Eye on Lithium: Lower spot prices are water off a duck's back for US majors who only see revenue increases

All your lithium news, August 10.

Has the Delta Lithium (ASX:DLI) presentation at Diggers & Dealers yesterday backfired?

What could be construed as just a bit of a joke at the conference – simple black text on white background presentation slides – has made Delta’s share price slide too, to the tune of 15% yesterday.

Delta’s share price actually dropped from a near ATH of 93c down to 82.5c the day before the presentation, so one might wonder if it was a clever trick to tank the share price further for a big buyback.

DLI has the sizeable Yinnetharra lithium find in the up-and-coming Gascoyne mineral province – and a bunch of other explorers have staked tenements all around it looking for hard rock spodumene and rare earths, including Reach Resources (ASX:RR1), Voltaic Strategic Resources (ASX:VSR), Minerals 260 (ASX:MI6), Dalaroo Metals (ASX:DAL) and Hastings Technology Metals (ASX:HAS).

Shares today, however, have stagnated around the 72.5c mark, so we’ll keep an eagle eye on how this develops.

Meanwhile, a QoQ drop in revenue from US lithium giants Albemarle and Livent looks like water off a duck’s back seemingly as both are confident of a price recovery and are posting higher revenues than in 2022.

Livent reported second-quarter revenue of US$235.8m, 7% lower than Q1 2023 but 8% higher than Q2 2022, with project revenue expected to be a raised guidance of ~US$1.125bn this year, says Fastmarkets analysis.

Albemarle expects its annual revenue of US$10.4-$11.5bn this year, up from its previous projection back in May of US$9.8-US$11.5bn.

That’s a big gain of ~40-55% compared with the 2022 revenue of US$7.32 billion and likely a testament to its refining capacity changes at its WA operations and overall raw material production rate increases.

Fastmarkets also has eyes on a spot price recovery for lithium carbonate, projecting an uptick towards the end of this year as consumers in China are running down inventories that were replenished in June, the analyst says.

lithium price projection (rdn) — Lithium carbonate price projection. Source: Fastmarkets

Here’s how Aussie lithium stocks are tracking:

CODE	COMPANY	PRICE	% TODAY	YTD %	MARKET CAP
XTC	Xantippe Res Ltd	0.0015	50%	-0.0015	$11,480,100
THR	Thor Energy PLC	0.0045	29%	-0.0015	$5,107,520
TEM	Tempest Minerals	0.016	23%	-0.007	$6,588,681
LKE	Lake Resources	0.2	21%	-0.6	$234,703,377
KGD	Kula Gold Limited	0.017	13%	-0.008	$5,598,179
PGD	Peregrine Gold	0.305	13%	-0.080593	$15,147,705
FTL	Firetail Resources	0.135	13%	-0.025	$11,550,000
A11	Atlantic Lithium	0.385	12%	-0.235	$210,188,373
LRV	Larvottoresources	0.15	11%	-0.01	$9,079,387
SBR	Sabre Resources	0.041	11%	0.003	$10,784,989
ZNC	Zenith Minerals Ltd	0.076	9%	-0.189	$24,666,662
KAI	Kairos Minerals Ltd	0.027	8%	0.006091	$65,522,805
DAL	Dalaroometalsltd	0.055	8%	-0.045	$2,645,625
NIS	Nickelsearch	0.07	8%	-0.088352	$6,215,975
REC	Rechargemetals	0.215	8%	0.08	$21,116,895
IPT	Impact Minerals	0.016	7%	0.009	$42,670,558
EPM	Eclipse Metals	0.017	6%	0.001	$32,448,957
L1M	Lightning Minerals	0.17	6%	0.005	$6,274,912
CHR	Charger Metals	0.265	6%	-0.18	$15,528,592
CMD	Cassius Mining Ltd	0.038	6%	0.018	$17,882,215
AZL	Arizona Lithium Ltd	0.02	5%	-0.042	$60,096,750
WC8	Wildcat Resources	0.2	5%	0.176	$126,458,604
TYX	Tyranna Res Ltd	0.021	5%	-0.003	$65,728,507
INR	Ioneer Ltd	0.2725	5%	-0.1075	$548,447,325
WML	Woomera Mining Ltd	0.011	5%	-0.008	$10,040,043
LPD	Lepidico Ltd	0.0115	5%	-0.0045	$84,021,363
PSC	Prospect Res Ltd	0.115	5%	-0.005	$50,848,541
KOB	Kobaresourceslimited	0.115	5%	-0.025	$11,595,833
CAI	Calidus Resources	0.175	4%	-0.095	$101,819,877
GSM	Golden State Mining	0.048	4%	0.005	$8,790,061
DRE	Dreadnought Resources Ltd	0.05	4%	-0.055	$160,429,355
OCN	Oceanalithiumlimited	0.255	4%	-0.09	$13,003,743
TON	Triton Min Ltd	0.026	4%	-0.01	$39,033,890
SYA	Sayona Mining Ltd	0.135	4%	-0.055	$1,338,128,482
BUR	Burleyminerals	0.135	4%	-0.085	$13,168,578
ANX	Anax Metals Ltd	0.058	4%	0.005	$24,074,619
CY5	Cygnus Metals Ltd	0.3	3%	-0.08	$64,748,456
EG1	Evergreenlithium	0.3	3%	0	$16,306,700
ESS	Essential Metals Ltd	0.46	3%	0.135	$119,642,685
QXR	Qx Resources Limited	0.032	3%	-0.01	$27,802,732
DTM	Dart Mining NL	0.033	3%	-0.022	$5,513,191
VSR	Voltaic Strategic	0.034	3%	0.0105	$14,892,907
GW1	Greenwing Resources	0.195	3%	-0.08	$32,826,463
CXO	Core Lithium	0.595	3%	-0.43	$1,077,939,741
G88	Golden Mile Res Ltd	0.041	3%	0.020666	$13,175,580
FBM	Future Battery	0.1075	2%	0.0545	$44,923,739
RAG	Ragnar Metals Ltd	0.022	2%	0.010554	$10,190,591
AKE	Allkem Limited	14.54	2%	3.3	$9,067,497,983
AS2	Askarimetalslimited	0.26	2%	-0.175	$17,434,465
EMS	Eastern Metals	0.056	2%	-0.01804	$3,659,691
LPI	Lithium Pwr Int Ltd	0.285	2%	-0.155	$176,186,517
PMT	Patriotbatterymetals	1.42	1%	0.67	$487,704,266
AZI	Altamin Limited	0.079	1%	-0.001	$30,553,907
EMH	European Metals Hldg	0.82	1%	0.18	$101,214,646
