From PLS, SYA to CXO: Take a look at top 5 ASX lithium stocks

Highlights:

• Lithium is the least dense metal and solid element.
• Lithium is highly reactive and must be stored in a vacuum or inert atmosphere.
• The production and transportation of lithium are very costly.

Lithium prices have risen fast as global demand for electric vehicles (EVs) has grown. Aluminium, nickel, zinc, and copper prices are all benefiting from the increased demand for electric vehicles.

However, lithium is the least dense metal and solid element; it is unlikely to be replaced in modern electric vehicles by alternatives like nickel. While nickel has been utilised in the past, it has a 40% lower energy density, which means an EV battery requires more metal.

The chemical disadvantage of lithium is its intrinsic instability. Lithium is highly reactive and must be stored in a vacuum or inert atmosphere. Therefore, the production and transportation of lithium are very costly.

Talking about the last month, many ASX 200 mining equities have slumped due to the sharp drop in iron ore prices. The industrial metal has come under siege due to the US currency's rise as a result of a hawkish Federal Reserve.

Also Read: Why is Core Lithium (ASX:CXO) garnering investors’ attention today?

Iron ore is traded in US dollars on international markets; therefore, a rising currency has pulled down the price, cutting profit margins for ASX 200 mining businesses.

At the same time, demand for iron ore in China, Australia's largest export market, remained weak. The Australian share market closed in red today (12 May 2022). The ASX 200 Index, which was 1.75% or 123.70 points down, ended at 6,941.00.

On the other side, ASX 200 Materials Index also fell 1.80% and closed at 16,422.00. Moreover, most sectors were down today, and materials was one of the worst-performing sectors.

On this note, we will discuss the year-to-date performance of the top five ASX lithium stocks.

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Data Source- ASX

Pilbara Minerals (ASX:PLS)

Pilbara Minerals Limited is a mineral exploration, development, and operations firm based in Australia. The company wholly owns the Pilgangoora lithium-tantalum project in Western. Pilbara is situated in West Perth and was founded in 2005.

Shares of Pilbara last exchanged hands at AU$2.45 each on ASX today (12 May 2022). The company's shares have recorded negative growth of around 23% YTD.

Sayona Mining Limited (ASX:SYA)

Sayona Mining is a lithium mining company based in Western Australia and Québec, Canada. The business is searching for Hemistyle gold opportunities in the world-class Pilbara region, while its lithium properties are subject to an earn-in agreement with Morella Corporation (ASX:1MC).

Sayona Mining's shares nosedived today, closed at AU$0.23 each, down 9.995% on ASX. The company's shares have jumped over 70% YTD.

Source: © Mileatanasov | Megapixl.com

Core Lithium Limited (ASX:CXO)

Mineral exploration firm Core Lithium focuses on the Finniss Lithium Project and other potential opportunities in the Northern Territory (NT) and South Australia (SA).

Today, Core Lithium's shares last traded at AU$1.12 per share, down 2.18% from its previous close on ASX. The company's shares have climbed almost 90% YTD.

Piedmont Lithium Inc (ASX:PLL)

Piedmont Lithium develops battery-grade lithium hydroxide and other compounds for the electric vehicle and battery storage markets in the United States. It also produces other minerals required to produce consumer and industrial goods.

Piedmont Lithium's shares closed 9.03% lower at AU$0.66 each. The company's shares have fallen more than 10% YTD.

ioneer Limited (ASX:INR)

ioneer Ltd is a lithium-boron provider situated in Australia. The company is concentrating its efforts on the Rhyolite Ridge Lithium-Boron Project (Rhyolite Ridge) in Nevada. North America and Australia are the two segments in which the company operates. The lithium and boron deposit Rhyolite Ridge is about 25 kilometres west of Albemarle's Silver Peak lithium mine.

ioneer's shares last exchanged hands at AU$0.49 each, down 6.73% from its previous close. The company's shares have recorded negative growth of almost 40% YTD.

Also read: Ioneer (ASX:INR) signs MoU with Nevada’s NexTech Batteries