How Did Lithium Stocks Perform This Year – CXO, GLN, PLS, GXY 

  • Apr 13, 2019 AEST
  • Team Kalkine
How Did Lithium Stocks Perform This Year – CXO, GLN, PLS, GXY 

Core Lithium Limited (ASX: CXO)

Core Lithium Limited (ASX: CXO) announced to expand its Offtake Agreement with Yahua for its 100% owned Finniss Lithium Project, which is located near Darwin in the Northern Territory. Yahua (one of the largest lithium producer in China) is a wholly owned subsidiary of Sichuan Yahua Industrial Group Co. Ltd.

Under the agreement, Finniss Lithium Project will receive a supply of Li2O concentrate from the mineral lease and exploration license containing the grants and BP33 lithium deposits until 30 November 2023, with the delivery of 300,000 dry metric tonnes of Li2O concentrate. As per the Offtake Agreement, Yahua will have a first right to refuse over Li2O concentrate offtake produced from the lithium deposits up to the greater of 300,000 tonnes of Li2O concentrate or 50% of the forecast production for any CY. Meanwhile, the stock is trading at $0.054 per share at market close on 12 April 2019 and appreciated 27.91% on six months basis.

Galan Lithium Limited (ASX: GLN)

Galan Lithium Limited (ASX: GLN) successfully completed drillhole C?03?19 to a depth of 430m after encountering fractured basement at 398m. Drillhole C?03?19 took place at the Candelas Lithium Brine Project located immediately to the southeast of the Hombre Muerto salar in Argentina. Several packer tests of brine undertaken from a depth of 276m returned high conductivity levels, ranging from 183 to >200 mS/cm These preliminary samples have been sent to the laboratory for analysis with results expected next week.

GLN raised gross proceeds of $4,000,000 through a share placement to professional and sophisticated investors from Australia and North America. Under the capital raising plan, total of 14,545,455 shares will be issued at an issue price of $0.275/share from the company’s available issuing capacity. Barclay Wells Limited was the Lead Manager for the placement, and Tectonic Advisory Partners acted as the North American placement agent. The objective of fund raising was to continue and expand its drilling campaigns along the Candelas channel at the Hombre Muerto Lithium project in Argentina, start initial resource work and for working capital arrangements.

On the stock performance front, at market close on 12 April 2019, the stock of GLN was trading at $0.345, up 1.471%, with a market capitalisation of $38.45 million. The stock has generated a positive YTD return of 25.93%.

Pilbara Minerals Limited (ASX: PLS)

Pilbara Minerals Limited (ASX: PLS) started a partnering process for Stage 3 offtake with future Joint venture chemical conversion facilities. Also, PLS intends to sell its minority project interest in Pilgangoora of between 20% to 49%. The proposed Stage 3 project will see Pilgangoora processing capacity expansion of 7.5Mtpa. It will deliver spodumene concentrate (an average of 1.2Mtpa of ~6%) and tantalite concentrate (~1.1Mlbspa of 30%) over a period of 15 years with a potential to extend beyond 15 years. Management understands the development is a crucial step towards Pilbara Minerals’ long-term strategy and value unlocking of the Pilgangoora deposit that will place PLS as a fully integrated player in the lithium raw materials and chemicals value chain.

The stock is currently trading at $0.715 per share at market close on 12 April 2019, with a market cap of $1.29 billion. The stock has generated a negative return of 13.04% in the last one-year.

Galaxy Resources Limited (ASX: GXY)

Galaxy Resources Limited (ASX: GXY) announced Mr. Simon Hay as its new CEO w.e.f. 1st July 2019. Prior to joining the company, Simon was previously involved with major Australian mining companies like BHP Billiton, Iluka Resources and WMC Resources.

The company communicated about Grand Council of the Cree, the Cree Nation Government and the Cree Nation of Eastmain have entered in a “PDA” to develop James Bay Lithium Mine Project, which is situated ~10 km southeast of the Eastmain River and 100 km east of the community of Eastmain. GXY also announced about the completion of Environmental and Social Impact Assessment for the James Bay Lithium Project.

The stock is currently trading at $1.835 per share at market close on 12 April 2019, available at a price to earnings multiple of 3.50x, with a market cap at $745.77 million. The stock has declined to 22.78% in the last six months as on 11 April 2019.


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