• Volkswagen’s battery spinout PowerCo forms JV with Umicore 
  • The two entities plan to produce battery cathode material from 2025
  • Piedmont’s partner, Atlantic Lithium completes PFS at flagship Ewoyaa project in Ghana

All your lithium news, Wednesday September 28.

 

Volkswagen’s new battery company, PowerCo, is partnering with Belgian-based Umicore to form a joint venture (JV) for precursor and cathode material production in Europe.

From 2025, the JV intends to supply Powerco’s battery cell factories in Germany and Spain with cathode and precursor materials with the aim of reaching 40GWh by 2026 and 160Gwh cell capacity per year the end of the decade – enough to power about 2.2 million electric vehicles.

 

Together, they plan to invest EUR 3 billion (A$4.47 billion) into new materials production capacities.

Cathode active materials are crucial for a successful powertrain transition towards e-mobility as they are the key technological lever for battery performance, as well as the biggest single contributor to overall battery cost.

Volkswagen AG and Chairman of the Supervisory Board of PowerCo SE says the two companies are setting up a sustainable, transparent supply chain with high environmental and social standards, localizing value creation here in Europe.

“Immediate and long-term access to extensive capacity is thus a very clear competitive advantage.”

 

Here’s how ASX lithium stocks are tracking:

CODE COMPANY PRICE % TODAY % WEEK % MONTH % YEAR MARKET CAP
QXR Qx Resources Limited 0.044 33% 29% 42% 267% $21,346,683
BMM Balkanminingandmin 0.38 25% 17% 95% -52% $725,696,866
IPT Impact Minerals 0.008 14% 7% 0% -45% $132,609,853
WCN White Cliff Min Ltd 0.021 11% -11% 11% 75% $30,616,062
GW1 Greenwing Resources 0.39 8% 30% 47% 22% $310,577,664
FTL Firetail Resources 0.2 8% -20% -29% 0% $2,752,409,203
BYH Bryah Resources Ltd 0.027 8% -4% 0% -53% $2,067,262,474
IMI Infinitymining 0.22 7% -10% 13% 0% $88,007,778
ARN Aldoro Resources 0.225 7% -6% -8% -47% $110,375,035
DTM Dart Mining NL 0.077 5% -14% -11% -27% $105,017,938
AS2 Askarimetalslimited 0.29 5% -18% -22% 45% $368,529,556
AOU Auroch Minerals Ltd 0.065 5% -14% -4% -62% $72,802,287
BNR Bulletin Res Ltd 0.125 4% -11% -14% 84% $1,227,408,434
SRI Sipa Resources Ltd 0.05 4% 0% 16% -18% $131,971,622
CRR Critical Resources 0.0715 4% -16% 55% 225% $67,080,377
WC8 Wildcat Resources 0.033 3% -15% 22% 32% $1,313,525,155
INF Infinity Lithium 0.18 3% -5% 13% 44% $156,172,590
STM Sunstone Metals Ltd 0.037 3% -12% -16% 61% $211,248,608
RGL Riversgold 0.037 3% -10% -5% 36% $3,327,599,555
PLL Piedmont Lithium Inc 0.865 2% -8% -5% 21% $12,491,288,292
GSM Golden State Mining 0.047 2% -4% -25% -64% $26,709,592
INR Ioneer Ltd 0.5975 2% -15% -9% -12% $9,156,770,115
CY5 Cygnus Gold Limited 0.245 2% -9% -17% 96% $445,797,326
LIS Lisenergylimited 0.52 2% -11% -9% -39% $13,968,560,394
RDT Red Dirt Metals Ltd 0.61 2% -4% 0% 97% $220,039,838
TEM Tempest Minerals 0.0325 2% -12% -17% 41% $43,914,649
