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Mining
Here is all your ASX lithium news for Wednesday, June 1.
Lithium prices across the board have gone parabolic since the bull market kicked off in January 2021, but a bearish Goldman Sach research report — plus news that a China co is buying 6 lithium mines in Africa to feed automaker BYD — has brought it all to a halt… for now.
This is evident by the tumble roll in ASX lithium stocks we witnessed this morning – big boy Pilbara Minerals (ASX:PLS) dipped ~15%, Allkem (ASX:AKE) dropped ~13.6%, Galan (ASX:GLN) ~14.6% and Liontown (ASX:LTR) fell around 19%.
The Goldman Sachs report, released earlier this week, claimed although the long-term prospects for the battery metals remains strong due to the rapid uptake of electric vehicles (EVs), investor enthusiasm has led to an oversupply.
This is not the case, according to Cannacord mining analyst Reg Spencer.
“That oversupply in the market that Goldman Sachs is referring to is in lithium production from China lepidolite sources which is lower grade, difficult to process and more expensive to process in comparison to spodumene,” he said.
“I’ve been covering this sector for seven years and I can tell you supply always disappoints, especially from unconventional sources such as lepidolite that Goldman Sachs is referring to in their research report.
“Lithium projects are always behind schedule, always, and to say that the world’s supply issues are going to be resolved in three years from unconventional resources, which means higher costs to produce and extract…I think is wrong.”
While we are in an environment where there are more uncertain factors at play, Spencer says this is not a prolonged downturn.
“It’s ridiculous, two months ago the market didn’t care about what was going to happen in 2023 but it is because of this report and reports by others including Credit Suisse, that everyone seems to be panicking and selling their shares.
“But it is important to note that all we have seen so far is a fall in equities.
“This is an equities market correction, if you have a look at the fundamentals of the lithium industry, they are still very strong.”
Lithium stocks missing from our list? Shoot a friendly mail to [email protected]
| CODE | COMPANY | Last | %Mth | %Wk | % | MARKET CAP |
|---|---|---|---|---|---|---|
| ADV | Ardiden Ltd | 0.0115 | -23% | 0% | 5% | $29,351,689 |
| AGY | Argosy Minerals Ltd | 0.51 | 12% | 28% | -1% | $697,699,763 |
| 1MC | Morella Corporation | 0.028 | -24% | 4% | 0% | $144,933,992 |
| AML | Aeon Metals Ltd. | 0.034 | -24% | -6% | 0% | $32,053,802 |
| ASN | Anson Resources Ltd | 0.145 | 0% | 21% | 0% | $149,047,289 |
| AVZ | AVZ Minerals Ltd | 0.78 | -21% | 0% | 0% | $2,752,409,203 |
| CXO | Core Lithium | 1.335 | -5% | 5% | -4% | $2,416,632,608 |
| EMH | European Metals Hldg | 0.95 | -18% | -1% | -1% | $135,145,886 |
| ESS | Essential Metals Ltd | 0.575 | -13% | 5% | -4% | $147,869,842 |
| EUR | European Lithium Ltd | 0.076 | -21% | -1% | -3% | $107,867,264 |
| GLN | Galan Lithium Ltd | 1.455 | -16% | 1% | -5% | $467,253,021 |
| INF | Infinity Lithium | 0.14 | -20% | 8% | -3% | $60,176,895 |
