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Eye on Lithium: Bank of America boffin predicts lithium surplus in 2023
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- BOA analyst says could be a surplus of lithium in 2023 as higher supply volumes look to surpass demand
- Sayona produces first spodumene concentrate at the North American Lithium (NAL) operation
- Geochemical results at the Paynes Find project propels exploration forward as Golden State prepares for upcoming field season
All your lithium news, Wednesday March 8.
Bank of America’s Matty Zhao claims there could be a surplus of lithium in 2023 as higher supply volumes look to surpass demand.
“We see a lot of supply coming out from lithium mines … We are expecting 38% lithium supply growth this year. That’s why 2023 is likely to turn into a surplus year for lithium,” Zhao told CNBC.
She also said she expects China’s electric vehicle demand growth to slow from 95% last year to 22% this year, which is the sort of thing that happens naturally as industries scale.
Is @BankofAmerica the new @GoldmanSachs? Of course more supply is coming on but their math doesn’t work. Feel free to point out an obvious error in the narrative. https://t.co/5OyNCZ2dA2
— Joe Lowry (@globallithium) March 8, 2023
Meanwhile, Argentina Mining Undersecretary Fernanda Avila says South American nations need to coordinate to turn more of the region’s mined lithium into battery chemicals.
At the annual PDAC Convention in Toronto, Canada, Avila told reporters the lithium triangle of Argentina, Chile, and Bolivia account for more than half of global lithium resources with both Brazil and Argentina boasting auto-making experience.
“We have to prepare ourselves for what’s coming and be able to adapt — beginning perhaps with cells, working toward industrialisation, and getting to batteries,” she said.
“Adding value is central for us.
“We know the industry today is growing and there’s a lot of pressure and price volatility. But it’s about making the most of this window of opportunity, not just by shipping out lithium carbonate.”
Here’s how ASX lithium stocks are tracking:
| CODE | COMPANY | PRICE | % TODAY | MARKET CAP |
|---|---|---|---|---|
| TYX | Tyranna Res Ltd | 0.023 | 15% | $48,128,507 |
| G88 | Golden Mile Res Ltd | 0.016 | 14% | $2,864,257 |
| LNR | Lanthanein Resources | 0.018 | 13% | $17,945,209 |
| WCN | White Cliff Min Ltd | 0.011 | 10% | $7,840,544 |
| FG1 | Flynngold | 0.08 | 7% | $7,715,515 |
| IPT | Impact Minerals | 0.0085 | 6% | $19,850,964 |
| MXR | Maximus Resources | 0.036 | 6% | $10,847,896 |
| AML | Aeon Metals Ltd. | 0.023 | 5% | $24,120,814 |
| PSC | Prospect Res Ltd | 0.23 | 5% | $101,697,082 |
| LPD | Lepidico Ltd | 0.0135 | 4% | $99,291,032 |
| EMC | Everest Metals Corp | 0.085 | 4% | $8,727,515 |
| EFE | Eastern Resources | 0.0165 | 3% | $19,871,143 |
| AS2 | Askarimetalslimited | 0.585 | 3% | $28,213,592 |
| ZNC | Zenith Minerals Ltd | 0.225 | 2% | $77,375,330 |
| EMH | European Metals Hldg | 0.685 | 2% | $84,418,265 |
