Eye on Lithium: ASX lithium stocks strike back after global sector bounce

It’s been a long, dark investment winter for lithium lovers. Is that over?
Probably too early to call, bottom inspectors. But… BUT… ASX lithium stocks are having a rare big day out today
Standout lithium winners today include: TMX, AX8, CC9, LRS… oh, and PMT

Our lithium roundup for Wednesday, February 7.

Finally, after what feels like about the time it takes to charge a Tesla 100,000 times, there are more ASX lithium stocks frolicking in the intraday green than battered, bloodied and bruised.

What gives? Gains on lithium stocks globally, seemingly.

Overnight, big global lithium players made strong gains, including: Ganfeng Lithium (+8%), Tianqi Lithium (+7%), Albemarle (+4%) and Lithium Americas Corp (+7%).

The materials/resources sector on the ASX is having a strong day across the board, though, retracing losses from the past couple of days.

Some notable standouts in the some of the biggest market-capped lithium players today include…

Pilbara Minerals (ASX:PLS) : +5.18%

Liontown Resources (ASX:LTR) : +6.39%

Wildcat Resources (ASX:WC8) : +10.35%

Latin Resources (ASX:LRS) : +16%

Patriot Battery Metals (ASX:PMT) : +12.12%

Core Lithium (ASX:CXO) : +5.5%

Even Piedmont Lithium (ASX:PLL) is up 10.8% despite the negative news it’s laid off 27% of its workforce in an effort to cut costs amid the lithium price doldrums that have dominated the past year. Guess the positive spin there is the potential to save US$10 million a year on costs.

Regarding big gun Pilbara Minerals (ASX:PLS) , it has some news of note today, having executed an amendment to its existing offtake agreement with Chengxin Lithium Group. This, it says, “materially extends and expands the supply of spodumene concentrate to a leading lithium chemical converter”.

The amendment will see PLS supply an additional 60kt of spodumene concentrate in 2024, taking the total supply to 85kt.

Then, in 2025, PLS will supply 150kt of spodumene concentrate to Chengxin Lithium Group and in 2026, another 150kt.

Former PLS boss Ken Brinsden’s Patriot Battery Metals (ASX:PMT) climbed double digits after announcing it had extended the strike of its CV5 resource at its Corvette property in Quebec, the largest spodumene deposit in North America.

Oh no, contango… don’t go

Earlier, in a High Voltage article today, we quoted “contango” fan and lithium expert Juan Carlos Zuleta, who has been noticing an upwards trend (contango) for lithium futures.

Hold your horsepowers, though… he now says we might not actually be done with “backwardation” just yet.

Welcome back to backwardation in the futures #lithium carbonate market? Chances are this will happen today. But no one knows what's next in this volatile market. Before you panic, a general price rebound is compatible with backwardation which only adds more uncertainty. Let's see

— Juan Carlos Zuleta (@jczuleta) February 7, 2024

The positive contango trend for lithium futures has been playing out for about three weeks now… but could it be due for a bit of a lie down? Just something to keep in mind – “the trend is your friend until the end” and all that.

Let’s not ruin today’s party too much, though, as the daily form guide’s looking half decent for a change…

ASX lithium form guide

Scroll or swipe to reveal table. Click headings to sort. Best viewed on a laptop. (Note: figures accurate per ASX at 3pm.)

Stocks missing from this list? Email [email protected] and [email protected]

