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Eye on Lithium: VW likens Inflation Reduction Act to California Gold Rush as it inks US$1.29 billion in incentives

St George to acquire seven hard-rock lithium projects in WA, China’s Zhejiang Huayou Cobalt Co invests A$2.5 million into Askari … Read More
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  • St George to acquire seven hard-rock lithium projects in WA
  • China’s Zhejiang Huayou Cobalt Co invests A$2.5 million into Askari Metals
  • Dart Mining to begin diamond drilling LCT pegmatites within Dorchap lithium project

All your lithium news, Wednesday March 22. 

 

Joe Biden’s Inflation Reduction Act (IRA) has the global economy scrambling to copy it or at least make sure they benefit from it with the CEO of Volkswagen’s EV brand, Scout Motors, equating the 1849 California Gold Rush with the IRA’s incentives for domestically produced EVs.

“We view it simplistically a little bit like the Gold Rush,” Scott Keough told Bloomberg reporters.

“There’s never been a better time to build a factory in America.”

The comments come after the German manufacturer inked US$1.29 billion in state incentives for the build out of a South Carolina-based US$2 billion manufacturing plant, on Tuesday.

 

Scout Motors is looking to launch an all-electric pick-up SUV with the first prototypes set for release in 2024.

The plant will eventually employ 4,000 workers and have an annual capacity to produce 200,000 EVs a year by the time it is up and running in 2026.

 

Here’s how ASX lithium stocks are tracking:

