Once again ASX lithium stocks amped up their shareholders as the sector fired off another green day.
Taking a glance at the market, shares in some of the biggest lithium players such as Mineral Resources Limited (ASX: MIN) and Pilbara Minerals Ltd (ASX: PLS) finished up 5.71% and 5% respectively. Likewise, the slightly smaller end of town posted commendable gains. For example, Core Lithium Ltd (ASX: CXO) and Sayona Mining Ltd (ASX: SYA) closed 9.28% and 5.88% higher.
But what’s fuelling the excitement?
Checking in on ASX lithium stocks
To start with a baseline reading, the S&P/ASX 200 Index (ASX: XJO) inched 0.27% ahead on Tuesday. Clearly, there was something going on for ASX lithium stocks to be 5% or stronger while the rest of the market had an average day.
For a couple of these companies, the rally can be explained by announcements made to the market today that were well received by investors.
For starters, Pilbara Minerals published two notable news items today. This included word of a $20 million government grant alongside Calix Ltd (ASX: CXL) to further develop a decarbonised hard-rock lithium supply chain. Secondly, the lithium producer agreed to sell a base metal exploration tenement for $300,000 plus 2.5% royalties.
Another ASX lithium stock making waves today was Core Lithium. The company released a development update this morning regarding its Finniss Lithium Project located near Darwin.
According to the release, it is anticipating the commencement of ore crushing next month. As such, Core remains on track for production to commence by the end of the year. The development marks an important step in the right direction for the pre-revenue mining company.
As for the remaining ASX lithium stocks, it appears a rising tide lifted all boats. Prices of the all-important battery commodity have remained elevated with forecasts still indicating a future deficit in supply.
The post Lighting up the market: ASX lithium stocks surge again on Tuesday appeared first on The Motley Fool Australia.
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More reading
- Here are the 3 most heavily traded ASX 200 shares on Tuesday
- Why BlueScope, OFX, Pilbara Minerals, and Step One shares are pushing higher
- Here’s why the Core Lithium share price is racing higher today
- ASX 200 midday update: Brambles takeover talks end, resources shares charge higher
- Why is the Pilbara Minerals share price climbing today?
Motley Fool contributor Mitchell Lawler 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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