Eye on Lithium: Biden bestows $3 billy to boost US battery output

Altamin progresses geothermal lithium brine permits in Italy
Eastern Resources signs strategic partnership agreement with YONGXING
Critical Resources observes visual spodumene at Mavis Lake project

All your ASX lithium news for Wednesday, May 4

US President Joe Biden has announced that $3 billion from its $555 billion infrastructure fund will be used to make more electric vehicle (EV) batteries and components in America and bolster domestic supply chains.

“President Biden’s historic investment in battery production and recycling will give our domestic supply chain the jolt it needs to become more secure and less reliant on other nations,” U.S. Secretary of Energy Jennifer M. Granholm said.

It’s part of the administration’s goal to have EVs make up half of all vehicle sales in America by 2030, and is the latest in a series of funding announcements for the US sector.

Last month, Biden invoked the Defence Production Act to boost domestic production of the battery metals like lithium.

The Department of Energy says up to 30 companies could benefit from the funding, which will support the creation of new, retrofitted, and expanded commercial facilities as well as manufacturing demonstrations and battery recycling.

But the whole recycling angle is bit of a bone of contention for some lithium analysts.

Recycling will not make a difference, not in the next 20 years. The #USA requires a much more ambitious strategy to meet @POTUS‘s goal of 50% of US auto sales being electric by 2030.#Lithium https://t.co/1zCyADVrJq

— Juan Carlos Zuleta (@jczuleta) May 3, 2022

Here’s how ASX lithium stocks were tracking today:

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Code	Company	Price	% Month	% Week	% Today	Market Cap
AZI	Altamin Limited	0.1	9%	16%	39%	$28,203,606.14
VKA	Viking Mines Ltd	0.01	-9%	-9%	11%	$9,227,325.88
RLC	Reedy Lagoon Corp.	0.032	-16%	3%	10%	$15,902,359.67
ENT	Enterprise Metals	0.018	0%	-14%	6%	$10,958,996.54
CZL	Cons Zinc Ltd	0.026	-32%	-13%	4%	$8,783,945.33
EPM	Eclipse Metals	0.028	-7%	-15%	4%	$51,870,413.15
TON	Triton Min Ltd	0.031	7%	-9%	3%	$37,283,525.31
DTM	Dart Mining NL	0.074	4%	-3%	1%	$9,087,837.89
KZR	Kalamazoo Resources	0.375	6%	-10%	1%	$53,721,918.38
AOA	Ausmon Resorces	0.01	11%	11%	0%	$8,572,893.43
AOU	Auroch Minerals Ltd	0.105	-13%	-16%	0%	$37,936,688.90
AVW	Avira Resources Ltd	0.005	-17%	-17%	0%	$10,593,950.00
DRE	Dreadnought Resources Ltd	0.043	10%	-2%	0%	$122,063,392.69
EMH	European Metals Hldg	1.145	-18%	-9%	0%	$161,189,624.93
EMS	Eastern Metals	0.19	-3%	-12%	0%	$6,764,000.00
FG1	Flynngold	0.15	-3%	-3%	0%	$9,609,157.50
LSR	Lodestar Minerals	0.013	-7%	-7%	0%	$22,599,685.52
MMC	Mitremining	0.17	-6%	-6%	0%	$4,604,467.00
MTM	Mtmongerresources	0.185	9%	-10%	0%	$6,412,106.11
PGD	Peregrine Gold	0.475	-5%	-6%	0%	$18,186,167.78
PSC	Prospect Res Ltd	0.96	5%	2%	0%	$414,041,929.92
RAG	Ragnar Metals Ltd	0.043	23%	-9%	0%	$16,025,450.23
SHH	Shree Minerals Ltd	0.012	-25%	-8%	0%	$14,666,842.70
THR	Thor Mining PLC	0.014	-18%	-13%	0%	$14,194,478.63
TKL	Traka Resources	0.011	-8%	10%	0%	$7,576,520.17
TSC	Twenty Seven Co. Ltd	0.0035	-30%	-13%	0%	$9,312,848.67
VMC	Venus Metals Cor Ltd	0.185	-3%	-5%	0%	$27,949,556.36
ZNC	Zenith Minerals Ltd	0.39	0%	-4%	0%	$134,122,620.45
AKE	Allkem Limited	11.93	-4%	1%	0%	$7,626,390,708.56
GLN	Galan Lithium Ltd	1.645	-21%	-5%	0%	$502,239,147.30
RIO	Rio Tinto Limited	110.78	-8%	2%	-1%	$41,520,533,535.90
JRL	Jindalee Resources	4.11	20%	-6%	-1%	$238,122,708.90
CAI	Calidus Resources	0.925	-6%	-4%	-1%	$376,147,702.48
EFE	Eastern Resources	0.0455	-13%	-3%	-1%	$45,744,085.03
RAS	Ragusa Minerals Ltd	0.084	-8%	-2%	-1%	$10,680,915.55
MM1	Midasmineralsltd	0.335	46%	-4%	-1%	$18,508,962.50
PLS	Pilbara Min Ltd	2.61	-24%	-2%	-2%	$7,888,610,611.45
IGO	IGO Limited	12.34	-14%	-3%	-2%	$9,511,283,731.28
NWM	Norwest Minerals	0.052	-20%	-7%	-2%	$9,572,191.51
SRZ	Stellar Resources	0.0255	-6%	-12%	-2%	$21,769,868.28
LIT	Lithium Australia	0.096	-13%	-4%	-2%	$101,445,211.95
KGD	Kula Gold Limited	0.045	-6%	-4%	-2%	$9,898,079.07
PLL	Piedmont Lithium Inc	0.92	-8%	-2%	-3%	$498,554,406.00
KAI	Kairos Minerals Ltd	0.03	-6%	3%	-3%	$60,824,898.22
MIN	Mineral Resources.	54.23	-1%	-1%	-3%	$10,610,407,053.36
A8G	Australasian Metals	0.435	-8%	-10%	-3%	$18,526,722.30
WC8	Wildcat Resources	0.029	-24%	-26%	-3%	$19,358,181.81
LTR	Liontown Resources	1.3625	-30%	-6%	-3%	$3,091,037,529.18
ZEO	Zeotech Limited	0.057	-5%	-11%	-3%	$89,970,012.73
NMT	Neometals Ltd	1.4	-28%	-14%	-4%	$797,887,656.18
WMC	Wiluna Mining Corp	0.625	-32%	-20%	-4%	$137,354,714.25
XTC	Xantippe Res Ltd	0.0125	14%	-11%	-4%	$99,638,264.69
PAM	Pan Asia Metals	0.49	-13%	-10%	-4%	$37,565,908.44
TMB	Tambourahmetals	0.245	-6%	-8%	-4%	$10,504,112.49
LRS	Latin Resources Ltd	0.12	-17%	-29%	-4%	$239,101,766.50
SRI	Sipa Resources Ltd	0.047	-6%	-4%	-4%	$10,046,215.35
AAJ	Aruma Resources Ltd	0.093	-31%	-3%	-4%	$15,225,265.79
CRR	Critical Resources	0.091	-1%	-9%	-4%	$141,199,074.18
