• Lithium prices are down but a positive spin from Citi has been doing the rounds  
  • Meanwhile, Hancock Prospecting has just raised its stake in Liontown (again) inching its way to a possible takeover bid

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

 

The spot price of lithium continues to trend down (see below) for now amid concerns around destocking and a recent pullback in demand from the Chinese market. A commodity of abundance, albeit tricky to extract, yes; a safe haven asset it ain’t.

Plenty of the ASX lithium-focused stocks aren’t having the most positive time of things just lately, either, in terms of pure price action at least (see table further below). Although there are those very much bucking the current trend, of course.

Broadly speaking, while there are certainly headwinds here and there, there’s still plenty of positivity to be mined from the world’s most craved battery metal narrative – now and ahead – some of which we’ll cover in this column within specific stocks focus.

 

Rinehart’s Liontown power play

Holder of the most envied bank account in Australia, Gina Rinehart is certainly frothing for her slice of the Aussie lithium market, continuing to make a bold move for the much-vaunted* Liontown Resources (ASX:LTR) company and its Kathleen Valley prospect.

The latest update there is that Rinehart’s Hancock Prospecting has increased its stake in LTR further this week, twice, to where it now sits at 19.9 per cent at the time of writing, finding another few hundred million to throw at the WA lithium stock to go with the $152m it added to the pile last week.

Per a Hancock Prospecting note late Wednesday afternoon:

Hancock Prospecting Pty Ltd (Hancock) has achieved its strategic stake objective of 19.9% of the ordinary shares in Liontown Resources Limited (Liontown), paying no more than $3.00 per share. Hancock now looks forward to having a prominent influence on Liontown’s future, as its largest shareholder.”

The stake target of 19.9 per cent is the required platform from which Hancock can potentially launch a takeover offer of its own for Liontown – an offer that would rival what’s already on the table from moneybags New York mining and chemical processing firm giant Albemarle: AUD $6.6 billion.

Hancock has now forked out more than $1.2 billion on LTR shares, mostly at $3 – the same price Albemarle, which is the world’s largest producer of the battery metal, came in.

And it’s all for a company and project that’s yet to produce anything. Wild.

That said, per a recent Hancock Prospecting media release: “Liontown’s indicated production rate of 3mtpa (increasing to 4mtpa) at its Kathleen Valley project is significant for an underground operation.” To say the least.

What happens next, then? In its analysis of the situation, the Financial Times noted: “Hancock has a long history of joint ventures on virtually all of the assets that it owns, making some form of partnership the most likely outcome and Albemarle a desirable partner for its expertise in chemical processing.”

All options, including the possibility of a joint venture, remain on the table.

Source: Joe ‘Mr Lithium’ Lowry’s X account

Meanwhile, the clock is ticking for Albemarle, and for LTR investors. The US company’s period of due diligence on Liontown has just been extended by a week and its exclusivity period, in which it needs to decide whether to turn its non-binding proposal into a finalised offer, also draws to a close soon.

*We say ‘much-vaunted’, which is true, but LTR is also one of the most shorted stocks on the ASX at the moment, according to S&P Global Market Intelligence (see below). As Eddy pointed out the other day:

“The metric used to calculate the short interest is the percentage of outstanding shares on loan, which is part of the mechanic of shorting a stock.”

Source: S&P Global Market Intelligence

LTR is down about 4% over the past month, according to Market Index data, but it’s still up more than 121% year to date.

 

Citi thinks sideways then eventually up

A note from Citi has been doing the rounds, which can be construed as a net positive for Australia’s and global lithium stocks.

The broker says it’s expecting some sideways chop on lithium prices for the next 12-18 months, but is bullish over the longer term for the commodity.

Does Citi like any ASX lithium stocks in particular? It mentioned two standouts: Allkem (ASX:AKE) and Pilbara Minerals (ASX:PLS), both with buy ratings and the former with the best growth outlook over the long term.

Shorter term, it gives AKE a $13.50 price target (currently $11.18), while it believes PLS can shoot for $4.50 (currently $3.96).

 

What say other big-bucks analysts?

Meanwhile, as mentioned last week, Goldman Sachs analysts believe lithium carbonate prices will fall even further over the next 12 months, and yet… like Citi, they do also like the look of Allkem (ASX:AKE).

Goldman also reportedly rates the $7.26bn market capper a ‘buy’ – with a $16.80 price target – based on strong production outlook and growth narratives.

