The Infinity Lithium Corporation Ltd (ASX: INF) share price is in the green today.

Shares in the ASX lithium explorer are currently up 9%, trading at 18 cents apiece after earlier spiking 18% higher to an intraday high of 20 cents.

Meanwhile, S&P/ASX 200 Materials Index (ASX: XMJ) is down on Friday, recording a 1.83% loss at the time of writing.

So Infinity Lithium Corp shares are flying high above its peers' aggregate share price performance in the basic materials sector — but how come?

The short of it is that the company made a significant announcement this morning. Let's take a look.

What's going on with the ASX lithium share?

The company advised that Extremadura, an autonomous community in Spain, has declared that lithium extraction and processing are of "regional and general interest". Consequently, the community's regional government has passed a new decree-law for lithium projects to incorporate lithium processing in their operations.

This is bullish news for Infinity Lithium, as its San José lithium extraction and processing plant is already well-established in Extremadura's province of Caceres.

Extremadura New Energies CEO Ramón Jiménez was quoted in the company release today as saying:

San José is a world-class and large-scale integrated lithium project built on the foundations of a very significant hard rock lithium resource.

The progressive vision of the government ensures the feedstock at San José is aligned to the strategic interests of the region through an integrated facility that has become the blueprint for all lithium projects in Extremadura.

The company welcomed the stance, saying:

The decree has reinforced lithium as a product of regional interest and integrated lithium operations as regional interest business projects ('PREMIA'), in effect prioritising permitting, recognition as public utility projects, and access to employment grants.

Infinity Lithium share price snapshot

Despite today's gains, the Infinity Lithium share price is down 5.26% year to date. Meanwhile, the S&P/ASX 200 Index (ASX: XJO) has dropped 9.91% lower over the same period.

The company's market capitalisation is around $72 million at the time of writing.

The post Why did this little-known ASX lithium share rocket 18% on Friday? appeared first on The Motley Fool Australia.

The Infinity Lithium Corporation Ltd (ASX: INF) share price is racing higher today. This follows the lithium explorer's announcement regarding increased production volumes at the San José lithium project in Spain.

At the time of writing, Infinity shares are up 19.35% to 19 cents apiece.

Infinity scales up battery grade lithium chemicals

In its statement, Infinity advised is has significantly ramped up production quantities of battery-grade lithium carbonate and hydroxide.

This was achieved following completion of metallurgical test work at Dorfner Anzplan's facilities in Germany.

In June 2020, Infinity entered into a project agreement with EIT InnoEnergy to develop a sustainable, novel, and innovative sulphate roast process.

EIT InnoEnergy is supported by the European Institute of Innovation and Technology (EIT), which is a body of the European Union.

The production of battery-grade lithium chemicals was successfully achieved under the guidance of recognised lithium industry experts and members of the Infinity Technical Advisory Committee.

Approximately 0.8 kilograms of battery-grade lithium hydroxide was retained by Infinity for verification purposes and advancement of offtake discussions.

The next stage will progress locked cycle test work and the engineering design criteria for the project feasibility study.

Infinity's tranche 3 funding under the project agreement is expected to be committed upon completion of reporting and verification.

In addition, the company noted that provisional patents covering the novel aspects of the sulphate roast process flowsheet are expected to advance.

Commenting on the news fuelling the Infinity Lithium share price, CEO and managing director Ryan Parkin said:

The production of battery-grade lithium hydroxide in the scale-up phase has highlighted the successful implementation of the innovative sulphate roast process in alignment to key EU ESG principles.

We are looking forward to broadening discussions with end users in the progression of a fully integrated lithium-ion battery supply chain in Spain and the EU.

About the Infinity Lithium share price

Despite today's strong gains, the Infinity Lithium share price has plummeted 16% since this time last year.

It has been a rollercoaster ride for investors as the company's 52-week range is between 5.9 cents and 26 cents.

At today's price, Infinity Lithium commands a market capitalisation of around $75.7 million, with more than 414.82 million shares outstanding.

The post Infinity Lithium (ASX:INF) share price charges 19% higher on production news appeared first on The Motley Fool Australia.

