Pic: Lode Kuylenstierna / EyeEm (EyeEm) via Getty Images
Eye on Lithium: Chinese giant Ganfeng reports massive 408% annual profit increase
Mining
share
- Jindalee hits huge intersects at the McDermitt’ project in the US
- ARN completes Niobe drilling, eyes mineral resource estimate
- Tambourah ready to kick off exporation at Russian Jack in the Pilbara
All your ASX lithium news for Thursday, March 17.
The world’s largest lithium producer, China’s Ganfeng Lithium, recently announced its 2021 total profit was RMB5,736,833,100 (around US$903m).
That’s a massive a year-on-year increase of 408.91%.
“With the rapid development of new energy vehicles and energy storage industry, the demand of lithium products from downstream customers increased significantly,” the company said.
“The production and sales volume of lithium products of the company increased in 2021, and the average sales price of the products rose significantly as compared to that in 2020.”
Ganfeng has a bunch of resources around the world; the Mount Marion and Pilbara projects in WA, the Cauchari-Olaroz and Mariana projects in Argentina, and the Sonora Lithium Clay Project in Mexico.
And they’re not the only giant Chinese player seeing mammoth growth.
Tianqi Lithium says its lithium concentrate output jumped 39% and sales were up 56% respectively on a year-on-year basis from January to February this year.
The company also said revenues from lithium concentrates rose 366% year-on-year.
Tianqi has the large-scale Greenbushes lithium deposit in WA and the Cuola reserve located in the western region of Asia’s Jiajika mine.
And just like Ganfeng, the company reckons the supply and demand imbalance to become increasingly prominent in 2022 due to the significant growth in demand and sales of downstream new energy vehicles.
Here’s how ASX lithium stocks are tracking today:
| Code | Company | Price | % Month | % Week | % Today | Market Cap |
|---|---|---|---|---|---|---|
| JRL | Jindalee Resources | 3.1 | 6% | 9% | 17% | $142,834,470.24 |
| TSC | Twenty Seven Co. Ltd | 0.004 | 0% | 0% | 14% | $9,312,848.67 |
| GL1 | Globallith | 1.77 | 34% | 13% | 12% | $215,751,109.79 |
| LPI | Lithium Pwr Int Ltd | 0.67 | 5% | 9% | 12% | $209,261,908.80 |
| AGY | Argosy Minerals Ltd | 0.385 | 12% | 18% | 12% | $456,293,247.44 |
| MQR | Marquee Resource Ltd | 0.1025 | -21% | 4% | 10% | $20,125,441.99 |
| TKL | Traka Resources | 0.011 | -27% | 5% | 10% | $6,887,745.61 |
| LRS | Latin Resources Ltd | 0.055 | 31% | 45% | 10% | $73,949,486.05 |
| LSR | Lodestar Minerals | 0.012 | 33% | 0% | 9% | $19,122,810.83 |
| BYH | Bryah Resources Ltd | 0.05 | -7% | 6% | 9% | $10,405,530.05 |
| CHR | Charger Metals | 0.66 | -11% | 9% | 8% | $19,864,264.48 |
| ARN | Aldoro Resources | 0.35 | -10% | 1% | 8% | $29,165,041.43 |
| WCN | White Cliff Min Ltd | 0.028 | -13% | 8% | 8% | $16,916,286.37 |
| PLL | Piedmont Lithium Inc | 0.925 | 31% | 7% | 8% | $455,356,154.00 |
