• Aldoro Resources Planning begins planning for phase-3 drilling to increase the Niobe resource after $2.47m placement 
  • Core Lithium’s managing director Stephen Biggins officially resigns form role 
  • Kula Gold identifies 11 pegmatite targets as work progresses with the intent of discovering more

All your lithium news, Monday October 17.

 

It’s a sea of red out there but lithium stocks were one of the safest places to be today as the ASX took a nosedive and closed roughly 1.4pc lower after Fridays gains.

According to Benchmark Mineral Intelligence (BMI), the price of Chinese battery grade lithium carbonate rose by 1.7% last week following the country’s National Day holiday to reach a record high of RMB 532,000 per tonne ($74,475) – a rise of 108% year-to-date.

“Lithium prices have followed an almost consistent upward trajectory for 24 straight months fuelled by growing demand for electric vehicles in China as well as the rest of the world,” BMI says.

“Global sales of electric vehicles hit one million for the first time in September, an increase of 18% compared to August.

“China’s EV sales have also led the world this year and remained robust despite continued Covid-19 lockdowns across the country.”

 

Daisy Jennings-Gray, an analyst at Benchmark, says the higher prices in China’s spot lithium market will feed through to longer-term pricing contracts between automakers and lithium producers.

Most lithium is sold via opaque contracts between miners and buyers. These prices have traditionally been lower than spot, but are making up ground.

“There’s still some catching up to do in long-term pricing contracts,” she says.

“How the spot market is behaving now might not necessarily be the prices being absorbed by much of the downstream but they will be soon for most consumers.

“Especially given the restructuring of pricing mechanisms we have seen in lithium supply contracts over the last year, putting further pressure on automakers and adding to cost difficulties in achieving their electrification targets.”

NOW READ: Lithium prices crashing in China? Calm down, says Morningstar expert

 

Here’s how ASX lithium stocks are tracking:

CODE COMPANY PRICE % TODAY % WEEK % MONTH % YEAR MARKET CAP
ADV Ardiden Ltd 0.008 14% 14% 0% -33% $18,678,347
XTC Xantippe Res Ltd 0.008 14% 0% -11% 167% $57,016,609
MMG Monger Gold Ltd 0.44 13% 10% -14% 63% $15,615,600
LSR Lodestar Minerals 0.0055 10% -8% -8% -39% $8,692,187
QPM Queensland Pacific 0.1725 8% 15% 1% -31% $276,842,626
EMH European Metals Hldg 0.73 7% 6% -13% -50% $81,388,987
VMC Venus Metals Cor Ltd 0.15 7% 3% -6% -9% $22,411,016
LTR Liontown Resources 1.74 6% 9% 2% 10% $3,591,171,797
CXO Core Lithium 1.2225 6% 6% -23% 114% $2,118,871,410
LNR Lanthanein Resources 0.039 5% 0% -28% 129% $35,624,546
GL1 Globallith 2.54 5% 9% 3% 568% $382,462,797
DRE Dreadnought Resources Ltd 0.1 5% 2% -9% 170% $289,040,687
TYX Tyranna Res Ltd 0.041 5% -9% -23% 583% $93,558,088
1MC Morella Corporation 0.022 5% 0% -21% -65% $121,832,672
ARN Aldoro Resources 0.235 4% 9% -4% -41% $22,407,146
SCN Scorpion Minerals 0.073 4% 1% -11% 18% $23,359,433
KAI Kairos Minerals Ltd 0.029 4% -15% -24% -3% $54,994,618
GT1 Greentechnology 0.785 3% 0% -5% 0% $144,961,179
LPD Lepidico Ltd 0.0185 3% -16% -38% -29% $118,479,442
PGD Peregrine Gold 0.585 3% -3% -11% 46% $22,071,287
LKE Lake Resources 1 3% -1% -6% 77% $1,355,224,366
INF Infinity Lithium 0.205 3% 11% 14% 52% $83,339,954
LRV Larvottoresources 0.225 2% 10% 5% 0% $9,137,150
RGL Riversgold 0.047 2% 21% 31% 107% $35,709,848
AGY Argosy Minerals Ltd 0.485 2% -1% -8% 126% $654,445,663
ALY Alchemy Resource Ltd 0.0255 2% -23% 21% 101% $23,826,906
PLS Pilbara Min Ltd 4.775 2% -12% 4% 132% $13,998,407,746
INR Ioneer Ltd 0.5325 1% -15% -23% -17% $1,101,520,390
DTM Dart Mining NL 0.08 1% -1% -24% -30% $12,230,003
SYA Sayona Mining Ltd 0.2225 1% -7% -35% 44% $1,828,310,677
PNN Power Minerals Ltd 0.445 1% -10% -38% 19% $31,749,095
CY5 Cygnus Gold Limited 0.48 1% 12% 78% 300% $69,913,025
AVZ AVZ Minerals Ltd 0.78 0% 0% 0% 148% $2,752,409,203
EUR European Lithium Ltd 0.079 0% 0% -16% -18% $110,618,895
RLC Reedy Lagoon Corp. 0.014 0% 0% -13% -42% $7,803,977
TKL Traka Resources 0.007 0% 0% 0% -46% $4,821,422
TON Triton Min Ltd 0.023 0% 0% -15% -30% $31,804,036
BMM Balkanminingandmin 0.26 0% -13% -7% -63% $11,182,797
LEL Lithenergy 1.12 0% -12% -7% 82% $67,368,000
AAJ Aruma Resources Ltd 0.07 0% -4% 4% -13% $10,987,305
AX8 Accelerate Resources 0.034 0% -6% -11% -15% $9,195,603
AM7 Arcadia Minerals 0.29 0% -2% 0% 45% $13,542,389
BYH Bryah Resources Ltd 0.023 0% -8% -15% -55% $6,422,830
EMS Eastern Metals 0.14 0% -7% 12% 0% $5,411,875
FG1 Flynngold 0.105 0% -5% 0% -30% $6,726,410
GSM Golden State Mining 0.04 0% 3% -17% -70% $4,680,568
IMI Infinitymining 0.215 0% -4% 5% 0% $13,570,531
MMC Mitremining 0.175 0% 3% -3% -24% $4,739,893
RAG Ragnar Metals Ltd 0.028 0% 4% -28% -36% $10,617,177
SHH Shree Minerals Ltd 0.008 0% -11% -11% -27% $9,907,895
TMB Tambourahmetals 0.145 0% -9% 0% -29% $5,972,927
TEM Tempest Minerals 0.032 0% -11% -18% 52% $16,152,518
KGD Kula Gold Limited 0.039 0% -3% 95% -15% $13,112,265
KZR Kalamazoo Resources 0.185 0% -8% -27% -51% $27,531,584
AZI Altamin Limited 0.08 0% -9% -9% 0% $31,337,340
AVW Avira Resources Ltd 0.0035 0% 0% -13% -42% $7,415,765
BNR Bulletin Res Ltd 0.125 0% -4% -14% 95% $36,573,888
EFE Eastern Resources 0.042 0% 2% 40% 14% $43,981,369
SRZ Stellar Resources 0.013 0% -7% -7% -58% $13,060,202
NWM Norwest Minerals 0.028 0% -32% -50% -66% $6,219,007
VKA Viking Mines Ltd 0.007 0% 0% -13% -63% $7,176,809
IPT Impact Minerals 0.007 0% 0% 0% -52% $17,369,594
ZNC Zenith Minerals Ltd 0.315 0% 0% 5% 31% $108,600,118
RAS Ragusa Minerals Ltd 0.275 0% -17% 2% 139% $36,028,472
G88 Golden Mile Res Ltd 0.027 0% -4% -18% -44% $5,523,923
EPM Eclipse Metals 0.021 0% -5% -9% -54% $42,509,394
WC8 Wildcat Resources 0.035 0% 9% 0% -20% $22,812,045
