• Tesla made $18.8b profit in Q1 but upped car prices, anticipating lithium cost increases
  • Benchmark says prices are 3x past the pain point for carmakers at $60-65/kg
  • Alchemy finds lithium anomalies at WA gold project

All your ASX lithium news for Friday, April 22.

 

In Tesla’s Q1 earnings call this week Elon Musk said more people need to get into the lithium business to address the massive supply-demand gap.

The company made a tidy $18.8b profit during the quarter, but it is feeling the pinch as lithium costs soar.

“Can some more people please get into the lithium business?” Musk said. “Do you like minting money? Well, the lithium business is for you.”

The carmaker upped its prices by 5-10% during the quarter in a move that Musk said was about anticipating supplier and logistics cost growth over the next 6-12 months.

Benchmark Mineral Intelligence’s boss Simon Moores flagged on twitter that when OEMs planned their EVs and battery supply they were anticipating lithium at $8-15/kg.

That price is currently more like $60-65/kg.

“Right now, lithium prices are at least 3x past the pain point for electric vehicle makers,” he said.

It takes around 8-12 months for high prices to infiltrate contracts the supply chain, and while long term contracts with fixed prices are one way to tackle high lithium prices, Moore says that’s a 2019-2021 strategy.

“A post 2022 strategy will have to be to own the assets … lithium mines,” he says.

 

Here’s how ASX lithium stocks are tracking today:

Lithium stocks missing from our list? Shoot a friendly mail to [email protected]

