• Cobalt deficit starts to widen from 2024, with no end in sight
  • Labor’s election victory good for “battery material stocks, hydrogen, or new technology”: Far East Capital
  • Booming EV sales will still fall well short of 2050 targets, IEA says

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

 

Cobalt deficit starts to widen from 2024

Following a deficit of around 14,000t in 2021, the global cobalt market is expected to be more balanced in 2022 and 2023 as supply additions keep pace with demand growth, according to the Cobalt Institute’s latest report.

But that’s as balanced as things are going to get for a while. Even then it’s a crapshoot, with supply chain bottlenecks, war and Covid-19 lockdowns in China potentially keeping prices elevated longer than expected.

“Freight routes were expected to begin to normalise in the second half of 2022, but this is now at risk of being pushed back to later in the year or even into 2023,” the Institute says.

“Until this happens, hydroxide payables will remain elevated and put pressure on refiners, and particularly metal production in China.”

From 2024, the market is forecast to shift back into a deficit.

This deficit will keep getting bigger into the medium term as supply growth fails to keep pace with demand, the Institute says.

“From 2024-26, supply growth will average 8% per year, compared to more than 12% for demand,” it says.

“Prices will remain elevated to incentivise further investment and prevent wide deficits developing.

“Supply side investment remains critical to ensure sufficient supply into the longer term as cobalt demand continues to rise even higher.”

Chart showing healthy mined supply growth in short term but declines in medium term. Source: Cobalt Institute.

 

Labor wins. Which ASX stocks benefit?

“There will be winners on the bourse with Labor taking control,” Far East capital analyst Warwick Grigor said in a weekend note.

“Foremost of these will be any company that is contributing to alternative energy, be it battery material stocks, hydrogen, or new technology.

“Money is going to be thrown at these sectors as they will be the beneficiaries of Labor’s promises to fight climate change.”

Labor plans to cut emissions by 43% of 2005 levels by 2030 compared with the former coalition government’s target of 26-28% over the same period.

 

EV sales to fall well short of 2050 targets: IEA

Global electric vehicle sales doubled in 2021 to 6.6 million – an impressive 10% of the total — but growth needs to go up a few gears to hit 60% of the total by 2050.

That’s the official target required to reach net zero CO2 emissions by the middle of the century.

Sales have remained strong this year thanks to sustained policy support, the IEA said, despite constrained raw materials supply and semiconductor shortages impacting production numbers.

Argus says the total number of vehicles that have been lost in North America alone since January 2021 — when global semiconductor shortages began to cut into auto production — is now 2.41 million.

The cost of minerals crucial for EV production, such as nickel, lithium and cobalt, has also increased significantly in the past year as supply lags demand.

In other words, sales are strong in 2022 but could be better.

But to hit the official 2050 target we need a shedload of mining/ downstream battery materials projects to come online sooner rather than later. That seems far-fetched.

“The IEA’s Announced Pledges Scenario — based on existing policy commitments — projects the EV share will fall short of what is required globally to reach net zero CO2 emissions by 2050,” Argus says.

“EVs will reach 30pc of total vehicle sales worldwide, but should reach 60pc to meet climate targets, the IEA estimates.”

 

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>>>

Battery metals stocks missing from our list? Shoot a mail to [email protected]. Be nice, he’s fragile.