GL1	Global Lithium Resources	1.875	-18%	-7%	-4%	$310,104,877.04
FFX	Firefinch Ltd	1.0425	-12%	1%	-4%	$1,287,555,110.89
LPI	Lithium Pwr Int Ltd	0.725	-20%	-8%	-5%	$265,350,084.48
STM	Sunstone Metals Ltd	0.062	-23%	-9%	-5%	$164,971,848.73
AGY	Argosy Minerals Ltd	0.405	-18%	-12%	-5%	$575,669,253.25
INR	Ioneer Ltd	0.6	-17%	-8%	-5%	$1,317,045,491.37
MRR	Minrex Resources Ltd	0.06	-9%	-14%	-5%	$63,549,077.07
MNS	Magnis Energy Tech	0.4125	-21%	-9%	-5%	$420,116,618.12
GSM	Golden State Mining	0.073	-14%	-6%	-5%	$7,993,728.20
BNR	Bulletin Res Ltd	0.18	-33%	-18%	-5%	$55,116,336.96
RDT	Red Dirt Metals Ltd	0.445	-39%	-21%	-5%	$140,888,516.47
QPM	Queensland Pacific	0.175	-8%	3%	-5%	$285,475,929.24
LKE	Lake Resources	1.65	-29%	-18%	-5%	$2,261,736,442.82
CXO	Core Lithium	1.195	-22%	-11%	-6%	$2,171,729,137.66
AM7	Arcadia Minerals	0.255	6%	-14%	-6%	$9,447,975.00
RMX	Red Mount Min Ltd	0.0085	-11%	-6%	-6%	$14,781,274.72
AS2	Askarimetalslimited	0.57	1%	-14%	-6%	$24,875,048.72
M2R	Miramar	0.16	-14%	-16%	-6%	$8,468,553.40
SCN	Scorpion Minerals	0.08	18%	7%	-6%	$28,205,651.32
INF	Infinity Lithium	0.155	-11%	-9%	-6%	$68,446,857.77
LPD	Lepidico Ltd	0.031	-24%	-16%	-6%	$209,378,390.10
EUR	European Lithium Ltd	0.09	-42%	-10%	-6%	$132,759,709.06
VUL	Vulcan Energy	7.63	-28%	-11%	-6%	$1,071,591,032.60
ARN	Aldoro Resources	0.275	-10%	-2%	-7%	$29,268,008.76
TEM	Tempest Minerals	0.081	-55%	-12%	-7%	$43,370,153.28
ADV	Ardiden Ltd	0.013	-13%	-13%	-7%	$37,356,694.98
AZL	Arizona Lithium Ltd	0.1625	-10%	-10%	-7%	$389,255,446.83
ASN	Anson Resources Ltd	0.125	-24%	-7%	-7%	$138,768,165.23
CHR	Charger Metals	0.62	-25%	-11%	-7%	$21,829,293.45
RGL	Riversgold	0.061	-28%	-6%	-8%	$34,749,275.42
AUN	Aurumin	0.18	0%	-5%	-8%	$21,298,534.14
WCN	White Cliff Min Ltd	0.024	-20%	-14%	-8%	$16,993,687.41
QXR	Qx Resources Limited	0.059	-18%	-14%	-8%	$54,199,188.54
AML	Aeon Metals Ltd.	0.046	-36%	-16%	-8%	$43,290,444.40
LRD	Lordresourceslimited	0.345	0%	15%	-8%	$11,544,232.88
MQR	Marquee Resource Ltd	0.115	0%	-12%	-8%	$34,117,593.25
WR1	Winsome Resources	0.455	-7%	-4%	-8%	$66,666,597.03
GT1	Greentechnology	0.955	1%	-17%	-8%	$110,240,000.00
WML	Woomera Mining Ltd	0.021	5%	-22%	-9%	$15,797,160.52
FRS	Forrestaniaresources	0.305	-8%	-10%	-9%	$9,413,099.34
EVR	Ev Resources Ltd	0.049	-17%	-11%	-9%	$50,003,139.83
NVA	Nova Minerals Ltd	0.655	-24%	-11%	-10%	$131,547,668.05
LEL	Lithenergy	1.465	42%	48%	-11%	$74,025,000.00
LRV	Larvotto Resources	0.325	44%	-29%	-11%	$15,040,737.50
IPT	Impact Minerals	0.011	-5%	-13%	-12%	$27,380,769.83
1MC	Morella Corporation	0.029	-17%	-19%	-12%	$170,815,061.54
ESS	Essential Metals Ltd	0.535	-8%	-14%	-12%	$149,817,689.09
MXR	Maximus Resources	0.078	1%	-6%	-12%	$28,293,613.35
IMI	Infinitymining	0.175	6%	-13%	-13%	$11,500,000.00
BYH	Bryah Resources Ltd	0.048	-4%	-24%	-13%	$12,441,394.63
AX8	Accelerate Resources	0.039	-44%	-22%	-13%	$11,855,650.46
MMG	Monger Gold Ltd	0.39	47%	34%	-13%	$11,250,000.00
SYA	Sayona Mining Ltd	0.2675	7%	-22%	-14%	$2,225,795,323.65
ALY	Alchemy Resource Ltd	0.0215	43%	-33%	-14%	$23,826,851.43
G88	Golden Mile Res Ltd	0.055	-10%	-17%	-15%	$13,047,619.91
BMM	Balkanminingandmin	0.3	3%	-15%	-18%	$11,953,750.00
AVZ	AVZ Minerals Ltd	0.79	-39%	-25%	-20%	$3,493,442,450.52
MLS	Metals Australia	0.1025	-27%	-32%	-21%	$49,852,826.66
PNN	PepinNini Minerals	0.67	25%	-16%	-24%	$54,012,769.36

