ASX lithium shares were in the spotlight in the September quarter amid predictions demand for the battery-making material could skyrocket in the near future.
In fact, a recent report from the Australian Government tipped the nation’s exports of the commodity to increase more than tenfold from 2020-21 to 2022-23, coming in at $13.8 billion this financial year.
That’s expected to be driven by surging lithium prices. Those invested in ASX lithium shares likely jumped for joy when they learnt the government expects lithium hydroxide to trade at US$51,510 a tonne next year.
But some stocks involved with the material performed better than others last quarter. Indeed, one ASX lithium stock saw its value triple over the three months ended 30 September.
For context, the benchmark All Ordinaries Index (ASX: XAO) slumped 1% in that time.
Keep reading to find out which ASX lithium shares topped all others last quarter.
A quick note; only shares with market capitalisations of at least $100 million were considered for inclusion.
3 ASX lithium shares outperforming all others in Q1
The biggest gains of any ASX lithium share last quarter were posted by the Anson Resources Ltd (ASX: ASN) share price. It surged a whopping 210.5% to finish September at 29.5 cents.
However, that’s a long way down from the all-time high of 47.5 cents it posted last month.
Like many of its gains last quarter, that surge came on the back of news of the company’s flagship Paradox Lithium Project in Utah. A definitive feasibility study completed at the project in early September confirmed its “outstanding economics” and future potential.
Anson Resources was joined in the green by S&P/ASX 200 Index (ASX: XJO) lithium share Pilbara Minerals Ltd (ASX: PLS). The Pilbara Minerals share price launched 99% last quarter to close September at $4.56.
The major news from the lithium giant during that time was of its maiden profit. The company posted a $561.8 million after-tax profit for financial year 2022 in August.
And finally, the third best-performing ASX lithium share of the September quarter was Global Lithium Resources Ltd (ASX: GL1). The company’s share price rocketed 90% to $2.20 over the period.
That saw the stock a whopping 1,000% higher than the company’s initial public offering (IPO) asking price of 20 cents. It floated on the ASX in May 2021.
Much of the news from the company last quarter regarded its 80%-owned Manna Lithium Project in Western Australia. The project’s mineral resource estimate is expected to be updated this quarter.
The Global Lithium Resources share price also gained 19% when Mineral Resources Limited (ASX: MIN) upped its stake in the company to 8% last month.
The post Charging up: Here are the 3 top performing ASX lithium shares of Q1 appeared first on The Motley Fool Australia.
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More reading
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Motley Fool contributor Brooke Cooper 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 Scott Phillips.
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