• Riversgold has its eye on four lithium assets in the Pilbara
  • White Cliff farms-out nickel and cobalt projects to focus on gold, lithium, and rare earths
  • Piedmont releases Preliminary Economic Assessment on expanding to 60,000t per year of lithium hydroxide

All your ASX lithium news for Thursday, March 10.

 

Benchmark Mineral Intelligence bossman Simon Moores has taken to twitter to tell everyone to calm down a bit about record high nickel and lithium spot prices.

“Spot markets are different to real world markets, that are driven by those actually producing and using the material,” he said.

He also pointed out that the lasting impact of “silly” lithium and nickel prices will be forcing supply chain, especially end users, into more extreme action such as owning chemical plants & mines.

 

Analyst George Miller also jumped on the bandwagon, reminding everyone of the global weighted average lithium carbonate price of $52k/tonne.

“A substantial proportion of EV value chain paying less than this for carbonate today, important to recognise that supply in the lithium market is mainly under contract,” he said.

 

Here’s how ASX lithium stocks are tracking today:

Code Company Price % Month % Week % Today Market Cap
RGL Riversgold 0.032 52% 23% 19% $10,909,139.29
SYA Sayona Mining Ltd 0.15 15% 20% 15% $922,924,107.30
AOA Ausmon Resorces 0.008 7% 14% 14% $6,001,025.40
TON Triton Min Ltd 0.031 -3% 3% 11% $34,797,956.96
BNR Bulletin Res Ltd 0.155 24% -9% 11% $39,978,387.40
AVW Avira Resources Ltd 0.0055 10% 10% 10% $10,593,950.00
NWM Norwest Minerals 0.066 14% 16% 10% $10,836,443.22
EUR European Lithium Ltd 0.1 -17% 3% 9% $105,973,364.71
WCN White Cliff Min Ltd 0.028 -10% 8% 8% $16,916,286.37
PLL Piedmont Lithium Inc 0.93 35% 29% 8% $458,003,573.50
INF Infinity Lithium 0.15 -3% 7% 7% $58,076,121.74
AML Aeon Metals Ltd. 0.047 -4% -6% 7% $38,095,591.07
LKE Lake Resources 1.21 31% 24% 7% $1,388,338,054.09
AGY Argosy Minerals Ltd 0.345 -10% 8% 6% $427,100,069.83
AZL Arizona Lithium Ltd 0.1425 -8% -2% 6% $269,698,471.43
LRV Larvottoresources 0.195 -32% 3% 5% $7,572,512.50
SHH Shree Minerals Ltd 0.02 -13% 5% 5% $20,201,500.95
LRS Latin Resources Ltd 0.04 14% 11% 5% $55,992,609.40
DTM Dart Mining NL 0.085 4% -6% 5% $10,083,765.33
CXO Core Lithium 0.975 19% 3% 5% $1,577,885,155.65
ASN Anson Resources Ltd 0.115 -15% -4% 5% $112,353,920.80
KGD Kula Gold Limited 0.046 2% -2% 5% $9,467,727.81
VKA Viking Mines Ltd 0.0115 -28% 5% 5% $11,277,842.74
QXR Qx Resources Limited 0.047 15% 7% 4% $34,013,804.45
AVZ AVZ Minerals Ltd 0.85 -1% -3% 4% $2,813,431,410.20
BMM Balkanminingandmin 0.255 -29% -11% 4% $8,023,750.00
AS2 Askarimetalslimited 0.385 -8% 5% 4% $14,108,109.25
LTR Liontown Resources 1.595 6% 6% 4% $3,365,065,678.93
RLC Reedy Lagoon Corp. 0.027 -21% 0% 4% $14,244,287.98
QPM Queensland Pacific 0.145 -19% 4% 4% $216,035,838.34
GLN Galan Lithium Ltd 1.395 -10% -2% 3% $400,760,121.15
CHR Charger Metals 0.625 -26% -7% 3% $19,701,442.64
RDT Red Dirt Metals Ltd 0.495 -22% -6% 3% $143,564,144.64
AKE Allkem Limited 10.16 7% 4% 3% $6,286,002,277.96
MLS Metals Australia 0.074 23% -16% 3% $18,858,822.84
FFX Firefinch Ltd 0.76 9% 7% 3% $871,820,788.00
GL1 Globallith 1.61 3% 8% 3% $213,709,301.18
NMT Neometals Ltd 1.4 -4% -5% 2% $751,275,662.52
EFE Eastern Resources 0.047 -19% -6% 2% $45,456,671.28
