These were the best performing ASX lithium shares in September

asx share price increase represented by golden dollar sign rocketing out from white domes of lithium

The market may have tumbled lower in September, but that didn’t stop a number of shares in the lithium sector from charging higher.

Among the movers, a few really stood out. Here’s why these were the best performing lithium shares in September:

Ioneer Ltd (ASX: INR)

The Ioneer share price was the best performer among the lithium miners last month with a 54% gain. Some of this appears to have been driven by the announcement of an agreement to form a joint venture with Sibanye Stillwater to develop the flagship Rhyolite Ridge Lithium-Boron Project in Nevada, USA. According to the release, Sibanye-Stillwater will contribute US$490 million for a 50% interest in the joint venture. Ioneer will maintain a 50% interest and retain operatorship. The agreement also gives Sibanye-Stillwater an option to participate in 50% of the North Basin operation.

Liontown Resources Ltd (ASX: LTR)

The Liontown Resource share price was a strong performer last month with a 48% gain. There were a few catalysts for this gain. One was news that the emerging lithium producer is planning to separate its non-lithium assets in the coming weeks. This will allow the company to focus on its wholly-owned Kathleen Valley Lithium Project. Another positive supporting its shares was its addition to the ASX 300 index at the quarterly rebalance.

Novonix Ltd (ASX: NVX)

The Novonix share price wasn’t far behind with a 47% gain. Investors have been buying the battery technology company’s shares since it announced an agreement with Phillips 66 in August. That agreement saw the US energy giant acquire a 16% stake in Novonix. Phillips 66 expects the deal to support its development of an entirely domestic supply chain for the growing US electric vehicle (EV) market. Whereas Novonix revealed that the investment will provide it with the capital needed to support growth and ongoing R&D. This includes the scaling of its synthetic graphite production and the development of new technologies for higher-performance energy storage applications. Novonix was also added to the ASX 300 index.

AVZ Minerals Ltd (ASX: AVZ)

The AVZ share price was on form and surged 37% higher in September. A key driver of this gain was an announcement late in the month from the lithium developer. AVZ announced a transaction implementation agreement with Suzhou CATH Energy Technologies (CATH) that will see CATH pay US$240 million in cash for a 24% equity interest in a multi-faceted joint venture to develop the Manono Lithium and Tin Project. CATH will also contribute its pro rata portion of funding for the development of the project in the Democratic Republic of the Congo.

The post These were the best performing ASX lithium shares in September appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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