But if you thought we had now seen them all, think again! Hot on the heels of the recent initial public offering (IPO) of James Bay Minerals Limited (ASX: JBY) last week, a couple more ASX lithium shares are expected to hit the ASX boards in the coming weeks.

Which ASX lithium shares are having IPOs?

The next lithium share to list on the ASX is Chariot Corporation Ltd (ASX: CC9).

It is based in North America and focused on discovering and developing high-grade and near-surface lithium opportunities in Wyoming. Its two core assets are the Black Mountain (Hard Rock Lithium) and Resurgent (Claystone Lithium) projects.

Chariot is seeking to raise $15.5 million through the issue of approximately 34.45 million shares at an issue price of 45 cents per new share. This would give it a market capitalisation of approximately $82.5 million at listing.

The company expects to list on the ASX next month on 2 October.

What else is listing?

Midwest Lithium Limited (ASX: MWL) is another future ASX lithium share. Like Chariot, it is based in North America.

It is a hard rock lithium exploration company focused on the South Dakota Lithium Project in Black Hills, South Dakota.

The company notes that it controls some of the largest past-producing lithium mines in the area and is surrounded by fellow lithium explorer Iris Metals Limited (ASX: IR1). Mapping and geochemistry work is underway with initial drilling of priority targets starting in the final quarter of 2023.

Its IPO aims to raise between $13 million and $17 million through the issue of 52 million to 68 million new shares at 25 cents per share. This will give it a market capitalisation of $66.25 million to $70.25 million at listing.

Midwest expects to list on the ASX boards on 17 October.

The post IPO watch: A dig into 2 soon-to-be ASX lithium miners appeared first on The Motley Fool Australia.

Very high.

In afternoon trade on Wednesday, the All Ordinaries Index (ASX: XAO) is up a slender 0.07%. As for the resource space, the S&P/ASX 200 Resource Index (ASX: XJR) is down 0.26%.

But these three ASX resources stocks are up 19%, 16%, and 45% respectively.

Here's what spurring investor interest today.

Three ASX resources stocks rocketing higher

Up first we have American West Metals Ltd (ASX: AW1). Shares in the ASX miner are up 18.64% at the time of writing, trading at 35 cents apiece.

There's no fresh price-sensitive news out from American West Metals today.

But outsized share price moves have been the norm for this ASX resources stock over the past few weeks amid a series of promising copper discovery announcements.

On Friday, shares closed the day up 26% and then gained another 17% on Monday. Yesterday, there looks to have been some profit taking, with the American West Metals share price tumbling 13%.

As for today, it looks like that profit-taking has turned to bargain-hunting for this copper explorer.

Up next, we have ASX resources stock Belararox Ltd (ASX: BRX). The Belararox share price is up 16% in afternoon trade at 36 cents a share.

The last price-sensitive news from Belararox was its June quarterly report, released on 28 July. And unlike American West, share price moves of this size are infrequent for this stock.

I'll be keeping an eye out for positive announcements from this junior explorer over the coming days.

Which brings us to the third ASX resources stock that's shooting higher today, Iris Metals Ltd (ASX: IR1).

The Iris Metals share price is up a whopping 44.5% at the time of writing, trading for $2.23 a share.

Investors are sending the Iris Metals share price through the roof after the company announced promising drilling results at its Beecher project in the United States.

The explorer said its drilling campaign had struck multiple wide, high-grade and shallow lithium intersections at the project. And Iris is bringing on more diamond drill rigs to expedite the exploration at Beecher.

Commenting on the results that are sending this ASX resources stock soaring today, Iris Metals' technical director Chris Connell said:

As Iris is the only ASX listed company with granted hard rock lithium pegmatite mining licences in the US, we currently are aggressively ramping-up drill testing of the Beecher project.

The post 3 ASX resources stocks going gangbusters on Wednesday appeared first on The Motley Fool Australia.

In morning trade, the ASX lithium share is rocketing 44% higher to $2.23.

Why is this ASX lithium share shooting higher?

Investors have been fighting to get hold of this ASX lithium share today after it released strong drilling results from the Beecher project in the United States.

According to the release, multiple wide, high-grade and shallow lithium intersections were present during drilling at Beecher.

Management notes that the assays from the first six drill holes of a 38-hole RC program confirm the potential for economic lithium at the project in South Dakota. The results from the additional 32 holes are pending and are expected to be received in the coming weeks.

IRIS advised that it plans to accelerate drill testing at Beecher to define the extent of mineralisation as quickly as possible. An additional diamond drill rig is scheduled to complement its RC rig, which it expects to recommence drilling in the near future.

'We have our ears pinned-back'

IRIS Metals' technical director, Chris Connell, was pleased with the results. He said:

These broad, near surface initial results confirm my confidence in the Beecher Project and the Black Hills as a future lithium mining district of great importance for supplying the US market. IRIS has leveraged its first mover advantage to secure a dominant land holding over the most prospective pegmatites in the Black Hills as confirmed by these initial drilling results. These first drill holes are testing only a tiny portion of the Company's 2,400+ mining claims staked over fertile LCT pegmatites that were historically mined for lithium from the 1940's.

