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Surface Sampling Commences at Dobrinja and Pranjani Lithium/Borate Projects
Balkan Mining and Minerals Ltd (BMM or the Company) (ASX: BMM) is pleased to announce that the Company has commenced a reconciliation and surface sampling program at the Dobrinja Lithium-Borate Project, located in western Serbia.
HIGHLIGHTS
- Surface sampling and reconciliation program has commenced at Dobrinja
- Once completed, the geological team will move 10km northeast to Pranjani and begin the follow-on program
- The reconciliation and surface sampling program will be followed by a detailed mapping and gravity survey that will aid in the identification of drilling targets
Due to the extensive amount of outcrops, surface sampling is a useful guide in identifying the presence of Neogene strata and will allow the inference of prospective sections.
Once the Dobrinja program is completed, the geological team will move to the Pranjani Project, located 10km to the northeast in a basin that was historically believed to be connected to Dobrinja. A similar scale program will be undertaken at Pranjani.
A gravity survey will follow on competition of the initial programs with the aim of defining basin geometry, relative thickness of the sedimentary sections and steep basement margins, which may suggest faults that serve as zones of migration for lithium boron mineral-bearing fluids.
The surface sampling results will be assessed with mapping information and the geophysical survey interpretation in order to prioritise drill targets.
Managing Director Ross Cotton, commented: "Dobrinja is particularly interesting as it shows a lot of outcropping, which is a good indicator for lithium and borates. We are pleased that we have continued to deliver on our objectives and not have wasted any time on beginning our programs and advancing our projects."
Dobrinja
The Dobrinja license, covering 37.58km2 , is located in western Serbia along trend where lithium– borate Mineral Resources and Ore Reserves have been defined (Rio Tinto, Euro Lithium and Erin Ventures).
The Dobrinja basin is generally elongated in a northwest-southeast direction, controlled by the Neogene tectonic. The targeted lacustrine sedimentary sequence comprises of Lower, Middle and Upper Miocene fine pelitic sediments, marlstone, ash-flow tuffs, oil shale and basal clastic flows.
Surrounding the included basins are rocks that have been mapped as Paleozoic metamorphic rocks, Mesozoic carbonates and Vardar Ophiolites formations. Northwest - southeast trending faults are thought to be major structural controls on basement fracturing and basin development and may also serve as zones of migration for mineral-bearing fluids.
Balkan Mining and Minerals
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Overview
The recent boom in electric vehicle (EV) adoption and green technologies has seen global demand for lithium skyrocket. Analysts believe EV penetration could reach 35% by 2030, which means lithium production will need to quadruple between 2020 and 2030 to satisfy this growing demand.
Lithium production is often associated with countries like Chile, Australia and Argentina — but strategic policy shifts in the European Union have led Europe to look inward for essential battery metals, placing the spotlight directly on the Balkan states. While the Balkan states, which includes Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Kosovo, Montenegro, North Macedonia, Romania, Serbia and Slovenia, are best known for historic gold production — recent lithium discoveries in Serbia have renewed interest in this region.
Balkan Mining and Minerals (ASX:BMM) is focused on an early-stage exploration through the full development of lithium and boron mining in the Balkan region. The company is committed to building an ethical resource portfolio backed by strategic partnerships and guided by an experienced board and management with regional expertise.
The Balkan states, and Serbia in particular, are well-endowed with many minerals and have attracted a surge in foreign investors for the exploration of mining operations. Serbia's Vardar zone is an emerging tier 1 lithium-borate jurisdiction. Balkan Mining and Minerals is well-positioned to capture the growth of the European lithium and boron supply chain.
Balkan Mining and Minerals' flagship Rekovac lithium-borate project demonstrated two successful diamond drill holes discovering preserved lithium and borate mineralization. The company recently completed its surface mapping program. With the success of the initial drilling and exploration, Balkan is well-positioned to commence its drill program in late September 2021.
The company continues to expand its reach across Serbia with four new exploration permits recently granted. The Ursule and Siokovac licenses provide expansion of Rekovac and span nearly 200 square kilometers. The Dobrinja and Pranjani licenses provide access to Western Serbia with favorable lacustrine strata for hosting lithium and boron.
"It's the right region, it's the right commodity and the right capital structure with the right investors… the key thing to add to that is what differentiates this particular lithium project from many of the other … lithium companies, at least listed in Australia, is the borate angle… So that makes these types of things extremely economic and extremely easy to mine and process," commented Ross Cotton, managing director.
Balkan Mining and Minerals is backed by Sandfire Resources (ASX:SFR). The company's current market cap is AU$36 million with 45 million shares on issue.
The leadership of Balkan Mining and Minerals includes a highly commercial board with decades of experience. Sean Murray serves as chairman and brings executive experience from Rio Tinto and expertise in industrial minerals. General Manager Dejan Jovanovic is the Balkan region expert with over 15 years of experience as a geologist. The company has a strong combination of experience and expertise to be a leader in the lithium and boron space.
Company Highlights
- Balkan Mining and Minerals is a publicly-listed exploration and development company focused on lithium and boron mining in the Balkan region.
