The S&P/ASX 300 Index (ASX: XKO) is up a happy 0.5% today, but this ASX lithium stock is leaving those gains far behind.
Shares in the emerging lithium–boron producer closed up 15.6% to end yesterday trading for 18.5 cents. In morning trade on Friday, shares just jumped to 24.0 cents apiece, up 29.7%.
After some likely profit-taking, the stock has given back some of those gains, trading for 21.5 cents a share, up 16.2% at the time of writing.
Any guesses?
If you said Ioneer Ltd (ASX: INR), go to the head of the virtual class.
Here's what's spurring investor interest in the ASX lithium stock today.
Image source: Getty Images
ASX lithium stock soars on US project progress
The Ioneer share price is soaring after the ASX lithium stock reported significant progress in moving toward construction of its Rhyolite Ridge Lithium-Boron Project, located in the US state of Nevada.
The step forward comes as the Bureau of Land Management (BLM) published the project's Final Environmental Impact Statement (EIS).
Ioneer said Rhyolite Ridge is the first lithium project to reach this advanced stage of the environmental permitting review process under the Biden Administration, which is part of the US government's efforts to accelerate domestic lithium production.
The ASX lithium stock noted that Rhyolite Ridge could quadruple the US' lithium supply. It said the issuance of the final EIS comes after years of collaboration between Ioneer and federal, state, and local agencies and tribal nations.
Commenting on the progress, Ioneer managing director Bernard Rowe said:
Since Ioneer's work at Rhyolite Ridge began in 2016, we have listened to members of the community and adapted our plans to maximize the project's many economic benefits while minimizing indirect impacts to the community and environment.
Rhyolite Ridge is stronger because of the extensive collaboration and input from all involved stakeholders. Today's issuance not only advances the Rhyolite Ridge project but brings the United States closer to a more secure and sustainable source of domestic critical minerals.
James Calaway, executive chairman of the ASX lithium stock, said, "The publication of the final EIS is a significant milestone for Rhyolite Ridge. This achievement underscores our company's unwavering commitment to environmental stewardship and sustainable development."
Calaway added:
We look forward to the conclusion of the 30-day statutory waiting period and timely issuance of the Record of Decision [ROD] to advance Rhyolite Ridge into construction.
We are eager to get to work in contributing to the domestic supply of critical materials essential for the transition to a clean energy future.
Looking ahead, Ioneer said that after receiving a positive ROD, construction at Rhyolite Ridge can begin following a Final Investment Decision (FID). Based on that timeline, Ioneer expects production to kick off in 2028.
With today's intraday moves factored in, shares in the ASX lithium stock are up 43% in 2024.
