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Mining
All your ASX lithium news for Tuesday, January 3
We’re so used to soaring lithium prices this recent wee slump was a bit of a surprise.
Benchmark Minerals Intelligence’s lithium carbonate dropped 3.9% to $82,075 and lithium hydroxide slid 1.8% to $80,650 as of December 28.
But Benchmark boss Simon Moores says don’t worry about this short term slip, because the medium-long term outlook is still solid.
“It still remains close to all-time highs with demand outstripping supply,” he tweeted.
“But a falling price doesn’t necessarily mean a shrinking market
“During lithium’s last falling price environment, the market grew by 30%.”
The price decline is mainly due to a run down of inventory, along with growing Covid cases in China, Moores said.
Lithium’s medium long term price will keep every resource development project in economic play
Short term price decreases (as now), increases will be the norm, but green light for incentive price will be on.
Deciding where to put money becomes more challenging than in past
— Simon Moores (@sdmoores) January 1, 2023
| Code | Company | Price | % Today | Market Cap |
|---|---|---|---|---|
| LSR | Lodestar Minerals | 0.005 | 25% | $6,953,749 |
| ARN | Aldoro Resources | 0.18 | 13% | $18,065,971 |
| WR1 | Winsome Resources | 1.375 | 12% | $171,206,186 |
| RMX | Red Mount Min Ltd | 0.005 | 11% | $8,947,570 |
| OCN | Oceanalithiumlimited | 0.38 | 10% | $12,187,125 |
| KZR | Kalamazoo Resources | 0.23 | 10% | $31,252,069 |
| GSM | Golden State Mining | 0.047 | 9% | $5,031,611 |
| AX8 | Accelerate Resources | 0.025 | 9% | $8,684,840 |
| 1MC | Morella Corporation | 0.013 | 8% | $73,182,965 |
| AS2 | Askarimetalslimited | 0.47 | 8% | $21,462,518 |
| EMC | Everest Metals Corp | 0.083 | 5% | $8,408,216 |
| LRD | Lordresourceslimited | 0.175 | 4% | $5,575,174 |
| STM | Sunstone Metals Ltd | 0.0375 | 4% | $94,336,071 |
| EVR | Ev Resources Ltd | 0.0145 | 4% | $13,005,777 |
| TUL | Tulla Resources | 0.345 | 3% | $71,304,231 |
| CAI | Calidus Resources | 0.2775 | 3% | $118,241,560 |
| QPM | Queensland Pacific | 0.1125 | 2% | $192,098,271 |
| LIT | Lithium Australia | 0.046 | 2% | $54,953,625 |
| ALY | Alchemy Resource Ltd | 0.0235 | 2% | $27,095,754 |
| AOU | Auroch Minerals Ltd | 0.052 | 2% | $21,820,102 |
| EUR | European Lithium Ltd | 0.075 | 1% | $107,243,699 |
| MNS | Magnis Energy Tech | 0.375 | 1% | $359,022,649 |
| SYA | Sayona Mining Ltd | 0.1925 | 1% | $1,650,290,982 |
| CY5 | Cygnus Gold Limited | 0.385 | 1% | $69,872,201 |
| MLS | Metals Australia | 0.045 | 1% | $27,013,110 |
| PLL | Piedmont Lithium Inc | 0.65 | 1% | $268,856,898 |
| LLL | Leolithiumlimited | 0.4875 | 1% | $478,528,602 |
| ADV | Ardiden Ltd | 0.008 | 0% | $21,506,683 |
| AML | Aeon Metals Ltd. | 0.027 | 0% | $29,602,817 |
| AVZ | AVZ Minerals Ltd | 0.78 | 0% | $2,752,409,203 |
| RLC | Reedy Lagoon Corp. | 0.01 | 0% | $5,667,196 |
| TKL | Traka Resources | 0.008 | 0% | $5,510,196 |
| TON | Triton Min Ltd | 0.036 | 0% | $49,780,230 |
| CHR | Charger Metals | 0.445 | 0% | $19,452,894 |
| AAJ | Aruma Resources Ltd | 0.053 | 0% | $8,318,960 |
| BYH | Bryah Resources Ltd | 0.026 | 0% | $7,312,590 |
| DTM | Dart Mining NL | 0.055 | 0% | $8,539,309 |
| EMS | Eastern Metals | 0.075 | 0% | $2,929,831 |
| FG1 | Flynngold | 0.1 | 0% | $7,832,354 |
| MMC | Mitremining | 0.28 | 0% | $7,583,828 |
| CTN | Catalina Resources | 0.009 | 0% | $11,146,382 |
| WML | Woomera Mining Ltd | 0.019 | 0% | $18,167,063 |
| AZL | Arizona Lithium Ltd | 0.062 | 0% | $151,435,288 |
| KGD | Kula Gold Limited | 0.025 | 0% | $9,030,298 |
| SCN | Scorpion Minerals | 0.07 | 0% | $24,199,433 |
| ENT | Enterprise Metals | 0.009 | 0% | $6,345,726 |