- The Rekovac project has demonstrated promising results in its early exploration phase and is on track for additional explorations and assessments within the Ursule and Siokovac licensed areas.
- The Cacak project provides new access to underexplored areas of the Vardar Zone, an emerging tier 1 lithium-borate jurisdiction. The company is looking to expand beyond the Rekovac project and region.
- The company is backed by leaders in the space and has performed well since its IPO. An experienced board and regional management expertise equip Balkan Mining and Mineral to be a leader in the lithium-borate space and are in the right space at the right time.
Key Projects
Rekovac Lithium-Borate Project
The flagship Rekovac lithium-borate project is located in the world-class Vardar Zone in Serbia, an emerging tier 1 lithium-borate jurisdiction. The project has easy access to the motorway and modern rail corridor, thus providing a solid infrastructure to Central and Western Europe.
The first two diamond drill holes (1,238 meters) revealed preserved lithium and borate mineralization at both sites. The second drill hole (REK-002) intercepted over 171 meters with over 10,000 ppm of B2O3 and up to 969 ppm Li2O from 35 meters including 49.6 meters with over 20,000 ppm of B2O3 and up to 624 ppm Li2O from 51.5 meters.
The success of the initial drilling and exploration has provided a solid foundation to explore additional areas of Rekovac as well as two additional adjacent areas under the Ursule and Siokovac licenses. The recently completed surface mapping of the entire Rekovac area has identified five dominating sedimentary formations. The samples will be sent to a laboratory for mineral phase determination using the X-ray diffraction method.
Balkan Mining and Minerals plans to measure magnetic properties over the entire diamond drill core. In addition to measuring magnetic susceptibility, the company will measure the bulk density of samples selected from the drill core. These two parameters will guide geophysics surveys across high-priority areas and ultimately define and commence new drilling programs.
Cacak Project
The Cacak project comprises the Dobrinja and Pranjani license and is located in Western Serbia about 90 kilometers south-southwest of Belgrade, the capital of Serbia. A database study conducted by the Yugoslav Geological Survey identified favorable lacustrine strata for hosting lithium and boron.
The project is in its early exploration phase and will focus on target generation using regional geophysics, geological mapping, and surface sampling. Upon completion of the initial assessment, drill testing of the target locations will be conducted. The licensed areas are within the Vardar Zone and present the company with another location for extracting lithium and boron minerals.
Management Team
Ross Cotton – Managing Director
Ross Cotton has over 15 years of experience in the securities and mining industries and has been instrumental in both the financing and management of mining and resource companies globally.Cottons' experience in investment banking and equity capital markets has provided him with detailed experience in corporate transaction management and execution. In these roles, Cotton has been integral in the recapitalization and restructuring of companies, including managing of initial public offerings and reverse takeovers. In addition to a number of managerial roles with ASX listed companies, Cotton has also provided corporate advisory services to listed companies on strategy, acquisitions as well as financing via both debt and equity for a number of years.Cotton currently manages a private mining strategy and finance consulting business and utilizes his networks established in investment banking, mining and management to provide solutions for the effective implementation of business strategies and management solutions.
Sean Murray – Non-executive Chairperson
Sean Murray has an Honors degree in modern languages and a post-graduate Master's Degree in Business Management and Economics from the Manchester Business School, part of the University of Manchester Institute of Science and Technology, in the United Kingdom. Murray has more than 40 years of experience worldwide in the chemicals and mining industries, including non-ferrous metals and minerals and industrial minerals. His successful executive management career includes senior roles with Australian Mining and Smelting (CRA), Pasminco Europe and Pasminco Inc and Rio Tinto plc where he became Managing Director of Borax Europe and then Deputy Chief Executive, Rio Tinto Borax in the 1990s and early 2000s.
Murray has also served on the boards of Rio Tinto operating companies either as president or as an executive director in the USA (California), Argentina, France, Germany, Holland, Spain and Italy. He has been a Vice-President of the European Zinc Institute (The Hague), and an Industry Advisor on non-ferrous metals and minerals to the UK government at the International Lead Zinc Study Group, (United Nations). He was a vice-president of the Industrial Minerals Association and president of the European Borates Association in Brussels where he became involved in Public Relations and Sustainable Development.
Since 2005, Murray has provided consulting services on marketing, planning and strategy to the industrial minerals sector in Europe, Australia and the Americas and has held non-executive directorships on the boards of AIM and ASX listed copper, gold, tungsten, potash and fluorspar companies including, Fluormin plc (formerly LSE:FLOR and Potash Minerals Ltd (formerly (ASX:POK)). He was a senior partner in a New York based LLP developing minerals businesses in the former Soviet Union. Murray is fluent in a number of European languages including German and Spanish.
Murray has British and Irish citizenship and lives in Surrey in the United Kingdom.
Luke Martino – Non-executive Director
Luke Martino is a Fellow of the Institute of Chartered Accountants in Australia and the Australian Institute of Company Directors, having worked for over 30 years with major accounting firms, where he held senior leadership positions and Board memberships including Lead Partner of Deloitte's Growth Solutions practice in Perth until 2007 when he left to establish boutique corporate advisory and accounting firm, Indian Ocean Advisory Group.