CODE COMPANY 1 WEEK RETURN % 1 MONTH RETURN % 6 MONTH RETURN % 1 YEAR RETURN % PRICE MARKET CAP
RAS Ragusa Minerals 67% 45% 39% 56% 0.125 $12,565,783.00
NC1 Nicoresourceslimited 53% -21% 0% 0% 1.37 $115,170,002.64
ALY Alchemy Resource 35% 0% 125% 62% 0.027 $26,686,073.60
ESR Estrella Res 30% 13% -21% -48% 0.026 $28,816,356.96
EMS Eastern Metals 27% -10% -16% 0% 0.2025 $7,120,000.00
CHN Chalice Mining 23% -6% -28% -10% 6.67 $2,368,006,571.58
RAG Ragnar Metals 22% -10% 2% -22% 0.045 $16,304,950.23
SCN Scorpion Minerals 21% 40% 57% 75% 0.105 $34,842,275.16
S2R S2 Resources 20% 16% -18% 9% 0.18 $62,365,599.63
LRS Latin Resources 19% -34% 205% 89% 0.125 $241,102,230.75
LEL Lithenergy 19% 39% 33% 194% 1.38 $57,340,500.00
AKE Allkem Limited 19% 6% 39% 121% 13.55 $8,276,801,956.28
PAM Pan Asia Metals 18% -6% 0% 312% 0.515 $33,882,976.24
EMT Emetals Limited 17% 0% -18% -50% 0.014 $11,900,000.00
ODE Odessa Minerals 17% -5% 320% 425% 0.021 $9,668,719.94
RLC Reedy Lagoon Corp. 16% -17% -33% 71% 0.029 $15,902,359.67
A8G Australasian Metals 15% -18% -25% 144% 0.415 $16,056,492.66
MRC Mineral Commodities 15% -8% -4% -45% 0.115 $61,523,922.91
ESS Essential Metals 14% -16% 167% 532% 0.575 $132,738,877.44
ASN Anson Resources 14% -4% -11% 119% 0.125 $123,349,480.20
GED Golden Deeps 13% -11% 42% 55% 0.017 $19,637,708.88
PLS Pilbara Min 13% 6% 16% 171% 2.925 $8,364,904,082.33
AOA Ausmon Resorces 13% -10% 13% 50% 0.009 $7,715,604.09
INR Ioneer 12% -18% -20% 60% 0.545 $1,160,671,178.10
SRL Sunrise 12% -7% 63% 51% 3.09 $269,273,058.21
POS Poseidon Nick 12% -19% -30% 12% 0.073 $229,796,964.45
IGO IGO Limited 12% -12% 16% 64% 11.91 $8,822,170,021.45
NKL Nickelx 12% 37% 61% 32% 0.185 $11,488,500.00
QPM Queensland Pacific 12% -7% -21% 48% 0.1625 $257,996,166.62
AZS Azure Minerals 12% -21% -22% 4% 0.28 $87,006,001.88
ARU Arafura Resource 12% 1% 74% 127% 0.375 $573,654,412.84
NWM Norwest Minerals 12% -15% -40% -48% 0.047 $8,307,939.80
MCR Mincor Resources NL 12% 1% 97% 155% 2.46 $1,167,324,703.77
GAL Galileo Mining 12% 290% 315% 224% 0.955 $176,829,665.25
AXE Archer Materials 12% -14% -48% 11% 0.765 $200,772,437.67
DTM Dart Mining NL 12% -12% -30% -55% 0.067 $9,087,837.89
PLL Piedmont Lithium Inc 11% -15% -3% 6% 0.83 $437,883,764.00
CXO Core Lithium 11% -5% 128% 450% 1.32 $2,304,029,654.92
MIN Mineral Resources. 11% 1% 39% 42% 61.18 $11,283,963,563.88
FGR First Graphene 11% -6% -25% -40% 0.15 $84,005,066.40
GT1 Greentechnology 11% -20% 108% 0% 0.875 $119,884,160.00
SLZ Sultan Resources 11% 0% 0% -45% 0.155 $12,909,080.30
MQR Marquee Resource 11% -28% -16% 59% 0.105 $31,174,848.50
PGD Peregrine Gold 10% -4% 31% 44% 0.49 $18,760,467.81
CNJ Conico 10% 92% -42% -20% 0.023 $29,906,424.73
AM7 Arcadia Minerals 10% -26% 7% 0% 0.23 $7,698,350.00
NIC Nickel Mines Limited 9% 7% -3% 33% 1.27 $3,536,999,178.62
