These ASX lithium stocks jumped 40% on Wednesday

Shareholders of these ASX lithium shares were smiling today. But why?

| More on:
a man in a business suite throws his arms open wide above his head and raises his face with his mouth open in celebration in front of a background of an illuminated board tracking stock market movements.

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

There were a number of big moves in the lithium industry on Wednesday.

Two absolute standouts are listed below. Here's how much these ASX lithium stocks jumped today:

Arizona Lithium Ltd (ASX: AZL)

The Arizona Lithium share price closed the day almost 40% higher at 3.2 cents. Interestingly, this was despite there being no news out the North American lithium explorer.

However, it is worth noting that it has been making progress at the Big Sandy Lithium Project and the Prairie Lithium Projects.

Last week, the company announced that it has commenced construction of the first commercial pad at the Prairie project in Saskatchewan, Canada. The ground has been prepared for the first production and disposal wells, which are anticipated to be drilled in the first half of 2024.

Arizona Lithium will now quickly advance from pilot operations to commercialisation of the first Direct Lithium Extraction (DLE) facility.

In addition, with its shares still down by 60% over the last 12 months, some investors may believe they have been oversold.

TG Metals Ltd (ASX: TG6)

The TG Metals share price was another very strong performer on Wednesday, rising 40% to $1.10. This follows the release of an update on exploration activities at the Lake Johnston Li-Ni-Au Project in Western Australia.

The ASX lithium stock advised that it has recommenced drilling on the Burmeister lithium discovery with a reverse circulation drill rig. Pleasingly, existing program of works approvals are in place for this Phase 2 drilling on the lithium soil anomaly following the successful Phase 1 program. The latter yielded high grade spodumene pegmatite intercepts.

TG Metals CEO, David Selfe, stated: "We are in a unique position of being able to move on quickly to this second phase of drilling. It's critical that we continue with our targeted approach to exploring this significant newly discovered lithium pegmatite system and enhancing our understanding of its size and quality. The Company looks forward to updating shareholders with ongoing drilling results and other Lake Johnston project exploration for the remainder of this year."

Motley Fool contributor James Mickleboro 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.

More on Materials Shares

A smiling miner wearing a high vis vest and yellow hardhat and working for Superior Resources does the thumbs up in front of an open pit copper mine, indicating positive news for the company's share price today following a significant copper discovery
Materials Shares

Liontown shares dip as chair reiterates 'healthy margin' even at today's lithium price

Tim Goyder has reminded investors of the estimated $475 per tonne cost of lithium production at Kathleen Valley.

Read more »

two men in hard hats and high visibility jackets look together at a laptop screen that one of the men in holding at a mine site.
Materials Shares

The big money fund unafraid of Pilbara Minerals' share shorters

Will this fund’s investment recharge the ASX lithium share?

Read more »

A woman screams and holds her hands up in frustration.
Materials Shares

Why are Allkem shares down 11% in November?

This lithium miner's shares were out of form this month.

Read more »

A man slumps crankily over his morning coffee as it pours with rain outside.
Materials Shares

Core Lithium shares sink 8% on broker downgrade

The team at Citi thinks investors should be selling this lithium miner's shares.

Read more »

A businesswoman ponders why her boat is sinking in the ocean.
52-Week Lows

Lake Resources share price falls 7% to new 52-week low amid second strike AGM vote

Chair Stu Crow described "a year of significant progress" amid an 80% decline in the share price in 2023.

Read more »

A worried man holds his head and look at his computer.
Materials Shares

Sayona Mining shares sink to new 52-week low following AGM update

This lithium miner continues to sink deep into the red.

Read more »

A man in a hard hat and high visibility vest holds his thumb up in a gesture of confidence with heavy moving equipment in the background as on a mine site as the Chalice Mining share price rises today.
Materials Shares

Dreadnought share price jumps on 'tier 1 project' potential

This mineral exploration company could be sitting atop a tier one rare earths project.

Read more »

A man clenches his fists in excitement as gold coins fall from the sky.
Materials Shares

Guess which ASX mining stock is up 92% thanks to a potentially 'significant discovery'

This copper explorer is getting investors excited today. But why?

Read more »