SLI - Why Standard Lithium Stock Jumped Today
2023-10-11 12:10:25 ET
Shares of Standard Lithium (NYSEMKT: SLI) surged 10.9% early Monday after the lithium company announced high lithium brine grades from its latest drilling program. This isn't the first time Standard Lithium has claimed to have found such high-grade lithium in its lithium wells.
Standard Lithium is an early-stage lithium company with three projects in the exploration and development stage. The company doesn't mine lithium directly but has developed a start-to-finish direct lithium extraction (DLE) process that can extract lithium from brine deposits to produce battery-grade lithium chemicals. While a couple of Standard Lithium's flagship projects are located in the Smackover Formation in Arkansas, it has also identified high-potential brine resources in the Smackover Formation in East Texas.
Yesterday, Standard Lithium said it had drilled and sampled a new "highest-confirmed lithium grade brine in North America" from a well at its East Texas exploration site, returning 663 ml/L (milligrams per liter). Earlier in the year, Standard Lithium found lithium with a grade of 634 m/L in East Texas.
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Why Standard Lithium Stock Jumped Today