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Highlights
- ASX 200 Materials Index fell 2.00%, closed at 17,352.70 on Friday, 6 May 2022.
- Materials was one of the worst-performing sectors today.
- Lithium stocks like Sayona and Core Lithium also closed in red.
The Australian share market closed in red today (6 May 2022). The ASX 200 Index, which was 2.16% or 159.10 points down, ended at 7,205.60.
On the other side, ASX 200 Materials Index also fell 2.00% and closed at 17,352.70. Moreover, most sectors were down today, and materials was one of the worst-performing sectors.
On this note, we will discuss about the performance of three ASX lithium stocks.
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Sayona Mining Limited (ASX:SYA)
Sayona Mining is a lithium mining company based in Western Australia and Québec, Canada.
The firm released its March quarter update on 29 April 2022. During the quarter, Sayona has doubled the resource base at its key projects, NAL and Authier.
In March 2022, Sayona Mining announced that it had a total JORC combined measured, indicated, and inferred mineral resource of 119.1 million tonnes (Mt) @ 1.05% Li2O.
Sayona plans to produce 220 kt of 6% spodumene, or 30 kt of lithium carbonate equivalent, from its Abitibi lithium hub (LCE).
Shares of Sayona Mining last exchanged hands at AU$0.29 each, down 3.39% on ASX today (6 May 2022). This week, the company's shares have recorded negative growth of more than 10%.
Also Read: Why did Sayona Mining's (ASX:SYA) shares close in red today?
Core Lithium Limited (ASX:CXO)
Core Lithium is a mineral exploration firm based in Australia. The company focuses on its Finniss Lithium Project and other potential opportunities in South Australia and the Northern Territory (NT).
Australia's next lithium developer recently revealed that the BP33 Underground Mine had been granted environmental approval.
Eva Lawler, MLA, Northern Territory Minister for Renewables and Energy, Infrastructure, Planning and Logistics, Environment, Water Security, Climate Change, and Essential Services, has agreed to give the environmental permission under the NT Environment Protection Act 2019.
Before that, Core had inked a contract with CSI Mining Services (CSI) for crushing services at the Finniss Lithium Project (Project) near Darwin in the Northern Territory.
On Friday (6 May 2022), Core's shares ended 4.98% lower at AU$1.24 per share on ASX. The shares have fallen by around 11% in the last one week.
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Piedmont Lithium Inc (ASX:PLL)
Piedmont Lithium concentrates its efforts on the Piedmont Lithium Project in North Carolina. The Piedmont Lithium Project is situated in the Carolina Tin Spodumene belt, on the same trend as the Hallman Beam and Kings Mountain mines.
The company develops Battery-grade lithium hydroxide and other compounds for the electric vehicle and battery storage markets in the United States. It also provides other necessary minerals for manufacturing consumer and industrial goods.
On 29 March 2022, Piedmont's partner Atlantic Lithium announced a 42% increase in mineral resources at the Ewoyaa Project.
Piedmont Lithium's shares ended at AU$0.93 each, down 6.09% on ASX today (6 May 2022). The company's shares have fallen around 1.6% in the last one week.
Also Read: SYA, CXO, AVZ: Why are these 3 ASX mining stocks in red today?