THR Thor Mining PLC 0.009 0% 0% -14% -50% $9,916,186
CZL Cons Zinc Ltd 0.027 0% 38% 13% 0% $12,498,879
MXR Maximus Resources 0.045 0% -6% -10% -44% $14,350,760
MM1 Midasmineralsltd 0.19 0% 0% -5% 0% $10,855,035
M2R Miramar 0.099 0% -1% -14% -52% $6,354,480
WMC Wiluna Mining Corp 0.205 0% 0% 0% -77% $74,238,031
AUN Aurumin 0.083 0% -11% -21% -59% $10,400,492
ZEO Zeotech Limited 0.039 0% -3% -9% -56% $62,966,781
GW1 Greenwing Resources 0.37 0% -9% 28% 35% $46,696,021
KTA Krakatoa Resources 0.058 0% -19% -5% -13% $19,993,175
DAF Discovery Alaska Ltd 0.035 0% -44% -56% -15% $7,848,214
DAL Dalaroometalsltd 0.135 0% -7% 17% -44% $4,033,125
TUL Tulla Resources 0.45 0% -6% -9% -4% $72,097,592
NMT Neometals Ltd 1.02 0% -8% -30% 13% $566,155,171
PSC Prospect Res Ltd 0.0955 -1% -1% -1% 338% $44,376,908
WES Wesfarmers Limited 44.55 -1% 0% -4% -15% $50,875,411,659
JRL Jindalee Resources 2.3 -1% 2% -14% 4% $133,119,201
LPI Lithium Pwr Int Ltd 0.535 -1% -8% -27% 39% $211,248,608
LRS Latin Resources Ltd 0.097 -1% -12% -16% 143% $193,156,459
CHR Charger Metals 0.465 -1% -2% -23% 1% $20,494,836
CAI Calidus Resources 0.36 -1% -37% -39% -42% $159,790,322
WR1 Winsome Resources 0.345 -1% -3% 5% 0% $47,289,898
AKE Allkem Limited 14.35 -1% -3% -7% 67% $9,284,301,732
NVA Nova Minerals Ltd 0.65 -2% -8% -23% -64% $121,216,442
CRR Critical Resources 0.06 -2% -8% -23% 131% $90,901,447
MQR Marquee Resource Ltd 0.057 -2% -10% -21% -14% $18,421,820
ASN Anson Resources Ltd 0.28 -2% -8% -34% 222% $334,813,412
AML Aeon Metals Ltd. 0.0275 -2% -2% -7% -50% $30,616,062
A8G Australasian Metals 0.275 -2% -8% -7% -49% $11,527,738
LIT Lithium Australia 0.053 -2% -4% -12% -56% $65,860,733
MRR Minrex Resources Ltd 0.053 -2% -4% -2% 212% $58,493,661
LIS Lisenergylimited 0.5 -2% -3% -15% -77% $84,616,235
IGO IGO Limited 15.01 -2% -3% 3% 69% $11,601,342,895
SRI Sipa Resources Ltd 0.044 -2% -2% 7% -23% $9,226,116
MLS Metals Australia 0.043 -2% -4% -19% 8% $26,709,592
GLN Galan Lithium Ltd 1.18 -2% -3% -17% 12% $368,529,556
OCN Oceanalithiumlimited 0.4725 -3% -11% -33% 0% $16,259,625
AZL Arizona Lithium Ltd 0.075 -3% -6% -19% 53% $185,564,268
VUL Vulcan Energy 6.35 -3% -13% -22% -45% $934,546,163
FRS Forrestaniaresources 0.185 -3% -18% -29% -51% $8,134,148
WCN White Cliff Min Ltd 0.0185 -3% -20% -26% 48% $14,204,464
PAM Pan Asia Metals 0.365 -3% -8% -12% -16% $55,070,846
ESS Essential Metals Ltd 0.485 -3% -7% -6% 213% $124,181,341
STM Sunstone Metals Ltd 0.032 -3% -3% -24% -33% $85,682,732
RIO Rio Tinto Limited 93.65 -3% -3% -1% -7% $35,863,198,435
AOU Auroch Minerals Ltd 0.059 -3% -13% 2% -68% $22,637,820
LRD Lordresourceslimited 0.29 -3% -5% 12% 0% $9,985,386
RDT Red Dirt Metals Ltd 0.555 -3% -12% -18% -31% $190,897,598
MIN Mineral Resources. 68.4 -4% -5% -4% 61% $13,464,912,285
MTM Mtmongerresources 0.12 -4% -8% -23% -25% $4,688,754
EVR Ev Resources Ltd 0.024 -4% -11% -20% -23% $23,149,602
IR1 Irismetals 1.63 -4% -9% -16% 482% $106,641,000
PLL Piedmont Lithium Inc 0.795 -4% -6% -15% -3% $437,883,764
MNS Magnis Energy Tech 0.335 -4% -11% -30% -3% $339,616,019
FTL Firetail Resources 0.2 -5% -9% -17% 0% $12,974,325
LLL Leolithiumlimited 0.57 -5% -4% -21% 0% $591,994,147
AS2 Askarimetalslimited 0.365 -5% -11% -12% 66% $17,509,462
QXR Qx Resources Limited 0.073 -5% 0% 143% 356% $67,903,399
AOA Ausmon Resorces 0.007 -7% -13% -13% 0% $6,429,670
ENT Enterprise Metals 0.01 -9% -9% 0% -23% $7,182,788
WML Woomera Mining Ltd 0.0145 -9% -37% -6% -27% $10,989,329
TKM Trek Metals Ltd 0.06 -10% 7% -19% -50% $20,810,880
RMX Red Mount Min Ltd 0.005 -17% -17% -17% -44% $9,854,183
TSC Twenty Seven Co. Ltd 0.002 -20% -20% 0% -52% $13,304,070
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32 lithium companies finished in the green, 49 fell flat and 50 tumbled into the red zone.