| AVW | Avira Resources Ltd | 0.002 | 0% | $4,267,580 |
| BNR | Bulletin Res Ltd | 0.093 | 0% | $27,210,972 |
| MRR | Minrex Resources Ltd | 0.032 | 0% | $34,715,760 |
| A8G | Australasian Metals | 0.19 | 0% | $7,822,394 |
| SRZ | Stellar Resources | 0.013 | 0% | $13,060,202 |
| AOA | Ausmon Resorces | 0.007 | 0% | $6,001,025 |
| VKA | Viking Mines Ltd | 0.01 | 0% | $10,252,584 |
| IPT | Impact Minerals | 0.007 | 0% | $17,369,594 |
| VMC | Venus Metals Cor Ltd | 0.135 | 0% | $24,040,622 |
| G88 | Golden Mile Res Ltd | 0.021 | 0% | $4,296,385 |
| EPM | Eclipse Metals | 0.016 | 0% | $32,388,110 |
| WC8 | Wildcat Resources | 0.024 | 0% | $15,888,545 |
| CZL | Cons Zinc Ltd | 0.018 | 0% | $8,332,586 |
| MXR | Maximus Resources | 0.04 | 0% | $12,762,231 |
| MM1 | Midasmineralsltd | 0.2 | 0% | $11,426,353 |
| M2R | Miramar | 0.08 | 0% | $5,654,539 |
| XTC | Xantippe Res Ltd | 0.005 | 0% | $51,460,174 |
| WMC | Wiluna Mining Corp | 0.205 | 0% | $74,238,031 |
| ZEO | Zeotech Limited | 0.047 | 0% | $77,113,166 |
| GW1 | Greenwing Resources | 0.275 | 0% | $34,716,188 |
| TYX | Tyranna Res Ltd | 0.024 | 0% | $57,730,208 |
| DAF | Discovery Alaska Ltd | 0.032 | 0% | $7,175,510 |
| FTL | Firetail Resources | 0.16 | 0% | $10,400,000 |
| IR1 | Irismetals | 1.16 | 0% | $72,766,800 |
| LNR | Lanthanein Resources | 0.021 | 0% | $20,613,087 |
| DAL | Dalaroometalsltd | 0.1 | 0% | $2,987,500 |
| CMD | Cassius Mining Ltd | 0.02 | 0% | $8,169,858 |
| SGQ | St George Min Ltd | 0.068 | 0% | $55,177,534 |
| NMT | Neometals Ltd | 0.7975 | 0% | $442,192,941 |
| WES | Wesfarmers Limited | 45.56 | -1% | $52,061,592,415 |
| JRL | Jindalee Resources | 1.87 | -1% | $108,159,351 |
| A11 | Atlantic Lithium | 0.615 | -1% | $375,559,829 |
| AGY | Argosy Minerals Ltd | 0.565 | -1% | $800,512,274 |
| PNN | Power Minerals Ltd | 0.525 | -1% | $38,289,756 |
| AZI | Altamin Limited | 0.079 | -1% | $31,337,340 |
| RIO | Rio Tinto Limited | 114.93 | -1% | $43,213,279,472 |
| INR | Ioneer Ltd | 0.375 | -1% | $797,368,541 |
| TKM | Trek Metals Ltd | 0.075 | -1% | $27,659,826 |
| VUL | Vulcan Energy | 6.24 | -1% | $907,945,455 |
| CXO | Core Lithium | 1.01 | -1% | $1,887,890,635 |
| NVA | Nova Minerals Ltd | 0.67 | -1% | $142,836,809 |
| EMH | European Metals Hldg | 0.63 | -2% | $76,500,973 |
| LIS | Lisenergylimited | 0.315 | -2% | $53,092,540 |
| AKE | Allkem Limited | 11.06 | -2% | $7,167,276,887 |
| AUN | Aurumin | 0.06 | -2% | $10,843,536 |
| LRS | Latin Resources Ltd | 0.096 | -2% | $204,352,740 |
| IGO | IGO Limited | 13.17 | -2% | $10,192,824,763 |
| GT1 | Greentechnology | 0.805 | -2% | $157,359,174 |
| PAM | Pan Asia Metals | 0.4 | -2% | $60,210,792 |
| AM7 | Arcadia Minerals | 0.2 | -2% | $9,573,068 |
| MIN | Mineral Resources. | 75.21 | -3% | $14,651,039,160 |
| ASN | Anson Resources Ltd | 0.18 | -3% | $217,977,161 |
| BMM | Balkanminingandmin | 0.32 | -3% | $14,774,765 |
| ESS | Essential Metals Ltd | 0.315 | -3% | $86,796,676 |
| LRV | Larvottoresources | 0.155 | -3% | $10,760,756 |
| EFE | Eastern Resources | 0.028 | -3% | $33,458,796 |
| PLS | Pilbara Min Ltd | 3.61 | -4% | $11,242,385,588 |
| GLN | Galan Lithium Ltd | 1.03 | -4% | $326,890,783 |
| ZNC | Zenith Minerals Ltd | 0.255 | -4% | $93,098,363 |
| LEL | Lithenergy | 0.74 | -4% | $46,315,500 |
| INF | Infinity Lithium | 0.115 | -4% | $55,511,051 |
| TEM | Tempest Minerals | 0.022 | -4% | $11,609,622 |
| KAI | Kairos Minerals Ltd | 0.022 | -4% | $45,174,150 |
| RAS | Ragusa Minerals Ltd | 0.11 | -4% | $16,300,885 |
| TMB | Tambourahmetals | 0.1 | -5% | $4,325,223 |
| QXR | Qx Resources Limited | 0.04 | -5% | $37,038,217 |
| MTM | Mtmongerresources | 0.075 | -5% | $4,504,913 |
