- 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 emma.davies@stockhead.com.au
| 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 |
A total of 36 stocks were in the green today, with 30 flatlining and 52 in the red.
Who’s got news out today?
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.
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 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 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.
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.
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 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 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.