In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed Wall Street’s lead and is charging higher. At the time of writing, the benchmark index is up 1.1% to 7,259.6 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are storming higher:

Alkane Resources Limited (ASX: ALK)

The Alkane Resources share price is up 4% to $1.09. This morning the gold miner revealed the initial inferred mineral resource for the Boda Deposit in central west New South Wales. The release reveals that Alkane estimates the deposit’s mineral resource to be 10.1 million ounces of gold equivalent.

Block Inc (ASX: SQ2)

The Block share price is up 9% to $128.07. This mirrors a similarly strong gain by the payments giant’s NYSE listed shares on Friday night. Investors were buying tech shares on Wall Street after data showed that US inflation is slowing. It isn’t just Block rising today. The S&P ASX All Technology index is up 3.4% this afternoon.

Bubs Australia Ltd (ASX: BUB)

The Bubs share price has surged 56% higher to 71.3 cents. This follows news that Bubs has signed a deal with the Biden Administration in the United States for the supply of 1.5 million tins of infant formula. This was in response to infant formula shortages due to the closure of a major manufacturing plant. The A2 Milk Company Ltd (ASX: A2M) share price is also racing higher amid optimism that it could also benefit from shortages.

Telix Pharmaceuticals Ltd (ASX: TLX)

The Telix share price is up 7% to $4.57. Investors have been buying the biopharmaceutical company’s shares after it released an update on the reimbursement status of its prostate cancer imaging agent, Illuccix. Telix advised that Illuccix will be eligible for a full US Centers for Medicare and Medicaid Services and health insurance reimbursement from July 1. The same day, Medicare Benefits Schedule funding will cover the initial staging of intermediate to high-risk patients with prostate cancer in Australia.

The post Why Alkane Resources, Block, Bubs, and Telix shares are storming higher appeared first on The Motley Fool Australia.

More reading

• ASX 200 midday update: AGL demerger scrapped, A2 Milk jumps
• Why is the A2 Milk share price climbing 11% on Monday?
• Why is the Block share price surging 8% higher today?
• Bubs share price rockets 77% on US deal with Biden Administration
• 5 things to watch on the ASX 200 on Monday

Motley Fool contributor James Mickleboro has positions in TELIXPHARM DEF SET. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Block, Inc. The Motley Fool Australia has positions in and has recommended Block, Inc. The Motley Fool Australia has recommended A2 Milk and BUBS AUST FPO. 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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The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price is trading largely flat on Monday.

In afternoon trade, the banking giant’s shares are fetching $25.67.

This is actually a decent result for the ANZ share price given the bank’s announcement this morning.

ANZ share price flat despite announcement

This morning ANZ acknowledged that Australia’s corporate regulator, Australian Securities and Investments Commission (ASIC), has commenced a civil legal proceeding against it.

According to the release, the claim relates to the available funds and balances on a group of customer’s credit cards.

The bank explained:

ASIC’s claim relates to a particular situation where funds are deposited to put a credit card account into a credit balance, and a cash advance is subsequently made on the account drawing down on the credit balance before the deposit is processed.

ASIC is alleging historic and ongoing contraventions of the misleading or deceptive conduct provisions of the ASIC Act and of the general conduct obligations owed by credit licensees under the Credit Act, relating to the display of recently deposited funds in customer accounts.

What now?

ANZ revealed that it is considering the matters raised by ASIC but will not be providing further comment. This is because the matter is now before the court.

However, judging by the relatively flat ANZ share price on Monday, investors don’t appear to believe that the proceeding will result in a material penalty.

The post ANZ share price largely unfazed by ASIC law suit appeared first on The Motley Fool Australia.

More reading

• The corporate cop is suing ANZ: share price on watch
• The ANZ share price is ‘trading at its largest discount to its peers in 15 years’: Is this justified?
• Own ANZ shares? The bank is amping up competition between its big four peers
• ASX shares paid out a record $98b in dividends in the 12 months to March. Which are the star performers?
• ANZ shares backtrack despite the bank bolstering its board

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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The Woodside Energy Group Ltd (ASX: WDS) share price is back in the green this afternoon after starting the week out on the wrong foot.

