• It’s a road of dominance ahead for EVs, according to new IAE report
  • Local graphite hunters have been having a good week. Thanks, China
  • And let’s not forget lithium. WC8, LTR, SBR and more all in the limelight

Our High Voltage column wraps the news driving ASX stocks with exposure to lithium, cobalt, graphite, nickel, rare earths, manganese, magnesium, and vanadium.

 

There’s a lot to talk about regarding the critical minerals scene right now – locally and globally.

But let’s kick things off with a few stats that caught our eyes from the latest findings on renewable energy by the International Energy Agency, specifically regarding electric vehicles (EVs).

 

Electric dreams

As the IEA notes: “The global energy crisis has prompted a range of new initiatives, notably in advanced economies and China, that aim to increase the pace of clean energy deployment. Measures vary from region to region, but they all tend to place greater emphasis on boosting the share of renewables in electricity generation, incentivising electric car sales and improving energy efficiency.”

Some key findings from the IAE’s World Energy Outlook report:

• In 2023, one in five cars sold are electric.

• EV sales are set to increase by about 2.75 times by 2030 from where things stand today.

• By 203o, 65% of all cars sold in the European Union will be electric.

• 100 million EVs will be on the road in China by 2030. [Note, that’d be close to a 10x increase from where things stand today.]

• 45% of two/three-wheelers sold in SE Asia to be electric by 2030.

 

Electric car sales in the ‘Stated Policies Scenario’ 2015-2030. Source: IEA World Energy Outlook 2023

There’s plenty more to be gleaned on “clean energy” transitioning, as well as where the land lies regarding fossil fuels, in the IAE’s extensive new report > here.

But what’s been electrifying the world of ASX-housed battery metal hunters this week? Budge over, lithium (although we’ll get to you further below) because graphite has joined you centre stage. (At least till you boot it back to the wings again.)

 

Right, I’m off to grab a coffee. Josh, could you write this next bit, please? Thanks very much…

Are market manipulators putting their foot on lithium prices?

There is a great lithium conspiracy afoot, as one of the world’s biggest miners takes a swipe at manipulation they say is depressing prices of the key battery metal.

It’s fallen downhill since late 2022, with chemical prices dropping from US$80,000/t to the low US$20,000/t range according to price agencies. 6% Li2O spodumene concentrate is down from the roughly US$8000/t highs to US$2150/t according to the usually reputable Fastmarkets.

Bearing in mind its lower grade material cops a discount to the index, Mineral Resources (ASX:MIN) saw prices for its Mt Marion concentrate fall 28% QoQ to US$1870/dmt. In the December quarter last year that same product was valued at US$3,262/dmt.

Why is the market on a downward trajectory? Market manipulation of course.

Quoth MinRes EGM Corporate Development James Bruce: “With regards to the lithium market, there’s nothing wrong with lithium fundamentals,” he told analysts.

“There are three factors at play in the short term. There’s market manipulation with plenty of paper trading, however end user demand is good and the endless supply chain is rebalancing.”

Bruce, presenting as stand-in for Mineral Resources’ (ASX:MIN) billionaire MD Chris Ellison, who will no doubt get a good showing at the miner’s AGM next month, was pressed on this by Jarden analyst Ben Lyons.

Lyons is the resources number-cruncher who was memorably called out for his cash flow projections by Chris Ellison on the July call. The best part was when Ellison invited the analyst over for a coffee if he flew out to Perth, to which Lyons said he already lived in the West, MIN’s PIs clearly off the money.

Yesterday he pressed Bruce on his comments and whether he thought that manipulation was impacting pricing indexes used to determine contract prices with customers.

“But then I also stated that there’s a lot of paper trading that is going on right now in the lithium market and that’s, that’s where my comment was referencing that,” Bruce responded.

“We do continue to sell product based on the industry indices pricing, so it’s an observation … but there are a number of indices out there and you can observe those prices.

“Ben, we supply to our customers based on those indices. It’s a negotiation between us and our customers and yes we do that. My observations stand alone and I’ve made those observations. There’s a lot of paper trading in the market right now.”

There have been concerns from within the sector about the impact of futures prices like the Wuxi exchange, which prompted an equity sell-off in December with a big one-day drop, and the Guangzhou contract launched in July.

According to Fastmarkets that one fell pretty much non-stop from August before a pause and slight bounceback in mid-October, with final quarter restocking approaching. But futures are a common feature of just about any commodity market.

Buyers may, too, have complained about the impact Pilbara Minerals’ publicly announced spot auctions played in lifting price indices during the 2021-2022 boom.

Ellison notably said he wanted to take control of the miner’s marketing, something it is doing after restructuring its Wodgina JV with Albemarle, indicating he would take the price of the day as he did for any other commodity rather than hedge via long-term contracts.

“Albemarle asked me what I’m going to do one day when it all turns around and there’s more supply than demand, and I said I’ll do what I always do, I’ll change,” Ellison said last year, indicating he thought lithium would be short on supply until 2030.

