While some ASX lithium shares performed strongly in September, most of those with a market capitalisation of more than $100 million ended in the red.
Out of the 28 lithium shares we compared to create this list, only six of them reported positive movements in their share prices, with the rest either recording a loss or a neutral price movement.
As could be expected, some companies reported greater losses than others.
So let's cover September's biggest losers in the lithium space.
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Nova Minerals Ltd (ASX: NVA)
The biggest loser for the month of September was Nova Minerals, which recorded a 31.38% decline in its share. While primarily a gold explorer, Nova Minerals also has a 37% stake in Snow Lake Resources Ltd (NASDAQ: LITM), a company that's exploring lithium at the Thompson Brothers Lithium Project in Manitoba, Canada.
Shares opened for 94 cents on 1 September and closed for 65 cents at the end of the month.
This may surprise those who follow the company, as Nova Minerals reported largely positive results in its annual report for FY22 on 20 September. One highlight for the financial year is that its total comprehensive income grew to $38.09 million, which is up from a $4.3 million loss in the previous corresponding period.
The company also posted a positive update for its lithium business to the market on 16 September. A resource upgrade was issued for Snow Lake Resources amid drilling of 20,000 additional metres. This drilling effort reportedly "accelerates Snow Lake's path towards commercial production".
Snow Lake is pursuing plans to make its lithium extraction site the world's first renewable energy-powered electric mine.
Lepidico Ltd (ASX: LPD)
Shares of Lepidico also had an atrocious month in September as they lost 26.66% of their value. The Lepidico share price opened at 0.03 cents on 1 September. It closed at 0.022 cents at the end of the month.
The miner's shares were sold off following the company reporting a total comprehensive loss of $7.78 million for FY22 on 23 September.
Other updates for the company included drill results from its Helikon 4 pegmatite at its Karibib project in Namibia. Assay results from the drilling effort uncovered high yields of lithium oxide.
The release also stated that front-end engineering and design (FEED) for its Phase 1 chemical plant is due to complete in November 2022.
Lake Resources N.L. (ASX: LKE)
Finally, the Lake Resources share price dropped 21.49% in September. Shares opened for $1.14 on 1 September and closed at 90 cents each at month close.
A large part of the sell-off unfolded over the course of a week. The company lost 17% during this time.
The miner has been contending with interest from short sellers. Its short interest ratio shot up to 9.9% on 26 September.
As the Fool reported earlier, J Capital believes that its lithium extraction technology is unproven and could generate toxic waste as part of the production process. Lake Resources denies these claims. Though this commentary by J Capital has seemingly done nothing to improve the sentiment around Lake Resources' shares.
On a greater level, ASX lithium shares could be feeling the pinch of rising interest rates, which has led to more volatility than usual in the market over the past couple of weeks.
