- Canada approves sale of Neo Lithium to China
- Anson ups expectations for its resource expansion program
- Only 6 out of 88 stocks on our lithium list finished today in the green
All your ASX lithium news for Thursday, February 24.
Canada doesn’t seem too bothered about strengthening its supply chain, and much to the disapproval of its neighbours has allowed the takeover of Neo Lithium Corp by China’s Zijin Mining Group Ltd.
The company is listed on the Toronto Stock Exchange, but its mining site and employees are based in Argentina.
Last month it was sold for $918.7 million with Canadian Innovation Minister Francois-Philippe Champagne telling a Parliamentary committee the acquisition posed no national security risk.
But a trio of US lawmakers disagree.
Michael Walz (R-Florida), Elise Stefanik (R-NY) and Lance Gooden (R-TX) have made their unhappiness felt with a stern letter addressed to addressed to U.S. Secretary of State.
They also covered all their bases, also addressing the letter to the Secretaries for the Department of Interior, Department of Energy, Department of Defence, and Department of Commerce.
They describe the sale of the company as “highly concerning” and accuse the Canadian Government of underestimating the “the threat imposed by the Chinese Communist Party.”
It’s an odd move, since Canada and the U.S. recently created a Joint Action Plan to strengthen critical mineral supply chains.
Here’s how ASX lithium stocks are tracking today:
| Code | Company | Price | % Month | % Week | % Today | Market Cap |
|---|---|---|---|---|---|---|
| MMC | Mitremining | 0.2 | 3% | 0% | 8% | $5,010,743.50 |
| DTM | Dart Mining NL | 0.1 | 8% | 16% | 5% | $11,826,638.35 |
| CAI | Calidus Resources | 0.745 | -9% | 9% | 4% | $286,189,485.01 |
| ENT | Enterprise Metals | 0.0145 | -23% | -9% | 4% | $8,022,282.03 |
| SCN | Scorpion Minerals | 0.068 | -4% | -4% | 3% | $17,549,808.67 |
| NVA | Nova Minerals Ltd | 0.93 | -13% | 4% | 1% | $165,786,102.20 |
| GXY | Galaxy Resources | 0 | -100% | -100% | 0% | $2,715,139,305.12 |
| LKE | Lake Resources | 0.905 | -4% | -1% | 0% | $1,106,363,854.79 |
| TKL | Traka Resources | 0.011 | -39% | -27% | 0% | $7,576,520.17 |
| TON | Triton Min Ltd | 0.032 | -16% | 0% | 0% | $39,769,093.66 |
| BYH | Bryah Resources Ltd | 0.047 | -23% | -13% | 0% | $10,631,737.23 |
| EMS | Eastern Metals | 0.2 | -29% | -17% | 0% | $7,120,000.00 |
| FG1 | Flynngold | 0.165 | -11% | 3% | 0% | $10,570,073.25 |
| TSC | Twenty Seven Co. Ltd | 0.004 | 0% | 0% | 0% | $10,643,255.62 |
| WML | Woomera Mining Ltd | 0.017 | -19% | -6% | 0% | $11,591,162.12 |
| KGD | Kula Gold Limited | 0.041 | -11% | 3% | 0% | $8,822,200.91 |
| KZR | Kalamazoo Resources | 0.31 | -16% | -9% | 0% | $45,010,255.94 |
| KAI | Kairos Minerals Ltd | 0.023 | -23% | -12% | 0% | $45,128,150.29 |
| EFE | Eastern Resources | 0.049 | -33% | -9% | 0% | $48,226,259.33 |