| INR | Ioneer Ltd | 0.55 | -19% | 2% | -5% | $1,212,953,664 |
| JRL | Jindalee Resources | 3.49 | -20% | 5% | 0% | $199,678,802 |
| LIT | Lithium Australia | 0.092 | -8% | 7% | 0% | $95,235,201 |
| LKE | Lake Resources | 1.465 | -26% | 2% | -5% | $2,075,248,405 |
| LPD | Lepidico Ltd | 0.03 | -12% | 11% | 0% | $195,205,805 |
| LPI | Lithium Pwr Int Ltd | 0.58 | -26% | 7% | -5% | $212,978,357 |
| LTR | Liontown Resources | 1.3275 | -9% | 0% | -6% | $3,101,998,655 |
| MIN | Mineral Resources. | 60.54 | 3% | 0% | -5% | $12,080,500,898 |
| FFX | Firefinch Ltd | 1.0575 | -6% | 13% | -5% | $1,311,179,975 |
| MLS | Metals Australia | 0.083 | -41% | -14% | -3% | $37,410,210 |
| AKE | Allkem Limited | 12.74 | 4% | -5% | -7% | $8,742,292,359 |
| PLL | Piedmont Lithium Inc | 0.895 | -5% | 10% | -4% | $493,278,698 |
| PLS | Pilbara Min Ltd | 2.71 | -5% | -7% | -8% | $8,781,660,869 |
| QPM | Queensland Pacific | 0.175 | -10% | 9% | -3% | $281,450,364 |
| PSC | Prospect Res Ltd | 0.96 | -1% | 2% | -1% | $432,296,591 |
| RLC | Reedy Lagoon Corp. | 0.026 | -10% | -7% | 4% | $13,708,931 |
| SYA | Sayona Mining Ltd | 0.2075 | -35% | 1% | -6% | $1,581,376,238 |
| TKL | Traka Resources | 0.008 | -20% | 0% | 0% | $5,510,196 |
| TON | Triton Min Ltd | 0.028 | -13% | -3% | 0% | $35,245,957 |
| VUL | Vulcan Energy | 7.97 | -6% | 8% | -3% | $1,078,173,287 |
| GL1 | Globallith | 1.565 | -23% | -5% | -4% | $258,678,157 |
| BMM | Balkanminingandmin | 0.27 | -19% | -10% | -11% | $9,988,750 |
| LEL | Lithenergy | 1.19 | -18% | -14% | 0% | $53,728,500 |
| ARN | Aldoro Resources | 0.23 | -16% | 10% | 0% | $22,819,125 |
| NMT | Neometals Ltd | 1.32 | -17% | 2% | -4% | $754,017,545 |
| IGO | IGO Limited | 11.81 | -10% | 0% | -7% | $9,571,865,156 |
| CHR | Charger Metals | 0.545 | -21% | -5% | 0% | $17,756,664 |
| AAJ | Aruma Resources Ltd | 0.081 | -23% | 7% | -5% | $13,341,728 |
| PAM | Pan Asia Metals | 0.505 | -6% | -2% | -2% | $37,934,202 |
| AX8 | Accelerate Resources | 0.036 | -28% | 3% | 0% | $9,484,520 |
| AM7 | Arcadia Minerals | 0.245 | -14% | 7% | 0% | $8,573,163 |
| AS2 | Askarimetalslimited | 0.495 | -27% | 0% | 0% | $20,581,902 |
| BYH | Bryah Resources Ltd | 0.047 | -16% | 9% | 0% | $10,631,737 |
| DTM | Dart Mining NL | 0.069 | -5% | 3% | 0% | $9,332,951 |
| EMS | Eastern Metals | 0.18 | -14% | 0% | 3% | $6,230,000 |
| FG1 | Flynngold | 0.14 | -13% | -3% | 0% | $8,968,547 |
| FRS | Forrestaniaresources | 0.195 | -46% | 0% | 0% | $5,479,267 |
| GSM | Golden State Mining | 0.064 | -16% | -7% | 0% | $6,644,138 |
| IMI | Infinitymining | 0.165 | -18% | 6% | 0% | $9,487,500 |
| LRV | Larvottoresources | 0.32 | -26% | 10% | 0% | $13,186,400 |
| MMC | Mitremining | 0.14 | -20% | -3% | 0% | $3,791,914 |
| RAG | Ragnar Metals Ltd | 0.046 | -6% | 7% | -2% | $17,821,690 |
| SHH | Shree Minerals Ltd | 0.011 | -15% | 22% | 0% | $13,444,606 |
| TMB | Tambourahmetals | 0.21 | -16% | 0% | 0% | $8,650,446 |
| TEM | Tempest Minerals | 0.051 | -49% | 6% | 9% | $23,724,010 |
| TSC | Twenty Seven Co. Ltd | 0.004 | 0% | 33% | 33% | $7,982,442 |
| WCN | White Cliff Min Ltd | 0.023 | -18% | 10% | 0% | $15,032,877 |