The oil and gas producer’s stock dipped by nearly 0.5% earlier today, despite rising oil prices.

Fortunately, it’s since turned itself around. At the time of writing, the Woodside share price is $30.33, 0.63% higher than its previous close.

For context, the S&P/ASX 200 Index (ASX: XJO) is up 0.81% right now.

Let’s look at what might be going on with the energy share on Monday.

What’s going on with Woodside today?

The Woodside share price is back in the green amid higher oil prices.

Global oil prices lifted on Friday with traders tipping demand to continue in the near future, according to CommSec.

The Brent crude oil price increased 1.7% to reach US$119.43 while US Nymex crude rose 0.9% to US$115.07 a barrel.

Of course, higher oil prices could mean good things for oil producers’ bottom lines.

Interestingly, the S&P/ASX 200 Energy Index (ASX: XEJ) is one of just two ASX 200 sectors trading lower on Monday.

It’s currently down 0.23%, with its fall led by the share prices of Viva Energy Group Ltd (ASX: VEA) and Whitehaven Coal Ltd (ASX: WHC). They’ve both dropped more than 2.5%.

In fact, only four of the sector’s constituents are recording gains right now. The Paladin Energy Ltd (ASX: PDN) share price is up 3.36%.

Joining Paladin and Woodside in the green is Washington H Soul Pattinson and Co Ltd (ASX: SOL) and Worley Ltd (ASX: WOR).

Woodside share price snapshot

The Woodside share price has been outperforming recently.

It’s currently 33.8% higher than at the start of 2022.

Woodside shares have also gained 39% over the last 12 months.

Based on the current share price, Woodside Energy has a market capitalisation of $29.65 billion, with nearly 984 million shares outstanding.

The post Why is the Woodside share price bouncing back on Monday? appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Monday
• Why we’re still buying ASX 200 shares that are ‘high emitters’: fundie
• TGIF: Here’s why ASX 200 energy shares are outperforming today
• ‘We’re close to the bottom’: Expert flags share market sectors to buy before the rally
• 5 things to watch on the ASX 200 on Friday

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 positions in and has recommended Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia has positions in and has recommended Washington H. Soul Pattinson and Company Limited. 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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The Paradigm Biopharmaceuticals Ltd (ASX: PAR) share price is heading north during early afternoon trade on Monday.

This follows the company’s latest announcement regarding a key appointment to its senior management team.

At the time of writing, the biopharmaceutical company’s shares are rocketing 5.81% to $1.275.

Paradigm appoints new CEO

Investors are pushing Paradigm shares higher after the company bolstered its management team with an experienced pharmaceutical industry executive.

In its release, Paradigm advised it has appointed Marco Polizzi as its full-time CEO, effective 1 July 2022.

Mr Polizzi is set to replace Dr Donna Skerrett who is currently serving as the company’s interim CEO.

Moving forward, Dr Skerrett will continue her role as chief medical officer in overseeing the global phase 3 clinical programs for Zilosul.

Incoming CEO Mr Polizzi, brings a wealth of knowledge to the senior leadership team, with 30 years’ experience in the pharmaceutical industry. This includes the creation of new divisions within branded and generic pharmaceutical businesses.

In these roles, Mr Polizzi attained exceptional sales results, forged a multitude of licenses, asset purchases, and other agreements with multiple top 10 global pharmaceutical companies.

Furthermore, he has a proven track record stemming from several successful business and product launches in the United States.

Mr Polizzi developed a new Institutional (Hospital & Specialty Markets) business unit at Sandoz. This resulted in the growth of $900 million, while directing all commercial functions for the Bivalirudin product launch. The latter achieved $100 million+ sales in its first year.

Management commentary

Paradigm chair, Paul Rennie touched on the new appointment, saying:

We expect that Marco’s, broad expertise will lead Paradigm in attaining its strategic program objectives and increase shareholder value.