JRV Jervois Global 9% 0% 70% 91% 0.9025 $1,360,177,110.10
AGY Argosy Minerals 9% -15% 39% 366% 0.41 $548,676,512.91
GSR Greenstone Resources 9% 34% 62% 124% 0.047 $43,073,323.38
CML Chase Mining Limited 9% -25% -20% -37% 0.012 $5,617,593.13
ILU Iluka Resources 9% -3% 27% 43% 10.82 $4,454,482,693.50
FFX Firefinch 9% -14% 38% 105% 0.9425 $1,139,899,708.27
LYC Lynas Rare Earths 9% 2% 12% 84% 9.63 $8,572,909,763.00
SYR Syrah Resources 9% 6% 57% 80% 1.84 $1,218,183,370.04
TMT Technology Metals 8% -20% 18% 16% 0.395 $81,337,576.71
CRR Critical Resources 8% -25% 55% 172% 0.079 $120,496,648.14
LNR Lanthanein Resources 8% -16% 4% 86% 0.027 $22,621,290.39
OZL OZ Minerals 8% -6% -12% -10% 23.15 $7,558,542,980.62
CTM Centaurus Metals 8% -20% 4% 57% 1.165 $486,901,151.22
WR1 Winsome Resources 8% -17% 0% 0% 0.415 $57,423,447.45
1MC Morella Corporation 8% -26% -56% -56% 0.028 $139,757,777.62
MLS Metals Australia 8% -39% 63% 145% 0.098 $41,325,232.37
EVR Ev Resources 8% -29% -21% 68% 0.042 $40,743,299.12
EVR Ev Resources 8% -29% -21% 68% 0.042 $40,743,299.12
LTR Liontown Resources 8% -15% -24% 247% 1.34 $2,838,931,631.41
FG1 Flynngold 7% -6% -17% 0% 0.145 $9,288,852.25
NVA Nova Minerals 7% -14% -56% -53% 0.655 $119,834,519.53
RGL Riversgold 7% -39% 137% 10% 0.044 $26,857,966.42
ARL Ardea Resources 7% -39% 105% 145% 1.125 $190,954,993.50
CWX Carawine Resources 7% -25% -29% -41% 0.15 $20,675,152.05
KFM Kingfisher Mining 7% -11% 38% 22% 0.2625 $8,732,475.26
WIN Widgienickellimited 7% -22% 81% 0% 0.39 $98,829,000.00
BRB Breaker Res NL 7% -16% -41% 31% 0.235 $79,831,027.61
FTL Firetail Resources 7% -19% 0% 0% 0.325 $19,770,400.00
GBR Greatbould Resources 6% -21% -29% -1% 0.099 $41,765,345.13
S32 South32 Limited 6% -3% 31% 63% 4.68 $21,688,850,579.62
BOA Boadicea Resources 6% -19% -19% -46% 0.17 $13,597,481.63
QXR Qx Resources Limited 6% -28% 108% 247% 0.052 $41,249,391.41
BNR Bulletin Res 6% -23% 112% 167% 0.18 $50,765,942.50
BHP BHP Group Limited 6% -1% 26% 0% 47.86 $242,130,918,177.70
LPD Lepidico 6% -27% -38% 119% 0.0285 $179,476,807.69
ASO Aston Minerals 6% -5% 14% -23% 0.1425 $164,184,812.70
PGM Platina Resources 5% -26% -41% -35% 0.039 $14,768,999.63
QEM QEM Limited 5% -18% -7% 5% 0.2 $25,542,334.02
VRC Volt Resources 5% -26% -29% -50% 0.02 $64,132,275.54
AQD Ausquest Limited 5% -9% 18% -5% 0.02 $16,502,984.46
BMM Balkanminingandmin 5% -15% -39% 0% 0.3 $9,825,000.00
BSX Blackstone 5% -18% -46% -19% 0.305 $138,723,031.68
NTU Northern Min 5% -17% -38% 23% 0.043 $204,103,044.56
IPT Impact Minerals 5% -24% -19% -29% 0.011 $21,904,615.86
KOR Korab Resources 5% -13% -48% 120% 0.033 $11,011,500.00
GLN Galan Lithium 5% -25% -5% 115% 1.45 $435,291,087.66
GSM Golden State Mining 5% -19% -28% -50% 0.068 $7,059,396.34
BEM Blackearth Minerals 5% -21% -21% -15% 0.1025 $27,710,487.76