Martino has extensive experience in mining and resources, property and hospitality industries and is a specialist in corporate and growth consulting.
Martino currently acts as a Chairman of Jadar Resources Limited (ASX: JDR) and is also Executive Director of Indian Ocean Consulting Group Pty Ltd. Martino's previous roles have included acting as Non-Executive Director of Skin Elements Ltd (ASX: SKN), Pan Asia Corporation Limited (ASX: PZC), Non-Executive Chairman and Director of Central Asia Resources Limited (ASX: CVR) and former Company Secretary of Blackgold International Holdings Limited (ASX: BGG).
Milos Bosnjakovic – Non-executive Director
Milos Bosnjakovic is a lawyer by profession with strong links and experience in the Balkan countries of the former Yugoslavia Republics, Australia and New Zealand. He has been involved in the resources industry in Australia and the Balkans for almost 20 years and has considerable corporate experience within the industry.
Bosnjakovic is a dual national of Australia and Bosnia and Herzegovina and was also the co-founder of ASX-listed Sultan Corporation Limited which became Balamara Resources Limited, which held the Monty Zinc Project in Montenegro. Milos was co-founder of ASX-listed Adriatic Metals PLC (ASX: ADT) and his previous roles have also included acting as Non-Executive Director and Country Manager of Adriatic Metals PLC.
Dejan Jovanovic – General Manager
Dejan Jovanovic is a geologist with more than 15 years of experience in managing complex exploration projects and mineral deposit evaluation. He is a well-rounded exploration professional with significant commodity experience including lithium, borates, base and precious metals. Jovanovic implemented and encouraged the highest standards of technical and operational excellence across multiple project support groups. He has held numerous positions throughout his career including notable roles with Rio Tinto (Serbia) where he worked on Rio Tinto's Jadar lithium-borate deposit; senior exploration roles with Lithium Li Ltd / Pan Global Resources Inc. serving as a key leadership capacity for exploration programs in the Balkans. Jovanovic has also acted as an exploration management consultant to various clients including European Lithium and General Manager Exploration for Jadar Resources Limited (ASX:JDR).
Jovanovic holds a Master of Science in Economic and Exploration Geology from the University of Belgrade, and a member of the Professional Geological Societies (QP), and a fellow of the European Federation Geologist (CP in accordance with the JORC Code).
Harry Spindler – Company Secretary
Harry Spindler is an experienced corporate professional with a broad range of corporate governance and capital markets experience, having held various company secretary positions and been involved with several public company listings, merger and acquisition transactions and capital raisings for ASX-listed companies across a diverse range of industries over the past 22 years.
Spindler is a member of the Institute of Chartered Accountants Australia and New Zealand and a member of the Financial Services Institute of Australia. Spindler began his career in corporate recovery and restructuring at one of Australia's leading independent financial advisory and restructuring providers Ferrier Hodgson (now KPMG) and has for the past 11 years working for a corporate advisory firm, Indian Ocean Consulting, through which he has advised a number of clients in a range of industries, as well as held positions as company secretary for a number of ASX-listed companies, including Sino Gas & Energy Holdings Ltd (ASX:SEH; ASX:300), an Australian energy company focused on developing gas assets in China.
Karl Simich - Director
As director, Karl Simich has a particular focus on strategy, corporate development and stakeholder relations. Prior to joining Balkan, Simich was the founder, managing director and CEO of Sandfire Resources for 15 years, overseeing the company's transformational growth from a junior micro-cap to a successful, global mid-tier producer. He oversaw the implementation of Sandfire's international expansion strategy, including the $1.865 billion acquisition of the MATSA copper operations in Spain. Simich has 36 years of experience with publicly listed mining and exploration companies. Throughout his career, Simich has overseen the financing and development of more than 10 mines in Australia, New Zealand and Africa.
Nenad Loncarevic – Senior Exploration Geologist
Nenad Loncarevic has 30 years of mineral exploration experience. He is highly experienced in target generation, project evaluation and exploration program implementation for gold, base metals and industrial minerals. Loncarevic possesses an outstanding knowledge of many deposit styles with particular strengths in polymetallic systems and sedimentary type deposits.
Prior to joining Balkan Mining and Minerals, Loncarevic held senior exploration roles with companies including Medgold Resources Corp. (TSXV:MED), Ultra Lithium (TSXV:ULI) & Dundee Precious Metals Inc. (TSX:DPM).
Loncarevic holds a Master of Science in Economic and Exploration Geology from the University of Belgrade.
Top 7 Canadian Lithium Stocks of 2024
After a tumultuous 2023 that saw prices for lithium carbonate shed 80 percent, Q1 2024 was much less volatile.
Starting the year at US$13,377.44 per metric ton, lithium carbonate prices ended the three month period in the US$14,874,31 range, up 11 percent. Strong electric vehicle sales in January helped sustain lithium prices into February.
Prices began climbing at the end of the month and through March, reaching a Q1 high of US$16,109. The rally came on the back of optimism that lithium demand for batteries and energy storage is locked in an “irreversible” growth trend.
