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Eye on Lithium: Ola co-founder announces India’s largest battery cell plant and entrance into EV market

Ola co-founder plans to sell 1 million EVs in the next two to three years TNG acquires the ‘Sandover Licences’ … Read More
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  • Ola co-founder plans to sell 1 million EVs in the next two to three years
  • TNG acquires the ‘Sandover Licences’ which covers areas considered prospective for lithium in pegmatites
  • LRS confirms a significant new discovery following an intersection of a swarm of spodumene bearing pegmatites 

All your ASX lithium news for Tuesday, August 16. 

 

Bhavish Aggarwal, the co-founder of India-based ride sharing company Ola, is keen to gain first mover advantage in India’s EV sector with plans to enter the market in 2024 with a car that can go from 0 to 100 kilometres per house in four seconds.

In competition with local giant Tata Motors and global automakers Hyundai and Tesla, Aggarwal said the vehicle, complete with an all-glass roof and a range of more than 500km per charge, would be priced at less than $50,000 compared to the global price of around $70,000.

 

He said the Ola Electric is also expanding the original two-wheeler factory to a full EV hub, which at full capacity, will produce: 1 million cars, 10 million two wheelers, and 100 GWh cells every year.

Currently, India lags behind China, the European Union and the US when it comes to electric vehicles – fewer than 0.5% of car sales are electric according to the International Energy Agency’s Global EV Outlook notes.

“This re-imagined Future Factory is going to be the world’s largest EV ecosystem at a single site,” he explained.

When it comes online the plant will be India’s largest lithium-ion cell manufacturing plant, marking the country’s largest move towards electrification.

To watch the video announcement at the launch event at the Ola headquarters in Bangalore announcement, click here.

 

Here’s how ASX lithium stocks were tracking today:

Code Company Price % Month % Week % Today Market Cap
OCN Oceanalithiumlimited 0.73 95% 35% 33% $18,438,750.00
AOA Ausmon Resorces 0.007 17% 27% 27% $4,715,091.39
AVW Avira Resources Ltd 0.005 67% 43% 25% $8,475,160.00
LRS Latin Resources Ltd 0.13 91% 34% 13% $223,770,921.04
IPT Impact Minerals 0.009 29% 29% 13% $19,850,964.45
CZL Cons Zinc Ltd 0.024 33% 0% 9% $8,521,871.89
PAM Pan Asia Metals 0.49 27% 18% 8% $33,633,710.11
KGD Kula Gold Limited 0.028 -2% 13% 8% $5,594,566.43
RMX Red Mount Min Ltd 0.007 17% 0% 8% $10,675,365.08
QPM Queensland Pacific 0.15 20% 3% 7% $218,905,838.34
TON Triton Min Ltd 0.03 100% 7% 7% $35,245,956.96
AX8 Accelerate Resources 0.039 34% 8% 5% $10,006,979.26
ZEO Zeotech Limited 0.062 38% 3% 5% $89,970,012.73
GSM Golden State Mining 0.063 50% 19% 5% $6,985,279.14
LLL Leolithiumlimited 0.565 31% 18% 5% $532,794,732.48
KTA Krakatoa Resources 0.068 33% 31% 5% $22,406,144.61
WCN White Cliff Min Ltd 0.0125 -4% -4% 4% $7,843,240.34
DAF Discovery Alaska Ltd 0.05 11% 19% 4% $10,763,265.50
IR1 Irismetals 0.67 173% 51% 4% $38,616,150.00
SYA Sayona Mining Ltd 0.29 115% 18% 4% $2,323,362,267.80
WC8 Wildcat Resources 0.029 16% 32% 4% $18,067,636.36
AML Aeon Metals Ltd. 0.03 7% 7% 3% $31,709,492.42
KAI Kairos Minerals Ltd 0.03 43% -9% 3% $56,958,711.24
GT1 Greentechnology 0.8 33% 11% 3% $142,808,973.33
ZNC Zenith Minerals Ltd 0.32 25% 10% 3% $106,876,306.49
LPD Lepidico Ltd 0.033 22% 10% 3% $208,230,119.46
FRS Forrestaniaresources 0.165 14% 0% 3% $4,973,808.64
TMB Tambourahmetals 0.175 17% 6% 3% $7,002,741.66
EVR Ev Resources Ltd 0.035 25% 3% 3% $31,483,458.41
CHR Charger Metals 0.55 25% 2% 3% $17,430,853.73
PNN Power Minerals Ltd 0.595 47% 2% 3% $35,692,480.80
LEL Lithenergy 1.09 61% 0% 2% $48,084,750.00
SRI Sipa Resources Ltd 0.044 26% -2% 2% $8,816,066.53
RDT Red Dirt Metals Ltd 0.455 38% -1% 2% $135,526,719.57
TEM Tempest Minerals 0.046 2% 5% 2% $22,714,477.92
RAG Ragnar Metals Ltd 0.047 21% 12% 2% $17,442,504.89
ARN Aldoro Resources 0.255 82% 16% 2% $24,896,829.25
LRV Larvottoresources 0.255 38% -2% 2% $10,383,125.00
GW1 Greenwing Resources 0.29 21% 4% 2% $35,125,494.47
MRR Minrex Resources Ltd 0.06 94% 2% 2% $62,548,670.70
MMG Monger Gold Ltd 0.31 59% 11% 2% $12,212,200.00
SCN Scorpion Minerals 0.067 -1% 3% 2% $21,900,858.67
AAJ Aruma Resources Ltd 0.08 29% 18% 1% $12,399,958.74
DTM Dart Mining NL 0.081 25% 11% 1% $10,820,812.80
NVA Nova Minerals Ltd 0.87 20% -1% 1% $154,973,965.10
EMH European Metals Hldg 0.94 44% 13% 1% $111,322,986.48
FG1 Flynngold 0.096 -9% 10% 1% $6,085,799.75
M2R Miramar 0.1 11% 1% 1% $6,354,479.64
IGO IGO Limited 12.325 33% 4% 1% $9,261,385,352.99
CAI Calidus Resources 0.685 12% -10% 1% $277,393,051.44
WES Wesfarmers Limited 47.87 4% 2% 0% $54,152,209,957.92
RIO Rio Tinto Limited 95.33 2% -4% 0% $35,365,768,707.78
1MC Morella Corporation 0.029 71% 61% 0% $164,610,205.59
ASN Anson Resources Ltd 0.16 45% 14% 0% $164,465,973.60
AVZ AVZ Minerals Ltd 0.78 0% 0% 0% $2,752,409,203.44
PLL Piedmont Lithium Inc 0.93 92% 35% 0% $490,640,844.00
PSC Prospect Res Ltd 0.105 115% -25% 0% $48,537,243.51
RLC Reedy Lagoon Corp. 0.016 -16% -6% 0% $8,918,830.59
TKL Traka Resources 0.007 40% 0% 0% $4,821,421.93
BMM Balkanminingandmin 0.2 5% 0% 0% $6,550,000.00
AM7 Arcadia Minerals 0.18 13% 33% 0% $8,405,620.56
BYH Bryah Resources Ltd 0.029 4% -6% 0% $6,560,008.08
IMI Infinitymining 0.15 11% 7% 0% $8,625,000.00
MMC Mitremining 0.115 -8% 5% 0% $3,114,786.50
SHH Shree Minerals Ltd 0.01 11% 25% 0% $12,384,868.92
ENT Enterprise Metals 0.011 10% 10% 0% $7,182,787.57
