The S&P/ASX 200 Materials Index (ASX: XMJ) is rising 3% today, but two ASX battery minerals shares are soaring far higher.
The Arcadia Minerals Ltd (ASX: AM7) and Evolution Energy Minerals Ltd (ASX: EV1) share prices are leaping ahead today.
Let's take a look at why these two ASX battery minerals shares are lifting today.
Evolution Energy Minerals
Evolution Energy shares are soaring nearly 17% today. Investors are buying up Evolution shares after the company executed a binding term sheet for a joint venture with Yichang Xincheng Graphite Co Ltd.
The companies are aiming to work together to develop a downstream processing plant. This would process 25,000 tonnes per annum of coarse flake concentrate from Evolution's Chilalo Graphite Project in Tanzania. Following a scoping study, the companies plan to form a joint venture.
Commenting on the news, Evolution managing director Phil Hoskins said:
We look forward to this initiative being the next step change beyond our immediate focus of financing the Chilalo mine development.
Arcadia Minerals
The Arcadia Minerals share price is surging 13% today. Arcadia is exploring lithium, tantalum, nickel, copper and gold in Namibia. Acadia announced today it has made progress toward a definitive feasibility study (DFS) at the company's Swanson Tantalum Project in Namibia. This includes securing water and electricity supply and signing a land use agreement. The DFS is within budget and due to be complete by the end of October.