CODE	COMPANY	TODAY	WEEK	1 MONTH %	12 MONTH %	PRICE	MARKET CAP
ADV	Ardiden Ltd	3%	6%	0%	-39%	0.185	$11,253,151
AGY	Argosy Minerals Ltd	8%	3%	-24%	-85%	0.1025	$133,418,712
1MC	Morella Corporation	0%	0%	-27%	-71%	0.004	$24,715,198
AML	Aeon Metals Ltd.	11%	11%	0%	-64%	0.01	$9,867,606
ASN	Anson Resources Ltd	4%	-15%	-38%	-67%	0.08	$99,078,072
AVZ	AVZ Minerals Ltd	0%	0%	0%	0%	0.78	$2,752,409,203
CXO	Core Lithium	6%	-3%	-17%	-82%	0.19	$384,648,398
EMH	European Metals Hldg	2%	3%	-23%	-54%	0.31	$38,501,832
EUR	European Lithium Ltd	0%	2%	-4%	5%	0.086	$119,904,569
GLN	Galan Lithium Ltd	6%	-42%	-53%	-72%	0.3125	$104,274,323
INF	Infinity Lithium	10%	-13%	-21%	-47%	0.077	$32,381,447
INR	Ioneer Ltd	-4%	0%	-11%	-71%	0.125	$274,561,579
JLL	Jindalee Lithium Ltd	4%	-3%	3%	-58%	0.99	$57,768,062
LIT	Lithium Australia	-2%	2%	-5%	-42%	0.0285	$35,443,558
LKE	Lake Resources	3%	-6%	-30%	-88%	0.091	$125,302,654
LPD	Lepidico Ltd	0%	0%	-25%	-60%	0.006	$45,829,848
LPI	Lithium Pwr Int Ltd	0%	0%	0%	33%	0.5575	$355,493,683
LTR	Liontown Resources	6%	-7%	-40%	-37%	0.9525	$2,180,885,375
MIN	Mineral Resources.	3%	-6%	-16%	-36%	57.1	$10,776,242,690
MLS	Metals Australia	0%	-3%	-17%	-42%	0.03	$18,721,086
AKE	Allkem Limited	0%	-100%	-100%	-100%	0	$6,304,350,967
PLL	Piedmont Lithium Inc	9%	-24%	-47%	-79%	0.2025	$71,393,073
PLS	Pilbara Min Ltd	5%	-2%	-9%	-26%	3.54	$10,172,001,654
QPM	Queensland Pacific	0%	-10%	-31%	-64%	0.036	$72,451,451
PSC	Prospect Res Ltd	-4%	-5%	-16%	-42%	0.076	$36,603,225
RLC	Reedy Lagoon Corp.	0%	-20%	-20%	-54%	0.004	$2,478,163
SYA	Sayona Mining Ltd	-3%	-7%	-36%	-84%	0.039	$411,731,841
TKL	Traka Resources	0%	0%	-33%	-64%	0.002	$3,501,317
TON	Triton Min Ltd	0%	-6%	-23%	-60%	0.017	$26,543,675
VUL	Vulcan Energy	3%	-6%	-16%	-71%	2.07	$345,866,746
GL1	Globallith	3%	-16%	-58%	-78%	0.465	$117,119,385
BMM	Balkanminingandmin	0%	-20%	-35%	-85%	0.072	$5,114,917
LEL	Lithenergy	-1%	-3%	-40%	-64%	0.335	$34,765,875
ARN	Aldoro Resources	6%	3%	-14%	-56%	0.099	$12,520,008
NMT	Neometals Ltd	2%	-15%	-31%	-83%	0.1275	$77,836,290
IGO	IGO Limited	4%	-9%	-18%	-51%	7.02	$5,134,275,772
AAJ	Aruma Resources Ltd	0%	0%	-22%	-72%	0.021	$4,134,722
PAM	Pan Asia Metals	0%	0%	-9%	-57%	0.16	$26,850,684
AX8	Accelerate Resources	23%	-4%	-31%	0%	0.027	$12,630,239
AM7	Arcadia Minerals	-1%	-4%	-4%	-69%	0.066	$7,306,357
AS2	Askarimetalslimited	1%	-25%	-44%	-85%	0.098	$7,561,171
BYH	Bryah Resources Ltd	-10%	-18%	-36%	-59%	0.009	$4,336,073
EMS	Eastern Metals	-12%	0%	-19%	-63%	0.029	$2,720,066
FG1	Flynngold	-4%	-12%	6%	-44%	0.053	$9,027,750
FRS	Forrestaniaresources	-4%	-18%	-23%	-86%	0.023	$3,882,858
GSM	Golden State Mining	18%	8%	-13%	-72%	0.013	$3,073,077
IMI	Infinitymining	10%	0%	-15%	-51%	0.11	$11,875,339
LRV	Larvottoresources	3%	-8%	-3%	-56%	0.068	$14,758,369
MMC	Mitremining	0%	2%	-6%	-27%	0.225	$12,754,716
