High Voltage: Another junior has gone bust, could this mean lithium has bottomed out?

Lepidico appoints administrators amid lithium price crunch
Company failed to find financing for Karibib project in Namibia
Comes amid a swathe of mine closures and job losses

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

One of the early lithium players Lepidico (ASX:LPD) has called in the administrators, after failed attempts to secure financing for the planned Karibib project in Namibia and a mineral concentrator in Abu Dhabi.

The company holds 80% of Karibib, which has a resource of 11.87 million tonnes grading 0.45% Li₂O and had planned to build a 5600tpa chemical conversion plant.

LPD had been trying to lock in financing and offtake ahead of first production in 2025, but it looks like the company is following in the footsteps of other lithium players who are pulling the plug, closing mines and shedding jobs due to low lithium prices this year.

Phase 1 of the project had a base case NPV8% of US$530m and IRR of 42% at a long-term lithium hydroxide price of US$22,840/t.

This was based on – previously – fairly conservative lithium pricing which saw the NPV8% range from a downside scenario of US$452m ($675m) based on a US$16,800/t lithium hydroxide price to an upside figure of US$703m ($1,050m) based on a lithium hydroxide price of US$32,350/t.

But prices have fallen sharply since then. They dropped under US$9000/t in October at their nadir.

They’ve since staged as baby bounce to US$9500/t according to Fastmarkets, with converters and downstream battery materials players in restocking season ahead of Christmas and Chinese New Year.

Hydroxide prices have also trailed carbonate, the other mainstream battery grade lithium chemical.

Could this be a sign the market has hit rock (pun intended) bottom? Only time will tell.

Ledpidico and subsidiaries Lepidico Holdings, Bright Minz, Li-Technology, Mica Exploration Areas and Silica Technology have now all been appointed administrators Richard Tucker and Paul Pracilio of KordaMentha.

The administrators intend to continue the sale and recapitalisation campaign that the companies had begun prior to their appointment.

The second lithium bottom

Lepidico is an interesting tale. Previously Platypus Minerals, Lepidico backdoored its way onto the ASX to commercialise the L-Max technology.

It was a processing method intended to disrupt the industry by producing low-cost chemicals for EVs from lower grade lithium-bearing micas like lepidolite and zinnwaldite.

That would have created a third source of supply along side higher grade Australian spodumene and South American brines.

As it happens, those types of lithium deposits have become a major source of market supply but using fast moving Chinese technology both in the Middle Kingdom and in Africa.

A DFS on Karibib initially came in 2020 in the midst of the previous lithium winter, but LPD only ever topped out at 5c in the recovery, eventually falling to 0.2c and taken during its second cold spell.

Relatively few operating companies in the lithium space have gone under in this downturn, having banked cash from investors and operations in the last boom, many are trimming the fat.

Albemarle is cutting 6-7% of its global workforce amid ongoing losses and has paused construction at two of its three previously approved trains at the Kemerton hydroxide plant in WA.

MinRes has put the Bald Hill mine on ice, Pilbara Minerals is halting the smaller Ngungaju plant at its Pilgangoora mine and Arcadium Lithium, soon to be acquired by Rio Tinto, will close the Mt Cattlin mine near Ravensthorpe next year, while Liontown Resources has slowed the pace of expansion at its new Kathleen Valley operation.

Battery Metals Winners and Losers

Here’s how a basket of ASX stocks with exposure to lithium, cobalt, graphite, nickel, rare earths, magnesium, manganese and vanadium is performing >>>

