• Governments contributed 84% of capital commitments to rare earths miners last year globally as private backing abandoned struggling sector
  • Prices too low to incentivise ex-China supply, but public cash splash could change things
  • Midstream lithium plant back in business with $15m of WA government funding 

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

 

Australia’s share of the mined rare earths market could explode from under 5% last year to close to 20% by 2028, if a string of operations backed by ambitious government spending come to life.

Those figures come from leading price agency and analysis firm Benchmark Minerals Intelligence, which said China controlled over 90% of rare earth processing capacity last year.

We’re one of the most advanced nations when it comes to competing to break China’s hold on the commodities – a group of 17 uncommon metals the most prominent of which are key ingredients in permanent magnets.

But miners continue to pray for a premium that doesn’t yet exist.

Benchmark says the ‘rational’ price point for non-Chinese assets to be developed is some 47% higher than its current base case through 2029.

That means Australian and other Western governments must play a different game, coming to the party to tip public funds in the form of loans and grants into the subdued sector, critical for electric vehicles, defence, aviation, renewables and consumer electronics.

Recently, Canberra bowed to demands from Iluka Resources (ASX:ILU) for an additional $400 million in the form of a loan to support blowouts at its Eneabba refinery in WA – on top of an initial $1.25bn loan announced by the previous Morrison Government in 2022. Arafura Rare Earths (ASX:ARU), meanwhile, became the first mining company to nab investment from the National Reconstruction Fund, with $200m added to $840m of loans and grants committed so far.

Raising the equity for its Nolans project in the Northern Territory is now the focus.

Benchmark’s senior rare earths analyst Neka Mukherjee told the PRA’s Benchmark Source publication that governments accounted for a whopping 84% of the US$3.1bn of capital investments announced in the rare earths market in 2024.

“Australia has dominated financing for upstream projects, while Europe leads in recycling initiatives and the US has committed towards magnet manufacturing. This underscores ex-China efforts to diversify and mitigate supply vulnerabilities,” Mukherjee said.

Market struggles

At the same time, prices for the flagship magnet metal neodymium-praseodymium, remain in limbo. Up slightly this month to a touch under US$60/kg, excluding Chinese taxes, only two producers globally are said to be generating operating profits. One of those is Australia’s Lynas (ASX:LYC), which has been burning cash thanks to an extensive list of capital projects, including a recently completed cracking and leaching plant in Kalgoorlie and expansion at the Mt Weld mine near Laverton.

Given the challenges faced by incumbent producers, including those within China, the risks for new developments (which typically require higher prices to succeed) are amplified.

“But questions remain over the short-to-medium term viability of developing an ex-China rare earth supply chain without more robust mechanisms to support the higher prices required to make Australian projects economical,” Benchmark said.

“Last year, rare earth prices fell to historical lows as China opted to increase its annual rare earth production quotas despite the market’s oversupply, suppressing prices. The downturn had a sharp impact on ex-China producer margins, while stifling investment into new greenfield projects globally.

“Benchmark analysis indicates that the rational price point for Ex-China assets to enter the market is 47% higher than the current base case scenario through 2029.

“Arafura executives have suggested that offtake partners are prepared to pay a premium above the current price to avoid sourcing from China. The company has signed offtake agreements with automaker Hyundai and wind turbine manufacturer Siemens Gamesa.

“However, it is unclear whether such a premium will materialise without policy intervention; Australia’s nickel industry was ravaged by the Indonesia-driven low price environment in 2024, as calls for the establishment of a ‘green premium’ to support mines with higher ESG standards fell on deaf ears.”

NOW READ: Miners turn to government for assistance as China flips battery metals on their head

Support needs to continue

With China’s control of supply and pricing in full view, industry figures say more government support will be needed to stimulate investment in ex-China supply.

But two developments could help Australia grow its market share at a lower price point.

Historically operations built or studied in WA have been hard rock projects, while Iluka is planning to extract rare earths from stockpiles of monazite, a previously uneconomic mineral by-product from years of zircon and rutile mining.

Modern exploration, however, has shifted to clay-hosted rare earths deposits. Some, like Victory Metals’ (ASX:VTM) North Stanmore project near Cue in WA’s Mid West, boast high concentrations of heavy rare earths dysprosium and terbium, more likely to attract public support given most western deposits are scant when it comes to these elements.

“Really (the government is) just touching the edges at the moment,” Clark told Stockhead. While hard rock rare earth projects run into the billions, clay-hosted deposits of a similar scale may only cost $300m, with lower opex too given the rare earth oxides contained within them have already been liberated by the elements – ore types like Mt Weld on the other hand require drill and blast mining methods and cracking and leaching, which generates radioactive waste products.

“You’re not going to need billions from government, so that’s certainly going to help things move along nicely.”

The need to produce “heavies” outside of China, which has near total control on that side of the rare earths supply chain, could boost the development prospects and strategic significance of projects like North Stanmore, making up around 35% of its resource.

“(Government funding) is going to have to increase given the dominance China has in rare earths and scandium,” Clark said, noting the role Chinese producers have played in “manipulating” the price to keep competitors out of the market.

