These three ASX lithium shares have all risen in the last month, but could they go higher?
Atlantic Lithium Ltd (ASX: A11), Leo Lithium Ltd (ASX: LLL), and Ioneer Ltd (ASX: INR) shares could all be a buy, according to analysts.
Let's take a look at these three ASX lithium shares in more detail.
Image source: Getty Images
Atlantic Lithium
Atlantic Lithium shares have surged 13% in the last month. The company's share price is up nearly 3% so far today. For perspective, the S&P/ASX 200 Materials Index (ASX: XMJ) is down 0.15%.
Analysts at Wilsons have put an "overweight" rating on the Atlantic Lithium's share price, The Australian reported.
Atlantic is developing the Ewoyaa lithium project in Ghana, West Africa. The company has a funding partnership with Piedmont Lithium Inc (ASX: PLL) for this project. Piedmont currently has a 9.39% stake in Atlantic Lithium.
In a presentation released to the market today, Atlantic Lithium noted Ewoyaa has a Mineral Resources estimate of 35.3 million tonnes at 1.25% lithium oxide. A process to gain a mining lease is currently underway.
Atlantic Lithium shares have dropped nearly 6% in 2023 so far but have gained 1% in the last 12 months.
Leo Lithium
Leo Lithium shares have soared nearly 31% in the last month and are up a robust 5.13% today. The company's shares price has also just received an "overweight" rating from Wilsons.
Leo Lithium is developing the Goulamina Lithium Project in Mali, West Africa. Recent assay results in April revealed "high grade, thick intercept" results. Mineralisation is open at depth and along strike. The company expects to provide a Mineral Resource Estimate before the end of June.
In a recent quarterly report, Leo Lithium said construction activities are "ramping up" on schedule.
Leo Lithium shares have soared 28% in the year to date but have fallen 11% from the same time last year.
Ioneer
Ioneer shares have risen 22% in the last month but are down nearly 3% at the time of writing. Again, analysts at Wilsons have placed an overweight rating on Ioneer.
The company is developing the Rhyolite Ridge lithium and boron project in Nevada, United States.
In late April, Ioneer advised the mineral resource at Ioneer has lifted by 168% to 3.4 million tonnes of lithium carbonate. The company said:
Rhyolite Ridge is ideally placed to play a pivotal role in the electrification of transportation in the U.S.
Ioneer has released a conditional commitment for a US$700 million loan on the Rhyolite project from the US Department of Energy.
Looking at the outlook for the lithium carbonate price, Morgan Stanley strategists recently advised lithium markets could be at a "at a turning point". Analysts noted China's lithium carbonate prices have lifted 30% from their recent lows, while hydroxide prices have jumped 20%.
Ioneer shares have slid 32% in a year and nearly 7% in the year to date.