Code	Company	Price	% Week	% Month	% Six Month	% Year	Market Cap
XTC	XTC Lithium Limited	0.2	19900%	19900%	19900%	0%	$17,528,272
MTM	MTM Critical Metals	0.15	121%	88%	241%	500%	$63,024,360
EUR	European Lithium Ltd	0.062	107%	97%	35%	-15%	$86,683,604
PTR	Petratherm Ltd	0.295	90%	467%	1375%	656%	$117,494,704
ARN	Aldoro Resources	0.135	69%	63%	99%	63%	$17,501,087
BM8	Battery Age Minerals	0.125	51%	28%	-29%	-40%	$13,739,509
DM1	Desert Metals	0.025	39%	-19%	19%	-36%	$6,901,068
ESR	Estrella Res Ltd	0.022	38%	38%	450%	340%	$34,218,694
LPD	Lepidico Ltd	0.002	33%	0%	-33%	-75%	$17,178,371
YAR	Yari Minerals Ltd	0.004	33%	0%	0%	-69%	$1,447,073
TVN	Tivan Limited	0.07	32%	46%	23%	-13%	$132,563,841
GED	Golden Deeps	0.033	27%	10%	-18%	-31%	$4,697,193
VR8	Vanadium Resources	0.033	27%	-18%	-49%	-27%	$19,691,882
MHK	Metalhawk.	0.37	26%	106%	598%	139%	$41,197,551
CZN	Corazon Ltd	0.0025	25%	-58%	-69%	-85%	$1,919,764
EGR	Ecograf Limited	0.095	23%	14%	-39%	-41%	$36,330,546
PMT	Patriotbatterymetals	0.29	21%	-23%	-66%	-73%	$177,014,601
MEK	Meeka Metals Limited	0.082	21%	17%	122%	86%	$188,631,702
ADD	Adavale Resource Ltd	0.003	20%	50%	-40%	-63%	$3,087,330
CRI	Criticalim	0.012	20%	20%	-56%	4%	$29,395,470
RXL	Rox Resources	0.185	19%	12%	16%	-15%	$87,537,455
VRC	Volt Resources Ltd	0.0035	17%	-13%	-22%	-50%	$14,555,373
KGD	Kula Gold Limited	0.007	17%	0%	-42%	-72%	$4,502,483
CRR	Critical Resources	0.007	17%	0%	-36%	-71%	$17,023,742
RGL	Riversgold	0.0035	17%	-13%	-53%	-78%	$4,882,388
TMX	Terrain Minerals	0.0035	17%	17%	17%	-30%	$6,300,101
BCA	Black Canyon Limited	0.067	16%	16%	-46%	-44%	$5,868,130
KM1	Kalimetalslimited	0.1325	15%	-12%	-66%	0%	$10,179,660
TKM	Trek Metals Ltd	0.023	15%	-26%	-39%	-49%	$10,922,580
HAS	Hastings Tech Met	0.32	14%	10%	49%	-51%	$56,056,102
GRL	Godolphin Resources	0.016	14%	-6%	-41%	-58%	$4,743,168
TOR	Torque Met	0.049	14%	-26%	-75%	-73%	$12,732,860
SYR	Syrah Resources	0.26	13%	-7%	-44%	-54%	$258,722,942
SYR	Syrah Resources	0.26	13%	-7%	-44%	-54%	$258,722,942
LRV	Larvottoresources	0.565	13%	-14%	528%	606%	$203,531,713
NC1	Nicoresourceslimited	0.11	12%	-4%	-27%	-63%	$10,945,058
PURDD	Pursuit Minerals	0.14	12%	-7%	-44%	-65%	$7,997,880
ICL	Iceni Gold	0.061	11%	33%	-15%	-2%	$16,089,479
FGR	First Graphene Ltd	0.031	11%	-23%	-45%	-54%	$19,429,696
ASM	Ausstratmaterials	0.52	11%	-4%	-46%	-61%	$89,753,220
INF	Infinity Lithium	0.032	10%	3%	-42%	-71%	$14,340,355
BMM	Balkanminingandmin	0.055	10%	8%	-17%	-59%	$4,732,228
TEM	Tempest Minerals	0.0055	10%	-8%	-39%	-28%	$3,136,349
KTA	Krakatoa Resources	0.011	10%	10%	-31%	-74%	$5,193,179
GBR	Greatbould Resources	0.046	10%	-2%	-21%	-36%	$33,391,080
DVP	Develop Global Ltd	2.145	9%	-13%	-3%	-28%	$573,087,932