EMH European Metals Hldg 0.74 1% -13% 1% -48% $7,803,977
AVZ AVZ Minerals Ltd 0.78 0% 0% 0% 123% $1,911,105,755
EUR European Lithium Ltd 0.075 0% -16% -14% -32% $4,132,647
JRL Jindalee Resources 2.3 0% -12% -12% 2% $27,655,684
LIT Lithium Australia 0.055 0% -7% -34% -56% $1,075,014,758
RLC Reedy Lagoon Corp. 0.014 0% -7% -7% -50% $363,419,006
TKL Traka Resources 0.006 0% -25% -14% -57% $9,988,750
CHR Charger Metals 0.465 0% -15% -7% -10% $48,120,000
PAM Pan Asia Metals 0.38 0% -13% -21% -16% $20,913,337
AX8 Accelerate Resources 0.036 0% -12% -8% -8% $635,198,484
FG1 Flynngold 0.12 0% 14% 14% -17% $10,594,176,704
MMC Mitremining 0.17 0% -3% 31% 0% $20,276,806
RAG Ragnar Metals Ltd 0.04 0% 8% -11% 3% $9,103,767
SHH Shree Minerals Ltd 0.009 0% 0% 0% -10% $28,089,692
TMB Tambourahmetals 0.16 0% 0% 0% -29% $9,736,520
WML Woomera Mining Ltd 0.016 0% -6% 7% -23% $14,009,368
LRS Latin Resources Ltd 0.096 0% -17% -17% 113% $12,394,049
WR1 Winsome Resources 0.305 0% -9% 15% 0% $6,981,337
MTM Mtmongerresources 0.13 0% -13% -10% -41% $11,301,142
SCN Scorpion Minerals 0.07 0% -15% -21% 35% $5,798,438
ENT Enterprise Metals 0.011 0% -8% 0% -21% $7,687,326
AVW Avira Resources Ltd 0.004 0% 0% 0% -33% $8,348,204
RMX Red Mount Min Ltd 0.006 0% 0% -14% -40% $5,382,653
A8G Australasian Metals 0.29 0% -3% -2% -33% $11,787,500
MQR Marquee Resource Ltd 0.059 0% -16% -25% -16% $8,929,488
SRZ Stellar Resources 0.014 0% 0% -7% -58% $4,604,467
LSR Lodestar Minerals 0.006 0% -8% -14% -40% $15,167,396
AOA Ausmon Resorces 0.008 0% -11% 0% 0% $11,146,382
VKA Viking Mines Ltd 0.007 0% -13% -13% -56% $6,590,816
VMC Venus Metals Cor Ltd 0.155 0% -6% -6% -11% $16,152,518
ZNC Zenith Minerals Ltd 0.28 0% -7% -8% 37% $5,321,628
EPM Eclipse Metals 0.021 0% -5% -9% -66% $14,204,464
THR Thor Mining PLC 0.009 0% -18% -10% -47% $10,989,329
MXR Maximus Resources 0.045 0% -10% -2% -49% $190,384,119
DRE Dreadnought Resources Ltd 0.105 0% -13% -5% 184% $102,673,051
MM1 Midasmineralsltd 0.19 0% -5% -19% -3% $7,800,117
M2R Miramar 0.091 0% -13% -33% -57% $188,880,810
WMC Wiluna Mining Corp 0.205 0% 0% 0% -76% $34,996,161
AUN Aurumin 0.1 0% 0% -13% -49% $41,209,768
ALY Alchemy Resource Ltd 0.02 0% -5% -5% 46% $29,391,826
KTA Krakatoa Resources 0.06 0% -12% -5% -26% $4,876,304
DAF Discovery Alaska Ltd 0.07 0% -13% -20% 94% $28,358,957
TUL Tulla Resources 0.44 0% -8% -17% 0% $23,228,183
OCN Oceanalithiumlimited 0.525 0% -15% -25% 0% $31,337,340
PSC Prospect Res Ltd 0.0945 -1% 7% -6% 324% $7,182,788
PLS Pilbara Min Ltd 4.655 -1% -5% 31% 123% $66,779,179
RIO Rio Tinto Limited 89.86 -1% -5% -9% -11% $93,472,071
IGO IGO Limited 13.83 -1% -7% 6% 52% $22,652,110
MMG Monger Gold Ltd 0.42 -1% -18% 6% 71% $8,475,160
NVA Nova Minerals Ltd 0.7 -1% -10% -20% -52% $130,399,505
TKM Trek Metals Ltd 0.062 -2% -6% -29% -59% $145,914,871
VUL Vulcan Energy 7.38 -2% -6% -8% -45% $35,110,932
WES Wesfarmers Limited 43.23 -2% -6% -10% -22% $9,854,183
CAI Calidus Resources 0.505 -2% -9% -20% -10% $225,457,578
PNN Power Minerals Ltd 0.475 -2% -16% -9% 2% $49,816,433