“But in the meantime while supply is short we’re going to take advantage of the price on the way up and I am fairly convinced that I’ve got five to seven years of that.”

Bruce reiterated that confidence yesterday, saying the market was still growing 20% a year ahead of decisions to expand its Wodgina mine in the Pilbara.

There will always be suspicions about what goes on in an opaque and largely Chinese end market like lithium and MinRes is closer than we are. Other experts, like Mr Lithium Joe Lowry, have said this year as prices fell that China is creating a false narrative.

But sometimes a little more detail wouldn’t hurt if you’re going to cry wolf.

 

Thanks, Josh. I’m back… what’d I miss? Hmm, I might just bang on about graphite for a bit…

A big week for local graphite stocks

Lithium-ion batteries, as you might know, are about 50% comprised of graphite, making the non-metal the largest component of EV batteries. Additionally, almost all EV battery anodes are comprised of 100% graphite.

Critical, then? Yes. Especially when you consider EV purchases are on the rise globally, and are projected to dominate the automotive industry by 2030 as the world hurtles faster into cleaner energy narratives.

And as for local graphite stocks coming further into focus this week? There’s a very clear over-arching reason for that, which we’ve covered so far this week in various resources updates.

But in case you’ve been living under a high-grade metamorphic rock, it’s do do with…

 

China and its graphite export restrictions

China has thrown the cat among the pigeons this week. Actually, it’s shut the cat flap and the pigeons are all squabbling about for attention around semiconductor chips. Or something like that. 

Last Friday, China’s commerce minister said the Asian powerhouse would be requiring export permits for some graphite products to “protect national security”, creating fresh tension in ongoing trade wars between the US/allies and the Middle Kingdom.

The US is desperate to push itself ahead of China in the strategic materials game.

Per The Australian:

Australian graphite stocks surged on Monday after China announced late last week it would soon implement export controls on two types of the mineral which are crucial for battery manufacturing.

China produces about two thirds of all natural graphite used globally and refines more than 90 per cent of graphite battery anode material.

Graphite is used as the anode material in lithium-ion battery manufacturing and is therefore used in virtually all electric vehicle batteries.

The Chinese move follows the US imposing new limits on the types of semiconductors which can be sold to Chinese firms, and the EU announcing last month it would investigate whether to impose tariffs on Chinese-made EVs, which the European Commission says are benefiting from government subsidies.

 

Stockhead‘s Josh Chiat wrote about it further in one of his Monsters of Rock editions this week:

One stroke of the pen in Beijing has brought Syrah Resources -SYR (ASX:) and its graphite peddling peers back to the good books of investors, who are punting that the west will accelerate efforts to build ex-China supply chains after a dramatic export decision late last week — the latest in a tit for tat game of F’ You between it and the west over EV and tech materials.

China will bring in restrictions from December 1, requiring companies to get special export permits if they want to ship high purity, high-hardness and high intensity synthetic graphite and natural flake graphite-derived products out of the Middle Kingdom.

Other graphite materials used in steel, metallurgy and chemical production won’t be subject to the restrictions.

 

Five ASX graphite stocks to put on your radar 

Here are five movers and shakers making graphite-related noise on the local bourse this week, and perhaps ones to keep an eye on, Chinese export bans or not… 

Syrah Resources – SYR (ASX): +61% this week, down 62% YTD

Shaw and Partners analyst Peter Kormendy, who leads Shaw’s graphite coverage, has a $1.30 price target and buy rating on it this major Aussie graphite player (current market cap: $520m).

Again, leaning on Josh’s notes on this from earlier in the week:

No stock signifies the volatility of the graphite market like SYR.

Emerging as one of the first true battery metals hopefuls under the watch of Tolga Kumova in the mid-2010s, the company’s fortunes have vacillated wildly since announcing first production under still serving MD Shaun Verner in late 2017.

Its Balama mine in Mozambique went under review as oversupply struck the market in 2019, eventually going into a temporary suspension as Covid hit in early 2020.

It was revived as Syrah’s fortunes soared as its strategy to go downstream via an anode materials plant in Louisiana in the USA caught the attention of the market.

But enthusiasm for the future Tesla supplier has waned amid a stagnant graphite price which has seen its Balama mine run on a campaign basis in recent months.

 

Sovereign Metals (ASX:SVM): +10% this week, +8% YTD

This $247m market capped explorer is backed by mining giant Rio Tinto and has just appointed experienced Africa-based mining executive Frank Eagar as its new managing director to lead development of its Kasiya rutile-graphite project in Malawi.

According to our special report on SVM this week, Kasiya is the largest natural rutile deposit and the second largest flake graphite deposit in the world, with a total resource of 1.8Bt grading 1% rutile and 1.4% graphite and ore reserve of 538Mt at 1.03% rutile and 1.66% TGC, or 5.5Mt of contained rutile and 8.9Mt of contained graphite.