SCN	Scorpion Minerals	0.012	9%	-25%	-37%	-70%	$4,913,474
CNB	Carnaby Resource Ltd	0.39	8%	4%	-31%	-45%	$67,055,526
ETM	Energy Transition	0.026	8%	18%	-19%	-38%	$38,035,134
EMC	Everest Metals Corp	0.135	8%	0%	8%	55%	$24,216,804
A8G	Australasian Metals	0.084	8%	-11%	-3%	-51%	$4,326,001
FRS	Forrestaniaresources	0.014	8%	-13%	-70%	-55%	$3,262,867
SRI	Sipa Resources Ltd	0.014	8%	-18%	-7%	-39%	$3,194,214
MQR	Marquee Resource Ltd	0.014	8%	-13%	8%	-50%	$5,829,381
ENV	Enova Mining Limited	0.007	8%	-7%	-65%	-22%	$6,402,041
STK	Strickland Metals	0.087	7%	19%	-21%	-52%	$198,667,327
QPM	QPM Energy Limited	0.046	7%	35%	31%	-12%	$115,974,227
ASL	Andean Silver	1.055	7%	-19%	62%	277%	$166,180,180
RR1	Reach Resources Ltd	0.0085	6%	-39%	-35%	-63%	$7,432,666
RR1	Reach Resources Ltd	0.0085	6%	-39%	-35%	-63%	$7,432,666
KNG	Kingsland Minerals	0.18	6%	-14%	-10%	-29%	$13,786,573
NWM	Norwest Minerals	0.02	5%	11%	-38%	-33%	$10,672,629
GL1	Globallith	0.21	5%	-2%	-40%	-83%	$53,420,517
ZNC	Zenith Minerals Ltd	0.043	5%	-14%	-28%	-69%	$16,995,873
CLA	Celsius Resource Ltd	0.011	5%	5%	10%	-15%	$28,281,270
ATM	Aneka Tambang	0.9	5%	-5%	-17%	-24%	$1,173,284
IPT	Impact Minerals	0.0115	5%	-12%	-39%	10%	$33,653,771
IPX	Iperionx Limited	4.67	4%	39%	92%	231%	$1,366,446,426
COB	Cobalt Blue Ltd	0.071	4%	-24%	-17%	-74%	$29,995,707
OCN	Oceanalithiumlimited	0.027	4%	-10%	-32%	-76%	$2,144,948
REC	Rechargemetals	0.027	4%	-4%	-29%	-74%	$3,631,939
LYC	Lynas Rare Earths	7.125	4%	-10%	6%	11%	$6,842,137,114
IGO	IGO Limited	5.03	3%	-6%	-29%	-37%	$3,816,629,778
WCN	White Cliff Min Ltd	0.0165	3%	-8%	-3%	38%	$30,247,532
BC8	Black Cat Syndicate	0.74	3%	32%	147%	151%	$409,438,065
BNR	Bulletin Res Ltd	0.042	2%	-5%	-9%	-68%	$11,157,306
IDA	Indiana Resources	0.1075	2%	-2%	41%	80%	$66,766,484
MIN	Mineral Resources.	34.365	2%	-6%	-51%	-43%	$6,897,803,000
BHP	BHP Group Limited	40.66	2%	-5%	-8%	-14%	$208,283,643,767
PBL	Parabellumresources	0.051	2%	-15%	16%	-85%	$3,115,000
KOB	Kobaresourceslimited	0.076	1%	-11%	-49%	-1%	$12,050,683
L1M	Lightning Minerals	0.077	1%	20%	-13%	-49%	$7,956,281
MLX	Metals X Limited	0.405	1%	-16%	-10%	53%	$363,137,504
NIC	Nickel Industries	0.8925	0%	-3%	-7%	26%	$3,860,828,892
PVW	PVW Res Ltd	0.016	0%	-33%	-30%	-69%	$3,182,476
QXR	Qx Resources Limited	0.0045	0%	-10%	-55%	-84%	$5,760,350
RIL	Redivium Limited	0.0025	0%	-20%	0%	-33%	$6,867,137
MRD	Mount Ridley Mines	0.001	0%	0%	0%	-50%	$7,784,883
LKE	Lake Resources	0.045	0%	-25%	-24%	-64%	$78,170,670
RLC	Reedy Lagoon Corp.	0.002	0%	0%	-50%	-71%	$1,523,413
MNS	Magnis Energy Tech	0.042	0%	0%	0%	-7%	$50,378,922
BKT	Black Rock Mining	0.037	0%	-31%	-37%	-54%	$42,569,652
SBR	Sabre Resources	0.011	0%	-8%	-39%	-69%	$4,322,581