MAN	Mandrake Res Ltd	0.043	1%	0.003	$25,447,297
PLS	Pilbara Min Ltd	5.35	1%	1.6	$15,860,411,774
WES	Wesfarmers Limited	50.38	1%	4.47	$56,552,202,434
QPM	Queensland Pacific	0.099	1%	-0.011	$171,142,096
NMT	Neometals Ltd	0.525	1%	-0.275	$287,425,412
LLI	Loyal Lithium Ltd	0.54	1%	0.245	$36,642,151
LTR	Liontown Resources	2.735	1%	1.415	$5,990,135,194
MIN	Mineral Resources.	69.46	0%	-7.74	$13,504,735,919
ADV	Ardiden Ltd	0.006	0%	-0.001	$16,130,012
1MC	Morella Corporation	0.007	0%	-0.005	$42,690,063
AML	Aeon Metals Ltd.	0.016	0%	-0.011	$17,542,410
ASN	Anson Resources Ltd	0.16	0%	-0.025	$203,308,510
AVZ	AVZ Minerals Ltd	0.78	0%	0	$2,752,409,203
EUR	European Lithium Ltd	0.082	0%	0.008	$114,327,612
MLS	Metals Australia	0.032	0%	-0.0125	$19,969,158
RLC	Reedy Lagoon Corp.	0.008	0%	-0.001688	$4,533,757
TKL	Traka Resources	0.007	0%	-0.001	$6,099,305
AX8	Accelerate Resources	0.026	0%	0.003	$9,869,646
AM7	Arcadia Minerals	0.105	0%	-0.1	$9,875,261
BYH	Bryah Resources Ltd	0.019	0%	-0.006675	$6,640,600
FG1	Flynngold	0.07	0%	-0.03	$9,546,781
FRS	Forrestaniaresources	0.078	0%	-0.062	$7,263,548
IMI	Infinitymining	0.13	0%	-0.145	$10,036,180
MMC	Mitremining	0.3	0%	0.02	$11,470,530
CTN	Catalina Resources	0.005	0%	-0.005	$6,192,434
WCN	White Cliff Min Ltd	0.009	0%	-0.005	$11,313,167
CRR	Critical Resources	0.043	0%	0	$76,426,062
PNN	Power Minerals Ltd	0.33	0%	-0.2	$24,161,339
SCN	Scorpion Minerals	0.061	0%	-0.009	$21,088,078
ENT	Enterprise Metals	0.004	0%	-0.006	$3,197,884
STM	Sunstone Metals Ltd	0.024	0%	-0.013	$73,967,637
AVW	Avira Resources Ltd	0.002	0%	-0.001	$4,267,580
BNR	Bulletin Res Ltd	0.054	0%	-0.039	$15,853,919
MRR	Minrex Resources Ltd	0.014	0%	-0.018	$15,188,145
A8G	Australasian Metals	0.15	0%	-0.04	$7,818,074
EFE	Eastern Resources	0.01	0%	-0.019	$12,419,465
MQR	Marquee Resource Ltd	0.037	0%	0	$12,236,178
SRZ	Stellar Resources	0.012	0%	-0.001	$12,071,571
LSR	Lodestar Minerals	0.007	0%	0.002	$12,903,781
AOA	Ausmon Resorces	0.004	0%	-0.003	$3,877,157
VKA	Viking Mines Ltd	0.01	0%	0	$10,252,584
VMC	Venus Metals Cor Ltd	0.135	0%	0.056511	$25,613,372
RAS	Ragusa Minerals Ltd	0.055	0%	-0.06	$7,842,933
YAR	Yari Minerals Ltd	0.019	0%	0.002	$9,164,798
LRD	Lordresourceslimited	0.089	0%	-0.0785	$3,304,759
WMC	Wiluna Mining Corp	0.205	0%	0	$74,238,031
AUN	Aurumin	0.023	0%	-0.038	$6,785,911
ZEO	Zeotech Limited	0.042	0%	-0.005	$71,648,769
ALY	Alchemy Resource Ltd	0.014	0%	-0.009	$16,493,068
DAF	Discovery Alaska Ltd	0.026	0%	-0.006	$6,090,102
LNR	Lanthanein Resources	0.017	0%	-0.004	$19,066,785
TUL	Tulla Resources	0	0%	-0.330511	$118,262,971
LLL	Leolithiumlimited	1.14	0%	0.655	$1,125,447,873
SGQ	St George Min Ltd	0.04	0%	-0.028	$33,862,999
PAT	Patriot Lithium	0.205	0%	-0.06	$12,584,438
PL3	Patagonia Lithium	0.165	0%	0	$8,085,578
