• New lithium hunter Kali Metals makes bold, 70%+ bourse entrance 
  • NT miner Core Lithium continues to tank as it puts production on hold
  • Morningstar analysis is bullish, predicting sector turnaround in 2024

Your lithium roundup for Monday January 8.

 

There’s a bit going on to begin Week 2, 2024 – headlined by new, rich-lister-backed ASX lithium speccie Kali Metals making a dramatic entrance.

First things first, though, and for what it’s worth (actually quite literally) a check in on lithium pricing.

And Lithium Price Bot tells us… Christ, just look away, really. 2023’s downturn has continued into 2024 so far, which will surprise virtually no one at this point.

But wait… is that little curve at the bottom of the chart the beginning of a fish-hook reversal?

 

Kali Metals makes big, bold entrance

While Core Lithium’s share price takes a battering today (see further below), on the other side of the ASX lithium hype ledger, we have newcomer explorer Kali Metals (ASX:KM1), backed by none other than MinRes boss Chris Ellison, among other deep-pocketed notables.

Making its ASX debut today, it’s off to a head-turning start with a +88% gain in early morning trade and a share price of $0.475 – since cooling off a tad at around +72% at the time of writing.

This dramatic entrance comes after the closing of a popular, and quick, $15m IPO for the fresh lithium stock.

It’s been a tough 12 months for IPOs in general, with just eight currently in the green. Despite spodumene and chemicals prices falling precipitously, four of these are lithium stocks, including KM1.

Kali Metals is a Kalamazoo Resources (ASX:KZR) spinout, with assets in WA (Pilbara and Goldfields tenements), and in the Lachlan Fold Belt of southern NSW and northeastern Victoria. KZR shareholders get an initial 25% in-specie distribution (1-for-17.64) of shares in Kali.

Along with Mineral Resources’ (ASX:MIN) Chris Ellison, TSX-listed $1bn Canadian gold miner Karora Resources (TSX:KRR) is a major shareholder of the new venture. Investment vehicles associated with Multiplex heir Tim Roberts, Navitas education company co-founder Rod Jones, as well as Mutual Trust – the family office for the Myer and Baillieu families – are also notables in Kali’s top 20 shareholders.

Kali controls the rights to lithium found on Goldfields tenements owned by Karora.

“The Higginsville project contains ample evidence of pegmatite intrusive activity and several confirmed LCT pegmatites,” the company says.

“Several areas within the tenure have already been identified in previous work that warrant early investigation by drilling.”

These sites have not been drilled for lithium in recent years, but are bang in the middle of hot lithium territory, with MinRes’s Mt Marion mine to the north and its Bald Hill operation to the east.

And then there’s Essential Metals’ (ASX:ESS) Pioneer Dome project to the west and Liontown Resources’ (ASX:LTR) Buldania deposit to the south, as well as Torque Metals’ (ASX:TOR) highly prospective New Dawn project, which also abuts KM1’s landholdings.

Oh, and before we forget… and definitely not last but least, Kali has an SQM Earn-in Agreement at Kalamazoo’s DOM’s Hill and Marble Bar projects, where the major Chilean producer – which produces ~19% of the world’s lithium supply – is solely funding exploration.

As The Australian‘s ressie writer Nick Evans reported last week, this rich-list backed lithium play could be something of a litmus test regarding lithium junior sentiment.

“Kali will be a key test of whether the downturn affecting later-stage lithium developers extends to junior explorers, which were among the hottest stocks of the year in 2023,” wrote Evans.

So far, it’s so bullish for KM1, but time will probably pretty quickly tell if it’s a flash in the pan or a catalyst for reignited lithium junior interest.

 

Core continues to slide

Some doom and gloom surrounding continued dipping lithium prices certainly manifested in headlines stemming from an ASX notable on Friday.

Despite the Kali sugar hit today, it still feels like nervy times for lithium investors right now, especially after Core Lithium (ASX:CXO), Australia’s newest spodumene miner, announced a temporary suspension of mining at its Finniss project in the NT.