The Infinity Lithium Corporation Ltd (ASX: INF) share price is soaring today after the company released news of its San José Lithium Project.

Metallurgical test work has produced bench-scale battery grade lithium hydroxide monohydrate and lithium carbonate from San José's lithium products.

Right now, the Infinity Lithium share price is trading at 13 cents, 8.7% higher than its previous close.

Let's take a closer look at the news driving the European lithium producer's share price today.

Battery grade lithium produced

The Infinity Lithium share price is taking off on news of positive metallurgical test work.

The products of the company's 75% owned San José are able to produce battery grade lithium products.

As a result, the company has begun offtake discussions with automakers and lithium-ion battery producers.

According to the company, San José's location in Spain means it's ready to supply lithium products to the European battery industry and related Spanish industries.

Additionally, the findings have successfully advanced Infinity Lithium's alternative processing method for lithium bearing minerals and mineral concentrates. The company's method is undergoing a feasibility study conducted by Dorfner's Anzaplan. Patent applications for the process are pending.

The company is also undertaking a review of alternative extractive technologies. The review will find the best process for commercial development.

The review found 2 new and potentially feasible processes that could improve the process' performance, cost, environmental and social requirements, as well as complexity.

Infinity Lithium has begun a laboratory-scale test work program to test the feasibility of these processes. However, it will make sure the work won't come at the expense of its feasibility study or the delivery of lithium chemicals requested by offtake parties.

Infinity Lithium share price snapshot

Today's gains haven't been enough to boost the Infinity Lithium share price back into the ASX green.

Right now, the company's share price is 26% lower than it was at the start of 2021.

However, it is 38% higher than it was this time last year.

The post Infinity Lithium (ASX:INF) share price leaps 9% on project update appeared first on The Motley Fool Australia.

The Infinity Lithium Corporation Ltd (ASX: INF) share price plummeted in morning trade. The fall came after the company announced its appeal against the cancellation of the San José Lithium Project's investigation permit has been unsuccessful.

Right now, Infinity Lithium shares are 19.64% lower than their previous close – swapping hands for 11.3 cents.

Let's take a closer look at the news driving the Infinity Lithium share price down today.

Quick refresher on San José

Located in Spain, San José is one of Europe's largest lithium deposits.

San José is a joint venture project between Infinity Lithium and Valoriza Mineria S.A..

Infinity Lithium holds 75% of the project.

Why is the Infinity Lithium share price falling today?

The Infinity Lithium share price is plunging lower today after it was unsuccessful in its appeal against the cancellation of San José's Investigation Permit Valdeflórez (PIV).

The permit was cancelled in May by the General Directorate of Industry, Energy and Mines of the Regional Government of Extremadura (Junta) due to concerns the project is too close to a township.

According to Infinity Lithium, it was illegal for Junta to cancel San José's PIV.

The company has employed lawyers and will take the decision to an administrative-contentious appeal process.

Additionally, the company's Investigation Permit Ampliacion Valdeflorez (PIAV) has been appealed against by a non-government organisation. Fortunately for Infinity Lithium, the appeal has been dismissed.

Commentary from management

Infinity Lithium's CEO and managing director Ryan Parkin commented on the company's plans to fight the PIV's cancellation:

We reiterate our commitment to absolute legality in the process of resolving the multiple administrative inconsistencies and applications of judgements by the Junta. The Junta, for its part, has shown arbitrary discretion and contradictions between the original grant of the Investigation Permit and its recent change of position. The administrative and legal resolution in the face of the same facts cannot change its criteria to suit political endeavours and the company is confident of a positive resolution under the rule of Spanish law.

Infinity Lithium share price snapshot

Today's fall has added to the woes of the Infinity Lithium share price.

Right now, Infinity shares are 27% lower than at the beginning of the year. However, they have gained 31% since this time last year.

The company has a market capitalisation of around $45 million, with approximately 402 million shares outstanding.

The post The Infinity Lithium (ASX:INF) share price fell 20% today appeared first on The Motley Fool Australia.

The Infinity Lithium Corporation Ltd (ASX: INF) share price is continuing its recent rebound in a big way today. This is on the back of the Spanish government approving a €4.3 billion (AUD$6.79 billion) funding package towards the development of the country's electric vehicle value chain.