As for JP Morgan and UBS, they, too have downgraded near-term lithium price forecasts. UBS by 10-30% over FY24-26 and JP Morgan by 37-47%.

https://twitter.com/asxpeasant/status/1711325083288101138

Per an excellent report from Stockhead‘s Christian “Mr Versatile” Edwards:

JP Morgan now ranks base metals as its preferred exposure, followed by iron ore, with lithium now least preferred. What a turn up for the books.

PLS and Core Lithium are now JP neutrals, with an underweight (i.e. sell) label on IGO. Allkem remains a standout for them with a $15-20 price target well beyond the $7b market capper’s current $11.05 price.

Meanwhile, UBS’ preferences are for asset quality. IGO is their preferred buy, with their Greenbushes mine still lowest on the cost curve, followed by Pilbara Minerals in neutral gear with MinRes rated a sell.

Those two stocks, AKE and PLS, are clearly the ones the big gun analysts are eyeing up. But what are they possibly not quite willing to entertain further down the market cap? We’ll get to some of those in a sec. But not before a few hot takes from…

 

Mr Lithium

Global Lithium’s Joe Lowry, aka ‘Mr Lithium’, is at it again with some frank and fearless thoughts on the sector. And he’s still particularly bullish long term, as you’d expect.

Lowry is of the belief lithium prices will not return to levels that saw the industry routed between 2018 and 2020 and, wrote Stockhead‘s Josh Chiat last month, also recently made the bold call that the lithium market will never be oversupplied in his lifetime, saying an influx of high cost material to satisfy the demands of Chinese battery and electric vehicle makers has moved the cost curve higher than it’s ever been.

Here are some of his latest sticking-to-guns postings to his 25k+ Twitter/X followers… he’s also playing the long game…

And regarding the dipping spot lithium prices, Mr Lithium doesn’t think the current weakened demand for the commodity from China means this “period of low prices & cash negative converters” is sustainable.

 

Battery metals form guide

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

Battery metals stocks missing from our list? Shoot a mail to [email protected] and/or [email protected]