RAG	Ragnar Metals Ltd	0%	-5%	-9%	38%	0.021	$9,953,600
CTN	Catalina Resources	-20%	33%	0%	-60%	0.004	$6,192,434
TMB	Tambourahmetals	0%	-2%	-25%	-22%	0.086	$7,132,870
TEM	Tempest Minerals	0%	-13%	-13%	-74%	0.007	$3,633,871
EMC	Everest Metals Corp	3%	4%	4%	-10%	0.082	$13,142,649
WCN	White Cliff Min Ltd	0%	7%	78%	33%	0.016	$21,373,749
WML	Woomera Mining Ltd	17%	40%	-72%	-56%	0.007	$7,308,834
AZL	Arizona Lithium Ltd	8%	-2%	-31%	-69%	0.0215	$75,728,901
CRR	Critical Resources	-7%	8%	-30%	-75%	0.014	$26,667,754
KGD	Kula Gold Limited	0%	-19%	-62%	-76%	0.0065	$2,750,877
LRS	Latin Resources Ltd	14%	-6%	-32%	39%	0.16	$391,475,868
PNN	Power Minerals Ltd	-7%	-15%	-32%	-72%	0.14	$13,106,415
WR1	Winsome Resources	12%	4%	-37%	-72%	0.615	$104,931,778
KZR	Kalamazoo Resources	0%	6%	-35%	-51%	0.1	$17,301,782
MTM	MTM Critical Metals	-3%	-6%	-45%	-15%	0.066	$8,452,152
QXR	Qx Resources Limited	13%	6%	-25%	-61%	0.018	$17,761,246
SCN	Scorpion Minerals	-10%	-36%	-45%	-78%	0.018	$8,189,124
AZI	Altamin Limited	0%	-2%	-7%	-33%	0.05	$21,406,097
ENT	Enterprise Metals	0%	0%	0%	-56%	0.004	$3,207,884
KAI	Kairos Minerals Ltd	8%	-13%	0%	-23%	0.014	$34,071,858
STM	Sunstone Metals Ltd	0%	11%	-29%	-68%	0.01	$34,877,349
PGD	Peregrine Gold	-7%	-10%	-10%	-44%	0.27	$19,428,979
AVW	Avira Resources Ltd	0%	0%	33%	-33%	0.002	$4,267,580
NVA	Nova Minerals Ltd	-3%	-19%	-21%	-55%	0.285	$62,212,560
GT1	Greentechnology	8%	-10%	-52%	-85%	0.13	$38,250,252
BNR	Bulletin Res Ltd	0%	0%	-41%	-29%	0.085	$24,957,132
CAI	Calidus Resources	0%	-8%	-15%	-34%	0.175	$107,187,975
MRR	Minrex Resources Ltd	18%	0%	-19%	-64%	0.013	$11,933,543
A8G	Australasian Metals	-6%	-18%	-34%	-46%	0.099	$5,472,652
EFE	Eastern Resources	-13%	0%	-22%	-59%	0.007	$9,935,572
MQR	Marquee Resource Ltd	0%	-10%	-32%	-44%	0.019	$7,854,303
SRZ	Stellar Resources	0%	0%	-13%	-42%	0.007	$8,043,185
LSR	Lodestar Minerals	0%	0%	-50%	-60%	0.002	$4,046,795
NWM	Norwest Minerals	0%	8%	-19%	-59%	0.026	$7,476,807
AOA	Ausmon Resorces	0%	0%	-33%	-67%	0.002	$2,117,999
VKA	Viking Mines Ltd	8%	17%	-7%	17%	0.014	$13,328,360
IPT	Impact Minerals	-4%	-4%	-4%	10%	0.0115	$34,376,447
SRI	Sipa Resources Ltd	9%	20%	-8%	-23%	0.024	$5,019,479
VMC	Venus Metals Cor Ltd	0%	0%	0%	15%	0.1	$18,972,868
RGL	Riversgold	0%	-10%	-31%	-65%	0.009	$8,708,953
ZNC	Zenith Minerals Ltd	-4%	-15%	-15%	-51%	0.115	$42,285,706
RAS	Ragusa Minerals Ltd	-7%	-22%	-38%	-77%	0.025	$3,850,167
G88	Golden Mile Res Ltd	0%	-20%	-33%	-44%	0.012	$3,952,674
EPM	Eclipse Metals	0%	14%	0%	-64%	0.008	$16,500,434
EVR	Ev Resources Ltd	-4%	10%	-8%	-27%	0.011	$12,645,266
WC8	Wildcat Resources	7%	7%	-33%	1503%	0.465	$520,189,584
MNS	Magnis Energy Tech	0%	0%	0%	-90%	0.042	$50,378,922
RIO	Rio Tinto Limited	1%	-2%	-2%	4%	129.5	$47,667,874,040
THR	Thor Energy PLC	0%	-9%	7%	-47%	0.032	$5,953,162
YAR	Yari Minerals Ltd	0%	-33%	-27%	-56%	0.008	$3,858,863