RMX	Red Mount Min Ltd	0.0045	0%	-0.0005	$11,359,580
ENT	Enterprise Metals	0.004	0%	-0.006	$3,197,884
LPM	Lithium Plus	0.27	0%	-0.1	$17,816,814
LRD	Lordresourceslimited	0.089	0%	-0.0785	$3,304,759
DYM	Dynamicmetalslimited	0.22	0%	0	$7,700,000
ICL	Iceni Gold	0.11	0%	0.03	$22,942,857
TMX	Terrain Minerals	0.006	0%	0	$6,499,196
MHK	Metalhawk.	0.13	0%	-0.035	$10,240,231
NKL	Nickelxltd	0.07	0%	-0.01	$6,050,470
IGO	IGO Limited	13.265	0%	-0.195	$10,079,234,591
PLL	Piedmont Lithium Inc	0.725	-1%	0.08	$279,482,325
JRL	Jindalee Resources	1.81	-1%	-0.075	$104,716,613
AGY	Argosy Minerals Ltd	0.2775	-1%	-0.2925	$393,234,099
LLO	Lion One Metals Ltd	1.05	-1%	-0.12	$14,637,905
TKM	Trek Metals Ltd	0.087	-1%	0.011	$43,394,567
BM8	Battery Age Minerals	0.38	-1%	-0.12	$28,573,993
LRS	Latin Resources Ltd	0.355	-1%	0.257	$944,352,947
NVA	Nova Minerals Ltd	0.325	-2%	-0.355	$69,593,687
GL1	Globallith	1.59	-2%	-0.255	$419,566,016
LIS	Lisenergylimited	0.305	-2%	-0.015	$51,433,398
MTM	MTM Critical Metals	0.059	-2%	-0.02	$5,822,803
GT1	Greentechnology	0.545	-2%	-0.28	$118,202,525
PAM	Pan Asia Metals	0.27	-2%	-0.14	$42,834,395
GLN	Galan Lithium Ltd	0.785	-2%	-0.285	$277,337,202
LIT	Lithium Australia	0.047	-2%	0.002	$58,617,200
DLI	Delta Lithium	0.705	-2%	0.23	$376,253,775
LEL	Lithenergy	0.67	-2%	-0.1	$70,561,850
AAJ	Aruma Resources Ltd	0.038	-3%	-0.015	$7,651,872
MM1	Midasmineralsltd	0.34	-3%	0.14	$26,952,883
AZS	Azure Minerals	2.64	-3%	2.415	$1,061,442,116
RIO	Rio Tinto Limited	109.5	-3%	-6.91	$41,891,749,750
ARN	Aldoro Resources	0.155	-3%	-0.005	$21,539,799
EMC	Everest Metals Corp	0.155	-3%	0.076	$20,709,297
EMC	Everest Metals Corp	0.155	-3%	0.076	$20,709,297
KZR	Kalamazoo Resources	0.14	-3%	-0.07	$24,367,706
TOR	Torque Met	0.14	-3%	-0.04	$13,968,871
VUL	Vulcan Energy	3.81	-4%	-2.52	$660,974,439
KTA	Krakatoa Resources	0.027	-4%	-0.017	$11,938,544
RGL	Riversgold	0.0125	-4%	-0.0175	$12,366,399
INF	Infinity Lithium	0.11	-4%	-0.01	$53,198,091
SRI	Sipa Resources Ltd	0.021	-5%	-0.011	$5,019,479
MNS	Magnis Energy Tech	0.1	-5%	-0.27	$123,847,306
WR1	Winsome Resources	1.78	-5%	0.55	$303,836,697
MXR	Maximus Resources	0.036	-5%	-0.004	$12,169,719
LM1	Leeuwin Metals Ltd	0.35	-5%	0	$16,570,450
MHC	Manhattan Corp Ltd	0.008	-6%	0.0025	$24,964,328
NWM	Norwest Minerals	0.045	-6%	-0.009	$13,803,336
EVR	Ev Resources Ltd	0.015	-6%	0.001	$14,975,745
IR1	Irismetals	2.06	-8%	0.9	$177,797,900
BMM	Balkanminingandmin	0.21	-9%	-0.12	$14,046,563
TMB	Tambourahmetals	0.21	-9%	0.105	$9,721,917
TMB	Tambourahmetals	0.21	-9%	0.105	$9,721,917
FIN	FIN Resources Ltd	0.013	-13%	-0.006	$9,315,530
SLM	Solismineralsltd	0.365	-14%	0.29	$28,462,423
M2R	Miramar	0.048	-14%	-0.027968	$6,211,901
IEC	Intra Energy Corp	0.005	-17%	-0.003	$9,724,690

