Which ASX lithium shares are cashed-up millennials buying?

Millionaire millennials seem to favour two of the smaller ASX lithium players.

| More on:
Pilbara Minerals engineer with hard hat looks through binoculars at work site or mine as two workers look on

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

ASX lithium shares are performing strongly on Thursday afternoon, led by a dramatic 35% rocketing of the Lake Resources N.L (ASX: LKE) share price.

Other popular ASX lithium stocks are also rising.

Sayona Mining Ltd (ASX: SYA) is up 5.3%, Core Lithium Ltd (ASX: CXO) is up 2.6%, Allkem Ltd (ASX: AKE) is up 2.1%, and Pilbara Minerals Ltd (ASX: PLS) is up 0.9%.

In this article, we look at new research showing which ASX lithium shares are attracting cashed-up millennial investors.

And a little clue — they're none of the above.

The ASX lithium shares that rich millennials love

Data from trading platform Selfwealth Ltd (ASX: SWF) shows the top five stocks purchased by millennial millionaires.

The data tracked trading activity between 1 July and 7 August.

Millionaire investors were defined as those with portfolios worth $1 million or more.

As reported in The Age, there were two ASX lithium shares among the top five stocks traded by millionaire millennials.

They are Leo Lithium Ltd (ASX: LLL) in second spot and Green Technology Metals Ltd (ASX: GT1) in fifth spot.

What's the latest news with Leo Lithium?

Leo Lithium shares remain voluntarily suspended at the request of the lithium developer.

The ASX lithium share last traded at $1.14 on 18 July but has been frozen ever since.

The company is ready to start exporting direct shipped ore (DSO) from its Goulamina Lithium Project in Mali, West Africa.

However, the miner is now in discussions with the military-led Mali Government after receiving correspondence from the authority last month.

As my Fool colleague James previously reported, a number of African countries have banned DSO exports to encourage local processing to generate local jobs.

And the latest on Green Technology Metals?

This ASX lithium share is currently trading at 55 cents per share, down 0.9% for the day so far.

On Monday, the company released further assay results from its Root Bay lithium deposit.

Green Technology Metals is a Canadian-focused lithium miner. Among its assets is the 100% owned Root Project, located approximately 200km west of its flagship Seymour Project in Ontario.

CEO Luke Cox said:

The infill diamond drilling program is now over 50% complete at Root Bay and [we] are pleased to see
the continued consistent high-grade results, providing confidence in our maiden resource

We are looking forward to receiving the remaining drill results at Root Bay and releasing our updated mineral resource estimate in the fourth quarter 2023.

Motley Fool contributor Bronwyn Allen has positions in Core Lithium. 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.

More on Materials Shares

Miner looking at a tablet.
Materials Shares

Fortescue shares drop as $1.1 billion stake hits the market

A major investor is pulling the pin on Fortescue shares, sending the share price lower.

Read more »

A bearded man holds both arms up diagonally and points with his index fingers to the sky with a thrilled look on his face over these rising Tassal share price
Materials Shares

These beaten down ASX lithium stocks could rise 35% to 85% in 12 months

Big returns could be on offer for brave investors according to analysts.

Read more »

A man holds his head in his hands, despairing at the bad result he's reading on his computer.
Materials Shares

Why is this ASX lithium stock crashing 16% today?

Why is this stock having such a poor start to the week?

Read more »

A man holds his head in his hands, despairing at the bad result he's reading on his computer.
Materials Shares

Core Lithium share price hits a multi-year low: Will the tide change soon?

Are analysts now seeing value emerge from the lithium miner's shares?

Read more »

Yellow rising arrow on a brick wall with a man on a ladder.
Materials Shares

Brickworks share price jumps on big Soul Patts news

Brickworks has just built more stability to its business.

Read more »

A man has a surprised and relieved expression on his face. as he raises his hands up to his face in response to the high fluctuations in the Galileo share price today
Materials Shares

Meet the speculative ASX stock that could rise 200%

Bell Potter thinks this high risk stock could triple your money.

Read more »

A female miner wearing a high vis vest and hard hard smiles and holds a clipboard while inspecting a mine site with a colleague.
Materials Shares

Guess which ASX 200 mining stock is making a $276m UK acquisition

BHP failed in its UK takeover attempt but this mining stock is having more luck.

Read more »

A man in his 30s with a clipped beard sits at his laptop on a desk with one finger to the side of his face and his chin resting on his thumb as he looks concerned while staring at his computer screen.
Materials Shares

Where could the Pilbara Minerals share price be in 12 months?

Will the market be kind to this lithium giant? Let's see what analysts are expecting.

Read more »