 

WHO’S GOT NEWS OUT?

ALDORO RESOURCES (ASX:ARN)

Planning for phase-3 drilling to increase the Niobe resource has kicked off after ARN received receiving $2.47m in funding via a placement to bolster cash reserves.

The company also intends to use funds to support feasibility work and geophysical surveys across the Narndee nickel-copper-PGE Project in Western Australia.

Participants to the placement will be issued one free unlisted ARN option for every two new placement shares subscribed.

The unlisted options will have a $0.30 strike and a September 9, 2024 expiry date with strong support received from Aldoro’s main shareholders.

 

CORE LITHIUM (ASX:CXO)

CXO managing director Stephen Biggins has officially resigned.

“The Finniss Lithium Mine official opening was the culmination of 12 years of rewarding dedication to achieve this rare milestone and I feel that now is the right time to step down as managing director,” Biggins says.

“I want to take this opportunity to thank the Board, management, employees and shareholders of Core as well as the stakeholders in the successful Finniss Project’ both in the NT and around the globe for their support over the years.

“The business is now in great shape, the financial performance is strong, and at the Finniss Lithium Project, we have built a platform for sustainable growth for many years to come.”

 

KULA GOLD (ASX:KGD)

On field mapping and sampling of numerous pegmatites at the Brunswick Project in the southwest of WA has identified 11 targets so far.

Kula also continues to progress discussions to secure new opportunities in the lithium sector that would complement the existing project.

 

INFINITY MINING (ASX:IMI)

Neighbouring tenement holder, Riversgold (ASX: RGL) has completed a Heritage survey over their property which was needed to facilitate Infinity’s access into its Tambourah South tenement.

This means IMI can set out complete its maiden drilling program during this calendar year.

Approvals have already been received from the Department of Mines, Industry Regulation and Safety for POWs covering drilling on Tambourah South’s 36 pegmatite dykes, which have returned grades up to 2.635% Li2O.

The identified surface pegmatite dykes make up over 2.6 kms of strike length.

Currently, two fertile pegmatite zones have been located in the South-western and the North-western parts of the tenement

“We will shortly be in a position to mobilise our earthmoving equipment to commence drill site preparation,” IMI CEO Joe Groot says.

 

RAGUSA MINERALS (ASX:RAS)

Ragusa’s locked in regulatory approval from the Northern Territory’s Mining Operations of the variation to the current mining management plant for exploration activities (MMP), allowing for additional drilling sites to be included.

Up to 38 new sites will be included within tenements EL28462, EL29731 and EL30521 – part of the company’s NT Lithium Project.

RAS will enlarge its current drilling program, planning up to ~4000m from the approved sites, with drilling to continue until the wet season prohibits further site access and operations, and then re-commence in 2023.

Drilling will target lithium bearing pegmatites beneath the weathering profile – evident at the Core Lithium’s Finniss Project located to the north, targeting the most prospective pegmatites with a view to defining a maiden mineral resource for the project.

 

EASTERN RESOURCES (ASX:EFE)

Eastern Resources has received a $2m strategic investment from China’s Yahua, followed by a subscription agreement executed in September.

The issue of more than 68.9m shares will be undertaken without shareholder approval using the company’s existing placement capacity under Listing Rule 7.1.

On completion of the placement, Yahua will hold 10.28% of EFE’s issued shares, and becomes a substantial shareholder.

 

POWER MINERALS (ASX:PNN)

Positive results a Vertical Electrical Sounding (VES) geophysical survey at the Rincon salar have been received at the Company’s Salta Lithium Project in the lithium triangle of north-west Argentina.

The VES survey was conducted over seven geophysics stations on the northern portion of Power’s license area at Rincon and have confirmed the potential for the salar to host additional lithium brines.

These positive results highlight the resource expansion potential in this yet to be drill tested area of the Rincon license, PNN says.

 

EASTERN METALS (ASX:EMS)

Eastern Metals has acquired the Neutral Junction Project from Bowgan Minerals and is now the registered holder of five tenements with a ~75% joint venture interest in a sixth tenement held by Mithril Resources (ASX: MTH).

The acquisition covers 155 blocks across six exploration licences, spanning 504km.

All tenture withn the highly prospective Arunta Pegmatite Province holds direct exposure to the Barrow Creek Pegmatite Field in the north and the Alcoota Pegmatite District in the south and is prospective for LCT pegmatites as well as lithium bearing mineralogy.

Several companies including Core Lithium, Askari Minerals, TNG, and Australasian Gold have commenced exploration for lithium in the pegmatites in the Arunta pegmatite province.

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