As reported by Stockhead on Friday, the $480m market capper will instead shift its focus to processing and selling stockpiled materials, with development of the 10.5Mt BP33 underground mine put on ice and discretionary spend including studies, exploration and corporate costs reduced.

CXO’s price dipped 11.5% on Friday, and at the time of writing it’s not faring any better; in fact it’s shaping worse on Monday, down another 18%.

The silver lining for CXO, though, is that it has $202m in the bank at the end of September and no debt, placing it in a strong position for the foreseeable.

The more optimistic lithium pundits (including Morningstar – see below) believe a turnaround for lithium spot prices could happen mid year.

 

‘Lithium demand will more than triple’: Morningstar

One thing seems certain so far this year – lithium remains a tricky market to call, with general non-consensus being the consensus regarding lithium price bottoming.

But here’s something – global financial services gun Morningstar has predicted lithium prices will rise in 2024 as demand growth once again finally begins to outpace supply.

Much like Joe “Mr Lithium” Lowry’s analysis in a Q&A with Stockhead recently, Morningstar analyst Seth Goldstein predicted last week that:

“As destocking ends, we expect prices will stabilise and rise in 2024.”

That said, Lowry’s exact words were: “I believe the bottom happens by the second half of 2024 at the latest.” He didn’t go so far as to predict a price spike.

Goldstein also crystal balled the following:

“Lithium demand will more than triple by 2030 from 2022, largely due to electric vehicles rising to 40% of global auto sales by 2030, up from 10% in 2022.

“Over the long term, we view lithium as one of the best ways to invest in rising EV adoption, as all EV batteries require lithium.

“In the near term, prices have fallen as supply caught up with demand due to inventory destocking among battery producers. Prices are currently around $17,000 per metric ton.

“As EV sales continue to grow, we forecast demand growth will accelerate, leading to prices rising by the end of the year. We forecast prices will average $30,000 per metric ton from 2023 to 2030.”

And this, too, is encouraging, from Benchmark Mineral Intelligence…

 

 

How’s the rest of ASX lithium land tracking today? Let’s see…

 

Monday: FULLY CHARGED 🔋

Kali Metals (ASX:KM1) +72%

Solis Minerals (ASX:SLM) +17%

Manhattan Corp (ASX:MHC) +17%

 

Monday: RUNNING LOW 🪫

Traka Resources (ASX:TKL) -33%

Lodestar Minerals (ASX:LSR) -25%

Ragusa Minerals (ASX:RAS) -20%

 

