The S&P/ASX 200 Materials Index (ASX: XMJ) might have lifted 0.64%, but three ASX lithium shares practically shot into orbit today, easily outperforming the index.
So which three ASX lithium shares are they, and why did they have such a stellar trading day?
Scorpion Minerals Ltd (ASX: SCN)
The Scorpion Minerals share price soared nearly 24% today. Scorpion raised $3.18 million to explore lithium and other metals at the Pharos Project in Western Australia. The company has already identified multiple lithium targets and plans to start drilling in the June quarter. Scorpion will take advice from renowned WA lithium expert Michael Fotios.
Core Lithium Ltd (ASX: CXO)
Core Lithium surged 12% despite no fresh news from the company today. The Core Lithium share price has exploded a massive 435% in a year. The company is exploring the Finniss Lithium Project in the Northern Territory. Lithium is a critical component of batteries for electric vehicles (EVs). Demand for lithium is surpassing new supplies. On Monday, Core Lithium entered an agreement to acquire a new lithium project.
Lake Resources (ASX: LKE)
Lake Resources shares surged nearly 10% today. The company's shares have risen 541% in a year. The strong lithium market could also be helping Lake. In news today, CBS reported Honda would invest 5 trillion yen in electric vehicle technology. Honda aims to produce more than 2 million EVs per year by 2030. Also, Bell Potter has recently lifted the price target on the Lake share price by 55% to $2.83. Lake is exploring lithium at the Kachi project in Argentina.
