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Eye on Lithium: Core Lithium, Tesla get more time to hash out offtake deal
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- Core and Tesla agree to extend termination date for the binding off-take term sheet to October
- Kalamazoo accepts a $3m cornerstone investment to fast-track lithium and gold projects
- Matsa wraps up a heavily oversubscribed placement after raising $1.98m
All your lithium news for Monday, August 29.
Core Lithium (ASX:CXO), Australia’s next lithium producer, has ‘mutually’ agreed to extend the termination date for its binding offtake term sheet with Tesla to October 26.
The ~$2.34b market cap company, touted by analysts as one of the few ASX plays which stands a chance at being the next profitable mid to large producer, says the extension allows for both entities to complete negotiations.
Previously, the final date earmarked for the completion of negotiations was August 27 however this has now been extended to October.
According to CXO, the negotiations include providing a supply commencement date before July 31, 2023.
Back in March, Core and Tesla entered a off-take agreement for the supply of up to 110,000 dry metric tonnes of lithium spodumene concentrate produced at Core’s Finnis Lithium Project, which is the next ASX lithium company expected to kick off production by the end of 2023.
Tesla has also agreed to provide additional support to Core to assist with the successful completion of its stage-3 expansion and the incorporation of Core’s lithium chemical product into Tesla’s supply chain.
Here’s how ASX lithium stocks are tracking:
| CODE | COMPANY | PRICE | % TODAY | % WEEK | % MONTH | MARKET CAP |
|---|---|---|---|---|---|---|
| DTM | Dart Mining NL | 0.115 | 32% | 51% | 64% | $11,767,634 |
| ADV | Ardiden Ltd | 0.008 | 14% | 0% | 14% | $18,678,347 |
| CY5 | Cygnus Gold Limited | 0.325 | 10% | 44% | 103% | $43,419,668 |
| WML | Woomera Mining Ltd | 0.016 | 7% | 7% | 14% | $10,302,496 |
| RDT | Red Dirt Metals Ltd | 0.65 | 7% | 27% | 71% | $185,778,200 |
| TON | Triton Min Ltd | 0.028 | 4% | 0% | 12% | $33,987,173 |
| BMM | Balkanminingandmin | 0.2 | 3% | 5% | 0% | $6,386,250 |
| KZR | Kalamazoo Resources | 0.23 | 2% | -2% | 5% | $32,668,734 |
| MM1 | Midasmineralsltd | 0.255 | 2% | -2% | 38% | $14,282,941 |
| AML | Aeon Metals Ltd. | 0.03 | 0% | -9% | 3% | $32,802,923 |
| ASN | Anson Resources Ltd | 0.26 | 0% | 79% | 93% | $267,257,207 |
| AVZ | AVZ Minerals Ltd | 0.78 | 0% | 0% | 0% | $2,752,409,203 |
| LIT | Lithium Australia | 0.083 | 0% | 4% | 17% | $85,938,974 |
| PSC | Prospect Res Ltd | 0.1 | 0% | 0% | 100% | $46,225,946 |
| RLC | Reedy Lagoon Corp. | 0.015 | 0% | -12% | -25% | $8,361,404 |
| TKL | Traka Resources | 0.007 | 0% | 0% | 17% | $4,821,422 |
| ARN | Aldoro Resources | 0.245 | 0% | -9% | 29% | $24,398,893 |
| BYH | Bryah Resources Ltd | 0.028 | 0% | 0% | -10% | $7,819,097 |
| FG1 | Flynngold | 0.105 | 0% | 5% | 0% | $6,726,410 |
| MMC | Mitremining | 0.13 | 0% | 13% | 8% | $3,521,063 |
| RAG | Ragnar Metals Ltd | 0.045 | 0% | -2% | 15% | $17,063,320 |
| KGD | Kula Gold Limited | 0.022 | 0% | -12% | -23% | $4,733,864 |
| AZI | Altamin Limited | 0.089 | 0% | 7% | -7% | $34,862,791 |
| AVW | Avira Resources Ltd | 0.005 | 0% | 25% | 67% | $10,593,950 |
| RMX | Red Mount Min Ltd | 0.007 | 0% | 0% | 8% | $11,496,547 |
| A8G | Australasian Metals | 0.295 | 0% | 5% | 20% | $12,145,296 |
| SRZ | Stellar Resources | 0.015 | 0% | -12% | 0% | $12,589,539 |