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 -5% 0% -13% -49% 0.175 $11,565,739
AGY Argosy Minerals Ltd -6% -7% -17% 0% 0.125 $189,595,012
1MC Morella Corporation -9% -9% -17% -62% 0.005 $33,983,397
AML Aeon Metals Ltd. 10% 0% -8% -59% 0.011 $10,964,006
ASN Anson Resources Ltd -8% -18% -21% -38% 0.115 $167,146,092
AVZ AVZ Minerals Ltd 0% 0% 0% 0% 0.78 $2,752,409,203
CXO Core Lithium -18% -25% -18% -83% 0.1875 $491,495,175
EMH European Metals Hldg -13% -18% -37% -44% 0.35 $50,535,109
EUR European Lithium Ltd -4% -18% 25% 10% 0.086 $125,481,526
GLN Galan Lithium Ltd -2% -5% 15% -37% 0.655 $236,826,428
INF Infinity Lithium 0% -3% -3% -16% 0.097 $44,871,433
INR Ioneer Ltd 0% -8% -2% -66% 0.1375 $295,597,701
JLL Jindalee Lithium Ltd 4% -4% 5% -45% 1 $58,070,512
LIT Lithium Australia 0% 0% 3% -36% 0.03 $36,665,750
LKE Lake Resources -8% -8% 0% -85% 0.12 $184,917,812
LPD Lepidico Ltd 0% -13% -18% -53% 0.007 $61,106,464
LPI Lithium Pwr Int Ltd 0% 1% 3% 31% 0.555 $357,040,128
LTR Liontown Resources -3% -7% 24% 16% 1.5275 $3,826,735,913
MIN Mineral Resources. -2% -4% 17% -14% 67.03 $13,282,436,425
MLS Metals Australia -3% -5% 1% -24% 0.035 $22,465,303
AKE Allkem Limited 0% 0% 18% -13% 9.83 $6,304,350,967
PLL Piedmont Lithium Inc -3% -13% 1% -49% 0.375 $141,540,168
PLS Pilbara Min Ltd -3% -4% 18% 2% 3.8 $11,767,019,665
QPM Queensland Pacific -4% -10% -5% -53% 0.0495 $104,652,096
PSC Prospect Res Ltd -3% -1% 7% -23% 0.088 $42,163,209
RLC Reedy Lagoon Corp. 0% 0% -17% -48% 0.005 $3,097,704
SYA Sayona Mining Ltd -6% -20% 7% -73% 0.0565 $627,891,057
TKL Traka Resources -33% 0% -5% -52% 0.003 $2,625,988
TON Triton Min Ltd 0% -4% 10% -42% 0.022 $34,349,911
VUL Vulcan Energy -3% -16% 5% -65% 2.38 $425,020,330
GL1 Globallith -15% -21% -23% -49% 0.955 $291,497,135
BMM Balkanminingandmin -9% -9% -23% -68% 0.1 $7,814,456
LEL Lithenergy -3% -5% -6% -27% 0.545 $57,685,600
ARN Aldoro Resources -13% -23% 16% -60% 0.096 $15,481,730
NMT Neometals Ltd -3% -14% -3% -78% 0.18 $115,197,708
IGO IGO Limited -2% -7% 13% -37% 8.445 $6,512,503,192
AAJ Aruma Resources Ltd -4% -4% -16% -51% 0.026 $5,316,071
PAM Pan Asia Metals 3% 40% 30% -57% 0.175 $29,367,936
AX8 Accelerate Resources 3% -7% 3% 63% 0.039 $22,350,968
AM7 Arcadia Minerals 0% -5% -19% -66% 0.069 $7,524,457
AS2 Askarimetalslimited 0% 0% 0% -65% 0.175 $13,606,287
BYH Bryah Resources Ltd 7% 15% 15% -37% 0.015 $6,070,502
EMS Eastern Metals 0% 3% 13% -52% 0.036 $2,967,345
FG1 Flynngold 6% 2% -17% -47% 0.053 $7,286,213
FRS Forrestaniaresources 0% 7% 3% -77% 0.03 $4,853,572
GSM Golden State Mining -7% -13% -28% -75% 0.013 $4,190,559
