.0095 6% $11,313,167
GSM Golden State Mining 0.04 5% $7,261,355
AZL Arizona Lithium Ltd 0.02 5% $60,096,750
TYX Tyranna Res Ltd 0.021 5% $65,728,507
FBM Future Battery 0.11 5% $47,811,809
ICL Iceni Gold 0.11 5% $21,900,000
BMM Balkanminingandmin 0.23 5% $13,435,843
CRR Critical Resources 0.047 4% $79,980,763
MHK Metalhawk. 0.12 4% $9,058,666
BNR Bulletin Res Ltd 0.054 4% $15,266,737
TKM Trek Metals Ltd 0.083 4% $39,449,607
BUR Burleyminerals 0.14 4% $13,675,062
EMC Everest Metals Corp 0.15 3% $19,326,051
KZR Kalamazoo Resources 0.15 3% $24,367,706
EMC Everest Metals Corp 0.15 3% $19,326,051
IR1 Irismetals 1.955 3% $150,689,700
ASN Anson Resources Ltd 0.16 3% $196,955,119
CAI Calidus Resources 0.175 3% $103,339,576
MQR Marquee Resource Ltd 0.036 3% $11,574,763
GW1 Greenwing Resources 0.2 3% $33,690,317
SGQ St George Min Ltd 0.041 3% $33,862,999
MAN Mandrake Res Ltd 0.044 2% $25,746,677
ANX Anax Metals Ltd 0.052 2% $21,925,100
SYA Sayona Mining Ltd 0.1325 2% $1,338,128,482
PGD Peregrine Gold 0.275 2% $15,147,705
RAS Ragusa Minerals Ltd 0.056 2% $7,842,933
LPM Lithium Plus 0.28 2% $18,146,755
SCN Scorpion Minerals 0.062 2% $21,088,078
MTM MTM Critical Metals 0.067 2% $6,405,084
LTR Liontown Resources 2.75 1% $5,968,112,638
EUR European Lithium Ltd 0.083 1% $114,327,612
QPM Queensland Pacific 0.097 1% $167,649,401
OCN Oceanalithiumlimited 0.2475 1% $13,003,743
LEL Lithenergy 0.635 1% $64,896,300
GL1 Globallith 1.65 0% $427,359,812
ADV Ardiden Ltd 0.006 0% $16,130,012
AVZ AVZ Minerals Ltd 0.78 0% $2,752,409,203
INF Infinity Lithium 0.11 0% $50,885,130
JRL Jindalee Resources 1.78 0% $102,134,559
LPD Lepidico Ltd 0.012 0% $91,659,669
LPI Lithium Pwr Int Ltd 0.275 0% $173,040,329
MLS Metals Australia 0.032 0% $19,969,158
TKL Traka Resources 0.007 0% $6,099,305
TON Triton Min Ltd 0.023 0% $35,911,179
FG1 Flynngold 0.07 0% $9,546,781
LRV Larvottoresources 0.135 0% $9,079,387
MMC Mitremining 0.29 0% $11,088,179
RAG Ragnar Metals Ltd 0.023 0% $10,901,562
CTN Catalina Resources 0.004 0% $4,953,948
TEM Tempest Minerals 0.014 0% $7,095,503
KGD Kula Gold Limited 0.017 0% $6,344,603
PNN Power Minerals Ltd 0.34 0% $24,893,501
AZI Altamin Limited 0.075 0% $29,378,756
ENT Enterprise Metals 0.0035 0% $2,798,148
KAI Kairos Minerals Ltd 0.027 0% $70,764,629
STM Sunstone Metals Ltd 0.028 0% $86,295,577
AVW Avira Resources Ltd 0.002 0% $4,267,580
NVA Nova Minerals Ltd 0.31 0% $65,375,888
MRR Minrex Resources Ltd 0.014 0% $15,188,145
A8G Australasian Metals 0.17 0% $8,860,484
EFE Eastern Resources 0.0105 0% $13,040,438
SRZ Stellar Resources 0.013 0% $13,077,535
NWM Norwest Minerals 0.045 0% $12,940,628
AOA Ausmon Resorces 0.004 0% $3,877,157
VKA Viking Mines Ltd 0.011 0% $11,277,843
SRI Sipa Resources Ltd 0.023 0% $5,247,637
VMC Venus Metals Cor Ltd 0.12 0% $22,767,442
G88 Golden Mile Res Ltd 0.04 0% $13,175,580
EPM Eclipse Metals 0.016 0% $32,448,957
EVR Ev Resources Ltd 0.015 0% $14,039,761
THR Thor Energy PLC 0.004 0% $5,837,166
YAR Yari Minerals Ltd 0.019 0% $9,164,798
M2R Miramar 0.054 0% $5,990,047
LRD Lordresourceslimited 0.087 0% $3,230,495
WMC Wiluna Mining Corp 0.205 0% $74,238,031
ZEO Zeotech Limited 0.045 0% $76,766,538
ALY Alchemy Resource Ltd 0.015 0% $17,671,144
LIS Lisenergylimited 0.3 0% $49,774,256
