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Eye on Lithium: UBS sticks knife into lithium earnings
Mining
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- Core increases mineral resource estimate by 62% at the Finniss project
- Lord completes 52-hole RC program at the Horse Rocks lithium project
- Charger Metals completes successful maiden drilling program at Lake Johnston
All your lithium news, Tuesday April 18.
Weak lithium demand has forced investment banks like UBS to cut earning forecasts for miners by up to 40 per cent as Chinese spot market battery-grade lithium carbonate prices more than halve this year, ending an almost two-year record run.
According to reports, analysts at UBS say price forecasts have trimmed around 10 to 30 per cent over 2023 and 2024 while short-term lithium demand forecasts were slashed between five and 15 per cent.
From their point of view, the market is “more closely balanced”, with analysts expecting a growing lithium deficit later this decade as demand for EVs ramp up.
Here’s how ASX lithium stocks are tracking:
| CODE | COMPANY | PRICE | TODAY RETURN % | MARKET CAP |
|---|---|---|---|---|
| LRV | Larvottoresources | 0.25 | 85% | $9,079,387 |
| DAF | Discovery Alaska Ltd | 0.05 | 67% | $6,727,041 |
| MTM | Mtmongerresources | 0.145 | 32% | $7,783,627 |
| AVW | Avira Resources Ltd | 0.0035 | 17% | $6,401,370 |
| FBM | Future Battery | 0.12 | 14% | $44,923,739 |
| YAR | Yari Minerals Ltd | 0.021 | 14% | $8,923,620 |
| KGD | Kula Gold Limited | 0.017 | 13% | $5,598,179 |
| KTA | Krakatoa Resources | 0.038 | 10% | $11,892,492 |
| WML | Woomera Mining Ltd | 0.011 | 10% | $9,561,612 |
| VKA | Viking Mines Ltd | 0.011 | 10% | $10,252,584 |
| VSR | Voltaic Strategic | 0.022 | 10% | $6,146,004 |
| IMI | Infinitymining | 0.18 | 9% | $12,618,923 |
| IPT | Impact Minerals | 0.012 | 9% | $27,295,076 |
| EMH | European Metals Hldg | 0.695 | 9% | $80,565,735 |
| CY5 | Cygnus Metals Ltd | 0.265 | 8% | $45,845,432 |
| RGL | Riversgold | 0.016 | 7% | $14,182,016 |
| KOB | Kobaresourceslimited | 0.16 | 7% | $11,662,500 |
| AM7 | Arcadia Minerals | 0.17 | 6% | $7,471,663 |
| MRR | Minrex Resources Ltd | 0.017 | 6% | $17,357,880 |
| CXO | Core Lithium | 0.9825 | 6% | $1,715,890,534 |
| LNR | Lanthanein Resources | 0.018 | 6% | $19,066,785 |
| LRD | Lordresourceslimited | 0.275 | 6% | $9,420,351 |
| 1MC | Morella Corporation | 0.0095 | 6% | $54,887,224 |
| INR | Ioneer Ltd | 0.315 | 5% | $629,501,480 |
| FRS | Forrestaniaresources | 0.089 | 5% | $5,175,761 |
| SRI | Sipa Resources Ltd | 0.024 | 4% | $5,247,637 |
| AX8 | Accelerate Resources | 0.025 | 4% | $9,062,442 |
| TMB | Tambourahmetals | 0.125 | 4% | $4,943,112 |
| PLS | Pilbara Min Ltd | 3.95 | 4% | $11,392,451,372 |
| A11 | Atlantic Lithium | 0.66 | 4% | $386,868,454 |
| LLL | Leolithiumlimited | 0.54 | 4% | $513,061,594 |
| AGY | Argosy Minerals Ltd | 0.41 | 4% | $554,740,962 |
| AKE | Allkem Limited | 12.03 | 4% | $7,396,833,798 |
| TUL | Tulla Resources | 0.33 | 3% | $102,977,281 |
