Why is the Core Lithium share price soaring 6% today?

The Core Lithium Ltd (ASX: CXO) share price is outperforming multiple ASX lithium shares today.

Core Lithium shares just soared 7% to 85.5 cents. However, they have now pulled back slightly and are up 5% on yesterday’s close, fetching 84.5 cents. For perspective, the S&P/ASX 200 Index (ASX: XJO) is sliding 0.04% today.

Let’s take a look at what’s going on with the Core Lithium share price.

What’s happening?

Firstly, ASX lithium shares are having a mixed day on the market today. The Allkem Ltd (ASX: AKE) share price is down 1.49%, while Sayona Mining Ltd (ASX: SYA) shares are climbing 1.28%. Pilbara Minerals Ltd (ASX: PLS) shares are sliding 0.41%, Piedmont Lithium Inc (ASX: PLL) shares are 3.57% in the red and Lake Resources N.L. (ASX: LKE) shares are down 0.54%.

Lithium carbonate (99.5% battery grade) fell 2.88% to US$31,878.19 a tonne on the Shanghai Metals Market on Tuesday.

This morning, Core Lithium provided an update on the company’s Finniss Lithium Operation in the Northern Territory.

A maiden 3,500 tonne shipment of spodumene concentrate (5.6% lithium oxide) is ready for export to Yahua in China.

Core Lithium has achieved this export milestone ahead of schedule, having previously advised the shipment would be ready by the end of April.

The company is now working on production of a 15,000 tonne parcel of spodumene concentrate, also set for delivery to Yahua in the future.

Commenting on today’s news, Core Lithium CEO Gareth Manderson said:

Australia’s newest lithium mine has delivered its first cargo of spodumene
concentrate to the Darwin Port ready for shipping. The product presents well, with
moisture and grade within contractual specifications.

Production of the first concentrate from the Finniss Lithium Operations ahead of
schedule is a significant milestone. I would like to commend the Core Lithium team
for the work they have done to safely start operations and produce concentrate
during this wet season.

Core Lithium is now planning to focus on the “regular delivery of high-quality, reliable volumes of lithium concentrate”.

Broker JP Morgan this week upgraded its rating on Core Lithium to neutral.

Core Lithium share price snapshot

The Core Lithium share price has declined nearly 42% in the last year. However, in the past two years, it has exploded 272%.

Core Lithium has a market capitalisation of about $1.6 billion based on the current share price.

The post Why is the Core Lithium share price soaring 6% today? appeared first on The Motley Fool Australia.

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More reading

• Why are ASX 200 lithium shares having such a miserable week?
• 4 ASX 200 shares just upgraded by brokers, one with 18% upside
• Could this further cloud the outlook for ASX 200 lithium shares?
• What on earth happened to the Core Lithium share price in March?
• These are the 10 most shorted ASX shares this week

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 Scott Phillips.

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