Paradigm has been seeking a CEO with the skills to fully unlock the commercial value of the company.

Marco brings to Paradigm extensive US pharmaceutical experience, a pharmaceutical industry network, operational excellence, transactional expertise, product launch and product pricing and reimbursement experience.

We are confident that this experience will provide significant development and commercial value to Paradigm.

Marco will commence his tenure with Paradigm on 1 July 2022. He will be based in the United States and travel to Australia, Europe and Asia as required.

Paradigm share price review

Over the past 12 months, the Paradigm share price has continued to fall, reflecting a 40% loss for the period.

When looking at 2022, the company’s shares are down roughly 32%.

Based on today’s price, Paradigm commands a market capitalisation of around $261.74 million.

The post Why is the Paradigm share price is surging 6% today? appeared first on The Motley Fool Australia.

More reading

• ANZ share price largely unfazed by ASIC law suit
• Why is the Woodside share price bouncing back on Monday?
• Liontown Resources share price leaps 4% amid Tesla offtake extension
• Here’s why the Vulcan share price is charging 6% higher
• In long-term investing, market volatility should be an afterthought

Motley Fool contributor Aaron Teboneras 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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The Liontown Resources Ltd (ASX: LTR) share price is basking in a bright green haze on Monday.

In a positive start to the week, shares in the battery metals exploration company are currently 3.8% ahead of their previous closing price at $1.37 apiece. Investors were even more eager earlier this morning, bidding the Liontown Resources’ share price up almost 6% to an intraday high of $1.395.

Excitement gripped the company amid news it has secured an extended offtake term sheet with Tesla Inc (NASDAQ: TSLA).

More time to flesh out supply agreement

On a day riddled with strong performances across the lithium and battery materials sector, Liontown Resources is no exception. With its trading volume above average for this time of day, the $2.9 billion lithium hopeful has attracted attention with its latest announcement.

According to Liontown, it has mutually agreed with US electric vehicle powerhouse Tesla to extend its previously formed offtake term sheet. As a result, the termination date for the agreement has been pushed back to 6 June 2022.

The deal was set to expire today if the two parties had not completed negotiations for a definitive agreement. Thankfully for the Liontown Resources share price, the extension provides another week to iron out the full form binding offtake agreement.

The deal concerns the supply of 150,000 dry metric tonnes per annum of spodumene concentrate. This is to be sourced from the company’s Kathleen Valley Lithium project in Western Australia.

Further, the extension follows Liontown’s binding offtake agreement with LG Energy Solution, cemented on 2 May.

Reflecting on the Liontown Resources share price

Despite a pullback from its recent all-time high in April, the Liontown Resources share price continues to exceed benchmark returns on a trailing 12-month basis.

While the S&P/ASX 200 Index (ASX: XJO) is hanging on to a 1% gain in the last 12 months, shares in the lithium explorer are up an explosive 142% in that time.

As my colleague Tony Yoo penned earlier today, Macquarie Group Ltd (ASX: MQG) holds a positive outlook on the Liontown Resources share price. Analysts at the investment bank have stamped the company with a $2.50 price target.

The post Liontown Resources share price leaps 4% amid Tesla offtake extension appeared first on The Motley Fool Australia.

More reading

• 3 ASX lithium shares set to roar back: experts
• ASX 200 midday update: Appen crashes, lithum shares jump
• Brokers name 3 ASX 200 lithium shares primed to take off
• Why are ASX 200 lithium shares kicking goals today?
• New or old energy: Have oil producers bested ASX lithium shares?

Motley Fool contributor Mitchell Lawler has positions in Macquarie Group Limited and Tesla. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Tesla. The Motley Fool Australia has recommended Macquarie Group Limited. 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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The Vulcan Energy Resources Ltd (ASX: VUL) share price has started the week strongly.

In afternoon trade, the lithium developer’s shares are up 6% to $7.97.

Why is the Vulcan share price storming higher?

The Vulcan share price is charging higher today after investor sentiment in risk assets improved greatly.