| WML | Woomera Mining Ltd | 0.029 | 16% | 53% | -3% | $20,604,992 |
| AZL | Arizona Lithium Ltd | 0.145 | -17% | 0% | -3% | $334,907,882 |
| CRR | Critical Resources | 0.081 | -19% | 3% | -2% | $123,481,414 |
| KGD | Kula Gold Limited | 0.033 | -31% | 0% | -3% | $7,315,971 |
| LRS | Latin Resources Ltd | 0.115 | -15% | -4% | 0% | $221,861,202 |
| PNN | PepinNini Minerals | 0.485 | -44% | 3% | -4% | $31,059,265 |
| WR1 | Winsome Resources | 0.425 | -10% | 2% | -3% | $59,450,157 |
| KZR | Kalamazoo Resources | 0.335 | -17% | -4% | 0% | $48,640,115 |
| MTM | Mtmongerresources | 0.205 | 3% | 41% | -2% | $7,614,607 |
| QXR | Qx Resources Limited | 0.052 | -26% | 0% | 0% | $44,686,841 |
| SCN | Scorpion Minerals | 0.105 | 19% | 5% | 0% | $34,842,275 |
| AZI | Altamin Limited | 0.096 | 28% | 0% | -1% | $37,996,525 |
| ENT | Enterprise Metals | 0.014 | -22% | 0% | 0% | $9,025,056 |
| KAI | Kairos Minerals Ltd | 0.026 | -10% | -4% | 0% | $51,014,431 |
| STM | Sunstone Metals Ltd | 0.056 | -16% | 2% | -2% | $146,743,446 |
| PGD | Peregrine Gold | 0.5 | -2% | 2% | 0% | $19,143,335 |
| AVW | Avira Resources Ltd | 0.0045 | -10% | 0% | 13% | $8,475,160 |
| NVA | Nova Minerals Ltd | 0.675 | -12% | -1% | 4% | $117,131,485 |
| GT1 | Greentechnology | 0.99 | -12% | 13% | -4% | $140,318,960 |
| BNR | Bulletin Res Ltd | 0.2 | 0% | 18% | -5% | $60,919,131 |
| RMX | Red Mount Min Ltd | 0.009 | -5% | 13% | 6% | $13,960,093 |
| CAI | Calidus Resources | 0.84 | -16% | 2% | -1% | $342,383,109 |
| MRR | Minrex Resources Ltd | 0.058 | -15% | 12% | 2% | $57,496,784 |
| RDT | Red Dirt Metals Ltd | 0.52 | 1% | -7% | -4% | $163,757,390 |
| A8G | Australasian Metals | 0.385 | -20% | -1% | 0% | $15,850,640 |
| EFE | Eastern Resources | 0.032 | -30% | -11% | 0% | $31,821,972 |
| MQR | Marquee Resource Ltd | 0.1075 | -17% | 8% | 0% | $33,534,462 |
| SRZ | Stellar Resources | 0.023 | -21% | 0% | 5% | $18,464,658 |
| LSR | Lodestar Minerals | 0.01 | -29% | 0% | 0% | $17,384,373 |
| NWM | Norwest Minerals | 0.043 | -22% | -9% | 0% | $7,766,118 |
| AOA | Ausmon Resorces | 0.009 | -18% | 0% | 13% | $6,858,315 |
| VKA | Viking Mines Ltd | 0.009 | -18% | 13% | 0% | $9,227,326 |
| IPT | Impact Minerals | 0.011 | -8% | 10% | 10% | $21,904,616 |
| SRI | Sipa Resources Ltd | 0.038 | -22% | -3% | 0% | $7,790,943 |
| VMC | Venus Metals Cor Ltd | 0.2 | 5% | 14% | 0% | $30,215,737 |
| RGL | Riversgold | 0.041 | -46% | -5% | 0% | $31,011,416 |
| ZNC | Zenith Minerals Ltd | 0.415 | -3% | 12% | 0% | $142,720,224 |
| RAS | Ragusa Minerals Ltd | 0.15 | 69% | 36% | -3% | $19,476,964 |
| G88 | Golden Mile Res Ltd | 0.052 | -20% | 0% | 0% | $10,594,096 |
| EPM | Eclipse Metals | 0.027 | -16% | 4% | 4% | $49,949,287 |
| EVR | Ev Resources Ltd | 0.042 | -24% | 5% | -5% | $40,743,299 |
| WC8 | Wildcat Resources | 0.037 | -8% | 16% | 0% | $23,875,091 |
| MNS | Magnis Energy Tech | 0.405 | -10% | 4% | -2% | $401,091,412 |
| RIO | Rio Tinto Limited | 114.63 | 2% | 4% | 0% | $42,485,695,692 |
| THR | Thor Mining PLC | 0.013 | -13% | 4% | -4% | $14,282,209 |
| CZL | Cons Zinc Ltd | 0.025 | -7% | 4% | 0% | $8,783,945 |
| MXR | Maximus Resources | 0.073 | -26% | 4% | -3% | $23,842,933 |
