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Date : 10/03/2021

Why did Lithium Australia (ASX:LIT) shares go up by 9%

Lithium Australia is a Perth based lithium mining and exploration company. They aim to supply ethically and sustainably sourced materials to the battery industry worldwide.LIT has developed its own disruptive extraction technologies – including its proprietary SiLeach process – and secured positions in lithium provinces around the globe, including Western Australia and Europe.

LIT takes the view that sustainability equates to viability with respect to both the manufacture and disposal of lithium-ion batteries. The company believes that discarded electronic/battery waste may ultimately prove the most cost-effective and environmentally friendly source of the so-called ‘energy metals’, among them lithium and cobalt.

RelatedBest Lithium Stocks to Buy in 2023

Lithium Australia shares really took off in 2020. Since December 2020, they have skyrocketed. The year-to-date returns is over 89% and Lithium Australia demands a market capitalisation of $112 million. This share price performance is better than some of the top lithium stocks on the ASX. Today, Lithium Australia shares rose close to 9% and are currently trading at 125 cents.

This morning, Lithium Australia VSPC patent application for its inventive and novel cathode material producing process has been accepted for grant. VSPC is a subsidiary of Lithium Australia and their method of synthesising lithium metal phosphates has been confirmed to be novel and inventive. The protection for the process is to last 20 years.

During the past two years, VSPC has simplified its process for the production of lithium metal phosphate cathode powders, enabling the use of a broader range of raw materials as feed. This has significantly reduced the cost of manufacturing lithium ferro phosphate (‘LFP’) and other lithium metal phosphate materials, among them lithium manganese iron phosphate (‘LMFP’).

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