Eye on Lithium: Bearish battery rumours didn't stop lithium prices climbing to record highs in November

Corazon Mining discovers spodumene bearing pegmatite at the Miriam project in WA
St George has entered into an MoU with global battery giant SVOLT
Latin Resources defines maiden resource at the Colina lithium deposit

All your lithium news, Thursday December 8.

Lithium prices in China continued to climb in the first half of November before stabilising in the latter half, as rumours swirled that downstream battery supply chain players would limit production for the rest of 2022.

This resulted in an overall (and still very respectable) 4.9% month-on-month increase in Benchmark Mineral Intelligence’s Lithium Price Index.

Lithium carbonate prices averaged US$68,114/t ($101,517/t) in November, up 4.3% from the previous month, while lithium hydroxide retained a small premium with an average weighted price of US$71,565/t – a 5.8% increase.

Spodumene recorded the biggest increase in value, soaring 15.1% to US$5,903/t.

Benchmark added that some spodumene contract pricing mechanisms tied to the lithium chemicals spot market could have been successfully renegotiated, allowing for a shorter lag time for pricing movements in the chemicals market to be reflected in spodumene pricing.

This could have been behind the notable uptick on the lower end of pricing as these contracts moved closer in line with recent developments in the Chinese lithium chemical spot market.

New supply was brought online by NYSE listed Livent and Allkem (ASX:AKE), who both added new lithium hydroxide capacity at their respective projects in the US and Japan to meet growing demand from customers.

Downstream customers have also moved to secure supply with South Korea’s SK On signing an offtake agreement with Chile’s SQM, for the supply of 57,000 tonnes of lithium hydroxide over a five-year period from 2023.

On the spodumene front, feedstock supply has also received a boost after Pilbara Minerals (ASX:PLS) secured a $250m debt facility to support expansion of its Pilgangoora project in WA.

Here’s how ASX lithium stocks are tracking:

