Eye on Lithium: S&P predicts lithium prices will pull back to US$25,000/t over the next year

S&P reckons LCE prices will ‘stabilise’ to around US$25,000/t in the next 12 months
Bulletin Resources is planning a LIDAR survey at the Ravensthorpe project
Pepinnini flags brine blending results of 5.3% Li at its Salta project

All your ASX lithium news for Wednesday, May 11.

S&P Global Market Intelligence analysts are predicting the lithium carbonate market will be in a 50,000t deficit within the next four years – but commodities account manager Michael Bond reckons the price will pull back.

“We do expect the LCE price to stabilise over the coming 12 months and hover around the US$25,000/t,” he said it a tweet. The spot price is currently between $US60,000 and $US70,000/t.

S&P Global Market Intelligence analysts are predicting the #Lithium Carbonate market to be in a 50,000t deficit within the next four years

We do expect the LCE price to stabilise over the coming 12 months & hover around the US$25,000/t

No end in sight for Lithium demand pic.twitter.com/ZqqXV3OcEH

— Michael Bond (@MichaelBond_SP) May 10, 2022

This comes after S&P Principle Analyst, Metals & Mining Research, Kevin Murphy said last week that supply-side growth will exceed demand for lithium, which will lead to a pullback in lithium carbonate spot prices during 2022 and into 2023, “although prices will remain well above the lows hit in 2020 [of $US5,000 to $US6,000/t].”

“By 2024 the lithium market is expected to return to increasing deficits which will provide buoyancy to prices,” he said.

Here’s how ASX lithium stocks were tracking today:

