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Is a Lithium Price Correction on the Way?

QX Resources to begin maiden 1,500m RC  program at the Turner River hard rock lithium project  Minrex Resources begins maiden … Read More
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  • QX Resources to begin maiden 1,500m RC  program at the Turner River hard rock lithium project 
  • Minrex Resources begins maiden RC program at North Moolyella
  • Sensore enters into an agreement with Lightgold Minerals to farm into Gecko North Lithium 

All your lithium news, Thursday November 10.

 

Despite the bullishness in the lithium market so far this year, delegates at the annual Antaike Nickel and Cobalt conference expressed concern on the sidelines about a looming price fall, Fastmarkets says.

According to the London-based agency, comments were made on the upward trend of lithium prices, suggesting the likelihood of a sharp fall in 2023.

“It’s a cyclical thing – no price can stay on the uptrend forever,” one trader said.

A lithium producer pointed to multiple spodumene projects set to come online in 2023, such as the Wodgina spodumene mine in Western Australia’s Pilbara, which would “significantly add to supply”.

“Lithium salts production will also be ramped up, which will to a great extent ease the tightness seen currently in the lithium market, leading to a decrease in lithium prices.”

Fastmarkets’ research team forecasts demand of 698,900 tonnes of lithium carbonate equivalent (LCE) for 2022, increasing to 884,400 tonnes in the following year.

Fastmarkets reckons supply will increase from 679,400 tonnes of LCE in 2022 to 895,900 tonnes in 2023, leaving the market in a slight surplus.

However, it’s important to note that not all this predicted new supply will come online, on time. In fact, history tells us that it hardly ever does.

 

Here’s how ASX lithium companies are tracking today:

CODE COMPANY PRICE % TODAY MARKET CAP
VKA Viking Mines Ltd 0.008 14% $7,176,809
FRS Forrestaniaresources 0.225 13% $10,083,964
RLC Reedy Lagoon Corp. 0.011 10% $5,574,269
ALY Alchemy Resource Ltd 0.048 7% $52,788,432
ADV Ardiden Ltd 0.0085 6% $21,346,683
LPD Lepidico Ltd 0.018 6% $129,842,111
WCN White Cliff Min Ltd 0.018 6% $12,709,257
EFE Eastern Resources 0.04 5% $42,572,957
MM1 Midasmineralsltd 0.2 5% $10,855,035
PSC Prospect Res Ltd 0.105 5% $46,225,946
EMH European Metals Hldg 0.7825 4% $89,309,462
A8G Australasian Metals 0.25 4% $9,880,919
IMI Infinitymining 0.255 4% $15,464,094
CHR Charger Metals 0.58 4% $24,419,380
BNR Bulletin Res Ltd 0.145 4% $40,962,754
AML Aeon Metals Ltd. 0.03 3% $31,709,492
QXR Qx Resources Limited 0.061 3% $52,029,877
KGD Kula Gold Limited 0.036 3% $11,767,417
ZNC Zenith Minerals Ltd 0.2875 3% $96,533,438
GSM Golden State Mining 0.041 3% $4,680,568
AUN Aurumin 0.085 2% $10,400,492
MRR Minrex Resources Ltd 0.043 2% $45,508,751
PAM Pan Asia Metals 0.38 2% $54,703,707
MQR Marquee Resource Ltd 0.056 2% $17,468,967
DTM Dart Mining NL 0.066 2% $10,091,910
GW1 Greenwing Resources 0.345 1% $42,909,857
CXO Core Lithium 1.5875 1% $2,872,387,812
LEL Lithenergy 1.08 1% $64,360,500
RDT Red Dirt Metals Ltd 0.625 1% $206,292,077
IGO IGO Limited 16.19 0% $12,207,157,146
AGY Argosy Minerals Ltd 0.5825 0% $814,556,349
MIN Mineral Resources. 82.75 0% $15,694,830,810
WES Wesfarmers Limited 46.26 0% $52,428,772,790
AVZ AVZ Minerals Ltd 0.78 0% $2,752,409,203
TKL Traka Resources 0.006 0% $4,132,647
TON Triton Min Ltd 0.026 0% $35,952,389
AAJ Aruma Resources Ltd 0.074 0% $11,615,151
AX8 Accelerate Resources 0.032 0% $8,654,685
AS2 Askarimetalslimited 0.42 0% $20,722,431
BYH Bryah Resources Ltd 0.023 0% $6,468,830
FG1 Flynngold 0.11 0% $7,046,716
LRV Larvottoresources 0.185 0% $9,232,518
MMC Mitremining 0.18 0% $4,875,318
SHH Shree Minerals Ltd 0.007 0% $8,669,408
TMB Tambourahmetals 0.135 0% $5,561,001
TSC Twenty Seven Co. Ltd 0.002 0% $10,643,256
MTM Mtmongerresources 0.1 0% $3,751,003
SCN Scorpion Minerals 0.07 0% $23,359,433
AZI Altamin Limited 0.089 0% $34,862,791
ENT Enterprise Metals 0.009 0% $5,876,826
STM Sunstone Metals Ltd 0.03 0% $78,493,393
PGD Peregrine Gold 0.45 0% $17,438,350
AVW Avira Resources Ltd 0.003 0% $6,401,370
RMX Red Mount Min Ltd 0.005 0% $8,211,819
NWM Norwest Minerals 0.051 0% $11,327,477
AOA Ausmon Resorces 0.006 0% $5,143,736
SRI Sipa Resources Ltd 0.045 0% $9,226,116
RGL Riversgold 0.044 0% $34,157,246
RAS Ragusa Minerals Ltd 0.21 0% $27,512,652
G88 Golden Mile Res Ltd 0.022 0% $4,500,975
EPM Eclipse Metals 0.018 0% $36,436,623
THR Thor Mining PLC 0.009 0% $9,925,951
CZL Cons Zinc Ltd 0.022 0% $10,184,272
M2R Miramar 0.098 0% $6,926,811
WMC Wiluna Mining Corp 0.205 0% $74,238,031
DAF Discovery Alaska Ltd 0.029 0% $6,502,806
FTL Firetail Resources 0.195 0% $12,047,588
LNR Lanthanein Resources 0.034 0% $32,736,069
DAL Dalaroometalsltd 0.135 0% $4,033,125
CMD Cassius Mining Ltd 0.027 0% $10,901,004
RIO Rio Tinto Limited 98.05 -1% $36,613,055,187
TUL Tulla Resources 0.395 -1% $79,735,612
JRL Jindalee Resources 2.34 -1% $135,414,360
CY5 Cygnus Gold Limited 0.58 -1% $89,753,809
LTR Liontown Resources 1.9475 -1% $4,315,995,463
DRE Dreadnought Resources Ltd 0.099 -1% $305,271,155
SYA Sayona Mining Ltd 0.2425 -1% $2,036,957,597
ESS Essential Metals Ltd 0.46 -1% $117,817,975
AKE Allkem Limited 15.65 -1% $10,094,127,501
NVA Nova Minerals Ltd 0.8 -1% $148,765,633
MNS Magnis Energy Tech 0.38 -1% $373,577,621
ARN Aldoro Resources 0.33 -1% $37,046,751
IR1 Irismetals 1.55 -2% $98,799,750
INR Ioneer Ltd 0.58 -2% $1,238,019,578
CRR Critical Resources 0.057 -2% $86,624,256
A11 Atlantic Lithium 0.855 -2% $526,995,244
PNN Power Minerals Ltd 0.53 -2% $38,964,798
AOU Auroch Minerals Ltd 0.051 -2% $19,297,814
LIT Lithium Australia 0.049 -2% $61,059,584
NMT Neometals Ltd 1.0225 -2% $577,614,529
GLN Galan Lithium Ltd 1.64 -2% $511,677,400
KZR Kalamazoo Resources 0.205 -2% $31,252,069
AZL Arizona Lithium Ltd 0.081 -2% $200,023,822
CAI Calidus Resources 0.39 -3% $175,112,682
MLS Metals Australia 0.038 -3% $23,674,411
LPI Lithium Pwr Int Ltd 0.56 -3% $224,940,647
PLL Piedmont Lithium Inc 0.93 -3% $503,830,114
ZEO Zeotech Limited 0.037 -3% $61,352,248
OCN Oceanalithiumlimited 0.555 -3% $19,109,250
1MC Morella Corporation 0.0175 -3% $104,428,004
QPM Queensland Pacific 0.165 -3% $294,145,290
TYX Tyranna Res Ltd 0.032 -3% $79,346,036
EUR European Lithium Ltd 0.094 -3% $140,091,200
LLI Loyal Lithium Ltd 0.62 -3% $29,913,600
VMC Venus Metals Cor Ltd 0.15 -3% $27,602,196
WML Woomera Mining Ltd 0.0145 -3% $11,744,804
KTA Krakatoa Resources 0.058 -3% $20,682,595
WC8 Wildcat Resources 0.028 -3% $18,901,409
GL1 Globallith 2.48 -4% $522,357,655
VUL Vulcan Energy 7.58 -4% $1,126,615,466
LKE Lake Resources 1.07 -4% $1,543,897,567
TEM Tempest Minerals 0.026 -4% $13,628,687
PLS Pilbara Min Ltd 5.295 -4% $16,470,471,034
MXR Maximus Resources 0.045 -4% $14,988,571
GT1 Greentechnology 1.06 -5% $211,719,616
INF Infinity Lithium 0.21 -5% $91,673,950
EVR Ev Resources Ltd 0.021 -5% $20,371,650
LIS Lisenergylimited 0.405 -5% $70,513,529
LRD Lordresourceslimited 0.27 -5% $9,486,117
RAG Ragnar Metals Ltd 0.016 -6% $6,446,143
KAI Kairos Minerals Ltd 0.031 -6% $64,815,085
AM7 Arcadia Minerals 0.3 -6% $14,943,325
LLL Leolithiumlimited 0.58 -6% $611,727,285
BMM Balkanminingandmin 0.285 -7% $13,118,281
IPT Impact Minerals 0.0065 -7% $17,369,594
EMS Eastern Metals 0.12 -8% $5,078,374
ASN Anson Resources Ltd 0.2525 -8% $323,370,851
SRZ Stellar Resources 0.011 -8% $12,055,571
LRS Latin Resources Ltd 0.105 -9% $230,022,543
TKM Trek Metals Ltd 0.1 -9% $40,009,209
WR1 Winsome Resources 0.84 -12% $128,358,294
XTC Xantippe Res Ltd 0.007 -13% $65,161,839
LSR Lodestar Minerals 0.005 -17% $10,430,624

