What happened Shares of lithium companies Standard Lithium (NYSEMKT: SLI) and Lithium Americas (NYSE: LAC) have been on a torrid run this year. Tuesday marked yet another strong day for the lithium stocks: Standard Lithium closed up 4.3% after popping 12.2% earlier in the day, and Lithium Americas shares closed the day up 12.4%. So what Lithium prices continue to hover around all-time highs as supply remains tight amid a surge in global demand, thanks primarily to the rise in interest in electric vehicles, which run on lithium-ion batteries. Amid the boom, any lithium company advancing its projects and attracting attention from Wall Street analysts is bound to grab the market's interest. Early Tuesday, Standard Lithium announced it has completed preliminary economic assessment of its lithium project in southwest Arkansas. Under its agreement with Tetra Technologies, the company has acquired the rights to explore and extract brine from Tetra's brine leases in the region. It's in the Smackover formation, which is also where Standard Lithium's primary Lanxess project is located. Image source: Getty Images. The results of the assessment reveal a 20-year mine life with a capacity to produce 30,000 metric tons of battery-quality lithium hydroxide monohydrate per year at an operating cost of $2,599 per metric ton. Based on the material's current price of around $14,500 per metric ton, Standard Lithium estimates it could earn a post-tax internal rate of return of 32% on the project. Management called the assessment an important milestone that is beginning to show the significant lithium potential present in the region. Standard Lithium is already making progress on its Lanxess project, so today's update unsurprisingly sent the lithium stock higher. Analysts and investors alike are closely watching developments at these smaller lithium companies. Just last week, Piper Sandler increased its price target on Lithium Americas stock to $22 a share after the company announced higher mineral resource and production targets for its Thacker Pass mine in Nevada, which has been stuck in a rut thanks to opposition from indigenous tribes. SLI data by YCharts Now what Soaring demand for lithium and the rally in prices has sparked interest in start-ups like Standard Lithium and Lithium Americas, sending the stocks shooting through the roof this year. The spark is unlikely to die down anytime soon, what with the global electric vehicle market projected to grow rapidly in the coming years and these lithium companies evidently making progress with important lithium projects. 10 stocks we like better than Standard Lithium Ltd.When our award-winning analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They just revealed what they believe are the ten best stocks for investors to buy right now... and Standard Lithium Ltd. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of September 17, 2021 Neha Chamaria has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source