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Code	Company	Price	% Month	% Week	% Today	Market Cap
BNR	Bulletin Res Ltd	0.16	-30%	-16%	14%	$40,612,631.78
TSC	Twenty Seven Co. Ltd	0.004	0%	0%	14%	$9,312,848.67
LIS	Lisenergylimited	0.58	-26%	-9%	14%	$84,616,235.37
AOA	Ausmon Resorces	0.009	-18%	-10%	13%	$6,858,314.74
VMC	Venus Metals Cor Ltd	0.18	-3%	-3%	13%	$24,172,589.28
RDT	Red Dirt Metals Ltd	0.455	-19%	-3%	12%	$121,403,934.41
PNN	PepinNini Minerals	0.61	-12%	-31%	12%	$33,453,344.78
BMM	Balkanminingandmin	0.31	-16%	-15%	11%	$9,170,000.00
ASN	Anson Resources Ltd	0.115	-26%	-15%	10%	$107,930,795.18
ADV	Ardiden Ltd	0.012	-14%	-14%	9%	$29,351,688.92
1MC	Morella Corporation	0.027	-23%	-18%	8%	$129,405,349.65
RLC	Reedy Lagoon Corp.	0.027	-18%	-7%	8%	$13,708,930.75
SCN	Scorpion Minerals	0.085	27%	0%	8%	$26,214,664.17
ENT	Enterprise Metals	0.015	-35%	-12%	7%	$9,025,055.97
GW1	Greenwing Resources	0.375	-11%	-19%	7%	$43,136,572.15
A8G	Australasian Metals	0.41	-18%	-9%	6%	$15,850,640.19
KZR	Kalamazoo Resources	0.33	-3%	-11%	6%	$45,010,255.94
MTM	Mtmongerresources	0.17	-24%	-8%	6%	$5,745,605.28
ZNC	Zenith Minerals Ltd	0.36	-11%	-8%	6%	$116,927,412.70
MXR	Maximus Resources	0.073	0%	-18%	6%	$21,935,497.99
VKA	Viking Mines Ltd	0.0095	-14%	6%	6%	$9,227,325.88
AML	Aeon Metals Ltd.	0.039	-43%	-22%	5%	$32,034,928.86
CAI	Calidus Resources	0.885	-8%	-5%	5%	$337,929,486.72
MNS	Magnis Energy Tech	0.41	-13%	-6%	5%	$376,929,278.31
AM7	Arcadia Minerals	0.21	-19%	-22%	5%	$6,998,500.00
IPT	Impact Minerals	0.0105	-17%	-16%	5%	$21,904,615.86
SHH	Shree Minerals Ltd	0.0105	-34%	-13%	5%	$12,222,368.92
GSM	Golden State Mining	0.064	-33%	-17%	5%	$6,332,693.77
ALY	Alchemy Resource Ltd	0.022	38%	-12%	5%	$20,014,555.20
SRZ	Stellar Resources	0.022	-21%	-19%	5%	$17,625,355.15
NVA	Nova Minerals Ltd	0.605	-36%	-17%	4%	$104,517,325.30
AS2	Askarimetalslimited	0.51	-33%	-16%	4%	$20,374,003.51
LPD	Lepidico Ltd	0.027	-33%	-18%	4%	$165,875,796.74
THR	Thor Mining PLC	0.0135	-21%	-4%	4%	$13,753,238.41
QPM	Queensland Pacific	0.15	-21%	-19%	3%	$223,751,404.00
MIN	Mineral Resources.	54.42	-11%	-3%	3%	$9,972,798,783.57
EMS	Eastern Metals	0.16	-11%	-16%	3%	$5,518,000.00
PLS	Pilbara Min Ltd	2.61	-18%	-2%	3%	$7,531,390,508.29
RAS	Ragusa Minerals Ltd	0.07	-20%	-18%	3%	$8,544,732.44
MRR	Minrex Resources Ltd	0.0535	-32%	-15%	3%	$52,453,206.47
LKE	Lake Resources	1.455	-22%	-17%	3%	$1,870,216,388.43
NMT	Neometals Ltd	1.285	-24%	-12%	3%	$685,470,495.00
AKE	Allkem Limited	11.25	-14%	-6%	3%	$6,982,356,041.70
DRE	Dreadnought Resources Ltd	0.038	-17%	-12%	3%	$105,031,291.39
STM	Sunstone Metals Ltd	0.0575	-18%	-12%	3%	$142,129,592.75
RIO	Rio Tinto Limited	105.4	-11%	-6%	2%	$38,224,133,555.58
GT1	Greentechnology	0.83	-17%	-20%	2%	$111,029,080.00
AOU	Auroch Minerals Ltd	0.092	-34%	-12%	1%	$32,878,463.71
MQR	Marquee Resource Ltd	0.097	-16%	-22%	1%	$29,927,854.56
AZI	Altamin Limited	0.099	9%	38%	1%	$38,388,241.70
GLN	Galan Lithium Ltd	1.49	-30%	-10%	1%	$448,989,058.95
INR	Ioneer Ltd	0.515	-29%	-18%	1%	$1,066,307,704.20
CXO	Core Lithium	1.15	-11%	-9%	1%	$1,957,228,524.78
LTR	Liontown Resources	1.25	-28%	-11%	0%	$2,729,320,371.51
AGY	Argosy Minerals Ltd	0.38	-24%	-11%	0%	$514,778,738.20
AVZ	AVZ Minerals Ltd	0.78	-30%	-21%	0%	$2,752,409,203.44
AX8	Accelerate Resources	0.038	-40%	-16%	0%	$10,011,438.16
BYH	Bryah Resources Ltd	0.048	-14%	-13%	0%	$10,857,944.40