“There’s not going to be enough of specific heavy rare earths on the market – by 2040 you’re looking at something like a 70% deficit for heavy rare earths – so the government is going to have to continue supporting.

“But what’s going to help is finding new types of projects that aren’t going to need the up front capital of the likes of Iluka and Arafura.

“We’ve got a very good relationship with both the federal and state government and we’re seeing for projects as they advance past scoping study into PFS, we’re certainly seeing the government’s willingness to get behind us.”

Ark Mines (ASX:AHK) released a scoping study in December putting a $120-150m cost on developing its Sandy Mitchell mineral sands based rare earths mine in Queensland, one of two major rare earths finds in the state alongside Red Metal’s (ASX:RDM) distinct Sybella project.

“We’ve seen a lot of interest for what we’re doing by governments in all levels. In particular the Queensland govt is showing a lot of interest,” he said, noting the company was engaging in discussions on grants and financial incentives.

Listed as critical minerals, rare earths will also be the beneficiary of the minerals production tax credit, which from 2028-2040 will offer a 10% tax holiday for refiners of critical minerals.

As competition between China and the West gets hotter, Jackson believes government will need to head further upstream, building on the policy passed by the Senate Wednesday.

“I think we’re going to see that this is probably the start of other incentives through the whole process of rare earths. We’d also like to see some tax incentives for the companies that mine the stuff as well,” he added.

Criticised as “billions for billionaires” by Peter Dutton’s Coalition Opposition, with a number of eligible projects proposed by companies invested in by Andrew Forrest and Gina Rinehart, Jackson is dubious the policy will be rescinded if Anthony Albanese’s Labor Government loses the 2025 Federal Election.

“Whilst there’s some politics involved in that discussion, the reality is we have a very awkward situation with China producing 90% of the magnets needed in motors and drones, (items) very prominent in missiles and weaponry. Both sides of government agree this would be a challenge and that developing our own industry in magnet metals is going to be beneficial,” he told Stockhead.

While rare earths prices have been in a lull, a number of explorers have stayed the course, with Brazilian developers like Meteoric Resources (ASX:MEI) and Viridis Mining and Minerals (ASX:VMM) progressing studies on high grade deposits in Minas Gerais, Victory neighbour Critica (ASX:CRI) announcing what it called Australia’s largest clay rare earth resource at the Jupiter deposit this week and Victorian mineral sands play VHM (ASX:VHM) revealing plans for a staged development of its Goschen project in Victoria, which has key State environment approvals.

 

Calix and Pilbara back in action

It’s not only rare earths suffering the impact of oversupply.

Lithium has been the bellwether for the battery metals boom and depression, with a number of miners cutting output in response to a rapid fall in prices.

News battery giant CATL could reopen a marginal lepidolite mine in China, along with a refinery, has clouded the outlook for miners who felt they were turning a corner.

But government investment has inspired Pilbara Minerals (ASX:PLS) to revive one of its halted projects, working with green manufacturing innovator Calix (ASX:CXL) to refire construction on a ‘midstream’ development at its Pilgangoora mine near Port Hedland.

The plan is to create a lithium salt that comes in at a grade around a third of the way between the spodumene concentrate PLS sells to China and Korea and the chemicals used to make batteries.

By producing a product grading around three times the standard lithium concentrate, it will enable cheaper and greener shipping lines to be opened to customers in farther flung places like the US and Europe.

The award of a $15m grant from the WA State Government has seen PLS and Calix restart the experimental JV, which was 74% complete at December 2024. Costing a little over $100m in total, it will now be commissioned in December 2025.

Pilbara shares rose 4.5% on Thursday morning, while Calix’s surged over 11%. Fellow lithium miners Mineral Resources (ASX:MIN), Liontown Resources (ASX:LTR) and IGO (ASX:IGO) also rose strongly as analysts suggested a tropical cyclone near Port Hedland could hit supplies of lithium and iron ore.

As well as being the world’s largest iron ore export facility, Port Hedland is also the port of call for shipments from PLS’ Pilgangoora and MinRes’ Wodgina mines.

 

