The Core Lithium Ltd (ASX: CXO) share price stormed 26.7% higher to a 52-week high of 19 cents on Thursday.
Core Lithium is one of several ASX lithium shares ripping to new 52-week highs after commodity prices lifted again overnight.
IGO Ltd (ASX: IGO) shares are leading the ASX 200 on Thursday after rising 15.6% to a 52-week high of $6.74.
Pilbara Minerals Ltd (ASX: PLS) shares lifted 8.7% to a 52-week high of $3.73.
Liontown Resources Ltd (ASX: LTR) shares streaked 11.4% higher to a 52-week high of $1.47.
Overnight, the Spodumene Concentrate Index (CIF China) Price rose 0.92% to US$984 per tonne, up about 18% over the past month.
The lithium carbonate price also rose to a three-month high of US$11,711 per tonne, up 1.2% overnight and up 14% over the past month.
Analysts at Trading Economics said improving global demand for batteries and power infrastructure was supporting commodity prices.
Core Lithium is having another strong week after its shares gained 7.7% in value last week.
At the time of writing, Core Lithium shares are up 35.7% since the Friday close.
The ASX lithium stock appears to be riding the momentum generated by higher lithium prices and an update released this week.
The Core Lithium price rose 14% on Monday after the junior producer revised its re-opening plan and raised its ore reserve estimate for the Grants deposit at its flagship Finniss Project.
Finniss was put into care and maintenance in early 2024 due to weak lithium prices.
Image source: Getty Images
Revised Finniss Project plan and ore reserve update
Core Lithium released an updated mine plan for its flagship Finniss Lithium Operation on Monday.
The company said it would be able to deliver first ore within one month of reopening Finniss under the plan.
The plan includes deferring the transition of the Grants deposit from an open-pit mine to underground operations.
The company said full drilling depth was not reached before Finniss was shut down, and "ore remains readily available at the bottom of the existing open pit".
In addition, delaying the transition would bring reopening costs down and bring first ore and revenue forward.
The delay will save an estimated $35 million to $45 million in pre-production capital costs for Grants.
The company said the reduced costs would help it attract new funding partners, which are essential to fund the restart.
Core Lithium also raised its ore reserve estimate for Grants by 33% to 1.53Mt at 1.42% Li2O. That's a 44% lift in contained Li2O metal.
The miner released its restart study in May. This week's update represents ongoing work to refine the restart plan.
The original restart study identified ways to reduce mining costs by 40% and processing costs by 33%.
Core Lithium CEO Paul Brown said:
Collectively, these changes lower capital intensity, support the ongoing strategic funding process, and strengthen Finniss as a compelling restart with a robust, independently supported operating plan.