CODE	COMPANY	PRICE	% TODAY	MARKET CAP
LLI	Loyal Lithium Ltd	0.56	17%	$22,435,200
MLS	Metals Australia	0.05	14%	$26,709,592
WR1	Winsome Resources	1.54	12%	$190,693,069
AM7	Arcadia Minerals	0.26	11%	$10,974,005
TON	Triton Min Ltd	0.037	9%	$47,014,662
THR	Thor Mining PLC	0.0065	8%	$8,653,277
STM	Sunstone Metals Ltd	0.041	8%	$99,576,964
MNS	Magnis Energy Tech	0.385	7%	$349,319,334
TSC	Twenty Seven Co. Ltd	0.08	7%	$7,982,483
AOA	Ausmon Resorces	0.008	7%	$6,429,670
ADV	Ardiden Ltd	0.0085	6%	$21,346,683
WML	Woomera Mining Ltd	0.02	5%	$17,852,102
BYH	Bryah Resources Ltd	0.027	4%	$7,312,590
TEM	Tempest Minerals	0.027	4%	$13,123,921
KTA	Krakatoa Resources	0.055	4%	$18,269,626
LNR	Lanthanein Resources	0.031	3%	$28,884,767
GW1	Greenwing Resources	0.33	3%	$40,385,748
1MC	Morella Corporation	0.0175	3%	$98,626,448
MRR	Minrex Resources Ltd	0.04	3%	$42,309,833
GSM	Golden State Mining	0.049	2%	$5,616,682
AOU	Auroch Minerals Ltd	0.055	2%	$20,040,037
MMC	Mitremining	0.285	2%	$7,583,828
CAI	Calidus Resources	0.355	1%	$153,276,097
EUR	European Lithium Ltd	0.079	1%	$113,040,656
TUL	Tulla Resources	0.4	1%	$79,234,130
PLL	Piedmont Lithium Inc	0.835	1%	$435,245,910
CHR	Charger Metals	0.595	1%	$25,727,561
LEL	Lithenergy	0.9	1%	$53,834,250
WES	Wesfarmers Limited	47.8	0%	$54,016,149,129
AML	Aeon Metals Ltd.	0.028	0%	$30,699,217
AVZ	AVZ Minerals Ltd	0.78	0%	$2,752,409,203
INR	Ioneer Ltd	0.54	0%	$1,133,102,664
LIT	Lithium Australia	0.048	0%	$58,617,200
LPD	Lepidico Ltd	0.016	0%	$122,204,340
QPM	Queensland Pacific	0.115	0%	$200,830,011
PSC	Prospect Res Ltd	0.145	0%	$67,027,622
RLC	Reedy Lagoon Corp.	0.011	0%	$6,131,696
ARN	Aldoro Resources	0.27	0%	$30,486,326
AS2	Askarimetalslimited	0.395	0%	$19,488,953
FG1	Flynngold	0.097	0%	$6,213,922
FRS	Forrestaniaresources	0.14	0%	$8,513,582
CTN	Catalina Resources	0.009	0%	$11,146,382
KZR	Kalamazoo Resources	0.21	0%	$31,252,069
QXR	Qx Resources Limited	0.053	0%	$46,738,703
SCN	Scorpion Minerals	0.076	0%	$25,361,671
AZI	Altamin Limited	0.08	0%	$31,337,340
ENT	Enterprise Metals	0.009	0%	$6,345,726
AVW	Avira Resources Ltd	0.003	0%	$6,401,370
A8G	Australasian Metals	0.225	0%	$9,263,361
MQR	Marquee Resource Ltd	0.057	0%	$18,104,202
SRZ	Stellar Resources	0.012	0%	$12,055,571
LSR	Lodestar Minerals	0.0055	0%	$9,561,405
VKA	Viking Mines Ltd	0.011	0%	$11,277,843
IPT	Impact Minerals	0.008	0%	$19,850,964
VMC	Venus Metals Cor Ltd	0.14	0%	$24,931,016
ZNC	Zenith Minerals Ltd	0.255	0%	$89,585,217
EVR	Ev Resources Ltd	0.016	0%	$14,863,745
CZL	Cons Zinc Ltd	0.021	0%	$9,721,350
MM1	Midasmineralsltd	0.185	0%	$10,569,376
M2R	Miramar	0.094	0%	$6,644,084
WMC	Wiluna Mining Corp	0.205	0%	$74,238,031
AUN	Aurumin	0.08	0%	$10,804,571
TYX	Tyranna Res Ltd	0.025	0%	$60,135,633
DAF	Discovery Alaska Ltd	0.028	0%	$6,278,572
FTL	Firetail Resources	0.16	0%	$10,400,000
DAL	Dalaroometalsltd	0.13	0%	$3,883,750
CY5	Cygnus Gold Limited	0.49	0%	$81,189,273
CMD	Cassius Mining Ltd	0.027	0%	$11,029,308
IR1	Irismetals	1.7575	0%	$110,718,450
GL1	Globallith	2.24	0%	$478,571,076
VUL	Vulcan Energy	6.98	-1%	$1,009,080,519
RDT	Red Dirt Metals Ltd	0.49	-1%	$164,700,932
LPI	Lithium Pwr Int Ltd	0.485	-1%	$191,688,552
NMT	Neometals Ltd	0.97	-1%	$541,686,352
RIO	Rio Tinto Limited	114.31	-1%	$42,875,472,717
EMS	Eastern Metals	0.089	-1%	$3,515,797
OCN	Oceanalithiumlimited	0.43	-1%	$15,366,375
SGQ	St George Min Ltd	0.074	-1%	$60,857,574
AAJ	Aruma Resources Ltd	0.071	-1%	$11,301,228
DTM	Dart Mining NL	0.065	-2%	$10,247,171
BMM	Balkanminingandmin	0.275	-2%	$12,043,012
LLL	Leolithiumlimited	0.515	-2%	$517,994,879
CRR	Critical Resources	0.049	-2%	$78,891,914
NWM	Norwest Minerals	0.049	-2%	$11,105,369
GT1	Greentechnology	0.93	-2%	$181,201,473
DRE	Dreadnought Resources Ltd	0.088	-2%	$276,634,040
BNR	Bulletin Res Ltd	0.1075	-2%	$32,185,021
MIN	Mineral Resources.	88	-2%	$17,091,613,818
MXR	Maximus Resources	0.042	-2%	$13,712,948
AGY	Argosy Minerals Ltd	0.605	-2%	$870,732,649
PGD	Peregrine Gold	0.4	-2%	$15,888,274
TKM	Trek Metals Ltd	0.078	-3%	$29,115,607
PAM	Pan Asia Metals	0.385	-3%	$58,007,958
LRV	Larvottoresources	0.19	-3%	$10,414,073
SRI	Sipa Resources Ltd	0.038	-3%	$8,852,451
AKE	Allkem Limited	13.435	-3%	$8,799,681,587
IMI	Infinitymining	0.36	-3%	$23,833,853
AZL	Arizona Lithium Ltd	0.07	-3%	$173,514,640
LKE	Lake Resources	0.9475	-3%	$1,356,516,241
NVA	Nova Minerals Ltd	0.68	-3%	$146,762,891
EFE	Eastern Resources	0.033	-3%	$38,668,967
RAG	Ragnar Metals Ltd	0.016	-3%	$6,256,551
AX8	Accelerate Resources	0.03	-3%	$9,641,860
SYA	Sayona Mining Ltd	0.2225	-3%	$1,997,327,253
JRL	Jindalee Resources	2.07	-3%	$122,790,987
KGD	Kula Gold Limited	0.028	-3%	$10,475,146
WC8	Wildcat Resources	0.028	-3%	$19,198,659
ALY	Alchemy Resource Ltd	0.027	-4%	$32,986,135
TMB	Tambourahmetals	0.13	-4%	$5,561,001
KAI	Kairos Minerals Ltd	0.026	-4%	$53,030,524
LIS	Lisenergylimited	0.375	-4%	$64,706,533
G88	Golden Mile Res Ltd	0.024	-4%	$5,114,744
IGO	IGO Limited	14.9	-4%	$11,760,369,136
A11	Atlantic Lithium	0.7	-4%	$442,191,412
PLS	Pilbara Min Ltd	4.505	-4%	$14,119,923,718
INF	Infinity Lithium	0.1575	-5%	$76,327,695
ASN	Anson Resources Ltd	0.205	-5%	$253,324,808
ESS	Essential Metals Ltd	0.395	-5%	$110,832,678
GLN	Galan Lithium Ltd	1.275	-5%	$408,123,641
MTM	Mtmongerresources	0.09	-5%	$4,584,205
WCN	White Cliff Min Ltd	0.016	-6%	$12,709,257
RGL	Riversgold	0.03	-6%	$30,254,967
RAS	Ragusa Minerals Ltd	0.145	-6%	$20,974,313
LTR	Liontown Resources	1.81	-6%	$4,250,102,402
EMH	European Metals Hldg	0.69	-7%	$88,454,250
ZEO	Zeotech Limited	0.047	-8%	$83,675,989
RMX	Red Mount Min Ltd	0.0055	-8%	$9,854,183
XTC	Xantippe Res Ltd	0.0055	-8%	$48,871,379
LRD	Lordresourceslimited	0.22	-8%	$7,988,309
CXO	Core Lithium	1.1975	-9%	$2,408,198,439
LRS	Latin Resources Ltd	0.1325	-9%	$295,446,385
PNN	Power Minerals Ltd	0.525	-9%	$41,851,805
EPM	Eclipse Metals	0.015	-12%	$34,412,366
VSR	Voltaic Strategic	0.029	-12%	$10,112,211
TKL	Traka Resources	0.005	-17%	$4,132,647