| CRR | Critical Resources | 0.047 | 2% | $73,358,724 |
| EUR | European Lithium Ltd | 0.07 | 1% | $99,997,503 |
| MNS | Magnis Energy Tech | 0.355 | 1% | $339,616,019 |
| LIT | Lithium Australia | 0.0385 | 1% | $46,405,284 |
| ADV | Ardiden Ltd | 0.007 | 0% | $18,818,347 |
| AVZ | AVZ Minerals Ltd | 0.78 | 0% | $2,752,409,203 |
| ESS | Essential Metals Ltd | 0.485 | 0% | $129,769,847 |
| INF | Infinity Lithium | 0.11 | 0% | $50,885,130 |
| JRL | Jindalee Resources | 2.6 | 0% | $149,185,312 |
| QPM | Queensland Pacific | 0.115 | 0% | $200,830,011 |
| RLC | Reedy Lagoon Corp. | 0.008 | 0% | $4,533,757 |
| TKL | Traka Resources | 0.006 | 0% | $4,336,647 |
| BMM | Balkanminingandmin | 0.345 | 0% | $15,446,345 |
| AX8 | Accelerate Resources | 0.026 | 0% | $9,817,646 |
| AM7 | Arcadia Minerals | 0.225 | 0% | $10,507,026 |
| BYH | Bryah Resources Ltd | 0.023 | 0% | $6,468,830 |
| EMS | Eastern Metals | 0.07 | 0% | $2,734,509 |
| GSM | Golden State Mining | 0.039 | 0% | $4,563,554 |
| LRV | Larvottoresources | 0.17 | 0% | $11,433,303 |
| RAG | Ragnar Metals Ltd | 0.015 | 0% | $5,687,773 |
| CTN | Catalina Resources | 0.006 | 0% | $7,430,921 |
| TEM | Tempest Minerals | 0.021 | 0% | $10,636,560 |
| AZL | Arizona Lithium Ltd | 0.058 | 0% | $141,665,269 |
| KGD | Kula Gold Limited | 0.019 | 0% | $6,863,026 |
| PNN | Power Minerals Ltd | 0.42 | 0% | $30,343,254 |
| MTM | Mtmongerresources | 0.11 | 0% | $6,419,331 |
| ENT | Enterprise Metals | 0.01 | 0% | $7,050,807 |
| PGD | Peregrine Gold | 0.43 | 0% | $16,672,772 |
| AVW | Avira Resources Ltd | 0.003 | 0% | $6,401,370 |
| BNR | Bulletin Res Ltd | 0.105 | 0% | $30,827,066 |
| RMX | Red Mount Min Ltd | 0.0045 | 0% | $10,223,330 |
| A8G | Australasian Metals | 0.15 | 0% | $6,175,574 |
| NWM | Norwest Minerals | 0.037 | 0% | $8,217,973 |
| AOA | Ausmon Resorces | 0.006 | 0% | $5,815,736 |
| VKA | Viking Mines Ltd | 0.0105 | 0% | $10,765,214 |
| SRI | Sipa Resources Ltd | 0.025 | 0% | $5,703,953 |
| RGL | Riversgold | 0.019 | 0% | $17,963,887 |
| EPM | Eclipse Metals | 0.018 | 0% | $36,505,076 |
| EVR | Ev Resources Ltd | 0.015 | 0% | $14,039,761 |
| THR | Thor Energy PLC | 0.006 | 0% | $8,868,677 |
| CZL | Cons Zinc Ltd | 0.018 | 0% | $8,682,441 |
| MM1 | Midasmineralsltd | 0.15 | 0% | $8,569,765 |
| AOU | Auroch Minerals Ltd | 0.052 | 0% | $22,247,947 |
| XTC | Xantippe Res Ltd | 0.006 | 0% | $63,480,598 |
| WMC | Wiluna Mining Corp | 0.205 | 0% | $74,238,031 |
| AUN | Aurumin | 0.052 | 0% | $9,295,427 |
| ALY | Alchemy Resource Ltd | 0.016 | 0% | $18,849,220 |
| GW1 | Greenwing Resources | 0.25 | 0% | $37,064,716 |
| DAF | Discovery Alaska Ltd | 0.03 | 0% | $6,727,041 |
| IR1 | Irismetals | 1.16 | 0% | $74,506,800 |
| CY5 | Cygnus Metals Ltd | 0.365 | 0% | $67,114,087 |
| CMD | Cassius Mining Ltd | 0.033 | 0% | $13,480,266 |
| VSR | Voltaic Strategic | 0.019 | 0% | $5,838,704 |
| SGQ | St George Min Ltd | 0.068 | 0% | $56,942,217 |
| LLO | Lion One Metals Ltd | 0.975 | 0% | $11,708,739 |
| AKE | Allkem Limited | 12.075 | 0% | $7,702,909,679 |