SRZ Stellar Resources 0.017 6% 6% 0% $14,268,144.64
LSR Lodestar Minerals 0.009 38% 29% 0% $15,645,936.13
VMC Venus Metals Cor Ltd 0.17 6% -3% 0% $27,213,376.11
RGL Riversgold 0.039 44% 30% 0% $30,074,299.40
G88 Golden Mile Res Ltd 0.03 7% 0% 0% $6,111,978.42
THR Thor Mining PLC 0.01 11% 11% 0% $10,755,643.90
MM1 Midasmineralsltd 0.24 37% 14% 0% $13,711,623.36
WMC Wiluna Mining Corp 0.205 8% 0% 0% $74,238,030.68
AUN Aurumin 0.155 7% 0% 0% $16,929,604.06
ALY Alchemy Resource Ltd 0.02 25% 25% 0% $19,061,481.14
LNR Lanthanein Resources 0.028 87% 22% 0% $26,959,115.96
DAL Dalaroometalsltd 0.099 -1% -10% 0% $2,957,625.00
TUL Tulla Resources 0.5325 0% 1% 0% $85,716,026.52
MIN Mineral Resources. 60.18 39% 4% -1% $11,517,472,438.41
JRL Jindalee Resources 2.86 15% 4% -1% $165,825,211.74
INR Ioneer Ltd 0.715 64% 5% -1% $1,521,147,205.10
LTR Liontown Resources 1.75 84% 9% -1% $3,896,664,415.40
AKE Allkem Limited 12.62 29% 5% -2% $8,174,776,662.52
A8G Australasian Metals 0.28 40% 8% -2% $11,733,590.79
KZR Kalamazoo Resources 0.275 17% 25% -2% $40,654,424.72
FTL Firetail Resources 0.25 25% -2% -2% $15,754,537.50
STM Sunstone Metals Ltd 0.049 17% 4% -2% $129,822,320.95
NMT Neometals Ltd 1.385 47% 0% -2% $781,570,308.82
LIS Lisenergylimited 0.69 17% -7% -2% $116,969,501.84
VUL Vulcan Energy 9.19 59% 9% -2% $1,345,918,476.39
DRE Dreadnought Resources Ltd 0.091 98% 7% -2% $282,816,120.24
PLS Pilbara Min Ltd 3.16 33% 6% -2% $9,615,220,280.32
MNS Magnis Energy Tech 0.445 53% 22% -2% $441,500,824.77
LPI Lithium Pwr Int Ltd 0.635 59% -2% -2% $226,944,151.20
AGY Argosy Minerals Ltd 0.4 25% -2% -2% $559,678,374.46
GL1 Globallith 1.9 84% 7% -3% $309,461,599.20
QXR Qx Resources Limited 0.037 37% -10% -3% $32,655,768.20
WML Woomera Mining Ltd 0.017 13% 13% -3% $12,019,578.66
AOU Auroch Minerals Ltd 0.068 15% 11% -3% $25,879,125.93
MLS Metals Australia 0.066 43% 3% -3% $38,626,460.99
EFE Eastern Resources 0.032 28% 3% -3% $32,943,871.32
INF Infinity Lithium 0.15 30% 3% -3% $64,327,025.23
WR1 Winsome Resources 0.29 66% 9% -3% $40,534,198.20
MXR Maximus Resources 0.058 26% 2% -3% $19,134,346.08
EUR European Lithium Ltd 0.086 26% -12% -3% $124,621,286.58
EMS Eastern Metals 0.14 -7% -3% -3% $5,605,156.25
ESS Essential Metals Ltd 0.515 45% -4% -4% $132,050,342.45
NWM Norwest Minerals 0.046 70% 15% -4% $8,669,154.58
CY5 Cygnus Gold Limited 0.23 59% 18% -4% $35,324,475.60
GLN Galan Lithium Ltd 1.375 42% 2% -4% $436,997,738.84
PGD Peregrine Gold 0.9 102% 15% -4% $35,989,765.90
EPM Eclipse Metals 0.022 10% -4% -4% $44,185,907.50
LIT Lithium Australia 0.084 18% -1% -5% $91,116,020.60
XTC Xantippe Res Ltd 0.0105 31% 31% -5% $89,383,081.24
CRR Critical Resources 0.061 56% 15% -5% $95,232,975.30
AZL Arizona Lithium Ltd 0.1 18% 0% -5% $252,517,183.91
AS2 Askarimetalslimited 0.39 86% -7% -5% $18,478,400.70
CXO Core Lithium 1.535 72% 13% -5% $2,799,447,621.50
RAS Ragusa Minerals Ltd 0.19 150% 96% -5% $25,147,231.20
TYX Tyranna Res Ltd 0.037 85% 23% -5% $59,762,066.01
ADV Ardiden Ltd 0.0085 42% 6% -6% $24,015,018.20
LKE Lake Resources 1.375 127% 28% -6% $2,029,171,080.76
BNR Bulletin Res Ltd 0.145 26% 4% -6% $45,351,620.50
MQR Marquee Resource Ltd 0.087 32% 5% -6% $29,352,434.94
AZI Altamin Limited 0.082 -15% -8% -8% $34,862,790.93
TKM Trek Metals Ltd 0.07 27% 15% -8% $23,606,371.40
LRD Lordresourceslimited 0.205 3% -16% -11% $7,310,462.83
MTM Mtmongerresources 0.12 0% 0% -11% $5,063,854.46
VKA Viking Mines Ltd 0.008 14% 14% -11% $9,227,325.88
TSC Twenty Seven Co. Ltd 0.0035 17% 17% -13% $10,643,255.62

