The Core Lithium Ltd (ASX: CXO) share price is on a roll lately, surging 57% over the past month alone.
The company’s shares surged nearly 10% on Monday to close at $1.235.
So what is the deal with Core Lithium shares? Let’s have a look…
What’s happening at Core Lithium?
Core Lithium shares have surged 109% year to date and 201% in the past six months.
One major announcement that had a huge impact on the company’s shares early this month was the signing of a deal with electric vehicle world leader Tesla Inc (NASDAQ: TSLA).
Tesla and Core Lithium have entered a binding term sheet for the supply of 110,000 tonnes of spodumene concentrate during the next four years, as my Foolish colleague Mitch reported.
Core Lithium will source this mineral from the Finniss Lithium Project, near Darwin Port in northern Australia. The Core Lithium share price soared 15% on the day of the announcement.
Also in early March, Core Lithium advised the company had received results from nine diamond drill holes at the Carlton deposit of the Finniss Lithium Project.
Eight of these drill holes intersected with spodumene bearing pegmatite mineralisation. The company plans to provide a further update on this project in the second quarter of 2022.
Additionally, lithium shares including Core Lithium soared on Monday amid “bullish sentiment in the sector”, my colleague James reported yesterday.
The lithium carbonate price has surged nearly 266% in a month, according to data from trading economics.
Core Lithium is one of the top-performing lithium stocks on the ASX in 2022. The Core Lithium share price also hit record highs in 2021, exploding 300%.
Core Lithium share price snapshot
The Core Lithium share price has rocketed by 18% in the past week and a mammoth 449% in the past year.
In comparison, the S&P/ASX 200 Index (ASX: XJO) has climbed roughly 8% in the last year.
The company has a market capitalisation of about $2.1 billion based on the current share price.
The post The Core Lithium (ASX:CXO) share price just keeps climbing. What’s the deal? appeared first on The Motley Fool Australia.
Should you invest $1,000 in Core Lithium right now?
Before you consider Core Lithium , you’ll want to hear this.
Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Core Lithium wasn’t one of them.
The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.
*Returns as of January 13th 2022
More reading
- Why Block, Core Lithium, Liontown, and Qube shares are rising
- These are the top performing ASX lithium stocks so far in 2022
- Up 414% in a year, why is the Core Lithium (ASX:CXO) share price leaping 11% today?
- Why Core Lithium, Nickel Mines, SG Fleet, and Whitehaven Coal are pushing higher
- Why Argosy Minerals, Block, Core Lithium, and Mineral Resources are storming higher
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://ift.tt/mucOzrR
Leave a Reply