There's electricity in the air this morning as a handful of ASX lithium shares bask in the excitement of recent acquisition developments.

At the time of writing, the broad S&P/ASX 200 Index (ASX: XJO) is enjoying a green start to the week — rising 0.99% to 7,179.7 points. The sector feeling the most love so far today is materials, catching a 0.66% boost with the Fortescue Metals Group Limited (ASX: FMG) share price being the odd one out.

However, four ASX lithium shares are making some of the biggest waves today. Let's explore the exact details behind the moves.

IGO makes a $136 million offer for growth

An ASX lithium giant, IGO Limited (ASX: IGO), has made it clear this morning it is looking for additional lithium resources.

As previously reported, the $10.8 billion Australian miner — in conjunction with its joint venture partner Tianqi Lithium — has offered 50 cents per share to acquire Essential Metals Ltd (ASX: ESS).

Following the announcement, shares in Essential Metals have sprung to life, jumping nearly 38% to 47.5 cents apiece. Meanwhile, IGO shares are being pushed 1.9% to the upside today, now trading hands at $14.28.

The $136 million deal would value the Pioneer Dome Project owner at a 45% premium to its Friday closing price.

Mineral Resources doubles down on gas

A release by Mineral Resources Ltd (ASX: MIN) on Friday afternoon confirmed it had taken a 16.35% stake in Warrego Energy Ltd (ASX: WGO). The Mineral Resources share price is catching a 3.1% rally today, lifting to $86.14.

Notably, MinRes's financial interest in Warrego comes amid a bidding battle for the gas exploration company. Gina Rinehart's Hancock Group has been duking it out with Strike Energy to try and secure a winning bid on Warrego.

While Mineral Resources is mostly known for its mining services, iron ore, and lithium businesses, it also dabbles in energy. In fact, the investment in Warrego follows a $403 million off-market takeover bid of Norwest Energy NL (ASX: NWE) made in December.

ASX lithium share buying up projects

Barely a month into its listed life and Patriot Lithium Ltd (ASX: PAT) is already looking to spread its wings. Shares in the lithium explorer are up 5.3% today after announcing the acquisition of three prospective land packages in Ontario.

According to the release, the land totals 909sq km in the greenstone belts of the Archean Superior Craton of Ontario. These include the Gorman Project, the Forester Project, and the Birkett Project.

The post 4 ASX lithium stocks moving and shaking on Monday appeared first on The Motley Fool Australia.

In morning trade, the lithium explorer's shares rose a whopping 120% from their IPO price to 44 cents.

If you're getting a sense of déjà vu, you're probably not alone.

Earlier this week, another similarly named lithium share, Patriot Battery Metals Inc. (ASX PMT), doubled in value after completing its own IPO.

What is Patriot Lithium?

Patriot Lithium is a United States based lithium explorer with a focus on the Black Hills region of South Dakota and the Pegmatite Belt region of Arizona.

Management notes that these two regions were selected as a high priority to achieve the company's goals of acquiring, exploring, developing, and mining high grade hard rock lithium projects in North America following a systematic and technically driven prospectivity review of lithium projects in the United States.

The company raised $10 million from its IPO through the issue of 50 million shares at an issue price of $0.20 per share. Combined with other shares on issue, this gave it an indicative market capitalisation of $16.9 million. Though, following today's gain, this has now increased to approximately $40 million.

Patriot Lithium's non-executive chairman, Philip Thick, appears positive on the company's future thanks to its experienced management team and increasing demand for lithium in North America. He said:

The US supplies only 1% of global lithium and imports have doubled since 2014. In terms of US Lithium demand, Ford and Volkswagen have formed a global alliance with a focus on North America, to build EV's and EV Technologies.

With both these market dynamics, and government and industry strategies in mind, the Company set out to secure high grade hard rock (spodumene) projects based on a technically driven prospectivity review of lithium projects across the US and is now set to commence an aggressive exploration and development program across its projects in the Black Hills and Pegmatite Belt regions, seeking high grade hard rock (spodumene) mineralisation.

The Board has significant expertise and experience in the lithium industry and will aim to ensure that funds raised through the Public Offer will be utilised in a cost-effective manner to advance the Company's business.

The post Patriot Lithium share price jumps 120% after IPO appeared first on The Motley Fool Australia.