Eye on Lithium: Lithium price run just getting started, Citi says

POSCO reckons Australia could lose vital downstream battery mineral processing work to its Asian neighbours
Citi is confident lithium prices will continue their positive run
India eyes WA lithium partnerships
Galan Lithium sparks more exploration with a big $31.5m raise

All your lithium news, Monday, May 22.

Citi analysts are confident lithium prices will continue their run, citing that downstream producers are starting to restock their wares and policy changes in China will light another fire under EV sales growth.

While not a perfect representation of prices (most lithium is sold under contract) spot lithium has rebounded from a 19-month low of US$22,000/t in April to about US$28,000/t this week.

Meanwhile South Korean resources major POSCO says that Australia stands to lose downstream lithium processing projects to neighbouring countries, with investment cost per tonne in Korea about 40% lower than Australia’s own Kwinana and Kemerton processing projects in WA.

Korea also had superior infrastructure and procurement of auxiliary materials, it says.

POSCO secured a $693m loan to construct a lithium plant in South Korea to process about a third of Pilbara Minerals’ (ASX:PLS) 1 million tonnes per annum expected production capacity of lithium spodumene. PLS also holds an 18% stake in the project.

In other news, Indian resources major NMDC is meeting with the WA Government and Hancock Prospecting as it looks to partner up with the latter on lithium projects in the state.

India’s government seeks to upscale the mining and processing of battery metals to meet expected increases in EV uptake in its own country.

Indian prime minister Nahendra Modi ambitiously said that he wants EV’s to account for 30% of car sales by 2030 – up from just 1% today.

Here’s how ASX lithium stocks are tracking:

Code	Company	Price	% Today	Market Cap
WC8	Wildcat Resources	0.074	28%	$38,397,318
G88	Golden Mile Res Ltd	0.019	12%	$4,478,348
LM1	Leeuwin Metals Ltd	0.36	11%	$13,333,123
AZI	Altamin Limited	0.078	10%	$27,811,889
MM1	Midasmineralsltd	0.17	10%	$8,855,423
M2R	Miramar	0.05	9%	$3,697,560
VMC	Venus Metals Cor Ltd	0.195	8%	$32,621,163
SCN	Scorpion Minerals	0.071	8%	$22,816,609
KGD	Kula Gold Limited	0.015	7%	$5,224,967
DRE	Dreadnought Resources Ltd	0.062	7%	$192,138,237
LPM	Lithium Plus	0.39	7%	$18,574,193
MTM	MTM Critical Metals	0.1175	7%	$9,719,331
VSR	Voltaic Strategic	0.063	7%	$21,798,007
LLO	Lion One Metals Ltd	0.875	7%	$9,939,187
BYH	Bryah Resources Ltd	0.018	6%	$4,781,309
MAN	Mandrake Res Ltd	0.041	5%	$23,351,637
ZEO	Zeotech Limited	0.045	5%	$70,550,344
EFE	Eastern Resources	0.0115	5%	$13,661,411
LRD	Lordresourceslimited	0.125	4%	$4,455,855
LRD	Lordresourceslimited	0.125	4%	$4,455,855
ARN	Aldoro Resources	0.135	4%	$17,475,087
MRR	Minrex Resources Ltd	0.0145	4%	$15,188,145
ZNC	Zenith Minerals Ltd	0.155	3%	$52,755,907
NVA	Nova Minerals Ltd	0.345	3%	$70,648,075
CAI	Calidus Resources	0.185	3%	$98,886,207
LLL	Leolithiumlimited	0.75	3%	$720,259,546
PL3	Patagonia Lithium	0.215	2%	$10,290,735
TMB	Tambourahmetals	0.09	2%	$3,624,949
EMS	Eastern Metals	0.049	2%	$1,875,092
MMC	Mitremining	0.3	2%	$11,279,355
TKM	Trek Metals Ltd	0.074	1%	$26,567,991
SYA	Sayona Mining Ltd	0.2325	1%	$2,092,713,221
LIS	Lisenergylimited	0.3025	1%	$49,774,256
A11	Atlantic Lithium	0.62	1%	$374,683,621
RIO	Rio Tinto Limited	109.79	0%	$40,618,478,136
ADV	Ardiden Ltd	0.007	0%	$18,818,347
1MC	Morella Corporation	0.009	0%	$54,887,224
AVZ	AVZ Minerals Ltd	0.78	0%	$2,752,409,203
EUR	European Lithium Ltd	0.1	0%	$148,923,918
PSC	Prospect Res Ltd	0.14	0%	$64,716,325
RLC	Reedy Lagoon Corp.	0.006	0%	$3,400,318
BMM	Balkanminingandmin	0.25	0%	$11,943,004
AX8	Accelerate Resources	0.018	0%	$6,796,832
FG1	Flynngold	0.076	0%	$7,818,389
GSM	Golden State Mining	0.032	0%	$3,744,455
RAG	Ragnar Metals Ltd	0.016	0%	$6,066,958
CTN	Catalina Resources	0.004	0%	$4,953,948
WCN	White Cliff Min Ltd	0.007	0%	$6,713,381
WML	Woomera Mining Ltd	0.014	0%	$13,386,257
AZL	Arizona Lithium Ltd	0.047	0%	$126,475,388
LRS	Latin Resources Ltd	0.18	0%	$457,347,885
QXR	Qx Resources Limited	0.036	0%	$32,287,044
STM	Sunstone Metals Ltd	0.027	0%	$70,752,053
AVW	Avira Resources Ltd	0.003	0%	$6,401,370
BNR	Bulletin Res Ltd	0.069	0%	$20,257,786
A8G	Australasian Metals	0.14	0%	$7,296,869
SRZ	Stellar Resources	0.011	0%	$11,050,940
LSR	Lodestar Minerals	0.0055	0%	$10,138,685
NWM	Norwest Minerals	0.032	0%	$7,915,879
AOA	Ausmon Resorces	0.004	0%	$3,877,157
VKA	Viking Mines Ltd	0.009	0%	$9,227,326
IPT	Impact Minerals	0.013	0%	$36,981,151
SRI	Sipa Resources Ltd	0.02	0%	$4,563,163
RGL	Riversgold	0.017	0%	$16,072,951
RAS	Ragusa Minerals Ltd	0.082	0%	$11,693,100
EVR	Ev Resources Ltd	0.016	0%	$14,975,745
THR	Thor Energy PLC	0.005	0%	$7,368,064
LLI	Loyal Lithium Ltd	0.32	0%	$19,036,800
WMC	Wiluna Mining Corp	0.205	0%	$74,238,031
TYX	Tyranna Res Ltd	0.024	0%	$57,754,208
DAF	Discovery Alaska Ltd	0.041	0%	$9,603,623
FTL	Firetail Resources	0.085	0%	$6,545,000
IR1	Irismetals	1.16	0%	$74,506,800
LNR	Lanthanein Resources	0.015	0%	$16,823,634
DAL	Dalaroometalsltd	0.056	0%	$1,673,000
