Which ASX lithium shares are cashed-up millennials buying?

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

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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
estimate.

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.

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