"If lithium prices can stabilize between 80,000 and 150,000 yuan, leaving upstream and downstream (companies) along the industry chain certain profit, it might be the best development environment for the whole industry," Li Liangbin, chair of Ganfeng Lithium (OTC Pink:GNENF,HKEX:SZSE:002460), told Reuters.
That currently converts to about US$11,050 to US$20,725.
Against that backdrop, a number of Canada-listed lithium companies saw share price growth during Q1. This list was created on April 10, 2024, using TradingView‘s stock screener, and all data was current at that time. Only companies with market caps above C$10 million for the TSX and TSXV and above C$5 million for the CSE are included.
TSX and TSXV lithium stocks
1. Century Lithium (TSXV:LCE)
Year-to-date gain: 78 percent; market cap: C$131.49 million; current share price C$0.89
US-focused Century Lithium is currently advancing its Clayton Valley lithium project in West-Central Nevada. The company is also completing the pilot testing phase at its lithium extraction facility in the state's Amargosa Valley.
Century Lithium began the year trading in the C$0.48 range and rose to a quarterly high of C$0.80 on March 27.
While the company made no announcements in Q1, some of its positive momentum may have resulted from two press releases from December 2023. The first provides an update on the company’s ongoing feasibility study for Clayton Valley.
“This comprehensive study covers all areas of the lithium extraction process from shallow surface mining of lithium-bearing clay to on-site production of battery-grade lithium carbonate,” the statement reads. “Target production for the study follows that of the project’s earlier Pre-Feasibility Study, which was based on a mill feed of 15,000 tonnes per day and average annual output of 27,000 tonnes per year of lithium carbonate equivalent.”
The second December announcement provides an overview of work at the extraction facility. During testwork at the pilot plant, the company achieved increased lithium grades with an average grade of 7.5 grams per liter lithium.
“This increase in concentration was attributed to the integration of Koch Technology Solutions Li-ProTM equipment into the direct lithium extraction area,” the company said at the time.
2. Lithium Chile (TSXV:LITH)
Year-to-date gain: 50.94 percent; market cap: C$164.97 million; current share price: C$0.80
South America-focused Lithium Chile owns several lithium land packages in Chile and Argentina. Presently, the explorer is working to delineate the deposit at its Salar de Arizaro property in Argentina.
Company shares initially trended down, but ultimately rose 32 percent between January 1 and the end of February.
On February 28, the company released “favorable” results from a new drill hole completed on the northeastern side of Salar de Arizaro, calling them an important step in its roadmap. Hole ARDDH-08 was drilled to a depth of 606 meters, encountering a brine-rich sandy formation at 200 meters. Samples were sent to Alex Stewart Laboratory in Jujuy, Argentina, revealing lithium grades of 180 milligrams per liter at 50 meters and 690 milligrams per liter at 200 meters.
In early March, Lithium Chile penned a farm-In agreement with European mining company Eramet (EPA:ERA). The agreement aims to expedite exploration efforts on four of Lithium Chile's Chilean properties — Llamara, Aguilar, Rio Salado and Aquas Caliente — with a total land area exceeding 40,000 hectares
3. Power Metals (TSXV:PWM)
Year-to-date gain: 24 percent; market cap: C$55.22 million; current share price: C$0.35
Exploration company Power Metals holds a portfolio of diversified assets in Ontario and Quebec, Canada.
In late February, Power Metals commenced a winter drill program at its Case Lake property in Northeastern Ontario. The program was designed to expand and define lithium-cesium-tantalum mineralization, building on previous work by the company that revealed high-grade lithium and cesium mineralization.
Company shares traded flatly for most of Q1, locked in the C$0.27 range. Prices began to rise in mid-March and hit a three month high of C$0.43 on March 31. The 59 percent uptick coincided with news that Power Metals was acquiring the 7,000 hectare Pelletier project, which consists of 337 mineral claims in Northeast Ontario.
According to the company, the project features lithium-cesium-tantalum potential, with peraluminous S-type pegmatitic granites intruding into metasedimentary and amphibolite formations.
4. Q2 Metals (TSXV:QTWO)
Year-to-date gain: 24 percent; market cap: C$27.71 million; current share price: C$0.31
Exploration firm Q2 Metals is exploring its flagship Mia lithium property in the Eeyou Istchee James Bay region of Québec, Canada. The property contains the Mia trend, which spans over 10 kilometers. Also included in Q2's portfolio is the Stellar lithium property, comprising 77 claims and located 6 kilometers north of the Mia property.
Company shares were trading below C$0.20 for most of January and February. On February 27, Q2 rose rapidly, climbing from C$0.19 on February 26 to the C$0.45 level to end the month.
The share price growth corresponded with the the completion of a winter drill program.
“The winter drill program at the Mia Property has confirmed the spodumene mineralized pegmatite at the western end of the Mia Trend,” Neil McCallum, Q2's vice president of exploration, said at the time. “The drilling has successfully evaluated a large portion of the Mia Trend that had been explored at the surface.”
Days later, Q2 reported the acquisition of the 11,374 hectare Cisco lithium property, also located in the Eeyou Istchee James Bay region. The upward trend continued, and shares reached a Q1 high of C$0.51 on March 4.