CRR Critical Resources 0.072 -35% -6% 1% $104,894,441.64
PNN PepinNini Minerals 0.42 -3% -1% 1% $25,405,600.31
AAJ Aruma Resources Ltd 0.085 -14% 0% 1% $13,184,766.25
MQR Marquee Resource Ltd 0.1 -31% -5% 1% $21,423,857.60
VUL Vulcan Energy 8.95 -9% -4% 1% $1,167,691,948.30
PSC Prospect Res Ltd 0.85 -1% -3% 1% $364,443,157.07
PLS Pilbara Min Ltd 2.85 -14% 1% 0% $8,454,209,108.12
ADV Ardiden Ltd 0.013 -24% 4% 0% $34,588,350.63
1MC Morella Corporation 0.025 -7% 25% 0% $129,405,349.65
GXY Galaxy Resources 0 -100% -100% 0% $2,715,139,305.12
JRL Jindalee Resources 2.84 -8% -3% 0% $153,655,263.44
ARN Aldoro Resources 0.345 -22% -9% 0% $30,959,813.21
PAM Pan Asia Metals 0.515 -14% -1% 0% $37,934,201.66
AX8 Accelerate Resources 0.047 21% 4% 0% $11,912,568.25
BYH Bryah Resources Ltd 0.047 -19% -4% 0% $10,631,737.23
FG1 Flynngold 0.16 0% 7% 0% $10,249,768.00
FRS Forrestaniaresources 0.34 -20% 3% 0% $9,553,593.36
GSM Golden State Mining 0.078 -13% -8% 0% $6,480,862.83
IMI Infinitymining 0.18 -3% 6% 0% $10,350,000.00
MMC Mitremining 0.18 -8% 0% 0% $4,875,318.00
RAG Ragnar Metals Ltd 0.029 -22% 16% 0% $10,807,861.78
TEM Tempest Minerals 0.023 -4% 0% 0% $9,151,720.65
MTM Mtmongerresources 0.155 -26% 0% 0% $4,837,555.12
ENT Enterprise Metals 0.014 0% 0% 0% $8,022,282.03
KAI Kairos Minerals Ltd 0.024 -8% 4% 0% $47,090,243.78
STM Sunstone Metals Ltd 0.078 -15% -1% 0% $174,682,636.36
NVA Nova Minerals Ltd 0.545 -40% -9% 0% $98,210,245.33
RMX Red Mount Min Ltd 0.0085 -15% 0% 0% $13,960,092.79
SRZ Stellar Resources 0.028 -3% 12% 0% $23,444,473.53
IPT Impact Minerals 0.016 14% 33% 0% $32,380,718.70
SRI Sipa Resources Ltd 0.054 8% 0% 0% $11,071,339.36
VMC Venus Metals Cor Ltd 0.185 -10% 3% 0% $27,949,556.36
ZNC Zenith Minerals Ltd 0.34 -12% -9% 0% $116,927,412.70
GT1 Greentechnology 0.75 -13% -9% -1% $80,030,000.00
IGO IGO Limited 12.925 5% 10% -1% $9,897,490,315.91
ESS Essential Metals Ltd 0.35 -25% -3% -1% $86,711,851.28
ESS Essential Metals Ltd 0.35 -25% -3% -1% $86,711,851.28
LPD Lepidico Ltd 0.0315 -15% -5% -2% $199,914,015.46
LEL Lithenergy 0.915 -21% -2% -2% $41,850,000.00
MRR Minrex Resources Ltd 0.057 -21% 2% -2% $51,188,924.28
PGD Peregrine Gold 0.485 -13% -7% -2% $18,898,173.36
A8G Australasian Metals 0.47 -18% -3% -2% $19,281,837.12
TMB Tambourahmetals 0.21 -19% -5% -2% $8,856,408.57
CAI Calidus Resources 0.835 24% 2% -2% $342,226,586.97
LPI Lithium Pwr Int Ltd 0.6 -14% -2% -2% $214,493,456.52
INR Ioneer Ltd 0.52 -15% -6% -3% $1,097,043,393.47
SCN Scorpion Minerals 0.065 -13% -11% -3% $18,056,914.86
KZR Kalamazoo Resources 0.28 -14% -2% -3% $42,106,368.46
WR1 Winsome Resources 0.35 -14% 1% -4% $49,077,897.81
AM7 Arcadia Minerals 0.23 -4% 2% -4% $8,398,200.00
LSR Lodestar Minerals 0.0115 28% 15% -4% $20,861,248.18
MIN Mineral Resources. 45.05 -15% -2% -4% $8,892,956,435.99
AZI Altamin Limited 0.064 2% 3% -4% $26,054,420.78
LIT Lithium Australia NL 0.105 -13% 0% -5% $113,582,765.56
EMH European Metals Hldg 1.15 -16% -4% -5% $169,636,242.83
TKL Traka Resources 0.01 -33% -9% -5% $7,232,132.89
EMS Eastern Metals 0.185 -30% -3% -5% $6,942,000.00
WML Woomera Mining Ltd 0.018 -5% 0% -5% $12,954,828.25
TSC Twenty Seven Co. Ltd 0.0035 -13% -13% -13% $10,643,255.62
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A total of 45 stocks were in the green today, with 27 flatlining and 26 in the red.

 

Who’s got news out today?

