Meet First Lithium (ASX:FL1) – the newest lithium stock on the ASX gained more than 50% today

Nick Sundich, September 28, 2023

Look at the ASX’s winners board this morning and you’ll notice First Lithium (ASX:FL1) rose more than 50% today. It seems investors like new lithium listings and at first glance, First Lithium is one of them. But there’s more to it than you may think.

First Lithium rising from the ashes of Ookami

Five years ago, there was a company called Ookami on the ASX that was a cryptocurrency and blockchain play. It has various forays in this sector including promising to make a $1m investment in a crypto exchange, then backing out of it to buy into an ICO for a drone data platform. It reinvented itself as an Africa-focused base and battery metals explorer, reverse listing in mid-2021 with interests in nickel, cobalt and copper projects.

In late 2022, it decided to do another reverse takeover, buying First Lithium. And finally, in September 2023, it has relisted and has two lithium mineral bearing permits in Mali.

Another lithium play in Mali

If lithium in Mali sounds familiar to you, you’re probably thinking of Leo Lithium. And indeed, Leo’s Ngoualana project is nearby. With Leo’s project having funding secured and being set to commence production next year (subject to the government), the ASX’s newcomer is some way behind, still being at a drilling stage. But investors are confident that results will be good because it lies near Leo’s project. And because it is only exploring, they may not need to worry about Mali’s new mining code…for now.