Over the past few decades, the ASX has minted many millionaires.
For example, if you were savvy enough to have invested in Pro Medicus Limited (ASX: PME) shares 10 years ago, you could have picked them up for 70 cents apiece.
The health imaging company's shares have been on an incredible run since then thanks to the success of its Visage technology and are now changing hands for $90.61.
This means that if you had invested $10,000 into this ASX share in 2013, you would now be a millionaire with a $1.3 million shareholding.
But that was then, what could be a future millionaire-maker stock? Could Core Lithium Ltd (ASX: CXO) shares do it?
Is Core Lithium an ASX millionaire maker?
Core Lithium is the growing lithium miner behind the Finniss Lithium Operation in the Northern Territory. To date, it is the only active lithium mine in the country outside Western Australia.
If Core Lithium were to become a millionaire-maker on a $10,000 investment, it would need to grow 100 times its current value.
This would turn its current market capitalisation from $500 million into $50 billion.
Clearly, that is going to be too big an ask for just the Finniss Lithium Operation. It quite simply doesn't have enough resources to achieve this valuation.
However, the company is looking further afield with its exploration activities. It recently stated:
Australian regional exploration – undertaking focused exploration programs within a growing portfolio of exploration projects. Opportunities include Anningie and Barrow Creek near Alice Springs and Shoobridge, approximately 130km southeast of Finniss.
In addition, management highlights that it holds a portfolio of tenements in the Northern Territory and South Australia which are prospective for a variety of other commodities. These include base metals, rare earth elements, gold, and uranium.
So, it certainly isn't short of organic growth options.
And there's also the option to accelerate its growth through mergers and acquisitions. If lithium prices rebound, Core Lithium could end up with excess cash on its balance sheet that could be used to acquire lithium developers or explorers.
All in all, I believe Core Lithium has the potential to be an ASX millionaire-maker, but it is a bit of a long shot and a high-risk play.