| AZI | Altamin Limited | 0.067 | 3% | $25,461,589 |
| ARN | Aldoro Resources | 0.18 | 3% | $19,759,655 |
| TON | Triton Min Ltd | 0.037 | 3% | $49,780,230 |
| IGO | IGO Limited | 13.915 | 3% | $10,253,406,188 |
| TEM | Tempest Minerals | 0.019 | 3% | $9,376,200 |
| CRR | Critical Resources | 0.039 | 3% | $60,600,685 |
| QXR | Qx Resources Limited | 0.039 | 3% | $34,080,768 |
| LPI | Lithium Pwr Int Ltd | 0.3375 | 2% | $207,602,195 |
| LTR | Liontown Resources | 2.76 | 2% | $5,935,827,509 |
| MIN | Mineral Resources. | 82.19 | 2% | $15,529,512,359 |
| BMM | Balkanminingandmin | 0.25 | 2% | $11,704,143 |
| PAT | Patriot Lithium | 0.295 | 2% | $17,657,376 |
| TKM | Trek Metals Ltd | 0.066 | 2% | $23,656,430 |
| GT1 | Greentechnology | 0.67 | 2% | $125,887,339 |
| EMC | Everest Metals Corp | 0.068 | 1% | $7,131,018 |
| PLL | Piedmont Lithium Inc | 0.8625 | 1% | $367,862,150 |
| GLN | Galan Lithium Ltd | 1.13 | 1% | $342,210,677 |
| RIO | Rio Tinto Limited | 121.95 | 1% | $45,009,965,948 |
| AML | Aeon Metals Ltd. | 0.023 | 0% | $25,217,214 |
| AVZ | AVZ Minerals Ltd | 0.78 | 0% | $2,752,409,203 |
| INF | Infinity Lithium | 0.135 | 0% | $62,449,933 |
| LPD | Lepidico Ltd | 0.011 | 0% | $84,015,489 |
| PSC | Prospect Res Ltd | 0.17 | 0% | $78,584,109 |
| RLC | Reedy Lagoon Corp. | 0.007 | 0% | $3,967,037 |
| TKL | Traka Resources | 0.008 | 0% | $6,544,104 |
| GL1 | Globallith | 1.36 | 0% | $289,915,628 |
| AAJ | Aruma Resources Ltd | 0.086 | 0% | $13,498,689 |
| BYH | Bryah Resources Ltd | 0.024 | 0% | $6,750,083 |
| EMS | Eastern Metals | 0.062 | 0% | $2,421,994 |
| FG1 | Flynngold | 0.09 | 0% | $9,258,618 |
| GSM | Golden State Mining | 0.035 | 0% | $4,095,497 |
| MMC | Mitremining | 0.29 | 0% | $11,088,179 |
| RAG | Ragnar Metals Ltd | 0.016 | 0% | $6,066,958 |
| CTN | Catalina Resources | 0.005 | 0% | $6,192,434 |
| WCN | White Cliff Min Ltd | 0.008 | 0% | $6,272,435 |
| AZL | Arizona Lithium Ltd | 0.049 | 0% | $131,857,320 |
| LRS | Latin Resources Ltd | 0.11 | 0% | $242,182,041 |
| WR1 | Winsome Resources | 1.385 | 0% | $224,415,036 |
| KZR | Kalamazoo Resources | 0.17 | 0% | $25,685,395 |
| ENT | Enterprise Metals | 0.008 | 0% | $5,640,646 |
| KAI | Kairos Minerals Ltd | 0.021 | 0% | $41,245,963 |
| STM | Sunstone Metals Ltd | 0.031 | 0% | $81,233,839 |
| PGD | Peregrine Gold | 0.37 | 0% | $17,792,289 |
| A8G | Australasian Metals | 0.16 | 0% | $6,587,279 |
| SRZ | Stellar Resources | 0.013 | 0% | $13,060,202 |
| LSR | Lodestar Minerals | 0.005 | 0% | $8,692,187 |
| AOA | Ausmon Resorces | 0.005 | 0% | $4,846,447 |
| VMC | Venus Metals Cor Ltd | 0.195 | 0% | $34,725,343 |
| ZNC | Zenith Minerals Ltd | 0.15 | 0% | $52,755,907 |
| G88 | Golden Mile Res Ltd | 0.022 | 0% | $5,795,509 |
| EVR | Ev Resources Ltd | 0.014 | 0% | $13,103,777 |
| WC8 | Wildcat Resources | 0.033 | 0% | $21,846,750 |
| THR | Thor Energy PLC | 0.0045 | 0% | $6,642,508 |
| MM1 | Midasmineralsltd | 0.18 | 0% | $10,283,718 |
| M2R | Miramar | 0.045 | 0% | $3,515,478 |
| LLI | Loyal Lithium Ltd | 0.32 | 0% | $19,036,800 |
