• Rio Tinto’s (ASX:RIO) unassertive, low cost approach to developing a lithium business continues; is something big on the horizon?
  • Production news from Pilbara Minerals, Sayona Mining
  • Small cap lithium news: Widgie Nickel, Olympio, Galan Lithium, Iris Metals, Midas Minerals, Loyal lithium, Anson, Tambourah, Golden State Mining

All your lithium news, Tuesday, May 23. 

Rio Tinto’s (ASX:RIO) unassertive, low risk and low cost approach to developing a lithium business continues, with global miner inking a US$7.5 earn-in deal with Rwandan explorer Aterian (LON:ATN).

Its pre-discovery lithium portfolio also includes relatively low cost deals with Everest Metals (ASX:EMC) in WA and Midland Exploration (TSX.V:MD) and Azimut Exploration (TSX.V:AZM) in the red-hot James Bay region of Quebec.

Despite speculation it may be running the ruler over Allkem (ASX:AKE),  RIO boss Jakob Stausholm said in May that prices being paid for lithium assets is now too high, indicating a hesitancy to engage in more tier 1 M&A.

Stausholm yesterday reiterated that stance but acknowledged a desire to snap up Canadian lithium assets.

“We are looking at a number of opportunities. It is a pretty hot market, the lithium market, and we have some disciplines around it,” Stausholm says.

Meanwhile, tier 1 M&A action continues around Rio, unabated.

Perhaps the major is feeling gunshy due to issues at its existing big-ticket lithium developments. In 2021, it paid US$825 million for the undeveloped Rincon lithium project in Argentina; its first major purchase since the doomed US$3.7bn acquisition of Mozambiquan coal miner Riversdale Mining in 2011.

A planned 3000tpa LCE starter plant at Rincon would help de-risk a larger scale operation, and allow RIO to become a lithium producer, albeit a small one, in 2024.

A few weeks ago, it admitted that building the starter plant would take longer and cost a lot more than initially envisaged.

The major also retains hope it can develop the massive US$2.4bn Jadar mine in Serbia despite losing crucial local support for the project amid public protests.

 

Who’s Hot?

The day’s biggest gains

TERRAIN MINERALS (ASX:TMX) +20%

OCEANA LITHIUM (ASX:OCN) +12%

QX RESOURCES (ASX:QXR) +11%

 

Who’s Not?

The day’s biggest falls

XANTIPPE RESOURCES (ASX:XTC) -33%

TAMBOURAH METALS (ASX:TMB) -23%

ARIZONA LITHIUM (ASX:AZL) -14%

 

 

Here’s how Aussie lithium stocks are tracking:

Scroll or swipe to reveal table. Click headings to sort. Best viewed on a laptop.

Stocks missing from this list? Email [email protected]