Code Company Price % Week % Month % Year Market Cap
LM1 Leeuwin Metals 0.33 5% 8% 0% $13,883,350
VIA Viagold Rare Earth 0 -100% -100% -100% $166,624,808
PVW PVW Res Ltd 0.068 0% -16% -51% $6,895,525
A8G Australasian Metals 0.205 3% 24% -28% $10,684,701
INF Infinity Lithium 0.088 4% -7% -52% $40,245,512
LPI Lithium Pwr Int Ltd 0.3425 -4% 43% -40% $213,940,770
PSC Prospect Res Ltd 0.076 -5% -18% -24% $35,131,719
PAM Pan Asia Metals 0.215 8% -10% -42% $32,558,394
CXO Core Lithium 0.3725 -11% -3% -67% $779,981,474
LOT Lotus Resources Ltd 0.225 -6% -12% 2% $311,530,870
AGY Argosy Minerals Ltd 0.1825 1% -17% -62% $245,771,312
AZS Azure Minerals 2.25 -18% -20% 878% $916,214,330
NWC New World Resources 0.028 -7% -15% -10% $63,328,777
QXR Qx Resources Limited 0.026 4% 4% -70% $22,542,176
GSR Greenstone Resources 0.009 0% -10% -72% $12,288,747
CAE Cannindah Resources 0.105 0% -13% -48% $59,690,395
AZL Arizona Lithium Ltd 0.016 0% -6% -80% $47,920,345
HNR Hannans Ltd 0.007 0% -22% -67% $19,072,234
COB Cobalt Blue Ltd 0.24 -8% -19% -67% $90,091,702
ESS Essential Metals Ltd 0.495 2% 15% -8% $130,397,084
LPD Lepidico Ltd 0.011 0% 0% -42% $84,021,387
MRD Mount Ridley Mines 0.002 0% 0% -71% $15,569,766
CZN Corazon Ltd 0.012 0% -8% -25% $7,387,175
LKE Lake Resources 0.195 11% 3% -80% $263,152,271
DEV Devex Resources Ltd 0.34 -4% 1% 6% $126,064,716
INR Ioneer Ltd 0.2025 -8% -12% -67% $422,205,265
AVZ AVZ Minerals Ltd 0.78 0% 0% 0% $2,752,409,203
MAN Mandrake Res Ltd 0.038 -5% -3% 6% $22,752,877
RLC Reedy Lagoon Corp. 0.006 -14% 0% -56% $3,700,102
GBR Greatbould Resources 0.057 10% -15% -41% $26,781,407
FRS Forrestaniaresources 0.035 -22% -22% -84% $3,580,556
STK Strickland Metals 0.086 23% 105% 126% $131,219,762
MLX Metals X Limited 0.275 -4% -2% -8% $254,034,499
CLA Celsius Resource Ltd 0.011 -8% -8% -21% $24,706,568
FGR First Graphene Ltd 0.11 100% 62% 0% $67,937,993
HXG Hexagon Energy 0.01 11% 0% -39% $5,129,159
TLG Talga Group Ltd 1.175 -5% -13% 2% $414,867,298
MNS Magnis Energy Tech 0.074 0% -13% -79% $88,762,863
OZL OZ Minerals 0 -100% -100% -100% $8,918,404,433
PLL Piedmont Lithium Inc 0.56 -7% -19% -33% $206,740,350
EUR European Lithium Ltd 0.069 -5% -1% -12% $98,990,981
BKT Black Rock Mining 0.093 9% 6% -45% $93,255,718
QEM QEM Limited 0.2 0% 3% -7% $30,278,342
LYC Lynas Rare Earths 6.675 2% -6% -12% $6,060,462,446
ESR Estrella Res Ltd 0.007 0% 0% -30% $11,868,575
ARL Ardea Resources Ltd 0.595 2% -11% -37% $115,823,839
GLN Galan Lithium Ltd 0.6125 -7% -13% -50% $221,159,248
JRL Jindalee Resources 1.6 -8% -8% -28% $90,084,977
VUL Vulcan Energy 2.76 -3% -12% -61% $459,555,372
SBR Sabre Resources 0.033 -8% -35% -49% $9,619,044
CHN Chalice Mining Ltd 2.31 2% -26% -40% $925,732,664
VRC Volt Resources Ltd 0.0085 6% 6% -70% $31,515,391
NMT Neometals Ltd 0.3525 14% -24% -67% $196,424,318
AXN Alliance Nickel Ltd 0.049 -25% -48% -57% $36,291,981
PNN Power Minerals Ltd 0.245 0% -11% -48% $19,530,464
IGO IGO Limited 11.335 -8% -21% -26% $8,655,571,103
GED Golden Deeps 0.055 6% -8% -63% $6,238,207
