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Highlights
- Unlike some of its peers, Core Lithium's shares are trading in green today (12 September).
- The company’s shares were spotted trading 0.94% higher today on ASX at AU$1.61 apiece at 11.55 AM AEST.
- Core Lithium explores and develops lithium and other metal resources.
Core Lithium Ltd (ASX:CXO) shares were spotted trading 0.94% higher today (12 September) on ASX at AU$1.61 apiece at 11.55 AM AEST.
Although Core Lithium's shares were trading in green on the first day of the week, it was still underperforming the overall materials index. AT 11.58 AM AEST, the Materials index was found 2.27% higher at 16,248.10 points.
Other lithium companies’ shares like Piedmont Lithium (ASX:PLL) were trading 2.66% lower, Allkem's (ASX:AKE) shares fell 1.03%, while Liontown Resources' (ASX:LTR) plummeted 2.22% on ASX today at 12.28 PM AEST.
Core Lithium is an ASX-listed firm which explores and develops lithium and other metal resources In the Northern Territory and South Australia.
Core Lithium and Tesla's offtake term sheet
Last month (on 29 August), Core Lithium announced that it had extended its termination date for its binding offtake term sheet with Tesla to 26 October 2022.
The extension gives Core and Tesla more time to finalise the terms of the binding full-form offtake agreement.
As part of the deal reached between the two sides, Core Lithium will supply Tesla with up to 110,000 dry metric tonnes of lithium spodumene concentrate. Core Lithium will supply the lithium spodumene concentrate from its Finnis Lithium Project, which is scheduled to start in 2023.
Image Source: © Olivier26 | Megapixl.com
What does Core Lithium do?
Core Lithium is developing the Finniss Project in the Northern Territory. Core Lithium’s claims the Finniss Project to be the country's newest and most technologically sophisticated lithium project.
It is to be noted that Finniss has been granted Major Project Status by the Australian Federal Government.
The Finniss Project will offer premium lithium appropriate for lithium batteries used to power electric vehicles.
Stock performance
In the last one month, Core Lithium has provided more than 9% returns to its shareholders. The returns were multi-folded (over 57%) over the previous six months compared with last month. However, the shares have jumped almost 155% on a YTD basis.