This has been driven by the release of economic data in the United States, which shows that inflation slowed in April from a multi-decade high in March.

This has sparked hopes that the US won’t fall into a recession and that the US Federal Reserve won’t need to be as aggressive with its rate hikes.

The latter bodes well for higher risk assets like lithium shares, which have seen their valuations come under significant pressure in recent months.

Anything else?

It isn’t just the Vulcan share price that is rising today. A number of other lithium shares are rising today.

Core Lithium Ltd (ASX: CXO), Lake Resources N.L. (ASX: LKE), and Liontown Resources Limited (ASX: LTR) shares are also recording solid gains today.

As well as getting a boost from improvements in risk sentiment, optimism that lithium prices will remain higher for longer has given the sector a lift in recent sessions.

A key driver of this was the recent BMX auction update from Pilbara Minerals Ltd (ASX: PLS), which revealed another record lithium price received. Furthermore, it was well ahead of what analysts Macquarie Group Ltd (ASX: MQG) were expecting.

This appears to indicate that the lithium market has remained strong despite rising inflation and concerns over global economic growth.

The post Here’s why the Vulcan share price is charging 6% higher appeared first on The Motley Fool Australia.

More reading

• Up 6%, why has the Vulcan share price surged higher today?
• Do Vulcan Energy shares pay dividends?
• Who wants to be a millionaire? If only you’d invested $10,000 in these ASX shares 10 years ago
• Why has the Vulcan share price tumbled 25% in a month?
• Vulcan share price pops 5% on future lithium expectations

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 recommended Macquarie Group Limited. 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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Today is a huge day for AGL Energy Limited (ASX: AGL) and, according to a major opponent of the company’s previously planned demerger Mike Cannon-Brookes, it’s a “huge day for Australia” too.

The company has ditched its intent to separate into coal-fired power focused Accel Energy and energy retailer AGL Australia. The decision has also spurred the resignation of its CEO, chair, and two directors.

Let’s look back at the Atlassian Corporation (NASDAQ: TEAM) boss’ campaign against the S&P/ASX 200 Index (ASX: XJO)’s company’s split.

Cannon-Brookes celebrates as AGL split abandoned

AGL had faced vehement opposition to its previously planned demerger – most notably from Cannon-Brookes.

The billionaire snapped up an 11.28% stake in AGL earlier this month so he could vote ‘no’ on the split.

He is today celebrating the successful campaign brought about through his investment vehicle Grok Ventures.

Wow. A huge day for Australia

Had to sit down & take it in. This live shot couldn’t be a better metaphor for a better, greener path ahead

We embrace the opportunities of decarbonisation with Aussie courage, tenacity & creativity.

Lots of work but we CAN do this pic.twitter.com/mSCQl554C0

— Mike Cannon-Brookes (@mcannonbrookes) May 29, 2022

https://platform.twitter.com/widgets.js

The Keep it together Australia campaign aimed to convince shareholders to join Cannon-Brookes in opposing the split.

It claimed the company should increase its investment in renewable energy rather than separate.

The demerger will create an energy retailer that is committed to buying most of its energy requirements from a generation business that is heavily reliant on coal-fired power.

AGL is stronger as a single entity that takes advantage of its vertically integrated model to accelerate the shift to green energy.

Keep it together Australia

The company’s rebuttals to such claims – and an independent expert’s tick of approval – were seemingly unsuccessful.

“AGL Energy believes the demerger proposal will not receive … the 75% approval threshold,” the company admitted this morning.

AGL chair Peter Botten and AGL CEO and managing director Graeme Hunt will resign following the plan’s abandonment and after finding suitable replacements, Jacqueline Hey and Diane Smith-Gander will also resign from the AGL board.

Cannon-Brookes has previously noted Grok Ventures intends to fight for two board seats, saying:

We want to ensure that AGL has the talent, capital, capability and oversight that is required to embrace the opportunity presented by decarbonisation.

The post AGL demerger news ‘huge day for Australia’: Mike Cannon-Brookes appeared first on The Motley Fool Australia.