Red day. Only 9 stocks were in the green today, with 21 flatlining and a massive 87 in the red.

Who’s got news out today?

ALTAMIN (ASZ:AZI)

The company is progressing with permitting applications over the Campagnano and Galeria prospects in Cesano, Italy, which are highly prospective for lithium in geothermal brines.

The Regione Lazio (Lazio regional government) has published a determination that both of the EL applications are excluded from the requirement to undergo a VIA procedure (environmental impact assessment) for the scopes of work that Altamin has proposed.

As a result, the Regione Lazio will now proceed with processing the applications – and assuming they are successful – the company will immediately commence its work program starting with a review of all available historical information and assessment of the borehole logging.

The company also told shareholders to take no action on an unsolicited takeover offer from its largest shareholder today.

The 9.5c per share offer is an 8.7% discount to AZI’s 52 week high of 10.4c per share.

EASTERN RESOURCES (ASX:EFE)

The company signed a binding Strategic Partnership Agreement with YONGXING to collaborate on the identification, acquisition and development of lepidolite projects in Australia.

YONGXING is one of the most experienced lithium carbonate producers in China, with unique technology to use lepidolite concentrates to produce battery grade lithium carbonate.

Chairman Eddie King said the agreement further validates the company’s lithium credentials, with the partnership part of EFEs strategy to achieve a low-cost operation and to be a long-term player in lithium industry.

The partnership will provide a solid framework for joint acquisition and development of projects – which extends to establishing for YONGXING a first right of refusal for an offtake agreement for lepidolite concentrates products.

CRITICAL RESOURCES (ASX:CRR)
Visual spodumene has been observed in four of the five holes drilled to date at the company’s ‘Mavis Lake’ project.

This includes a standout 18.1m interval from a down-hole depth of 159.1m in the fifth hole (MF22-64) that is estimated to contain about 20% spodumene-bearing pegmatite and represents an at depth extension of the Pegmatite 6 ore body.

MD Alex Biggs said the intersection was the largest the company had seen so far during its 2022 drill campaign.

“An 18.1m intersection with a high mineral content of ~20% represents a significant milestone in what are still the early stages of our inaugural drill program,” he said.

“Furthermore, to intersect visual spodumene in four of the five initial holes is an excellent outcome.

“The story of Mavis Lake is beginning to unfold and we see this drill campaign as a potentially transformational catalyst for both the project and the company.”

RED DIRT METALS (ASX:RDT)

Results from initial sighter testwork on a pegmatite sample from RDT’s ‘Mt Ida’ Project has returned 74% recovery to 6.2% Li2O concentrate using DMS (Dense Media Separation) Flotation flowsheet.

The results also resulted in a low iron impurity of 0.04% Fe2O3 in concentrate, and the company is now planning follow up testwork.

“One of the major risks in any mining project is the quality of the ore and its amenability to utilising standard extraction technology to produce a saleable product,” MD Matthew Boyes said.

“With this first round of sighter testwork RDT has taken a massive step forward in mitigating that risk and demonstrating the Mt Ida pegmatites contain a significant portion of the Lithium bearing Spodumene which is recoverable into a high-quality and high-purity concentrate.

“A comprehensive follow up testwork program designed to better delineate and optimise the DMS and flotation response to our ore will be underway shortly and the results will form an integral part of our PFS and resource estimation work scheduled to commence in Q3 this year.”

ALDORO RESOURCES (ASX:ARN)

RC drilling is expected to kick off at the ‘Wyemandoo’ critical metal pegmatite project in the next 5 days, weather permitting.

During surface sampling last year Aldoro identified additional pegmatite loop structures which it intends to test in this program.

The aim is also to confirm thickness, depth and orientation of surface exposed pegmatites in addition to potential mineralisation content at depth.

MARQUEE RESOURCES (ASX:MQR)

The company has raised $4m to accelerate exploration at its ‘West Spargoville’ Lithium Project, ‘Kibby Basin’ Lithium Project, ‘Clayton Valley’ Lithium Project and ‘Redlings’ REE Project.

Originally the plan was to raise $2m via a share purchase plan but due to strong demand MQR increased the size of the issue and allowed shareholders “to acquire a meaningful allotment”.

Drilling at the Kibby Basin Lithium Project was previously impacted due to delays in securing a drill rig but now the company expects to begin drilling around the 10^th of May.

AVZ MINERALS (ASX:AVZ)

Today, the company’s share price soared 18% … and then fell 20% after a convoluted announcement.

The DRC Minister of Mines has signed the ministerial decree to award the Mining Licence for the Manono Lithium and Tin Project to Dathcom Mining SA (Dathcom) – which AVZ holds a 75% interest in via its wholly owned subsidiary.

Focusing on the positive news, AVZ’s MD Nigel Ferguson said the Ministerial Decree paves the way for the company to start developing the project. That’s a big deal.

“The company is advancing its early works program ahead of a Final Investment Decision to commence major works and first SC6 production toward the later months of 2023,” he said.

“We have maintained a strategic approach to developing our world-class Manono Project and we will continue to tick every box that will deliver long-term value to what we believe is the largest global hard- rock lithium resource, based on current Proved and Probable Ore Reserves.”