PNN	Power Minerals Ltd	0.093	0%	-7%	-23%	-58%	$10,474,648
ADV	Ardiden Ltd	0.13	0%	-13%	-7%	-28%	$8,127,276
PGM	Platina Resources	0.019	0%	-17%	-27%	-27%	$11,840,426
IXR	Ionic Rare Earths	0.006	0%	-33%	-50%	-73%	$35,833,339
CWX	Carawine Resources	0.11	0%	10%	5%	0%	$25,973,799
SGQ	St George Min Ltd	0.025	0%	0%	-4%	-31%	$27,213,511
TKL	Traka Resources	0.0015	0%	0%	0%	-52%	$2,918,488
PRL	Province Resources	0.041	0%	0%	0%	0%	$48,441,219
JRV	Jervois Global Ltd	0.012	0%	9%	-20%	-71%	$29,730,402
VML	Vital Metals Limited	0.002	0%	0%	-43%	-80%	$11,790,134
POS	Poseidon Nick Ltd	0.004	0%	-20%	-38%	-74%	$16,815,502
AUZ	Australian Mines Ltd	0.0105	0%	-25%	17%	-25%	$15,383,633
ALY	Alchemy Resource Ltd	0.007	0%	0%	0%	-30%	$8,246,534
GAL	Galileo Mining Ltd	0.12	0%	-14%	-56%	-55%	$22,726,867
LEL	Lithenergy	0.37	0%	0%	-21%	-37%	$41,440,581
RMX	Red Mount Min Ltd	0.01	0%	0%	0%	-62%	$3,873,578
AQD	Ausquest Limited	0.011	0%	38%	-19%	-13%	$12,659,216
LML	Lincoln Minerals	0.006	0%	-14%	-33%	20%	$12,337,557
1MC	Morella Corporation	0.029	0%	0%	-61%	-81%	$8,789,569
MRC	Mineral Commodities	0.026	0%	0%	13%	-10%	$25,596,288
AML	Aeon Metals Ltd.	0.005	0%	0%	-38%	-55%	$5,482,003
WKT	Walkabout Resources	0.095	0%	1%	-24%	-37%	$63,769,838
AR3	Austrare	0.1	0%	-20%	-5%	-33%	$15,863,666
CNJ	Conico Ltd	0.001	0%	0%	0%	-80%	$2,201,528
PVT	Pivotal Metals Ltd	0.009	0%	0%	-47%	-50%	$9,072,259
BOA	Boadicea Resources	0.022	0%	0%	-4%	-39%	$2,960,468
SMX	Strata Minerals	0.021	0%	-13%	-25%	-65%	$4,007,119
NVA	Nova Minerals Ltd	0.25	0%	6%	25%	-11%	$65,935,045
MLS	Metals Australia	0.025	0%	4%	14%	-31%	$17,453,269
MRR	Minrex Resources Ltd	0.008	0%	0%	-27%	-53%	$8,678,940
EVR	Ev Resources Ltd	0.003	0%	-25%	-53%	-67%	$4,188,814
BYH	Bryah Resources Ltd	0.004	0%	-20%	-50%	-73%	$2,013,147
DTM	Dart Mining NL	0.011	0%	-15%	-40%	-25%	$5,661,945
GSM	Golden State Mining	0.008	0%	-24%	-20%	-58%	$2,234,965
IMI	Infinitymining	0.014	0%	-39%	-60%	-90%	$5,831,124
LSRDA	Lodestar Minerals	0.02	0%	0%	-38%	-69%	$3,372,329
RAG	Ragnar Metals Ltd	0.021	0%	-5%	24%	0%	$9,953,706
TMB	Tambourahmetals	0.028	0%	-3%	-63%	-82%	$2,875,341
WML	Woomera Mining Ltd	0.002	0%	-20%	-33%	-92%	$4,333,180
KOR	Korab Resources	0.008	0%	0%	33%	-53%	$2,936,400
OMH	OM Holdings Limited	0.34	0%	-8%	-28%	-25%	$260,527,312
LRS	Latin Resources Ltd	0.165	0%	-18%	-34%	-8%	$462,234,211
ENT	Enterprise Metals	0.004	0%	0%	0%	33%	$4,713,269
EMT	Emetals Limited	0.005	0%	0%	0%	-29%	$4,250,000
AVW	Avira Resources Ltd	0.001	0%	0%	0%	-33%	$2,938,790
CAI	Calidus Resources	0.115	0%	0%	-8%	-41%	$93,678,206
STM	Sunstone Metals Ltd	0.007	0%	0%	-36%	-56%	$41,199,229
AZI	Altamin Limited	0.028	0%	12%	-21%	-42%	$16,086,081
