Why has the Core Lithium share price already surged 18% this year?

The Core Lithium Ltd (ASX: CXO) share price is continuing its upward trajectory into the new year.

Its latest gains have come amid exciting news of the company’s Finniss Lithium Project and similar rises among its S&P/ASX 200 Index (ASX: XJO) peers.

Right now, the Core Lithium share price is $1.198. That’s 1.8% higher than it was at Wednesday’s close and 18% higher year to date.

For comparison, the ASX 200 is up 0.98% today and has gained almost 5% since the end of last year.

Let’s take a look at what’s been going on with the lithium favourite over the last 12 days.

Why has the Core Lithium share price jumped 18% in 2023?

This year is shaping up to be a big one for Core Lithium, and its share price has started off strong. Interestingly, however, there’s been no price-sensitive news from the company in 2023.

Though, it did announce the maiden shipment of lithium from its Finniss Project project had set sail last week. The shipment marks its first revenue event. It commanded a price of US$951 per dry metric tonne, or around US$14.25 million.

Just days after announcing the shipment, Core Lithium revealed another significant change to occur in 2023.

The company will relocate from Adelaide to Perth – dubbed “Australia’s lithium hub” by CEO Gareth Manderson – later this year.

But the big news of 2023 is still yet to come. Core Lithium is expected to announce the Finniss Project’s first spodumene concentrate production this half.

How have other ASX 200 lithium shares performed year to date?

The Core Lithium share price has been far from alone in its gains in 2023. Here’s how some other market favourites have been performing so far this year:

• The Sayona Mining Ltd (ASX: SYA) share price has surged 24% year to date
• That of Liontown Resources Ltd (ASX: LTR) has also leapt 26% in 2023
• Shares in Lake Resources NL (ASX: LKE) have soared 13% this year
• Allkem Ltd (ASX: AKE) stock is up 15% year to date
• The Pilbara Minerals Ltd (ASX: PLS) share price has gained 12% in 2023
• Mineral Resources Ltd (ASX: MIN) stock is up 18% year to date

The post Why has the Core Lithium share price already surged 18% this year? appeared first on The Motley Fool Australia.

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More reading

• Will Core Lithium turn a profit in 2023?
• Here are the 3 most heavily traded ASX 200 shares on Tuesday
• These 3 ASX 200 lithium shares outperformed all others in 2022
• Could higher global EV sales boost ASX 200 lithium shares?
• Here are the 3 most heavily traded ASX 200 shares on Monday

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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