5. Leo Lithium (ASX:LLL) Leo Lithium is another company belonging to the group of ASX lithium shares entering production in the next 12 months. Its Goulamina project in Mali going to be the first hard rock lithium project in West Africa, will be operated in a 50-50 joint venture with the world's largest lithium chemical producer and is substantially funded to production. This project was formerly owned by Firefinch (ASX:FFX), but was spun off in 2022. Firefinch had grown the Mineral Resource to 108Mt at 1.45% lithium and an Ore Reserve at 52Mt at 1.51% lithium. The 2020 DFS found an NPV of US$2.94bn, a post-tax IRR of 83% and a 23-year mine life. Investors have been cold on this company (even more so than other ASX lithium shares) in recent months given the volatility in the lithium price, the inevitability that future funding will be needed and the possibility of supply chain issues. Leo Lithium is fine for the first Stage of production, but the second will need further capital.