| WES | Wesfarmers Limited | 49.93 | 0% | $56,676,941,601 |
| RIO | Rio Tinto Limited | 124.54 | 0% | $46,402,026,750 |
| GL1 | Globallith | 1.6 | -1% | $344,274,808 |
| GT1 | Greentechnology | 0.725 | -1% | $140,192,719 |
| LLL | Leolithiumlimited | 0.5275 | -1% | $527,861,448 |
| LPI | Lithium Pwr Int Ltd | 0.35 | -1% | $223,329,634 |
| VUL | Vulcan Energy | 6.26 | -1% | $910,814,161 |
| AGY | Argosy Minerals Ltd | 0.695 | -1% | $990,107,286 |
| SCN | Scorpion Minerals | 0.068 | -1% | $23,853,727 |
| WR1 | Winsome Resources | 2 | -1% | $326,792,480 |
| A11 | Atlantic Lithium | 0.65 | -2% | $399,789,496 |
| PLS | Pilbara Min Ltd | 4.095 | -2% | $12,471,736,239 |
| LKE | Lake Resources | 0.615 | -2% | $887,465,439 |
| PAT | Patriot Lithium | 0.305 | -2% | $18,797,626 |
| ZEO | Zeotech Limited | 0.059 | -2% | $98,442,340 |
| LTR | Liontown Resources | 1.625 | -2% | $3,638,442,418 |
| NVA | Nova Minerals Ltd | 0.51 | -2% | $109,662,684 |
| MIN | Mineral Resources. | 86.99 | -2% | $17,049,016,711 |
| LEL | Lithenergy | 0.715 | -2% | $43,909,500 |
| ARN | Aldoro Resources | 0.225 | -2% | $25,969,833 |
| TUL | Tulla Resources | 0.22 | -2% | $47,890,901 |
| LRD | Lordresourceslimited | 0.195 | -3% | $6,658,424 |
| QXR | Qx Resources Limited | 0.038 | -3% | $34,977,631 |
| IGO | IGO Limited | 13.395 | -3% | $10,412,432,429 |
| IMI | Infinitymining | 0.185 | -3% | $14,530,881 |
| KAI | Kairos Minerals Ltd | 0.0185 | -3% | $37,317,776 |
| TKM | Trek Metals Ltd | 0.072 | -3% | $26,931,936 |
| OCN | Oceanalithiumlimited | 0.35 | -3% | $13,109,040 |
| DRE | Dreadnought Resources Ltd | 0.069 | -3% | $233,854,704 |
| TON | Triton Min Ltd | 0.034 | -3% | $48,397,446 |
| AZI | Altamin Limited | 0.068 | -3% | $27,420,173 |
| CHR | Charger Metals | 0.33 | -3% | $14,862,885 |
| KZR | Kalamazoo Resources | 0.165 | -3% | $25,469,294 |
| RAS | Ragusa Minerals Ltd | 0.097 | -3% | $14,259,879 |
| SYA | Sayona Mining Ltd | 0.2375 | -3% | $2,130,327,502 |
| AAJ | Aruma Resources Ltd | 0.062 | -3% | $10,045,536 |
| MRR | Minrex Resources Ltd | 0.03 | -3% | $33,630,893 |
| VMC | Venus Metals Cor Ltd | 0.145 | -3% | $26,711,802 |
| GLN | Galan Lithium Ltd | 1.145 | -3% | $363,694,755 |
| ASN | Anson Resources Ltd | 0.2025 | -4% | $247,661,386 |
| FTL | Firetail Resources | 0.135 | -4% | $9,100,000 |
| RDT | Red Dirt Metals Ltd | 0.39 | -4% | $180,187,533 |
| CXO | Core Lithium | 0.9675 | -4% | $1,864,291,878 |
| M2R | Miramar | 0.05 | -4% | $3,675,451 |
| FRS | Forrestaniaresources | 0.12 | -4% | $7,611,413 |
| PAM | Pan Asia Metals | 0.345 | -4% | $52,868,012 |
| MLS | Metals Australia | 0.043 | -4% | $27,316,629 |
| NMT | Neometals Ltd | 0.695 | -5% | $403,501,058 |
| INR | Ioneer Ltd | 0.3425 | -5% | $755,401,776 |
| PLL | Piedmont Lithium Inc | 0.875 | -5% | $398,156,680 |
| WC8 | Wildcat Resources | 0.028 | -5% | $19,529,670 |
| DTM | Dart Mining NL | 0.043 | -7% | $7,158,546 |
| MQR | Marquee Resource Ltd | 0.028 | -7% | $9,816,225 |
| WML | Woomera Mining Ltd | 0.013 | -7% | $13,386,257 |
| LLI | Loyal Lithium Ltd | 0.325 | -7% | $20,821,500 |
