Yep, the lithium “spod price” appears to in a bit of a funk at the moment. Again
But… here’s some good news from Tier 1 hopeful Winsome Resources
Also up today in ASX lithium land: Greenwing and, well, not too much else
Gold, copper and silver, hell, even the odd REE may have supplanted lithium in the ressie news of late, but don’t discount lithium just yet, or at all.
Especially if you still believe electric vehicles are a massive part of an energy-transformed future and the resource has a huge role to play in that – irrespective of tech challengers, such as sodium-ion.
Look here – the world’s biggest manufacturer/seller of EVs, BYD is pushing into Europe (as of next year at least) with its cheap as chips Dolphin Mini runabout. If the even-cheaper Seagull spreads its wings further over there, too, it’ll put the legacy car makers in even more of a flap.
In #Mexico the #Seagull, renamed Dolphin Mini, has been sold for around 18,250 euros since February 2024 – all this despite the fact that Mexico does not yet have an advanced network of chargers. #BYD now prepares to sell it in #Europe.https://t.co/o6dWnjOq4F#lithium
— Juan Carlos Zuleta (@jczuleta) May 27, 2024
Meanwhile, it has to be said, the Chinese-sponsored lithium “spot” price is looking a little flat to droopy this week.
2024-05-28#Lithium Carbonate 99.5% Min China Spot
Price: $14,669.40
1 day: $-27.60 (-0.19%)
YTD: 7.22%#Spodumene Concentrate (6%, CIF China)
Price: $1,112.00
1 day: $0.0 (0.0%)
YTD: -15.44%
Sponsored by @portofino_porhttps://t.co/YPxNq33P9R
— Lithium Price Bot (@LithiumPriceBot) May 28, 2024
But here’s something locally positive. A couple of notable ASX lithium stocks enjoying some decent news so far this week…
Winsome Resources (ASX:WR1)
This James Bay-focused (Quebec, Canada) $244m market capper is in the green today after announcing a significant increase of the Mineral Resource Estimate (MRE) at its Adina lithium project.
It’s talking a 33% increase to 77.9 million tonnes with a higher-grade lithium content to boot – at 1.15% Li2O.
It’s a big upgrade, with an uptick in lithium carbonate equivalent (LCE) to 2.21Mt Lithium and, says the company, confirms Adina’s positioning as “one of the largest undeveloped lithium deposits in the world”.
The company notes, too, that 61.4Mt at 1.14% Li2O in the higher confidence Indicated category derived from systematic
drilling is a strong foundation for long-life project feasibility studies.
Winsome’s MD Chris Evans is upbeat, stating:
“The update to the MRE affirms the significance of our global resource and solidifies our position and strategic location at the heart of the green energy industry and EV supply chain in North America.
“To increase the resource by almost 20Mt while also enhancing our grade and resource category is an exceptional outcome from our latest phase of systematic drilling. In particular the grade which has been defined close to surface in the Main Zone is a key advantage as we progress the Adina Lithium Project.”
Tier One vibes.
Congrats @ChrisEinPerth and team on today’s great news.
Bigger, higher grade, higher confidence, near surface.
Adina Lithium:
Tier One project
Tier One location
Tier One management
In #lithium you win some, you lose some and you @WInsome, again…#WR1.AX $WR1
Not advice.… https://t.co/tCDDFAUtyV
— Howard Klein (@LithiumIonBull) May 28, 2024
Greenwing Resources (ASX:GW1)
This exploration junior meanwhile is faring decently today, too. Up just about double digits on news of its maiden Mineral Resource Estimate (MRE) at its San Jorge Lithium Project in Argentina.
That’d be an MRE of 0.67 Mt of Indicated Resources and 0.4 Mt of Inferred Resources, for a combined total of 1.07 Mt of Lithium Carbonate Equivalent (LCE).
The company also notes positive specific yield porosity values from lab testing and downhole geophysics
measurements, with values averaging 7.4 % in the volcanics and sediments.
A phase 2 drilling program is now being planned.
The post Eye on Lithium: You lose some you Winsome? WR1 gives off Tier 1 vibes appeared first on Stockhead.