ADV Ardiden Ltd 0.005 0% -17% -29% $16,130,012
SRI Sipa Resources Ltd 0.022 5% 5% -52% $4,335,005
NTU Northern Min Ltd 0.029 7% -6% -31% $171,418,398
AXE Archer Materials 0.475 -4% 3% -42% $117,229,626
PGM Platina Resources 0.024 -8% -14% 26% $16,202,689
AAJ Aruma Resources Ltd 0.032 -11% -11% -51% $6,300,528
IXR Ionic Rare Earths 0.023 -4% 0% -50% $90,990,413
NIC Nickel Industries 0.76 3% -3% -1% $3,214,357,410
EVG Evion Group NL 0.032 -14% -6% -68% $10,378,776
CWX Carawine Resources 0.13 -4% 13% 37% $25,586,271
PLS Pilbara Min Ltd 4.035 -1% -11% -23% $11,917,472,134
HAS Hastings Tech Met 0.74 5% -26% -78% $87,969,323
BUX Buxton Resources Ltd 0.195 -5% -11% 117% $33,399,321
ARR American Rare Earths 0.13 -7% 4% -35% $60,267,145
SGQ St George Min Ltd 0.038 -5% -12% 0% $30,476,699
TKL Traka Resources 0.005 0% 0% -17% $4,356,646
PAN Panoramic Resources 0.0375 1% -15% -79% $115,816,619
PRL Province Resources 0.041 0% 0% -49% $48,441,219
IPT Impact Minerals 0.012 -4% 0% 60% $31,511,743
LIT Lithium Australia 0.034 0% -6% -36% $40,332,325
AKE Allkem Limited 11.27 1% -15% -20% $7,147,612,056
ARN Aldoro Resources 0.1 12% -9% -53% $13,462,374
JRV Jervois Global Ltd 0.035 0% -13% -94% $86,480,662
MCR Mincor Resources NL 0 -100% -100% -100% $751,215,521
SYR Syrah Resources 0.4925 -3% -14% -72% $324,430,910
FBM Future Battery 0.115 0% -4% 74% $56,089,658
ADD Adavale Resource Ltd 0.013 8% 8% -56% $9,494,801
LTR Liontown Resources 2.96 0% -3% 93% $6,606,766,758
CTM Centaurus Metals Ltd 0.56 -15% -24% -41% $276,033,173
VML Vital Metals Limited 0.01 0% 0% -69% $53,061,498
BSX Blackstone Ltd 0.1175 -10% -10% -36% $54,474,224
POS Poseidon Nick Ltd 0.016 -16% -27% -65% $63,039,020
CHR Charger Metals 0.13 -4% -35% -73% $7,453,724
AVL Aust Vanadium Ltd 0.026 -4% -10% -30% $134,152,383
AUZ Australian Mines Ltd 0.015 0% -6% -77% $9,686,847
TMT Technology Metals 0.25 -6% -15% -41% $66,114,356
RXL Rox Resources 0.225 -4% 13% -6% $82,807,374
RNU Renascor Res Ltd 0.1225 2% -13% -34% $304,728,900
GL1 Globallith 1.265 -7% -18% -43% $311,832,839
BRB Breaker Res NL 0 -100% -100% -100% $158,126,031
ASN Anson Resources Ltd 0.15 3% 0% -50% $180,003,484
SYA Sayona Mining Ltd 0.092 -3% -12% -60% $936,689,937
FFX Firefinch Ltd 0.2 0% 0% 0% $236,569,315
EGR Ecograf Limited 0.125 -4% 0% -61% $56,573,985
ATM Aneka Tambang 1.19 0% 3% 3% $1,551,342
TVN Tivan Limited 0.068 -13% -13% -30% $109,954,514
ALY Alchemy Resource Ltd 0.01 -9% -17% -70% $11,780,763
GAL Galileo Mining Ltd 0.36 -13% 13% -74% $72,133,098
BHP BHP Group Limited 44.68 2% 3% 12% $223,784,861,596
LEL Lithenergy 0.55 -3% -24% -53% $58,200,650
MMC Mitremining 0.265 0% 6% 56% $12,017,777
RMX Red Mount Min Ltd 0.005 25% 11% -17% $13,367,880
GW1 Greenwing Resources 0.135 4% -13% -64% $23,523,950
AQD Ausquest Limited 0.012 -8% 0% -33% $10,726,940
LML Lincoln Minerals 0.007 40% 40% 2% $9,944,983
1MC Morella Corporation 0.0055 -21% -8% -74% $36,831,934
REE Rarex Limited 0.031 -3% -14% -49% $20,501,597