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 % 6 MONTH % YEAR % YTD % MARKET CAP
PVW PVW Res Ltd 0.013 0% -13% -41% -66% -13% $ 2,585,762.11
A8G Australasian Metals 0.069 1% -12% -27% -37% -13% $ 4,052,280.75
INF Infinity Lithium 0.027 -13% -7% -44% -66% -4% $ 12,952,578.60
PSC Prospect Res Ltd 0.093 -3% 1% -11% 21% 6% $ 54,975,646.18
FLG Flagship Min Ltd 0.039 0% -20% -57% -76% -32% $ 8,143,768.60
CXO Core Lithium 0.089 -3% 2% -3% -52% 0% $ 186,442,352.33
LOT Lotus Resources Ltd 0.205 -16% -7% -15% -38% 3% $ 519,783,427.46
AGY Argosy Minerals Ltd 0.026 0% -13% -37% -74% -9% $ 36,398,023.35
NWC New World Resources 0.02 11% 5% 11% -49% 11% $ 56,805,634.46
QXR Qx Resources Limited 0.004 14% 0% -33% -79% 0% $ 5,240,311.42
CAE Cannindah Resources 0.063 62% 58% 21% -26% 62% $ 42,228,637.27
AZL Arizona Lithium Ltd 0.01 -5% -17% -41% -60% -20% $ 50,179,959.81
RIL Redivium Limited 0.004 0% 0% 100% 0% 0% $ 13,609,421.85
COB Cobalt Blue Ltd 0.054 -2% -18% -20% -68% -21% $ 23,581,558.24
LPD Lepidico Ltd 0.002 0% 0% 0% -70% 0% $ 17,178,370.80
MRD Mount Ridley Mines 0.002 -20% -33% -80% -90% -33% $ 1,946,222.53
CZN Corazon Ltd 0.002 0% 0% -50% -80% 0% $ 2,369,144.51
LKE Lake Resources 0.039 0% -3% 15% -57% -7% $ 68,138,841.77
DEV Devex Resources Ltd 0.077 -5% -13% -62% -75% -18% $ 32,685,109.65
INR Ioneer Ltd 0.165 -8% 3% 38% 43% 3% $ 400,464,327.72
MAN Mandrake Res Ltd 0.023 5% -4% -23% -43% 5% $ 13,799,718.24
RLC Reedy Lagoon Corp. 0.003 0% 0% 0% -40% 50% $ 1,553,413.35
GBR Greatbould Resources 0.063 26% 34% 34% 5% 47% $ 47,064,220.71
FRS Forrestaniaresources 0.015 67% 7% -35% -44% 7% $ 3,415,488.43
STK Strickland Metals 0.072 0% -9% -28% -20% -15% $ 152,311,617.20
MLX Metals X Limited 0.5 8% 16% 33% 67% 20% $ 421,035,980.55
CLA Celsius Resource Ltd 0.009 -10% -5% -25% -18% -18% $ 26,692,384.52
FGR First Graphene Ltd 0.066 5% 40% 40% 8% 144% $ 45,499,317.63
NH3 Nh3Cleanenergyltd 0.019 -5% -5% 19% 36% 6% $ 10,992,095.70
TLG Talga Group Ltd 0.47 -10% 9% -1% -24% 7% $ 195,403,991.06
MNS Magnis Energy Tech 0.042 0% 0% 0% 0% 0% $ 50,378,922.34
PLL Piedmont Lithium Inc 0.125 -4% -11% -4% -42% -14% $ 78,344,725.00
EUR European Lithium Ltd 0.052 -19% -7% 16% -40% 24% $ 78,039,799.06
BKT Black Rock Mining 0.031 3% -11% -42% -51% -9% $ 38,813,506.14
QEM QEM Limited 0.054 -22% -11% -59% -67% 4% $ 11,068,353.90
LYC Lynas Rare Earths 6.93 8% -1% 14% 20% 8% $ 6,440,208,294.65
ESR Estrella Res Ltd 0.036 20% 64% 620% 620% 80% $ 75,185,425.80
ARL Ardea Resources Ltd 0.395 1% 25% -15% -2% 20% $ 81,869,995.15
GLN Galan Lithium Ltd 0.12 0% -8% 3% -58% -14% $ 94,450,569.50
JLL Jindalee Lithium Ltd 0.19 -10% -10% -24% -79% -14% $ 13,982,451.31
VUL Vulcan Energy 4.06 -3% -32% 4% 101% -24% $ 874,650,776.40
SBR Sabre Resources 0.009 0% 0% -31% -63% -10% $ 3,536,657.40
CHN Chalice Mining Ltd 1.195 -3% 11% 20% 21% 8% $ 447,380,806.20
VRC Volt Resources Ltd 0.004 33% 33% 33% -20% 33% $ 15,852,876.79
NMT Neometals Ltd 0.073 -8% -11% 8% -54% -3% $ 56,937,456.22
AXN Alliance Nickel Ltd 0.038 9% 23% 9% -7% 9% $ 26,856,065.76
PNN Power Minerals Ltd 0.092 6% 0% 5% -39% 0% $ 10,246,938.57
IGO IGO Limited 4.86 -2% -2% -6% -30% 2% $ 3,483,431,939.80
GED Golden Deeps 0.024 4% 0% -20% -44% -4% $ 3,696,536.38
ADV Ardiden Ltd 0.16 10% 19% 28% -11% 19% $ 9,065,038.37
SRI Sipa Resources Ltd 0.012 0% -14% -20% -52% 0% $ 3,418,597.67
NTU Northern Min Ltd 0.017 -6% -15% -39% -43% -19% $ 150,428,804.72
AXE Archer Materials 0.365 -5% -9% 43% 12% -37% $ 90,470,689.62
PGM Platina Resources 0.021 5% 0% 0% 17% 24% $ 13,086,786.95
AAJ Aruma Resources Ltd 0.011 10% 10% -31% -42% -8% $ 2,220,581.72
