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Why has the Core Lithium share price already surged 18% this year?

The ASX 200 lithium favourite is off to a flying start in 2023.

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Brooke Cooper
Brooke has been a Motley Fool contributor since early 2021. She holds a Bachelor of Communication with specialisations in journalism and international studies from Charles Sturt University. Brooke aims to inform and excite Aussies keen to grow their wealth by investing in ASX companies. When not writing or researching, you'll likely find Brooke gallivanting around South East Queensland.
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Key points
  • The Core Lithium share price has rocketed 18% so far this year to trade at $1.198 today
  • Its rise came amid news of the company's maiden lithium shipment and its upcoming move to Perth
  • Meanwhile, other ASX 200 lithium favourites have been riding a green wave, gaining up to 24% year to date

The Core Lithium Ltd (ASX: CXO) share price is continuing its upward trajectory into the new year.

Its latest gains have come amid exciting news of the company's Finniss Lithium Project and similar rises among its S&P/ASX 200 Index (ASX: XJO) peers.

Right now, the Core Lithium share price is $1.198. That's 1.8% higher than it was at Wednesday's close and 18% higher year to date.

For comparison, the ASX 200 is up 0.98% today and has gained almost 5% since the end of last year.

Let's take a look at what's been going on with the lithium favourite over the last 12 days.

Two excited mining workers in yellow high vis vests and hardhats shake hands to congratulate each other on a mineral discovery

Image source: Getty Images

Why has the Core Lithium share price jumped 18% in 2023?

This year is shaping up to be a big one for Core Lithium, and its share price has started off strong. Interestingly, however, there's been no price-sensitive news from the company in 2023.

Though, it did announce the maiden shipment of lithium from its Finniss Project project had set sail last week. The shipment marks its first revenue event. It commanded a price of US$951 per dry metric tonne, or around US$14.25 million.

Just days after announcing the shipment, Core Lithium revealed another significant change to occur in 2023.

The company will relocate from Adelaide to Perth – dubbed "Australia's lithium hub" by CEO Gareth Manderson – later this year.

But the big news of 2023 is still yet to come. Core Lithium is expected to announce the Finniss Project's first spodumene concentrate production this half.

How have other ASX 200 lithium shares performed year to date?

The Core Lithium share price has been far from alone in its gains in 2023. Here's how some other market favourites have been performing so far this year:

  • The Sayona Mining Ltd (ASX: SYA) share price has surged 24% year to date
  • That of Liontown Resources Ltd (ASX: LTR) has also leapt 26% in 2023
  • Shares in Lake Resources NL (ASX: LKE) have soared 13% this year
  • Allkem Ltd (ASX: AKE) stock is up 15% year to date
  • The Pilbara Minerals Ltd (ASX: PLS) share price has gained 12% in 2023
  • Mineral Resources Ltd (ASX: MIN) stock is up 18% year to date

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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