CODE COMPANY TODAY % MONTH % YEAR TO DATE % 12 MONTH % PRICE MARKET CAP
THR Thor Energy PLC 25% 25% -17% -50% 0.005 $5,837,166
VKA Viking Mines Ltd 22% 10% 10% 57% 0.011 $9,227,326
TMX Terrain Minerals 20% -14% 0% -14% 0.006 $5,415,997
M2R Miramar 13% 29% -41% -55% 0.045 $4,437,072
OCN Oceanalithiumlimited 12% -28% -19% -38% 0.28 $13,269,125
QXR Qx Resources Limited 11% 58% -29% -3% 0.03 $24,215,283
KTA Krakatoa Resources 10% 33% -27% -35% 0.032 $12,364,921
ARN Aldoro Resources 10% 62% 6% -15% 0.17 $20,866,680
GSM Golden State Mining 10% -24% -21% -28% 0.034 $5,923,737
LLO Lion One Metals Ltd 8% 25% -16% -38% 0.985 $12,314,888
STM Sunstone Metals Ltd 8% 8% -24% -43% 0.028 $80,131,607
RGL Riversgold 8% -7% -53% -52% 0.014 $12,366,399
FTL Firetail Resources 7% -17% -43% -62% 0.091 $8,181,250
IPT Impact Minerals 7% 14% 129% 100% 0.016 $42,670,558
FIN FIN Resources Ltd 7% 14% -16% 7% 0.016 $9,315,530
ASN Anson Resources Ltd 6% 6% -11% 27% 0.165 $196,931,152
MHC Manhattan Corp Ltd 6% 6% 55% -15% 0.0085 $23,490,230
BYH Bryah Resources Ltd 6% 19% -26% -36% 0.019 $6,219,095
LNR Lanthanein Resources 6% 27% -10% 19% 0.019 $20,188,360
EFE Eastern Resources 5% 5% -64% -58% 0.0105 $12,419,465
SGQ St George Min Ltd 5% 5% -38% 35% 0.042 $33,620,422
MNS Magnis Energy Tech 5% -21% -70% -65% 0.11 $123,847,306
AGY Argosy Minerals Ltd 5% -14% -41% -12% 0.335 $449,410,399
INF Infinity Lithium 4% 33% 0% -17% 0.12 $53,198,091
EMH European Metals Hldg 4% 4% 34% 28% 0.86 $103,137,816
MHK Metalhawk. 4% 8% -15% -10% 0.14 $10,634,086
LRV Larvottoresources 4% 7% -9% -24% 0.145 $9,415,661
BUR Burleyminerals 3% -35% -32% 43% 0.15 $14,688,030
SCN Scorpion Minerals 3% -30% -11% -6% 0.062 $20,742,372
SBR Sabre Resources 3% 35% -8% -30% 0.035 $9,910,530
NMT Neometals Ltd 3% 8% -33% -51% 0.535 $287,425,412
PL3 Patagonia Lithium 3% -3% 0% 0% 0.18 $8,575,613
WR1 Winsome Resources 3% 13% 50% 895% 1.84 $291,650,733
BM8 Battery Age Minerals 3% -23% -18% -18% 0.41 $29,687,265
A11 Atlantic Lithium 2% -19% -29% 0% 0.44 $261,973,914
LRD Lordresourceslimited 2% 1% -46% -56% 0.091 $3,304,759
LRD Lordresourceslimited 2% 1% -46% -56% 0.091 $3,304,759
REC Rechargemetals 2% -35% 78% 4% 0.24 $24,812,351
CHR Charger Metals 2% -45% -38% -48% 0.275 $16,770,879
LIS Lisenergylimited 2% 19% -11% -63% 0.285 $46,455,972
LPI Lithium Pwr Int Ltd 2% 0% -33% -44% 0.295 $182,478,892
NIS Nickelsearch 2% 2% -62% -58% 0.06 $5,642,192
AZS Azure Minerals 1% 38% 824% 845% 2.08 $799,983,948
SLM Solismineralsltd 1% -55% 560% 482% 0.495 $30,901,273
CXO Core Lithium 1% -26% -35% -44% 0.665 $1,226,621,084
GLN Galan Lithium Ltd 1% -13% -29% -36% 0.755 $260,003,627
PLS Pilbara Min Ltd 0% 0% 30% 74% 4.87 $14,541,209,283
ADV Ardiden Ltd 0% 0% 0% -13% 0.007 $18,818,347
1MC Morella Corporation 0% -13% -42% -56% 0.007 $42,690,063
AVZ AVZ Minerals Ltd 0% 0% 0% 0% 0.78 $2,752,409,203
LIT Lithium Australia 0% 0% -27% -54% 0.033 $40,299,325
LPD Lepidico Ltd 0% 18% -19% -55% 0.013 $99,297,974
MLS Metals Australia 0% -3% -26% -46% 0.033 $20,593,194
QPM Queensland Pacific 0% 0% -9% -31% 0.1 $174,634,792
RLC Reedy Lagoon Corp. 0% 38% -17% -41% 0.008 $4,533,757