CZL	Cons Zinc Ltd	0.024	-29%	-4%	0%	$8,432,587.51
DTM	Dart Mining NL	0.061	-27%	-16%	0%	$7,593,946.73
EPM	Eclipse Metals	0.027	-29%	0%	0%	$51,870,413.15
ESS	Essential Metals Ltd	0.505	-1%	-17%	0%	$124,135,431.68
FFX	Firefinch Ltd	0.89	-16%	-18%	0%	$1,051,306,466.69
FG1	Flynngold	0.15	-14%	0%	0%	$9,609,157.50
FRS	Forrestaniaresources	0.285	-16%	-15%	0%	$8,008,159.14
G88	Golden Mile Res Ltd	0.05	-24%	-23%	0%	$10,036,630.70
KGD	Kula Gold Limited	0.037	-29%	-20%	0%	$7,961,498.38
LRD	Lordresourceslimited	0.285	30%	-24%	0%	$8,773,616.99
LRS	Latin Resources Ltd	0.115	-39%	-8%	0%	$220,913,473.26
M2R	Miramar	0.13	-28%	-24%	0%	$8,306,030.85
MMC	Mitremining	0.145	-33%	-15%	0%	$3,927,339.50
PGD	Peregrine Gold	0.41	-20%	-14%	0%	$15,697,534.29
PSC	Prospect Res Ltd	0.94	4%	-2%	0%	$406,870,065.30
RAG	Ragnar Metals Ltd	0.039	22%	-9%	0%	$14,534,710.67
RMX	Red Mount Min Ltd	0.008	-20%	-11%	0%	$13,138,910.86
SRI	Sipa Resources Ltd	0.04	-25%	-18%	0%	$8,200,992.12
SYA	Sayona Mining Ltd	0.25	-21%	-19%	0%	$1,794,996,228.75
TKL	Traka Resources	0.009	-18%	-18%	0%	$6,198,971.05
TON	Triton Min Ltd	0.028	-7%	-7%	0%	$35,245,956.96
VUL	Vulcan Energy	7.13	-25%	-12%	0%	$938,629,491.70
WMC	Wiluna Mining Corp	0.565	-34%	-13%	0%	$119,392,943.93
WML	Woomera Mining Ltd	0.02	-23%	-17%	0%	$13,736,661.32
GL1	Global Lithium Resources	1.64	-33%	-16%	-1%	$261,057,677.10
LPI	Lithium Pwr Int Ltd	0.64	-23%	-16%	-1%	$225,198,426.96
MLS	Metals Australia	0.089	-39%	-32%	-1%	$37,296,546.12
LIT	Lithium Australia	0.086	-22%	-12%	-1%	$90,058,504.49
CRR	Critical Resources	0.074	-11%	-22%	-1%	$111,570,970.50
IGO	IGO Limited	11.175	-18%	-11%	-1%	$8,587,416,999.42
CHR	Charger Metals	0.57	-30%	-14%	-2%	$18,897,000.30
QXR	Qx Resources Limited	0.055	-35%	-14%	-2%	$48,124,289.98
RGL	Riversgold	0.047	-47%	-29%	-2%	$27,429,412.51
ARN	Aldoro Resources	0.225	-17%	-24%	-2%	$22,819,125.47
EUR	European Lithium Ltd	0.08	-33%	-17%	-2%	$113,398,918.15
WR1	Winsome Resources	0.39	-26%	-21%	-3%	$54,004,797.60
EFE	Eastern Resources	0.036	-32%	-22%	-3%	$36,794,155.35
AUN	Aurumin	0.175	-10%	-10%	-3%	$19,660,185.36
IMI	Infinitymining	0.175	-8%	-13%	-3%	$10,350,000.00
AZL	Arizona Lithium Ltd	0.14	-24%	-20%	-3%	$323,744,285.74
INF	Infinity Lithium	0.14	-15%	-15%	-3%	$60,150,268.95
MM1	Midasmineralsltd	0.27	15%	-21%	-4%	$15,242,675.00
ZEO	Zeotech Limited	0.052	-17%	-12%	-4%	$82,345,435.38
NWM	Norwest Minerals	0.046	-23%	-13%	-4%	$8,669,154.58
AAJ	Aruma Resources Ltd	0.0795	-49%	-18%	-4%	$13,027,804.75
TEM	Tempest Minerals	0.068	-41%	-23%	-4%	$35,820,033.14
WCN	White Cliff Min Ltd	0.022	-35%	-15%	-4%	$15,032,877.33
TMB	Tambourahmetals	0.215	-20%	-16%	-4%	$9,268,334.55
LSR	Lodestar Minerals	0.0105	-30%	-19%	-5%	$19,122,810.83
XTC	Xantippe Res Ltd	0.0105	-25%	-19%	-5%	$84,433,050.89
EMH	European Metals Hldg	1.025	-26%	-10%	-5%	$151,335,237.38
PLL	Piedmont Lithium Inc	0.72	-23%	-24%	-5%	$400,953,808.00
JRL	Jindalee Resources	3.53	-13%	-15%	-5%	$214,023,543.18
PAM	Pan Asia Metals	0.44	-19%	-14%	-5%	$34,251,269.46
MMG	Monger Gold Ltd	0.33	27%	-27%	-6%	$8,750,000.00
LRV	Larvotto Resources	0.315	15%	-14%	-6%	$13,804,512.50
WC8	Wildcat Resources	0.03	-14%	0%	-6%	$20,648,727.26
KAI	Kairos Minerals Ltd	0.025	-19%	-19%	-7%	$52,976,524.26
LEL	Lithenergy	1.24	14%	-25%	-8%	$60,952,500.00
EVR	Ev Resources Ltd	0.039	-36%	-28%	-9%	$39,817,315.05
AVW	Avira Resources Ltd	0.0045	-36%	-10%	-10%	$10,593,950.00