CMD	Cassius Mining Ltd	0.02	0%	$8,169,858
SGQ	St George Min Ltd	0.04	0%	$33,620,422
RMX	Red Mount Min Ltd	0.004	0%	$9,087,404
DTM	Dart Mining NL	0.058	0%	$9,992,659
NIS	Nickelsearch	0.058	0%	$3,509,314
FBM	Future Battery	0.12	0%	$51,341,416
XTC	Xantippe Res Ltd	0.005	0%	$52,900,498
KOB	Kobaresourceslimited	0.19	0%	$20,029,167
IEC	Intra Energy Corp	0.006	0%	$4,234,690
IGO	IGO Limited	14.9	-1%	$11,366,589,873
EMH	European Metals Hldg	0.63	-1%	$79,980,765
ESS	Essential Metals Ltd	0.49	-1%	$132,445,514
WES	Wesfarmers Limited	50.64	-1%	$58,026,392,592
EG1	Evergreenlithium	0.435	-1%	$24,741,200
LIT	Lithium Australia	0.035	-1%	$43,352,304
MIN	Mineral Resources.	74.88	-1%	$14,735,463,653
LTR	Liontown Resources	2.765	-2%	$6,183,350,093
OCN	Oceanalithiumlimited	0.3	-2%	$11,948,833
PAM	Pan Asia Metals	0.28	-2%	$44,250,897
CY5	Cygnus Metals Ltd	0.235	-2%	$51,393,771
MLS	Metals Australia	0.046	-2%	$28,530,701
WR1	Winsome Resources	1.95	-2%	$323,607,986
GL1	Globallith	1.6225	-2%	$430,025,545
ASN	Anson Resources Ltd	0.205	-2%	$256,943,527
KAI	Kairos Minerals Ltd	0.0205	-2%	$41,245,963
AAJ	Aruma Resources Ltd	0.074	-3%	$11,929,074
FRS	Forrestaniaresources	0.073	-3%	$4,566,848
PLS	Pilbara Min Ltd	4.855	-3%	$14,960,929,163
ALY	Alchemy Resource Ltd	0.0175	-3%	$21,205,373
LPI	Lithium Pwr Int Ltd	0.345	-3%	$223,329,634
TUL	Tulla Resources	0.33	-3%	$109,413,361
VUL	Vulcan Energy	4.22	-3%	$717,033,559
AS2	Askarimetalslimited	0.32	-3%	$22,236,506
PLL	Piedmont Lithium Inc	0.8725	-3%	$389,501,100
CXO	Core Lithium	1.09	-3%	$2,090,831,393
AGY	Argosy Minerals Ltd	0.5075	-3%	$737,313,936
INR	Ioneer Ltd	0.3575	-3%	$776,385,159
AUN	Aurumin	0.028	-3%	$5,734,988
LKE	Lake Resources	0.6075	-4%	$896,140,165
AKE	Allkem Limited	15.04	-4%	$9,947,466,142
MQR	Marquee Resource Ltd	0.026	-4%	$8,834,603
MNS	Magnis Energy Tech	0.1875	-4%	$209,689,639
GW1	Greenwing Resources	0.25	-4%	$38,976,542
KTA	Krakatoa Resources	0.024	-4%	$9,084,415
CRR	Critical Resources	0.047	-4%	$78,142,989
JRL	Jindalee Resources	2.06	-4%	$123,364,777
INF	Infinity Lithium	0.11	-4%	$53,198,091
LEL	Lithenergy	0.99	-4%	$98,335,350
YAR	Yari Minerals Ltd	0.02	-5%	$10,129,514
LPD	Lepidico Ltd	0.0095	-5%	$76,377,717
BUR	Burleyminerals	0.285	-5%	$18,424,306
CHR	Charger Metals	0.57	-5%	$26,228,621
AML	Aeon Metals Ltd.	0.018	-5%	$20,831,612
LRV	Larvottoresources	0.18	-5%	$12,778,397
DLI	Delta Lithium	0.66	-6%	$315,644,576
TEM	Tempest Minerals	0.015	-6%	$8,109,146
EMC	Everest Metals Corp	0.082	-7%	$11,390,114
EMC	Everest Metals Corp	0.082	-7%	$11,390,114
KZR	Kalamazoo Resources	0.13	-7%	$21,336,889
EPM	Eclipse Metals	0.013	-7%	$28,392,837
PAT	Patriot Lithium	0.255	-7%	$16,744,063
NMT	Neometals Ltd	0.565	-7%	$337,172,117
QPM	Queensland Pacific	0.12	-8%	$227,025,230
TON	Triton Min Ltd	0.032	-9%	$54,647,446
PGD	Peregrine Gold	0.315	-9%	$19,355,401
GT1	Greentechnology	0.7	-9%	$146,868,563
GLN	Galan Lithium Ltd	1.085	-10%	$368,298,486
MXR	Maximus Resources	0.035	-10%	$12,443,175
PNN	Power Minerals Ltd	0.545	-11%	$44,123,913
AM7	Arcadia Minerals	0.16	-11%	$8,405,621
FIN	FIN Resources Ltd	0.015	-17%	$11,133,637
IMI	Infinitymining	0.135	-18%	$12,618,923
TKL	Traka Resources	0.005	-29%	$6,099,305
ENT	Enterprise Metals	0.005	-29%	$4,935,565
ENT	Enterprise Metals	0.005	-29%	$4,935,565