MRC Mineral Commodities 0.0375 21% -22% -50% $23,509,502
PUR Pursuit Minerals 0.009 -10% 0% -31% $26,495,743
QPM Queensland Pacific 0.064 -4% -3% -57% $129,019,758
EMH European Metals Hldg 0.625 -11% -16% -6% $78,017,531
BMM Balkanminingandmin 0.18 -12% -18% -39% $12,385,291
PEK Peak Rare Earths Ltd 0.405 8% -10% 11% $103,210,172
LEG Legend Mining 0.027 17% 0% -29% $78,420,884
MOH Moho Resources 0.008 0% -11% -70% $2,380,311
AML Aeon Metals Ltd. 0.016 0% -11% -43% $16,446,009
G88 Golden Mile Res Ltd 0.0215 -26% -35% -21% $6,587,790
WKT Walkabout Resources 0.1125 -2% -6% -35% $73,343,055
TON Triton Min Ltd 0.021 -5% -9% -9% $32,788,468
AR3 Austrare 0.22 0% -12% -35% $34,687,341
ARU Arafura Rare Earths 0.2375 -7% -5% -23% $496,640,703
MIN Mineral Resources. 61.78 -4% -11% -13% $11,877,094,144
VMC Venus Metals Cor Ltd 0.12 -4% 9% 38% $23,716,085
S2R S2 Resources 0.1925 17% 10% 33% $79,967,847
CNJ Conico Ltd 0.005 -17% -9% -69% $7,850,475
VR8 Vanadium Resources 0.049 -13% -30% -47% $23,679,752
PVT Pivotal Metals Ltd 0.025 32% 56% -39% $13,615,008
BOA Boadicea Resources 0.038 -5% -16% -68% $4,923,612
IPX Iperionx Limited 1.27 -12% -8% 50% $249,240,285
SLZ Sultan Resources Ltd 0.021 11% -25% -77% $3,111,991
NKL Nickelxltd 0.072 36% 7% -56% $5,445,423
NVA Nova Minerals Ltd 0.24 0% -14% -65% $51,668,040
MLS Metals Australia 0.032 -3% -18% -26% $19,969,158
MQR Marquee Resource Ltd 0.027 -7% -21% -54% $10,891,378
MRR Minrex Resources Ltd 0.016 14% 0% -72% $17,357,880
EVR Ev Resources Ltd 0.013 -7% -7% -54% $10,295,825
EFE Eastern Resources 0.009 0% 0% -78% $11,177,518
CNB Carnaby Resource Ltd 0.845 -3% -12% 13% $140,047,850
BNR Bulletin Res Ltd 0.12 52% 114% -8% $32,295,021
AX8 Accelerate Resources 0.029 26% 38% -17% $11,798,654
AM7 Arcadia Minerals 0.105 0% 0% -67% $10,997,448
AS2 Askarimetalslimited 0.17 -3% -28% -54% $13,645,881
BYH Bryah Resources Ltd 0.013 0% -24% -45% $4,661,869
DTM Dart Mining NL 0.022 10% -19% -72% $3,806,269
EMS Eastern Metals 0.031 -6% -9% -78% $2,062,735
FG1 Flynngold 0.068 17% -3% -35% $9,274,016
GSM Golden State Mining 0.04 8% -2% 0% $7,070,266
IMI Infinitymining 0.13 -7% -13% -43% $11,647,708
LRV Larvottoresources 0.12 -4% -11% -41% $8,406,840
LSR Lodestar Minerals 0.005 -17% -17% -17% $10,116,987
RAG Ragnar Metals Ltd 0.024 0% 4% -13% $11,375,543
CTN Catalina Resources 0.004 0% -20% -56% $4,953,948
TMB Tambourahmetals 0.155 -11% -21% -3% $12,441,053
TEM Tempest Minerals 0.008 0% -33% -75% $4,091,068
EMC Everest Metals Corp 0.125 14% 4% 25% $16,660,389
WML Woomera Mining Ltd 0.01 0% -17% -56% $9,561,946
KZR Kalamazoo Resources 0.095 -5% -24% -53% $16,110,457
LMG Latrobe Magnesium 0.046 7% -4% -43% $76,081,844
KOR Korab Resources 0.016 -16% -16% -53% $5,505,750
CMX Chemxmaterials 0.088 4% -23% -48% $4,723,843
NC1 Nicoresourceslimited 0.355 -19% -23% -40% $30,334,126
GRE Greentechmetals 0.305 -22% -28% 91% $17,544,622
CMO Cosmometalslimited 0.053 0% -24% -62% $1,838,923
FRB Firebird Metals 0.145 4% -3% -17% $10,595,875
S32 South32 Limited 3.435 1% 5% -9% $15,556,349,191
