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Top 5 ASX Lithium Stocks (Updated December 2022)
The best ASX lithium stocks based on year-to-date gains have performed well as strength in the lithium market holds strong.
2022 was an exciting year for lithium. Prices have continued to set new all-time highs after a brief drop earlier in 2022, and experts are optimistic about the commodity's potential well into the future.
The year saw many companies on the ASX pivot to lithium, looking to supply the significant amounts of the metal needed for the lithium-ion battery boom. The Investing News Network's review of lithium in 2022 covers additional market trends.
Here the Investing News Network takes a look at the five top ASX-listed lithium companies by year-to-date gains. The list below was generated using TradingView’s stock screener on December 22, 2022, and includes companies that had market caps above AU$50 million at that time. Read on to learn more about what they've been up to.
1. Tyranna Resources
Year-to-date gain: 283.33 percent; market cap: AU$57.73 million; current share price: AU$0.023
Tyranna Resources (ASX:TYX) was previously focused on gold and nickel, but pivoted this year to lithium. After acquiring 80 percent of Angolan Minerals in May, Tyranna now owns the Namibe lithium project in the Giraul pegmatite field in Angola.
Although Tyranna’s share price performed relatively flatly early in 2022 — staying around AU$0.006 — the company’s acquisition of the Namibe project began driving it upwards, and shares of Tyranna have steadily moved higher over the course of the year. The company released an update on exploration in early August, sharing that Angolan Minerals had completed a Phase 1 exploration program that included 50 samples. In late August, results from the exploration revealed an average grade of 3.21 percent lithium oxide between the samples, with a high point of 9.74 percent.
Tyranna’s share price hit a year-to-date high of AU$0.056 on September 11, the day before it revealed its plan for a maiden drilling program at Namibe’s Muvero prospect. The company anticipated that it would be complete by the end of November. However, on November 7, the company released early findings from the first three drill cores at the site — although one core did show visible spodumene, some of the drilling was not intersecting what the company had anticipated based on its preliminary exploration. Tyranna changed its drill program in response to these results, with its share price dropping from AU$0.042 to AU$0.032 overnight.
Tyranna completed the revised drill program on December 6, sharing that assays should be available in February 2023. So far, drilling has confirmed the presence of lithium below surface, and Tyranna has said the information gained from the program will be used to plan its optimised follow-up drilling in 2023. This news caused its share price to drop again, falling from AU$0.032 to AU$0.025 by December 7. Although Q4 has been less positive for Tyranna, it is still up significantly year-to-date.
2. Latin Resources
Year-to-date gain: 244.83 percent; market cap: AU$207.51 million; current share price: AU$0.10
Latin Resources (ASX:LRS) is an exploration company looking for metals that will help move the world towards net-zero emissions. The company is focused on lithium and copper projects in South America, and in Australia it has the Cloud Nine kaolin-halloysite project. Its lithium projects are the Salinas pegmatite project in Brazil and the Catamarca pegmatite project in Argentina.
In late March, Latin Resources discovered high lithium grades during exploration at Salinas, causing its share price to soar over the next two weeks. The company released assays from the project with a peak grade of 3.22 percent lithium hydroxide; shares moved from AU$0.06 the day of the release to AU$0.22 by April 6, a year-to-date high. As Q2 progressed, Latin Resources moved lower.
August saw more positive movement for Latin Resources, when drilling confirmed a new discovery west of Salinas’ Colina prospect. Results from metallurgical test work received in late August were described as positive, with 78.72 percent of the lithium oxide recovered into a concentrate grading a "very high" 6.57 percent lithium oxide.
In early October, the company announced a new discovery at the Colina prospect after drill results showed multiple high-grade lithium-bearing pegmatites. November brought news that Latin Resources was back on the ground in Argentina to recommence field work at the Catamarca project, and the company shared details on what its next steps at the project will look like.
Its two most recent pieces of news were both related to the Salinas project. The company received further metallurgical test work results, reporting recovery improvements since the last batch, with an average of 80.5 percent lithium oxide grading 6.6 percent. On December 6, Latin Resources released the maiden resource for the Corina deposit, with indicated and inferred resources totalling 13.3 million tonnes at 1.2 percent lithium oxide.
3. Cygnus Gold
Year-to-date gain: 111.11 percent; market cap: AU$69.87 million; current share price: AU$0.38
Cygnus Gold (ASX:CY5) is another ASX company that recently pivoted to lithium. The company has an option to earn up to 70 percent in the Pontax lithium project in Quebec, which it has focused on exploring in the latter half of 2022. Cygnus also has the Mitsumis lithium project in Quebec, as well as the Bencubbin polymetallic and Stanley gold projects in Australia.