Code Company Price % Month % Week % Today Market Cap
ALY Alchemy Resource Ltd 0.029 123% 61% 53% $18,094,552.91
LRV Larvotto Resources 0.465 116% 72% 33% $14,422,625.00
LRD Lordresourceslimited 0.255 0% 28% 21% $6,464,770.41
EMS Eastern Metals 0.225 22% 15% 13% $7,120,000.00
G88 Golden Mile Res Ltd 0.068 6% 3% 10% $12,445,422.07
1MC Morella Corporation 0.037 16% 9% 9% $175,991,275.52
RAG Ragnar Metals Ltd 0.05 67% 6% 9% $17,143,504.89
MMG Monger Gold Ltd 0.2925 19% -1% 8% $6,750,000.00
ZEO Zeotech Limited 0.065 2% 5% 8% $91,494,928.20
LSR Lodestar Minerals 0.016 45% 0% 7% $26,076,560.22
MXR Maximus Resources 0.087 38% 4% 6% $26,068,272.98
CRR Critical Resources 0.1 33% 20% 5% $141,199,074.18
M2R Miramar 0.205 21% 11% 5% $9,713,928.90
GSM Golden State Mining 0.084 8% -8% 5% $8,305,172.16
TEM Tempest Minerals 0.105 377% 5% 5% $39,919,917.50
ENT Enterprise Metals 0.022 69% 0% 5% $13,537,583.96
BNR Bulletin Res Ltd 0.225 45% 2% 5% $62,368,486.56
KZR Kalamazoo Resources 0.465 60% 9% 4% $64,611,496.43
ADV Ardiden Ltd 0.0145 21% 4% 4% $37,248,992.98
MQR Marquee Resource Ltd 0.145 46% 16% 4% $38,211,704.44
XTC Xantippe Res Ltd 0.0145 142% 4% 4% $107,242,857.69
SRZ Stellar Resources 0.03 11% 0% 3% $24,281,776.15
AM7 Arcadia Minerals 0.31 35% 15% 3% $10,497,750.00
INF Infinity Lithium 0.175 17% 6% 3% $70,521,004.97
FRS Forrestaniaresources 0.36 3% 4% 3% $9,834,581.40
AZL Arizona Lithium Ltd 0.185 16% 9% 3% $400,377,031.02
MRR Minrex Resources Ltd 0.074 25% 0% 3% $64,846,871.50
LIT Lithium Australia NL 0.1075 -2% -2% 2% $108,649,928.52
ARN Aldoro Resources 0.3 -8% 7% 2% $26,554,008.76
CAI Calidus Resources 1.015 9% 0% 2% $402,297,008.00
QPM Queensland Pacific 0.1775 15% -7% 1% $270,044,797.93
SYA Sayona Mining Ltd 0.355 103% 4% 1% $2,508,813,386.45
FFX Firefinch Ltd 1.085 33% -3% 1% $1,263,930,246.47
LRS Latin Resources Ltd 0.1825 172% -9% 1% $302,872,408.74
MNS Magnis Energy Tech 0.47 1% 1% 1% $449,090,177.99
AGY Argosy Minerals Ltd 0.475 20% -3% 1% $636,388,522.98
PGD Peregrine Gold 0.5125 11% 7% 0% $19,526,201.19
CXO Core Lithium 1.385 12% 1% 0% $2,377,742,968.90
EMH European Metals Hldg 1.26 2% -2% 0% $177,378,975.90
ESS Essential Metals Ltd 0.685 54% 25% 0% $167,375,201.60
GXY Galaxy Resources 0 -100% -100% 0% $2,715,139,305.12
RLC Reedy Lagoon Corp. 0.034 26% 3% 0% $18,644,145.82
TKL Traka Resources 0.0105 -5% 5% 0% $7,232,132.89
TON Triton Min Ltd 0.036 24% 13% 0% $44,740,230.37
CHR Charger Metals 0.715 0% -6% 0% $23,295,440.03
AAJ Aruma Resources Ltd 0.12 22% -14% 0% $18,835,380.36
AX8 Accelerate Resources 0.05 4% -24% 0% $12,672,944.95
IMI Infinitymining 0.22 29% 19% 0% $12,650,000.00
SHH Shree Minerals Ltd 0.015 -21% -6% 0% $18,333,553.38
TSC Twenty Seven Co. Ltd 0.004 33% 0% 0% $10,643,255.62
PNN PepinNini Minerals 0.84 100% -1% 0% $51,438,503.76
AZI Altamin Limited 0.086 26% -7% 0% $33,442,987.87
KAI Kairos Minerals Ltd 0.03 15% -3% 0% $58,862,804.73
AVW Avira Resources Ltd 0.006 0% 0% 0% $12,712,740.00
RMX Red Mount Min Ltd 0.0095 19% 6% 0% $15,602,456.65
A8G Australasian Metals 0.505 3% -2% 0% $20,286,099.47
EFE Eastern Resources 0.05 0% 0% 0% $49,721,831.55
AOA Ausmon Resorces 0.01 25% -9% 0% $8,572,893.43
SRI Sipa Resources Ltd 0.049 -8% -8% 0% $10,046,215.35
VMC Venus Metals Cor Ltd 0.2 14% 0% 0% $30,215,736.60
ZNC Zenith Minerals Ltd 0.45 41% 13% 0% $154,756,869.75
RAS Ragusa Minerals Ltd 0.086 15% -4% 0% $10,806,573.38
WC8 Wildcat Resources 0.037 28% 6% 0% $23,875,090.90
THR Thor Mining PLC 0.016 14% 0% 0% $16,222,261.30
AOU Auroch Minerals Ltd 0.135 17% 4% 0% $48,775,742.87
NMT Neometals Ltd 1.765 0% 1% 0% $970,626,220.92
PLL Piedmont Lithium Inc 0.98 4% 3% -1% $519,657,238.00
AS2 Askarimetalslimited 0.695 40% 1% -1% $28,781,048.10
GT1 Greentechnology 1.135 38% 18% -1% $121,370,000.00
LKE Lake Resources 2.14 35% 6% -1% $2,770,528,067.28
LEL Lithenergy 0.97 -1% -3% -1% $44,100,000.00
DRE Dreadnought Resources Ltd 0.0435 9% -1% -1% $124,902,076.24
SCN Scorpion Minerals 0.074 10% -6% -1% $20,212,964.40
QXR Qx Resources Limited 0.073 18% -5% -1% $61,483,811.75
RGL Riversgold 0.072 121% -4% -1% $38,434,804.63
MM1 Midasmineralsltd 0.36 118% 3% -1% $19,869,915.63
PSC Prospect Res Ltd 0.955 8% 10% -2% $418,354,866.69
BYH Bryah Resources Ltd 0.057 19% 2% -2% $13,120,016.15
NWM Norwest Minerals 0.055 -10% -8% -2% $10,114,013.67
MIN Mineral Resources. 60.75 30% -2% -2% $11,739,938,617.35
INR Ioneer Ltd 0.665 22% -6% -2% $1,421,572,911.32
AVZ AVZ Minerals Ltd 1.085 14% -8% -2% $3,916,890,020.28
VUL Vulcan Energy 8.91 -14% -1% -2% $1,200,603,220.80
GL1 Global Lithium Resources 2.12 -14% -6% -2% $342,462,399.58
JRL Jindalee Resources 4.59 51% -3% -2% $269,681,140.20
AKE Allkem Limited 12.77 28% -6% -3% $8,353,320,926.60
DTM Dart Mining NL 0.076 -6% -7% -3% $9,710,292.54
MMC Mitremining 0.185 16% -3% -3% $5,146,169.00
EPM Eclipse Metals 0.036 38% -3% -3% $71,081,677.28
PLS Pilbara Min Ltd 2.78 -3% -6% -3% $8,513,745,791.98
WR1 Winsome Resources 0.5 9% 1% -3% $69,360,196.91
RIO Rio Tinto Limited 112.9 2% -6% -3% $43,194,718,661.04
MLS Metals Australia 0.16 108% -9% -3% $63,274,741.53
FG1 Flynngold 0.155 15% -9% -3% $10,249,768.00
CZL Cons Zinc Ltd 0.03 7% 0% -3% $10,892,092.20
EVR Ev Resources Ltd 0.059 20% -5% -3% $56,485,028.33
LPI Lithium Pwr Int Ltd 0.845 24% 1% -3% $305,501,742.00
ASN Anson Resources Ltd 0.135 13% -7% -4% $143,003,217.70
TMB Tambourahmetals 0.26 16% -4% -4% $11,122,001.46
LTR Liontown Resources 1.575 -10% -5% -4% $3,595,249,324.72
GLN Galan Lithium Ltd 1.92 24% -4% -4% $608,774,724.00
BMM Balkanminingandmin 0.35 30% -5% -4% $11,953,750.00
IGO IGO Limited 13.585 11% -3% -4% $10,730,484,910.21
RDT Red Dirt Metals Ltd 0.565 3% -6% -4% $176,860,052.59
WMC Wiluna Mining Corp 0.89 -3% -4% -4% $196,522,898.85
NVA Nova Minerals Ltd 0.755 10% -13% -4% $142,359,805.15
EUR European Lithium Ltd 0.105 -16% -5% -5% $152,120,499.96
MTM Mtmongerresources 0.21 45% 11% -5% $7,625,207.26
WML Woomera Mining Ltd 0.0305 79% 17% -5% $21,978,658.11
LPD Lepidico Ltd 0.039 15% 0% -5% $259,765,393.22
STM Sunstone Metals Ltd 0.071 -13% 1% -5% $167,964,073.43
PAM Pan Asia Metals 0.535 3% -3% -6% $41,985,427.08
IPT Impact Minerals 0.015 36% 7% -6% $35,047,385.38
WCN White Cliff Min Ltd 0.029 4% -12% -6% $20,261,704.22
AUN Aurumin 0.19 15% -5% -7% $20,545,766.66
VKA Viking Mines Ltd 0.012 9% 9% -8% $13,328,359.60
KGD Kula Gold Limited 0.047 0% 0% -8% $10,973,957.23
AML Aeon Metals Ltd. 0.059 13% -17% -16% $60,606,622.16
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A total of 36 stocks were in the green today, with 30 flatlining and 52 in the red.