OMH OM Holdings Limited 0.465 -3% -12% -27% $343,459,852
JMS Jupiter Mines. 0.195 0% -3% 1% $382,003,251
E25 Element 25 Ltd 0.39 -9% 0% -46% $83,749,179
EMN Euromanganese 0.12 -20% -31% -55% $28,120,200
KGD Kula Gold Limited 0.012 -8% -25% -67% $4,478,543
LRS Latin Resources Ltd 0.2825 5% -9% 183% $750,157,934
CRR Critical Resources 0.037 -5% -5% -39% $62,224,760
ENT Enterprise Metals 0.004 0% 0% -64% $3,197,884
SCN Scorpion Minerals 0.059 -14% -2% -16% $21,433,784
GCM Green Critical Min 0.007 0% -13% -42% $7,956,095
ENV Enova Mining Limited 0.008 14% 33% -43% $3,909,293
RBX Resource B 0.14 -3% -13% 46% $11,575,828
AKN Auking Mining Ltd 0.056 -18% 10% -38% $11,633,911
RR1 Reach Resources Ltd 0.013 0% 8% 160% $38,403,565
EMT Emetals Limited 0.007 0% 0% -56% $5,950,000
PNT Panthermetalsltd 0.071 -11% -9% -63% $4,463,950
WIN Widgienickellimited 0.21 -7% 0% -22% $59,589,011
WMG Western Mines 0.3375 13% 11% 141% $21,267,963
AVW Avira Resources Ltd 0.0015 -25% 50% -63% $3,200,685
CAI Calidus Resources 0.15 3% -3% -68% $91,181,979
GT1 Greentechnology 0.46 14% -8% -37% $96,904,773
KAI Kairos Minerals Ltd 0.021 5% -13% -23% $57,660,068
MTM MTM Critical Metals 0.0355 -1% -7% -73% $3,576,135
NWM Norwest Minerals 0.026 -13% -24% -37% $7,476,807
PGD Peregrine Gold 0.295 5% -14% -49% $16,291,507
RAS Ragusa Minerals Ltd 0.04 5% -9% -87% $5,561,353
RGL Riversgold 0.014 8% 17% -71% $13,317,660
SRZ Stellar Resources 0.012 9% 20% -14% $11,065,607
STM Sunstone Metals Ltd 0.015 0% -35% -56% $49,311,758
ZNC Zenith Minerals Ltd 0.1 -17% -5% -68% $35,238,088
WC8 Wildcat Resources 0.425 -10% 20% 1228% $269,575,113
ASO Aston Minerals Ltd 0.034 3% -15% -59% $42,090,871
THR Thor Energy PLC 0.028 -22% -18% -69% $4,937,422
YAR Yari Minerals Ltd 0.014 -18% -26% -36% $7,235,367
IG6 Internationalgraphit 0.17 -6% -11% -48% $15,127,979
LPM Lithium Plus 0.445 -21% 27% -27% $29,364,749
ODE Odessa Minerals Ltd 0.011 -8% -27% -42% $9,471,118
KOB Kobaresourceslimited 0.08 0% -16% -33% $8,749,583
AZI Altamin Limited 0.064 7% -10% -24% $23,503,005
FTL Firetail Resources 0.1 1% -13% -52% $14,890,556
LNR Lanthanein Resources 0.008 0% -33% -79% $8,972,605
CLZ Classic Min Ltd 0.001 0% 0% -94% $12,357,082
NVX Novonix Limited 0.69 -12% -14% -62% $341,909,414
OCN Oceanalithiumlimited 0.16 -24% -27% -69% $9,023,005
SUM Summitminerals 0.1 -17% -17% -43% $4,765,713
DVP Develop Global Ltd 3.2 -1% 13% 19% $628,944,763
XTC Xantippe Res Ltd 0.001 0% 0% -79% $17,528,005
OD6 Od6Metalsltd 0.155 -9% -18% -16% $8,527,402
HRE Heavy Rare Earths 0.072 -12% 11% -60% $4,355,131
LIN Lindian Resources 0.205 0% -24% -29% $241,903,670
PEK Peak Rare Earths Ltd 0.405 8% -10% 11% $103,210,172
ILU Iluka Resources 7.545 2% -6% -19% $3,195,242,265
ASM Ausstratmaterials 1.475 1% -20% -29% $240,990,216
ETM Energy Transition 0.037 -5% -10% -20% $51,518,272
VMS Venture Minerals 0.011 0% -15% -56% $19,500,130
IDA Indiana Resources 0.06 0% 3% 3% $33,936,592
VTM Victory Metals Ltd 0.195 -5% -9% 15% $16,179,931
M2R Miramar 0.045 22% -8% -53% $6,847,999