IMI Infinitymining -4% -11% -11% -52% 0.125 $15,437,941
LRV Larvottoresources 0% 0% -4% -50% 0.07 $14,874,940
MMC Mitremining 0% -11% -17% -11% 0.24 $13,605,030
RAG Ragnar Metals Ltd 0% -4% 10% 85% 0.023 $10,901,562
CTN Catalina Resources 0% -11% 33% -56% 0.004 $4,953,948
TMB Tambourahmetals -4% -4% -24% 5% 0.11 $9,538,141
TEM Tempest Minerals 13% 13% 13% -61% 0.009 $4,091,068
EMC Everest Metals Corp 1% 0% -4% 0% 0.08 $12,899,366
WCN White Cliff Min Ltd 11% 11% -9% -17% 0.01 $11,489,034
WML Woomera Mining Ltd 8% -7% -7% 50% 0.027 $30,453,475
AZL Arizona Lithium Ltd -6% -5% -18% -55% 0.0295 $113,858,997
CRR Critical Resources -10% -14% -18% -57% 0.018 $35,557,006
KGD Kula Gold Limited -6% 7% -27% -36% 0.016 $7,129,218
LRS Latin Resources Ltd -3% -20% 34% 98% 0.2275 $656,544,457
PNN Power Minerals Ltd 0% -2% 3% -59% 0.205 $17,912,101
WR1 Winsome Resources -7% -15% -16% -29% 0.89 $180,259,999
KZR Kalamazoo Resources -19% 4% -4% -47% 0.125 $26,562,268
MTM MTM Critical Metals -8% 62% 340% 47% 0.11 $11,932,450
QXR Qx Resources Limited -4% 0% -12% -51% 0.023 $26,641,868
SCN Scorpion Minerals -3% -3% -18% -55% 0.032 $13,512,054
AZI Altamin Limited 7% 5% 18% -27% 0.058 $23,118,585
ENT Enterprise Metals 0% 0% 33% -60% 0.004 $3,207,884
KAI Kairos Minerals Ltd 7% 7% 0% -31% 0.015 $36,692,771
STM Sunstone Metals Ltd -7% -13% -13% -64% 0.013 $48,828,288
PGD Peregrine Gold -7% 23% 7% -23% 0.295 $20,098,944
AVW Avira Resources Ltd 0% -25% -25% -40% 0.0015 $3,200,685
NVA Nova Minerals Ltd -1% 3% 25% -47% 0.37 $75,920,386
GT1 Greentechnology -4% -9% -13% -69% 0.26 $85,658,066
BNR Bulletin Res Ltd -3% 0% 22% 40% 0.14 $42,573,932
CAI Calidus Resources -2% -7% 3% -33% 0.2 $125,413,126
MRR Minrex Resources Ltd -15% -18% -18% -59% 0.014 $17,900,314
A8G Australasian Metals 0% -12% -12% -28% 0.15 $7,818,074
EFE Eastern Resources 0% 13% 0% -68% 0.009 $11,177,518
MQR Marquee Resource Ltd 0% 8% 12% -15% 0.028 $11,574,763
SRZ Stellar Resources 0% 14% -11% -43% 0.008 $9,192,212
LSR Lodestar Minerals -25% -25% -33% -33% 0.003 $8,093,589
NWM Norwest Minerals 0% 19% 7% -37% 0.032 $9,202,224
AOA Ausmon Resorces 0% 0% 0% -50% 0.003 $3,020,998
VKA Viking Mines Ltd 7% 14% 33% 60% 0.016 $14,353,618
IPT Impact Minerals 8% 18% 18% 86% 0.013 $34,376,447
SRI Sipa Resources Ltd 0% 4% 13% -19% 0.026 $5,932,112
VMC Venus Metals Cor Ltd 0% 0% 0% 32% 0.1 $18,972,868
RGL Riversgold -4% 4% -22% -58% 0.0125 $12,579,599
ZNC Zenith Minerals Ltd 0% -10% -4% -47% 0.135 $47,571,419
RAS Ragusa Minerals Ltd -20% -3% -13% -71% 0.035 $5,703,951
G88 Golden Mile Res Ltd 11% 5% 0% -10% 0.02 $5,929,011
EPM Eclipse Metals 0% 0% -11% -56% 0.008 $16,500,434