In late September, Cygnus acquired 30 kilometres of strike length at which samples have graded up to 2.8 percent lithium oxide. The new land is adjacent to Pontax. October 4 saw the appointment of David Southam to the company's board of directors; he was recently recognized as Mining CEO of the Year for ASX-listed companies. As of November 1, he became a non-executive director, and in February 2023 he will become a managing director. The company’s share price rose significantly the day of this news, jumping from AU$0.25 to AU$0.37, and continued to climb through October.
On October 13, Cygnus announced it would be raising AU$6.3 million to advance Pontax through the use of fully paid ordinary shares priced at AU$0.73 each. As of November 8, diamond drilling at Pontax had commenced, with 10,000 metres planned for the maiden drill program. The company’s share price reached a year-to-date high of AU$0.60 on November 14.
The first results from the diamond drilling came on November 29. According to the company, the “first two holes drilled at Pontax confirm a 75m-thick pegmatitebearing zone, with multiple stacked spodumene-bearing pegmatite dykes.” Due to the positive results seen from the drilling, the company has completed an AU$8 million private placement with the purpose of rapid exploration, with more drill rigs being mobilized in January and February.
4. IRIS Metals
Year-to-date gain: 91.74 percent; market cap: AU$113.19 million; current share price: AU$1.16
IRIS Metals (ASX:IR1) is an ASX lithium- and gold-focused explorer that acquired significant properties in 2022. The company says it is the largest landholder of lithium mining claims in South Dakota after it expanded its footprint there by 290 percent. IRIS’ Black Hill lithium projects include four project areas — Dewy, Custer, Ruby and Helen Beryl — the latter two of which are new. The company also has the Kookynie gold project in Western Australia.
After ceasing trading in early January, the company resumed in May after refocusing on lithium. Its share price traded under AU$0.50 through early August, the month it announced the expansion of its South Dakota portfolio. By the end of August, its share price had reached AU$1.12. News from IRIS’ gold property helped drive the company’s share price up through September. Early in the month, IRIS identified new targets at Kookynie and said it would be recommencing exploration; the company ended the month by completing its acquisition of the gold property. On September 19, IRIS’ share price hit a year-to-date high of AU$2.20.
WIth regards to IRIS’ lithium projects, South Dakota granted IRIS two mining licences for the Custer project. “Obtaining mining licences permitting hard rock lithium extraction is a significant achievement for IRIS. To my knowledge, IRIS is probably the only company in the US with hard rock lithium mining licences,” said the company’s executive technical director, Chris Connell. The mining concessions have been dubbed the Black Diamond and Beecher Extended sub-properties. In early November, IRIS commenced bulk sampling at the sites, with drilling anticipated to start in December 2022.
The company recently released an update for its half year ended September 30 and suspended trading on December 20, “pending the release of an announcement regarding a capital raising and proposed transaction.”
5. Global Lithium
Year-to-date gain: 83.92 percent; market capitalisation: AU$476.71 million; current share price: AU$1.83
Global Lithium (ASX:GL1) is focused on its Marble Bar lithium project, located in Western Australia’s North Pilbara Craton; the project’s Archer deposit has been its primary exploration target. Global Lithium acquired an 80 percent interest in the Manna lithium project from Breaker Resources (ASX:BRB) in December 2021.
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.
The company commenced diamond drilling at the Manna project in June, and it has received positive exploration results from its previous drilling at the site as well, including the discovery of “significant lithium bearing pegmatites” that extend 150 metres down dip beyond the current resource. In August, assays from reverse-circulation drilling at the site were released, showing intercepts including 24 metres at 1.03 percent lithium oxide.
With regards to Marble Bar, the company has identified a new lithium-bearing pegmatite at the site, dubbed the Lantern prospect. Metallurgical results received recently from the site show recoveries of 85 percent at a grade of 5.76 percent lithium oxide.
On September 13, news of the highest-grade lithium intercept received so far from drilling at Manna drove the company’s share price to a new year-to-date high of AU$2.93, beating its previous April peak of AU$2.73. The intercept in question showed 3.65 percent lithium oxide over 0.4 metres within an interval of 2.08 percent over 4.3 metres. The company made the decision to acquire 100 percent of the Manna project, and after a AU$111.4 million placement it completed the transaction on November 15.
In December, Global Lithium announced the commencement of a scoping study for Manna with results expected in Q1 of next year; a feasibility study will begin that quarter.
Don’t forget to follow us @INN_Australia for real-time updates!
Securities Disclosure: I, Lauren Kelly, currently hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Latin Resources is a client of the Investing News Network. This article is not paid-for content.
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Lauren gained her education through Douglas College’s Professional Writing program and SFU’s Editing certificate program. She spent many years at Douglas' student newspaper, including a term as Editor-in-Chief. Now nearing five years as part of the INN team, she is passionate about delivering accurate and informative content to investors.
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Lauren gained her education through Douglas College’s Professional Writing program and SFU’s Editing certificate program. She spent many years at Douglas' student newspaper, including a term as Editor-in-Chief. Now nearing five years as part of the INN team, she is passionate about delivering accurate and informative content to investors.
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