There were a number of big moves in the lithium industry on Wednesday.
Two absolute standouts are listed below. Here's how much these ASX lithium stocks jumped today:
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Arizona Lithium Ltd (ASX: AZL)
The Arizona Lithium share price closed the day almost 40% higher at 3.2 cents. Interestingly, this was despite there being no news out the North American lithium explorer.
However, it is worth noting that it has been making progress at the Big Sandy Lithium Project and the Prairie Lithium Projects.
Last week, the company announced that it has commenced construction of the first commercial pad at the Prairie project in Saskatchewan, Canada. The ground has been prepared for the first production and disposal wells, which are anticipated to be drilled in the first half of 2024.
Arizona Lithium will now quickly advance from pilot operations to commercialisation of the first Direct Lithium Extraction (DLE) facility.
In addition, with its shares still down by 60% over the last 12 months, some investors may believe they have been oversold.
TG Metals Ltd (ASX: TG6)
The TG Metals share price was another very strong performer on Wednesday, rising 40% to $1.10. This follows the release of an update on exploration activities at the Lake Johnston Li-Ni-Au Project in Western Australia.
The ASX lithium stock advised that it has recommenced drilling on the Burmeister lithium discovery with a reverse circulation drill rig. Pleasingly, existing program of works approvals are in place for this Phase 2 drilling on the lithium soil anomaly following the successful Phase 1 program. The latter yielded high grade spodumene pegmatite intercepts.
TG Metals CEO, David Selfe, stated: "We are in a unique position of being able to move on quickly to this second phase of drilling. It's critical that we continue with our targeted approach to exploring this significant newly discovered lithium pegmatite system and enhancing our understanding of its size and quality. The Company looks forward to updating shareholders with ongoing drilling results and other Lake Johnston project exploration for the remainder of this year."