More reading

• ASX 200 midday update: AGL demerger scrapped, A2 Milk jumps
• AGL share price deflates 4% in light of new future
• AGL share price on watch as demerger scrapped
• 5 things to watch on the ASX 200 on Monday
• How do ASX shares typically perform following a demerger?

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 positions in and has recommended Atlassian. 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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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

Market volatility is as much of a part of the stock market as the stocks themselves. It’s always been that way, and I’m willing to bet my last two quarters that it’ll always be that way. For investors, the sooner you get comfortable with volatility, the better, because you learn not to let short-term movements affect your long-term investing strategy and goals.

Here’s why market volatility should be an afterthought if you’re a long-term investor. 

Don’t let market drops make you panic-sell

Imagine if you were an investor in the S&P 500 and decided to sell your shares during the beginning of the COVID-19 pandemic when stock prices dropped. On March 20, 2020, the S&P was just above 2,300. However, as of May 25, 2022, the S&P 500 is around 3,960 — even with the S&P 500 down over 17% YTD.

The same goes for the Nasdaq Composite index. During the pandemic, it dropped from over 9,731 to just above 6,879, yet as of May 2022, it sits above 11,300 — while being down over 28% YTD. Abandoning your investments because of market downturns can not only be costly because of the potential taxes, but it can also take away from future gains. Panic selling can be pricey.

Time in the market matters

One of the best investing quotes to follow is “time in the market is better than timing the market.” First, it points to the very real fact that timing the market is all but impossible to do consistently long term. Investors may think they can do it, but generally, all it takes is a bit of time to show them why that thought is misguided. On the other end, the quote showcases the huge role time can play in compounding your investments.

Compounding occurs when the money you make on investments begins to make money on itself, and it’s largely responsible for how many people acquire their wealth. For compounding to work its magic, though, it needs time. And part of giving it that time is not abandoning your investments — or making decisions that go against your better interest long term — when you experience short-term volatility, regardless of how “extreme” it may seem at the time.

Embrace dollar-cost averaging

With dollar-cost averaging, you invest specific amounts at regular intervals, no matter what the stock’s price is at the time. Dollar-cost averaging is a great investing strategy because it can take a lot of the emotions out of investing, which is particularly important during periods of high volatility because it’s easy for investors to let their emotions impact their investing decisions.

How you’d prefer to break down your investments is all on you. It can be weekly, bi-weekly, monthly, quarterly, or whatever. What’s most important is that you set a specific schedule and stick to it. If you have a set schedule, it’s easy to ignore market volatility because it doesn’t (or at least shouldn’t) matter to you anyways. Think about your 401(k) plan: Each paycheck, money is taken out and invested into your elections, regardless of the investment’s price at the time.

That’s essentially how you want your investing process to work. Ignore short-term market volatility and keep your eyes on the prize with your long-term goals. You’ll be glad you did. 

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post In long-term investing, market volatility should be an afterthought appeared first on The Motley Fool Australia.

More reading

• Why has the Core Lithium share price surged 6% today?
• ASX 200 midday update: AGL demerger scrapped, A2 Milk jumps
• Why now could be a good time to invest in Vanguard Msci Index International Shares ETF
• Let Dividend King stocks lead you to the promised land
• Why is the A2 Milk share price climbing 11% on Monday?

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.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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The Core Lithium Ltd (ASX: CXO) share price is on the move today following strong interest from investors.

This comes despite the company not releasing any price-sensitive news to the ASX.

At the time of writing, Core Lithium shares are travelling 6.51% higher to $1.39.

What’s driving Core Lithium shares up and away?

Investors are snapping up Core Lithium shares after the company has been progressing its wholly-owned Finniss Lithium Project.

Since the beginning of the year, the company’s share price ascended on the back of market confidence in lithium demand.

Popular belief is that Core Lithium will need to play a key role in meeting the future lithium supply gap. Many expect supply will need to grow rapidly as the demand for electric vehicles and renewable energy ramps up over the next decade.