| WMC | Wiluna Mining Corp | 0.205 | 0% | $74,238,031 |
| AUN | Aurumin | 0.03 | 0% | $5,932,746 |
| ZEO | Zeotech Limited | 0.05 | 0% | $82,035,284 |
| ALY | Alchemy Resource Ltd | 0.015 | 0% | $17,671,144 |
| TYX | Tyranna Res Ltd | 0.018 | 0% | $43,315,656 |
| FTL | Firetail Resources | 0.1 | 0% | $7,700,000 |
| IR1 | Irismetals | 1.16 | 0% | $74,506,800 |
| DAL | Dalaroometalsltd | 0.06 | 0% | $1,792,500 |
| OCN | Oceanalithiumlimited | 0.335 | 0% | $12,588,128 |
| CMD | Cassius Mining Ltd | 0.018 | 0% | $7,352,872 |
| ENT | Enterprise Metals | 0.008 | 0% | $5,640,646 |
| NIS | Nickelsearch | 0.089 | 0% | $5,384,982 |
| MAN | Mandrake Res Ltd | 0.039 | 0% | $23,351,637 |
| LPM | Lithium Plus | 0.25 | 0% | $12,722,050 |
| WES | Wesfarmers Limited | 51.755 | -1% | $59,069,665,627 |
| EUR | European Lithium Ltd | 0.082 | -1% | $123,606,852 |
| RDT | Red Dirt Metals Ltd | 0.41 | -1% | $184,719,608 |
| NVA | Nova Minerals Ltd | 0.36 | -1% | $76,974,768 |
| PL3 | Patagonia Lithium | 0.205 | -2% | $10,290,735 |
| LIT | Lithium Australia | 0.04 | -2% | $50,068,859 |
| MQR | Marquee Resource Ltd | 0.02 | -2% | $6,707,754 |
| MXR | Maximus Resources | 0.04 | -2% | $13,081,286 |
| VUL | Vulcan Energy | 5.93 | -2% | $872,086,630 |
| ASN | Anson Resources Ltd | 0.185 | -3% | $232,061,764 |
| DRE | Dreadnought Resources Ltd | 0.073 | -3% | $248,454,617 |
| RAS | Ragusa Minerals Ltd | 0.091 | -3% | $13,404,286 |
| JRL | Jindalee Resources | 2.32 | -3% | $137,709,518 |
| ESS | Essential Metals Ltd | 0.52 | -4% | $144,486,015 |
| SGQ | St George Min Ltd | 0.049 | -4% | $42,866,038 |
| DTM | Dart Mining NL | 0.072 | -4% | $11,671,542 |
| MNS | Magnis Energy Tech | 0.22 | -4% | $235,826,241 |
| EG1 | Evergreenlithium | 0.44 | -4% | $25,865,800 |
| CAI | Calidus Resources | 0.2575 | -5% | $118,678,727 |
| LEL | Lithenergy | 0.6 | -5% | $37,894,500 |
| NWM | Norwest Minerals | 0.038 | -5% | $9,894,848 |
| PNN | Power Minerals Ltd | 0.47 | -5% | $35,761,692 |
| NMT | Neometals Ltd | 0.63 | -5% | $367,572,882 |
| SCN | Scorpion Minerals | 0.07 | -5% | $25,582,258 |
| QPM | Queensland Pacific | 0.1275 | -6% | $235,756,969 |
| BNR | Bulletin Res Ltd | 0.085 | -6% | $26,423,199 |
| LIS | Lisenergylimited | 0.315 | -6% | $55,581,253 |
| CHR | Charger Metals | 0.31 | -6% | $14,425,741 |
| CHR | Charger Metals | 0.31 | -6% | $14,425,741 |
| EPM | Eclipse Metals | 0.015 | -6% | $32,448,957 |
| LM1 | Leeuwin Metals Ltd | 0.365 | -6% | $15,713,098 |
| AS2 | Askarimetalslimited | 0.355 | -7% | $23,872,771 |
| PAM | Pan Asia Metals | 0.26 | -7% | $43,429,565 |
| MLS | Metals Australia | 0.037 | -8% | $24,281,448 |
| GW1 | Greenwing Resources | 0.185 | -8% | $29,748,401 |
| SYA | Sayona Mining Ltd | 0.1975 | -8% | $1,918,304,219 |
| LKE | Lake Resources | 0.49 | -10% | $775,232,365 |
| BUR | Burleyminerals | 0.265 | -12% | $18,424,306 |
| LLO | Lion One Metals Ltd | 1.07 | -12% | $14,649,210 |
| ADV | Ardiden Ltd | 0.007 | -13% | $21,506,683 |
| XTC | Xantippe Res Ltd | 0.0035 | -13% | $42,320,399 |