At the time of writing, the lithium explorer's shares are up 17.39% to 14 cents. Although, the company's shares were as high as 15.5 cents and up more than 25% earlier in the day.

Infinity Lithium share price up on EV funding

Investors are gobbling up shares in Infinity Lithium today following the company's latest announcement.

According to the release, the Spanish government has committed ~A$6.8 billion in funding by 2023. These funds are aligned to the use of the European Union's Next Generation recovery and resilience funds.

Furthermore, the funds will be put towards investments across the whole electric vehicle (EV) value chain. Importantly for Infinity, this includes the extraction of lithium. However, it extends all the way through assembly of the battery cells, manufacturing of EVs, and development of charging infrastructure.

This holds relevance to Infinity Lithium as its 75% owned San José Lithium Project is located in Spain. This project is the second-largest JORC hard rock lithium deposit in the EU.

Another positive for lithium players were the comments from Spain's Prime Minister Pedro Sánchez. According to Sánchez, the country's automotive industry will increase by 50% to 15% share of the total GDP by 2030.

Further details

The funding approved by the Spanish government's Council of Ministers is aimed towards turning Spain into an EV hub. However, today's approved funds are only the tip of the iceberg. When combined with the EU's Next Generation investments, a total of €24 billion is expected between 2021 and 2023.

Commenting on the electric push, Spain's Prime Minister, Mr Sánchez said:

It will be one of the biggest projects, not in Spain, but in Europe, in recent decades. The government firmly believes in the capacity, the industrial potential of our country, to face this challenge, which will affect the entire production chain, from the extraction of raw materials such as lithium… in short, the automotive industry is going to receive public support throughout the manufacturing process

In other news, the Infinity Lithium share price experienced a surge late last month. At that point in time, the company announced a memorandum of understanding with LG Energy Solution.

The post Why the Infinity Lithium (ASX:INF) share price is skyrocketing 17% today appeared first on The Motley Fool Australia.

The Infinity Lithium Corporation Ltd (ASX: INF) share price is on the move today. This follows the lithium explorer signing of a Memorandum of Understanding (MOU) for the offtake of lithium hydroxide (LiOH).

At the time of writing, Infinity shares are up 6.10% to 8.7 cents.

Infinity progresses lithium hydroxide development

In a statement to the ASX, Infinity advised it has entered into a non-binding MOU with LG Energy Solution.

Based in South Korea, LG Energy Solution is a global leader that is focused on producing advanced lithium-ion batteries. The eco-friendly company services the electric vehicles, mobility & IT applications, and energy storage systems market.

The collaboration will seek to form an agreement for the long-term supply of battery grade LiOH from the San José Lithium Project.

The terms of the MOU are set out below:

• Potential supply of LiOH for an initial 5-year period with the potential to continue for a further 5 years;
• First right to 10,000 tonnes per annum of LiOH product with additional volumes under the MOU subject to negotiations and agreement;
• The purchase price for LiOH set to be set at market prices, pending approval by both parties.

Infinity noted that it aims to have the MOU formed into a binding offtake agreement within the next 12 months. 

Infinity CEO and managing director, Ryan Parkin said:

We are delighted to announce the commencement of a long-term commercial relationship with tier one partner LG Energy Solution, welcoming the potential to support a global leading lithium-ion battery producer to secure essential facets of the supply chain.

About the Infinity share price

From the beginning of 2021 to mid-February, Infinity shares rocketed higher to reach a multi-year high of 28 cents. However, since then, its shares plummeted 67% after being suspended from trading on the ASX in April.

At today's price, Infinity commands a market capitalisation of around $35 million, with over 402 million shares outstanding.

The post Here's why the Infinity share price is powering 6% higher today appeared first on The Motley Fool Australia.

The Infinity Lithium Corp Ltd (ASX: INF) share price was one of the best performers on the ASX today.

This follows a number of highlights that the lithium explorer provided in a market release this morning.

At the end of market trade, Infinity Lithium shares finished the day at 9.3 cents apiece, up 38.8%.