 

50 lithium companies finished the day in the green, another 29 fell flat and 52 lithium stocks ended the day in the red.

 

Who’s got news out today?

LATIN RESOURCES (ASX:LRS)

Resource definition drilling at the Colina prospect within the wider Salina lithium project in Brazil has confirmed a significant new discovery following an intersection of a swarm of spodumene bearing pegmatites including one of 18.75m thickness with assay results pending.

Better yet, regional mapping has also highlighted a third outcropping pegmatite system further to the west, and the potential convergence of the Colina and Colina West pegmatite systems.

The company will look to systematically drill test both of these additional high priority target areas in due course.

 

TNG (ASX:TNG) 

Aussie resources company, TNG, has secured two large exploration tenement packages – collectively known as the ‘Sandover Licences’ – covering areas considered prospective for lithium in pegmatites, just 50km southeast of the Mount Peake Project in the Northern Territory.

The Sandover licences cover a total area of 8,151km2 and comprise two contiguous blocks.

The western block is comprised of Exploration Licence Applications (ELA) 33090 and 33094 through 33100, with the eastern block comprising ELAs 33102 through 33106

TNG says the project has been acquired from private Northern Territory-based prospectors on acquisition terms of $25,000 per granted licence, with the consideration paid on transfer.

The company has been completing due diligence on the licences since February 2022.

TNG MD and CEO Paul Burton says the area represents, in all likelihood, one of the last areas that is prospective for lithium in the Northern Territory.

“The global energy transformation and the move to Electric Vehicles will see a structural increase in the consumption of metals such as lithium and vanadium.

“We want to be positioned to take advantage of this surge in demand for both elements,” he says.

 

POWER MINERALS (ASX:PNN) 

New brine samples from the Salta Lithium-Brine Project in Argentia have confirmed their suitability for the application of Direct Lithium Extraction (DLE) technology as proposed under Power’s Memorandum of Understanding (MoU) with global lithium extraction group Sunresin New Materials Co. Ltd.

These latest samples come from the strategically located Pocitos-11 Salar from a depth of 80m and add to the recently reported high-grade lithium sample results from the Incahuasi and Rincon Salares at the Salta Project.

PNN says the samples underwent laboratory analysis at global laboratory services group SGS in Argentina, and delivered a lithium result of 100.4mg/L.

 

EASTERN RESOURCES (ASX:EFE) 

EFE has wrapped up a heritage survey at the Trigg Hill Lithium-Tantalum Project in Western Australia Pilbara region, while a program of works (PoW) has been approved, providing clearance for drilling to be undertaken.

Based on mapping and sampling to date, two areas will be the focus of initial drilling – the Curlew East LCT pegmatite swarm within an area of 1.8km by 0.4km and the Trigg Hill LCT pegmatites within an area of at least 300m by 140m.

An earthmoving contractor has been secured to undertake site preparation for the planned initial drilling program at the project.

Site preparation works are scheduled for the second half of August, and drilling activities will begin as soon as a driller is available.

While the Trill Hill mine is an an old tantalum and tin mine which operated during the 1960s and early 1980s, a significant number of pegmatite outcrops were mapped over an area of 3km strike by up to 1.2km in the project area.

The company executed a binding Heads of Agreement to acquire 100% interest in the Trigg Hill Project back in August 2021.

 



The post Eye on Lithium: Ola co-founder announces India’s largest battery cell plant and entrance into EV market appeared first on Stockhead.






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