Earlier this month, the company provided a development update on its flagship project, which sent Core Lithium shares 9.28% higher.

Management highlighted that the crushing services contract awarded to CSI Mining Services will begin mobilisation to the site next month.

The crushed ore will be stockpiled before being processed to make spodumene concentrate by the dense media separation (DMS) plant. This will then be ready for export to Core Lithium customers.

Core Lithium is building Australia’s most advanced lithium project, with first production of lithium concentrate scheduled in Q4 2022.

Once online, the Finniss Lithium Project will be the first Australian lithium-producing mine outside Western Australia.

The Australian government is focused on increasing the capabilities of onshore refinement of critical minerals.

Last year, the Australian federal government awarded Core Lithium’s Finniss site Major Project Status (MPS).

Achieving MPS underlines the importance of the strategic significance of this project to Australia. It provides extra support, including a single-entry point for regulatory approvals, project support and coordination with government authorities.

Core Lithium share price snapshot

It has been a stellar year for Core Lithium shares, surging to a record high of $1.675 before taking a slight breather.

When looking at the past 12 months, the miner’s shares are up an outstanding 470%.

Based on today’s price, Core Lithium has a market capitalisation of roughly $2.26 billion, with over 1.73 billion shares outstanding.

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

More reading

• Why has the Core Lithium share price surged 6% today?
• Here’s why the Core Lithium share price is storming higher
• Here are the top 10 ASX shares today
• Lighting up the market: ASX lithium stocks surge again on Tuesday
• Here’s why the Core Lithium share price is racing higher today

Motley Fool contributor Aaron Teboneras 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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The Core Lithium Ltd (ASX: CXO) share price is on the move today amid strong interest from investors.

This comes despite the company not releasing any price-sensitive news to the ASX.

Core Lithium shares are trading up 4.98% at $1.37 at the time of writing, after hitting an intraday high 6.51% higher at $1.39. The S&P/ASX 200 Index (ASX: XJO) is also in the green today, currently up 0.92%.

What’s driving Core Lithium shares up and away?

Investors are snapping up Core Lithium shares after the company has been progressing its wholly-owned Finniss Lithium Project.

Since the beginning of the year, the company’s share price ascended on the back of market confidence in lithium demand.

Core Lithium is among ASX lithium shares likely to play a key role in meeting a future lithium supply gap. This is expected to grow rapidly as the demand for electric vehicles and renewable energy ramps up over the next decade.

Earlier this month, the company provided a development update on its flagship project which sent Core Lithium shares 9.28% higher.

Management highlighted that the crushing services contract awarded to CSI Mining Services will begin mobilisation to the site next month.

The crushed ore will be stockpiled before being processed to make spodumene concentrate by the Dense Media Separation (DMS) plant. This will then be ready for export to Core Lithium customers.

Core Lithium is building Australia’s most advanced lithium project, with the first production of lithium concentrate scheduled in Q4 2022.

Once online, the Finniss Lithium Project will be the first Australian lithium-producing mine outside of Western Australia.

The Australian government is focused on increasing the capabilities of onshore refinement of critical minerals.

Last year, Core Lithium’s Finniss was awarded Major Project Status (MPS) by the Australian federal government.

Achieving MPS underlines the importance of the strategic significance of this project to Australia. It provides extra support, including a single-entry point for regulatory approvals, project support and coordination with government authorities.

Core Lithium share price snapshot

It has been a stellar year for Core Lithium shares, surging to a record high of $1.675 before taking a slight breather.

When looking at the past 12 months, the Core Lithium share price is up an outstanding 470%.

Based on today’s price, Core Lithium has a market capitalisation of roughly $2.26 billion, with more than 1.73 billion shares outstanding.

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

More reading

• Why is the Core Lithium share price up 6% today?
• Here’s why the Core Lithium share price is storming higher
• Here are the top 10 ASX shares today
• Lighting up the market: ASX lithium stocks surge again on Tuesday
• Here’s why the Core Lithium share price is racing higher today

Motley Fool contributor Aaron Teboneras 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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