MXR	Maximus Resources	3%	-3%	-3%	-18%	0.033	$10,270,265
DRE	Dreadnought Resources Ltd	6%	-14%	-38%	-82%	0.018	$59,144,240
MM1	Midasmineralsltd	-14%	-22%	-36%	-48%	0.086	$8,674,725
M2R	Miramar	0%	-17%	-13%	-74%	0.02	$2,977,391
LLI	Loyal Lithium Ltd	9%	-2%	-48%	-52%	0.235	$17,906,774
LRD	Lordresourceslimited	0%	-2%	5%	-69%	0.058	$2,153,663
WMC	Wiluna Mining Corp	0%	0%	0%	0%	0.205	$74,238,031
AUN	Aurumin	10%	18%	14%	-51%	0.033	$10,753,292
ZEO	Zeotech Limited	0%	6%	10%	-20%	0.033	$57,202,961
ALY	Alchemy Resource Ltd	-11%	0%	-20%	-53%	0.008	$10,602,686
LIS	Lisenergylimited	10%	10%	3%	-55%	0.165	$96,030,035
GW1	Greenwing Resources	0%	-6%	-35%	-71%	0.085	$14,811,376
KTA	Krakatoa Resources	6%	-5%	-51%	-53%	0.019	$8,497,930
TYX	Tyranna Res Ltd	7%	-6%	-17%	-42%	0.015	$46,023,955
DAF	Discovery Alaska Ltd	0%	35%	-7%	-4%	0.027	$6,324,337
FTL	Firetail Resources	-6%	-20%	-37%	-66%	0.047	$7,445,278
IR1	Irismetals	-6%	19%	-28%	-44%	0.655	$90,639,487
LNR	Lanthanein Resources	0%	-23%	-55%	-77%	0.005	$6,449,060
DAL	Dalaroometalsltd	0%	10%	-12%	-76%	0.022	$1,820,500
TKM	Trek Metals Ltd	0%	-18%	-21%	-58%	0.031	$15,905,383
CY5	Cygnus Metals Ltd	0%	0%	-47%	-86%	0.066	$19,242,903
TUL	Tulla Resources	0%	-100%	-100%	-100%	0	$118,262,971
WES	Wesfarmers Limited	-2%	-1%	1%	13%	57.19	$65,861,674,417
LLL	Leolithiumlimited	0%	0%	0%	-17%	0.505	$498,553,663
OCN	Oceanalithiumlimited	-3%	-5%	-45%	-84%	0.06	$3,352,743
A11	Atlantic Lithium	0%	-5%	-13%	-49%	0.37	$240,377,550
CMD	Cassius Mining Ltd	0%	3%	-15%	0%	0.034	$18,428,153
VSR	Voltaic Strategic	0%	0%	-29%	-38%	0.015	$7,246,558
SGQ	St George Min Ltd	0%	-15%	-37%	-71%	0.022	$21,747,890
LLO	Lion One Metals Ltd	0%	1%	-7%	-11%	0.895	$13,716,520
PAT	Patriot Lithium	-8%	9%	-33%	-72%	0.12	$9,050,227
PL3	Patagonia Lithium	0%	-4%	-24%	0%	0.11	$5,404,135
BUR	Burleyminerals	-9%	-24%	-52%	-73%	0.08	$9,090,115
CHR	Charger Metals	-4%	4%	-26%	-70%	0.125	$10,064,633
RMX	Red Mount Min Ltd	0%	-33%	-33%	-67%	0.002	$5,347,152
DLI	Delta Lithium	7%	0%	-31%	-39%	0.29	$192,191,303
LM1	Leeuwin Metals Ltd	0%	-8%	-34%	0%	0.092	$4,310,354
ENT	Enterprise Metals	0%	0%	0%	-56%	0.004	$3,207,884
FIN	FIN Resources Ltd	0%	0%	-26%	21%	0.017	$11,037,568
DTM	Dart Mining NL	8%	-7%	-19%	-73%	0.013	$2,730,956
NIS	Nickelsearch	-3%	-24%	-47%	-66%	0.039	$8,541,698
EG1	Evergreenlithium	0%	-10%	-42%	0%	0.099	$5,566,770
MAN	Mandrake Res Ltd	8%	2%	2%	-19%	0.042	$24,014,637
FBM	Future Battery	6%	22%	-26%	-14%	0.055	$27,755,311
LPM	Lithium Plus	9%	-25%	-45%	-53%	0.18	$14,188,053
KOB	Kobaresourceslimited	0%	0%	111%	-14%	0.15	$19,562,500
EMC	Everest Metals Corp	3%	4%	4%	-10%	0.082	$13,142,649
LRD	Lordresourceslimited	0%	-2%	5%	-69%	0.058	$2,153,663
IEC	Intra Energy Corp	0%	0%	-17%	-58%	0.0025	$4,151,954
REC	Rechargemetals	-2%	-10%	-38%	-50%	0.065	$7,349,230