Riversgold (ASX:RGL)

The explorer is gearing up to acquire EV Minerals and its 4 lithium assets in the Pilbara.

The tenements covering 164km2 include the Tambourah project, which has multiple outcropping pegmatites containing lepidolite and potentially spodumene.

CEO Julian Ford says the acquisition is potentially company-making for Riversgold.

“The development of the Pilgangoora Project by Pilbara Minerals Limited (ASX:PLS) has been an extremely valuable case study for junior explorers looking to follow the same path as we now are,” he said.

“At Tambourah, we have the classic hallmarks of an LCT lithium target much like Pilgangoora. In Western Australia, we are fortunate that gold and lithium exploration targets often occur in the same tenure and geological setting.”

The Wodgina East Project is within ~2km of Albemarle/Mineral Resources’ (ASX:MIN) Wodgina Lithium Deposit (259.2Mt at 1.17% Li2O%).

The company is planning a $1 million cap raising explore its existing projects, as well as these proposed acquisitions.

 

 

White Cliff Minerals (ASX:WCN)

The company has farmed-out its nickel laterite and cobalt projects to focus on its core gold and Li/REE projects in WA.

The Coronation Dam and Ghan Well projects will be sold to IPO GenX Resources, who will spend a minimum $250k on the projects within six months of listing on ASX.

Subject to meeting the minimum expenditure, GenX may elect to acquire 50% of the projects by issuing $250k worth of its shares to White Cliff, and then has 18 months from listing to spend an additional $1m to earn an additional 30% of the projects, bringing its total to 80%.

On earning 80% interest of the Projects, GenX may elect to acquire the remaining 20% interest held by the company by paying $1m cash to White Cliff and granting a 2% Net Smelter Royalty on all minerals derived from the projects.

White Cliff may elect to receive the $1m in GenX shares lieu of the cash payment.

 

Piedmont (ASX:PLL)

Piedmont released the Preliminary Economic Assessment (PEA) to expand planned US manufacturing capacity to 60,000 metric tons per year of lithium hydroxide.

The PEA assumes the second lithium hydroxide plant is located on one of several sites under consideration that share similar physical and operating characteristics with respect to capital costs, acreage, infrastructure, rail access, proximity to transportation routes, potential customers, and available workforce.

It also assumes a 30-year life of operations with production of 30,000 metric tons per year of battery grade lithium hydroxide, projected capital costs of $572 million with a steady-state all-in-sustaining lithium hydroxide production cost estimate at $10,630 per metric tonne.

Fixed pricing is assumed of $22,000/t for lithium hydroxide and $1,200/t for spodumene concentrate, which leads to a projected average steady-state EBITDA of $346 million per year, an estimated net present value of approximately $2.25 billion, and an internal rate of return of 33%.

The company said the PEA demonstrates the potential to expand the company’s lithium hydroxide manufacturing business using spodumene concentrate from market sources as well as from existing supply agreements with Sayona Mining (ASX:SYA) and Atlantic Lithium (AIM:ALL).

“With prevailing spot lithium prices at approximately triple the fixed pricing assumptions used in the PEA, Piedmont has substantial leverage relative to higher lithium prices across our entire portfolio of projects,” President and CEO Keith Phillips said.

 

Zenith Minerals (ASX:ZNC)

Initial RC drilling at the company’s Waratah Well project in WA has confirmed widespread lithium and tantalum, with results of 12m at 0.30% Li2O and 8m at 0.22% Li2O.

“These 1km spaced drill holes have given us some significant technical insights into the Waratah Well lithium potential and we’ll now target the areas further north and east of the most lithium enriched drill holes where the pegmatites disappear under soil cover,” CEO Mick Clifford said.

“The drill program confirms a very large, prospective lithium, caesium, tantalum pegmatite field is present at Waratah Well.”

A shallow RC program is planned to test the pegmatites under soil cover in March/April once heritage clearances are secured.

 

Arcadia Minerals (ASX:AM7)

The company has flagged “encouraging” assay results from its Bitterwasser project in Namibia, Africa.

Results included:

  • 6m at 790 ppm Li;
  • 20m at 804 ppm Li;
  • 2m at 809 ppm Li;
  • 9m at 841 ppm Li;
  • 4m at 855 ppm Li;
  • 6m at 898 ppm Li; and
  • 6m at 904 ppm Li.

Arcadia says the results suggest a potential increase of the existing mineral resource – currently 15.1 million tons at 828 ppm Li – contained over only 24% of the Eden clay pan surface area.

The company has identified 7 additional clay pans, bringing the total pans under investigation to 14 for a total pan area comprising 95.9Km2.

“The identification of 7 additional exposed pans not only enhances the prospect of making additional Lithium-in-clay discoveries in the area, but is also expected to be a prelude to other prospects that may be available for further investigation, and which are hidden from sight under and over the surface of the 4,000Km2 Bitterwasser project,” chairman Jurie Wessels said.