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Eye on lithium: Industry commentator smacks down lithium slow down talk

Eastern Resources finds spodumene at the Trigg Hill project Hammer Metals discovers pegmatites and lithium bearing rock chips at the … Read More
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  • Eastern Resources finds spodumene at the Trigg Hill project
  • Hammer Metals discovers pegmatites and lithium bearing rock chips at the Yandal project
  • Terrain Minerals identifies up to 20 pegmatites at the Smokebush Gold exploration project

All your lithium news, Tuesday December 9.

 

There has been much made of a potential slowdown in the lithium market which has had an adverse effect on many lithium stocks, however Battery Metals Review managing editor Matt Fernley has some choice comments to make about these concerns.

“I’m hearing that weakness in lithium stocks is down to notes by a number of investment banks and dealers suggesting that the results of BMX auctions Pilbara Minerals are not indicative of the wider lithium (SC6) price,” he says in a LinkedIn post.

“The brokers note that the 16 November auction price of US$8575/t SC6 equivalent (on a CFR China basis) is only for a 5Kt package and is not comparable to contract tonnage.

“Well, derr!

“Nobody in the industry has ever claimed that BMX prices are in any way comparable to contract prices,” he continues.

“Only non-experts looking into the industry from outside have suggested that.”

Fernley goes on to say the key point about the BMX auctions is that they generally lead the SC6 price by a few months so if BMX is indicating prices around US$8575/t now, and contract prices are around US$5000-6000/t then the suggestion is that prices will go higher.

Pic: Pilbara Minerals

 

And the other key point is that BMX is showing the huge demand for lithium units that currently exists.

“BMX auctions are for 5.5% material, below what has traditionally been the benchmark grade, yet still in demand,” he adds.

“The fact that Core Lithium was able to get such a high price for a 15Kt DSO (direct shipping ore) package at 1.4% Li2O also attests to this huge need for lithium units.

“That’s not indicative of an industry that’s about to melt down.”

 

Here’s how ASX lithium companies are tracking today:

CODE COMPANY PRICE % TODAY MARKET CAP
RAS Ragusa Minerals Ltd 0.17 17% $19,186,132
DAL Dalaroometalsltd 0.13 13% $3,435,625
VSR Voltaic Strategic 0.031 11% $8,580,058
ZEO Zeotech Limited 0.055 10% $82,035,284
WR1 Winsome Resources 1.345 9% $171,206,186
VKA Viking Mines Ltd 0.012 9% $11,277,843
MM1 Midasmineralsltd 0.185 9% $9,712,400
WC8 Wildcat Resources 0.03 7% $18,536,636
EFE Eastern Resources 0.035 6% $37,531,644
OCN Oceanalithiumlimited 0.49 4% $16,179,750
ARN Aldoro Resources 0.28 4% $30,398,576
ALY Alchemy Resource Ltd 0.028 4% $31,808,059
ASN Anson Resources Ltd 0.2225 3% $252,817,210
LNR Lanthanein Resources 0.032 3% $29,847,593
DTM Dart Mining NL 0.068 3% $10,247,171
WCN White Cliff Min Ltd 0.017 3% $12,335,455
SCN Scorpion Minerals 0.074 3% $24,026,846
TSCDA Twenty Seven Co. Ltd 0.078 3% $8,088,874
AUN Aurumin 0.08 3% $10,534,457
IR1 Irismetals 1.78 2% $109,150,200
MNS Magnis Energy Tech 0.3725 2% $354,170,991
LRV Larvottoresources 0.185 1% $9,107,754
IMI Infinitymining 0.38 1% $24,018,120
TUL Tulla Resources 0.4 1% $79,234,130
AS2 Askarimetalslimited 0.41 1% $19,982,344
A11 Atlantic Lithium 0.77 1% $463,392,370
RIO Rio Tinto Limited 116.52 0% $43,109,338,932
WES Wesfarmers Limited 48.665 0% $55,093,297,359
ADV Ardiden Ltd 0.008 0% $21,346,683
AML Aeon Metals Ltd. 0.029 0% $31,795,618
AVZ AVZ Minerals Ltd 0.78 0% $2,752,409,203
LIT Lithium Australia 0.05 0% $61,059,584
LPD Lepidico Ltd 0.017 0% $129,842,111
RLC Reedy Lagoon Corp. 0.011 0% $6,131,696
SYA Sayona Mining Ltd 0.23 0% $1,997,327,253
TKL Traka Resources 0.006 0% $4,132,647
TON Triton Min Ltd 0.034 0% $47,014,662
AX8 Accelerate Resources 0.029 0% $9,019,804
BYH Bryah Resources Ltd 0.028 0% $7,875,097
GSM Golden State Mining 0.048 0% $5,616,682
MMC Mitremining 0.28 0% $7,583,828
CTN Catalina Resources 0.009 0% $11,146,382
TEM Tempest Minerals 0.027 0% $13,628,687
WML Woomera Mining Ltd 0.018 0% $16,912,517
CRR Critical Resources 0.05 0% $78,891,914
KGD Kula Gold Limited 0.032 0% $11,558,781
LRS Latin Resources Ltd 0.145 0% $292,365,784
PNN Power Minerals Ltd 0.58 0% $41,851,805
QXR Qx Resources Limited 0.056 0% $49,384,290
ENT Enterprise Metals 0.009 0% $6,345,726
KAI Kairos Minerals Ltd 0.026 0% $51,066,431
AVW Avira Resources Ltd 0.0035 0% $7,468,265
BNR Bulletin Res Ltd 0.12 0% $35,110,932
RMX Red Mount Min Ltd 0.005 0% $8,211,819
MRR Minrex Resources Ltd 0.04 0% $43,394,700
A8G Australasian Metals 0.23 0% $9,469,214
MQR Marquee Resource Ltd 0.055 0% $17,468,967
LSR Lodestar Minerals 0.005 0% $8,692,187
NWM Norwest Minerals 0.05 0% $11,105,369
AOA Ausmon Resorces 0.007 0% $6,001,025
SRI Sipa Resources Ltd 0.04 0% $9,079,437
EVR Ev Resources Ltd 0.017 0% $15,792,729
CZL Cons Zinc Ltd 0.021 0% $9,721,350
AOU Auroch Minerals Ltd 0.053 0% $19,668,925
XTC Xantippe Res Ltd 0.0065 0% $52,943,994
LRD Lordresourceslimited 0.24 0% $7,988,309
WMC Wiluna Mining Corp 0.205 0% $74,238,031
KTA Krakatoa Resources 0.058 0% $19,993,175
CMD Cassius Mining Ltd 0.027 0% $11,029,308
PLS Pilbara Min Ltd 4.605 0% $13,805,249,357
AKE Allkem Limited 14.08 0% $8,997,355,593
JRL Jindalee Resources 2.08 0% $119,922,039
LIS Lisenergylimited 0.4025 -1% $67,195,246
CXO Core Lithium 1.2975 -1% $2,408,198,439
RDT Red Dirt Metals Ltd 0.51 -1% $171,355,515
NMT Neometals Ltd 1 -1% $558,268,588
IGO IGO Limited 15.385 -1% $11,767,941,814
LEL Lithenergy 0.935 -1% $56,841,750
PGD Peregrine Gold 0.42 -1% $16,469,553
TKM Trek Metals Ltd 0.08 -1% $29,479,552
AZL Arizona Lithium Ltd 0.074 -1% $180,744,417
AAJ Aruma Resources Ltd 0.072 -1% $11,458,190
ZNC Zenith Minerals Ltd 0.29 -2% $103,637,801
MIN Mineral Resources. 88.95 -2% $17,201,686,392
AM7 Arcadia Minerals 0.25 -2% $11,907,962
LLI Loyal Lithium Ltd 0.48 -2% $22,902,600
DRE Dreadnought Resources Ltd 0.095 -2% $298,150,020
M2R Miramar 0.094 -2% $6,785,447
GLN Galan Lithium Ltd 1.37 -2% $426,397,833
VUL Vulcan Energy 7.2 -2% $1,054,947,815
KZR Kalamazoo Resources 0.22 -2% $33,484,359
MLS Metals Australia 0.043 -2% $26,709,592
ESS Essential Metals Ltd 0.415 -2% $110,059,670
LKE Lake Resources 0.975 -3% $1,391,298,709
STM Sunstone Metals Ltd 0.039 -3% $104,817,857
GL1 Globallith 2.27 -3% $495,586,936
EMH European Metals Hldg 0.73 -3% $89,649,578
EPM Eclipse Metals 0.018 -3% $37,448,752
CAI Calidus Resources 0.355 -3% $159,845,072
1MC Morella Corporation 0.0175 -3% $104,428,004
FTL Firetail Resources 0.175 -3% $11,700,000
PLL Piedmont Lithium Inc 0.845 -3% $458,986,596
INF Infinity Lithium 0.165 -3% $78,581,156
RAG Ragnar Metals Ltd 0.0165 -3% $6,446,143
GT1 Greentechnology 0.945 -3% $185,969,933
LTR Liontown Resources 1.965 -3% $4,458,763,761
CHR Charger Metals 0.58 -3% $26,163,621
AGY Argosy Minerals Ltd 0.6325 -3% $919,886,911
BMM Balkanminingandmin 0.28 -3% $12,473,119
G88 Golden Mile Res Ltd 0.027 -4% $5,728,513
AZI Altamin Limited 0.08 -4% $32,512,490
EUR European Lithium Ltd 0.078 -4% $117,388,373
VMC Venus Metals Cor Ltd 0.13 -4% $24,040,622
CY5 Cygnus Gold Limited 0.485 -4% $83,674,658
QPM Queensland Pacific 0.12 -4% $218,293,490
EMS Eastern Metals 0.094 -4% $3,828,312
RGL Riversgold 0.0325 -4% $32,145,902
LPI Lithium Pwr Int Ltd 0.5 -5% $205,380,591
LLL Leolithiumlimited 0.5225 -5% $542,661,302
GW1 Greenwing Resources 0.28 -5% $37,230,612
IPT Impact Minerals 0.008 -6% $21,091,650
PSC Prospect Res Ltd 0.155 -6% $76,272,811
MTM Mtmongerresources 0.093 -6% $4,777,224
MXR Maximus Resources 0.043 -7% $14,669,665
DAF Discovery Alaska Ltd 0.028 -7% $6,727,041
PAM Pan Asia Metals 0.405 -7% $63,882,182
THR Thor Mining PLC 0.0065 -7% $7,720,184
NVA Nova Minerals Ltd 0.7 -7% $158,294,261
SRZ Stellar Resources 0.012 -8% $13,060,202
INR Ioneer Ltd 0.57 -8% $1,300,969,726
FG1 Flynngold 0.1 -9% $7,046,716
FRS Forrestaniaresources 0.14 -10% $7,815,072
TMB Tambourahmetals 0.135 -13% $6,384,853
TYX Tyranna Res Ltd 0.027 -13% $74,568,185

