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Highlights
- Shares of Core Lithium Ltd were up 1.75% at AU$1.31 each on ASX today (September 5) at 11.08 AM AEST.
- ASX 200 Materials index was 0.99% up at 15,261.40 points at 11.09 AM today.
- Shares of other mining companies like Sayona and Pilbara were also trading in the green today.
Shares of Core Lithium Ltd (ASX:CXO) were spotted trading in green today. At 11.08 AM AEST, the lithium-producing company's shares were 1.75% up at AU$1.31 each on ASX today (5 September 2022).
This outperforms ASX 200 Materials index, which was 0.99% up at 15,261.40 points at 11.09 AM today. At the same time, materials was one of the top performers among the three sectors trading in the green zone as the other eight sectors were trading lower. Out of these, IT was the worst performing sector today, followed by A-REIT and industrials.
This is to be noted that shares of Core have grown more than 100% on a YTD basis and almost 42% in the last six months. Although, the lithium company's shares were down nearly 5% in the previous five days session.
Interestingly, the company's peers were also trading higher today. These include Sayona Mining (ASX:SYA, up 3.92%), Pilbara Minerals (ASX:PLS, up 1.27%), Piedmont Lithium (ASX:PLL, 1.80%), and Allkem Limited (ASX:AKE, up 0.45%) on ASX today at 11.17 AM AEST today.
A look at Core Lithium's recent developments:
Core and Tesla extend offtake term sheet
On 29 August 2022, Core Lithium Ltd (ASX:CXO) announced that it has mutually agreed with Tesla, Inc (Tesla) to extend the termination date for its binding offtake term sheet to 26 October 2022.
Core Lithium also added that the offtake term sheet with Elon Musk-led Tesla is for supplying up to 110,000 dry metric tonnes of lithium spodumene concentrate generated at Core's Finnis Lithium Project.
Updates on exploration activities
Core Lithium recently provided an update on its exploration activities about its Finniss Lithium Project in the Northern Territory.
Diamond Drilling
Core Lithium said in an announcement that diamond drilling at BP33 is well advanced. The primary pegmatite intrusions' depth and strike expansions are being investigated.
Diamond drilling at BP33 will be followed by resource delineation and extensional exploration projects at Carlton, Hang Gong, Lees, and Sandras. These programs are intended to supplement the Mineral Resource Estimates.
RC Drilling
Core has begun a +40,000m RC drill program that will be divided into greenfields and brownfields target zones. A big RC rig has been deployed to test some of the deeper targets.
The program will focus on prospects with outstanding exploration findings from 2021 drilling, such as Bilatos, Penfolds, Centurion, and Talmina West, as well as many new conceptual targets.