EVR Ev Resources Ltd 8% 9% 20% -20% 0.012 $13,195,060
WC8 Wildcat Resources -3% -4% 1% 2458% 0.665 $825,080,003
MNS Magnis Energy Tech 0% 0% 0% -89% 0.042 $50,378,922
RIO Rio Tinto Limited -1% -3% 4% 12% 131.05 $49,134,178,085
THR Thor Energy PLC 0% -3% -6% -55% 0.029 $5,395,054
YAR Yari Minerals Ltd 0% -4% -8% -35% 0.011 $5,305,936
MXR Maximus Resources 0% -3% -21% -15% 0.034 $10,900,596
DRE Dreadnought Resources Ltd -3% -7% -14% -71% 0.028 $100,893,116
MM1 Midasmineralsltd 0% -4% 13% -33% 0.135 $11,710,878
M2R Miramar 0% 10% 21% -70% 0.023 $3,424,000
LLI Loyal Lithium Ltd -16% 19% 12% 23% 0.37 $37,479,294
LRD Lordresourceslimited 13% 0% -16% -66% 0.063 $2,042,267
WMC Wiluna Mining Corp 0% 0% 0% 0% 0.205 $74,238,031
AUN Aurumin 0% 12% 21% -54% 0.029 $10,394,849
ZEO Zeotech Limited -3% -9% -22% -29% 0.029 $52,002,692
ALY Alchemy Resource Ltd 0% 0% 0% -62% 0.01 $11,780,763
LIS Lisenergylimited 9% -3% 3% -49% 0.175 $102,432,037
GW1 Greenwing Resources -4% -7% 19% -55% 0.125 $22,652,693
KTA Krakatoa Resources -8% 0% -5% -18% 0.036 $18,412,182
TYX Tyranna Res Ltd -6% 0% 0% -23% 0.017 $59,173,656
DAF Discovery Alaska Ltd 0% 53% 71% -9% 0.029 $6,792,806
FTL Firetail Resources 0% -3% -13% -50% 0.075 $11,167,917
IR1 Irismetals -6% -8% -24% -26% 0.855 $117,183,909
LNR Lanthanein Resources 0% -4% 83% -48% 0.011 $14,187,931
DAL Dalaroometalsltd 4% 9% -8% -76% 0.024 $1,903,250
TKM Trek Metals Ltd 0% -3% -13% -48% 0.039 $20,009,998
CY5 Cygnus Metals Ltd 0% -11% -13% -69% 0.12 $34,987,097
TUL Tulla Resources 0% -100% -100% -100% 0 $118,262,971
WES Wesfarmers Limited -1% -1% 7% 21% 56.34 $64,353,218,640
LLL Leolithiumlimited 0% 0% 0% -1% 0.505 $498,553,663
OCN Oceanalithiumlimited -9% -17% -20% -74% 0.1 $5,948,415
A11 Atlantic Lithium -10% 1% -21% -38% 0.4 $271,082,096
CMD Cassius Mining Ltd -5% -5% 12% 90% 0.038 $20,104,422
VSR Voltaic Strategic -10% 0% -5% -14% 0.019 $10,145,182
SGQ St George Min Ltd -3% 0% -7% -50% 0.034 $34,444,503
LLO Lion One Metals Ltd 0% 3% -1% -23% 0.965 $14,518,159
PAT Patriot Lithium -11% -11% -16% -40% 0.16 $12,333,084
PL3 Patagonia Lithium -7% 4% 0% 0% 0.135 $7,123,633
BUR Burleyminerals -9% -9% -6% -15% 0.15 $17,043,965
CHR Charger Metals 0% 3% -29% -62% 0.17 $12,361,443
RMX Red Mount Min Ltd 0% 0% -25% -33% 0.003 $8,020,728
DLI Delta Lithium -17% -26% -20% -18% 0.35 $298,803,915
LM1 Leeuwin Metals Ltd 0% 0% -24% 0% 0.14 $6,442,188
ENT Enterprise Metals 0% 0% 33% -60% 0.004 $3,207,884
FIN FIN Resources Ltd -4% 0% 16% 29% 0.022 $14,933,180
DTM Dart Mining NL 0% -6% -6% -74% 0.016 $3,641,274
NIS Nickelsearch -5% -5% -18% -58% 0.069 $15,588,599