Only 26 lithium companies closed in the green today, another 46 fell flat and 62 others tumbled into the red.

 

Who’s got news out?

EASTERN RESOURCES (ASX:EFE)

Today’s biggest lithium mover is EFE after maiden drilling identified spodumene at the Trigg Hill Project in multiple holes.

The Phase 2 program has now been expanded to roughly 2,500m with assays from the maiden program pending analysis.

EFE executive director Mules Fang says this is an exciting development for the company.

 

HAMMER METALS (ASX:HMX)

HMX has also discovered gained some today following the discovery of pegmatites and lithium bearing rock chips at the Yandal project in WA’s north-eastern Goldfields region.

Results of up to 0.65% Li2O were returned from the Tapendade prospect while multiple LCT pegmatites were identified to the west of the Orelia Target-1 prospect.

An air-core drilling program is being designed for early 2023 focusing on several high-quality targets within Yandal Project, including these exciting new lithium targets.

 

TERRAIN MINERALS (ASX:TMX)

This little ~$5.32m market cap minnow says it has identified up to 20 pegmatites at the Smokebush Gold exploration project – around 65km west of Paynes Find within the Yalgoo mineral Field.

TMX says rock chip samples are currently being taken from these pegmatites and will tested for lithium mineralisation with assay results expected by February 2023.

So far, the company is encouraged that the Smokebush pegmatites are within the so-called “goldilocks zone” being the distance between two and six kilometres from a granite intrusive, which is interpreted as being the most prospective zone within a pegmatite for lithium mineralisation.

 

TYRANNA RESOURCES (ASX:TYX)

Maiden drilling on the Muvero prospect in the Namibe Lithium project has wrapped up after confirming lithium mineralisation below the surface.

TYX says the program provides the basis for an optimised follow-up drilling program in 2023.

Metallurgical testing of the bulk sample collected earlier in the year will begin in the first week of January 2023 and results from this testing are expected to be received in early March 2023.

 

LOYAL LITHIUM (ASX:LLI)

Exploration work is in motion at the Scotty Lithium Project in Nevada with MT geophysics underway ahead of completion in late December.

Drill contractors have been short listed with rig availability and regulatory approval to define the start date within Q1 2023.

“The Nevada lithium boom has placed increased pressure on regulatory approvals and availability of resources, however the support gained from our in-country geological partner has helped navigate these challenges,” LLI CEO Adam Ritchie says.

“We look forward to completing the MT survey with plans to commence our inaugural drill campaign in Q1 2023.”

 

WHITE CLIFF MINERALS (ASX:WCN)

Multiple programs are underway across the Yinnetharra, Diemals, Hines Hill and Lake Tay projects, which covers an area of 5,424km2.

The aim, WCN says, is to advance them towards drilling and to get as much information as the company can so as to order them for priority work.

“The significant exploration datasets being acquired will start being delivered this month and we will continue to be very active over the coming summer months,” WCN technical director Ed Mead says.

 

RIVERSGOLD (ASX:RGL)

With a $6.1m capital raising done and dusted, RGL believes it is in a perfect position to undertake extensive exploration programs on the Tambourah and Mt Holland Lithium Projects leading into 2023.

A third drilling campaign will kick off on December 11 at Tambourah and is expected to wrap up before the new year with the third batch of samples to be sent to Perth for multi-element analysis.

Meanwhile, Ultramag Geophysics has mobilised to Mt Holland and is set to start a deep ground penetrating radar (DGPR) survey on Riversgold’s ground adjacent to Covalent Lithium’s Mt Holland lithium project this week.

 

LAKE RESOURCES (ASX:LKE)

LKE has appointed Howard Atkins to the board to strengthen and broaden the experience of the team and build the business for the long term.

Atkins has over 30 years of financial leadership experience, including 20 years serving as a CFO for organisations including Wells Fargo, New York Life Insurance Company, and Midlantic Bank Corporation.

His previous senior positions includes at Chase Manhattan Ban as Head of Foreign Exchange and Markets Businesses for Europe, the Middle East and Africa, and head of the bank’s worldwide interest rate derivatives trading business.


The post Eye on lithium: Industry commentator smacks down lithium slow down talk appeared first on Stockhead.

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