S&P/ASX 300 Index (ASX: XKO) lithium stock Wildcat Resources Ltd (ASX: WC8) is charging higher today.
Wildcat shares closed yesterday trading for 36 cents. In morning trade on Tuesday, shares are swapping hands for 38.5 cents apiece, up 6.9%.
For some context, the ASX 300 is up 0.6% at this same time.
This comes following the release of Wildcat's quarterly update for the three months ending 30 September.
Here are the highlights.
What's boosting the ASX 300 lithium stock?
Investors are bidding up the ASX 300 lithium stock after the company reported on the ongoing exploration at its Tabba Tabba Project, located in Western Australia.
The major lithium pegmatite discovery at the project was revealed in September 2023. Wildcat said its 100%-owned Pilbara land package now covers more than 1,400 square kilometres.
Over the past three months, Wildcat said it has been rapidly progressing permitting and study work at Tabba Tabba.
Wildcat noted that:
The Tabba Tabba system comprises multiple sub-parallel pegmatites occurring along a 3.2 kilometre trend. The largest of these bodies is the Leia pegmatite, which outcrops at surface for more than 1km and plunges at depth for more than 2.2 kilometres.
Significant milestones in the quarter included the announcement of the first phase of metallurgical test results for the Leia pegmatite. According to the release, the tests produced a 5.5% Li2O spodumene concentrate at recoveries of 79% to 84% from 288 kilograms of pegmatite material, at head grades between 1.0% to 1.4% Li2O.
The ASX 300 lithium stock said new high-grade zones were also discovered at its Chewy North and Han pegmatite bodies within the project.
Much of the long-lead-time study work to progress Tabba Tabba, including geotechnical drilling, water bore drilling, groundwater tests, flora and fauna surveys, and waste rock characterisation studies, was reported to now be completed.
Looking to the rest of the calendar year, over the coming months Wildcat said it intends to progress work towards completion of a maiden Mineral Resource Estimate (MRE) at Tabba Tabba, and progress the second phase of metallurgical test work at the project.
On the balance sheet, Wildcat spent $6.9 million on exploration and evaluation expenditure, $500,000 on project studies, and $950,000 on staff during the quarter.
As at 30 September, the company had available cash of approximately $69.3 million.
Wildcat Resources share price snapshot
After rocketing an eye-popping 3,400% in 2023, 2024 has seen the Wildcat share price lose ground.
Year to date, shares in the ASX 300 lithium stock are down 210%.