Only 28 lithium companies finished in the green today.

Who’s got news out?

CORAZON MINING (ASX:CZN)

CZN has discovered spodumene (lithium) bearing pegmatite at the Miriam project in WA’s Goldfields region.

A program of initial site reconnaissance spotted widespread indications of pegmatite throughout the project – along with an outcrop hosting “abundant large spodumene crystals”.

The company plans to begin targeted and systematic on-ground exploration once its tenure has been approved by WA’s Mines Department.

ST GEORGE MINING (ASX:SGQ)

Emerging lithium explorer SGQ has entered into a memorandum of understanding (MoU) to establish a strategic relationship to collaborate with SVOLT Energy Technology Co.

The SVOLT MoU will last for an initial term of two years, with a range of potential outcomes.

One of them includes a $5m investment in SGQ by SVOLT subject to pricing and completion of due diligence, offtake arrangements to secure up to 25% of future spodumene concentrate production from SGQ’s Mt Alexander lithium project, funding support and a potential JV to acquire and develop new lithium projects.

LATIN RESOURCES (ASX:LRS)

LRS has defined a maiden resource at the Colina lithium deposit, within the Salinas Project in Brail in just 10 months from only 10,528m of drilling.

The Indicated and Inferred resource estimate sits at 13.3Mt at 1.2% Li20 (2.08Mt indicated and 11.17Mt inferred) – and there’s potential for significant growth when considering the exploration target of 13.5Mt to 22Mt at a grade ranging from 1.2% Li2O to 1.5% Li2O.

With eight drill rigs scheduled to be onsite from mid-January, Latin says it will be aggressively drilling throughout the new year.

WIDGIE NICKEL (ASX:WIN)

Initial assays received from 10 out of 18 reverse circulation drill-holes have confirmed the presence of significant shallow, high grade lithium bearing pegmatite at Faraday prospect within the wider Mt Edwards Project.

Highlights from drilling include 10m at 0.90% Li20 from 22m, including 3m at 1.49% Li20 from 29m, and 14m at 0.88% Li20 from 10m including 8m at 1.05% Li20 from 11m and 3m at 0.99% Li20 from 20m.

WIN plans to accelerate exploration with RC drilling, which it says will begin in January to test potential down dip and strike extensions (over 400m of untested outcrop).

LITHIUM POWER INTERNATIONAL (ASX:LPI)

LPI has completed the acquisition of water rights covering its Maricunga lithium project in Chile.

With this acquisition of the 62 litres/second CAN 6 rights, the company can replace a long-term lease that it previously held for part of its water requirements.
The Stage One project will produce an average of 15,200 tonnes per year of battery grade lithium carbonate and will have a low freshwater consumption of just 8 l/s.

POWER MINERALS (ASX:PNN)

Power Minerals has launched a preliminary economic assessment (PEA) at the Rincon salar at the Salta Lithium-Brine Project in the lithium triangle of north-west Argentina.

The PEA, which will be completed to Scoping Study level, is being conducted by global engineering and mining consultants Golder Associates and will assess the production and life-of-mine profile, along with engineering and process costs, plus capital costs and operating costs for a potential high-quality lithium carbonate (LCE) producing operation at Rincon.

PNN says it will contemplate conceptual production of a minimum of 2,000tpa LCE, via DLE, at each of the Rincon, Incahuasi and Pocitos salares; for a total of 6,000tpa LCE.