• Wesfarmers says Mt Holland lithium project capex is now $1.2-1.3 billion
  • BMG Resources eyes acquisition of the Bullabulling Project in WA
  • Octava Minerals has flagged a new lithium target at the Talga project

 

All your ASX lithium news for Wednesday, February 15

 

In its half year results today West Australian industrial and retail giant Wesfarmers (ASX:WES)  said the capex for the Mt Holland mine will be between $1.2-1.3 billion just for the company’s 50% share of the project with SQM.

That’s up from the prior guidance of $1085 million, itself an adjustment from the original $950 million in 2021 dollars which the company blames on labour availability pressures, refinery engineering delays and Covid restrictions.

Construction of the mine and concentrator at Mt Holland is well advanced though, with first earnings for the project expected in the first half of the 2024 calendar year as sales of spodumene concentrate ramp up. 

But first production of lithium hydroxide is now expected in the first half of the 2025 calendar year, around six months later than previous guidance. 

WES isn’t the first producer seeing long lead times in the ramp up to hard rock lithium production; IGO (ASX:IGO) and Tianqi’s TLEA Kwinana lithium hydroxide plant, Liontown Resources’ (ASX:LTR)Kathleen Valley lithium mine and expansions at Mineral Resources (ASX:MIN)and Ganfeng’s Mt Marion mine and Pilbara Minerals’ (ASX:PLS) Pilgangoora have all seen blowouts in costs and/or schedules.

The company saw a 10% lift in its interim dividend from 80c in FY22 to 88c in FY23, with revenue up 27% to $22.558 billion, EBIT 13.4% higher at $2.16b and NPAT up 14.1% to $1.384b.

CEO Rob Scott said solid sales and earnings at Bunnings, together with strong earnings at Kmart and in its chemicals and fertiliser business were behind the bump.

 

WES share price today:

 

 

Here’s how ASX lithium stocks were tracking today:

Code Company Price % Today Market Cap
AVW Avira Resources Ltd 0.003 20% $5,334,475
LSR Lodestar Minerals 0.005 11% $7,822,968
IPT Impact Minerals 0.01 11% $22,332,335
AS2 Askarimetalslimited 0.64 10% $28,687,687
WCN White Cliff Min Ltd 0.012 9% $8,624,599
TKM Trek Metals Ltd 0.076 9% $25,476,156
TEM Tempest Minerals 0.026 8% $12,114,393
KGD Kula Gold Limited 0.026 8% $8,669,086
FRS Forrestaniaresources 0.135 8% $7,611,413
LPD Lepidico Ltd 0.016 7% $114,566,576
RAG Ragnar Metals Ltd 0.016 7% $5,687,773
PLL Piedmont Lithium Inc 0.99 5% $398,052,400
BNR Bulletin Res Ltd 0.115 5% $32,295,021
VKA Viking Mines Ltd 0.0115 5% $11,277,843
RAS Ragusa Minerals Ltd 0.12 4% $16,398,860
TYX Tyranna Res Ltd 0.025 4% $57,730,208
1MC Morella Corporation 0.013 4% $76,232,256
MQR Marquee Resource Ltd 0.029 4% $9,161,810
WC8 Wildcat Resources 0.029 4% $18,536,636
A8G Australasian Metals 0.195 3% $7,822,394
INR Ioneer Ltd 0.395 3% $807,860,233
KAI Kairos Minerals Ltd 0.0225 2% $43,210,057
LLL Leolithiumlimited 0.5975 2% $577,194,294
GW1 Greenwing Resources 0.245 2% $35,582,128
CY5 Cygnus Metals Ltd 0.34 1% $61,597,861
WES Wesfarmers Limited 49.4 1% $55,225,431,292
RIO Rio Tinto Limited 123.05 1% $45,102,770,001
EMS Eastern Metals 0.08 1% $3,086,089
ESS Essential Metals Ltd 0.5 1% $132,445,514
EMH European Metals Hldg 0.67 1% $83,788,278
AZL Arizona Lithium Ltd 0.0685 1% $166,090,315
MIN Mineral Resources. 87.1 0% $16,555,524,825
ADV Ardiden Ltd 0.0075 0% $20,162,515
AML Aeon Metals Ltd. 0.029 0% $31,795,618
AVZ AVZ Minerals Ltd 0.78 0% $2,752,409,203
GLN Galan Lithium Ltd 1.135 0% $348,348,985
MLS Metals Australia 0.054 0% $32,779,954
QPM Queensland Pacific 0.1 0% $174,634,792
PSC Prospect Res Ltd 0.19 0% $87,829,298
RLC Reedy Lagoon Corp. 0.009 0% $5,100,476
TKL Traka Resources 0.008 0% $5,782,196
TON Triton Min Ltd 0.037 0% $51,163,015
BMM Balkanminingandmin 0.42 0% $18,804,246
LEL Lithenergy 0.88 0% $52,932,000
ARN Aldoro Resources 0.21 0% $23,711,587
PAM Pan Asia Metals 0.36 0% $52,868,012
AX8 Accelerate Resources 0.026 0% $9,817,646
BYH Bryah Resources Ltd 0.025 0% $7,031,337
FG1 Flynngold 0.09 0% $9,258,618
LRV Larvottoresources 0.16 0% $10,760,756
CTN Catalina Resources 0.009 0% $11,146,382
EMC Everest Metals Corp 0.09 0% $9,578,980
WML Woomera Mining Ltd 0.016 0% $15,298,579
KZR Kalamazoo Resources 0.165 0% $24,555,197
MTM Mtmongerresources 0.076 0% $4,333,841
ENT Enterprise Metals 0.009 0% $6,345,726
RMX Red Mount Min Ltd 0.006 0% $12,554,183
SRZ Stellar Resources 0.012 0% $12,055,571
AOA Ausmon Resorces 0.006 0% $5,293,736
SRI Sipa Resources Ltd 0.03 0% $6,844,744
VMC Venus Metals Cor Ltd 0.135 0% $24,040,622
ZNC Zenith Minerals Ltd 0.225 0% $79,133,860
EPM Eclipse Metals 0.021 0% $42,589,256
THR Thor Energy PLC 0.006 0% $8,853,677
CZL Cons Zinc Ltd 0.019 0% $9,164,798
MXR Maximus Resources 0.039 0% $12,443,175
M2R Miramar 0.073 0% $5,159,767
WMC Wiluna Mining Corp 0.205 0% $74,238,031
ALY Alchemy Resource Ltd 0.016 0% $18,849,220
DAF Discovery Alaska Ltd 0.027 0% $6,054,337
FTL Firetail Resources 0.14 0% $9,100,000
IR1 Irismetals 1.16 0% $74,506,800
LNR Lanthanein Resources 0.022 0% $24,674,663
DAL Dalaroometalsltd 0.09 0% $2,688,750
CMD Cassius Mining Ltd 0.035 0% $14,297,252
VSR Voltaic Strategic 0.023 0% $7,067,905
SGQ St George Min Ltd 0.078 0% $65,316,073
LLO Lion One Metals Ltd 0.905 0% $10,670,369
VUL Vulcan Energy 6.1 0% $877,824,042
GT1 Greentechnology 0.75 -1% $144,007,487
NVA Nova Minerals Ltd 0.615 -1% $130,233,561
LIT Lithium Australia 0.0445 -1% $54,953,625
MNS Magnis Energy Tech 0.425 -1% $417,242,538
ASN Anson Resources Ltd 0.2075 -1% $247,661,386
LPI Lithium Pwr Int Ltd 0.385 -1% $245,348,048
CHR Charger Metals 0.38 -1% $16,830,032
AKE Allkem Limited 12.335 -1% $7,970,726,075
SCN Scorpion Minerals 0.073 -1% $25,582,258
LTR Liontown Resources 1.36 -1% $3,033,867,394
AOU Auroch Minerals Ltd 0.059 -2% $25,670,708
MMC Mitremining 0.29 -2% $10,615,605
LRS Latin Resources Ltd 0.1175 -2% $264,198,590
PGD Peregrine Gold 0.47 -2% $18,606,187
DRE Dreadnought Resources Ltd 0.092 -2% $309,610,453
RDT Red Dirt Metals Ltd 0.455 -2% $206,881,983
DTM Dart Mining NL 0.044 -2% $7,002,925
A11 Atlantic Lithium 0.66 -2% $408,875,621
G88 Golden Mile Res Ltd 0.0215 -2% $4,500,975
KTA Krakatoa Resources 0.043 -2% $15,167,236
GL1 Globallith 1.875 -2% $409,292,652
PLS Pilbara Min Ltd 4.735 -2% $14,540,152,027
JRL Jindalee Resources 2.63 -3% $154,923,208
IGO IGO Limited 14.035 -3% $10,912,229,185
AAJ Aruma Resources Ltd 0.07 -3% $11,301,228
OCN Oceanalithiumlimited 0.34 -3% $12,744,900
CXO Core Lithium 0.98 -3% $1,868,682,334
LIS Lisenergylimited 0.325 -3% $55,581,253
AUN Aurumin 0.057 -3% $10,516,217
NMT Neometals Ltd 0.84 -3% $480,884,823
AGY Argosy Minerals Ltd 0.69 -3% $1,004,151,361
PAT Patriot Lithium 0.405 -4% $25,467,751
CRR Critical Resources 0.051 -4% $84,287,629
INF Infinity Lithium 0.12 -4% $57,824,012
RGL Riversgold 0.024 -4% $23,636,693
AZI Altamin Limited 0.07 -4% $28,595,323
PNN Power Minerals Ltd 0.455 -4% $34,316,775
AM7 Arcadia Minerals 0.22 -4% $10,740,515
NWM Norwest Minerals 0.065 -4% $15,103,302
QXR Qx Resources Limited 0.043 -4% $40,358,804
GSM Golden State Mining 0.042 -5% $5,148,625
TMB Tambourahmetals 0.105 -5% $4,531,186
IMI Infinitymining 0.205 -5% $16,442,839
LKE Lake Resources 0.6475 -5% $965,562,398
LLI Loyal Lithium Ltd 0.38 -5% $20,996,000
EUR European Lithium Ltd 0.07 -5% $107,243,699
SYA Sayona Mining Ltd 0.2175 -5% $1,998,613,606
EFE Eastern Resources 0.017 -6% $22,355,036
STM Sunstone Metals Ltd 0.033 -6% $91,715,625
CAI Calidus Resources 0.245 -6% $114,232,437
LRD Lordresourceslimited 0.16 -6% $5,659,661
ZEO Zeotech Limited 0.042 -7% $73,831,755
WR1 Winsome Resources 1.86 -7% $320,759,126
MRR Minrex Resources Ltd 0.032 -7% $37,427,929
MM1 Midasmineralsltd 0.175 -8% $10,855,035
XTC Xantippe Res Ltd 0.0055 -8% $62,070,208
EVR Ev Resources Ltd 0.017 -15% $18,719,681
TUL Tulla Resources 0.285 -19% $74,496,958
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A total of 31 stocks were in the green, 48 were flat and 58 were red.