| DRE | Dreadnought Resources Ltd | 0.042 | -5% | 0% | 0% | $119,224,709 |
| MM1 | Midasmineralsltd | 0.345 | 0% | 8% | 0% | $18,781,153 |
| M2R | Miramar | 0.125 | -31% | 4% | 0% | $7,986,568 |
| AOU | Auroch Minerals Ltd | 0.087 | -21% | -2% | -3% | $32,517,162 |
| XTC | Xantippe Res Ltd | 0.011 | -21% | 0% | 0% | $84,513,626 |
| MMG | Monger Gold Ltd | 0.3 | 7% | -3% | 0% | $7,500,000 |
| LRD | Lordresourceslimited | 0.3 | -21% | -8% | 0% | $9,235,386 |
| WMC | Wiluna Mining Corp | 0.48251 | -24% | 0% | 0% | $101,961,574 |
| AUN | Aurumin | 0.18 | -14% | 3% | 0% | $19,660,185 |
| ZEO | Zeotech Limited | 0.057 | -10% | 8% | 2% | $85,395,266 |
| ALY | Alchemy Resource Ltd | 0.024 | -37% | -8% | 0% | $22,873,777 |
| LIS | Lisenergylimited | 0.64 | 0% | -4% | 0% | $106,185,080 |
| GW1 | Greenwing Resources | 0.325 | -27% | 2% | 5% | $38,206,678 |
| KTA | Krakatoa Resources | 0.083 | -28% | 11% | -2% | $29,300,343 |
| TYX | Tyranna Res Ltd | 0.019 | 245% | 111% | 0% | $29,114,853 |
| DAF | Discovery Alaska Ltd | 0.075 | 114% | 12% | 0% | $16,742,602 |
| FTL | Firetail Resources | 0.33 | -19% | 3% | 0% | $20,388,225 |
| IR1 | Irismetals | 0.37 | -41% | -8% | 0% | $18,722,000 |
| LNR | Lanthanein Resources | 0.025 | -26% | 0% | 0% | $20,945,639 |
| DAL | Dalaroometalsltd | 0.11 | -29% | -8% | 0% | $3,286,250 |
| TKM | Trek Metals Ltd | 0.094 | 7% | 29% | 2% | $28,562,334 |
| CY5 | Cygnus Gold Limited | 0.175 | 13% | 21% | 0% | $20,647,430 |
Only a total of 16 stocks ended in the green, while 64 flatlined and 47 finished in the red.
Astro has staked highly-prospective lithium claims in the Kibby Basin, Nevada, which is known to host several major lithium clay projects, including Ioneer’s (ASX:INR) Rhyolite Ridge Project and American Lithium Corporation’s TLC Lithium Project.
ARO says these claims provide the company with low-cost entry to a high-value battery metals commodity in a world-class resources jurisdiction.
It is also set to acquire 80% of Greenvale Mining’s Georgina IOCG Project in the new East Tennant Mineral Province of the Northern Territory, with the right to increase to 100%.
Astro chairman Jacob Khouri said this represents an exciting opportunity for Astro to gain exposure to a future facing battery commodity with an exceptional growth outlook.
“I am particularly delighted that, as part of this transaction, two of Australia’s most respected mining executives – Neil Biddle and Tony Leibowitz – will be joining the board of Astro, bringing a wealth of specialist battery metals expertise,” he said.
NVA says its 37% owned Snow Lake Resources has intersected high-grade lithium in four separate pegmatite dykes containing more than 1% Li2O where drilling continues to validate resource expansion across the property in northern Manitoba, Canada.
“Of note are the deep and wide intersections in hole TBL-035 seen at 429.50m at depth,” the company said.
“This could indicate that this pegmatite system may continue much deeper on the project than initially anticipated.
“Future drilling will test the possible depth extensions of the TBL dyke.”
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