TON Triton Min Ltd 0% -15% -19% 7% 0.029 $45,279,313
AAJ Aruma Resources Ltd 0% -9% -26% -37% 0.039 $7,651,872
PAM Pan Asia Metals 0% 5% -44% -36% 0.23 $35,825,130
AX8 Accelerate Resources 0% 5% -9% -38% 0.021 $7,971,637
AM7 Arcadia Minerals 0% -4% -46% -29% 0.11 $10,345,511
EMS Eastern Metals 0% 2% -26% -64% 0.055 $3,659,691
FRS Forrestaniaresources 0% 19% -25% -32% 0.105 $9,777,853
IMI Infinitymining 0% 17% -49% 4% 0.14 $10,808,194
RAG Ragnar Metals Ltd 0% -7% 101% -44% 0.023 $9,897,695
CTN Catalina Resources 0% 33% -60% -50% 0.004 $4,953,948
EMC Everest Metals Corp 0% 0% 141% 81% 0.19 $24,592,291
WCN White Cliff Min Ltd 0% 43% -29% -17% 0.01 $12,278,519
KGD Kula Gold Limited 0% 6% -28% -33% 0.018 $6,717,815
ENT Enterprise Metals 0% 0% -60% -65% 0.004 $2,997,884
KAI Kairos Minerals Ltd 0% 45% 20% 6% 0.025 $65,522,805
PGD Peregrine Gold 0% 2% -27% -29% 0.28 $15,708,731
AVW Avira Resources Ltd 0% -20% -33% -33% 0.002 $4,267,580
A8G Australasian Metals 0% 35% -18% -37% 0.155 $8,078,677
LSR Lodestar Minerals 0% 150% 100% 25% 0.01 $18,433,973
AOA Ausmon Resorces 0% 14% -43% -20% 0.004 $3,877,157
G88 Golden Mile Res Ltd 0% -23% 102% 57% 0.041 $13,504,970
EVR Ev Resources Ltd 0% 8% 0% -52% 0.014 $13,103,777
YAR Yari Minerals Ltd 0% 43% 18% 0% 0.02 $9,647,156
MXR Maximus Resources 0% 27% -5% -25% 0.038 $12,124,119
DRE Dreadnought Resources Ltd 0% 2% -50% -22% 0.053 $176,369,596
MM1 Midasmineralsltd 0% 3% 80% 100% 0.36 $26,441,788
LLI Loyal Lithium Ltd 0% 0% 8% 39% 0.32 $21,596,800
WMC Wiluna Mining Corp 0% 0% 0% 0% 0.205 $74,238,031
AUN Aurumin 0% -16% -57% -83% 0.026 $7,671,030
ZEO Zeotech Limited 0% -11% -15% -38% 0.04 $68,236,923
ALY Alchemy Resource Ltd 0% -6% -35% 7% 0.015 $17,671,144
DAL Dalaroometalsltd 0% -30% -44% -49% 0.056 $2,426,200
TUL Tulla Resources 0% -100% -100% -100% 0 $118,262,971
LLL Leolithiumlimited 0% 7% 135% 148% 1.14 $1,125,447,873
CMD Cassius Mining Ltd 0% 6% 80% 57% 0.036 $17,882,215
RMX Red Mount Min Ltd 0% 13% -10% -25% 0.0045 $10,403,330
LM1 Leeuwin Metals Ltd 0% -15% 0% 0% 0.34 $15,226,900
ENT Enterprise Metals 0% 0% -60% -65% 0.004 $2,997,884
EG1 Evergreenlithium 0% -12% 0% 0% 0.29 $16,306,700
MAN Mandrake Res Ltd 0% 2% 18% 24% 0.047 $28,141,716
FBM Future Battery 0% -13% 98% 75% 0.105 $44,923,739
KOB Kobaresourceslimited 0% -13% -4% -4% 0.135 $14,231,250
EMC Everest Metals Corp 0% 0% 141% 81% 0.19 $24,592,291
IEC Intra Energy Corp 0% -20% -50% -64% 0.004 $6,483,126
DYM Dynamicmetalslimited 0% -27% 0% 0% 0.235 $8,225,000
NKL Nickelxltd 0% 9% -9% -39% 0.073 $6,309,775
L1M Lightning Minerals 0% 16% 12% 0% 0.185 $7,255,367
AKE Allkem Limited -1% -8% 32% 26% 14.8 $9,501,105,481
LEL Lithenergy -1% -23% -13% -32% 0.67 $69,531,750
WES Wesfarmers Limited -1% 1% 8% 6% 49.7 $56,869,720,314
RIO Rio Tinto Limited -1% 1% -1% 17% 115.82 $43,384,038,930
LTR Liontown Resources -1% -4% 106% 106% 2.72 $6,056,202,862
TKM Trek Metals Ltd -1% -7% 13% 48% 0.086 $38,551,447
LRS Latin Resources Ltd -1% 22% 298% 420% 0.39 $1,035,740,414
AZI Altamin Limited -1% 0% -3% -18% 0.078 $30,945,623
