8 ASX 300 lithium stocks surging over 10% today

It's a fine day to be holding onto any one of these ASX 300 lithium stocks.

A group of miners in hard hats sitting in a mine chatting on a break as ASX coal shares perform well today

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Key points

  • No less than eight ASX 300 lithium stocks have gained more than 10% today
  • Investor interest has been spurred by US lithium giant Albemarle’s takeover proposal of Liontown Resources
  • The Liontown share price is up a whopping 63% on Tuesday

S&P/ASX 300 Index (ASX: XKO) lithium stocks are enjoying a stellar run today.

The big push higher comes after significant weakness in the sector this calendar year as lithium prices have retraced sharply from November's all-time highs.

But that weakness is nowhere to be found today.

Here's how these ASX 300 lithium stocks are performing in afternoon trade on Tuesday:

  • Allkem Ltd (ASX: AKE) shares are up 15%
  • Pilbara Minerals Ltd (ASX: PLS) shares are up 13%
  • Liontown Resources Ltd (ASX: LTR) shares are up 63%
  • Argosy Minerals Ltd (ASX: AGY) shares are up 14%
  • Core Lithium Ltd (ASX: CXO) shares are up 14%
  • Sayona Mining Ltd (ASX: SYA) shares are up 12%
  • Allkem Ltd (ASX: AKE) shares are up 14%
  • Leo Lithium Ltd (ASX: LLL) shares are up 12%

Why are these ASX 300 lithium stocks soaring today?

While all of the above ASX 300 lithium stocks are up over 10%, one of them stands out from the pack.

With shares up a whopping 63% today that would be Liontown Resources.

And that remarkable surge is throwing up some heady tailwinds for Liontown's rivals.

So, why is the Liontown share price shooting out the lights?

What's sending the Liontown share price rocketing?

Investors are bidding up the ASX 300 lithium stock after the company reported on a takeover proposal from United States-based lithium giant Albemarle Corporation (NYSE: ALB). Albemarle boasts a market cap of some US$25.7 billion.

The US lithium company lobbed an unsolicited, conditional, and non-binding proposal to acquire all of Liontown's stock for $2.50 per share.

However, the Liontown board rejected the offer, believing it undervalues the quality of the company's assets. Those include its core holding, the Kathleen Valley Lithium Project, which is nearing production.

According to Liontown, the project, located in Western Australia, "will be one of the world's largest lithium mines, supplying approximately 500,000 tonnes of 6% lithium oxide (Li2O) concentrate per year when it comes on stream in 2024".

Albemarle's $5.5 billion takeover offer shows clear enthusiasm about its mid and longer-term outlook for the battery-critical metal, giving a big leg up to all the above ASX 300 lithium stocks today.

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Gainers

Fancy font saying top ten surrounded by gold leaf set against a dark background of glittering stars.
Share Gainers

Here are the top 10 ASX 200 shares today

ASX investors endured another day of selling this Tuesday.

Read more »

Man pointing at a blue rising share price graph.
Technology Shares

Guess which ASX 300 tech stock is already up 64% in November!

The ASX 300 tech stock is surging higher this month. But why?

Read more »

A young man punches the air in delight as he reacts to great news on his mobile phone.
Share Gainers

Why ANZ, Block, Neuren, and Pilbara Minerals shares are pushing higher today

These shares are having a solid session on Tuesday. But why? Let's find out.

Read more »

A happy young couple lie on a wooden deck using a skateboard for a pillow.
Share Gainers

4 ASX All Ords shares rocketing over 10% today

These shares started the week with a bang. But why?

Read more »

Man with rocket wings which have flames coming out of them.
Mergers & Acquisitions

Guess which ASX stock just rocketed 40% on takeover news

A colossal company finds value in the small end of our ASX town.

Read more »

Happy diverse colleagues or team of people give high five together to celebrate great teamwork and results.
Share Gainers

Why Black Cat, Dicker Data, Novonix, and Pointsbet shares are racing higher

These shares are starting the week with a bang. But why?

Read more »

A young smiling couple out hiking enjoy a view from the top of the mountains.
Share Gainers

Here are the top 10 ASX 200 shares today

Investors enjoyed a rosy end to the trading week this Friday.

Read more »

A graphic showing a businessman running up a white upwards rising arrow symbolising the soaring Magellan share price today
Share Gainers

How these 3 ASX 200 stocks led the charge higher this week

The three top ASX 200 stocks are up 14% to 34% this week.

Read more »