• US car makers invested billions in battery factories in 2022 due to increased EV demand
  • Winsome Resources flags strong lithium mineralisation from assays at the Adina project
  • Gold Mountain commits to earn in stage of Brazilian JV with $2.75m exploration expenditure 


All your ASX lithium news for Friday, January 6


The increased demand for electric vehicles (EVs) drove momentum in US-based manufacturing last year, BestBrokers says.

In 2022 alone, car makers spent $22.34 billion on building new battery construction facilities and another $10.71 billion on auto assembly plants.

And that was mainly because the supply chain disruptions over the past few years due to the Covid-19 pandemic have put pressure on the industry to find new suppliers of parts and materials. That, and the fact the Russian war in Ukraine brought new restrictions, highlighting the importance of creating a domestic EV supply chain.

“Manufacturers’ investments in new assembly- and battery-making facilities on US territory are likely to increase in 2023, fuelled by the rise in demand but, more importantly, by the intent to resolve the supply chain issues of the past few years”, BestBrokers market analyst Alan Goldberg said.

“While manufacturing could be brought back to the US, car makers still face possible materials shortages as key minerals are mined by the likes of China, Russia, and the DRC.”

In August Honda Motor Co. announced plans for a joint venture company with LG Energy Solution to produce lithium-ion batteries for Honda and Acura EV models in a new $4.4 billion plant in the US which aims to have an annual production capacity of approximately 40GWh. 

And General Motors Co. also teamed up with LG, opening a new battery factory in Ohio, with plans to add two more in Tennessee and Michigan thanks in part to a low cost $2.5 billion loan from the US Energy Department.

Meanwhile, Toyota is building a $3.8 billion battery production factory a North Carolina, and Ford, Hyundai, and Stellantis have also poured billions in EV projects that are currently underway.


Here’s how ASX lithium stocks were tracking today:

Wordpress Table Plugin


A nice amount of 73 stocks were in the green, 45 were flat and 18 were red.


Who has news out today? 


The company has flagged strong lithium mineralisation from assays at its Adina project in Quebec, Canada, including 1.34% Li20 over 107.6m.

Plus, the drilling returned exceptionally high-grade intersections of up to 2.21% Li20 over 30m from 41m to 71m.

This comes off the back of recent drilling, which identified an impressive extension of the main pegmatite body strike length to 620m with further extension expected.

“Having an average of 1.34% Li2O for over 100m of pegmatite from surface speaks of a world-class lithium project and paves the way for the much-expanded drill program we now have planned at Adina,” MD Chris Evans said.

“It is also very encouraging for the other impressive pegmatite intersections and visual estimates from drilling of subsequent holes up until the Christmas break.”

The helicopter-supported drilling program at Adina has been extended significantly from an originally planned 5,000m to more than 20,000m. A second drill rig is currently being mobilised on site to assist with the expanded drilling and resource definition program.



Gold Mountain has committed to the earn in stage of its JV with Mars Mines to earn an additional 55% interest in the Brazilian lithium projects through exploration expenditure of $2.75m over a two-year period.

Rock chip results from the reconnaissance due diligence program in October last year have confirmed the prospectivity of the Juremal, Custodia and Porta D’Agua projects to host LCT bearing pegmatites, GMN says.

Ten rock chip samples assayed over 100 ppm Li2O, which due to leaching and weathering of outcropping rocks is considered anomalous and warrants follow up sampling.

GMN and Mars believe that LCT pegmatite bodies can be readily defined on these tenements and that with a concentrated mapping and sampling program, drill targets can be rapidly identified.

“This is early days in our exploration program, but it is encouraging to see several anomalous rock chip results returned from the initial reconnaissance program with samples assaying up to 0.08% Li2O,” CEO and executive director Tim Cameron said.

“I am especially encouraged by the statement by the Mars geologists that with additional mapping and rock chip sampling both the Juremal and Custodia projects can be rapidly advanced towards drill testing. 

“I am expecting that 2023 will be a pivotal year for GMN and with lots of effort and commitment the company will advance its Brazilian lithium projects towards a significant discovery.” 



Freshly listed Patriot has started mobilising for the winter phase of its 2023 drill campaign at the Corvette project in Quebec, Canada.

The company is targeting a minimum of 20,000m between January to April with at least five drill rigs running.

It’s the largest single lithium drill program undertaken in recent times in Quebec, the company says.

“The 2022 drilling has defined something very special at Corvette and this winter season will further expand on this significant discovery,” president, CEO and director Blair Way said.

“With five drill rigs we will be better positioned to continue to drill out the CV5 Pegmatite Cluster at an aggressive pace, while also further testing the CV13 Pegmatite Cluster. 

“The year 2023 will be a transformative year for the Company as we advance to an initial mineral resource at CV5.” 

Core assay results for 38 drill holes from the 2022 drill campaign remain to be reported.


WR1, GMN and PR1 share prices today:


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