The share price of S&P/ASX 200 Index (ASX: XJO) lithium favourite Core Lithium Ltd (ASX: CXO) has taken off in 2022. It's gained 157% since the start of this year to trade at $1.62 right now.
For context, the ASX 200 has slumped 8% so far this year.
With all those gains under its belt, market watchers will be forgiven for assuming the company must be rolling in lithium. But the truth might come as a surprise.
Is Core Lithium producing yet?
Those who bought Core Lithium shares in 2021 will likely be jumping for joy this year. The stock has doubled and then some since the new year began.
That's particularly impressive given the company still hasn't secured its maiden production. Though, the major milestone isn't far away.
The company is on track to deliver its Finniss Project's first production before the end of this year.
The project, located near Darwin Port, is said to be Australia's newest and most advanced lithium project.
Its high-grade and high-quality lithium is suitable to produce lithium-ion batteries to power electric vehicles (EVs) and renewable energy storage.
Indeed, the company signed a lithium supply agreement with EV goliath Tesla Inc (NASDAQ: TSLA) in March. The Core Lithium share price roared 15% higher on the back of the deal. A binding off-take take sheet is expected to be agreed upon between the pair by the end of next month.
Core Lithium also owns a series of other projects.
It holds the Anningie and Barrow Creek Lithium Projects in the north Arunta Region of the Northern Territory, as well as notable nearby projects.
On top of those, it boasts copper, silver, and lead projects in the Northern Territory, a zinc project in South Australia, and uranium projects in both states.
Core Lithium share price snapshot
It's been a resoundingly positive period for the Core Lithium share price lately.
On top of gaining 157% year-to-date, the stock is swapping hands for 357% more than it was this time last year.
Though, it's currently 4.7% lower than the all-time high of $1.48 it reached in April.