IXR Ionic Rare Earths 0.007 17% 0% -22% -59% 0% $ 31,430,570.06
NIC Nickel Industries 0.755 1% -6% -3% 19% -8% $ 3,131,561,212.40
EVG Evion Group NL 0.026 4% 4% -10% -7% -4% $ 10,149,059.05
CWX Carawine Resources 0.105 5% 5% 17% 5% 5% $ 24,793,172.15
PLS Pilbara Min Ltd 2.23 -4% 2% -25% -37% 2% $ 6,854,190,912.78
HAS Hastings Tech Met 0.315 0% -5% 9% -42% -3% $ 57,136,632.21
BUX Buxton Resources Ltd 0.033 -6% -11% -53% -75% -20% $ 8,446,733.63
ARR American Rare Earths 0.295 7% 9% 7% 23% 11% $ 144,330,640.22
SGQ St George Min Ltd 0.038 31% 65% 15% 52% 52% $ 47,064,536.42
TKL Traka Resources 0.001 -50% -50% 0% -50% 0% $ 2,125,790.24
PRL Province Resources 0.041 0% 0% 0% 0% 0% $ 48,441,218.86
IPT Impact Minerals 0.01 0% -9% -29% -9% 0% $ 30,594,337.18
LIT Livium Ltd 0.0135 -10% -16% -33% -52% -16% $ 17,513,038.21
ARN Aldoro Resources 0.28 -11% -7% 278% 143% -26% $ 50,932,854.19
JRV Jervois Global Ltd 0.011 0% 0% -15% -56% 0% $ 29,730,401.64
SYR Syrah Resources 0.25 6% 11% 6% -53% 22% $ 250,114,755.36
FBM Future Battery 0.022 0% -21% 0% -58% 22% $ 15,303,186.34
ADD Adavale Resource Ltd 0.002 0% -33% -33% -67% -33% $ 4,546,558.44
LTR Liontown Resources 0.65 -4% 17% -24% -37% 24% $ 1,444,343,896.14
CTM Centaurus Metals Ltd 0.365 -10% 4% 0% 18% 3% $ 178,812,436.68
VML Vital Metals Limited 0.002 -33% 0% -20% -50% 0% $ 11,790,133.90
BSX Blackstone Ltd 0.053 83% 112% 87% 1% 89% $ 33,319,831.50
POS Poseidon Nick Ltd 0.0055 38% 38% 57% -14% 38% $ 23,380,726.81
CHR Charger Metals 0.056 -7% -7% -5% -59% -18% $ 4,335,534.00
AVL Aust Vanadium Ltd 0.013 0% 0% -19% -19% -7% $ 112,250,554.99
AUZ Australian Mines Ltd 0.01 -13% -29% 25% -17% 11% $ 15,383,633.36
RXL Rox Resources 0.225 0% -4% 61% 42% 13% $ 136,773,753.30
RNU Renascor Res Ltd 0.054 0% -10% -33% -40% -13% $ 139,811,768.53
GL1 Globallith 0.24 17% 41% 4% -44% 33% $ 57,581,067.06
ASN Anson Resources Ltd 0.061 2% -5% -37% -25% -13% $ 88,751,138.50
SYA Sayona Mining Ltd 0.023 -4% -12% -15% -41% -15% $ 253,952,512.31
EGR Ecograf Limited 0.115 21% 32% 15% -15% 31% $ 52,225,159.19
ATM Aneka Tambang 0.97 8% 9% -6% -12% 8% $ 1,264,539.53
TVN Tivan Limited 0.115 0% 5% 125% 113% 15% $ 211,418,309.30
ALY Alchemy Resource Ltd 0.008 33% 33% 33% 0% 14% $ 8,246,533.79
GAL Galileo Mining Ltd 0.135 -7% -16% -16% -34% 8% $ 27,667,489.78
BHP BHP Group Limited 40.99 2% 3% 1% -11% 4% $ 203,666,393,686.32
LEL Lithenergy 0.37 0% 0% 9% 14% 0% $ 41,440,580.53
ASL Andean Silver 1.125 -5% 18% 74% 302% 39% $ 169,887,917.85
RMX Red Mount Min Ltd 0.008 0% -11% -20% -54% -11% $ 3,719,662.37
GW1 Greenwing Resources 0.036 -10% -18% 0% -59% -12% $ 8,663,453.35
AQD Ausquest Limited 0.042 -11% 425% 294% 294% 425% $ 45,098,709.79
LML Lincoln Minerals 0.006 0% 20% 9% 0% 0% $ 12,337,557.12
1MC Morella Corporation 0.02 -17% -31% -38% -77% -31% $ 7,265,841.07
REE Rarex Limited 0.009 0% -10% -36% -57% 0% $ 8,008,458.36
MRC Mineral Commodities 0.026 0% 0% 0% -4% 0% $ 25,596,287.57
PUR Pursuit Minerals 0.073 -9% -22% -51% -64% -24% $ 6,605,383.60
QPM QPM Energy Limited 0.057 -2% -15% 68% 50% 2% $ 151,276,543.98
EMH European Metals Hldg 0.135 0% -10% -36% -55% -13% $ 30,079,482.23
BMM Bayanminingandmin 0.045 -4% -10% 0% -42% -4% $ 3,871,823.09
PEK Peak Rare Earths Ltd 0.135 -7% 17% -31% -46% 13% $ 49,280,575.68
LEG Legend Mining 0.009 0% -18% -22% -50% -25% $ 26,185,294.67
MOH Moho Resources 0.004 0% -20% -11% -43% -20% $ 2,865,898.30
G88 Golden Mile Res Ltd 0.01 25% 11% 0% -23% 11% $ 4,746,130.70
TON Triton Min Ltd 0.006 -25% -33% -40% -63% -33% $ 10,978,721.14
AR3 Austrare 0.082 0% -10% 8% -34% -22% $ 13,037,157.61
