Greetings Contrarian,

This is The Next Big Rush, your daily drop of mining and energy investing news. Where we come together and go to the mall with the family.

Here are the highlights:

🥶 Lithium Destroyed

🥰 70m of Gold

🐦 Tweet Of The Day

🥶 Lithium Destroyed

Albemarle, the world's largest lithium producer, has reportedly laid off over 300 employees, about 4% of its workforce, due to an oversupply of lithium causing price collapses.

Lithium prices have fallen by over 80% since late 2022, and experts predict further drops, especially in China. Goldman Sachs estimates a surplus of 200,000 tonnes of lithium carbonate equivalent in 2024, impacting 17% of global demand.

Albemarle had previously announced cost-cutting measures and project deferment. The job cuts affected various departments, and analysts suggest Albemarle will prioritize low-cost lithium projects in the long term to benefit from rising demand and prices.

Despite near-term challenges, Albemarle's strong financial position positions it for growth in EV production and lithium prices beyond 2030. Ouch.

It’s most definitely a bear market in lithium.

🥰 70m of Gold

Golden Ridge Resources Ltd. (TSXV:GLDN) announced new assay results from the 2023 Phase II drilling campaign at the Williams Gold Property within the Appleton and Dog Bay Fault Corridors, Newfoundland, Canada.

Highlights:

• 70.75m of 1.05 g/t Au from 43.00m

• 22.35m of 1.45 g/t Au from 69.20m

The Property is surrounded by New Found Gold Corp (NFGC)’s Queensway Gold Property. If that’s any indication of what they have here…. Watch out for this little C$5m.

📰 In Other News:

🐦 Tweet Of The Day

📮 Other Good Newsletters to Follow:

Happy Speculating!

The Editor

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.