How to buy shares in Evergreen Lithium Limited
The search for future lithium mines in Australia continues with Evergreen Lithium
The mining exploration company has raised $7m through an IPO on the ASX. Evergreen Lithium ($EG1) plans to use these funds for the development of its projects.
Their flagship asset is the Bynoe Lithium Project in the Northern Territory (NT). It’s located next door to the Finniss Mine owned by Core Lithium ($CXO), which is getting ready to start production in the first half of 2023. Some of the team’s initial activities at the site have included soil samples that showed traces of lithium.
The team’s also working on the Kenny Lithium Project in Western Australia. It’s in the Eastern Goldfields region and lies around 35km from the Bald Hill Lithium Mine. They’ve recently completed some drilling and the results should be available soon after their ASX listing. Target areas for the next stage of drilling have been identified in this data.
Evergreen’s applied to acquire another landholding that could have lithium minerals in the NT. It’s approximately 150km northeast of Alice Springs. There hasn’t been any exploration for lithium in the locality yet, but several mining companies have secured interests there. The company’s also on the lookout for new opportunities.
The firm’s future will be affected by the demand for lithium from EVs. Only time will tell whether Evergreen can navigate short-term volatilities in the commodity price to develop a lithium mine.
Evergreen Lithium is now available to trade on Stake under the ticker $EG1.
Megan is a markets analyst at Stake, with 7 years of experience in the world of investing and a Master’s degree in Business and Economics from The University of Sydney Business School. Megan has extensive knowledge of the UK markets, working as an analyst at ARCH Emerging Markets - a UK investment advisory platform focused on private equity. Previously she also worked as an analyst at Australian robo advisor Stockspot, where she researched ASX listed equities and helped construct the company's portfolios.