| GL1 | Globallith | 1.75 | -5% | $393,304,657 |
| MQR | Marquee Resource Ltd | 0.035 | -5% | $12,106,678 |
| LPI | Lithium Pwr Int Ltd | 0.415 | -6% | $276,802,926 |
| LKE | Lake Resources | 0.7525 | -6% | $1,113,336,437 |
| LPD | Lepidico Ltd | 0.015 | -6% | $122,204,340 |
| SRI | Sipa Resources Ltd | 0.03 | -6% | $7,263,549 |
| RDT | Red Dirt Metals Ltd | 0.445 | -6% | $197,892,516 |
| LTR | Liontown Resources | 1.2325 | -7% | $2,899,294,662 |
| RGL | Riversgold | 0.028 | -7% | $28,364,031 |
| DRE | Dreadnought Resources Ltd | 0.098 | -7% | $323,352,213 |
| FRS | Forrestaniaresources | 0.13 | -7% | $8,524,782 |
| WCN | White Cliff Min Ltd | 0.013 | -7% | $10,545,993 |
| RAG | Ragnar Metals Ltd | 0.012 | -8% | $4,929,404 |
| THR | Thor Mining PLC | 0.006 | -8% | $9,374,383 |
| CRR | Critical Resources | 0.0395 | -8% | $68,384,303 |
| PSC | Prospect Res Ltd | 0.11 | -8% | $55,471,135 |
| IMI | Infinitymining | 0.25 | -9% | $21,031,538 |
| KTA | Krakatoa Resources | 0.04 | -9% | $15,167,236 |
| LLI | Loyal Lithium Ltd | 0.265 | -10% | $15,484,550 |
| PGD | Peregrine Gold | 0.35 | -10% | $15,113,237 |
| VSR | Voltaic Strategic | 0.021 | -11% | $7,201,120 |
| NWM | Norwest Minerals | 0.048 | -11% | $11,993,799 |
A total of 27 stocks were in the green, 48 were flat and 60 were red.
Argosy has produced 1 tonne of battery-quality lithium carbonate (99.76% quality) from its Rincon Lithium Project in Argentina, with 98% of the 2,000tpa operational development works now complete.
The company says it’s well positioned to take advantage of current and near-term lithium prices, with the S&P Platts lithium carbonate price CIF North Asia recently trading at US$75,000/t.
“We look forward to achieving many more significant milestones in 2023 as we transform into a cashflow generator, capitalising on lucrative lithium carbonate prices via upcoming product sales revenues, leading to a significant near-term growth phase for the company,” MD Jerko Zuvela said.
A ramp-up phase is scheduled during current quarter, as the company advances toward steady-state production operations by end of Q2-CY2023.
The company has identified a highly conductive horizon that is interpreted to represent a brine target with potential to host a large lithium deposit at its Carachi project in Argentina.
Notably, the project area shares geologic features in common with other lithium-rich salars in the region, and this brine aquifer has been reported as having elevated concentrations of lithium at Lake Resources’ (ASX:LKE) Kachi lithium project located adjacent to Carachi.
The mining authority is in the process of evaluating the environmental impact assessment (EIA) for a program consisting of 3,550 metres of exploration core holes to sample and characterise the target aquifer and one 500-metre pumpable well in the southwest portion of the claim area.
The drilling program will commence as soon as the permits are granted.
As part of Pursuit’s due diligence for the acquisition of Trilogy Minerals, Trilogy has completed a A$8m capital raising through the issue of convertible notes which have been used to exercise options over Tenements 1, 2, 3 and 4.
These Tenements are prospective for lithium near Salta, Argentina at the Rio Grande Sur Project and are now owned by Trilogy.
“The completion of the $8 million raise by Trilogy, which formed a critical condition precedent, has been completed and significantly reduces the risk profile of the acquisition as four of the five lithium licences have now been secured,” Pursuit MD Bob Affleck said.
“The Notice of Meeting is currently being finalised with the meeting to be held in early February 2023.”
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