| FIN | FIN Resources Ltd | 0.014 | -13% | $9,023,677 |
| XTC | Xantippe Res Ltd | 0.0035 | -13% | $42,320,399 |
| EFE | Eastern Resources | 0.013 | -13% | $18,629,197 |
| RMX | Red Mount Min Ltd | 0.003 | -14% | $7,951,479 |
A total of 52 stocks finished in the green, 52 fell flat, and 45 tumbled into the red.
Who’s got news out?
CORE LITHIUM (ASX:CXO)
Core has increased its mineral resource estimate by 62% at the Finniss project to 30.6Mt at 1.31% Li2O following the culmination of all drilling undertaken by the company’s exploration team in 2022.
The 39,600m RC and diamond drilling program was the largest program undertaken by the company to date and was conducted at both known deposits and at new prospects within the Bynoe Pegmatite Field.
Importantly, Core’s measured and indicated mineral resource has grown by 46% to 19.4Mt at 1.37% Li2O with results showing the significant potential for mine life extensions at Finniss.
Work is now underway to complete an updated ore reserve estimate.
LORD RESOURCES (ASX:LRD)
Lord has completed a 52-hole RC program for a total of 4,223m across LCT pegmatites at the Horse Rocks lithium project.
A total of 157 pegmatite intervals were logged over the 47 drill holes for a cumulative total of 1,016 metres of logged pegmatite.
Five high priority geochemical anomalies have also been drilled, with multiple thick pegmatites intersected and a full suite of assays expected in the coming weeks.
CHARGER METALS (ASX:CHR)
All assays have now been received from the maiden RC drilling program undertaken earlier this year at the Lake Johnston project as Charger Metals gets on with the next tasks in preparation for more drilling.
Drilling at the Medcalf prospect has delineated a swam of stacked spodumene-bearing pegmatites up to 13m thick within a 100m wide corridor along 700m strike and 250m down dip.
High-grade lithium results, such as 4m at 1.21% Li2O from 208, 3m at 1.33% Li2O from 110m, and 3m at 1.35% Li2O from 136m, will now be modelled to define priority targets for follow-up drilling to test for extensions to the mineralisation.
CRITICAL RESOURCES (ASX:CRR)
Critical Resources has confirmed near-surface intersections across the Mavis Lake lithium project, boosting confidence with the mineral resource estimate work completed over the last few months.
The company says the MRE is now imminent and will be an important milestone for the team.
EVEREST METALS (ASX:EMC)
Everest Metals and Entelechy Resources have formally finalised and executed the Mt Edon LCT project farm-in and joint venture agreement, taking EMC to 51% ownership of the projects.
The Mt Edon LCT pegmatite project has an extensive array of pegmatite outcrops and EMC looks forward to providing further details on the drilling program scheduled in Q2 3 at this highly fertile field in Western Australia.
At Stockhead we tell it like it is. While Charger Metals is a Stockhead advertiser, it did not sponsor this article.
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