ARU Arafura Rare Earths 0.145 7% 26% -9% 16% 26% $ 345,006,016.74
MIN Mineral Resources. 34.07 -1% -1% -32% -40% -1% $ 6,259,117,537.40
VMC Venus Metals Cor Ltd 0.092 33% 31% 31% -3% 37% $ 19,024,482.25
S2R S2 Resources 0.07 1% -9% -39% -52% 4% $ 30,341,485.53
CNJ Conico Ltd 0.008 0% -11% -47% -73% -11% $ 1,899,898.41
VR8 Vanadium Resources 0.027 -7% -4% -41% -23% -13% $ 16,316,130.92
PVT Pivotal Metals Ltd 0.007 17% -13% -50% -59% 0% $ 5,443,355.25
BOA BOA Resources Ltd 0.022 0% 16% 10% -12% 16% $ 2,713,762.63
IPX Iperionx Limited 4.2 -2% -18% 110% 120% -24% $ 1,392,881,953.68
SLZ Sultan Resources Ltd 0.008 33% 33% 0% -46% 33% $ 1,851,759.28
SMX Strata Minerals 0.035 13% 35% 52% -13% 75% $ 6,869,346.08
NVA Nova Minerals Ltd 0.335 16% -11% 158% 26% -9% $ 112,692,095.95
MLS Metals Australia 0.021 -5% -5% 17% -32% -9% $ 15,303,110.00
MQR Marquee Resource Ltd 0.013 30% -7% 30% -35% -7% $ 6,311,246.20
MRR Minrex Resources Ltd 0.008 14% 0% -6% -33% 14% $ 8,678,940.02
EVR Ev Resources Ltd 0.005 67% 150% 21% -61% 100% $ 11,595,020.06
EFE Eastern Resources 0.027 0% -4% -33% -66% -4% $ 3,404,428.57
CNB Carnaby Resource Ltd 0.37 1% -1% -15% -41% 7% $ 91,355,543.60
BNR Bulletin Res Ltd 0.04 8% 3% -15% -53% 3% $ 12,918,986.21
AX8 Accelerate Resources 0.01 -17% 43% 11% -67% 43% $ 7,467,539.32
AM7 Arcadia Minerals 0.02 0% 0% -49% -70% 5% $ 2,347,668.66
AS2 Askarimetalslimited 0.012 20% 9% -54% -86% 0% $ 3,194,765.30
BYH Bryah Resources Ltd 0.004 33% 0% -20% -60% 33% $ 2,507,202.91
DTM Dart Mining NL 0.007 0% -22% -45% -41% -22% $ 3,588,333.46
EMS Eastern Metals 0.012 -8% -20% -50% -70% -14% $ 1,364,114.94
FG1 Flynngold 0.029 16% 16% 21% -36% 16% $ 7,578,177.63
GSM Golden State Mining 0.01 25% 11% -17% -17% 25% $ 2,514,335.67
IMI Infinitymining 0.0095 -5% -5% -21% -91% -14% $ 3,789,141.99
LRV Larvottoresources 0.83 20% 6% 453% 1139% 68% $ 341,685,507.00
LSR Lodestar Minerals 0.011 0% -15% -45% -77% -21% $ 2,106,170.21
RAG Ragnar Metals Ltd 0.017 0% -15% -15% -19% -13% $ 8,057,761.63
CTN Catalina Resources 0.003 0% -25% 0% -25% -25% $ 5,265,047.57
TMB Tambourahmetals 0.028 -3% 4% -38% -66% 33% $ 3,096,521.29
TEM Tempest Minerals 0.006 33% 20% -40% -21% 20% $ 3,489,914.10
EMC Everest Metals Corp 0.16 3% 10% 28% 100% 19% $ 33,567,575.40
OB1 Orbminco Limited 0.0015 0% 0% -63% -63% -25% $ 3,249,885.12
KZR Kalamazoo Resources 0.081 8% 1% 31% -38% 9% $ 15,997,687.32
LMG Latrobe Magnesium 0.017 13% 6% -53% -67% -15% $ 37,576,598.00
NC1 Nicoresourceslimited 0.084 0% -12% -30% -52% -20% $ 8,865,496.58
GRE Greentechmetals 0.065 -4% -10% -38% -81% -7% $ 7,289,260.88
CMO Cosmometalslimited 0.027 59% 50% -18% -41% 23% $ 3,143,828.98
FRB Firebird Metals 0.096 7% -9% -20% -20% -4% $ 13,666,694.50
S32 South32 Limited 3.57 3% 5% 22% 16% 5% $ 15,494,736,132.26
OMH OM Holdings Limited 0.35 3% -3% -15% -25% -4% $ 268,189,880.35
JMS Jupiter Mines. 0.16 3% 19% -24% -9% 10% $ 303,961,472.96
E25 Element 25 Ltd 0.28 8% 8% 37% 4% 10% $ 60,582,286.27
EMN Euromanganese 0.046 -4% 48% 10% -43% 59% $ 9,620,946.00
KGD Kula Gold Limited 0.005 0% 0% -52% -41% -12% $ 3,548,268.43
LRS Latin Resources Ltd 0.165 0% 12% 35% 25% 5% $ 477,661,711.40
CRR Critical Resources 0.005 0% -17% -29% -64% -17% $ 9,727,852.73
ENT Enterprise Metals 0.003 0% 0% 0% -25% -25% $ 4,124,110.38
SCN Scorpion Minerals 0.015 0% -6% -12% -25% 0% $ 6,141,842.88
GCM Green Critical Min 0.017 -15% -11% 750% 240% 21% $ 32,787,531.08
ENV Enova Mining Limited 0.009 29% 50% 13% -70% 80% $ 11,075,792.71
RBX Resource B 0.031 3% -14% -23% -44% -14% $ 3,570,719.04
AKN Auking Mining Ltd 0.005 0% 25% -64% -81% 11% $ 2,873,893.84