GT1 Greentechnology -2% -14% -24% 2% 0.63 $136,305,615
MTM MTM Critical Metals -2% -41% -22% -41% 0.062 $6,113,944
NVA Nova Minerals Ltd -2% 7% -54% -65% 0.31 $66,430,338
RAS Ragusa Minerals Ltd -2% -6% -47% -16% 0.061 $8,841,125
ANX Anax Metals Ltd -2% -5% 13% -13% 0.06 $24,973,084
GL1 Globallith -2% 12% -5% 21% 1.75 $462,431,894
AS2 Askarimetalslimited -2% 0% -34% -5% 0.285 $19,827,431
LPM Lithium Plus -2% 6% -23% -30% 0.285 $19,136,578
IGO IGO Limited -2% -8% 4% 27% 13.99 $10,783,493,657
PLL Piedmont Lithium Inc -2% -5% 25% 28% 0.805 $313,939,050
MIN Mineral Resources. -2% -2% -9% 30% 70.17 $13,915,090,078
CRR Critical Resources -2% 25% 16% 6% 0.05 $81,332,498
ESS Essential Metals Ltd -2% 16% 48% 4% 0.48 $131,741,384
IR1 Irismetals -2% -18% 21% 250% 1.4 $114,013,900
VUL Vulcan Energy -2% 5% -30% -40% 4.42 $756,355,561
PAT Patriot Lithium -2% -20% -19% 0% 0.215 $13,505,250
EUR European Lithium Ltd -2% -19% 9% 4% 0.081 $115,721,852
VSR Voltaic Strategic -3% -62% 45% 70% 0.034 $15,795,507
DLI Delta Lithium -3% -1% 79% 113% 0.85 $456,643,269
SYA Sayona Mining Ltd -3% -14% -21% -19% 0.15 $1,590,278,958
FG1 Flynngold -3% 0% -40% -36% 0.06 $8,455,720
INR Ioneer Ltd -3% -15% -24% -49% 0.29 $632,823,837
KZR Kalamazoo Resources -4% 17% -36% -36% 0.135 $21,713,942
BNR Bulletin Res Ltd -4% -13% -43% -54% 0.053 $16,147,511
PNN Power Minerals Ltd -4% -4% -30% -25% 0.37 $28,156,699
PSC Prospect Res Ltd -4% -25% 0% -11% 0.12 $57,782,433
VMC Venus Metals Cor Ltd -4% 4% 47% 13% 0.115 $22,767,442
ZNC Zenith Minerals Ltd -4% 1% -66% -74% 0.091 $33,476,184
LKE Lake Resources -4% -27% -73% -73% 0.22 $327,162,283
ICL Iceni Gold -5% 48% 31% 17% 0.105 $22,942,857
PMT Patriotbatterymetals -5% -8% 112% 0% 1.59 $568,275,516
CY5 Cygnus Metals Ltd -5% 7% -22% 48% 0.295 $69,213,866
GW1 Greenwing Resources -5% -15% -29% -19% 0.195 $35,418,026
JRL Jindalee Resources -5% 0% -7% -32% 1.75 $105,577,297
BMM Balkanminingandmin -5% -12% -45% -10% 0.18 $11,603,683
MQR Marquee Resource Ltd -5% -20% -3% -49% 0.036 $12,566,885
CAI Calidus Resources -6% 0% -37% -76% 0.17 $109,418,375
EPM Eclipse Metals -6% 6% 6% -19% 0.017 $36,505,076
WC8 Wildcat Resources -6% 42% 608% 639% 0.17 $119,802,888
DTM Dart Mining NL -6% -20% -40% -58% 0.033 $6,030,053
AML Aeon Metals Ltd. -6% 7% -41% -43% 0.016 $18,638,811
MRR Minrex Resources Ltd -6% 7% -53% -71% 0.015 $17,357,880
TOR Torque Met -6% 4% -19% -31% 0.145 $14,932,241
MMC Mitremining -7% -13% -7% 126% 0.26 $10,705,828
DAF Discovery Alaska Ltd -7% -11% -22% -42% 0.025 $6,324,337
SRZ Stellar Resources -8% -8% -8% -25% 0.012 $13,077,535
TYX Tyranna Res Ltd -8% 16% -8% -31% 0.022 $78,874,208
WML Woomera Mining Ltd -9% -23% -47% -33% 0.01 $10,518,140
NWM Norwest Minerals -10% -21% -30% -16% 0.038 $11,660,649
TKL Traka Resources -13% 17% -13% 17% 0.007 $6,970,634
TEM Tempest Minerals -13% 0% -43% -68% 0.013 $7,602,325
AZL Arizona Lithium Ltd -14% -25% -61% -68% 0.024 $77,363,631
SRI Sipa Resources Ltd -16% 5% -34% -48% 0.021 $5,703,953
TMB Tambourahmetals -23% 190% 150% 50% 0.2625 $14,371,530
XTC Xantippe Res Ltd -33% -17% -67% -76% 0.001 $17,220,150
Wordpress Table Plugin