 

Who’s got news out today?

ALCHEMY RESOURCES (ASX:ALY)

ALY has found multiple lithium anomalies at its Karonie gold project in WA.

The company says the multi-element signatures of these soil anomalies are consistent with possible hard rock lithium mineralisation associated with lithium-caesium-tantalum (LCT) type pegmatites.

Plus, they’re 8km along strike and within contiguous tenure to Global Lithium Resources’ (ASX:GL1) Manna Lithium deposit (9.9Mt at 1.14% Li201).

“The geochemical review reaffirms the prospectivity of our large tenement package at Karonie in what has historically only ever seen gold and base metals exploration,” CEO James Wilson said.

The $18m market cap player is up 154% year-to-date and had $3m cash at hand at 31 December 2021.

 

MORELLA MINING (ASX:1MC)

Drilling is underway at Morella’s namesake lithium project in WA, with the RC program expected to be completed in the next week.

Around 1,020m of diamond drilling has begun, and is expected to be completed in four to five weeks.

Plus, the company has completed its fieldwork program completed at the Mt Edon Lithium Project, where it noted that all the pegmatites observed were deeply weathered with decomposed feldspar leading to friable surface outcrop in almost all instances.

Essentially this means that the heavy weathering may result in depleted grades for lithium at surface.

Result are pending.