 

Evolution Energy Minerals (ASX:EV1): +12.5% this week, -20% YTD

EV1 is a mineral exploration company spun from Marvel Gold (ASX:MVL), focused on the development of the Chilalo graphite project in southern Tanzania.

Earlier this month, EV1 announced it’s in the process of raising $4.6 million to further advance the Chilalo project.

Along with Syrah, above, Shaw and Partners analyst Peter Kormendy has also rated EV1 as a “buy”. And he also likes Black Rock Mining (ASX:BKT) in this corner of the battery metals market, too.

 

Lincoln Minerals (ASX:LML): +21% this week, +6% YTD

This small (12m market capped) Aussie graphite explorer came off a trading halt earlier this week amid announcing the completion of a $1.7m (at 0.6c per share) placement led by Sequoia Wealth Management.

Lincoln Minerals is focused on development of the Kookaburra Gully graphite project, on the Eyre Peninsula in South Australia.

The aim for this fresh funding is to accelerate exploration at the company’s flagship project, including upcoming drilling programs at both the Kookaburra Gully and Koppio graphite deposits.

 

Kingsland Minerals (ASX:KNG): flat this week – trading halt?, +66% YTD

Another $12m capped Aussie graphite junior, Kingsland has just intersected more wide, high-grade graphite at the Leliyn project in the NT.

Metallurgical testwork and a resource estimation is now underway, with the latter on track for release in 2024.

More on this here.

 

Battery metals form guide

Here’s a snapshot of ASX stocks with exposure to lithium, cobalt, graphite, nickel, rare earths, magnesium, manganese, and vanadium are performing lately>>>

Battery metals stocks missing from our list? Shoot a mail to [email protected] or [email protected]