| ESS | Essential Metals Ltd | 0.36 | -9% | 1% | 7% | $81,826,676.56 |
| QPM | Queensland Pacific | 0.145 | -15% | 4% | 7% | $208,320,272.69 |
| TMB | Tambourahmetals | 0.22 | -12% | 2% | 7% | $8,444,482.59 |
| STM | Sunstone Metals Ltd | 0.077 | -8% | -1% | 7% | $161,245,510.49 |
| VUL | Vulcan Energy | 9.54 | 2% | 8% | 7% | $1,178,223,555.50 |
| GT1 | Greentechnology | 0.745 | -11% | -1% | 6% | $74,200,000.00 |
| IMI | Infinitymining | 0.17 | -13% | -6% | 6% | $9,200,000.00 |
| BMM | Balkanminingandmin | 0.26 | -22% | 6% | 6% | $8,023,750.00 |
| CRR | Critical Resources | 0.07 | -30% | -1% | 6% | $97,507,509.13 |
| GLN | Galan Lithium Ltd | 1.4 | -3% | 4% | 6% | $394,746,922.95 |
| NMT | Neometals Ltd | 1.595 | 22% | 16% | 6% | $828,048,357.96 |
| SHH | Shree Minerals Ltd | 0.019 | 0% | 0% | 6% | $19,138,264.06 |
| LEL | Lithenergy | 0.89 | -13% | -4% | 5% | $38,025,000.00 |
| INR | Ioneer Ltd | 0.4825 | -22% | -10% | 5% | $961,652,263.54 |
| LKE | Lake Resources | 1.4 | 53% | 23% | 5% | $1,686,379,120.89 |
| IPT | Impact Minerals | 0.0115 | -12% | -28% | 5% | $22,261,744.11 |
| CXO | Core Lithium | 1.06 | 30% | 14% | 4% | $1,731,126,029.29 |
| EFE | Eastern Resources | 0.048 | -11% | 4% | 4% | $45,456,671.28 |
| AVZ | AVZ Minerals Ltd | 0.855 | 6% | 5% | 4% | $2,830,691,725.60 |
| LTR | Liontown Resources | 1.5375 | -6% | 0% | 4% | $3,244,493,293.04 |
| 1MC | Morella Corporation | 0.027 | 23% | 8% | 4% | $134,581,563.64 |
| FFX | Firefinch Ltd | 0.835 | 23% | 13% | 4% | $948,399,641.00 |
| EMH | European Metals Hldg | 1.13 | -11% | -6% | 4% | $153,446,891.85 |
| AAJ | Aruma Resources Ltd | 0.085 | -19% | 1% | 4% | $12,870,843.25 |
| PLS | Pilbara Min Ltd | 2.695 | -13% | -5% | 4% | $7,739,768,901.80 |
| BNR | Bulletin Res Ltd | 0.145 | 26% | 4% | 4% | $39,978,387.40 |
| SRZ | Stellar Resources | 0.029 | -12% | 4% | 4% | $23,444,473.53 |
| INF | Infinity Lithium | 0.155 | -9% | 11% | 3% | $62,224,416.15 |
| RDT | Red Dirt Metals Ltd | 0.515 | -8% | 7% | 3% | $149,545,984.00 |
| MIN | Mineral Resources. | 45.53 | -8% | -3% | 3% | $8,358,510,338.86 |
| MMC | Mitremining | 0.18 | -10% | 0% | 3% | $4,739,892.50 |
| EMS | Eastern Metals | 0.185 | -23% | -5% | 3% | $6,408,000.00 |
| LRV | Larvottoresources | 0.195 | -26% | 5% | 3% | $7,777,175.00 |
| TEM | Tempest Minerals | 0.0205 | -11% | -11% | 3% | $7,958,017.96 |
| CAI | Calidus Resources | 0.88 | 28% | 3% | 2% | $345,975,426.88 |
| AKE | Allkem Limited | 9.7 | 2% | -2% | 2% | $6,050,117,811.14 |
| AML | Aeon Metals Ltd. | 0.049 | 2% | 11% | 2% | $41,558,826.62 |
| RLC | Reedy Lagoon Corp. | 0.0255 | -18% | -2% | 2% | $13,708,930.75 |
| AZL | Arizona Lithium Ltd | 0.1375 | -2% | 2% | 2% | $269,698,471.43 |
| LPD | Lepidico Ltd | 0.0325 | -4% | 2% | 2% | $199,914,015.46 |
| WR1 | Winsome Resources | 0.4 | 0% | 10% | 1% | $53,111,697.63 |
| NVA | Nova Minerals Ltd | 0.62 | -31% | 14% | 1% | $110,824,405.28 |
| IGO | IGO Limited | 11.87 | -3% | -9% | 1% | $8,943,332,871.53 |