| LSR | Lodestar Minerals | 0.007 | 0% | 0% | 8% | $12,169,061 |
| AOA | Ausmon Resorces | 0.008 | 0% | 14% | 33% | $6,858,315 |
| VKA | Viking Mines Ltd | 0.007 | 0% | -13% | -13% | $7,176,809 |
| SRI | Sipa Resources Ltd | 0.043 | 0% | -4% | 8% | $8,816,067 |
| VMC | Venus Metals Cor Ltd | 0.165 | 0% | -3% | 0% | $26,412,983 |
| EPM | Eclipse Metals | 0.023 | 0% | 15% | 21% | $44,185,907 |
| WC8 | Wildcat Resources | 0.027 | 0% | -7% | 17% | $17,422,364 |
| WMC | Wiluna Mining Corp | 0.205 | 0% | 0% | 0% | $74,238,031 |
| GW1 | Greenwing Resources | 0.265 | 0% | 0% | 20% | $32,660,547 |
| FTL | Firetail Resources | 0.28 | 0% | 10% | 10% | $17,299,100 |
| LNR | Lanthanein Resources | 0.048 | 0% | 20% | 200% | $46,215,627 |
| DAL | Dalaroometalsltd | 0.1 | 0% | 2% | -17% | $2,987,500 |
| WES | Wesfarmers Limited | 47.89 | 0% | -2% | 4% | $54,367,639,604 |
| GL1 | Globallith | 1.72 | -1% | -10% | 42% | $274,547,983 |
| EMH | European Metals Hldg | 0.73 | -1% | -9% | 11% | $87,981,070 |
| AOU | Auroch Minerals Ltd | 0.067 | -1% | -8% | 14% | $25,235,602 |
| AKE | Allkem Limited | 13.69 | -2% | 11% | 31% | $8,869,823,976 |
| GSM | Golden State Mining | 0.062 | -2% | 13% | 27% | $7,371,895 |
| ZNC | Zenith Minerals Ltd | 0.3 | -2% | 0% | -2% | $105,152,495 |
| LPD | Lepidico Ltd | 0.0275 | -2% | -5% | -5% | $182,201,355 |
| ZEO | Zeotech Limited | 0.054 | -2% | -16% | -7% | $83,870,351 |
| VUL | Vulcan Energy | 7.83 | -2% | -3% | 5% | $1,143,815,702 |
| TUL | Tulla Resources | 0.52 | -2% | 0% | -4% | $84,914,942 |
| MIN | Mineral Resources. | 63.825 | -2% | 5% | 30% | $12,333,790,580 |
| LEL | Lithenergy | 0.98 | -2% | -5% | 16% | $45,150,000 |
| PLS | Pilbara Min Ltd | 3.475 | -2% | 14% | 35% | $10,573,131,385 |
| MXR | Maximus Resources | 0.046 | -2% | -16% | 0% | $14,988,571 |
| SCN | Scorpion Minerals | 0.087 | -2% | 12% | 38% | $29,532,976 |
| IMI | Infinitymining | 0.19 | -3% | 19% | 46% | $11,212,500 |
| TEM | Tempest Minerals | 0.038 | -3% | -7% | -12% | $19,685,881 |
| AGY | Argosy Minerals Ltd | 0.375 | -3% | -1% | -4% | $525,590,292 |
| LRD | Lordresourceslimited | 0.185 | -3% | -6% | -10% | $6,324,078 |
| RIO | Rio Tinto Limited | 96.05 | -3% | -3% | -3% | $36,624,191,673 |
| GT1 | Greentechnology | 0.71 | -3% | 2% | 4% | $134,516,839 |
| INF | Infinity Lithium | 0.155 | -3% | 7% | 15% | $66,402,091 |
| PAM | Pan Asia Metals | 0.465 | -3% | -2% | 27% | $35,481,716 |
| TMB | Tambourahmetals | 0.155 | -3% | 0% | -3% | $6,590,816 |
| EFE | Eastern Resources | 0.03 | -3% | -3% | 11% | $31,208,652 |
| QPM | Queensland Pacific | 0.145 | -3% | -3% | 0% | $234,541,970 |
| IR1 | Irismetals | 1.01 | -3% | 30% | 226% | $63,609,150 |
| NVA | Nova Minerals Ltd | 0.845 | -3% | -1% | 10% | $157,676,999 |
| EUR | European Lithium Ltd | 0.084 | -3% | -7% | 17% | $121,820,808 |
| LIS | Lisenergylimited | 0.55 | -4% | -15% | -26% | $94,571,087 |
| EMS | Eastern Metals | 0.135 | -4% | -7% | 0% | $5,411,875 |
| MRR | Minrex Resources Ltd | 0.054 | -4% | -4% | 50% | $60,052,423 |
| CXO | Core Lithium | 1.34 | -4% | -4% | 28% | $2,414,701,545 |
| IGO | IGO Limited | 12.53 | -4% | 2% | 26% | $9,859,626,925 |
| INR | Ioneer Ltd | 0.63 | -4% | -9% | 21% | $1,374,277,820 |
| 1MC | Morella Corporation | 0.024 | -4% | -11% | 20% | $142,257,850 |
| LRS | Latin Resources Ltd | 0.11 | -4% | -4% | 41% | $224,095,354 |
| CZL | Cons Zinc Ltd | 0.022 | -4% | 0% | 10% | $8,909,230 |
| PLL | Piedmont Lithium Inc | 0.87 | -4% | -3% | 57% | $480,089,428 |
| STM | Sunstone Metals Ltd | 0.042 | -5% | -7% | -19% | $114,243,642 |