LPD Lepidico Ltd 0.0235 -2% -13% -16% -2% $182,732,656
MRR Minrex Resources Ltd 0.045 -2% -13% -20% 165% $11,939,443
ESS Essential Metals Ltd 0.435 -2% -10% -1% 98% $30,201,921
MLS Metals Australia 0.043 -2% -14% -25% 8% $18,621,437
ZEO Zeotech Limited 0.042 -2% -13% -24% -55% $13,512,767
AZL Arizona Lithium Ltd 0.077 -3% -11% -13% 79% $10,430,624
KZR Kalamazoo Resources 0.1925 -3% -21% -14% -42% $8,440,081
FRS Forrestaniaresources 0.19 -3% -5% 3% 0% $6,858,315
LNR Lanthanein Resources 0.038 -3% -17% -21% 81% $7,176,809
LTR Liontown Resources 1.475 -3% -13% -14% -4% $17,369,594
MNS Magnis Energy Tech 0.365 -3% -21% -22% 14% $9,841,191
LPI Lithium Pwr Int Ltd 0.525 -3% -15% -14% 81% $24,812,196
LLL Leolithiumlimited 0.5925 -3% -22% 8% 0% $27,906,838
AKE Allkem Limited 13.945 -3% -13% 0% 56% $96,533,438
IR1 Irismetals 1.82 -3% -11% 74% 767% $52,100,848
MIN Mineral Resources. 63.88 -3% -11% -2% 34% $6,546,872
GT1 Greentechnology 0.74 -3% -5% 1% 0% $42,509,394
EMS Eastern Metals 0.145 -3% 4% 4% 0% $24,075,586
EFE Eastern Resources 0.029 -3% -6% -6% -33% $20,648,727
LKE Lake Resources 0.9125 -3% -13% -23% 52% $363,874,306
AAJ Aruma Resources Ltd 0.056 -3% -11% -22% -40% $33,554,233,583
LRD Lordresourceslimited 0.275 -4% -21% 45% 0% $9,892,470
AML Aeon Metals Ltd. 0.027 -4% -13% -10% -53% $8,521,872
EVR Ev Resources Ltd 0.025 -4% -11% -19% -26% $14,350,760
DAL Dalaroometalsltd 0.12 -4% -8% 20% -40% $319,466,023
TYX Tyranna Res Ltd 0.045 -4% -12% 41% 543% $10,855,035
PGD Peregrine Gold 0.56 -4% -7% -26% 70% $5,840,986
GLN Galan Lithium Ltd 1.155 -5% -18% -8% 18% $23,008,932
CZL Cons Zinc Ltd 0.021 -5% -5% -9% -25% $73,307,069
TON Triton Min Ltd 0.019 -5% -14% -30% -50% $17,017,000
NMT Neometals Ltd 1.09 -5% -13% -25% 20% $9,486,117
NWM Norwest Minerals 0.036 -5% -16% -41% -54% $74,238,031
SYA Sayona Mining Ltd 0.2175 -5% -18% -22% 25% $12,530,714
XTC Xantippe Res Ltd 0.0085 -6% -6% -15% 325% $67,162,365
AGY Argosy Minerals Ltd 0.5 -6% -7% 30% 203% $19,061,519
KAI Kairos Minerals Ltd 0.032 -6% -16% 10% 8% $84,616,235
GL1 Globallith 2.15 -6% -19% 24% 424% $44,369,046
ADV Ardiden Ltd 0.0075 -6% -6% 7% -38% $20,682,595
LEL Lithenergy 0.75 -6% -32% -25% 9% $110,725,451
AZI Altamin Limited 0.075 -6% -15% -16% -11% $15,696,429
G88 Golden Mile Res Ltd 0.03 -6% -12% -14% -38% $11,429,763
ASN Anson Resources Ltd 0.28 -7% -27% 8% 215% $114,806,250
AM7 Arcadia Minerals 0.28 -7% 2% 0% 44% $37,550,197
KGD Kula Gold Limited 0.027 -7% -10% 23% -43% $3,734,375
CXO Core Lithium 1.085 -9% -25% -22% 168% $19,568,439
QPM Queensland Pacific 0.1275 -9% -18% -15% -52% $35,324,476
LRV Larvottoresources 0.195 -9% -7% -19% 0% $70,495,424
1MC Morella Corporation 0.0205 -11% -18% -18% -68% $49,922,985,855
RAS Ragusa Minerals Ltd 0.35 -14% 30% 17% 298% $601,860,716
TSC Twenty Seven Co. Ltd 0.0015 -25% -25% -29% -57% $17,600,625
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Only 27 ASX lithium companies finished in the green, 43 fell flat, and 61 ended in the red territory.