| ADV | Ardiden Ltd | 0.013 | 0% | 0% | 0% | $34,588,350.63 |
| ASN | Anson Resources Ltd | 0.11 | -8% | 0% | 0% | $112,353,920.80 |
| EUR | European Lithium Ltd | 0.1 | -13% | 9% | 0% | $115,188,439.90 |
| GXY | Galaxy Resources | 0 | -100% | -100% | 0% | $2,715,139,305.12 |
| LIT | Lithium Australia NL | 0.105 | -9% | -5% | 0% | $108,419,912.58 |
| SYA | Sayona Mining Ltd | 0.165 | 38% | 27% | 0% | $1,171,403,674.65 |
| PAM | Pan Asia Metals | 0.495 | -12% | -4% | 0% | $36,461,028.78 |
| DTM | Dart Mining NL | 0.08 | -7% | -1% | 0% | $9,959,274.40 |
| RAG | Ragnar Metals Ltd | 0.03 | -9% | 3% | 0% | $11,180,546.67 |
| WML | Woomera Mining Ltd | 0.017 | -6% | -11% | 0% | $11,591,162.12 |
| QXR | Qx Resources Limited | 0.052 | 27% | 16% | 0% | $43,204,840.69 |
| SCN | Scorpion Minerals | 0.06 | -15% | -10% | 0% | $16,170,371.52 |
| AZI | Altamin Limited | 0.063 | -5% | -6% | 0% | $24,498,932.98 |
| ENT | Enterprise Metals | 0.014 | -13% | 0% | 0% | $8,644,237.95 |
| KAI | Kairos Minerals Ltd | 0.024 | -8% | 0% | 0% | $47,090,243.78 |
| PGD | Peregrine Gold | 0.47 | -25% | -5% | 0% | $17,948,126.41 |
| AVW | Avira Resources Ltd | 0.006 | -14% | 20% | 0% | $12,712,740.00 |
| RMX | Red Mount Min Ltd | 0.008 | -20% | -6% | 0% | $13,138,910.86 |
| A8G | Australasian Metals | 0.45 | -14% | -6% | 0% | $18,076,722.30 |
| NWM | Norwest Minerals | 0.068 | 24% | 13% | 0% | $12,281,302.32 |
| VKA | Viking Mines Ltd | 0.011 | -21% | 0% | 0% | $11,277,842.74 |
| SRI | Sipa Resources Ltd | 0.051 | 4% | -6% | 0% | $10,456,264.95 |
| RGL | Riversgold | 0.036 | 71% | 38% | 0% | $14,545,519.06 |
| PSC | Prospect Res Ltd | 0.865 | 5% | 2% | -1% | $375,225,498.99 |
| PNN | PepinNini Minerals | 0.4 | -11% | -4% | -1% | $24,793,417.17 |
| GSM | Golden State Mining | 0.075 | -18% | -4% | -3% | $6,397,774.85 |
| VMC | Venus Metals Cor Ltd | 0.175 | -8% | -5% | -3% | $27,194,162.94 |
| ZNC | Zenith Minerals Ltd | 0.315 | -11% | -7% | -3% | $111,768,850.38 |
| RAS | Ragusa Minerals Ltd | 0.063 | -6% | 15% | -3% | $8,167,758.95 |
| FRS | Forrestaniaresources | 0.305 | -18% | -10% | -3% | $8,851,123.26 |
| FG1 | Flynngold | 0.145 | -9% | -9% | -3% | $9,609,157.50 |
| KZR | Kalamazoo Resources | 0.29 | -15% | 0% | -3% | $43,558,312.20 |
| TON | Triton Min Ltd | 0.027 | -16% | -4% | -4% | $34,797,956.96 |
| MLS | Metals Australia | 0.076 | 81% | 6% | -4% | $20,692,319.51 |
| AX8 | Accelerate Resources | 0.049 | 7% | 4% | -4% | $12,926,403.85 |
| AM7 | Arcadia Minerals | 0.22 | -6% | -8% | -4% | $8,048,275.00 |
| AS2 | Askarimetalslimited | 0.425 | 18% | 15% | -4% | $16,967,861.13 |
| MRR | Minrex Resources Ltd | 0.055 | -19% | -5% | -5% | $51,188,924.28 |
| KGD | Kula Gold Limited | 0.045 | 13% | 2% | -6% | $10,328,430.34 |
| MTM | Mtmongerresources | 0.135 | -21% | -13% | -10% | $4,996,504.95 |
| AOA | Ausmon Resorces | 0.007 | 0% | 0% | -13% | $6,858,314.74 |
A total of 57 stocks were in the green today, with 23 flatlining and 18 in the red. Nice.
