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Highlights
- Lithium was one of the sectors that outperformed in the first quarter of 2022.
- The increase in use of lithium-powered batteries has increased the demand for lithium.
The Australian market maintained its upward trend today (April 21) as the benchmark ASX 200 Index was up 0.32%, or 24.30 points, to 7,574.4 at the time of writing this article.
Lithium was one of the sectors that outperformed in the first quarter of 2022. Because of the huge demand for battery material, lithium stock prices are rising, and it appears that demand for lithium will continue to rise in the future.
However, the material is one of the worst-performing sectors today, down 1.32% as of now.
In this article, we will cover three lithium companies including Sayona Mining Limited, Piedmont Lithium Inc and Pilbara Minerals Limited and look at their performance on the ASX.
Also Read: MIN, LTR, CXO: How did these lithium stocks perform today on ASX?
Image Source: © 2022 Kalkine Media ®
Sayona Mining Limited (ASX:SYA)
On Wednesday (20 April 2022), emerging lithium producer Sayona Mining shared its updated half-yearly financial report for the period ended 31 December 2021.
The report, which was released on 16 March 2022, did not include the consolidated statement of profit or loss and other comprehensive income for that period, according to the company.
Sayona Mining is a lithium producer with operations in Western Australia and Québec, Canada. The company is looking for Hemistyle gold possibilities in the world-class Pilbara region, while its lithium properties are subject to an earn-in agreement with Morella Corporation (ASX:1MC).
Sayona's shares were trading at AU$0.35 each, down 2.78% on ASX at the time of writing this article. Since the company announced its update on the half-yearly financial report yesterday, the shares are trading lower only. Before that, it closed at AU$0.38 apiece.
Piedmont Lithium Inc (ASX:PLL)
Piedmont Lithium Inc, a leading, diverse lithium developer, is committed to facilitating the transition to a net zero world and the development of a clean energy economy in North America.
Piedmont Lithium's shares were trading 0.51% up today at AU$0.99 per share on ASX at the time of writing this article. The company has provided a 35% YTD return to its investors.
Source: © Olivier26 | Megapixl.com
Pilbara Minerals Limited (ASX:PLS)
Pilbara Minerals Limited is a mineral exploration, development, and operations firm based in Australia. The Pilgangoora lithium-tantalum project in Western Australia is owned entirely by the corporation. Pilbara, situated in West Perth, was founded in 2005.
Last week (13 April 2022), Pilbara Minerals informed that the joint venture (JV) deal with POSCO has closed. Pilbara Minerals has drawn down AU$79.60 million under the convertible bond agreement with POSCO to fund its 18% equity participation in the JV. The company will issue 79.60 million convertible bonds in favour of POSCO's wholly owned subsidiary, POS-LT Pty Ltd, as per the terms of the convertible bond agreement.
Today (21 April 2022), Pilbara Minerals' shares were trading 0.18% higher at AU$2.85 per share. The company has provided a negative return of over 11% YTD.
Also Read: What is driving Core Lithium's (ASX:CXO) bullish run at the ASX?
