The S&P/ASX 200 Materials Index (ASX: XMJ) might have lifted 0.64%, but three ASX lithium shares practically shot into orbit today, easily outperforming the index.
So which three ASX lithium shares are they, and why did they have such a stellar trading day?
Scorpion Minerals Ltd (ASX: SCN)
The Scorpion Minerals share price soared nearly 24% today. Scorpion raised $3.18 million to explore lithium and other metals at the Pharos Project in Western Australia. The company has already identified multiple lithium targets and plans to start drilling in the June quarter. Scorpion will take advice from renowned WA lithium expert Michael Fotios.
Core Lithium Ltd (ASX: CXO)
Core Lithium surged 12% despite no fresh news from the company today. The Core Lithium share price has exploded a massive 435% in a year. The company is exploring the Finniss Lithium Project in the Northern Territory. Lithium is a critical component of batteries for electric vehicles (EVs). Demand for lithium is surpassing new supplies. On Monday, Core Lithium entered an agreement to acquire a new lithium project.
Lake Resources (ASX: LKE)
Lake Resources shares surged nearly 10% today. The company’s shares have risen 541% in a year. The strong lithium market could also be helping Lake. In news today, CBS reported Honda would invest 5 trillion yen in electric vehicle technology. Honda aims to produce more than 2 million EVs per year by 2030. Also, Bell Potter has recently lifted the price target on the Lake share price by 55% to $2.83. Lake is exploring lithium at the Kachi project in Argentina.
The post 3 ASX lithium shares that rocketed between 10% and 24% today appeared first on The Motley Fool Australia.
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- Here are the top 10 ASX shares today
- Up 427% in a year, Core Lithium share price surges 11% again today
- This ASX miner just raised $3m for new lithium projects, and its shares are soaring 24%
- The Lake Resources share price has surged 56% in a month. What’s happening?
- Why is the Lake Resources share price powering down by 8% today?
Motley Fool contributor Monica O’Shea 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://www.fool.com.au/2022/04/13/3-asx-lithium-shares-that-rocketed-between-10-and-24-today/