Code Company Price % Week % Month % Year Market Cap
VIA Viagold Rare Earth 0 -100% -100% -100% $166,624,808
PVW PVW Res Ltd 0.066 0% -1% -56% $6,692,715
A8G Australasian Metals 0.195 0% 39% -20% $10,163,496
INF Infinity Lithium 0.084 -7% -6% -63% $38,395,144
LPI Lithium Pwr Int Ltd 0.525 27% 123% -13% $330,349,719
PSC Prospect Res Ltd 0.096 30% 16% -9% $43,914,649
PAM Pan Asia Metals 0.15 -23% -29% -62% $31,764,287
CXO Core Lithium 0.35 -3% -1% -75% $747,927,440
LOT Lotus Resources Ltd 0.245 20% 0% 9% $305,340,760
AGY Argosy Minerals Ltd 0.185 -5% 0% -67% $266,837,425
AZS Azure Minerals 2.44 -3% -6% 687% $1,087,665,095
NWC New World Resources 0.028 0% -13% -10% $61,067,035
QXR Qx Resources Limited 0.023 -4% 5% -67% $24,326,013
GSR Greenstone Resources 0.0085 -6% -15% -66% $11,606,039
CAE Cannindah Resources 0.096 -13% -17% -48% $55,471,675
AZL Arizona Lithium Ltd 0.015 7% 7% -81% $47,920,345
HNR Hannans Ltd 0.007 0% -13% -67% $19,072,234
COB Cobalt Blue Ltd 0.24 7% -14% -66% $86,337,881
ESS Essential Metals Ltd 0.495 3% 3% -16% $123,675,585
LPD Lepidico Ltd 0.01 -9% 0% -50% $76,383,079
MRD Mount Ridley Mines 0.002 0% 0% -60% $15,569,766
CZN Corazon Ltd 0.018 29% 64% 20% $10,465,164
LKE Lake Resources 0.175 -5% 9% -84% $256,040,047
DEV Devex Resources Ltd 0.29 0% -9% -2% $117,192,453
INR Ioneer Ltd 0.15 -17% -35% -74% $337,764,212
AVZ AVZ Minerals Ltd 0.78 0% 0% 0% $2,752,409,203
MAN Mandrake Res Ltd 0.034 -3% -11% 0% $20,357,837
RLC Reedy Lagoon Corp. 0.005 -17% 0% -60% $3,083,418
GBR Greatbould Resources 0.067 5% 12% -27% $33,508,974
FRS Forrestaniaresources 0.031 -11% -33% -85% $3,069,048
STK Strickland Metals 0.1 8% 89% 75% $176,125,063
MLX Metals X Limited 0.28 2% -10% 2% $235,889,177
CLA Celsius Resource Ltd 0.011 -4% -8% -15% $24,706,568
FGR First Graphene Ltd 0.077 -11% 24% -30% $47,639,682
HXG Hexagon Energy 0.008 -11% -11% -43% $4,103,327
TLG Talga Group Ltd 1.165 21% 3% -3% $414,867,298
MNS Magnis Energy Tech 0.074 0% -3% -80% $88,762,863
PLL Piedmont Lithium Inc 0.475 -12% -25% -50% $179,940,675
EUR European Lithium Ltd 0.069 0% 1% -23% $96,202,503
BKT Black Rock Mining 0.12 35% 48% -31% $131,655,131
QEM QEM Limited 0.19 -3% -12% -5% $28,007,467
LYC Lynas Rare Earths 7.12 6% 4% -9% $6,368,621,553
ESR Estrella Res Ltd 0.008 0% 0% -27% $11,868,575
ARL Ardea Resources Ltd 0.485 -5% -18% -50% $93,437,719
GLN Galan Lithium Ltd 0.66 -8% 6% -56% $231,360,593
JRL Jindalee Resources 1.37 1% -29% -39% $81,435,394
VUL Vulcan Energy 2.25 -14% -26% -67% $393,904,604
SBR Sabre Resources 0.048 30% 7% -13% $9,619,044
CHN Chalice Mining Ltd 1.8 -9% -29% -60% $713,747,663
VRC Volt Resources Ltd 0.008 0% 0% -73% $29,545,679
NMT Neometals Ltd 0.29 -8% -29% -75% $149,393,143
AXN Alliance Nickel Ltd 0.057 -5% -14% -36% $42,824,537
PNN Power Minerals Ltd 0.245 -2% -11% -49% $19,131,883
IGO IGO Limited 10.85 -7% -12% -33% $8,231,501,127
GED Golden Deeps 0.053 2% 0% -62% $6,007,162
ADV Ardiden Ltd 0.005 -17% -9% -29% $10,753,341
SRI Sipa Resources Ltd 0.024 -8% 20% -55% $5,019,479
NTU Northern Min Ltd 0.03 3% 7% -27% $171,418,398
AXE Archer Materials 0.395 -5% -14% -48% $103,213,040
PGM Platina Resources 0.022 -8% -19% 10% $14,333,148
AAJ Aruma Resources Ltd 0.033 6% 3% -55% $6,497,420
IXR Ionic Rare Earths 0.021 -9% -13% -53% $87,034,308
NIC Nickel Industries 0.765 -4% -2% 6% $3,278,644,558
EVG Evion Group NL 0.04 33% 21% -60% $13,838,367
CWX Carawine Resources 0.11 -12% -15% 28% $21,649,921
PLS Pilbara Min Ltd 3.88 -5% -9% -28% $11,405,863,481
HAS Hastings Tech Met 0.71 0% -7% -81% $88,616,157
BUX Buxton Resources Ltd 0.22 7% 7% 110% $35,968,499
ARR American Rare Earths 0.135 4% 8% -31% $55,802,912
SGQ St George Min Ltd 0.042 2% 8% -18% $33,862,999
TKL Traka Resources 0.005 0% 0% -17% $4,376,646
