Shares in Core Lithium Ltd (ASX: CXO) are slipping today and now trade 4% lower at $1.24 apiece.
Investors were quick to unload Core Lithium shares early on Tuesday with prices faltering immediately from the open.
Despite the calamity, the Core Lithium share price is still well aloft the benchmark S&P/ASX 200 Index (ASX: XJO).
What’s up with the Core Lithium share price lately?
Despite today’s backward step the company’s share price still gained 79% in March, especially after announcing a binding agreement with Tesla.
Core Lithium will supply up to 110,000 tonnes of spodumene concentrate to Tesla as part of the agreement from its Finniss Lithium Project near Darwin. The contract is set for 4 years.
As lithium carbonate continues to defy odds and scream to new heights in 2022, Core Lithium has been riding the wave into shore.
It also announced recently the planned acquisition of the Shoobridge project by the world’s largest gold miner, Newmont Corporation (NYSE: NEM).
The project is set to “provide synergies and complementary lithium growth opportunities” according to management at the time.
Core Lithium is the first company to explore the site at Shoobridge, in the hopes of uncovering lithium deposits on the land.
The company’s Finniss Project is set to produce its first lithium concentrate in the last period of 2022, according to prior language from Core Lithium.
Since the new year began, Core Lithium has tracked the metals and mining index in remarkable fashion (seen below), which is something worth thinking about.
In the last 12 months, the Core Lithium share price has soared over 406% and is up another 110% this year to date.
The post Core Lithium share price clips gains today but remains up 110% for the year appeared first on The Motley Fool Australia.
Should you invest $1,000 in Core Lithium right now?
Before you consider Core Lithium, you’ll want to hear this.
Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Core Lithium wasn’t one of them.
The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.
*Returns as of January 13th 2022
More reading
- Here’s why the Core Lithium share price is in the green on Monday
- These were the best performing ASX lithium stocks in March
- The Core Lithium share price is tumbling again. What’s going on?
- Why is the Core Lithium share price sinking 7% today?
- These are the best ASX lithium stocks so far in 2022
Motley Fool contributor Zach Bristow 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.
from The Motley Fool Australia https://ift.tt/cEyI69W
Leave a Reply