5. Volt Lithium (TSXV:VLT)
Year-to-date gain: 23.91 percent; market cap: C$37.14 million; current share price: C$0.28
Volt Lithium is a lithium development and technology company aiming to become a premier North American lithium producer utilizing its unique technology to extract lithium from oilfield brines.
In late January, Volt made its first announcement of 2024, highlighting its success in producing 99.5 percent battery-grade lithium carbonate. The achievement happened at the company’s demonstration plant in Calgary, Alberta.
Commenting on the milestone, CEO Alex Wylie expressed his excitement. “The Volt team continues to advance our DLE capabilities at our demonstration plant and showcased our ability to transform oilfield brine into a commercially saleable grade of lithium carbonate," he said. “Bringing the full-cycle process in-house greatly reduces the cost to produce lithium carbonate, which is expected to enhance margins and position Volt as a low-cost operator.”
The cost savings were reiterated in late February, when the company announced a 64 percent reduction in full-cycle direct lithium extraction operating costs at the Calgary-based demonstration plant.
Volt's share price marked a Q1 high of C$0.27 on March 12.
CSE lithium stocks
1. Foremost Lithium (CSE:FAT)
Year-to-date gain: 18.69 percent; market cap: C$19.17 million; current share price: C$4
Foremost Lithium is an exploration company with hard-rock lithium properties in Snow Lake, Manitoba, and Lac Simard South, Québec. Included in the company’s portfolio is the Winston gold-silver property in New Mexico, US.
In January, Foremost received its third C$300,000 grant from the Manitoba Mineral Development Fund. The funds have been earmarked for continued exploration and drilling at the Snow Lake property.
Throughout the first quarter, Foremost released several updates, including the receipt of a multi-year work permit for the Jean Lake lithium-gold project in Manitoba, the start of a drill program at the Zoro lithium property in the Snow Lake region and the of filing an application for C$10 million from Canada’s Critical Minerals Infrastructure Fund.
Shares of the company hit a high for the first quarter of C$4.51 in late February, when Foremost released promising intercepts from the Zoro property drill program.
“The presence of spodumene and the length of pegmatite encountered in multiple holes, highlighted by over 32-meters of spodumene-bearing pegmatite hit in one hole, are very positive in terms of the potential for our maiden resource to now grow in significant scale,” Jason Barnard, president and CEO of Foremost Lithium, said in a February 27 statement.
“As drilling progresses, the focus will continue to build resource to the south of Dyke 1, a promising new uncharted area, which has confirmed spodumene pegmatite as drilling progresses.”
2. Quantum Battery Metals (CSE:QBAT)
Year-to-date gain: 5.56 percent; market cap: C$6.9 million; current share price: C$0.19
Exploration company Quantum Battery Metals is focused on identifying lithium and cobalt deposits in Canada.
In mid-January, the company announced it was actively looking to “acquire additional properties to expand on its portfolio to help address the world's shortage in technology metals.”
The statement continues, “There is an increasing demand for metals as the world is transitioning to a low-carbon economy and global conflicts continue to arise that require massive amounts of metals for producing batteries, clean energy technologies, and national defense applications.”
Subsequently, Quantum submitted a letter of intent to acquire the Copper Coffer property in Newfoundland, Canada.
Company shares reached a Q1 high of C$0.20 on March 17, and ended the three month session in the same range.
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Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Century Lithium is a client of the Investing News Network. This article is not paid-for content.
Top 4 ASX Lithium Stocks of 2024
In contrast to the volatility of 2023, Q1 2024 saw a more stable lithium market. Prices for lithium carbonate started the period at US$13,377.44 per tonne and finished at US$14,874.31, marking an 11 percent increase.
Strong electric vehicle sales in January helped support prices for the important battery metal, which continued to rise through February and March, reaching a quarterly high of US$16,109. This rally was fueled by reports from China indicating a sustained growth trend in lithium demand for batteries and energy storage technology.
Here the Investing News Network looks at the top four ASX-listed lithium companies by year-to-date gains. The list below was generated using TradingView’s stock screener on April 10, 2024, and includes companies that had market caps above AU$10 million at that time. Read on to learn more about their activities over the past year.
1. Prospect Resources (ASX:PSC)
Year-to-date gain: 46.07 percent; market cap: AU$40.31 million; current share price: AU$0.13
Africa-focused exploration company Prospect Resources holds a diversified portfolio of assets located in Zimbabwe, Zambia and Namibia. Its lithium properties — Omarur and Step Aside — are in Namibia and Zimbabwe, respectively.
Shares of Prospect were locked below AU$0.08 from January to mid-March, before rising to a Q1 high of AU$0.09 on March 25. The move occurred shortly after Prospect acquired a 60 percent residual interest in the Omarur property from Osino Resources (TSXV:OSI,OTCQX:OSIF) for US$75,000, taking Prospect’s stake to 100 percent.
Earlier in the quarter, Prospect announced the start of Phase 2 drilling at Omarur. The company said the program will consist of 70 rotary air blast and reverse-circulation drill holes across 4,250 metres.