WCN White Cliff Min Ltd 0.012 -8% 33% -52% $15,084,223
TAR Taruga Minerals 0.011 0% 10% -63% $7,766,295
ABX ABX Group Limited 0.073 -6% -12% -53% $17,206,198
MEK Meeka Metals Limited 0.035 -10% -30% -42% $39,679,522
RR1 Reach Resources Ltd 0.013 0% 8% 160% $38,403,565
DRE Dreadnought Resources Ltd 0.044 -10% -23% -52% $154,961,259
KFM Kingfisher Mining 0.17 -8% -15% -58% $9,400,125
AOA Ausmon Resorces 0.003 0% 0% -63% $2,907,868
WC1 Westcobarmetals 0.066 -23% -20% -76% $7,285,025
GRL Godolphin Resources 0.04 3% 8% -54% $6,600,439
DM1 Desert Metals 0.04 -15% -38% -91% $2,901,643
PTR Petratherm Ltd 0.059 -8% -6% -21% $13,709,819
ITM Itech Minerals Ltd 0.12 -8% -31% -66% $14,032,027
KTA Krakatoa Resources 0.02 -13% -5% -71% $8,697,958
M24 Mamba Exploration 0.045 -10% -10% -69% $2,744,250
LNR Lanthanein Resources 0.008 0% -33% -79% $8,972,605
TKM Trek Metals Ltd 0.032 -40% -48% -42% $15,811,843
BCA Black Canyon Limited 0.13 8% -16% -43% $7,877,325
CDT Castle Minerals 0.011 10% 10% -54% $12,369,423
DLI Delta Lithium 0.685 -4% -5% 15% $351,554,721
A11 Atlantic Lithium 0.47 2% 7% -28% $296,937,205
KNI Kunikolimited 0.29 -3% -28% -59% $24,053,755
CY5 Cygnus Metals Ltd 0.145 -19% -26% -67% $43,506,396
WR1 Winsome Resources 1.205 -15% -28% 239% $188,388,027
LLI Loyal Lithium Ltd 0.51 -18% -38% 21% $46,002,932
BC8 Black Cat Syndicate 0.21 0% -2% -36% $63,156,055
BUR Burleyminerals 0.145 -6% 26% 16% $14,181,546
PBL Parabellumresources 0.345 0% 0% 25% $18,879,263
L1M Lightning Minerals 0.13 4% -7% 0% $5,111,366
WA1 Wa1Resourcesltd 4.4 -11% -22% 2488% $190,239,279
EV1 Evolutionenergy 0.165 -6% -6% -33% $24,853,125
1AE Auroraenergymetals 0.11 -21% 57% -49% $19,900,866
RVT Richmond Vanadium 0.39 1% -1% 0% $32,327,927
PMT Patriotbatterymetals 1.14 -4% -15% 0% $395,881,937
PAT Patriot Lithium 0.17 -6% -15% 0% $10,860,875
BM8 Battery Age Minerals 0.24 -4% -25% -52% $22,221,722
OM1 Omnia Metals Group 0.078 -8% -19% -48% $3,554,532
VHM Vhmlimited 0.495 -1% 3% 0% $73,110,159
LLL Leolithiumlimited 0.505 0% -10% -12% $498,553,663
SRN Surefire Rescs NL 0.013 -7% -13% 0% $21,467,725
SRL Sunrise 0.725 -5% -16% -70% $65,414,936
SYR Syrah Resources 0.4925 -3% -14% -72% $324,430,910
EG1 Evergreenlithium 0.25 -11% -7% 0% $14,057,500
WSR Westar Resources 0.02 -5% -20% -59% $3,707,150
LU7 Lithium Universe Ltd 0.049 -4% -4% 23% $18,649,051
MEI Meteoric Resources 0.22 2% -6% 1471% $417,241,282
REC Rechargemetals 0.15 -12% -27% 0% $14,781,826
SLM Solismineralsltd 0.265 8% -18% 279% $20,202,444
DYM Dynamicmetalslimited 0.185 -8% -20% 0% $6,475,000
TOR Torque Met 0.32 7% -10% 73% $36,187,502
ICL Iceni Gold 0.071 -5% -21% -21% $17,029,857
TMX Terrain Minerals 0.005 0% -17% -29% $6,288,219
MHC Manhattan Corp Ltd 0.005 -29% -38% -29% $14,684,899
MHK Metalhawk. 0.088 -10% -27% -52% $6,931,849
FIN Fin Resources 0.018 +50% +64% -10% $12,420,707
ANX Anax Metals Ltd 0.035 9% -27% -44% $15,046,637
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Who’s charging up the ASX lately?