KTA Krakatoa Resources 0.028 0% $11,938,544
DAF Discovery Alaska Ltd 0.026 0% $6,090,102
TUL Tulla Resources 0 0% $118,262,971
WES Wesfarmers Limited 50.72 0% $57,516,095,999
LLL Leolithiumlimited 1.14 0% $1,125,447,873
PL3 Patagonia Lithium 0.175 0% $8,575,613
CHR Charger Metals 0.275 0% $17,081,451
LM1 Leeuwin Metals Ltd 0.38 0% $17,018,300
ENT Enterprise Metals 0.0035 0% $2,798,148
FIN FIN Resources Ltd 0.015 0% $9,315,530
NIS Nickelsearch 0.07 0% $6,694,127
KOB Kobaresourceslimited 0.12 0% $12,650,000
LRD Lordresourceslimited 0.087 0% $3,230,495
DYM Dynamicmetalslimited 0.22 0% $7,700,000
SBR Sabre Resources 0.036 0% $10,493,503
BM8 Battery Age Minerals 0.38 0% $28,202,902
IGO IGO Limited 12.9 0% $9,776,327,466
RIO Rio Tinto Limited 106.125 0% $39,541,951,115
ESS Essential Metals Ltd 0.4525 -1% $122,331,285
PLL Piedmont Lithium Inc 0.7 -1% $269,911,013
INR Ioneer Ltd 0.2675 -1% $569,541,453
MIN Mineral Resources. 65.485 -1% $12,882,397,859
NMT Neometals Ltd 0.5425 -1% $304,007,647
SLM Solismineralsltd 0.36 -1% $24,444,199
PLS Pilbara Min Ltd 4.91 -2% $14,961,485,832
CXO Core Lithium 0.55 -2% $1,040,769,405
AGY Argosy Minerals Ltd 0.265 -2% $379,190,024
WR1 Winsome Resources 1.605 -2% $266,466,408
AKE Allkem Limited 13.66 -2% $8,908,083,461
LLI Loyal Lithium Ltd 0.44 -2% $30,820,500
EMH European Metals Hldg 0.86 -2% $109,961,591
PAT Patriot Lithium 0.2 -2% $12,584,438
A11 Atlantic Lithium 0.395 -2% $246,742,872
AAJ Aruma Resources Ltd 0.038 -3% $7,651,872
CMD Cassius Mining Ltd 0.036 -3% $18,378,944
LNR Lanthanein Resources 0.0175 -3% $20,188,360
L1M Lightning Minerals 0.165 -3% $6,667,094
EG1 Evergreenlithium 0.31 -3% $17,993,600
GLN Galan Lithium Ltd 0.72 -3% $258,270,270
GT1 Greentechnology 0.535 -4% $118,202,525
WC8 Wildcat Resources 0.25 -4% $173,048,616
NKL Nickelxltd 0.074 -4% $6,655,517
PAM Pan Asia Metals 0.24 -4% $38,940,359
VUL Vulcan Energy 3.57 -4% $622,487,320
PSC Prospect Res Ltd 0.115 -4% $55,471,135
AX8 Accelerate Resources 0.023 -4% $9,110,442
AS2 Askarimetalslimited 0.225 -4% $16,067,056
DRE Dreadnought Resources Ltd 0.045 -4% $157,087,076
LRS Latin Resources Ltd 0.335 -4% $919,587,975
LLO Lion One Metals Ltd 1.05 -5% $15,190,278
AM7 Arcadia Minerals 0.1 -5% $9,875,261
MNS Magnis Energy Tech 0.1 -5% $123,847,306
PMT Patriotbatterymetals 1.28 -5% $470,286,257
BYH Bryah Resources Ltd 0.018 -5% $6,640,600
MHC Manhattan Corp Ltd 0.009 -5% $27,901,308
ZNC Zenith Minerals Ltd 0.07 -5% $26,076,185
EMS Eastern Metals 0.052 -5% $3,659,691
AML Aeon Metals Ltd. 0.016 -6% $18,638,811
IPT Impact Minerals 0.015 -6% $45,515,262
MM1 Midasmineralsltd 0.29 -6% $23,872,553
REC Rechargemetals 0.21 -7% $23,756,507
RGL Riversgold 0.013 -7% $13,317,660
CY5 Cygnus Metals Ltd 0.25 -7% $60,283,045
TOR Torque Met 0.125 -7% $13,005,500
FRS Forrestaniaresources 0.072 -8% $7,263,548
TMX Terrain Minerals 0.006 -8% $7,040,795
IMI Infinitymining 0.105 -9% $8,878,159
AUN Aurumin 0.021 -9% $6,785,911
DAL Dalaroometalsltd 0.052 -9% $2,956,875
ARN Aldoro Resources 0.155 -9% $22,886,036
RMX Red Mount Min Ltd 0.0045 -10% $12,621,755
IEC Intra Energy Corp 0.0045 -10% $8,103,908
LIT Lithium Australia 0.041 -11% $56,174,817
MXR Maximus Resources 0.03 -17% $11,529,208
Wordpress Table Plugin