2. Ioneer (ASX:INR)
Year-to-date gain: 33.33 percent; market cap: AU$432.96 million; current share price: AU$0.20
Emerging producer Ioneer owns the Rhyolite Ridge lithium-boron project in Nevada, US. According to the company, the project is considered the “sole lithium-boron deposit in North America.”
As part of the permitting process for Rhoylite Ridge, Ioneer completed and submitted an administrative draft environmental impact statement to the US Bureau of Land Management (BLM) in mid-January.
After slipping to a first quarter low of AU$0.10 on January 25, shares of Ioneer spent February and March slowly climbing, reaching a quarterly high of AU$0.17 on March 25. News that the BLM has reached a final decision continued to add tailwinds at the beginning of the second quarter; the results of the review are expected in mid-April.
3. Pan Asia Metals (ASX:PAM)
Year-to-date gain: 28 percent; market cap: AU$26.85 million; current share price: AU$0.16
ASX-listed Pan Asia Metals is a mineral exploration company with a diverse portfolio of projects in Southeast Asia, particularly Thailand. Specialising in critical metals such as lithium, tantalum and rare earth elements, the company is also actively engaged in exploration activities in South America.
Shares of Pan Asia Metals rose to a Q1 high of AU$0.21 during the first week of January. The spike came when the company entered into three binding option agreements to secure ownership of the Dolores North, Dolores South, Pozon and Pink project areas, which together comprise the Tama Atacama lithium brine project in Chile; it also agreed to acquire the Ramatidas project area. In total, these assets span about 120,000 hectares.
“The Tama Atacama lithium project has the potential to be one of the largest lithium brine projects in the global peer group. Surface assays for lithium are extremely high and the project has enviable strategic positioning, with all infrastructure requirements satisfied,” said Pan Asia Metals Managing Director Paul Lock.
Shares subsequently shed some of the positivity, spending the rest of the quarter rangebound below AU$0.17.
4. Mineral Resources (ASX:MIN)
Year-to-date gain: 2.45 percent; market cap: AU$13.81 billion; current share price: AU$71.61
Diversified miner Mineral Resources holds a portfolio of assets in Australia, including lithium and iron ore projects.
Following a share price slump early in the year's first quarter, the company began to rebound in mid-January. On February 21, shares rose to AU$67.69 following the release of Mineral Resources' latest financial results.
The half-year reporting period, which ended on December 31, 2023, saw the company's lithium operations perform well, benefiting from higher lithium prices and increased production volumes.
Shares marked a Q1 high of AU$70.98 at the end of March, when Mineral Resources announced plans to develop a lithium-processing hub in Western Australia's Goldfields region. It aims to capitalise on lithium-ion battery demand.
Plans for the hub include the construction of a lithium hydroxide and carbonate plant, as well as associated infrastructure to support the production of battery-grade lithium chemicals.
FAQs for investing in lithium
What is lithium?
Lithium is the lightest metal on the periodic table, and it is used in a wide variety of applications, including lithium-ion batteries, pharmaceuticals and industrial applications like glass and steel.
How do lithium-ion batteries work?
Rechargeable lithium-ion batteries work by using the flow of lithium ions in the battery's cell to power a device.
A lithium-ion battery has one or more cells, depending on the amount of energy storage it is capable of, and each cell has a positive electrode and negative electrode with an electrolyte separating them. When the battery is in use, lithium ions flow from the negative electrode to the positive electrode, running out of power once all have transferred. When the battery is charging, ions flow the opposite way.
Where is lithium mined?
Lithium is mined from two types of deposits, hard rock and evaporated brines. Most of the world's lithium production comes out of Australia, which hosts the Greenbushes hard-rock lithium mine. The next-largest producing country is Chile, which like Argentina and Bolivia is located in South America's Lithium Triangle. Lithium in this famed area comes from evaporated brines, including the Salar de Atacama. Lithium can also be found in sedimentary deposits, but currently none are producing.
Where is lithium found in Australia?
Australia is the world’s top producer of lithium, and the country’s lithium mines are all located in Western Australia except for one, which is Core Lithium’s (ASX:CXO,OTC Pink:CXOXF) Finniss mine in the Northern Territory. Western Australia accounts for around half of global lithium production, and the state is looking to become a hub for critical elements.
Who owns lithium mines in Australia?
Several companies own lithium mines in Australia, including some of the biggest ASX lithium stocks. In addition to the entities discussed above, others include: Pilbara Minerals (ASX:PLS,OTC Pink:PILBF) with its Pilgangoora operations; Arcadium Lithium with the Mount Cattlin mine; Jiangxi Ganfeng Lithium (HKEX:0358), which owns the Mount Marion mine alongside Mineral Resources (ASX:MIN,OTC Pink:MALRF); and Tianqi Lithium (SZSE:002466), which is a partial owner of Greenbushes via its stake in operator Talison Lithium.
Who is Australia’s largest lithium producer?