Bulletin Resources (ASX:BNR)

This lithium-hunting junior is a standout ASX battery metals performer of late – up 52% for the week and more than 106% for the month – and Stockhead (via ressie soothsayer Barry ‘Garimpeiro’ FitzGerald) pretty much called it early doors.

Well done if you’ve been following his column, paying attention and decided to take a chance.

This is about week-old news now, but the Environmental Protection Authority (EPA) has essentially given the company the green light to get the drills spinning at its Ravensthorpe lithium project in WA.

The EPA came to the conclusion it was “unnecessary” to assess the environmental impacts of clearing and drilling. This decision is not open for appeal.

Stockhead resources guru Reuben Adams reported early last week:

BNR – dobbed into the EPA by a “third party” — will now resume the clearing permit application process with drilling to kick off soon after approval.

It’s been a long road to reach this point at Ravensthorpe, 12km along strike of Allkem’s (ASX:AKE) Mt Cattlin mine, which BNR acquired April 2021 and then expanded the following year.

Limited to surface sampling and surveying until now, the company has defined three peggie trends with rock chips grading up to 8.21% lithium. Outrageous.

The proof of the project’s prospectivity will now be in the drilling. If they do hit paydirt, Barry Fitz surmises that Ravensthorpe could be an easy solution to Mt Cattlin’s lack of feed past 2027.

The cashed-up junior had almost $12m in the bank at the end of June.

BNR share price

 

Lincoln Minerals (ASX:LML)

The South Australian graphite explorer is up a tasty 40% for the month.

It has the following news, which landed on Tuesday this week:

LML has updated its Mineral Resource estimate for its wholly owned Koppio deposit within the Kookaburra Gully graphite project area in South Australia, adding a further 48kt to its total discovered graphite resource.

The Koppio resource gets an upgrade from Inferred to Indicated.

Lincoln’s interim CEO, Sam Barden, said: “This resource upgrade confirms that the Board and management’s strategic direction and actions over the past 12 months are moving our company in the right direction.

“Our path out of suspension on the ASX, to a resource upgrade via our recent drilling program is further proof we are providing value for all shareholders.”

A next round of drilling is scheduled over the coming summer months and the company is expecting further resource upgrades.

LML share price

 

Accelerate Resources (ASX:AX8)

Pilbara lithium hunter Accelerate Resources is up 26% for the week, 38% for the month.

It recently added four ‘transformational’ Karratha tenements to its growing battery metals portfolio, which is a major highlight of the investor presentation the company released into the wild yesterday.

As Stockhead detailed in a recent special report, Karratha is right in the heart of the Pilbara’s 40km-long Karratha-Roeburne lithium belt, where recent discoveries include Azure Minerals’ (ASX:AZS) monstrous Andover project (exploration target 100-240Mt at 1-1.5% Li2O).

Karratha comprises four projects – Prinsep and Mt Sholl (100% owned), Roebourne South and Mt Sholl East (75% owned).

Lithium hunters sure love a good nearology plot (see FIN, above), and why not, eh? Discoveries such as Andover have driven up share prices for lithium explorers over the past six months, even if the spot price of the commodity itself has been trending lower and lower.

The great battery metals hunt is still very much on, with lithium still the most sought after commodity in this frothy sub-sector. And that’s another trend set to keep rolling and rolling through Australia’s west, into Brazil, North America and beyond.

AX8 share price

 

Fin Resources (ASX:FIN)

New lithium bull shark Fin Resources is carving its way through ASX waters, up 58% over the past seven days, and 72% for the month.

This week its maiden fieldwork program identified abundant spodumene crystals within a broad pegmatite outcrop at Cancet West in James Bay, Canada.

Big nearology feels there, just 45km west of  Winsome Resources’ (ASX:WR1) Cancet lithium deposit and 100km west of Patriot Battery Metals’ (ASX:PMT) 109.2Mt at 1.42% Li2O world-class Corvette deposit.

Then there’s the explorer’s 98km2 Ross project, close to Critical Elements Lithium’s (TSXV:CRE) Graab prospect and Nemaska Lithium’s 36.6Mt at 1.3% Li2O Whabouchi deposit – about 65km and 100km to the southwest respectively. Fieldwork has now begun at Ross targeting nine priority areas.

But regarding Cancet West, the company reports at least five pegmatite bodies have been identified outcropping across the western and eastern blocks of the area, with roughly total strike lengths of each outcrop ranging from 200-400m.

“These pegmatite bodies may extend for significant distances, along strike and below surface,” notes a company ASX release this week.

Large green spodumene crystals and tourmaline within pegmatite outcrop at Cancet West. Source: Fin Resources ASX announcement.
Up to 30cm long green spodumene crystals, trace lepidolite, coarse muscovite, tourmaline, blue-green beryl, coarse red garnets and megacrystic feldspars were mapped within one of the pegmatite outcrops.

Read more on FIN’s latest discovery, here.

FIN share price

 

At Stockhead we tell it like it is. While Accelerate Resources and Fin Resources are Stockhead advertisers at the time of writing, they did not sponsor this article. Also at the time of writing, the author of this piece has a plankton-level investment in BNR.

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