| AML | Aeon Metals Ltd. | 0.048 | 2% | 0% | -2% | $42,424,635.51 |
| SYA | Sayona Mining Ltd | 0.1125 | -13% | -6% | -2% | $816,145,940.19 |
| AZI | Altamin Limited | 0.069 | 0% | 5% | -3% | $20,642,280.42 |
| MTM | Mtmongerresources | 0.16 | 3% | -6% | -3% | $4,671,155.45 |
| IGO | IGO Limited | 10.99 | -14% | -10% | -3% | $8,602,562,355.68 |
| PSC | Prospect Res Ltd | 0.85 | -1% | 3% | -3% | $377,716,545.36 |
| A8G | Australasian Metals | 0.47 | -25% | -10% | -4% | $19,683,542.06 |
| LIT | Lithium Australia NL | 0.105 | -19% | -9% | -5% | $113,582,765.56 |
| TEM | Tempest Minerals | 0.021 | -25% | -9% | -5% | $8,753,819.76 |
| AAJ | Aruma Resources Ltd | 0.082 | -13% | -22% | -5% | $13,498,689.26 |
| GSM | Golden State Mining | 0.076 | -37% | -17% | -5% | $6,647,038.80 |
| LRS | Latin Resources Ltd | 0.036 | 3% | -14% | -5% | $54,823,251.93 |
| BMM | Balkanminingandmin | 0.3 | -25% | -10% | -6% | $10,480,000.00 |
| MIN | Mineral Resources. | 43.72 | -32% | -11% | -6% | $8,824,970,360.03 |
| GT1 | Greentechnology | 0.72 | -13% | -14% | -6% | $81,620,000.00 |
| JRL | Jindalee Resources | 2.54 | -11% | -13% | -7% | $147,162,787.52 |
| MLS | Metals Australia | 0.041 | 3% | -2% | -7% | $11,524,836.18 |
| AM7 | Arcadia Minerals | 0.205 | -25% | -13% | -7% | $7,698,350.00 |
| EMH | European Metals Hldg | 1.07 | -30% | -16% | -7% | $161,433,509.75 |
| AX8 | Accelerate Resources | 0.04 | -5% | -13% | -7% | $10,898,732.66 |
| AS2 | Askarimetalslimited | 0.33 | -14% | -8% | -7% | $13,536,158.88 |
| AKE | Allkem Limited | 8.65 | -16% | -9% | -8% | $5,979,989,996.68 |
| CRR | Critical Resources | 0.071 | -41% | -29% | -8% | $113,666,360.65 |
| RDT | Red Dirt Metals Ltd | 0.525 | -29% | -6% | -8% | $145,438,672.05 |
| AGY | Argosy Minerals Ltd | 0.29 | -21% | -16% | -8% | $413,346,132.99 |
| PLS | Pilbara Min Ltd | 2.62 | -26% | -15% | -8% | $8,483,870,073.45 |
| FRS | Forrestaniaresources | 0.28 | -32% | -24% | -8% | $8,555,250.00 |
| GL1 | Globallith | 1.285 | -23% | -3% | -8% | $190,568,803.60 |
| FFX | Firefinch Ltd | 0.61 | -19% | -10% | -8% | $783,460,573.00 |
| ADV | Ardiden Ltd | 0.011 | -35% | -15% | -8% | $31,927,708.27 |
| LTR | Liontown Resources | 1.3 | -20% | -21% | -8% | $3,112,959,781.16 |
| LEL | Lithenergy | 0.805 | -21% | -21% | -9% | $39,600,000.00 |
| IMI | Infinitymining | 0.16 | -16% | -18% | -9% | $10,062,500.00 |
| TMB | Tambourahmetals | 0.21 | -26% | -16% | -9% | $9,474,297.54 |
| RAG | Ragnar Metals Ltd | 0.031 | -33% | -6% | -9% | $12,671,286.23 |
| ARN | Aldoro Resources | 0.36 | -3% | -8% | -9% | $35,367,742.66 |
| PGD | Peregrine Gold | 0.5 | -20% | -20% | -9% | $20,964,970.40 |
| AVW | Avira Resources Ltd | 0.005 | 0% | -29% | -9% | $9,453,345.00 |
| MQR | Marquee Resource Ltd | 0.1 | -33% | -23% | -9% | $23,591,161.22 |
| PNN | PepinNini Minerals | 0.385 | -26% | -14% | -9% | $26,017,783.45 |
