The Core Lithium Ltd (ASX: CXO) share price continued its positive run today, climbing 2.67% to $1.155 at market close.
This comes after the company released its quarterly results on Wednesday, highlighting its progress at the Finniss Lithium Project in the Northern Territory.
With no other news released, shares in the ASX lithium developer are now up more than 9% for the week.
What's powering Core Lithium shares ahead?
Investors have been snapping up Core Lithium shares as investor confidence in the sector picks up.
Shares in fellow lithium miners Lake Resources NL (ASX: LKE) and Liontown Resources Ltd (ASX: LTR) are also surging today, up 4.52% and 3.53%, respectively.
According to its quarterly report, Core Lithium has been ramping up its construction and mining activities at Finniss to export its first lithium carbonate by the end of 2022.
The progress comes despite some headwinds encountered last quarter, such as supply chain disruptions, inflationary cost pressures and COVID-19 absenteeism.
Once Finniss is online, it will be Australia's first lithium-producing mine outside of Western Australia.
The bigger picture
As demand for electric vehicles and renewable energy heats up, Core Lithium will be crucial in servicing the lithium supply gap.
This will be particularly important as the Australian government focuses on increasing the onshore capabilities of refining such critical minerals.
If lithium prices remain stable from here, this could translate to bumper revenues for Core Lithium, given the current market.
The price for lithium carbonate is currently fetching around US$70,600 a tonne, up 430% year-on-year.
Core Lithium share price snapshot
It has been an excellent year for Core Lithium shareholders, with the company's shares up 94% over the last seven months and a whopping 320% higher since this time last year.
Based on today's price, Core Lithium has a market capitalisation of roughly $1.85 billion, with more than 1.73 billion shares outstanding.