What's driving the Infinity Lithium share price higher?

Investors fought to get hold of Infinity Lithium shares after the company announced a series of meetings between key figures.

According to its release, Infinity Lithium advised that its managing director and CEO Ryan Parkin met with Vice-President of the European Commission, Maros Sefcovic last Wednesday. The two discussed the current status of the San José Lithium Project and reinforced the timely completion in line with the strategic objectives of the European Battery Alliance (EBA). Mr Sefcovic underlined the importance of lithium's raw materials in helping the European automotive industry transition to electric vehicles. In the first quarter of 2021 alone, electric vehicles represented 15% of all automotive sales.

San José is a high-grade lithium project being developed in the Extremadura region of Spain. Focused on the production of battery grade lithium chemicals, it represents the second largest hard rock lithium deposit in Europe. Infinity Lithium currently holds a 75% interest in the project.

Mr Sefcovic touched on the Spanish consortium that comprise of the five industrial projects of the entire battery value chain, saying:

There are the critical raw materials, there is the anecdotal evidence of how far we have moved I would highlight the piece of information that just two years ago we dd not have lithium on the list of critical raw materials for Europe. Now we know that by 2030 we will need 18 times more, by 2050 we will need 60 times more, and when I talk to the industry, they still tell me this is a very conservative estimate. On top of this we still do not have one single refinery for lithium in Europe.

I am so pleased that from the start we have been working on making sure that we are covering the whole value chain.

What else happened?

The following day on 20 May, Mr Sefcovic and the President of Spain, Mr Pedro Sánchez unveiled the first step of the Espana 2050 project. Aimed to serve as a blueprint for other European countries, the long-term national study called on to achieve greater efficiency is using lithium to replace its dependence on traditional fossil fuels.

Mr Sánchez noted that his government recognises the geostrategic importance of the San Jose project and the country's long-term roadmap for the transformation. The availability of lithium raw materials is significant for Spain, in order for it to become a sustainable country and emit a low carbon footprint.

Infinity Lithium advised that it is continuing to engage with major project stakeholders following the cancellation of the Investigation Permit Valdeflorez.

The Infinity Lithium share price has accelerated to more than 120% over the past year.

The post Why the Infinity Lithium (ASX:INF) share price has rocketed 38% higher appeared first on The Motley Fool Australia.

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week on a positive note. At the time of writing, the benchmark index is up 0.4% to 7,040.4 points.

Four ASX shares that have failed to follow the market higher are listed below. Here's why they are sinking:

Carsales.Com Ltd (ASX: CAR)

The Carsales share price is down 10.5% to $17.45. This follows the successful completion of the institutional component of its $600 million pro rata accelerated renounceable entitlement offer. Carsales raised $428 million at a 12.9% discount of $17.00. The auto listings company will now seek to raise a further $172 million from retail shareholders. These funds are being used to acquire a 49% stake in United States-based business Trader Interactive.

Incitec Pivot Ltd (ASX: IPL)

The Incitec Pivot share price is down 3% to $2.34. This follows the release of a weaker than expected half year result. The industrial chemicals company posted a 6.7% decline in revenue to $1,724.1 million and a 30.8% decline in earnings before interest and tax (EBIT) to $110 million. According to a note out of Goldman Sachs, its analysts were forecasting revenue of $1,825 million and EBIT of $171 million.

Infinity Lithium Corp Ltd (ASX: INF)

The Infinity Lithium share price has crashed 66% lower to 6.5 cents. Investors have been selling the lithium explorer's shares following an update on its San José Lithium Project in Spain. According to the release, Infinity Lithium has received notification that the Investigation Permit Valdeflorez (PIV) application has been cancelled at the project. This was due to the urban unfeasibility of the research permit. This essentially means the project has been deemed to be too close to the local town. Infinity Lithium will appeal the decision.

Nuix Ltd (ASX: NXL)

The Nuix share price is down 8% to $3.18. This follows a joint investigation by The Sydney Morning Herald, The Age, and The Australian Financial Review. That investigation raises questions about the technology company's governance and financial accounts. Nuix has responded by defending its business and processes. It commented: "Nuix has in place robust processes to measure forward indicators of performance in order to ensure that it keeps the market fully informed and has done so on a timely and regular basis."

