The lithium industry was a great place to be again in October.
During the month, a number of ASX lithium shares recorded strong gains for their shareholders.
Among the highlights are the four All Ords shares listed below. Hereâs how they performed:
Liontown Resources Limited (ASX: LTR)
The Liontown share price was a very strong performer last month and recorded a gain of 26.8%. Investors were buying the lithium developerâs shares after the Western Australia government gave the thumbs up to the mining proposal for a 4Mtpa operation at the Kathleen Valley Lithium Project. This allowed major site works to commence, bringing production ever closer.
Core Lithium Ltd (ASX: CXO)
The Core Lithium share price also smashed the market last month with a 25% gain. This was driven by news that its Finniss lithium mine in Darwin was officially opened. This comes at a time when lithium prices are booming thanks to insatiable demand for the battery making ingredient in the electric vehicle market.
Piedmont Lithium Inc (ASX: PLL)
The Piedmont Lithium share price charged 14.3% higher last month. A good portion of this gain was made late in the month after the lithium developer announced that it had been selected for a US$141.7 million (A$226 million) grant from the US Department of Energy (DOE). These funds will be used to support the construction of the companyâs US$600 million (A$958 million) Tennessee Lithium project, which is aiming to expand the US supply of lithium hydroxide by 30,000 metric tonnes per year.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price was on form again and jumped 11.6% in October. Investors were buying this lithium minerâs shares thanks to the release of another solid quarterly update and the results of two online lithium auctions. The latter revealed prices of US$7,830/dmt (on an SC6.0 CIF China basis) and then ~US$8,000/dmt.
The post These were the best ASX lithium shares to buy in October appeared first on The Motley Fool Australia.
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More reading
- Here are the 3 most traded ASX 200 shares on Tuesday
- These were the best-performing ASX 200 shares in October
- The Core Lithium share price surged 25% in October. Hereâs why
- Top ASX shares to buy in November 2022
- Here are the 3 most traded ASX 200 shares on Monday
Motley Fool contributor James Mickleboro 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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