SLM	Solismineralsltd	0%	-8%	-17%	-4%	0.12	$9,418,650
AZS	Azure Minerals	0%	0%	-1%	1057%	3.645	$1,665,006,857
DYM	Dynamicmetalslimited	0%	7%	-16%	-18%	0.16	$5,760,000
TOR	Torque Met	2%	2%	-7%	27%	0.21	$31,375,972
SBR	Sabre Resources	10%	-12%	-24%	-45%	0.022	$7,485,239
ICL	Iceni Gold	-5%	-21%	-43%	-65%	0.037	$9,615,881
TMX	Terrain Minerals	25%	0%	0%	-17%	0.005	$5,726,683
MHC	Manhattan Corp Ltd	-14%	0%	0%	-50%	0.003	$10,279,429
MHK	Metalhawk.	-5%	-27%	-41%	-50%	0.077	$8,052,570
NKL	Nickelxltd	28%	16%	9%	-32%	0.05	$3,424,792
TMB	Tambourahmetals	0%	-2%	-25%	-22%	0.086	$7,132,870
ANX	Anax Metals Ltd	0%	-9%	-30%	-71%	0.021	$10,153,870
PMT	Patriotbatterymetals	13%	-7%	-29%	-59%	0.7475	$332,640,106
BM8	Battery Age Minerals	0%	-13%	-36%	-70%	0.14	$12,846,445
L1M	Lightning Minerals	0%	-18%	-41%	-61%	0.074	$3,124,655
ADG	Adelong Gold Limited	11%	0%	-9%	-50%	0.005	$3,148,450
TOR	Torque Met	2%	2%	-7%	27%	0.21	$31,375,972
AL8	Alderan Resource Ltd	0%	-13%	-30%	-56%	0.0035	$3,874,015
OZM	Ozaurum Resources	6%	-8%	-47%	-14%	0.069	$10,318,750
FL1	First Lithium Ltd	-6%	-12%	-52%	25%	0.225	$16,812,400
PLN	Pioneer Lithium	0%	-12%	-21%	0%	0.15	$4,263,750
WYX	Western Yilgarn NL	4%	6%	-10%	-5%	0.094	$4,469,175
RDN	Raiden Resources Ltd	10%	-12%	-39%	304%	0.023	$55,788,287
PFE	Panteraminerals	-5%	-10%	4%	-61%	0.052	$7,294,240
GRE	Greentechmetals	0%	-16%	-51%	78%	0.205	$17,236,395
OLY	Olympio Metals Ltd	-2%	-16%	-41%	-62%	0.059	$3,815,970
SUM	Summitminerals	-4%	6%	-25%	-51%	0.073	$3,621,942
JBY	James Bay Minerals	-3%	-13%	-45%	0%	0.165	$5,515,650
SCN	Scorpion Minerals	-10%	-36%	-45%	-78%	0.018	$8,189,124
JNO	Juno	0%	0%	-22%	-13%	0.09	$16,375,073
CC9	Chariot Corporation	22%	-37%	-44%	0%	0.31	$20,855,521
OBM	Ora Banda Mining Ltd	0%	4%	-4%	161%	0.235	$401,147,815
RON	Roninresourcesltd	0%	-14%	-33%	-31%	0.12	$4,419,001
CXB0	ASRA MINERALS LTD.	0%	-14%	-14%	0%	0.00003	$4,909,487
ASR	Asra Minerals Ltd	0%	0%	0%	-59%	0.006	$9,818,974
PFE	Panteraminerals	-5%	-10%	4%	-61%	0.052	$7,294,240
TG6	Tgmetalslimited	0%	-8%	-38%	110%	0.22	$11,898,957
HAW	Hawthorn Resources	1%	-3%	-12%	-4%	0.092	$30,486,421
KM1	Kalimetalslimited	3%	-22%	60%	0%	0.4	$29,773,417
AEV	Avenira Limited	0%	9%	-8%	-20%	0.012	$26,310,859

CHARGED UP 🔋

NickelX (ASX:NKL) : +28% – wait, how’d this get in here? Ah, it’s battery-metal-tastic. We’ll leave it for the moment.

Terrain Minerals (ASX:TMX) +25%

Accelerate Resources (ASX:AX8) +23%

Chariot Corporation (ASX:CC9) +22%

Golden State Mining (ASX:GSM) : +18%

Woomera Mining (ASX:WML) : +17%

Latin Resources (ASX:LRS) : +16%

RUNNING LOW 🪫

Power Minerals (ASX:PNN) -10%

Strike Resources (ASX:SRK) -6%

Critical Resources (ASX:CRR) -6%

Focus on the irony of @GoldmanSachs #EV forecast vs their #lithium forecast. pic.twitter.com/BcEf2RJA0K

— Joe Lowry (@globallithium) February 2, 2024