| LIS | Lisenergylimited | 0.25 | -7% | $44,796,830 |
| KTA | Krakatoa Resources | 0.035 | -8% | $13,098,977 |
| CAI | Calidus Resources | 0.23 | -8% | $109,887,710 |
| 1MC | Morella Corporation | 0.011 | -8% | $73,182,965 |
| LRS | Latin Resources Ltd | 0.11 | -8% | $264,198,590 |
| STM | Sunstone Metals Ltd | 0.031 | -9% | $89,095,178 |
| DAL | Dalaroometalsltd | 0.069 | -10% | $2,300,375 |
| LSR | Lodestar Minerals | 0.004 | -11% | $7,822,968 |
| MMC | Mitremining | 0.25 | -15% | $10,615,605 |
| SRZ | Stellar Resources | 0.01 | -17% | $12,055,571 |
| TMB | Tambourahmetals | 0.099 | -18% | $4,943,112 |
A total of 19 companies finished in the green, 54 fell flat and 64 tumbled into the red zone.
Who’s got news out?
SAYONA MINING (ASX:SYA)
Sayona’s share price has dropped some 3.27% despite producing first spodumene concentrate at the North American Lithium (NAL) operation in Quebec, Canada.
Around 70t of lithium concentrate was produced with commissioning proceeding on schedule and within budget as the demand for the key mineral intensifies.
Sayona expects the first shipment of spodumene concentrate from NAL to occur in July 2023, with four shipments targeted for the first half of fiscal 2024.
The company is targeting total production between 85,000t and 115,000t during this period.
NAL and Jourdan Resources have also agreed to embark on an exploration and development program with more than 50,000m of drilling planned to take place at NAL and 24,000m of drilling at the Vallee Lithium Project.
GOLDEN STATE MINING (ASX:GSM)
Robust geochemical results from a first pass program at the Paynes Find project has propelled exploration forward as Golden State prepares for the upcoming field season.
Two priority targets, up to 6km long, have been identified with infill soil testing underway and further mapping to redefine drill targeting in early July.
Around 683 soil samples have been collected for independent analysis and revealed 29 areas of interest.
Assay results recorded lithium anomalism up to 217ppm along with robust pathfinder support. The geochemical program does not include the higher priority structural targets which will be drilled later in the year.
EUROPEAN LITHIUM (ASX:EUR)
European Lithium has made a big statement in its bid to become the first on-shore producer of lithium hydroxide on the European continent, placing a US$1.5 billion post-tax NPV on its Wolfsberg project in Austria.
Backed by an offtake deal with BMW, a definitive feasibility study released today shows the mine and downstream processing operation will generate 8800t of lithium hydroxide monohydrate per annum for 14.6 years.
That would amount to some 129,000t over the life of mine from the completion of a hydrometallurgical downstream processing facility in 2026.
With a robust DFS and internal rate of return of 33.3%, well above standard industry investment thresholds, construction of that plant is expected to begin in the fourth quarter of this year.
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