PAN Panoramic Resources 0.038 0% -3% -75% $109,877,305
PRL Province Resources 0.041 0% 0% -52% $48,441,219
IPT Impact Minerals 0.01 0% -17% 67% $28,647,039
LIT Lithium Australia 0.033 6% -11% -34% $37,276,846
AKE Allkem Limited 10.56 -9% -12% -29% $6,508,290,763
ARN Aldoro Resources 0.088 -2% -20% -66% $11,846,889
JRV Jervois Global Ltd 0.032 -6% -11% -94% $86,480,662
MCR Mincor Resources NL 0 -100% -100% -100% $751,215,521
SYR Syrah Resources 0.74 56% 57% -70% $476,507,900
FBM Future Battery 0.099 10% -14% 65% $48,950,975
ADD Adavale Resource Ltd 0.01 -9% -23% -66% $6,573,324
LTR Liontown Resources 1.81 -35% -40% -4% $4,280,959,388
CTM Centaurus Metals Ltd 0.49 -8% -29% -50% $241,529,027
VML Vital Metals Limited 0.01 0% 0% -71% $53,061,498
BSX Blackstone Ltd 0.11 -4% -4% -39% $52,105,780
POS Poseidon Nick Ltd 0.015 -6% -21% -70% $55,622,664
CHR Charger Metals 0.185 28% 32% -62% $11,180,586
AVL Aust Vanadium Ltd 0.026 -4% -4% -26% $129,183,776
AUZ Australian Mines Ltd 0.012 -8% -20% -82% $10,075,588
TMT Technology Metals 0.23 -10% -22% -38% $61,028,636
RXL Rox Resources 0.22 -2% -4% 16% $79,207,053
RNU Renascor Res Ltd 0.165 43% 50% -33% $368,214,087
GL1 Globallith 1.265 -11% -13% -52% $322,227,267
BRB Breaker Res NL 0 -100% -100% -100% $158,126,031
ASN Anson Resources Ltd 0.17 21% 13% -43% $205,718,267
SYA Sayona Mining Ltd 0.085 -1% -11% -64% $844,050,273
FFX Firefinch Ltd 0.2 0% 0% 0% $236,569,315
EGR Ecograf Limited 0.145 16% 32% -61% $70,151,741
ATM Aneka Tambang 1.19 0% 3% 19% $1,551,342
TVN Tivan Limited 0.068 3% -9% -16% $108,383,735
ALY Alchemy Resource Ltd 0.01 -9% -23% -62% $12,958,839
GAL Galileo Mining Ltd 0.32 -2% 3% -73% $63,239,977
BHP BHP Group Limited 44.72 -2% 1% 14% $220,946,367,315
LEL Lithenergy 0.58 5% -5% -51% $60,260,850
MMC Mitremining 0.21 -9% -16% 11% $9,523,521
RMX Red Mount Min Ltd 0.0045 0% 13% -25% $10,694,304
GW1 Greenwing Resources 0.115 -4% -18% -67% $20,910,178
AQD Ausquest Limited 0.013 18% -13% -24% $10,726,940
LML Lincoln Minerals 0.008 14% 33% 17% $11,365,694
1MC Morella Corporation 0.005 -17% -23% -77% $30,693,279
REE Rarex Limited 0.032 7% -9% -45% $20,501,597
MRC Mineral Commodities 0.04 21% 5% -50% $27,658,238
PUR Pursuit Minerals 0.011 38% 5% 0% $26,495,743
QPM Queensland Pacific 0.06 -4% 3% -64% $120,750,169
EMH European Metals Hldg 0.64 3% -4% -14% $85,019,074
BMM Balkanminingandmin 0.135 -4% -36% -51% $8,600,897
PEK Peak Rare Earths Ltd 0.4 0% 3% -22% $101,886,964
LEG Legend Mining 0.024 0% 0% -31% $60,994,021
MOH Moho Resources 0.007 0% -22% -71% $2,380,311
AML Aeon Metals Ltd. 0.012 -14% -25% -56% $14,253,208
G88 Golden Mile Res Ltd 0.021 11% -38% -17% $6,258,401
WKT Walkabout Resources 0.13 18% 18% -25% $86,678,156
TON Triton Min Ltd 0.028 33% 33% 12% $40,595,246
AR3 Austrare 0.2 -2% -11% -42% $29,291,533
ARU Arafura Rare Earths 0.22 10% -12% -29% $464,940,232
MIN Mineral Resources. 60.09 -5% -13% -21% $11,209,556,560
VMC Venus Metals Cor Ltd 0.1 -5% -20% 43% $18,972,868
S2R S2 Resources 0.19 -10% 9% 36% $84,068,762
CNJ Conico Ltd 0.005 0% -17% -67% $6,280,380
VR8 Vanadium Resources 0.046 -6% -27% -42% $23,679,752
PVT Pivotal Metals Ltd 0.02 0% 0% -53% $10,957,366
BOA Boadicea Resources 0.038 -3% 0% -63% $4,800,522
IPX Iperionx Limited 1.23 -8% -15% 76% $242,425,121
SLZ Sultan Resources Ltd 0.02 5% -23% -79% $2,815,611
NKL Nickelxltd 0.054 -2% -14% -63% $4,742,019
NVA Nova Minerals Ltd 0.275 -2% 17% -59% $55,885,840
MLS Metals Australia 0.035 6% 0% -15% $22,465,303
MQR Marquee Resource Ltd 0.026 -4% -30% -61% $10,747,994
MRR Minrex Resources Ltd 0.015 -12% 3% -66% $17,357,880
EVR Ev Resources Ltd 0.011 -8% -21% -58% $11,809,747
EFE Eastern Resources 0.007 -22% -22% -82% $8,693,625
CNB Carnaby Resource Ltd 0.785 -8% -6% -10% $132,719,765
