There have been some big gains recorded by ASX lithium stocks on Thursday.
For example, the two lithium stocks listed below are up at least 25% during today's session. But why are they on fire today? Let's find out.
Lithium Power International Ltd (ASX: LPI)
The Lithium Power share price is up 27% to 33 cents. This follows the company's response to speculation that it is in discussions with Corporación Nacional del Cobre de Chile (Codelco) about a potential transaction.
Lithium Power confirmed that it is in talks with Codelco but these discussions are incomplete and no agreement on terms has been reached. Nevertheless, Codelco has been granted due diligence and is continuing to undertake its investigations. Management also warned that there is no certainty that the discussions with Codelco will lead to a transaction.
Metalstech Ltd (ASX: MTC)
The Metaltech share price is up 55% to 26.5 cents. Investors have been buying this Canada-based ASX lithium stock after it announced a key appointment. Metalstech advised that it has appointed Robert Sills as its non-executive technical director to the board, effective immediately.
The release notes that Sills has an extensive global network and a distinguished 28-year career in critical materials, actively engaging with global downstream processors seeking to bolster supply chain resilience and enhance ESG credentials within their respective lithium-ion battery supply chains.
He has previously held senior operational roles at Essential Metals Ltd (ASX: ESS), Core Lithium Ltd (ASX: CXO) and Rio Tinto Ltd (ASX: RIO). At Core Lithium, he was responsible for the development and establishment of cornerstone offtake partners. Sills also drove the establishment and execution of Core Lithium's Direct Shipping Ore (DSO) tender.