CODE COMPANY PRICE % TODAY MARKET CAP
AOA Ausmon Resorces 0.005 25% $3,877,157
THR Thor Energy PLC 0.005 25% $5,912,451
CTN Catalina Resources 0.006 20% $6,192,434
DTM Dart Mining NL 0.045 18% $5,913,581
A8G Australasian Metals 0.16 10% $5,969,722
EFE Eastern Resources 0.011 10% $12,419,465
VKA Viking Mines Ltd 0.011 10% $10,252,584
MTM Mtmongerresources 0.1 9% $6,509,943
PGD Peregrine Gold 0.395 8% $14,307,825
1MC Morella Corporation 0.0075 7% $42,690,063
RAG Ragnar Metals Ltd 0.015 7% $5,308,588
M2R Miramar 0.048 7% $3,180,678
OCN Oceanalithiumlimited 0.34 6% $12,024,480
EMH European Metals Hldg 0.61 6% $72,448,511
LIT Lithium Australia 0.035 6% $40,299,325
PLL Piedmont Lithium Inc 0.825 6% $337,567,620
RAS Ragusa Minerals Ltd 0.078 5% $10,552,310
EMC Everest Metals Corp 0.079 5% $7,982,483
MRR Minrex Resources Ltd 0.022 5% $22,782,218
TEM Tempest Minerals 0.023 5% $11,143,063
FTL Firetail Resources 0.1 4% $6,240,000
NMT Neometals Ltd 0.595 3% $317,826,176
QXR Qx Resources Limited 0.03 3% $26,009,007
ZEO Zeotech Limited 0.06 3% $95,160,929
LLL Leolithiumlimited 0.465 3% $443,995,610
MNS Magnis Energy Tech 0.32 3% $300,802,760
FRS Forrestaniaresources 0.098 3% $5,784,674
MLS Metals Australia 0.037 3% $21,853,303
PLS Pilbara Min Ltd 3.615 3% $10,553,007,587
AOU Auroch Minerals Ltd 0.0585 3% $24,387,173
MIN Mineral Resources. 79.51 3% $14,928,890,038
JRL Jindalee Resources 2.47 2% $138,283,308
LIS Lisenergylimited 0.235 2% $38,160,263
AKE Allkem Limited 10.49 2% $6,555,125,124
PAT Patriot Lithium 0.255 2% $15,159,376
WR1 Winsome Resources 1.43 2% $227,655,686
INR Ioneer Ltd 0.29 2% $598,026,406
WES Wesfarmers Limited 49.58 1% $55,508,929,400
NVA Nova Minerals Ltd 0.445 1% $92,791,501
LLO Lion One Metals Ltd 0.92 1% $10,928,156
A11 Atlantic Lithium 0.48 1% $287,727,289
LTR Liontown Resources 1.51 1% $3,297,681,950
IGO IGO Limited 12.08 1% $9,087,213,756
RIO Rio Tinto Limited 115.52 0% $42,726,986,231
VUL Vulcan Energy 5.81 0% $830,490,393
ADV Ardiden Ltd 0.007 0% $18,818,347
AVZ AVZ Minerals Ltd 0.78 0% $2,752,409,203
GLN Galan Lithium Ltd 1 0% $306,915,405
INF Infinity Lithium 0.1 0% $46,259,209
LPD Lepidico Ltd 0.01 0% $76,377,717
LPI Lithium Pwr Int Ltd 0.26 0% $163,565,366
RLC Reedy Lagoon Corp. 0.006 0% $3,400,318
TKL Traka Resources 0.006 0% $4,336,647
BMM Balkanminingandmin 0.25 0% $11,193,004
LEL Lithenergy 0.63 0% $37,894,500
AAJ Aruma Resources Ltd 0.055 0% $8,632,883
AX8 Accelerate Resources 0.022 0% $8,307,239
AS2 Askarimetalslimited 0.5 0% $24,748,765
EMS Eastern Metals 0.062 0% $2,421,994
FG1 Flynngold 0.078 0% $8,024,136
GSM Golden State Mining 0.032 0% $3,744,455
IMI Infinitymining 0.19 0% $14,530,881
CRR Critical Resources 0.036 0% $57,411,175
SCN Scorpion Minerals 0.055 0% $19,013,841
AZI Altamin Limited 0.076 0% $29,770,473
ENT Enterprise Metals 0.008 0% $5,640,646
STM Sunstone Metals Ltd 0.03 0% $78,613,393
AVW Avira Resources Ltd 0.002 0% $4,267,580
MQR Marquee Resource Ltd 0.02 0% $6,544,150
SRZ Stellar Resources 0.01 0% $10,046,309
LSR Lodestar Minerals 0.005 0% $8,692,187
IPT Impact Minerals 0.01 0% $24,813,706
SRI Sipa Resources Ltd 0.026 0% $5,932,112
VMC Venus Metals Cor Ltd 0.15 0% $26,711,802
RGL Riversgold 0.015 0% $14,182,016
ZNC Zenith Minerals Ltd 0.19 0% $66,824,148
G88 Golden Mile Res Ltd 0.015 0% $3,068,846
EPM Eclipse Metals 0.016 0% $32,448,957
MXR Maximus Resources 0.035 0% $11,166,952
XTC Xantippe Res Ltd 0.005 0% $52,900,498
WMC Wiluna Mining Corp 0.205 0% $74,238,031
ALY Alchemy Resource Ltd 0.014 0% $16,493,068
GW1 Greenwing Resources 0.215 0% $31,979,531
KTA Krakatoa Resources 0.03 0% $10,341,298
DAF Discovery Alaska Ltd 0.03 0% $6,727,041
IR1 Irismetals 1.16 0% $74,506,800
LNR Lanthanein Resources 0.015 0% $16,823,634
DAL Dalaroometalsltd 0.06 0% $1,792,500
TUL Tulla Resources 0.265 0% $85,278,061
CMD Cassius Mining Ltd 0.024 0% $9,803,830
ESS Essential Metals Ltd 0.4825 -1% $129,769,847
BNR Bulletin Res Ltd 0.087 -1% $25,836,017
SYA Sayona Mining Ltd 0.2025 -1% $1,819,393,074
EUR European Lithium Ltd 0.064 -2% $96,800,546
RDT Red Dirt Metals Ltd 0.32 -2% $144,594,934
SGQ St George Min Ltd 0.055 -2% $46,893,591
CXO Core Lithium 0.805 -2% $1,521,113,771
CHR Charger Metals 0.245 -2% $10,928,592
AZL Arizona Lithium Ltd 0.046 -2% $114,797,718
ARN Aldoro Resources 0.205 -2% $23,711,587
PNN Power Minerals Ltd 0.3075 -2% $22,757,441
LKE Lake Resources 0.4975 -2% $724,171,799
AGY Argosy Minerals Ltd 0.4675 -3% $674,115,599
BYH Bryah Resources Ltd 0.0175 -3% $5,062,563
AUN Aurumin 0.031 -3% $5,720,263
CAI Calidus Resources 0.2275 -3% $103,294,447
TON Triton Min Ltd 0.029 -3% $41,483,525
GT1 Greentechnology 0.58 -3% $114,443,036
DRE Dreadnought Resources Ltd 0.058 -3% $197,623,693
TMB Tambourahmetals 0.096 -4% $4,119,260
LRS Latin Resources Ltd 0.11 -4% $253,190,316
PSC Prospect Res Ltd 0.1525 -5% $73,961,514
ASN Anson Resources Ltd 0.19 -5% $243,771,417
TYX Tyranna Res Ltd 0.019 -5% $48,128,507
GL1 Globallith 1.08 -5% $243,017,512
KZR Kalamazoo Resources 0.13 -5% $20,600,164
MMC Mitremining 0.245 -6% $9,356,126
KGD Kula Gold Limited 0.016 -6% $6,140,603
TKM Trek Metals Ltd 0.062 -6% $24,020,375
VSR Voltaic Strategic 0.015 -6% $4,916,803
LRV Larvottoresources 0.14 -7% $10,088,208
WC8 Wildcat Resources 0.028 -7% $19,860,682
AM7 Arcadia Minerals 0.195 -7% $9,806,557
EVR Ev Resources Ltd 0.013 -7% $13,103,777
LRD Lordresourceslimited 0.185 -8% $6,658,424
AML Aeon Metals Ltd. 0.024 -8% $28,506,416
LLI Loyal Lithium Ltd 0.225 -8% $14,575,050
PAM Pan Asia Metals 0.33 -8% $55,838,012
WML Woomera Mining Ltd 0.011 -8% $11,473,935
CY5 Cygnus Metals Ltd 0.215 -9% $43,210,440
QPM Queensland Pacific 0.1 -9% $192,098,271
KAI Kairos Minerals Ltd 0.019 -10% $41,245,963
NWM Norwest Minerals 0.028 -10% $6,885,329
WCN White Cliff Min Ltd 0.009 -10% $7,840,544
CZL Cons Zinc Ltd 0.016 -11% $8,682,441
MM1 Midasmineralsltd 0.145 -12% $9,426,741
RMX Red Mount Min Ltd 0.0035 -13% $9,087,404