Australia’s largest lithium producer is Albemarle, which has interests in both the Greenbushes and Wodgina hard-rock lithium mines. Greenbushes is the world’s largest lithium mine, and Albemarle holds 49 percent ownership of operator Talison Lithium’s parent company. Albermarle also has 60 percent ownership of Mineral Resources’ Wodgina mine, and owns the Kemerton lithium production facility as part of a 60/40 joint venture with Mineral Resources.
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Securities Disclosure: I, Georgia Williams, currently hold no direct investment interest in any company mentioned in this article.
RecycLiCo Grants Stock Options
RecycLiCo Battery Materials Inc. (“RecycLiCo” or the “Company”), TSX.V: AMY, OTCQB: AMYZF, FSE: ID4, has granted an aggregate of 3,000,000 stock options to Kurt Lageschulte, director pursuant to the Company's omnibus equity incentive plan. The stock options have an exercise price of $0.16 per share and an expiry date of April 12, 2029.
About RecycLiCo
RecycLiCo Battery Materials Inc. is a battery materials company specializing in sustainable lithium-ion battery recycling and materials production. RecycLiCo has developed advanced technologies that efficiently recover battery-grade materials from lithium-ion batteries, addressing the global demand for environmentally friendly solutions in energy storage. With minimal processing steps and up to 99% extraction of lithium, cobalt, nickel, and manganese, the patented, closed-loop hydrometallurgical process turns lithium-ion battery waste into battery-grade cathode precursor, lithium hydroxide, and lithium carbonate for direct integration into the re-manufacturing of new lithium-ion batteries.
For more information, please contact:
Teresa Piorun
Senior Corporate Secretary
Telephone: 778-574-4444
Email: InvestorServices@RecycLiCo.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain "forward-looking statements", which are statements about the future based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. Forward–looking statements by their nature involve risks and uncertainties, and there can be no assurance that such statements will prove to be accurate or true. Investors should not place undue reliance on forward-looking statements. The Company does not undertake any obligation to update forward-looking statements except as required by law.
AM Resources Identifies 26 New Pegmatites for a Total of 187 Pegmatites on its 1,500 km² Land Package in Austria
AM Resources Corporation (“AM Resources” or the “Company”) (TSXV: AMR) (Frankfurt: 76A), a dynamic junior mining company focused on the exploration and development of high-potential pegmatite lithium deposits, is pleased to announce the discovery of 26 new pegmatites as a result of its ongoing compilation of government databases since it acquired its 1,500 km2 land package (see press release dated March 21, 2024). AM Resources has now identified a total of 187 pegmatites, consolidating its strategic position in one of Austria’s most prospective lithium areas.
- Recently announced 1,500 km2 land package gives AM Resources control over a large area of the Austrian Pegmatite Belt.
- Ongoing compilation of government data resulted in the discovery of 26 additional pegmatites across two groups, with sizes ranging from 102 metres to 887 metres.
- Many pegmatites are strategically located within mica schists, indicating favorable conditions for lithium-bearing minerals.
- Latest discoveries continue to reinforce AM Resources' position in the Austrian Pegmatite Belt, located within proximity to European battery manufacturers.
AM Resources’ 1,500 km2 land package
First Group
The Company has identified 8 large pegmatites with lengths varying between 329 metres and 887 metres, with the most extensive pegmatite measuring an impressive 281 metres in width.
Second Group
An additional 18 pegmatites ranging from 102 metres to 560 metres in length were discovered, with the thickest pegmatite reaching 195 metres in width. This group's diversity in size and shape adds to the prospectivity of AM Resources’ holdings. Many of these pegmatites are located within mica schists, a geological setting favorable for the presence of lithium-bearing minerals.
David Grondin, CEO of AM Resources commented: “Since the acquisition, we've been compiling the data available to us in preparation for our upcoming exploration program scheduled for June. We are very pleased with the number and size of the pegmatites found so far. Once we finish compiling the data, we'll have a better picture of the work that needs to be done to fully evaluate the lithium potential of our properties.”
Location, Location, Location
Qualified Person
Technical information related in this news release has been reviewed and verified by Jean Lafleur, P. Geo., of PJLEXPL Inc., a registered geologist with the Ordre des Géologues du Québec (OGQ #833) and is a qualified person (QP) as defined by NI 43-101. Mr. Lafleur is independent from the Company and has reviewed and approved the disclosure of the AM Resources geological information.
About AM Resources
AM Resources Corporation (TSXV: AMR) is a dynamic junior mining company focused on the exploration and development of high-potential pegmatite deposits. With a strategic portfolio of assets and a commitment to responsible resource development, the Company is dedicated to creating long-term value for its stakeholders while adhering to the highest standards of corporate governance and sustainability.
Forward-Looking Statements
This news release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of AM Resources to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “estimates”, “intends”, “anticipates” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements contained in this news release are made as of the date of this release and, accordingly, are subject to change after such date. AM Resources does not assume any obligation to update or revise any forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf, except as required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information:
David Grondin
AM Resources Corporation
President and Chief Executive Officer
1-514-583-3490
Notification of Expiry of Options (EUROA) and Announcement of Options Offer
As announced on 25 March 2024, European Lithium Limited (ASX: EUR, FRA:PF8, OTC: EULIF) (European Lithium or the Company) has listed options on issue exercisable at $0.075 each that are due to expire on Friday, 19 April 2024 (EUROA Options). Optionholders may exercise their options by way of payment, which must be received no later than 5:00pm (WST) on Friday 19 April 2024 (Expiry Date). All EUROA Options that are not exercised by the Expiry Date will expire with no value and no further entitlement will exist.