Who’s got news out today?
A favourite of veteran stock picker Harley Grosser, JRL today announced “huge” lithium intercepts — including 60m at 1880ppm — at the advanced ‘McDermitt’ project in the US.
These hits are some of the thickest and best from the project to date, JRL says.
“The drilling confirms significant mineralisation near surface, over large thicknesses and with excellent grade continuity,” it says.
“Importantly, these diamond drill holes have encountered several higher-grade zones (>3000ppm lithium) within the Mineral Resource, reinforcing the potential scalability of the project.”
The new drill data will be used to update the already huge 10.1 million tonne lithium carbonate equivalent Mineral Resource Estimate (MRE), which is anticipated to be complete early in the June quarter.
Planning for the next phase of drilling in 2022 is also well-advanced with all drill permits in hand.
Grosser says an upcoming catalyst for the share price will take place this year when JRL release an updated scoping study with details on the economics around their deposit.
“We see this as a potential multi-billion-dollar project, while the company’s current market cap is only about $150 million,” he says.
“With mining projects in the US, you have to be cognizant of the litigation risks (i.e. Lithium Americas Corp), but we are confident that this project can be progressed in a sustainable way and that Jindalee can manage those risks as they push through with permitting and development.”
The explorer has completed 65 holes at its Niobe project in WA, with the majority intersecting pegmatites.
The company is now aiming to provide a JORC 2012 reportable mineral resource estimate when all assay results are received.
The RC rig has demobilised, soon to return to the Wyemandoo Project, part of the Windimurra igneous complex, where an extensive greenfields drill program is planned.
Tambourah has advanced exploration at its Russian Jack Project in the eastern Pilbara.
“Plans to commence on ground exploration activities are in progress aimed to identify additional pegmatite hosted targets across our extensive portfolio,” executive chairperson Rita Brooks said.
“Tambourah aims to add these target areas at Russian Jack to our drilling programs as we actively progress exploration for gold and critical minerals.”
More than 320km2 of the tenement is still under explored, and extensive outcropping pegmatites, felsic intrusives and quartz veining delineated by GSWA mapping currently remain untested.
The company has doubled the size of its Ravensthorpe project, acquiring two new tenements for a total landholding of 130km2.
The new ground overlies prospective host rocks to lithium pegmatites and is along strike to the recently reported spodumene and amblygonite rock chips grades up to 8.21 % Li2O – and its around 12kms from Allkem Limited’s (ASX:AKE) Mt Cattlin mine.
The company says that historical reports of pegmatite float in the northern tenement is a high priority focus and will be followed up.
With the very high interest shown in our project by investors and high-profile lithium producers/developers, it makes sense for BNR to expand its land holding in this prospective region when appropriate,” chairman Paul Poli said.
The consideration for the acquisition is the issue of 4 million fully paid ordinary Bulletin shares for a 100% interest in the two tenements – which Poli said is “testament to the excitement of our recent results and the potential of the project.”