 

Who else has news out?

 

Hard rock behemoth Pilbara Minerals (ASX:PLS) has green-lit a $105m mid-stream demonstration plant to produce a more expensive lithium product from its world class Pilgangoora operation.

A demonstration plant is a smaller version of the real thing, designed to test whether a technology or process works at scale.

PLS will be using a low emissions tech designed by project partner Calix (ASX:CXL) to produce a lithium-enriched chemical salt.

The project at full production capacity is estimated to produce more than 3,000 tonnes per year of lithium phosphate (Li3PO4), which grades ~18% lithium.

 

Emerging Quebec miner Sayona Mining (ASX:SYA) has delivered its first shipment of 20,500t spodumene concentrate from its NAL operation (SYA 75%, Piedmont 25%) into a “buoyant” global spot market.

While expected revenue from the shipment was not disclosed, SYA says it represents important cash flows as NAL ramps up operation.

The next shipments will be sold to Piedmont under the terms of an existing offtake agreement.

shares are up 290% over the past five years but down 42% over the past six months, probably because it has raised upwards of $250 million from investors this year to fund drilling and studies.

An apparent protest vote at an EGM against the issue of shares to MD Brett Lynch and CFO Paul Crawford was almost successful.

The company said it “has engaged with investors” and will incorporate feedback into its remuneration structures.

 

Early-stage test work shows lithium is “easily liberated” from the ore at Widgie Nickel’s (ASX:WIN) advanced Faraday project in WA.

Flowsheet development test work has achieved 81% lithium recovery to a 6.3% Li2O flotation concentrate, it says.

“Grade is one thing, but the ability to easily liberate the desired lithium mineral from your ore is as important,” WIN boss Steve Norregaard says.

“Our eyes are currently fixed on the short-term DSO [direct shipping ore] opportunity, and these results will verify our discussions with DSO offtake partners, while also informing longer term potential.”

