ASX Resources Quarterly Wrap: Lithium bounce could boost these junior explorers
Major lithium miners climb on expectation of rising demand
Anson defines maiden Green River Resource in June quarter
Burgeoning global electric vehicle sales – up 30% to date according to Canaccord Genuity – have boosted lithium prices on expectations that demand for the battery metal will advance in lockstep.
Price reporting agency Fastmarkets had last Tuesday assessed 6% Li2O – the benchmark for the spodumene concentrate mined by WA producers – at US$760/t, a significant gain from the low of US$610/t on June 23, 2025.
This is due to rising futures prices in China and improved buying interest from battery makers, as well as the closure of a number of Chinese operations on environmental grounds.
Lithium carbonate prices have also risen in the same period from US$8050/t to US$8550/t.
This has proved to be a boon for lithium producers with Mineral Resources (ASX:MIN) rising 37% since July 1, 2025, to $29.80 while Pilbara Minerals (ASX:PLS) has put on 23.2% to $1.67 in the same period.
Juniors have also gained from the improved lithium sentiment, and here are some companies that have been progressing operations during the June 2025 quarter…
Anson Resources (ASX:ASN)
During this period, Anson defined maiden JORC resources of 103,000t of contained lithium carbonate equivalent at its Green River project in Utah.
The estimate is based on the drilling on the Bosydaba #1 well and could be increased in the near-term through the re-entry of the historical Mt Fuel-Skyline Geyser 1-25 well in the current quarter.
Anson has also added 100 strategic placer claims to increase the Green River landholding by 10%.
About 28% of these fall within the Area of Influence and will be included in subsequent JORC Mineral Resource estimates upgrades.
Further resource upgrades could come from recent swabbing programs returning consistently higher assay values.
Other steps taken by the company include entering into a non-binding memorandum of understanding with POSCO Holdings to collaborate on the construction of a direct lithium extraction demonstration plant, and working with the Utah state government to develop a new, lower state royalty rate scaled from 1% to 5% based upon market conditions compared to the previous flat rate of 5%.
Delta Lithium (ASX:DLI)
During the June 2025 quarter, Delta spun out its Mt Ida gold asset into new ASX-listed company Ballard Mining (ASX:BM1) to focus on its lithium assets.
It also expanded the footprint of its Yinnetharra lithium and tantalum project through two transactions – the acquisition of Minerals 260's (ASX:MI6) Aston project and Zeus Resources' (ASX:ZEU) Mortimer Hills project.
These have added 1778km2 to Yinnetharra, taking the total land package up to over 3100km2.
Both assets have highly prospective tenure, are under-explored and host compelling targets for immediate exploration.
Delta has also updated resources at Yinnetharra to 21.9Mt at 1% Li2O and 39.4Mt at 102ppm tantalum.
The company has started systematic geochemical sampling and mapping over priority areas with passive seismic surveying to follow this year along with drill testing at Jamesons and adjacent prospects along the Leake Springs meta-sediment package in the following quarter.
First Lithium (ASX:FL1)
First Lithium continues to work closely with the Mali government to finalise renewals for its Gouna and Faraba permits.
Discussions have also indicated the maiden resource will be finalised with results released in the current quarter.
The Mali government had earlier this year announced plans to partially lift the suspension of mining permits that had been in place since September 2022 from March 15, 2025.
The company has received a letter from the National Director of Geology and Mines in Mali confirming geophysical survey work can continue on both permits while direct meetings have confirmed the requirements for the licence renewal process.
Chariot Corporation (ASX:CC9)
Meanwhile, Chariot acquired a 66.7% interest in one of the largest hard rock lithium portfolios in Nigeria for US$1.5m in cash and 42 million shares in the company.
The assets cover ~254km2 across the Fonlo, Gbugbu, Iganna, and Saki projects in Oyo and Kwara states.
These contain a mix of licence types: exploration licences (ELs) for large-scale exploration and small-scale mining leases (SSMLs) over known mineralisation which provide Chariot with an opportunity to investigate fast-track development options.
Notably, the Nigerian tenements have historically produced several thousand tonnes of spodumene concentrate for export to Chinese customers between 2021 and 2024, validating both the quality of mineralisation and existence of buyers.
Chariot plans to start systematic exploration across the Nigerian portfolio, with initial field programs underway and first drilling targeted for late 2025.
Separately, the company is awaiting results from Phase 2 drilling at its Black Mountain lithium project in Wyoming.
It is also monitoring developments at neighbouring projects to its Resurgent project in the McDermitt Caldera on the border of Nevada and southern Oregon.
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