 

ZEOTECH (ASX:ZEO)

Zeotech has been named an industry partner of the federal government Trailblazer University Program, and will participate in the Resources Technology and Critical Minerals Processing Trailblazer Program led by Curtin University.

The company expects will accelerate commercialisation of its proprietary cleantech innovation for lithium process by-product in conjunction with project partners – The University of Queensland (UQ) and Covalent Lithium.

The project will include the construction of a large-scale demonstration plant to commercialise the lithium cleantech – which has successfully produced manufactured zeolites using the leached spodumene residue, which could potentially reduce the amount of tailings produced by lithium processing.

The zeolites can in turn be used for a wide range of commercial applications, which include; water purification, animal feed additives, gas stream purification and separation, multiple drying processes and during the cracking processes in the pharmaceutical and petroleum industries.

 

XANTIPPE RESOURCES (ASX:XTC)

Xantippe has exercised its option to acquire the Rita and Rita I tenements at the Carachi Pampa lithium project in Argentina.

Just last month the company extended its footprint in the Catamarca region in Argentina with its decision to exercise its option to acquire Carolina Lithium – which held the 12,400 hectare project.

Notably, Rita and Rita I cover over 6,000ha on the Carachi Pampa salt flat directly north east of Lake Resources (ASX:LKE) who’s Kachi project has a JORC resource of 4.4 million tonnes of lithium carbonate equivalent.

“In exercising the option to acquire both Rita and Rita I, Xantippe is one step closer to realising our vision to become a lithium brine producer in the heart of the prolific Lithium Triangle of South Americam” MD Richard Henning said.

“We are delighted to have acquired such high quality projects, located next to Tier One clean lithium developers.”

Exploration activities expected to commence in Q3.

 

 

NEOMETALS (ASX:NMT)

The company’s recycling joint venture, Primobius, has secured a commercial lithium battery recycling permit for its 10tpd recycling facility in Germany – which enables commercial operations to kick off in the country.

In addition, Primobius is delivering its first intermediate active material (Black Mass) product produced during the demonstration trials to a German metal recycler next week.

Primobius plans to deliver a number of bulk samples from commercial operations to multiple parties for evaluation of larger, longer term offtake arrangements.

The company says the 10tpd Shredding Plant will generate near-term revenue as well as prove the efficacy and operability of the shredding circuit at a 1:5 scale of the larger commercial plants – with 50tpd recycling operations currently the subject of engineering cost studies scheduled for completion by 30 June 2022.

 

PAN ASIA METALS (ASX:PAM)

The company has released more assay results from its Reung Kiet lithium project in Thailand, with results including 4.4m at 0.74% lithium, 0.08% tin and 115ppm tantalum from 122.6m.

The explorer says there’ll be a “slight delay” in reporting the mineral resource estimate (MRE) update for the project due to increasing assay backlogs at all testing laboratories – plus the company’s decision to include its latest extensional drilling results.

PAM emphasised that the delay is not to do with the project, its geology or its mineralogy.

The MRE is now due in mid-May, followed by a scoping study later in 2022.

 

MT MONGER RESOURCES (ASX:MTM)

Mt Monger has secured a key piece of ground at its Ravensthorpe Project in WA.

The Young River prospect is a known nickel mineralisation area which contains ultramafic rocks interpreted to be the continuation of the Lake Johnston greenstone belt – plus its prospective for lithium, graphite and rare earth elements (REE) but has never been systematically explored for these commodities.

“We are now busy compiling the exploration information that is available for the new exploration licence application and the surrounding tenements and planning for fieldwork to confirm and extend the historical results from the area,” MD Lachlan Reynolds says.

 

IMPACT MINERALS (ASX:IPT)

Impact has picked up the Dinninup battery and strategic metals project in the south west of WA.

The company says the project has had no previous exploration except for bauxite, and that high-priority targets for nickel-copper-Platinum Group Elements (PGM), lithium- caesium-tantalum (LCT) pegmatites and Rare Earth Elements (REE) have been identified in a first-pass soil geochemistry survey that tested geophysical targets.

First pass follow-up field checking and sampling will commence in May, with the aim of prioritising areas for more detailed soil geochemistry and ground geophysics.

Earlier this week the company identified spodumene and yttrium-bearing apatite in pegmatite veins at its Kalahari prospect of its Hopetoun project in WA.

It’s the first-time lithium has been found at the project, which covers an interpreted extension of the Ravensthorpe greenstone belt – host to mines such as Allkem’s (ASX:AKE) Mt Cattlin lithium project.