LNR	Lanthanein Resources	0.003	0%	-14%	-33%	-50%	$7,330,908
CLZ	Classic Min Ltd	0.001	0%	0%	-75%	-98%	$1,544,026
M2R	Miramar	0.005	0%	-17%	-52%	-72%	$1,587,293
TAR	Taruga Minerals	0.01	0%	0%	25%	-9%	$7,060,268
ABX	ABX Group Limited	0.039	0%	-9%	-19%	-43%	$9,751,694
KFM	Kingfisher Mining	0.048	0%	-24%	-32%	-72%	$2,578,320
AOA	Ausmon Resorces	0.002	0%	0%	-33%	-33%	$2,179,455
LNR	Lanthanein Resources	0.003	0%	-14%	-33%	-50%	$7,330,908
CDT	Castle Minerals	0.002	0%	-33%	-60%	-80%	$3,345,628
CY5	Cygnus Metals Ltd	0.12	0%	-14%	90%	-20%	$57,057,241
LLI	Loyal Lithium Ltd	0.105	0%	-9%	-48%	-67%	$9,180,573
1AE	Auroraenergymetals	0.056	0%	33%	-36%	-27%	$10,027,569
RVT	Richmond Vanadium	0.26	0%	-17%	-21%	-16%	$22,414,030
PAT	Patriot Lithium	0.043	0%	-4%	-34%	-77%	$4,449,660
OM1	Omnia Metals Group	0.078	0%	0%	0%	0%	$4,550,568
VHM	Vhmlimited	0.38	0%	-7%	-17%	-42%	$64,313,985
LLL	Leolithiumlimited	0.505	0%	0%	0%	0%	$605,458,342
SRN	Surefire Rescs NL	0.004	0%	-20%	-56%	-58%	$7,945,231
WSR	Westar Resources	0.008	0%	-11%	-20%	-66%	$2,791,074
LU7	Lithium Universe Ltd	0.009	0%	-30%	-47%	-73%	$6,045,642
FIN	FIN Resources Ltd	0.005	0%	-29%	-55%	-77%	$3,246,344
LCY	Legacy Iron Ore	0.01	0%	-20%	-26%	-35%	$97,620,426
ASR	Asra Minerals Ltd	0.003	0%	0%	-57%	-57%	$6,937,807
PFE	Pantera Lithium	0.02	0%	-9%	-59%	-64%	$9,475,674
ILU	Iluka Resources	5.53	0%	-7%	-24%	-21%	$2,415,326,249
MEI	Meteoric Resources	0.091	-1%	-24%	-52%	-56%	$213,780,143
LTM	Arcadium Lithium PLC	7.95	-1%	-3%	23%	0%	$2,083,665,092
FTL	Firetail Resources	0.08	-1%	-24%	83%	0%	$26,499,838
GT1	Greentechnology	0.062	-2%	-23%	-23%	-80%	$24,102,630
QEM	QEM Limited	0.04	-2%	-31%	-70%	-77%	$7,633,348
EG1	Evergreenlithium	0.079	-2%	-4%	-8%	-61%	$4,442,170
CHN	Chalice Mining Ltd	1.355	-3%	-26%	-16%	-13%	$519,350,762
PLL	Piedmont Lithium Inc	0.175	-3%	-15%	-8%	-56%	$117,120,240
S32	South32 Limited	3.665	-3%	-2%	-7%	17%	$16,265,984,249
CHR	Charger Metals	0.069	-3%	-3%	-21%	-72%	$5,341,997
PLS	Pilbara Min Ltd	2.36	-3%	-20%	-37%	-33%	$7,227,705,442
PSC	Prospect Res Ltd	0.097	-3%	20%	-45%	9%	$56,028,928
RON	Roninresourcesltd	0.16	-3%	19%	7%	-20%	$6,460,002
ASN	Anson Resources Ltd	0.063	-3%	-10%	-55%	-57%	$87,233,152
SYA	Sayona Mining Ltd	0.031	-3%	-3%	-28%	-45%	$357,842,176
CXO	Core Lithium	0.089	-3%	-15%	-32%	-65%	$195,014,415
WR1	Winsome Resources	0.44	-3%	-14%	-58%	-61%	$99,674,637
IG6	Internationalgraphit	0.05	-4%	-12%	-52%	-70%	$9,484,358
GLN	Galan Lithium Ltd	0.12	-4%	-27%	-44%	-79%	$91,736,751
PEK	Peak Rare Earths Ltd	0.115	-4%	-39%	-49%	-68%	$35,235,455
PEK	Peak Rare Earths Ltd	0.115	-4%	-39%	-49%	-68%	$35,235,455
SRL	Sunrise	0.23	-4%	-32%	-51%	-62%	$21,654,600
