• Credit Suisse joins Goldman Sachs’ sharp price correction prediction
  • Anson Resources collects first brine sample from the Long Canyon Unit 2 well
  • Marquee teams up with Mineral Resources (ASX:MIN) to explore for and develop lithium deposits

 All your ASX lithium news for Thursday, June 2.


What a week to be a lithium player.

First Goldman Sachs predicted a sharp price correction, and claimed that although the long-term prospects for the battery metals remains strong, investor enthusiasm has led to an oversupply.

Then Canaccord mining analyst Reg Spencer said actually nah, “supply always disappoints, especially from unconventional sources such as lepidolite that Goldman Sachs is referring to in their research report.”

But now Credit Suisse has jumped on the bandwagon, saying they expected a surplus in 2025 downgrading Pilbara Minerals (ASX: PLS) and Allkem (ASX: AKE) to a neutral rating.

It’s worth noting the big banks have faced criticism for their negative predictions before – and they were right.


Here’s how ASX lithium stocks were tracking today:

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Only 29 stocks were in the green today, 58 were in the red and 41 failed to move the needle.


Who’s got news out today?


The company has collected its first brine sample from the Long Canyon Unit 2 well at its Paradox lithium project, which flowed brine to surface without pumping.

The sample from the target Mississippian units will be used for future metallurgical test work, a planned small-scale pilot plant in Salt Lake City, and to determine brine flow rates.

The samples will also be assayed by for lithium, bromine and other minerals and will be incorporated in the upcoming JORC resource upgrade.

Once drilling is completed, Downhole geophysics will be carried out to determine rock unit parameters such as porosity.

This will also mark the start of the next phase of Anson’s resource expansion program at the high-priority Cane Creek well.



Marquee has teamed up with Mineral Resources (ASX:MIN) to explore for and develop lithium deposits in a joint venture across the West Spargoville Project (WSP) in WA.

MinRes will have the right to acquire an initial 25% interest in the lithium rights at WSP by funding all exploration and development activities and completing a feasibility study on the Project, including a JORC compliant resource within 24 months.

In performing the Initial Farm-in Obligation, MinRes will fund at least $1,000,000 of exploration and development activities on the Tenements by 31 December 2022 – and the $500,000 cost to exercise the Fyfehill Option.

Then there’s two options – MinRes can elect to proceed either with a Processing Farm-in or a Mining Farm-in.

Under the Processing Farm-in, they can earn an additional 45% interest in the lithium rights by funding the Project until the point of a final investment decision on a mine development for the Project (FID) – and MinRes will provide complete mine to port services to the JV.

Under the Mining Farm-in, MinRes can earn an additional 26% interest in the Lithium rights at the Project by funding the Project until the development, construction and commissioning of a mine and related facilities for the conduct of mining operations on the Project.

Plus, a Mine Gate Sale Agreement would be entered into where MinRes will build, own and operate all plant, equipment and infrastructure for the mining operations on the Tenements and buy Lithium bearing ore for a mine gate sale price.



The company says drilling at its Colina prospect continues to confirm the down dip continuation and thickening of the previously intersected high-grade lithium pegmatites.

And the first two holes of the program have intersected wide pegmatites with a central core logged with significant spodumene.

LRS says intersections are notably wider than previous intersections in adjacent drill holes and confirm the significance of the Colina pegmatites.