Itâs a good day to be invested in these tiny ASX lithium shares. Theyâre each gaining more than 20% on the back of exciting announcements.
One has posted notable assay results while another has revealed a cornerstone investment by a lithium giant.
Letâs take a closer look at whatâs going right for two ASX lithium shares you might never have heard of on Wednesday.
2 tiny ASX lithium shares soaring on major announcements
The first ASX lithium stock posting a whopping gain on Wednesday is Azure Minerals Ltd (ASX: AZS). Its share price is rocketing 24.44% at the time of writing to trade at 28 cents. Earlier today, it hit a high of 31 cents a share, an increase of almost 38% on yesterday’s closing price.
And it’s acquisition news that is providing the boost. Azure announced that lithium giant Sociedad QuÃmica y Minera de Chile (NYSE: SQM) intends to buy a 19.99% stake in the tiny ASX lithium share this morning. The stake will cost SQM $20 million, or 25.64 cents per share.
Azure will hold $25 million in cash after the acquisition. It will use the funds to accelerate exploration at its Andover lithium project in the Pilbara.
Azure managing director Tony Rovira commented on the investment, saying:
The new relationship will allow Azure to draw upon SQMâs technical expertise in pegmatite-hosted lithium exploration, project development, production, and marketing, providing Azure with strong support as we look to develop the Andover lithium assets.
The second ASX lithium share you may never have heard of posting huge gains today is Aruma Resources Ltd (ASX: AAJ). Itâs up 34% right now, trading at 7.1 cents.
Its surge comes on news of assay results from the company’s Mt Deans Lithium-Rubidium Project, located in Western Australia.
The latest batch of assays show further high-grade lithium-rubidium intersections. A total of 12 intersections returned grades of more than 1.5% lithium-rubidium of various widths.
The post 2 tiny ASX lithium shares leaping over 20% on BIG news appeared first on The Motley Fool Australia.
Wondering where you should invest $1,000 right now?
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes could be the ‘five best ASX stocks’ for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now…
See The 5 Stocks
*Returns as of January 5 2023
(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}
setButtonColorDefaults(“#43B02A”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#43B02A”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()
More reading
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.
from The Motley Fool Australia https://ift.tt/ApcX6h3
Leave a Reply