 

WHO’S GOT NEWS OUT?

Here’s more news out of lithium plays today.

 

LAKE RESOURCES (ASX:LKE)

LKE is back in vogue with investors after posting some nifty brine sampling techniques it reckons will boost an upcoming definitive feasibility study (DFS) for its Kachi lithium brine project in Argentina.

LKE CEO David Dickson reckons extraction and injection tests have allowed them to optimise the future wellfields and are “indicative of high-yield, production-scale extraction wells in the core resource area”.

At wells KB and KC, pumping tests for brine extraction resulted in high transmissivity.

“This has improved the lithium concentration signature from the screened intervals (200-250m) from the exploration drilling phase sampling of 223.5 mg/l Li for KB and 223.0 mg/l Li for KC,” the company stated.

The project developer says these chemistry samples will have some impact on future resource calculations.

 

 

STELAR METALS (ASX:SLB)

The minerals explorer has announced high-grade lithium assay results from its first reconnaissance rock-chip sampling at its newly acquired Trident lithium project near Broken Hill.

The project extends over the 20km strike length of the Euriowie Tin pegmatite field – a highly prospective location for hard-rock lithium mineralisation.

The company reckons the LCT-type pegmatites vary in size but are up to 100m wide and over 1km in length and have historically been mined for lithium and tin.

Further highlights include the fact 70% of the rock chips over the Trident lithium pegmatite mine have returned >5% Li2O.

Also, soil samples have returned up to 1,756ppm Li2O and geological mapping defined zoned pegmatites at the mine.

Additional rock-chip assays and soil results are anticipated in late August, while on-ground exploration will continue to be focused on the detailed mapping and sampling of the “abundant” pegmatites within the ~20km strike length.

 

 

QX RESOURCES (ASX:QXR)

QXR has identified multiple new pegmatites at its Western Shaw lithium project in the WA Pilbara, a prime location for hard rock discoveries.

Multiple pegmatites were identified and sampled in the west and south of the company’s Western Shaw leases, with encouraging lithium results from mobile XRF analysis.

Western Shaw is just one of QXR’s four large project areas, which also include Split Rock, Yule River and Turner River, with a combined size of >350km2.

“Multiple new targets are being generated with initial work yielding encouraging results, especially around identified pegmatites,” MD Steve Promnitz said.

“We are keen to advance exploration promptly.”

Rockchip sampling over outcropping pegmatites is now underway, with updates to the market imminent.

 

 

At Stockhead, we tell it like it is. While QX Resources and Azure Minerals are Stockhead advertisers, they did not sponsor this article.

Read MoreLithiumSmall Caps

Featured Companies

You might be interested in