Amid news that demand for lithium is increasing while the price of the silvery metal is reportedly climbing in Chinese markets, some ASX companies have enjoyed more gains.
Kidman Resources Ltd (ASX: KDR)
The Kidman Resources Ltd resources share price was up by more than 11 per cent on Wednesday as investors appear to have responded positively to the company's latest announcement.
Kidman announced that drilling at its Earl Grey project in Mt Holland, Western Australia, has provided positive indications of high-grade lithium.
Kidman's Managing Director, Martin Donohue, said "this clarity in scale provides greater confidence in the supply chain capacity" of the company's project and he believes it will help to attract potential customers in the automotive and energy storage sectors.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price gained more than 5 per cent on Wednesday.
The company held its AGM last week and Chairman Tony Kiernan told shareholders that they can look forward to an "increasing pace of growth and activity across the company" in the year ahead.
He said the start of commissioning and ramp-up of shipments at Pilgangoora is "on track to occur during the second quarter of next year".
Orocobre Limited (ASX: ORE)
The Orocobre Limited share price was up by 2.4 per cent adding to a great month for the company's shareholders who have seen their stock rise by more than 25 per cent since 1 November.
Orocobre also held its AGM last week and Chairman Robert Hubbard told shareholders that the company had made "significant progress" with its flagship Olaroz project.
"We achieved production of just under 12,000 tonnes of lithium carbonate, representing over 5 per cent of the global market for lithium, and a maiden operating profit of $19.4 million after the sale of some assets and impairments at Borax Argentina," Mr Hubbard said.
Galaxy Resources Limited (ASX: GXY)
Galaxy shareholders also had a good day.
The Galaxy share price gained about 8.6 per cent on Wednesday as the company announced it had struck deals to supply lithium concentrate with numerous customers.
