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Mining
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.
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.
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.”
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.
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.
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