BNR Bulletin Res Ltd 0.105 -5% 38% -13% $30,827,066
AX8 Accelerate Resources 0.036 13% 50% 9% $15,844,075
AM7 Arcadia Minerals 0.09 -14% -10% -71% $9,814,509
AS2 Askarimetalslimited 0.185 -3% -12% -61% $13,824,038
BYH Bryah Resources Ltd 0.014 0% -18% -43% $5,020,474
DTM Dart Mining NL 0.019 -14% -24% -77% $3,287,232
EMS Eastern Metals 0.032 3% 3% -74% $2,062,735
FG1 Flynngold 0.065 8% 8% -38% $8,864,868
GSM Golden State Mining 0.019 -49% -51% -47% $4,203,942
IMI Infinitymining 0.12 -8% -11% -45% $9,318,166
LRV Larvottoresources 0.105 -16% -19% -50% $6,725,472
LSR Lodestar Minerals 0.005 0% -17% 0% $10,116,987
RAG Ragnar Metals Ltd 0.023 -8% 0% 0% $10,901,562
CTN Catalina Resources 0.004 33% 0% -56% $4,953,948
TMB Tambourahmetals 0.125 -4% -34% -7% $10,782,246
TEM Tempest Minerals 0.007 -13% -30% -77% $3,579,684
EMC Everest Metals Corp 0.1 -13% -13% 0% $13,328,311
WML Woomera Mining Ltd 0.0105 5% -19% -19% $10,040,043
KZR Kalamazoo Resources 0.096 -2% -4% -48% $15,771,289
LMG Latrobe Magnesium 0.046 7% 2% -41% $86,001,759
KOR Korab Resources 0.017 0% -11% -50% $6,239,850
CMX Chemxmaterials 0.072 -13% -28% -64% $3,992,442
NC1 Nicoresourceslimited 0.31 -10% -31% -51% $26,817,126
GRE Greentechmetals 0.355 16% -20% 122% $19,890,111
CMO Cosmometalslimited 0.05 -4% -11% -64% $1,734,833
FRB Firebird Metals 0.16 10% 14% -24% $11,126,250
S32 South32 Limited 3.25 -6% -3% -11% $14,603,919,649
OMH OM Holdings Limited 0.455 -4% -9% -31% $336,073,618
JMS Jupiter Mines. 0.19 0% 0% 0% $372,208,296
E25 Element 25 Ltd 0.36 -4% -19% -68% $79,398,572
EMN Euromanganese 0.12 -14% -20% -55% $30,565,435
KGD Kula Gold Limited 0.0135 13% -13% -67% $4,851,755
LRS Latin Resources Ltd 0.27 2% -2% 145% $658,126,550
CRR Critical Resources 0.029 -12% -28% -57% $48,001,958
ENT Enterprise Metals 0.003 0% -25% -67% $2,398,413
SCN Scorpion Minerals 0.054 -4% -10% -30% $19,068,841
GCM Green Critical Min 0.007 0% 0% -36% $9,092,680
ENV Enova Mining Limited 0.007 -13% 17% -46% $4,486,505
RBX Resource B 0.115 -4% -26% 42% $9,095,293
AKN Auking Mining Ltd 0.044 -24% -23% -63% $8,980,563
RR1 Reach Resources Ltd 0.012 0% -25% 140% $35,203,268
EMT Emetals Limited 0.007 -13% -22% -42% $5,950,000
PNT Panthermetalsltd 0.075 6% 10% -58% $4,586,250
WIN Widgienickellimited 0.19 -5% -3% -32% $55,119,835
WMG Western Mines 0.315 7% 9% 142% $19,704,142
AVW Avira Resources Ltd 0.001 -33% -33% -67% $2,133,790
CAI Calidus Resources 0.155 15% -9% -56% $94,221,378
GT1 Greentechnology 0.4 -14% -13% -56% $84,126,122
KAI Kairos Minerals Ltd 0.019 -5% -14% -28% $52,418,244
MTM MTM Critical Metals 0.023 -23% -39% -80% $2,185,416
NWM Norwest Minerals 0.036 9% 24% 9% $9,202,224
PGD Peregrine Gold 0.3 28% 0% -49% $15,870,175
RAS Ragusa Minerals Ltd 0.039 3% 11% -86% $4,848,359
RGL Riversgold 0.011 -8% -8% -74% $9,512,615
SRZ Stellar Resources 0.009 -18% -18% -31% $10,059,642
STM Sunstone Metals Ltd 0.016 23% -11% -47% $46,229,773
ZNC Zenith Minerals Ltd 0.095 4% 6% -68% $33,476,184
WC8 Wildcat Resources 0.745 57% 89% 2228% $697,369,168
ASO Aston Minerals Ltd 0.034 -6% -11% -57% $49,212,442
THR Thor Energy PLC 0.026 13% -40% -71% $4,408,413
YAR Yari Minerals Ltd 0.016 14% -16% -43% $7,235,367
IG6 Internationalgraphit 0.18 0% -8% -42% $14,683,038
LPM Lithium Plus 0.39 -6% -3% -34% $25,075,516
ODE Odessa Minerals Ltd 0.0075 -6% -42% -56% $6,629,783
KOB Kobaresourceslimited 0.066 -13% -19% -34% $7,062,917
AZI Altamin Limited 0.065 3% -7% -24% $23,111,288
FTL Firetail Resources 0.105 12% 0% -43% $14,890,556
LNR Lanthanein Resources 0.006 -14% -25% -83% $6,729,453
CLZ Classic Min Ltd 0.001 0% 0% -94% $12,357,082
NVX Novonix Limited 0.72 14% -15% -76% $364,014,595
OCN Oceanalithiumlimited 0.155 0% -24% -66% $7,961,475
SUM Summitminerals 0.095 2% -32% -46% $4,432,113