EG1 Evergreenlithium 0% -11% -15% 0% 0.17 $9,559,100
MAN Mandrake Res Ltd -5% -9% -3% 3% 0.039 $25,246,157
FBM Future Battery -5% -1% 0% 38% 0.072 $40,031,699
LPM Lithium Plus -2% -8% -14% -8% 0.325 $27,946,165
KOB Kobaresourceslimited -1% 0% -9% -52% 0.07 $7,484,583
EMC Everest Metals Corp 1% 0% -4% 0% 0.08 $12,899,366
LRD Lordresourceslimited 13% 0% -16% -66% 0.063 $2,042,267
IEC Intra Energy Corp 0% 0% -25% -63% 0.003 $4,982,345
REC Rechargemetals -11% -2% -15% -31% 0.093 $11,691,957
SLM Solismineralsltd 17% 3% 0% 100% 0.15 $11,368,102
AZS Azure Minerals -1% 0% 3% 1502% 3.685 $1,697,114,428
DYM Dynamicmetalslimited -18% 11% 7% 0% 0.155 $6,650,000
TOR Torque Met 0% 0% 26% 19% 0.22 $29,570,418
SBR Sabre Resources 3% -9% 3% -23% 0.03 $10,500,574
ICL Iceni Gold 0% 25% 8% -24% 0.065 $15,883,214
TMX Terrain Minerals 0% 0% 0% -17% 0.005 $6,767,139
MHC Manhattan Corp Ltd 17% -13% -13% -42% 0.0035 $8,810,939
MHK Metalhawk. -19% -22% -32% -36% 0.105 $12,923,878
NKL Nickelxltd -4% 19% -21% -45% 0.044 $4,039,498
TMB Tambourahmetals -4% -4% -24% 5% 0.11 $9,538,141
ANX Anax Metals Ltd 0% 0% 15% -43% 0.03 $14,427,529
PMT Patriotbatterymetals -5% -12% -3% 45% 0.9925 $480,324,653
BM8 Battery Age Minerals -5% 11% 14% -58% 0.21 $19,610,115
L1M Lightning Minerals 0% -11% -14% -31% 0.125 $5,278,133
ADG Adelong Gold Limited -9% 0% 0% -29% 0.005 $3,848,106
TOR Torque Met 0% 0% 26% 19% 0.22 $29,570,418
AL8 Alderan Resource Ltd 0% 0% -17% -38% 0.005 $5,534,307
OZM Ozaurum Resources -8% -20% 14% 82% 0.12 $20,637,500
FL1 First Lithium Ltd -10% -18% -27% 133% 0.42 $32,924,283
PLN Pioneer Lithium 0% -5% -21% 0% 0.19 $5,400,750
WYX Western Yilgarn NL -12% -8% -3% -23% 0.092 $5,214,038
RDN Raiden Resources Ltd -3% -5% 6% 700% 0.038 $100,881,924
PFE Panteraminerals 2% -2% -14% -54% 0.051 $6,631,127
GRE Greentechmetals -1% -10% 1% 177% 0.415 $27,938,633
OLY Olympio Metals Ltd 10% 0% -25% -28% 0.105 $6,359,950
SUM Summitminerals -3% -2% -16% -39% 0.097 $4,765,713
JBY James Bay Minerals -8% -13% -20% 0% 0.275 $9,733,500
SCN Scorpion Minerals -3% -3% -18% -55% 0.032 $13,512,054
JNO Juno -4% 0% 11% 18% 0.11 $20,923,705
CC9 Chariot Corporation -10% -7% -18% 0% 0.5 $40,699,020
OBM Ora Banda Mining Ltd 0% 2% 2% 169% 0.245 $418,158,618
RON Roninresourcesltd 0% -3% -10% 9% 0.18 $6,628,502
ASR Asra Minerals Ltd 0% 0% -13% -63% 0.007 $11,455,470
KM1 Kali Metals 72% – – – 0.43 –
PFE Panteraminerals 2% -2% -14% -54% 0.051 $6,631,127
TG6 Tgmetalslimited -1% -9% -50% 233% 0.35 $19,200,589
HAW Hawthorn Resources 0% 13% 7% -13% 0.105 $35,176,639
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