61 lithium stocks shot up today and 58 lay flat. 45 fell below yesterday’s prices.

WHO’S GOT NEWS OUT?

PERPETUAL RESOURCES (ASX:PEC)

Brazil’s Minas Gerais lithium valley is popping at the moment, with exploration permits being snapped up left right and centre in one of the most exciting new hard rock lithium precincts in the world.

PEC acquired tenements in the lithium valley precinct mid-July, and has purchased another three, adding 5,000ha to the now called Ponte Nova prospects, 20km down the road from Canadian miner Sigma Lithium’s Grota do Cirilo lithium project.

The Ponte Nova area is highly prospective and interpreted as an extension of the modelled pegmatite corridor which runs from Latin’s Salinas project through its Colina deposit and potentially further to the northeast.

PEC MD Robert Benussi PEC said the company has moved quickly and decisively “to build a commanding land position in what has become the premier spodumene area in Brazil, which boasts several Tier 1 deposits either adjacent or on trend from the tenements we have secured”.

“We also are forging a close working relationship with the permit vendor group and several other in-country specialists, which gives Perpetual significant capacity to quickly assess these compelling exploration ground positions and ultimately quickly add value through exploration activities.”

Latin Resources Limited’s (ASX:LRS) Colina project is just down the road, too – as is Solis Minerals’ (ASX:SLM) Jaguar, of which LRS has a sizeable ~18% stake in.

After LRS engaged DGS Lakefield laboratories to conduct a bulk metallurgical test work program on ore from the company’s 45.2Mt Colina deposit, the first bulk DMS tests have produced a high-quality concentrate grading 5.5% Li2O @ 93.1% stage recovery from a representative sample with a head grade of 1.38% Li2O.

The results aren’t just a reliable indication of commercial DMS performance but are anticipated to have a positive impact on the project economics in the upcoming PEA at the Salinas lithium project in Brazil.

The high-quality testwork results validate broker comparisons to neighbour Sigma Lithium, currently in phase one production with a similar high-purity 5.5% Li2O concentrate which has enabled a significant offtake contract with LG Energy.

RAIDEN RESOURCES (ASX:RDN)

RDN has kicked off its lithium hunt at the Roebourne, Arrow and Mt Sholl projects.

The campaign includes detailed mapping of outcropping pegmatites across a 4km-long stretch and rock sampling, following up on the recently announced high-grade, lithium-bearing pegmatites on the Roebourne project.

Rock chip results include a whopping 2.22% Li2O sample from area R21160 and 0.98% Li2O @ R21163 and the now commenced exploration campaign seeks to identify targets for drilling across its its 460km2 portfolio in the Pilbara, WA.

Raiden’s Roeburne project is adjacent to Azure Minerals (ASX:AZS) monster Andover lithium discovery, where recent drilling has intersected up to 209.4m @ 1.42% Li2O from 219m.

“With the current program, we hope to build on the potential defined in the initial and very limited scout sampling exercise on the recently acquired projects,” RDN MD Dusko Ljubojevic said.

“In parallel, we will be evaluating the greater potential of the entire portfolio of projects in the Pilbara, including Mt Sholl and Arrow for Li-bearing pegmatites.

“We hope to achieve similar success across the other projects as the Roebourne project.”

At Stockhead we tell it like it is. While Raiden Resources and Latin Resources are Stockhead advertisers, they did not sponsor this article.