 

Who has news out today? 

BMG RESOURCES (ASX:BMG)

The company has entered a binding option agreement to acquire the 185 sqkm Bullabulling project in WA which includes a high priority +4km pegmatite corridor that remains open along strike. 

Historic rock chip sampling returned numerous lithium values greater than 1% Li2O – and a peak value of 1.9% Li20. 

“This highly prospective project hosts confirmed lithium bearing pegmatites and gold and shares geological similarities to other goldfields lithium deposits like Mt Marion to the east and Nepean to the south,” MD Bruce McCracken said.

“Preparations are underway to assess and validate the potential for economic LCT pegmatite mineralisation and lay the groundwork for more extensive exploration post the Option period.” 

 

OCTAVA MINERALS (ASX:OCT)

The recently listed WA explorer has identified a new lithium target at the Talga project called Nimerry, ~10km from Global Lithium’s (ASX:GL1) 18Mt Archer deposit in the Pilbara.

There are multiple peggies at Nimerry, OCT says, with the largest identified being ~30m in width and over 60m in length.

Early indications are that Nimerry could be similar in size to the company’s nearby Pinnacle Well prospect, which stands at 1.5sqkm.

Rock samples are in the lab for analysis, with results expected by the end of the month.

OCT says drill testing of priority lithium targets is planned immediately after the conclusion of the wet season in Q2.

 

OMNIA METALS (ASX:OM1)

Another early-stage lithium target identified, this time from minnow OM1 at the soon-to-be-acquired 540sqkm Lac des Montagnes tenement package in Quebec, Canada.

During the due diligence process the explorer has stumbled upon a 2.3km long, 440m wide spodumene target called Senay 5.

All up, +40 pegmatite granites have been mapped within the project area, seven of which have been identified by the Quebec Govt as a “high priority and highly prospective to be spodumene hosting”.

There are striking geological similarities here with the world class Wabouchi lithium deposit (36.7Mt @ 1.16% Li2O), which is 38km along strike from the Senay project.

“The company will continue to methodically review all the available data across this extensive land package with a view to commence field testing as soon as practicably possible,” OM1 boss James Warren said.

