• Nigeria’s first ever lithium processing plant has big-name backers… But what’s in a name, eh?
  • What’s hot, what’s not today for ASX lithium stocks?
  • Up over 200pc, TG6 is plasma hot  

Lithium news, Monday October 30.


It’s not the best start to an ASX trading week, but an okay one considering what a month it’s been for ASX stocks in general.

At the top end of town local lithium giant IGO was down 9% at one stage after a lithium price warning it might’ve done better to stay mum on, while at the small end of town, there’s been incredible movement for TG6.

There’s always a few ASX lithium stocks catching the eye and we’ll get to those in a sec.

But first…


Chinese lithium giant wannabes back Nigerian project

Well, this is one way to gain some attention and traction for your lithium-focused enterprise…

As reported by Bloomberg, Nigeria’s first-ever lithium-processing plant made news with “much fanfare” after it appeared to receive backing from three Chinese giants of the lithium world – Ganfeng, Tianqi and CATL.

The only thing about that is, that those particular, renowned companies – the ones most folk in the industry know at least – have no formal affiliation with the $250m Nigerian project.

And that’s because the actual three firms backing the project have near-identical names to the Chinese heavyweights.

Ganfeng Lithium Industry Ltd, Tianqi Lithium Industrial Ltd and Ningde Era Ltd (which is the literal English translation of the Chinese characters that form CATL) are three companies reportedly formed by Chinese nationals last year – traced to an address “in a medium-sized southwestern Nigerian town”.

“We are independent companies,” one Kelvin Dai, the MD of the Nigerian Ganfeng, told Bloomberg via a text. “Please don’t make any confusion.”

Happy to help (Bloomberg) spread the word, Kelvin.


Movers and shake-outs

What’s hot? 🚀

TG Metals (ASX:TG6) +220%

Larvotto Resources (ASX:LRV) +60% (note: now in a trading pause – pending an update on exploration results.)

First Lithium (ASX:FL1) +23%


What’s not? 📉

Sabre Resources (ASX:SBR) -18%

Patagonia Lithium (ASX:PL3) -14%


Also turning heads

Read our Resources Top 5 report from earlier in the day to learn why TG6, LRV and FL1 have been moving up and to the right today. But also catching our eye, among others today, we have:

Cosmos Exploration (ASX:C1X)

This lithium-hunting junior is up about 14% at the time of writing today after it provided an update this morning on its exploration activities at its prospective Corvette Far East Lithium project and Lasalle project, in the prolific James Bay district in Quebec, Canada – near the CV5 lithium discovery by Patriot Battery Metals (ASX:PMT).

Highlights, per the ASX release include:

Multiple work programs progressing on Cosmos’ highly prospective exploration projects located between recent spodumene discoveries made by Loyal Lithium, Brunswick Exploration, the Midland Exploration-Rio Tinto JV and Patriot Battery Metals .

• Detailed in-fill magnetics and LiDARDEM surveys commencing at Corvette Far East (CFE) around recently identified highly fractionated pegmatites.

• Ongoing work programs at CFE will assist in refining drill targets and vectoring into spodumene-bearing zones. The drill permitting process has commenced for the upcoming winter drill program.

• Exploration activities also advancing at Lasalle, where extensive pegmatite boulders have been identified as well as high-grade gold mineralisation up to 42.4g/t Au.

• Research at Lasalle indicates that multiple pegmatite dykes were intersected in historical drilling, with no assays for lithium or critical pathfinder metals.

CX1 share price


And also…

As Eddy notes in his ASX Large Caps column

IGO (ASX:IGO) plunged 9% today after warning that lower lithium prices could hit its current quarter sales.

The company reported strong quarterly result at Greenbushes, with record spodumene production and lower cash costs. Greenbushes delivered another record quarterly production result of 414kt on a 100% basis, while unit production costs of $262/t were lower by 3%.


ASX lithium form guide (weekly/yearly):

Scroll or swipe to reveal table. Click headings to sort. Best viewed on a laptop.

Stocks missing from this list?

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