As IRIS is the only ASX listed company with granted hard rock lithium pegmatite mining licences in the US, we currently are aggressively ramping-up drill testing of the Beecher Project. Importantly, wide, high-grade results from surface will support mining to a low mining strip ratio which is of enormous benefit to mining economics, combined with granted mining licences – – we have our ears pinned-back.

The post Guess which ASX lithium stock is rocketing 44% on a new discovery appeared first on The Motley Fool Australia.

The price of lithium has risen astronomically as the world continues to grow a whole new industry in electric vehicle (EV) manufacturing.

In fact, the value of lithium carbonate hit a record high this month at US$71,370.50 per tonne.

According to Trading Economics, that's an 80% increase year to date "as surging demand coincides with lower supply".

No wonder ASX lithium shares are garnering a lot of attention.

Which ASX lithium shares are performing best right now?

Let's do a snapshot of how some of the largest ASX lithium shares (by market capitalisation) are performing year to date in 2022.

• The Pilbara Minerals Ltd (ASX: PLS) share price is 40.3% higher (market cap $14.59 billion)
• The Allkem Ltd (ASX: AKE) share price is 39.9% higher ($10.17 billion)
• The Core Lithium Ltd (ASX: CXO) share price is 123% higher ($2.5 billion)
• The Sayona Mining Ltd (ASX: SYA) share price is 78.6% higher ($2.2 billion)
• The Lake Resources N.L. (ASX: LKE) share price is down 2.75% ($1.45 billion).

Here's a snapshot of how some of the junior ASX lithium shares are doing this year. Always remember, buying nano, micro and small-cap shares can be risky business, so tread carefully and do your research.

• The Global Lithium Resources Ltd (ASX: GL1) share price is 121% higher (market cap $535 million)
• The Anson Resources Ltd (ASX: ASN) share price is 160.7% higher ($396.74 million)
• The Arizona Lithium Ltd (ASX: AZL) share price is down 29.2% ($209.66 million)
• The Iris Metals Ltd (ASX: IR1) share price is 186.2% higher ($198.94 million)
• The Ragusa Minerals Ltd (ASX: RAS) share price is 300% higher ($35.34M).

Business performance vs. share price performance

As seasoned investors know, the performance of a business doesn't necessarily correspond with the performance of its share price and vice versa. Annoying, right?

This is especially the case with young, growing companies that the market is excited about. Investors can sometimes bid the share price up on expectations of future profits, not current profits.

Share price growth doesn't necessarily indicate great revenue and profit, or superior management. So when assessing ASX lithium shares for investment, you can't just look at what the share prices have done lately. You need to get under the hood and check the inner workings of each company are sound.

With reporting season just behind us, let's compare a few metrics on the two largest ASX lithium shares.

Pilbara Minerals FY22 results

• Revenue up 577% year-over-year (yoy) to $1.2 billion
• EBITDA of $814.5 million, up from $21.4 million in FY21
• Statutory net profit after tax (NPAT) of $561.8 million, up from a loss of $51.4 million loss in FY21
• Share price went up 53.4% over FY22
• Price-to-earnings (P/E) ratio of 17.86 compared to 9.51 for the sector today.

Allkem FY22 results

• Revenue up 800% yoy to US$770 million
• EBITDAIX of US$513.1 million
• Consolidated NPAT of US$337 million, up from a loss of US$89.5 million in FY21
• Share price went up 54.8% over FY22
• P/E ratio today of 17.53 compared to 9.51 for the sector today.

Why is the value of lithium rising?

The reasons behind this month's record lithium price are clear.

According to Trading Economics analysis:

Added stimulus and cash incentives by local Chinese governments spurred growth in demand of electric vehicles in the world's second largest economy, notching a 100% year-on-year increase in August.

In the US, demand for electric vehicles is set to increase as the newly passed "Inflation Reduction Act" extends tax breaks for new electric vehicle purchases.

On the supply side, the energy crisis in China brought by record-setting heat waves led multiple lithium producers in Sichuan to suspend operations, adding to the upside of soaring lithium costs in the near-term.

Scarcity led auto manufacturers with large bets on battery electric vehicles to compete for long-term supply contracts, including Ford and Stellantis. Also, electric vehicle giant Tesla mulled building its own lithium refinery in Texas.

The post Which ASX lithium shares are performing best in 2022? appeared first on The Motley Fool Australia.

Just how much interest?

Well, Pilbara Minerals Ltd (ASX: PLS), as one example, has seen trades worth more than $110 million go through today already, just halfway through the lunch hour.

With more buyers than sellers, that trading action puts the Pilbara Minerals share price back into new all-time high territory, even as the All Ordinaries Index (ASX: XAO) dips into the red.

Pilbara shares closed on Friday trading for $4.59 and are currently fetching $4.81 apiece, up 4.8%. That takes out the previous all-time (closing) high of $4.74, which the miner hit on 13 September last week.

With today's gains factored in, the Pilbara Minerals share price is up a stellar 134% over the past 12 months.

