• Mexico could be jumping on the nationalisation bandwagon
  • A total of 63 stocks were in the green today with only 8 in the red

 All your ASX lithium news for Friday, March 18.


Another Latin American company is leaning towards nationalisation of its lithium resources.

This week Mexico’s President Andres Manuel Lopez Obrador told a press conference discussing the country’s proposed reforms – that include nationalising lithium production – that Mexico can only phase out oil once it has domestic lithium production underway.

It’s just one aspect of constitutional reforms to the electric power sector now before congress that would see current lithium concessions scrapped, with future exploration and development of the minerals controlled by the state.

But the key word there is future.

The company doesn’t have any lithium mines in production yet. The closest is the JV between Bacanora Lithium and Ganfeng Lithium who’s US$420mn Sonora project is scheduled for first production next year.

Overall, the country only hosts about 1.7 million tonnes – compared to Chile’s 8 million tonnes.

Mexico is just a little fish in a big pond with some big sharks, so whether or not a) nationalisation happens and b) it impacts supply growth is yet to be seen.


Here’s how ASX lithium stocks are tracking today:

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A total of 63 stocks were in the green today, with 27 flatlining and 8 in the red.

Surprisingly no one had any news out – so let’s take a look at the top 4 performers.



Last month the $89m market cap company intersected “abundant” spodumene from near surface in diamond drilling at the Cade and Davy deposits at its Pioneer Dome project in WA.

MD Tim Spencer says this supports the potential for mining at Dome North to commence at surface, with an upgrade for the current 11.2Mt at 1.21% lithium mineral resource likely.

“We are confident that the recently completed diamond drilling will, subject to satisfactory assay and metallurgical test work results, demonstrate that both the Cade and Davy deposits can be mined to produce recoverable spodumene from surface,” he said.

“We also expect to upgrade the drilled zones from Inferred to Indicated status within the Mineral Resource, supporting our development pathway.”

The recently completed air-core program didn’t locate any spodumene-bearing pegmatites, but the company intersected several pegmatites in the southern and central areas of the project.



The $109m market cap Alaskan gold explorer holds a majority interest in NASDAQ-listed lithium explorer Snow Lake Resources Ltd (NASDAQ:LITM).

Last week drilling at the Thompson Brothers lithium deposits returned spodumene-bearing intersections at all three drill sites, including:

  • Spodumene bearing pegmatite from 422.12m to 447.47m, totalling 25.35m;
  • An intersection from 10.55m to 20m; and
  • Two intercepts from 34.8m to 40.48m, and 41.86m to 44.22m for a total intersection of 8.04m,

All samples have been sent for analysis but Snow Lake CEO Phillip Gross says the success of the drilling to date “has provided critical validation to our ambitions of delivering a multi decade resource to market”.




In Feb, a technical review at the company’s Pharos project in WA confirmed significant rare metal and Lithium, Caesium, Tantalum (LCT) pegmatite potential along a 25km strike.

And early this month, the $16m market cap company extended that strike length to 50kms.

SCN says the interpreted LCT Pegmatite Emplacement Zone has now been extended east of the recently acquired Poona Prospect into the Jacksons Reward Prospect area within Pharos.

“As we continue to build our understanding of this highly prospective and underexplored region the doubling of the LCT pegmatite intrusion at Pharos clearly highlights the underlying lithium potential of the project area and we look forward to updating the market with plans for exploration activity to commence shortly,” director Bronwyn Barnes said.




Earlier this week the company attracted Chris Ellison’s Mineral Resources (ASX:MIN) who will take a 5% stake in the fast rising lithium explorer after joining a ~$30 million capital in the junior as a cornerstone investor.

Iron ore and lithium miner MinRes operates the Wodgina and Mt Marion JVs in the Pilbara and Goldfields, respectively, not far from GL1’s Marble Bar and Manna projects.

MinRes will top $13.6m into the placement for GL1, which is up over 500% since listing last year.

Another $11.3m of shares will be issued to institutional investors with a $4.3m placement going to Suzhou to maintain its 9.9% share in the explorer.

The $323 market cap company’s share price is up 78% this year so far, from $1.14 to $2.03.