Official quotation of the EUROA Options on the ASX will cease at the close of trading on 15 April 2024.
For more information, please refer to the announcement dated 25 March 2024 available on the Company’s ASX Platform.
Options
Offer The Company is pleased to announce that it intends to conduct an offer to all registered holders of EUROA Options on 12 April 2024 (Record Date) with a registered address in Australia and New Zealand (Registered Holders) whereby Registered Holders can apply for one (1) option (New Option) for every one (1) EUROA Option held on the Record Date at an issue price of $0.005 with an exercise price of $0.08 per option, expiring on 14 November 2025 (Options Offer). The Company intends to apply for quotation of the New Options. The New Options will be issued pursuant to the Company’s available Listing Rule 7.1 placement capacity.
The Directors of the Company intend to apply for their full allocation under the Options Offer (a total of 21,750,000 New Options) as follows:
(a) Tony Sage – 10,000,000 New Options;
(b) Malcolm Day – 10,000,000 New Options; and
(c) Michael Carter – 1,750,000 New Options,
(together, the Participation) subject to shareholder approval sought at the Company’s upcoming general meeting which is expected to be held in June 2024 (General Meeting).
To the extent that the Options Offer is not fully subscribed by Registered Holders, the Directors of the Company have each agreed to underwrite the Options Offer in equal proportions (up to an amount of 41,680,491 New Options each). Any issue of New Options pursuant to the Directors’ underwriting will be in addition to the Participation and also subject to shareholder approval to be sought at the General Meeting.
Click here for the full ASX Release
This article includes content from European Lithium, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Large New Lithium and Gold Anomalies Identified Over Highly - Prospective Cave Hill Greenstone Belts
- Highly-anomalous lithium and gold targets identified from soil sampling across the Company’s extensive 700 square kilometres (sq.km) Cave Hill Project tenements in WA’s world-class Eastern Goldfields gold, nickel and lithium province (see Figure 1).
- The largest new lithium anomaly, located in the southern part of E15/1844 (Figure 1), is over 5km x 5km and is associated with a northeast-trending fault corridor intersecting an extensive buried greenstone corridor identified from magnetic imagery (Figure 2). This is a similar setting to other high-grade lithium deposits in the region, including the Kangaroo Hills discovery which has produced lithium-spodumene intersections of up to 29m @ 1.36% Li2O1, and the Mt Marion Project which has a large Mineral Resource of 71.3Mt @ 1.37% Li2O2 (see Figure 1).
- Several highly-anomalous gold results also produced from this broad 400m x 400m sampling program, including values of up to 32ppb Au - more than 10 times background in this soil covered area (see Figure 3).
- This extensive and highly prospective >100km strike-length greenstone corridor remains virtually untested and is a continuation of the belt which hosts the Kangaroo Hills lithium discovery1, the 2.8Moz2 Coolgardie Goldfield and the Nepean Nickel Mine (1.1Mt at 3.0% Ni produced3) (Figure 1).
- Extensive infill and extension soil sampling is set to commence to better define targeting for an initial aircore drilling program, to be followed by RC and/or diamond drilling to test for lithium-bearing pegmatites in bedrock and/or greenstone-hosted gold deposits.
SABRE RESOURCES CEO JON DUGDALE COMMENTED:
“The large lithium and gold soil anomalies we have identified across our extensive Cave Hill tenements indicate that the large, untested, greenstone corridor discovered within the project is highly-prospective for lithium-bearing pegmatites, as well as gold deposits.
“The Company will immediately commence infill sampling, and new sampling programs on other recently granted tenements, to define aircore drilling targets for lithium and gold deposits in the underlying greenstone lithologies.
“The Company has over 100km of strike of granted tenements over this newly identified greenstone corridor. The corridor is along strike and parallel to other greenstone belts which host major lithium, gold and nickel deposits in the region, such as the Mt Marion lithium deposit, the 2.8Moz Coolgardie Goldfield and the Nepean nickel mine. The only difference appears to be that the Cave Hill greenstone corridor is under shallow cover, which is why it has remained largely un-explored.
“We look forward to further defining these highly-anomalous lithium and gold zones and testing the bedrock potential for new lithium, gold and nickel sulphide discoveries”.
Figure 1: Cave Hill Project tenements on aeromagnetics with new lithium anomalies and other lithium deposits
The results have been received from a further 876 auger soil samples collected on a 400m x 400m grid, mostly from the largest and most prospective tenement, E15/1844 (see Figure 1). An extensive greenstone belt has been identified from magnetics within this tenement and a series of northeast-trending faults are interpreted to intersect the soil-covered greenstone lithologies, which could host lithium-bearing pegmatites (see Figure 2 below).
Click here for the full ASX Release
This article includes content from Sabre Resources Ltd, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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