LOT	Lotus Resources Ltd	0.225	-4%	-8%	-49%	-27%	$474,814,518
AM7	Arcadia Minerals	0.022	-4%	-35%	-64%	-74%	$2,575,102
NTU	Northern Min Ltd	0.021	-5%	5%	-51%	-38%	$182,571,325
RNU	Renascor Res Ltd	0.062	-5%	-13%	-41%	-54%	$160,135,269
REE	Rarex Limited	0.01	-5%	-17%	-29%	-62%	$8,008,458
KZR	Kalamazoo Resources	0.08	-5%	-12%	-13%	-38%	$15,899,266
RBX	Resource B	0.04	-5%	11%	3%	-52%	$4,607,379
LPM	Lithium Plus	0.1	-5%	-35%	-5%	-75%	$13,284,000
GW1	Greenwing Resources	0.039	-5%	-42%	-36%	-61%	$9,385,408
DYM	Dynamicmetalslimited	0.195	-5%	-11%	18%	34%	$7,020,000
FBM	Future Battery	0.019	-5%	0%	-55%	-74%	$12,641,763
CMO	Cosmometalslimited	0.019	-5%	6%	-56%	-66%	$2,619,857
TLG	Talga Group Ltd	0.455	-5%	-26%	-24%	-52%	$197,439,939
LIT	Livium Ltd	0.017	-6%	-15%	-35%	-43%	$24,000,188
S2R	S2 Resources	0.068	-6%	-13%	-46%	-66%	$30,341,486
ARL	Ardea Resources Ltd	0.33	-6%	-18%	-45%	-24%	$66,893,777
WC1	Westcobarmetals	0.015	-6%	-32%	-67%	-74%	$2,388,999
PAM	Pan Asia Metals	0.059	-6%	-8%	-63%	-61%	$11,734,791
A11	Atlantic Lithium	0.215	-7%	-9%	-52%	-57%	$141,708,958
AXE	Archer Materials	0.28	-7%	8%	-33%	-28%	$73,905,634
EMH	European Metals Hldg	0.14	-7%	-15%	-63%	-75%	$29,042,259
FG1	Flynngold	0.028	-7%	-15%	0%	-58%	$7,316,861
THR	Thor Energy PLC	0.014	-7%	-13%	-22%	-53%	$3,107,501
DRE	Dreadnought Resources Ltd	0.014	-7%	-7%	-18%	-58%	$56,291,250
NMT	Neometals Ltd	0.081	-7%	-10%	-26%	-58%	$63,092,857
BSX	Blackstone Ltd	0.027	-7%	-19%	-48%	-67%	$15,463,775
JMS	Jupiter Mines.	0.135	-7%	-16%	-60%	-21%	$274,470,745
AAJ	Aruma Resources Ltd	0.013	-7%	-28%	-19%	-59%	$3,108,814
VMC	Venus Metals Cor Ltd	0.065	-7%	-8%	-19%	-38%	$12,748,364
E25	Element 25 Ltd	0.26	-7%	-9%	-5%	-47%	$56,077,662
NVX	Novonix Limited	0.7	-7%	4%	-1%	0%	$391,801,985
AVL	Aust Vanadium Ltd	0.012	-8%	-25%	-29%	-48%	$103,615,897
EMS	Eastern Metals	0.012	-8%	-37%	-71%	-63%	$1,364,115
RAS	Ragusa Minerals Ltd	0.012	-8%	-20%	-37%	-70%	$1,853,784
MAN	Mandrake Res Ltd	0.023	-8%	-15%	-29%	-44%	$14,426,978
WC8	Wildcat Resources	0.23	-8%	-26%	-43%	-66%	$291,767,610
CTM	Centaurus Metals Ltd	0.4	-8%	-12%	-20%	-18%	$208,614,509
DLI	Delta Lithium	0.17	-8%	-29%	-35%	-63%	$125,394,814
LIN	Lindian Resources	0.09	-8%	-4%	-22%	-45%	$107,221,768
GRE	Greentechmetals	0.078	-8%	-35%	-61%	-83%	$6,794,838
ARU	Arafura Rare Earths	0.11	-8%	-24%	-42%	-45%	$283,397,799
GCM	Green Critical Min	0.0055	-8%	-8%	83%	-39%	$10,491,543
M24	Mamba Exploration	0.011	-8%	-8%	-42%	-63%	$2,068,905
HAW	Hawthorn Resources	0.044	-8%	-25%	-37%	-45%	$14,740,687
SLM	Solismineralsltd	0.087	-8%	-2%	-17%	-46%	$6,725,347
HXG	Hexagon Energy	0.021	-9%	-5%	5%	133%	$10,771,234
KNI	Kunikolimited	0.21	-9%	-2%	2%	-19%	$18,221,546