The Faraday-Trainline project is on a mining lease next to WIN’s 170,000t Mt Edwards nickel asset, south of Kalgoorlie in WA.

A small, lowish grade maiden resource 481,000t at 0.59% Li2O for Faraday was released March this year. Drill results at Trainline, about 100m away, “indicate strong potential to increase lithium resources”, the company says.

WIN has now lodged a mining proposal for a low-cost DSO operation, “with approval expected shortly”.

 

Olympio (ASX:OLY) has acquired a lithium project in Canada, as (kinda) predicted by Stockhead last week.

We said it would be in James Bay, but the Cadillac project is a touch further south in the rapidly emerging Cadillac-Pontiac lithium camp in Quebec.

“Olympio was attracted to the Cadillac project not only because of the outcropping spodumene-bearing pegmatites at surface, but more importantly in the drilling completed and reported by [TSXV-listed] Vision Lithium,” managing director Sean Delaney says.

“The lithium grades at surface from the channel sampling and in the drill core at depth shows the project has potential for bulk tonnage spodumene mineralisation.”

First pass drilling by Vision returned grades up to 3.14% Li2O.

 

Near term Argentina brines producer Galan Lithium (ASX:GLN) says newly secured tenure could add “significantly” to its existing 6.6Mt Hombre Muerto West (HMW) resource.

“Galan’s well PS-01, located ~ 500m south of the newly consolidated area, ranges 953 to 988 mg/L Li, with explored depth of 300m, still open at depth,” the company says.

“As a result of the consolidation, Galan anticipates a resource target of between 500kt and 1.5Mt LCE ranging 953 to 988 mg/L.”

That’s high grade. GLN has a global resource across the HMW and Candelas projects of 7.3Mt @ 852 mg/l Li, which is up there with established operations in the area like El Fenix, Sal de Vida and Sal de Oro.

A recent DFS for Phase 1 development at HMW envisaged a 5,370tpa LCE operation, building to Phase 4 output of ~60,000tpa.

Costing US$104m to build, Phase 1 would churn out US$54m in free cashflow per year, the company says.

 

Simon Lill-backed Iris Metals (ASX:IR1) has wrapped up a 38 hole, 4000m drill campaign at the Beecher hard rock lithium project in South Dakota.

First results are expected within 4 weeks, the company says.

The Beecher pegmatite trend was mined sporadically between the 1920’s and 1950’s for lithium, beryllium, tantalum, mica and feldspar.

“RC drilling has shown the spodumene pegmatites continue as expected along strike and at depth and remain open in all directions,” IR1 says.

“Thick intersections of pegmatite were logged at both the Longview (88m downhole width) and the Black Diamond (107m downhole width).

“Whilst some holes showed evidence of faulting and potential offset or displacement of the pegmatite, the great majority of RC holes intersected the targeted pegmatite units as expected.

“Thus far the company is encouraged and eagerly awaits assays from its maiden RC program.”

 

Midas Minerals (ASX:MM1) is picking up rock chips grading up to 4.65% lithium at its Yellowknife project in Northwest Territories, Canada.

With a bunch of assays still pending MM1 has defined at least 10 spodumene-bearing pegmatites for drill testing.

Lithium exploration at the historically gold-diamond mining district of Yellowknife is being spearheaded by Li-FT Power (TSXV:LIFT), which just last week reported some speccy results in maiden drilling.

MM1 boss Mark Calderwood told Stockhead the region is going to hit its straps in the next 12 months as exploration and resource drilling programs ramp up.

“If LIFT can lock down ~100Mt from multiple pegmatites [the region] will start getting quite a bit of attention, I suspect,” he says.

“I think there will be quite a few things found in the region, and hopefully a bunch of those discoveries are on our ground.”

READ: The hype is real — Li-FT hits 79m at 1.13% lithium at Yellowknife

 

In Short:

 

At Stockhead we tell it like it is. While Oceana Lithium, QX Resources, Galan Lithium, Anson Resources and Golden State Mining are Stockhead advertisers, they did not sponsor this article.

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