 

Who’s got news out?

ST GEORGE MINING (ASX:SGQ)

St George has entered into a binding agreement to acquire seven hard-rock lithium projects in Western Australia.

The new projects comprise 14 exploration licences – 13 granted and one in application – covering a total of 653km2.

Several of the projects are located along strike from high-grade lithium deposits and established spodumene-producing lithium mines with its new acquisitions including the Split Rock project, the Buningonia and Buningonia North Projects, the Ten Mile West project and the Myuna Rocks project.

 

ASKARI METALS (ASX:AS2)

China’s Zhejiang Huayou Cobalt Co through its wholly-owned Hong-Kong based subsidiary, Huayou International Resources, has invested A$2.5 million into Askari to accelerate exploration at the Uis lithium project in Namibia.

Huayou will support Askari in areas of mutual strategic interest with respect to the Namibian assets, including providing technical input and guidance on design parameters of exploration campaigns and downstream lithium processing techniques.

Askari has also completed an additional equity capital raise of A$3.25 million via the issue of 6,500,000 fully paid ordinary shares at an issue price of A$0.50 per share to select Australian and international institutional investors.

Following the completion of the strategic investment, institutional placement and Namibian project acquisitions, Huayou will become a 6% shareholder in Askari Metals.

 

DART MINING (ASX:DTM)

Dart Mining is poised to begin diamond drilling LCT pegmatites within the Dorchap lithium project this Friday, March 24.

The approved work program comprises 3,000m across six pegmatite targets, all of which have demonstrated lithium mineralisation in previous surface chip sampling.

 

ANSON RESOURCES (ASX:ASN)

Anson has been granted the final approval for the Western Strategy resource expansion drilling program at its flagship Paradox lithium project in Utah.

This follows the payment of the requisite Reclamation Bond to the Utah State Treasurer.

ASN will now commence its re-entry drilling and sampling program at the Canyon Fed 1-3 and Sunburst 1 wells, which will test the lithium-rich brines of the Mississippian and Pennsylvanian aquifers.

 

MANDRAKE RESOURCES (ASX:MAN)

Mandrake has increased its acreage at the large-scale Utah lithium project after securing an extra 254km of prime ground in the prolific ‘lithium four corners’ Paradox Basin.

The company says it is going to “extraordinary lengths” to encourage and support domestic production of strategic and critical materials such as lithium in the heart of the United States.

A JORC exploration target is expected in Q2, 2023 and in parallel, preparations are continuing for field activities to begin in the short term.

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

The post Eye on Lithium: VW likens Inflation Reduction Act to California Gold Rush as it inks US$1.29 billion in incentives appeared first on Stockhead.






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