Top 5 ASX Lithium Stocks (Updated July 2022)

​1. Xantippe Resources

Year-to-date gain: 60 percent; market capitalisation: AU$55.73 million; current share price: AU$0.008

Xantippe Resources (ASX:XTC) is developing its Carachi lithium project in Argentina after pivoting to focus on what it calls the lithium super trend. The company’s goal is to provide high-purity, battery-quality lithium, and it is acquiring multiple tenements in the Lithium Triangle to accomplish that goal. Xantippe’s land package is located near Lake Resources’ (ASX:LAC,OTCQB:LLKKF) Kachi lithium project. In addition, the company has its Southern Cross gold project in Western Australia, which it is investigating for lithium-bearing pegmatites.

In 2022, Xantippe exercised its option to acquire Carolina Lithium, which gave it access to the Carachi Pampa project. Additionally, it has exercised its options to acquire the Rita and Rita 1 tenements, the La Sofia tenement and the Luz Maria tenement, all expanding the company's footprint in the Lithium Triangle.

Xantippe's share price hit a year-to-date high of AU$0.015 in April. On June 14, the company announced that it had increased its footprint of lithium brine tenements in the country from 12,400 to 21,900 hectares after obtaining options for four more land packages. Most recently, the company obtained exploration and prospecting licences for the Southern Cross project.

2. Core Lithium

Year-to-date gain: 50.86 percent; market capitalisation: AU$1.48 billion current share price: AU$0.875

According to Core Lithium (ASX:CXO), its Finniss lithium project in the Northern Territory is “one of Australia’s most capital-efficient and lowest-cost spodumene lithium projects.” First production is expected in the fourth quarter of 2022, and the company already has multiple four year offtake agreements in place with Ganfeng Lithium (SZSE:002460) and Sichuan Yahua Industrial Group (SZSE:002497).

On March 1, Core Lithium announced a four year offtake arrangement with Tesla (NASDAQ:TSLA) for up to 110,000 tonnes of lithium oxide spodumene concentrate from Finniss. Shares saw a spike at the beginning of April following the release of an update on exploration at Finniss, and Core hit a year-to-date high of AU$1.60 on April 4. A week later, the company announced that it was acquiring the Shoobridge lithium project near Finniss.

In May, Core shared its final 2021 lithium assays, which include a highlight of 35 metres of 0.84 percent Li2O, including 10 metres at 1.44 percent. The company has released two updates on the development of the Finniss project in recent months, one in May and one in June. Most recently, the company shared that the mineral resource estimate for Finniss has increased by 28 percent to 18.9 million tonnes at 1.32 percent Li2O; Core believes that its 2022 drilling will lead to “further significant increases.”

3. Prospect Resources

Year-to-date gain: 26.62 percent; market capitalisation: AU$453.01 million current share price: AU$0.975

Prospect Resources (ASX:PSC) is a battery metals explorer and developer focused on Zimbabwe and sub-Saharan Africa. The company is in the early stages of an exploration program at its Step Aside lithium project in the Harare greenstone belt in Zimbabwe. The company anticipates drilling in Q3 2022.

In April, the company completed the sale of its 87.5 percent interest in the Arcadia lithium project to Huayou International Mining (Hong Kong), which is a subsidiary of Zhejiang Huayou Cobalt (SHA:603799). Prospect received US$342.9 million in net proceeds from the sale, the majority of which it plans to distribute to shareholders. On April 29, the company shared its quarterly activities report for Q1. The company’s share price has climbed through the year to reach a year-to-date high of AU$0.99 on July 8.

4. Jindalee Resources

Year-to-date gain: 20.37 percent; market capitalisation: AU$148.03 million; current share price: AU$2.60

Jindalee Resources (ASX:JRL), previously an Australia- and US-focused explorer, is pivoting and repositioning as a pure-play US lithium company, it announced on April 12. The company has decided to focus on its McDermitt lithium project in Oregon, US, which it describes as “one of the largest lithium deposits in the United States.” The company will be separating its Australian assets into a new company that will be listed on the ASX.

The company’s share price has spent April trending upwards, rising from AU$3.42 on April 1 to its year-to-date high of AU$4.80 on April 19. On April 29, the company shared an update on its quarterly activities, including results from drilling at McDermitt, which it referred to as “excellent.” However, in the months since, its share price has fallen significantly from this peak.

On July 5, Jindalee began trading on the OTCQX market with the ticker symbol JNDAF. The next day, the company shared that it had increased its indicated resources at McDermitt by 170 percent.

5. Global Lithium

Year-to-date gain: 18.75 percent; market capitalisation: AU$211.19 million; current share price: AU$1.045

Global Lithium (ASX:GL1) is focused on its 100 percent owned Marble Bar lithium project, which is located in Western Australia’s North Pilbara Craton; the project’s Archer deposit has been the primary exploration target. Global Lithium acquired an 80 percent interest in the Manna lithium project from Breaker Resources (ASX:BRB) in December 2021, and the two companies plan to work together on exploration at the project in 2022.

On March 3, Global Lithium signed a 10 year offtake deal for spodumene concentrate with Suzhou TA&A Ultra Clean Technology (SZSE:300309), its largest shareholder. Suzhou TA&A intends to help with construction funding as well. In mid-March, the company released its financial report for the half year ended December 31, 2021. A week later, it provided an exploration update on its Marble Bar and Manna lithium projects. The company’s share price rose following the financial report’s release, and hit a year-to-date high of AU$2.73 on April 4.

Global Lithium’s share price has trended downwards since this peak, during which time the company announced significant high-grade lithium assays at Marble Bar, including a highlight of 3 metres with 2.5 percent Li2O. Since mid-May, much of the company’s news has focused on the start of drilling at the Manna project, the first results from it and the upcoming diamond drilling at the project. With regards to its Marble Bar project, recent assays returned results including 11 metres at 1.42 percent Li2O.