| CAI | Calidus Resources | 0.605 | -5% | -5% | -2% | $277,991,383 |
| ALY | Alchemy Resource Ltd | 0.02 | -5% | 5% | 18% | $20,014,555 |
| KTA | Krakatoa Resources | 0.06 | -5% | -8% | 20% | $21,716,725 |
| MQR | Marquee Resource Ltd | 0.075 | -5% | -10% | 6% | $24,933,789 |
| MLS | Metals Australia | 0.054 | -5% | -5% | 4% | $34,601,063 |
| PGD | Peregrine Gold | 0.72 | -5% | -13% | 69% | $29,428,383 |
| MNS | Magnis Energy Tech | 0.445 | -5% | 3% | 39% | $456,055,797 |
| SYA | Sayona Mining Ltd | 0.265 | -5% | -2% | 33% | $2,323,659,294 |
| AM7 | Arcadia Minerals | 0.265 | -5% | 36% | 83% | $13,075,410 |
| JRL | Jindalee Resources | 2.47 | -5% | -9% | 1% | $149,759,101 |
| AAJ | Aruma Resources Ltd | 0.068 | -6% | -6% | 11% | $11,301,228 |
| AZL | Arizona Lithium Ltd | 0.083 | -6% | -8% | 12% | $211,809,449 |
| IPT | Impact Minerals | 0.008 | -6% | -11% | 7% | $21,091,650 |
| LRV | Larvottoresources | 0.225 | -6% | -17% | 7% | $9,967,800 |
| TYX | Tyranna Res Ltd | 0.03 | -6% | -25% | 50% | $74,795,541 |
| GLN | Galan Lithium Ltd | 1.17 | -6% | -7% | 0% | $380,660,051 |
| QXR | Qx Resources Limited | 0.029 | -6% | -3% | 4% | $26,640,232 |
| EVR | Ev Resources Ltd | 0.029 | -6% | -9% | 0% | $28,705,506 |
| CRR | Critical Resources | 0.043 | -7% | -17% | 2% | $68,448,701 |
| LPI | Lithium Pwr Int Ltd | 0.57 | -7% | -3% | 20% | $212,978,357 |
| ESS | Essential Metals Ltd | 0.41 | -7% | -10% | 0% | $108,892,271 |
| DAF | Discovery Alaska Ltd | 0.082 | -7% | 4% | 86% | $19,732,653 |
| LLL | Leolithiumlimited | 0.5125 | -7% | 1% | 28% | $542,661,302 |
| KAI | Kairos Minerals Ltd | 0.027 | -7% | -7% | 8% | $56,958,711 |
| BNR | Bulletin Res Ltd | 0.135 | -7% | -7% | 8% | $42,425,710 |
| LTR | Liontown Resources | 1.605 | -7% | -4% | 33% | $3,788,624,221 |
| CHR | Charger Metals | 0.465 | -7% | -15% | 2% | $16,290,518 |
| M2R | Miramar | 0.125 | -7% | -4% | 14% | $8,665,200 |
| WR1 | Winsome Resources | 0.245 | -8% | -4% | 29% | $35,805,208 |
| LKE | Lake Resources | 1.095 | -8% | -10% | 50% | $1,646,964,199 |
| AX8 | Accelerate Resources | 0.036 | -8% | -3% | 13% | $10,547,897 |
| PNN | Power Minerals Ltd | 0.48 | -8% | -6% | 4% | $32,012,849 |
| TKM | Trek Metals Ltd | 0.08 | -8% | 13% | 21% | $27,023,083 |
| AS2 | Askarimetalslimited | 0.34 | -8% | -11% | 37% | $16,675,630 |
| FRS | Forrestaniaresources | 0.17 | -8% | 17% | 6% | $6,171,841 |
| AUN | Aurumin | 0.11 | -8% | -24% | -21% | $15,036,857 |
| G88 | Golden Mile Res Ltd | 0.032 | -9% | -6% | 19% | $7,130,641 |
| OCN | Oceanalithiumlimited | 0.64 | -9% | -2% | 47% | $23,467,500 |
| MMG | Monger Gold Ltd | 0.36 | -9% | -16% | 57% | $15,815,800 |
| ENT | Enterprise Metals | 0.01 | -9% | 0% | 0% | $7,182,788 |
| DRE | Dreadnought Resources Ltd | 0.1 | -9% | -5% | 69% | $334,513,691 |
| NMT | Neometals Ltd | 1.31 | -10% | -5% | 25% | $800,902,437 |
| NWM | Norwest Minerals | 0.055 | -10% | 20% | 45% | $11,017,051 |
| THR | Thor Mining PLC | 0.009 | -10% | -10% | -10% | $10,755,644 |
| MTM | Mtmongerresources | 0.13 | -10% | -32% | 18% | $5,438,955 |
| WCN | White Cliff Min Ltd | 0.017 | -11% | 42% | 31% | $12,418,464 |
| RAS | Ragusa Minerals Ltd | 0.2675 | -11% | 41% | 261% | $38,200,430 |
| SHH | Shree Minerals Ltd | 0.008 | -11% | -11% | -11% | $11,146,382 |
| RGL | Riversgold | 0.034 | -13% | -6% | 26% | $30,074,299 |
| XTC | Xantippe Res Ltd | 0.0085 | -15% | -15% | 6% | $81,257,347 |
| TSC | Twenty Seven Co. Ltd | 0.0025 | -17% | -17% | 25% | $7,982,442 |
Ack. Only 9 lithium companies finished in the green today, 31 fell flat and a whopping 91 companies called it a day in the red.