“We are excited to begin the discovery journey on this exciting belt-scale exploration opportunity with one of the largest land packages in the exciting James Bay Area for a junior on the ASX.”

 

SOLIS MINERALS (ASX:SLM)

Solis has acquired 22 exploration licences covering a total area of 248 km2 (24,800 hectares) in north-eastern Brazil – with a regional structural geological setting similar to Latin Resources’ (ASX:LRS) Colina deposit. 

CEO Jason Cubitt says the country is fast becoming a Tier 1 destination for hard rock lithium explorers and producers alike. 

“Brazil is still very much in its infancy with lithium exploration and offers a junior explorer such as Solis an exceptional opportunity to discover a material asset,” he said. 

“Having our largest shareholder, Latin Resources, in the country will expedite the commencement of exploration and building of the team needed to advance these projects. 

“I am excited to see our team commence first-pass reconnaissance and mapping programmes over the coming months.” 

 

STELAR METALS (ASX:SLB)

Another company picking up projects is SLB, who’ve signed a binding agreement with Everest Metals Corporation (ASX:EMC) to acquire a 90% interest in four large granted exploration licences – including the Trident, Midas and Perseus projects – with lithium, cobalt and copper potential in New South Wales. 

Numerous pegmatite swarms are mapped along 15km of strike length at Trident that have historically been worked for tin and tantalum with individual pegmatites up to 300m in length and 60m wide. 

Stelar is now planning the first drilling program targeting lithium at Trident.

 

BMG, OCT, OM1, SLM and SLB share prices today:

 

 

ASKARI METALS (ASX:AS2)

The company has commenced its Phase I RC drilling program on Exclusive Prospecting Licence (EPL) 8535, part of the Uis Lithium Project, Namibia. 

“We are confident in the mineralized pegmatites we have seen on surface to date and with our mapping team continuing in the field, there are numerous additional targets being identified highlighting the significant exploration upside,” VP-exploration and geology Johan Lambrechts said.

“We see the Uis Lithium Project as having significant potential and we are aiming to demonstrate the potential scale of the mineralization through aggressive drilling and other exploration campaigns. 

“We are certainly leading the lithium charge out of Namibia.” 

 

MATSA RESOURCES (ASX:MAT)

The company has signed a deal with Chinese lithium carbonate processor Yongxing Special Materials Technology Co. to supply four 20kg samples of lepidolite and other lithium ores from its Thailand projects for test work.

MAT says the common misconception that lepidolite is difficult or too expensive to process is false, with four producers in Jiangxi province, China – including Yongxing – producing battery grade lithium carbonate exclusively from lepidolite.

And their lithium carbonate end product from lepidolite is comparable to lithium carbonate produced from spodumene at comparable cost.

Yongxing who will treat the samples in their processing facilities to confirm:

  1. The ability to process the ore from Matsa’s lithium projects using the Yongxing processing plant;
  2. The recovery grade of the lithium ore; and
  3. The potential for beneficiation to produce a concentrate in any future development scenario.

 

PURSUIT MINERALS (ASX:PUR)

Pursuit says due diligence for its acquisition of Trilogy Minerals and its Rio Grande Sur project in Argentina is on track for completion in late February / early March following shareholder approval on 7 February 2023. 

“Whilst the final pieces of largely administrative due diligence items are being completed, Trilogy is aggressively pursuing on ground, value add activity that will result in high impact drilling mid-2023,” MD Bob Affleck said.

“The near-term surveys and subsequent drilling are designed to facilitate a maiden JORC resource in 2023 as well as advance feasibility studies.” 

 

ANSON RESOURCES (ASX:ASN)

Anson has flagged an exploration target at its recently staked Green River lithium project i the Paradox Basin in Utah, USA of 2.0 billion tons to 2.6 billion tons of brine, grading 100 – 150ppm Li and 2,000 – 3,000ppm Br.

The company says this reaffirms a mineral resource potential similar to the company’s nearby Paradox lithium project. 

Anson plans to conduct a drilling and sampling program of existing wells within the project area, with a view to including the results from these horizons in a further JORC Resource upgrade that will be confirmed at the Paradox project on completion of the Western Strategy exploration program. 

 

AS2, MAT, PUR and ASN share prices today:

 

 

 

At Stockhead we tell it like it is. While Matsa Resources and Anson Resources are Stockhead advertisers, they did not sponsor this article.