The post Why Carsales, Incitec Pivot, Infinity Lithium, & Nuix shares are sinking appeared first on The Motley Fool Australia.

The Infinity Lithium Corp Ltd (ASX: INF) share price has had a disastrous start to the week.

In afternoon trade, the lithium explorer's shares are down a massive 67% to 6.2 cents.

Why is the Infinity Lithium share price crashing lower?

The Infinity Lithium share price has been sold off today following the release of an announcement relating to its San José Lithium Project in Spain. This project is the second largest hard rock lithium deposit in Europe.

According to the update, Infinity Lithium has received notification that the Investigation Permit Valdeflorez (PIV) application has been cancelled at the San José Lithium Project. This was due to the "urban unfeasibility of the research permit." Essentially, the project has been deemed to be too close to the local town.

The company advised that it strongly disputes the validity of the decision to cancel the application. Furthermore, following legal advice, the company has lodged an appeal of this decision.

Management explained that the company considers the Junta's resolution to cancel the PIV to be in direct breach of the law and in contradiction of previous rulings by the Junta on the environmental and urban legality and viability of the PIV.

Though, judging by the sizeable decline in the Infinity Lithium share price today, the market doesn't appear overly optimistic that the appeal will succeed.

Management commentary

Infinity Lithium's CEO, Ryan Parkin, commented "The joint venture partners strongly dispute the decision and are pursuing all options to reinstate the investigation permit. The Company, in unison with our joint venture partners, are reserving all rights relating to the cancellation of the PIV and those relating to the original call for tender and subsequent award resolution, in which the regional government process was predicated on the non-existence of insurmountable legal obstacles."

"Furthermore, the Junta's administrative fault in the original application process led to the 2019 decision to revert the PIV into application, facilitating the pathway to this most recent decision. The Company will work with all stakeholders and aims to seek a constructive and positive resolution whether through the PIV or successive rights held by the joint venture partners," he concluded.

The post Why the Infinity Lithium (ASX:INF) share price is crashing 67% lower appeared first on The Motley Fool Australia.

The Infinity Lithium Corporation Ltd (ASX: INF) share price is skyrocketing today after the company provided a European funding update.

At the time of writing, Infinity Lithium shares are flying 91.67% higher to 11.5 cents per share. With this rise, Infinity Lithium's current market capitalisation stands at around $27 million.

Infinity Lithium is a minerals company focused on developing its 75%-owned San José Lithium Project and produce battery-grade lithium hydroxide in Spain.

The San José deposit is an advanced, previously mined brownfield development opportunity located in Extremadura, Spain. It is the second-largest JORC hard rock lithium deposit in the European Union (EU).

Why is the Infinity Lithium share price skyrocketing?

This morning, Infinity Lithium announced it has executed binding agreements for multi-stage funding from the EU-backed public-private partnership EIT InnoEnergy.

While Infinity Lithium revealed details of the funding in March, back then the deal was only at the memorandum of understanding stage.

Infinity's San José Lithium Project is the first lithium project in Europe to secure funding from EIT InnoEnergy. The funding includes a staged amount of up to €800,000 to support the project's first phase of feasibility study test work.

Following this, EIT InnoEnergy will leverage the European Battery Alliance (EBA) network to facilitate the funding for phase two, with an investment of up to €2.4 million. Phase two involves the construction of the pilot plant at San José.

This funding also comes with an assistance agreement to support fundraising activities for up to €300 million in debt and equity to fund the development of the San José project.

Commenting on today's update, managing director Ryan Parkin said:

"The Board of Infinity is delighted to announce the completion of these multi-level agreements, highlighted by the financial endorsement of the San José Project through the funding by EIT InnoEnergy."

"This multi-level collaboration will see San José benefit through exposure to EIT InnoEnergy and the EBA's vast European network as the EU focuses on the essential requirement to secure lithium chemicals and develop an integrated lithium-ion battery value chain."

The post Why the Infinity Lithium share price is skyrocketing 92% today appeared first on The Motley Fool Australia.