As Stockheader Gregor Stronach points out, the finger of blame is pointed squarely up Jerome Powell’s Jackson Hole (speech, that is), where he said the Fed must continue to raise interest rates to stop inflation from becoming a permanent aspect of the US economy.
Who else has got news out?
KALAMAZOO (ASX:KZR)
KZR has accepted a $3m cornerstone investment by New York-based Lind Global Fund, an entity managed by The Lind Partners who invest in small and mid-cap mining and resource companies publicly traded in the US, Canada, Australia, and the UK.
“After nearly a decade of watching Luke Reinehr and the Kalamazoo team operate, we could not be more pleased to increase our commitment at this pivotal time,” Lind Partners found Jeff Easton says.
“Investing alongside Kalamazoo’s founders and senior management and their substantial 34% shareholding in the company provides us with great confidence that our interests are aligned.”
The investment is via a placement of ordinary fully paid shares and 6 million unlisted options and will be made by way of a share placement, the proceeds of which will be used, along with Kalamazoo’s current cash, to fast-track its portfolio of gold and lithium projects.
On the lithium front, KZR says funds will be used to assist with its exploration joint venture with Chilean producer SQM at the DOM’s Hill and Marble Lithium Projects as well as accelerating exploration and drilling at the Pear Creek Lithium Project.
It will also look at kicking off exploration at the Jingellic Lithium Project in NSW.
MATSA RESOURCES (ASX:MAT)
~$15.05m market cap explorer, Matsa, has wrapped up a heavily oversubscribed placement after raising $1.98m to advance its Lake Carey Gold Project and lithium prospectivity in Thailand.
Via the issue of 52m shares at $0.038 per share, the company says the placement was very well supported and introduced new sophisticated investors to the business.
As well as carrying out drilling at Fortitude North to infill and extend mineralisation, as well as work to define a maiden resource, Matsa is hoping to finalise assay results from a recent stream sediment program in Thailand, where the company holds several Special Prospecting Licence Applications (SPLAs).
The new SPLAs host lithium occurrences reported in Thailand’s Department of Minerals and Resources (DMR) records and lie along the lithium bearing western granite/pegmatite belt where Pan Asia Limited (ASX:PAM) is reporting exploration successes at the Reung Kiet and Bang I Tum prospect.
RED DIRT METALS (ASX:RDT)
RDT has appointed David Flanagan as chairman of the board after Alexander Hewlett resigned as director and chairman of the company.
Flanagan is a geologist with more than 30 years’ experience in the mining operations and resource development in Australia, Indonesia, and Africa.
“The board is unanimous in praise for Hewlett’s stewardship from the founding of Warriedar Mining Pty Ltd, which was vended into Red Dirt (previously TNT Mines Limited), and then ultimately the rebranding of Red Dirt Metals Limited last year following the successful acquisition of the Mt Ida Lithium Project,” the company said in an announcement today.
“Red Dirt is looking to evolve from a purely exploration focused company and to expand its mining, development and construction capabilities within the business,” outgoing chairman Alexander Hewlett said.
“David’s appointment represents a further step in this direction.”
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