RR1 Reach Resources Ltd 0.0115 64% 28% 5% 0% 44% $ 7,869,882.14
EMT Emetals Limited 0.004 0% 0% 0% -33% 0% $ 3,400,000.00
PNT Panthermetalsltd 0.007 -30% -22% -72% -80% -36% $ 1,737,195.34
WIN WIN Metals 0.018 -8% 0% -31% -55% 0% $ 10,451,103.77
WMG Western Mines 0.13 4% 0% -45% -26% -13% $ 11,745,934.72
AVW Avira Resources Ltd 0.001 0% 0% 0% -50% 0% $ 2,938,790.00
GT1 Greentechnology 0.061 -8% -16% -6% -51% -12% $ 22,547,621.63
KAI Kairos Minerals Ltd 0.018 13% 38% 80% 38% 50% $ 47,356,419.40
MTM MTM Critical Metals 0.205 -5% -27% 632% 206% -21% $ 100,833,241.08
NWM Norwest Minerals 0.013 -7% -24% -46% -50% -7% $ 6,306,553.63
PGD Peregrine Gold 0.125 -11% -22% -34% -52% -11% $ 10,727,635.95
RAS Ragusa Minerals Ltd 0.02 54% 67% 18% -26% 82% $ 3,564,969.65
RGL Riversgold 0.005 67% 67% 11% -44% 25% $ 6,734,850.37
SRZ Stellar Resources 0.015 0% 0% -6% 88% -6% $ 31,196,258.52
STM Sunstone Metals Ltd 0.006 -14% 20% -25% -45% -14% $ 36,050,025.45
ZNC Zenith Minerals Ltd 0.042 -2% 17% 2% -62% 5% $ 18,334,863.99
WC8 Wildcat Resources 0.22 -14% -14% -10% -53% -20% $ 267,820,922.40
ASO Aston Minerals Ltd 0.017 31% 42% 89% -11% 89% $ 18,130,899.77
THR Thor Energy PLC 0.011 0% -15% -31% -62% -15% $ 2,682,903.41
YAR Yari Minerals Ltd 0.005 67% 67% 25% -38% 67% $ 2,411,789.07
IG6 Internationalgraphit 0.058 -5% 16% -17% -61% 16% $ 11,613,499.80
LPM Lithium Plus 0.06 3% -34% -39% -65% -31% $ 7,970,400.00
ODE Odessa Minerals Ltd 0.006 0% -8% 100% -14% 0% $ 7,997,662.68
KOB Kobaresourceslimited 0.068 -7% -11% -35% -58% -7% $ 10,861,470.56
AZI Altamin Limited 0.025 0% 0% -17% -43% 14% $ 13,788,069.41
FTL Firetail Resources 0.065 -6% -10% -4% 71% -18% $ 19,560,150.53
LNR Lanthanein Resources 0.003 0% 20% -14% -50% 0% $ 6,109,090.32
CLZ Classic Min Ltd 0.001 0% 0% 0% -98% 0% $ 1,544,025.56
NVX Novonix Limited 0.54 -5% -24% -11% -21% -27% $ 343,114,896.24
OCN Oceanalithiumlimited 0.027 0% -7% -22% -46% 4% $ 3,712,402.31
SUM Summitminerals 0.11 -12% -31% -53% 51% -27% $ 9,584,078.68
DVP Develop Global Ltd 2.86 19% 20% 44% 18% 22% $ 736,051,325.05
OD6 Od6Metalsltd 0.049 14% -14% 11% -57% 2% $ 6,465,128.30
HRE Heavy Rare Earths 0.025 -24% -19% -19% -48% -19% $ 5,200,847.05
LIN Lindian Resources 0.1 -5% 10% -17% -23% 28% $ 115,317,223.60
PEK Peak Rare Earths Ltd 0.135 -7% 17% -31% -46% 13% $ 49,280,575.68
ILU Iluka Resources 4.73 4% -13% -16% -33% -6% $ 1,974,229,434.35
ASM Ausstratmaterials 0.46 -4% -7% -3% -54% -13% $ 85,220,228.92
ETM Energy Transition 0.065 -18% -10% 160% 97% 67% $ 105,142,190.10
CRI Criticalim 0.018 13% 29% 3% 50% 50% $ 45,703,626.25
IDA Indiana Resources 0.074 3% 17% 47% 62% 21% $ 45,634,004.52
VTM Victory Metals Ltd 0.36 4% -6% 4% 64% -11% $ 40,146,004.18
M2R Miramar 0.003 -25% -25% -50% -84% 0% $ 1,587,293.14
WCN White Cliff Min Ltd 0.019 0% 6% 27% 27% 19% $ 36,013,944.21
TAR Taruga Minerals 0.01 0% 0% 43% 11% 0% $ 7,060,267.85
ABX ABX Group Limited 0.037 -8% 9% -26% -48% -10% $ 9,260,857.24
MEK Meeka Metals Limited 0.115 15% 15% 161% 203% 49% $ 299,212,821.12
RR1 Reach Resources Ltd 0.0115 64% 28% 5% 0% 44% $ 7,869,882.14
DRE Dreadnought Resources Ltd 0.011 10% -8% -27% -42% -8% $ 45,751,200.00
KFM Kingfisher Mining 0.042 20% 24% -31% -53% 5% $ 1,987,455.04
AOA Ausmon Resorces 0.0015 0% -25% -50% -50% 0% $ 1,634,590.96
WC1 Westcobarmetals 0.015 0% -12% -48% -71% -17% $ 2,990,511.02
GRL Godolphin Resources 0.017 31% 21% 31% -61% 17% $ 6,463,775.70
DM1 Desert Metals 0.023 10% -18% 0% -23% 5% $ 6,150,790.94
PTR Petratherm Ltd 0.25 -37% -31% 1090% 987% -18% $ 75,753,164.31
ITM Itech Minerals Ltd 0.051 2% -24% -25% -43% -7% $ 8,541,769.40