 

Who’s got news out?

PIEDMONT LITHIUM (ASX:PLL)

African project developer Atlantic Lithium (ASX:A11) is doing okay since listing September 21, up a respectable 7% on its IPO price of 58c per share.

The AIM listed explorer, backed by US-Australian lithium developer Piedmont (ASX:PLL), owns Ghana’s largest spodumene resource containing 30.1Mt at 1.26% Li2O.

PLL is earning 50% of the project, which includes an offtake agreement for 50% of annual production (255,000t SC6) at market prices.

PLL also owns 9.4% equity interest in A11.

A PFS for the Ewoyaa mine was released to the British market last week detailing a US$125 million development slated to generate almost US$5 billion in revenue over its 12.5-year mine life.

At long run prices of US$1,359/t FOB Ghana — a fraction of current spot prices — Ewoyaa holds an NPV of $1.33 billion and outlandish IRR of 224% post tax, something that increases 9% with each US$100/t increase in the spodumene price.

First production is pencilled in for Q3 2024.

Ewoyaa will be a crucial source of spodumene for PLL’s Tennessee lithium operations, PLL COO Pat Brindle said overnight.

“We expect the project in Ghana to play a critical role in our ability to ramp up production of lithium hydroxide in the United States,” he says.

“This proposed operation is underpinned by high grade mineral resources, critical infrastructure, access to a deep-water port, and available labour.”

 

POWER MINERALS (ASX:PNN)

A geophysical survey at the Incahuasi Salar at PNN’s Salta Lithium project in the lithium-triangle of Argentina’s northwest has identified the potential of additional lithium brine located beneath alluvial fan aprons.

The Vertical Electrical Sounding (VES) survey was conducted over 28 geophysics stations and interpretation of the results indicate that concentrated brines occur to at least 250 meters depth below the surface, with salar basement estimated at ~400-450 meters depth.

These results also strengthen geological and hydrological models to support resource definition drilling and initial lithium brine resource estimate at Incahuasi.

Following the successful Incahuasi geophysical program, Vertical Electrical Sounding (VES) surveys are progressing on the Rincon and Pocitos salares.

VES geophysical surveys play an important role in supporting Power’s near-term resource drilling programs and water management plans, which will input to environmental studies and approvals for the proposed future development of the Salta Project.

 

BALKAN MINING AND MINERALS (ASX:BMM)

During the company’s due diligence, conducted by CSA Global at the Gorge Lithium Project in Ontario, Canada, five grab samples were collected and sent to ActLabs in Toronto for analysis.

From these five samples, four samples included Li2O values above 3.78%, with the 2 highest results being returned at 5.75% and 6.80%.

The Thunder Bay region of Ontario has been the focus of recent lithium pegmatite exploration works with the delineation of hard rock lithium deposits including Rock Tech Lithium Inc’s Georgia Lake project in 2021.

 

RED DIRT METALS (ASX:RDT)

Diamond drilling has been completed at the Mt Ida Lithium Project where significant results include 28.9m at 1.92% Li2O and 187ppmm tantalum oxide from 318.5m – the best intersection drilled to date at Sister Sam.

Other hits include 21.3m at 1.90% Li2O and 180ppm tantalum oxide from 180m, 22.5m at 0.97% Li2O and 79ppmm tantalum oxide from 415.4m and 10.9m at 1.01% Li2O and 137ppmm tantalum oxide from 381.6m.

RDT has also competed the settlement of Electrostate Group, the holders of the Yinnetharra Lithium Project, which sits on a highly prospective LCT bearing belt of metasediments in Western Australia’s Gascoyne Junction.

 

SENSORE (ASX:S3N)

This ~$29m market cap stock has kicked off lithium AI-target acquisition in Western Australia, where new open tenure applications follow further exciting results from SensOre’s second lithium targeting run completed in June 2022.

The new lithium Discriminant Predictive Targeting (DPT) ‘run’ includes the newly ingested GSWA surface and drilling industry geochemical data collected and supplied to the GSWA over the last 60 years.

This dataset includes 7.8 million surface samples, with 76.4 million individual assays together with 41.5 million drilling samples covering 170.4 million individual assays.

SensOre is actively applying machine learning algorithms to incorporate this assay data into its multi-commodity mineral exploration models and products (including lithium, nickel, gold and copper) which is used by its clients to improve targeting outcomes and increase the potential for mineral discovery.

 

ASKARI METALS (ASX:AS2)

Multiple significant lithium targets have bene identified on the Myrnas Hill Lithium Project during a hyperspectral survey.

The survey generated target maps for minerals related to LCT pegmatites and compared them to known lithium-tin-tantalum occurrences in the Pilbara region as an indicator for potential lithium mineralisation.

According to Hyperspectral Survey exploration and geology vice president Johan Lambrechts, the survey confirmed the geological prospectivity of the project.

“The targets generated from the hyperspectral survey are highly encouraging and coincide with several light-coloured dyke-like features identified using satellite imagery,” he explains.

“The tenure also boasts some exciting gold intercepts from historical drilling, which warrant further follow-up.”

 

CRITICAL RESOURCES (ASX:CRR)

Results of up to 3.36% Li2O have been returned at Mavis Lake with sections of ‘exceptionally high-grade’ lithium oxide.

Hole MF22-81 hit 14.7m at 1.09% Li2O from 146m including 8m at 1.61% Li2O from 146.9m and 1.5m at 3.36% Li2O from 151.5m.

CRR non-executive director Alex Cheeseman says to follow the company’s last results with another set of such high-grade assays is an excellent outcome and increases confidence in delineating a JORC compliant resource in the near term.

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