| VUL | Vulcan Energy | 8.18 | -13% | -12% | -10% | $1,190,071,613.60 |
| LRV | Larvottoresources | 0.19 | -10% | -28% | -10% | $8,480,325.00 |
| LPD | Lepidico Ltd | 0.028 | -40% | -18% | -10% | $193,409,940.63 |
| CHR | Charger Metals | 0.605 | -28% | -19% | -10% | $21,818,126.56 |
| LPI | Lithium Pwr Int Ltd | 0.51 | -24% | -20% | -10% | $197,054,964.12 |
| PLL | Piedmont Lithium Inc | 0.6 | -11% | -15% | -10% | $367,039,169.00 |
| NMT | Neometals Ltd | 1.185 | -27% | -9% | -10% | $721,114,960.74 |
| 1MC | Morella Corporation | 0.018 | -50% | -18% | -10% | $103,524,279.72 |
| AVZ | AVZ Minerals Ltd | 0.705 | -5% | -12% | -10% | $2,709,869,517.80 |
| QPM | Queensland Pacific | 0.13 | -32% | -24% | -10% | $223,751,404.00 |
| INR | Ioneer Ltd | 0.51 | -31% | -17% | -11% | $1,168,812,587.43 |
| PAM | Pan Asia Metals | 0.46 | -30% | -19% | -11% | $37,934,201.66 |
| GLN | Galan Lithium Ltd | 1.28 | -25% | -12% | -11% | $425,993,165.82 |
| CXO | Core Lithium | 0.72 | -15% | -12% | -11% | $1,372,406,691.69 |
| RLC | Reedy Lagoon Corp. | 0.024 | -41% | -23% | -11% | $14,792,145.21 |
| RMX | Red Mount Min Ltd | 0.008 | -27% | -20% | -11% | $14,781,274.72 |
| STM | Sunstone Metals Ltd | 0.071 | -24% | -15% | -11% | $179,161,678.32 |
| AZL | Arizona Lithium Ltd | 0.11 | -33% | -21% | -12% | $249,720,806.88 |
| ESS | Essential Metals Ltd | 0.305 | -41% | -23% | -13% | $85,486,440.20 |
| ESS | Essential Metals Ltd | 0.305 | -41% | -23% | -13% | $85,486,440.20 |
| EUR | European Lithium Ltd | 0.081 | -40% | -30% | -13% | $107,125,249.11 |
| ASN | Anson Resources Ltd | 0.1 | -31% | -17% | -13% | $117,460,917.20 |
| WR1 | Winsome Resources | 0.325 | -35% | -19% | -13% | $50,422,497.75 |
| INF | Infinity Lithium | 0.125 | -32% | -26% | -14% | $60,150,268.95 |
| QXR | Qx Resources Limited | 0.031 | -28% | -24% | -14% | $25,771,043.56 |
| BNR | Bulletin Res Ltd | 0.12 | -14% | 4% | -14% | $39,978,387.40 |
| SHH | Shree Minerals Ltd | 0.014 | 0% | -26% | -18% | $18,075,027.16 |
| MRR | Minrex Resources Ltd | 0.049 | -27% | -28% | -18% | $49,602,609.60 |
| WCN | White Cliff Min Ltd | 0.022 | -12% | -31% | -19% | $16,216,912.77 |
Wowzers, only 6 stocks on our list finished today in the green, with 13 flatlining and a massive 69 stocks in the red.
Who’s got news out today?
The company plans to increase its resource expansion program at the Paradox project in Utah via the targeted drilling of the Cane Creek 32-1 well.
The aim is to target the large Mississippian brine aquifer which has a lithium-rich zone around 100-250m thick – compared to the 10m thick Clastic Zone 31 zone.
The company says this drilling program will follow on from the re-entry and drilling of the Long Canyon No.2 well.
And it expected the results to be included in the ongoing DFS, while it continues to progress project development.