DVP Develop Global Ltd 3.17 1% -2% 19% $587,410,675
XTC Xantippe Res Ltd 0.001 0% 0% -79% $17,528,005
OD6 Od6Metalsltd 0.18 -3% 9% -5% $10,728,022
HRE Heavy Rare Earths 0.057 -23% -37% -69% $3,326,836
LIN Lindian Resources 0.19 -5% -21% -14% $213,105,614
PEK Peak Rare Earths Ltd 0.4 0% 3% -22% $101,886,964
ILU Iluka Resources 7.01 -6% -12% -26% $2,931,102,238
ASM Ausstratmaterials 1.385 -1% -14% -32% $215,140,054
ETM Energy Transition 0.035 -3% -3% -27% $50,162,528
VMS Venture Minerals 0.0095 -5% -5% -60% $19,500,130
IDA Indiana Resources 0.052 -10% -15% -9% $30,621,853
VTM Victory Metals Ltd 0.22 -2% 22% 33% $17,393,426
M2R Miramar 0.026 -41% -48% -74% $5,061,564
WCN White Cliff Min Ltd 0.012 9% 0% -40% $15,084,223
TAR Taruga Minerals 0.01 0% -9% -68% $7,060,268
ABX ABX Group Limited 0.073 -3% -6% -50% $18,175,561
MEK Meeka Metals Limited 0.042 11% -13% -31% $49,810,275
RR1 Reach Resources Ltd 0.012 0% -25% 140% $35,203,268
DRE Dreadnought Resources Ltd 0.034 -23% -35% -69% $123,969,007
KFM Kingfisher Mining 0.14 -15% -22% -71% $8,057,250
AOA Ausmon Resorces 0.0035 17% 0% -50% $2,935,948
WC1 Westcobarmetals 0.067 -12% -22% -68% $6,410,822
GRL Godolphin Resources 0.038 6% 9% -54% $6,092,713
DM1 Desert Metals 0.04 0% -11% -90% $3,046,725
PTR Petratherm Ltd 0.051 -4% -9% -20% $11,462,308
ITM Itech Minerals Ltd 0.14 17% 0% -55% $17,105,699
KTA Krakatoa Resources 0.021 24% 5% -66% $8,263,060
M24 Mamba Exploration 0.035 -22% -39% -73% $2,134,417
LNR Lanthanein Resources 0.006 -14% -25% -83% $6,729,453
TKM Trek Metals Ltd 0.053 66% -5% -12% $22,891,444
BCA Black Canyon Limited 0.15 0% 15% -40% $9,846,657
CDT Castle Minerals 0.01 11% 0% -58% $12,933,173
DLI Delta Lithium 0.61 -14% -22% 14% $312,252,304
A11 Atlantic Lithium 0.395 -17% -15% -34% $272,447,539
KNI Kunikolimited 0.265 -12% -16% -61% $22,765,161
CY5 Cygnus Metals Ltd 0.16 14% -16% -66% $34,805,117
WR1 Winsome Resources 1.25 3% -17% 225% $210,404,675
LLI Loyal Lithium Ltd 0.455 -13% -40% -5% $34,196,870
BC8 Black Cat Syndicate 0.19 12% -25% -42% $55,637,477
BUR Burleyminerals 0.185 12% 0% 9% $19,246,384
PBL Parabellumresources 0.345 0% 0% -18% $18,879,263
L1M Lightning Minerals 0.14 -7% 4% 0% $5,701,509
WA1 Wa1Resourcesltd 5.6 17% 4% 4048% $224,955,663
EV1 Evolutionenergy 0.18 13% 9% -29% $29,811,666
1AE Auroraenergymetals 0.105 12% -13% -46% $15,602,279
RVT Richmond Vanadium 0.36 3% -6% 0% $31,465,849
PMT Patriotbatterymetals 1.185 -4% -8% 0% $419,274,961
PAT Patriot Lithium 0.18 3% -3% 0% $11,180,313
BM8 Battery Age Minerals 0.23 -4% -21% -54% $19,164,431
OM1 Omnia Metals Group 0.078 0% -12% -46% $3,446,405
VHM Vhmlimited 0.47 1% -11% 0% $72,340,579
LLL Leolithiumlimited 0.505 0% 0% -15% $498,553,663
SRN Surefire Rescs NL 0.014 8% -7% 12% $23,119,089
SRL Sunrise 0.785 -1% 2% -64% $70,828,586
EG1 Evergreenlithium 0.21 -18% -25% 0% $11,527,150
WSR Westar Resources 0.02 5% -5% -58% $3,521,793
LU7 Lithium Universe Ltd 0.04 -13% -22% 0% $15,540,876
MEI Meteoric Resources 0.245 14% 2% 1942% $446,351,139
REC Rechargemetals 0.14 -11% -30% -26% $15,589,276
SLM Solismineralsltd 0.21 -24% -25% 239% $16,708,554
DYM Dynamicmetalslimited 0.16 -11% -26% 0% $5,600,000
TOR Torque Met 0.16 -55% -52% -11% $19,308,001
ICL Iceni Gold 0.064 -12% -26% -9% $16,070,429
TMX Terrain Minerals 0.005 0% 0% -17% $5,659,397
MHC Manhattan Corp Ltd 0.005 -17% -38% -29% $14,684,899
MHK Metalhawk. 0.088 -9% -23% -52% $6,695,536
ANX Anax Metals Ltd 0.033 -3% -28% -44% $14,186,829
FIN FIN Resources Ltd 0.026 30% 136% 37% $13,662,778
LM1 Leeuwin Metals Ltd 0.305 2% 13% 0% $12,987,650
HAW Hawthorn Resources 0.095 4% -21% 12% $30,486,421
LCY Legacy Iron Ore 0.017 -6% 6% -15% $115,322,872
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What’s hot:

The week’s biggest gains 🚀

Trek Metals (ASX:TKM) +66%

Wildcat Resources (ASX:WC8) +57%

Syrah Resources -SYR (ASX) +56%

Renascor Resources (ASX:RNU) +43%

Pursuit Minerals (ASX:PUR) +38%

 

What’s not:

The week’ s biggest falls 📉

Torque Metals (ASX:TOR) -55%

Golden State Mining (ASX:GSM) -49%

Avira Resources (ASX:AVW) -33%

Liontown Resources (ASX:LTR) -35%

Solis Minerals (ASX:SLM) -24%

 

 

Last word on… lithium

Had your fill of graphite for one column? Then here’s a quick look at what’s been shaking in the land of lithium this week…

• Wildcat Resources (ASX:WC8)

The Pilbara-lithium-exploring junior announced this week it’s drilled into some broad, high-grade lithium intersections at the promising Tabba Tabba lithium-tantalum project near Port Hedland, WA.

These latest assay results continue the rich vein of form the company has been digging up since it delivered its batch of figures from an extensive 3.2km trending pegmatite system at the project in September.

The announced results come from a specific pegmatite system within that area, dubbed Leia, and they provide the best yet from the Central Cluster structure, including, as the headline highlight:

85m at 1.5% Li2O from 133m (including 9m at 3.0% Li2O from 199m and 13m at 2.3% Li2O from 136m).

That’s some thick, spod-tastic action right there…

Source: WC8 ASX announcement

The company notes that pending results from a further 58 RC holes (22 of them are from Leia) indicate that Tabba Tabba has potential to host a Tier-1 lithium deposit.

Stockhead‘s Reuben Adams put it this way:

“Like Azure, WC8 has bucked the trend to be a huge winner in 2023. It is currently all rigs blazing at Tabba Tabba, an old tantalum occurrence once explored by Pilbara Minerals (ASX:PLS) in its pre-Pilgangoora days”.

WC8, up a, frankly stupendous, 2,962% YTD, now sports an outrageously big market cap of $765m.

As Josh writes:

“That is despite tumbling — but still profitable — lithium prices in 2023. Its current market cap captures how significant the shift in the profile of the industry is.

In early 2020, when the lithium industry was hobbled by oversupply, one of its largest producers Pilbara Minerals was trading at the same MC.”

[Side note… er, yeah, that longer-term turnaround for lithium prices we were kinda hoping for last week? It hasn’t exactly eventuated yet. Some of the hopium expressed by this columnist might’ve been a tad premature.]

 

• Sabre Resources (ASX:SBR)

Minerals-exploring junior Sabre was rattling up the local bourse on Wednesday on the back of two key lithium tenement acquisitions in the Pilbara.

The big news here is that they’re not far from the major Andover discovery belonging to ASX lithium gun Azure Minerals (ASX:AZS).

We’re sick of saying it this year, but we’ll say it anyway… nearology.

The tenement additions confirm Sabre as one to watch in the world-class lithium pegmatite region, establishing some 235km2 along strike and on parallel structures to Andover, which seems likely to be the subject of a takeover bid from one of the world’s biggest lithium players SQM.

The company notes the new tenements cover key lithium pegmatite targets only about 5km northeast of the Andover site (which, within a 5km wide corridor, has so far this year produced drilling intersections of up to 209.4m at 1.42% Li2O).

The new Sabre tenements reportedly lie over an inflexion in the area’s lithium structural corridor, “close to a magnetic intrusion in a similar setting to the Andover discovery”.

Geophysicists will get to work soon at the tenements, along with aircore drilling programs to test the peggies for hopefully some spod-tastic outcomes.

 

• Liontown Resources (ASX:LTR)

In the aftermath of the highly publicised Albemarle/Hancock push-me-pull-you takeover drama for Liontown, LTR has at least managed to see its much-vaunted Kathleen Valley lithium project fully funded.

And, according to The Australian (via analysts at Wilsons), it’s a raise that ended up being larger than expected.

A $367m raise, then, at $1.80 per share after US lithium giant Albemarle walked away from its $3 a share, $6.6 billion offer following Gina Rinehart’s Hancock Prospecting acquiring a 19.9% blocking stake in a series of on-market deals at or near the offer price.

It seemed Liontown’s only option was to raise capital immediately after the news at a significant discount.

The raise comes with the securing of a $760m debt facility, which includes a refinancing of a pre-existing $300m Ford Debt facility.

The LTR share price is down 35% this week.

 

 

 

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