A total of 53 stocks were in the green today, with 29 flatlining and 37 in the red.

Who’s got news out today?

BULLETIN RESOURCES (ASX:BNR)

Bulletin is planning to kick off a Light Detection and Ranging (LIDAR) and high-resolution aerial imagery survey at its Ravensthorpe lithium project shortly.

The company says that LIDAR has been successfully used within the region by other explorers and producers as an exploration tool for the discovery of pegmatites beneath vegetation.

The project is 12km southwest and along strike of Allkem Limited’s (ASX:AKE) Mt Cattlin Lithium Mine, and Bulletin is hoping that the resulting high-res 3D image will assist in identifying new pegmatite outcrops, including potential extensions to the lithium bearing Western and Eastern Pegmatite Trends.

PEPINNINI MINERALS (ASX:PNN)

The company’s brine blending program at its Salta project in Argentina has demonstrated the brine blend evaporates to a very high concentration of 5.3% Li with a very low level of contaminants – plus expected significant reagent cost savings.

The results, in conjunction with the MoU with global Direct Lithium Extraction (DLE) company Sunresin, will enable the assessment of appropriate potential development pathways for the project.

This could include the adoption of DLE at the project’s salares, and/or a potential hybrid strategy that may utilise DLE on the blended brines.

The company is now in the process of supplying various brine samples to Sunresin for initial test work and assessment of suitability for DLE.

KALAMAZOO RESOURCES (ASX:KZR)

Kalamazoo has discovered multiple pegmatite dykes containing visible lithium mineralisation and rock chip assay results up to 1.6% Li2O and 372 ppm Ta from rock chip sampling at its Marble Bar project.

“These discoveries are lining up well with our pXRF soil anomalies, and we are pleased to see the pegmatite dykes extending into our newly granted tenement E45/5970,” chairman and CEO Luke Reinehr said.

“We consider the potential for LCT pegmatite mineralisation in the immediate area is very high, which is supported by Global Lithium’s (ASX:GL1) nearby Archer deposit (10.5Mt @ 1.0% Li20) to the north.

“The grant of two additional tenements at Marble Bar and DOM’s Hill further expands our lithium exploration tenure in the immediate area, which are now the subject of additional soil sampling and exploration activity in conjunction with our JV exploration partner SQM.

“We are anticipating the commencement of drilling across both projects towards the end of June 2022.”

CALIDUS RESOURCES (ASX:CAI)

Calidus’ 50 per cent owned Pirra Lithium has extended the strike length of the lithium pegmatite at Spear Hill in the Pilbara to 2.5km.

The second batch of rock chips confirm lithium grades up to 2.75% Li2O and assays from a second parallel pegmatite returned up to 1.67% Li2O.

“These strong assays show clearly that we have a significant lithium pegmatite with high grades,” MD Dave Reeves said.

“In light of these results, we are gearing up for a maiden drilling program later this quarter.

“Our exploration to date has only scratched the surface of a small part of the tenure.”

BNR, PNN, KZR, CAI share price charts

ASKARI METALS (ASX:AS2)

Results from the company’s Phase II soil sampling campaign competed at the NW project area of the Barrow Creek lithium project in the NT has identified surface strike extensions of the fertile pegmatite zones identified during Phase I.

Notably, Phase 1 returned outcropping LCT-type pegmatites up to 817ppm LiO.

Askari says the strike been extended to 2.8kms x 1.9kms and that there’s exploration potential in areas outside of the mineralisation delineated within the NW zone.

“This data will help the company design the next steps in our exploration plan for the tenement, which includes an inaugural drilling campaign,” VP exploration and geology Johan Lambrechts said.

RC drilling is planned with permits already submitted and awaiting approval.

EASTERN METALS (ASX:EMS)

Eastern Metals has picked up the Neutral Junction project in the Arunta Province in the NT – an area prospective for LCT pegmatites with Core Lithium (ASX:CXO) and Australasian Gold (ASX:A8G) exploring for lithium in the Barrow Creek pegmatite field.

The acquisition includes tenure immediately adjacent to and along trend from the company’s Home of Bullion Copper Mine which demonstrates excellent potential for copper-gold mineralisation – and the broader tenement package is prospective for base metals, lithium, rare earth elements (REEs) and gold.

“The significant increase this Acquisition brings in the Barrow Creek pegmatite field and broader Arunta Pegmatite Province provides Eastern Metals with significantly increased potential for discovery, not just of lithium, but also REEs, base metals and gold,” MD and CEO Wayne Rossiter said.

LATIN RESOURCES (ASX:LRS)

The company has exercised its option to acquire a high-grade lithium tenement in the Bananal Valley in Brazil, with its ground position now over 5,350 hectares.

Recent drilling on the acquired project area has confirmed the high-tenor lithium grades of the spodumene pegmatites in this region, with a peak grade of 3.22% Li2O.

“Based on what we have seen so far from the results of the current maiden diamond drilling, we are very confident that this tenement contains significant potential for high-grade lithium pegmatites,” MD Chris Gale said.

The next phase of drilling at the Salinas project is aimed at providing sufficient data to enable the company to undertake a JORC Mineral Resource Estimate.

CRITICAL RESOURCES (ASX:CRR)

CRR has intercepted visual, thick, spodumene-bearing pegmatites at step out drilling at its Mavis Lake project in Canada.

The highest visual intersection is estimated to contain 40% spodumene within a 3.6m pegmatite interval, and another drill hole encountered a visual intersection of 6.9m with an estimated 20% spodumene-bearing pegmatite from 99.6-106.5m.

Approximately 20% of drilling has been completed on the ~5,000m inaugural drill program, with the company working towards defining a JORC compliant resource at the project.