Galaxy Resources Ltd (ASX: GXY), Orocobre Ltd (ASX: ORE) and Pilbara Minerals Ltd (ASX: PLS) dominate the lithium scene on the ASX. However, there are a number of small cap ASX lithium shares with big plans to begin production in the near term.
The new ASX lithium shares on the block
Core Lithium Ltd (ASX: CXO)
Core Lithium is in the advanced exploration stages for its Finniss Lithium project. The company is continuing its drilling campaigns to increase mineral resources, mine life, and project revenues. Core Lithium is also targeting the completion of an optimised definitive feasibility study in 2Q21. This will be conducted ahead of a final investment decision followed by plant construction.
On 5 May, the company announced a major lithium exploration and resource drilling push at Finniss. Core Lithium managing director Stephen Biggins said:
We are about to launch the largest exploration and resource drilling campaigns in the Company's history with the aspiration of more than doubling Core's Lithium Resources and Finniss Project's Life of Mine.
From an offtake perspective, the company has secured a number of agreements. Furthermore, these agreements account for approximately 85% of its first three years of annual spodumene production. More recently, the company also announced that its largest shareholder and key Tesla supplier, Yahua, had planned to double its lithium hydroxide output.
Piedmont Lithium Ltd (ASX: PLL)
Piedmont follows a similar timeline as Core Lithium. However, a number of exploration updates are required before the final financing and construction phases.
For the remainder of the calendar year, the company expects to deliver additional mineral resource updates. In addition, it will deliver an integrated scoping study update and an integrated definitive feasibility study. Should everything go to plan, the company should be eyeing the construction of its integrated project by the beginning of 2022.
Piedmont is well funded for its upcoming updates with a recent successful listing on the US market. This bolstered the company's cash position to $167 million for the March quarter.