Only 29 companies closed in the green today, 41 fell flat while another 63 crashed into the red zone.

 

Who’s got news out?

QX RESOURCES (ASX:QXR)

QXR has secured a drill rig to begin a maiden 1,500m RC drilling program – set to take off in the last week of November – at the Turner River hard rock lithium project in WA’s Pilbara region.

Drilling will target three areas including one in and around the recently reported rock chip samples of 1.6% Li2O, 1.1% Li2O and 4.9% Li2O at the Carbonate Hill prospect at Turner River.

This prospect covers an area 350 metres x 200 metres which now extends under cover.

QXR managing director Steve Promnitz says results will be used to plan more detailed works with further surface sampling and detailed geophysics.

 

MINREX RESOURCES (ASX:MRR)

A maiden reverse circulation (RC) drilling program has kicked off at North Moolyella comprising around 40 drill holes for 2,700m testing outcropping pegmatites along strike and at depth.

Drill targets are testing highly anomalous lithium assays results from sampling undertaken by BCI Minerals in 2017, yielding up to 265ppm lithium (477ppm lithium oxide).

As well as drilling, the company has delineated extensive stacked sheeted pegmatites on the western and eastern zones of the southern portion of E45/5873 hosted within extensive lithium geochemical zones – which will be the first to be drill tested.

North Moolyella is about 5km west of Global Lithium’s (ASX:GL1) 10.5Mt at 1% Li20 Archer deposit and has the same pegmatite trending north – northwest pegmatite in stacked swarms hosting the lithium and tantalum in the Archer Deposit.

 

SENSORE (ASX:S3N)

Sensore has entered into an agreement with Lightgold Minerals where S3N will spend a total of $2.5m over for years for a 51% interest in the non-precious mineral rights and the opportunity to earn another 29% by completing a bankable feasibility study at the Gecko North Project.

The agreement includes a minimum spend of $270,000 over 18 months at the site, where LithtGold has identified a lithium and associated element lithium index geochem anomaly in ultra-fine soil sampling near SensOre’s own AI generated predicted target.

 

CRITICAL RESOURCES (ASX:CRR)

Another significant intersection of spodumene-bearing pegmatite has been returned at the Mavis Lake Lithium Project.

CRR says 31.75m of well mineralised spodumene-bearing pegmatite has been intersected in and will be included in the maiden resource estimate, which is due for release in Q1 2023.

 

OCTAVA MINERALS (ASX:OCT)

pXRF analysis of soil geochemical samples has identified a 1.5 km target at the Pinnacle Well lithium prospect, within the wider Talga Lithium Project, with all samples submitted for laboratory analysis.

Multiple additional pegmatite targets have been identified with seven priority areas targeted for field assessment.

While these results are only indicative, OCT managing director Bevan Wakelam says they are certainly very encouraging and allow the company to accelerate exploration activities towards a drill testing program.


The post Eye on Lithium: Is a lithium price correction on the way? appeared first on Stockhead.





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