LEG	Legend Mining	0.01	-9%	-23%	-33%	-47%	$32,004,249
FRB	Firebird Metals	0.1	-9%	-13%	-39%	-35%	$14,947,947
ANX	Anax Metals Ltd	0.01	-9%	-17%	-71%	-63%	$8,714,349
VTM	Victory Metals Ltd	0.38	-10%	-13%	52%	73%	$41,773,545
EVG	Evion Group NL	0.028	-10%	4%	12%	-20%	$9,714,969
BUR	Burleyminerals	0.055	-10%	-37%	-59%	-67%	$8,270,402
NWC	New World Resources	0.018	-10%	-5%	-51%	-55%	$51,125,071
MOH	Moho Resources	0.0045	-10%	-36%	13%	-50%	$3,032,877
G88	Golden Mile Res Ltd	0.009	-10%	-44%	-25%	-57%	$4,255,406
PGD	Peregrine Gold	0.13	-10%	-19%	-53%	-52%	$8,145,411
SRZ	Stellar Resources	0.017	-11%	-6%	-21%	113%	$37,435,510
AZL	Arizona Lithium Ltd	0.0125	-11%	-22%	-46%	-69%	$58,159,589
ARR	American Rare Earths	0.25	-11%	-4%	-2%	72%	$136,194,291
CAE	Cannindah Resources	0.041	-11%	3%	-29%	-55%	$31,638,598
JLL	Jindalee Lithium Ltd	0.205	-11%	-15%	-61%	-78%	$15,086,329
LM1	Leeuwin Metals Ltd	0.065	-11%	-11%	8%	-68%	$3,045,359
LMG	Latrobe Magnesium	0.024	-11%	-4%	-51%	-58%	$58,713,434
CMX	Chemxmaterials	0.032	-11%	-14%	-32%	-57%	$4,128,714
PNT	Panthermetalsltd	0.016	-11%	-38%	-49%	-58%	$3,765,578
EMN	Euromanganese	0.039	-11%	-34%	-49%	-68%	$8,289,528
ITM	Itech Minerals Ltd	0.061	-12%	-15%	-14%	-56%	$9,731,917
KAI	Kairos Minerals Ltd	0.015	-12%	-6%	36%	0%	$39,463,683
WA1	Wa1Resourcesltd	14.14	-12%	3%	-20%	68%	$1,021,831,060
INR	Ioneer Ltd	0.185	-12%	-26%	-5%	28%	$435,799,415
AGY	Argosy Minerals Ltd	0.028	-13%	-26%	-77%	-83%	$42,221,707
TON	Triton Min Ltd	0.007	-13%	-30%	-36%	-70%	$10,978,721
EFE	Eastern Resources	0.028	-13%	-20%	-65%	-69%	$3,530,519
WMG	Western Mines	0.17	-13%	-15%	-60%	-42%	$15,224,068
LTR	Liontown Resources	0.665	-14%	-17%	-48%	-51%	$1,686,251,377
SLZ	Sultan Resources Ltd	0.006	-14%	-40%	-40%	-62%	$1,388,819
ODE	Odessa Minerals Ltd	0.006	-14%	-14%	50%	-25%	$7,609,695
WIN	WIN Metals	0.017	-15%	-39%	-56%	-82%	$9,862,476
DEV	Devex Resources Ltd	0.11	-15%	-12%	-71%	-58%	$46,377,520
OD6	Od6Metalsltd	0.027	-16%	-44%	-57%	-84%	$3,474,635
VUL	Vulcan Energy	6.2	-16%	27%	27%	166%	$1,189,351,769
CTN	Catalina Resources	0.0025	-17%	-29%	-29%	-29%	$3,731,286
AXN	Alliance Nickel Ltd	0.038	-17%	3%	-7%	-27%	$30,485,264
SUM	Summitminerals	0.16	-18%	0%	-37%	52%	$14,244,118
HRE	Heavy Rare Earths	0.031	-19%	-12%	-5%	-63%	$2,612,530
AKN	Auking Mining Ltd	0.004	-20%	0%	-81%	-92%	$1,565,401
ASO	Aston Minerals Ltd	0.008	-20%	-20%	-50%	-74%	$10,360,514
EV1	Evolutionenergy	0.023	-21%	-41%	-55%	-82%	$10,095,880
BUX	Buxton Resources Ltd	0.043	-22%	-35%	-56%	-77%	$11,114,123
AX8	Accelerate Resources	0.007	-22%	-13%	-88%	-83%	$4,352,278
AS2	Askarimetalslimited	0.012	-29%	-48%	-79%	-93%	$2,560,254
MHCDA	Manhattan Corp Ltd	0.022	-45%	-45%	-34%	-67%	$4,497,970

