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Highlights
- Core Lithium shares were trading in the green today.
- The shares of mineral explorer were trading at AU$1.44 each, up 0.14%, at 11:50 AM (AEST).
- There was no price-sensitive news released by the company.
Shares of Core Lithium Ltd's (ASX:CXO) were trading in the green on Tuesday (20 September 2022) despite the company not announcing any price-sensitive news. The shares of ASX-listed lithium, copper and uranium explorer were trading at AU$1.44 each, up 0.14%, on ASX at 11:50 AM AEST.
However, this underperforms ASX 200 Materials index, which was trading 1.73% higher at 15,697.10 points at the same time. Meanwhile, the ASX 200 index was trading 1.08% higher at 6,792.40 points.
Why are Core Lithium's shares trading in green?
The gains in Core Lithium’s shares might be because of the strength in the overall materials sector and broad market. Other lithium companies like Sayona Mining (ASX:SYA, +1.89%), Allkem (ASX:AKE, +2.09%), Pilbara Minerals (ASX:PLS, +0.63%) were also trading in the green zone. Core Lithium last shared news about its offtake term sheet with Tesla on 29 August.
What's inside the August announcement?
The lithium-producing company had shared that it has extended the termination date for its binding offtake term sheet with Tesla to 26 October 2022. The decision was taken on mutual convenience.
The extension of the lithium offtake agreement would provide Core and Tesla more time to finalise the terms of the binding full-form offtake agreement.
Image Source: © 2022 Kalkine Media ®
Data Source- Company announcement dated 29 August 2022
Core's business
The Finniss Lithium Project, which is being developed in the Northern Territory of Australia and is one of the country's most cost- and capital-effective spodumene lithium projects, is where Core Lithium claims it is best positioned to become Australia's next lithium producer.
One of the most capital-efficient lithium projects with possibly the strongest logistics network to markets of any Australian lithium project, Finniss has been granted Major Project Status by the Australian Federal Government.
Image Source: © 2022 Kalkine Media ®
Data Source- Core Lithium website
Core Lithium's exploration activities update
Before providing details on the offtake agreement on 29 August, Core Lithium provided an update on its exploration activities (Finniss Lithium Project) on 15 August.
Image Source: © Zambezishark | Megapixl.com
Diamond drilling
In an ASX filing, Core said diamond drilling at BP33 is actively taking place. The goal is to investigate the depth and strike extensions of the primary pegmatite intrusions.
RC drilling
Core has started a more than 40,000m RC drill program that will be divided between target locations in greenfields and brownfields. To test some of the deeper targets, a sizable RC rig has been deployed.
Image Source: © 2022 Kalkine Media ®
Data Source- Company announcement dated 15 August 2022
Core Lithium also informed that throughout the year, new data from both RC and diamond drilling programs will be continuously released, with the potential for the definition of new prospects and mineral resources.
Core’s stock performance
Core Lithium’s shares have grown almost 4% in the last one month and 16% in the last six months. However, the stock has performed around 127% higher on a year-to-date (YTD) basis and 250% up in the last one year (based on the price of AU$1.44 each at 11.34 AM AEST on 20 September).