KTA Krakatoa Resources 0.01 11% 11% 0% -41% 5% $ 4,721,072.20
M24 Mamba Exploration 0.014 -13% 8% 40% -56% 17% $ 3,759,316.42
LNR Lanthanein Resources 0.003 0% 20% -14% -50% 0% $ 6,109,090.32
TKM Trek Metals Ltd 0.025 -7% 4% -36% -36% 19% $ 13,043,071.55
BCA Black Canyon Limited 0.07 6% -4% -1% -36% 8% $ 7,531,965.99
CDT Castle Minerals 0.003 50% 50% -25% -57% 50% $ 4,742,035.27
DLI Delta Lithium 0.17 0% -11% -19% -40% 0% $ 125,394,813.60
A11 Atlantic Lithium 0.205 3% -21% -25% -45% -39% $ 138,629,462.60
KNI Kunikolimited 0.155 -6% -9% -9% -30% -9% $ 13,449,236.54
CY5 Cygnus Metals Ltd 0.135 13% 13% 150% 73% 35% $ 110,400,117.23
WR1 Winsome Resources 0.425 -4% -1% -11% -31% -2% $ 94,301,411.03
LLI Loyal Lithium Ltd 0.084 -5% -24% -14% -65% -24% $ 8,058,645.04
BC8 Black Cat Syndicate 0.73 1% 3% 132% 256% 29% $ 427,863,682.68
BUR Burleyminerals 0.051 -11% -37% -56% -30% -30% $ 7,368,176.26
PBL Parabellumresources 0.043 -22% -22% 13% -49% -20% $ 3,301,900.05
L1M Lightning Minerals 0.081 7% 9% 53% 11% 13% $ 8,576,250.48
WA1 Wa1Resourcesltd 13.46 -13% 1% -1% 34% 2% $ 880,305,088.00
EV1 Evolutionenergy 0.016 -11% -30% -41% -86% -27% $ 5,439,757.14
1AE Auroraenergymetals 0.045 -2% -37% -25% -74% 0% $ 7,520,676.95
RVT Richmond Vanadium 0.15 0% -21% -52% -58% -36% $ 34,384,166.46
PMT Patriotbatterymetals 0.305 -8% -21% -40% -63% -25% $ 165,630,449.20
PAT Patriot Lithium 0.044 -6% -4% -8% -62% -2% $ 5,435,972.50
BM8 Battery Age Minerals 0.076 -4% -22% -28% -46% -28% $ 8,934,813.53
OM1 Omnia Metals Group 0.078 0% 0% 0% 0% 0% $ 4,550,567.66
VHM Vhmlimited 0.32 3% -22% -25% -47% -22% $ 71,431,898.01
LLL Leolithiumlimited 0.332997 0% 0% 0% 0% 0% $ 401,057,169.59
SRN Surefire Rescs NL 0.0035 -13% 17% -46% -71% 0% $ 7,248,923.44
SRL Sunrise 0.29 29% 16% -36% -23% 23% $ 25,263,699.44
SYR Syrah Resources 0.25 6% 11% 6% -53% 22% $ 250,114,755.36
EG1 Evergreenlithium 0.081 -4% 40% 76% -30% 35% $ 4,554,630.00
WSR Westar Resources 0.012 50% 60% 71% -33% 50% $ 4,784,697.76
LU7 Lithium Universe Ltd 0.008 -6% -11% -42% -63% 0% $ 6,287,836.98
MEI Meteoric Resources 0.081 -1% -8% -19% -54% -5% $ 177,320,434.21
REC Rechargemetals 0.019 -5% 6% -32% -70% 6% $ 4,873,309.37
SLM Solismineralsltd 0.115 83% 53% 17% -8% 64% $ 8,854,865.91
DYM Dynamicmetalslimited 0.29 7% 2% 100% 71% 5% $ 13,960,725.29
TOR Torque Met 0.093 37% 82% -11% -52% 75% $ 22,921,433.71
ICL Iceni Gold 0.08 1% 3% 51% 82% 13% $ 25,246,609.28
TMX Terrain Minerals 0.005 11% 43% 67% 0% 67% $ 10,017,783.01
MHC Manhattan Corp Ltd 0.02 -9% -20% 0% -60% 5% $ 4,932,876.86
MHK Metalhawk. 0.335 8% 14% 253% 372% 20% $ 37,453,350.66
ANX Anax Metals Ltd 0.01 0% 0% -47% -50% -17% $ 8,764,517.42
FIN FIN Resources Ltd 0.006 20% 50% 0% -65% 50% $ 3,895,612.20
LM1 Leeuwin Metals Ltd 0.14 22% 17% 92% 54% 0% $ 7,836,407.00
HAW Hawthorn Resources 0.046 5% 12% -23% -45% 12% $ 15,410,718.20
LCY Legacy Iron Ore 0.01 11% 11% -35% -35% 0% $ 97,620,425.84
RON Roninresourcesltd 0.195 0% 3% 70% 63% -11% $ 7,873,126.95
ASR Asra Minerals Ltd 0.003 50% 20% -50% -57% 0% $ 6,937,890.37
PFE Pantera Lithium 0.019 6% 19% -26% -63% 6% $ 9,475,673.76
KM1 Kalimetalslimited 0.105 -5% -19% -42% -73% -13% $ 8,066,900.52
LTM Arcadium Lithium PLC 9.18 0% 1% 116% 33% 12% $ 2,087,745,599.70
KNG Kingsland Minerals 0.12 -11% 4% -29% -43% -20% $ 8,707,309.32
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This week’s biggest mover in our High Voltage list was Blackstone Minerals (ASX:BSX), as the Vietnamese nickel hopeful shifted gear to more attractive commodities, engineering a merger that will bring the “world class” Mankayan copper-gold porphyry project in the Philippines.