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Weekly Small Cap Standouts

European Lithium (ASX:EUR)

European Lithium’s largest asset is its 74.3% majority stake in Critical Metals Corp, the Nasdaq-listed explorer which holds the Wolfsberg lithium project in Austria.

Its shares caught a bump after announcing a milestone in the process for bringing Wolfsberg to fruition, saying the Carinthian state government would not require an environmental impact assessment.

EUR says the advantage of the project is that it will be developed underground, with no EIA required in law because above-ground activities will take place over less than 10 hectares.

“This is an extraordinary achievement for Critical Metals Corp and our Wolfsberg project, as we chart a path forward for the production of critical minerals in Europe,” EUR chairman Tony Sage said.

“This decree makes the Wolfsberg Project the first new mining project within the EU that is able to pave the way into the fast-track approval process for new mining projects in the critical minerals sector.

“This is a significant milestone towards sustainable production of lithium from Austrian mining extraction in an integrated European supply chain located in the heart of Europe.”

Petratherm (ASX:PTR)

Drill results confirmed a “highly significant new heavy mineral sands (HMS) discovery” at the company’s Rosewood prospect this week, with intercepts including:

24RW020 – 22 m at 19.1% heavy minerals from 8m including;
- 4m at 27.9% HM from 9m and including 1m at 39.7% HM from 11m
24RW017 – 17m at 9.7% from 6m including;
- 4m at 22.2% HM from 8m.
24RW015 – 11m at 10.0% HM from 6m including;
- 6m at 15.4% HM from 7m.

“The maiden Petratherm drill results are outstanding and confirm Rosewood is a highly significant new HMS discovery within the company’s broader Muckanippie project,” PTR boss Peter Reid said.

“Recent mineral analysis of the HM fraction from historical drill holes 1 kilometre east of today’s drill results indicated favourable concentrations of high value Leucoxene and Rutile. The bonanza HM grades and thicknesses reported are highly significant and a major step towards both confirming the potential scale of mineralisation and de-risking the viability of the project.

“Assay results from a further 45 drill holes from Rosewood are expected in the coming weeks along with detailed mineral analysis of the HM assemblage,” Reid said. “We look forward to providing results as they come to hand.”

Corazon Mining (ASX:CZN)

The company has started an aerial geophysical survey at its MacBride base and precious metals project in Canada, aiming to identify drill targets for early 2025.

The survey will focus on areas with potential for copper-zinc-gold-silver deposits, including extensions of known deposits and new unexplored areas with the data expected to help define precise drilling targets and could speed up exploration.

The only modern exploration to be undertaken at the MacBride Project is an airborne VTEM geophysical survey back in 2008, which Corazon processed the data from and identified multiple electromagnetic (EM) conductive bodies in October this year.

The company says the quantity and distribution of these anomalies suggest the project has the potential to deliver a cluster of zinc-copper-gold-silver volcanogenic massive sulphide (VMS) deposits, individually similar to the drill-defined MacBride deposit.

At Stockhead, we tell it like it is. While Petratherm is a Stockhead advertiser, it did not sponsor this article.