• Liontown kicks Albermarle takeover offer to the curb 
  • Cygnus Metals to acquire the Sakami project and additional ground at the Auclair project from Canadian Mining House
  • Galan strengthens board with the appointment of South American based lithium executive

All your lithium news, Tuesday March 28.


Regarding the headlining question, Melbourne-based financial advisory firm, Seneca Financial Solutions CEO Luke Laretive thinks so.

He says the bid could be the start for a range of takeovers in the lithium sector, facilitated by more stable, lower prices giving bidders more confidence to act.

The offer from lithium giant Albermarle values the Kathleen Valley mine developer at $2.50 a share, more than it has ever been worth.

As one of the world’s largest lithium producers, Albermarle would pay $5.2 billion for control of Liontown (ASX:LTR), representing a 63% premium over the LTR’s last closing price on Monday.

But LTR kicked the offer to the curb, following the rejection of earlier non-binding indicative proposals from Albemarle at $2.35 per share on March 3  and $2.20 per share on October 20, 2022.

“We think Albemarle continues to acquire on market and push over the 10% mark in a bid to discourage competition, while working with Liontown management to come to an agreed higher price,” Laretive explains.

“We also expect additional competitive interest in Liontown, and other lithium names that meet our ‘strategic appeal’ include companies such as Vulcan Energy Resources and Galan Lithium in the mid-caps.

“MinRes would attract interest if it were to be spun and we also think Pilbara Minerals for global diversified miners like BHP or RIO makes a lot of sense.”



Here’s how ASX lithium stocks are tracking:

WordPress Tables Plugin

A total of 72 stocks finished in the green, 36 fell flat, and 29 tumbled into the red.


Who’s got news out?


Cygnus is set to acquire the Sakami project and additional ground surrounding the Auclair project from Canadian Mining House.

Both projects are in the world-class James Bay lithium province, boast excellent infrastructure with year-round access through gravel roads, and consolidate Cygnus as one of the major lithium explorers in Quebec.



Galan has strengthened its board with the appointment of South American based lithium executive and former Sociedad Química y Minera de Chile senior executive Maria Claudia Pohl Ibanez.

“It is a great achievement for Galan to attract a person of the calibre of Claudia Pohl to its board,” GLN chairman Richard Homsany says.

“Claudia joins the Galan Board at a significant time on our way to becoming a producer and will bring a new and exciting perspective to the team.”

Meanwhile, founding GLN non-executive director Chris Chalwell has decided to retire on May 31 to align with his personal future endeavours.



Final assay results returned from successful phase 2 drilling at the Lei prospect has confirmed mineralisation at the second shallow pegmatite intersected in hole BYLDD009.

The hole hit 5m at 0.51% Li2O from 83m, including 1m at 0.84% Li2O while spodumene was also intersected in samples taken from the north of the primary Lei pegmatite, extending the mineralised body vertically.

Development of a phase 3 infill and extensional program at Lei is nearing completion with drilling expected to begin in Q2.



Critical Resource has undergone a wee board restructure ahead of a series of investor briefings in Sydney and Melbourne with the resignation of Michael Leu as non-executive director.

CRR says it will continue to benefit from Leu’s vast experience and expertise with the Halls Peak project as he continues to provide consulting services to the company.



Midas has confirmed the presence of abundant coarse spodumene in known pegmatite outcrop at the 102km2 Greenbush lithium project in Canada.

The known pegmatite outcrop was first sampled by the Ontario Geological Survey (OGS) in 1965, and was located in the field during the trip, despite extensive snow cover.

Additional pegmatite outcrops were noted across the project area and Midas plans to begin mapping and sampling at Greenbush in May.



Exploratory phase-1 reverse circulation drilling has outlined a new, near-surface shallow-dipping discovery in the southern Brockmans zone of the wider Omaruru lithium project in Namibia.

With only limited drilling undertaken at Brockmans to date, PSC says the results at the Karlsburnn and Brockmans deposits indicate significant prospectivity and scope for identifying larger tonnages of higher-grade lithium mineralisation.


Lithium stocks share price today:

At Stockhead we tell it like it is. While Galan Lithium and Prospect Resources are Stockhead advertisers, they did not sponsor this article.