Just 34 lithium stocks were up today after an expected fall right across the board for the ASX, while 50 remained flat and 64 dropped in price.

Who’s got news out?

Galan Lithium (ASX:GLN)

Galan Lithium has raised $31.5m to progress the development of its lithium projects in Argentina and Western Australia.

The funds will be used for exploration and production expansion studies at its Greenbushes lithium project, as well as long-lead items for an LCE pilot plant and Stage 2 DFS at its Hombre Muerto West brine project.

Under the placement, Galan will issue 30 million new fully paid shares at $1.05 to institutional and sophisticated investors, which is a 12.5% discount on its last closing price of $1.20.

In addition, Galan intends to undertake a share purchase plan to raise another $5m from eligible shareholders.

Galan MD Juan Pablo Vargas de la Vega said it was an exciting time to be involved in the Galan story.

“I wish to thank all the placement participants, old and new, who have strongly supported the Galan production plan that will take it from an initial smaller scale lithium producer to a big 60ktpa player,” Vargas de la Vega said.

“I also encourage all our loyal shareholders to get on board and participate in the entitlement issue which will get underway later this week.”

Osmond Resources (ASX:OSM)

News to the market today shot a rocket under Osmond Resources’ share price after it announced it has procured the rights to farm-in and buy the Salt Wells lithium-borate project in Nevada, US.

The project consists of 276 mineral claims covering 36km2, with surface samples in the north of the area recording up to 810 parts per million (ppm) lithium and 1% boron.

The project is subject to an earn-in agreement between 5E and Great Basin Resources, in which 5E has exclusive rights to. Osmond will assume 5E’s obligations for an 80% interest in the project with limited rights to buy up to 100%.

The explorer said it will initially look at existing geophysical data to design and initiate an exploration program, potentially drilling in the second half of this year.

Pan Asia Metals (ASX:PAM)

After signing an MOU last week to build a lithium plant in Vietnam, PAM has released positive assays from its Reung Kiet lithium project in southern Thailand.

The assays demonstrate further extensions at depth, with 11.5m @ 0.95% Li2O, 0.05% tin and 171ppm of tantalum pentoxide, as well as 11m @ 0.66% Li2O, 0.11% tin and 137ppm tantalum and 14.7m @ 0.78% Li2O, 0.1% tin and 138ppm tantalum.

PAM director Paul Lock said they have now concluded the infill and extensional drilling program for the time being which will allow for the completion of the mineral resource expected in June.

“Once the mineral resource upgrade has been completed then mining studies can commence for incorporation into the PFS and a Mining License application, which will be submitted this year.”

The explorer has now turned its drill rigs’ attention to the Bang I Tum prospect where it will evaluate existing targets.

“We are excited that drilling has commenced at the Bang I Tum prospect, which could potentially have a larger inventory and / or higher grades than the Reung Kiet Lithium Prospect based on the current Exploration Target,” Lock said.

“This all bodes well given our recently reported ore sorting, beneficiation and preliminary chemical testwork to produce lithium carbonate.

“We are looking forward to receiving assay results from the Bang I Tum drilling program.”

PAM looks to become a major player in a fledgling lithium scene in South East Asia and said that once the mineral resource estimate is complete it will conduct mining studies for a pre-feasibility study and mining license application.

At Stockhead we tell it like it is. While Galan Lithium is a Stockhead advertiser, it did not sponsor this article.