“This exciting merger of equals offers diversified exposure to critical energy transition and precious metals, centred on the world-class Mankayan Copper-Gold Porphyry Project, one of the largest high-grade undeveloped porphyry projects globally,” BSX boss Scott Williamson said. “Backed by Blackstone’s mining expertise and a supportive environment in the Philippines, the merger offers near-term exploration upside, significant resource growth potential, and regional opportunities. With historic high-grade intercepts, Mankayan is ideally positioned to deliver long-term value to shareholders.”

Solis Minerals (ASX:SLM), meanwhile, was up big as it announced the appointment of former Latin Resources CFO Mitch Thomas as CEO, hot on the heels of the latter’s $560m merger with Pilbara Minerals.

Executive director Mike Parker is moving into a technical director role, a reshuffle that followed some interesting copper results from Cinto, a prospect 15km from the 200,000tpa Toquepala mine in Peru.

“The Cinto Project continues to deliver excellent results and we have considerably expanded our porphyry copper mineralisation footprint. Equally exciting is that we are observing styles of copper mineralisation that resemble the main mineralisation styles of the massive Toquepala mine (196,600tpa copper) only 15km to the northwest,” Parker said this week.

“Our drone magnetometry geophysics correlates well with mineralisation and indicates potential for scale as well as new areas to follow-up. As a stand-alone project, Cinto is shaping up well as a significant mineralised copper porphyry target. When combined with our advanced targets and planned drilling at our Coastal Belt projects, our copper portfolio is truly outstanding.”

Drilling is expected in the second half of 2025.

 

At Stockhead, we tell it like it is. While Meteoric Resources, Viridis Mining and Minerals, Red Metal, Victory Metals, Ark Mines and VHM are Stockhead advertisers, they did not sponsor this article.

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