And Pilbara is just one of three ASX lithium shares notching new record highs today.

Also hitting intraday record highs today

Iris Metals Ltd (ASX: IR1) shares are also at new all-time highs in mid-day trading.

The ASX lithium share closed Friday at $2.12 and is currently trading for $2.38, up 12.3%. Iris hit a fresh record only two trading days ago, closing for $2.17 per share on 15 September. Investors with the foresight to buy shares this time last year will now be sitting on eye-popping gains of 1,020%.

And the third ASX lithium share which, briefly, shot into new record high territory today is Global Lithium Resources Ltd (ASX: GL1).

Global Lithium closed on Friday trading for $2.78. Investors bid the Global Lithium share price up to $2.94 in the first hour of trade, taking out the previous closing high of $2.93 set on 15 September.

However, the tide turned for this ASX lithium share in later trade, and it's since fallen to $2.69. Don't feel too bad for long-term shareholders though. The Global Lithium share price is still up 587% over the last 12 months.

What's driving investor interest in ASX lithium shares?

None of the three companies mentioned above has released any price-sensitive information today.

And the lithium price, while still trading right near its own record highs, also hasn't shot higher.

So, today's investor interest in ASX lithium shares is likely driven by the strong, long-term outlook for lithium prices. Atop some bargain hunting following Friday's broad sell-off.

Lithium is a key element in the batteries that power electric vehicles (EVs). And with the global EV market growing fast, and forecast to continue booming amid the global push to decarbonise, demand for the lightweight, conductive metal is likely to remain robust.

The post 3 ASX lithium shares smashing new, all-time highs on Monday appeared first on The Motley Fool Australia.

But today, all seems forgiven.

ASX lithium shares are once again on fire. And even that's a slight understatement. We have seen not one, not two, but five of these shares hit all-time highs during this Thursday's session so far.

First up is Pilbara Minerals, the arguable flagship lithium share of the ASX. Pilbara Minerals took a 3.16% hit yesterday. But today, the company has made up for that, and then some. Pilbara shares hit a new record high of $4.79 each just before midday today.

That puts the Pilbara share price up an extraordinary 48% over the past month alone. The company is currently up a healthy 4.14% at $4.78 a share at the time of writing.

But it doesn't stop there.

More ASX lithium shares hitting record highs on Thursday

We've also seen a new high from Allkem. Allkem shares also took a 3.06% haircut yesterday. But again, all is forgotten today, with Allkem shares currently up 2.81% at $15.935 each. The company touched a new record high of $16.08 earlier in the session.

Some lesser-known ASX lithium shares are also riding the coattails today. Let's look at Leo Lithium Ltd (ASX: LLL). This company was immune to yesterday's market carnage, gaining more than 7%.

It has backed this up today with another gain worth 9.66%, putting it at 79 cents a share. This company's new high is 81 cents though, which Leo Lithium hit this morning.

Turning to Global Lithium Resources Ltd (ASX: GL1), we have yet another lithium company at a new all-time high. This company is up an extraordinary 17.89% so far today, currently at its record high of $2.90 a share.

Our final share to check out is IRIS Metals Ltd (ASX: IR1). IRIS Metals shares are also burning hot today. This ASX lithium share is currently up by 11.57% at $2.17 each. The company's new record high stands at $2.19 a share, which happened earlier this afternoon.

So it's unclear what is sparking this rush into lithium today. Maybe investors are keen to get back in after getting spooked yesterday. It's worth pointing out though that earlier this week, we looked at one ASX expert's opinion that ASX lithium shares are the "buy now, pay later of 2022". Perhaps that explains what is going on.

Either way, it's quite a party for ASX lithium shares on the markets today.

The post Back baby! 5 ASX lithium shares smashing all-time highs today appeared first on The Motley Fool Australia.

The gold miner's shares closed today's session at $1.52 apiece, a 17.31% gain on the day.

It was well above the performance of the S&P/ASX 200 Materials Index (ASX: XMJ). It closed down 2.06% today, falling more than 8.8% over the past week.

IRIS is also outstripping its ASX gold share peers. Newcrest Mining Ltd (ASX: NCM) has lost 4.8% in a week and Evolution Mining Ltd (ASX: EVN) is 8.8% lower.

So what's behind this gold miner's stellar run?

Additional gold targets identified

Iris shares rallied amid an announcement on Monday that the company had identified additional gold targets during an aeromagnetic survey at its Kookynie gold project in Western Australia.

The two new targets bring the total number of targets to 26 across the mining tenement. The sites will be integrated into further exploration activities with the company saying it will conduct soil geometry tests.

The latest survey covered an area of 6,342 kilometres and was undertaken as part of the recent acquisition of ground in the northern region of Kookynie.

Iris Metals share price snapshot

The ASX gold share is up 159% year to date. Meanwhile, the S&P/ASX 200 Index (ASX: XJO) is down more than 11% over the same period.

The company's current market capitalisation is around $92 million.

The post Guess which ASX gold share has exploded 38% so far this week appeared first on The Motley Fool Australia.