ARR American Rare Earths 4% -14% 100% 355% 0.35 $138,444,227.60
RNU Renascor Res 4% -24% 96% 222% 0.235 $516,424,730.40
HAS Hastings Tech Met 4% -11% -4% 48% 0.245 $517,381,041.05
GME GME Resources 4% -17% 92% 116% 0.125 $68,308,937.63
OMH OM Holdings Limited 4% -2% -10% 1% 0.875 $642,602,303.19
E25 Element 25 4% -31% -41% -70% 0.65 $106,133,706.46
THR Thor Mining PLC 4% -19% -19% -35% 0.013 $13,753,238.41
MRR Minrex Resources 4% -24% 157% 125% 0.054 $53,461,921.98
KAI Kairos Minerals 4% -10% -7% -18% 0.027 $52,976,524.26
CZN Corazon 4% -15% -16% -19% 0.028 $17,699,586.15
HXG Hexagon Energy 4% -36% -68% -68% 0.028 $14,361,645.23
COB Cobalt Blue 4% -1% 123% 169% 0.86 $272,686,003.55
EGR Ecograf Limited 4% -23% -32% -25% 0.43 $189,140,052.78
AZL Arizona Lithium 4% -22% 32% 383% 0.145 $346,071,477.86
TON Triton Min 4% -15% -28% -29% 0.029 $36,504,741.13
AZL Arizona Lithium 4% -22% 32% 383% 0.145 $346,071,477.86
BUX Buxton Resources 3% -9% 1% -5% 0.09 $13,416,276.65
VUL Vulcan Energy 3% -16% -28% 12% 7.43 $988,654,625.90
LRV Larvottoresources 3% -39% 0% 0% 0.31 $12,362,250.00
PVW PVW Res 3% -14% -23% 143% 0.34 $29,301,890.63
TLG Talga Group 3% -16% -23% -12% 1.335 $408,665,855.46
CHR Charger Metals 3% -23% 34% 0% 0.575 $18,245,379.60
STK Strickland Metals 3% 15% 7% 221% 0.077 $103,747,999.50
BKT Black Rock Mining 3% -32% 3% 28% 0.205 $200,324,366.56
WML Woomera Mining 3% -34% 8% -6% 0.0205 $15,110,327.45
TMB Tambourahmetals 2% -22% -16% 0% 0.21 $8,856,408.57
CMX Chemxmaterials 2% -13% 0% 0% 0.225 $10,426,668.98
KZR Kalamazoo Resources 2% -25% -5% -25% 0.3525 $52,995,946.51
AS2 Askarimetalslimited 2% -28% 144% 0% 0.5 $21,621,391.48
VML Vital Metals Limited 2% -22% -13% 0% 0.052 $204,353,671.12
PAN Panoramic Resources 2% -19% 17% 74% 0.27 $533,237,641.04
LKE Lake Resources 2% -31% 69% 444% 1.47 $2,002,766,089.94
GW1 Greenwing Resources 2% -32% -26% 7% 0.32 $39,439,151.68
GL1 Globallith 2% -21% 140% 576% 1.655 $268,993,543.92
ZNC Zenith Minerals 1% -16% 61% 28% 0.37 $123,805,495.80
EUR European Lithium 1% -27% -45% 38% 0.077 $109,250,177.24
AAJ Aruma Resources 1% -32% -1% 18% 0.078 $12,086,035.73
DEV Devex Resources 1% -32% -40% 41% 0.395 $116,248,068.53
MNS Magnis Energy Tech 1% -14% -33% 38% 0.4 $391,426,558.25
REE Rarex Limited 1% -20% -24% -8% 0.08 $44,453,640.96
MNS Magnis Energy Tech 1% -14% -33% 38% 0.4 $391,426,558.25
CAI Calidus Resources 1% -19% 32% 96% 0.825 $337,929,486.72
LOT Lotus Resources 1% -26% -15% 37% 0.2675 $274,075,343.08
VIA Viagold Rare Earth 0% 0% 0% 2339% 2 $166,624,808.00
INF Infinity Lithium 0% -23% -29% 101% 0.135 $53,951,698.58
PSC Prospect Res 0% -1% 39% 491% 0.945 $414,837,158.35
HNR Hannans 0% -29% -40% 247% 0.024 $65,156,786.90
MRD Mount Ridley Mines 0% -16% 0% 33% 0.008 $46,797,560.75
AVZ AVZ Minerals 0% -28% 11% 420% 0.78 $2,752,409,203.44
CLA Celsius Resource 0% -20% -29% -53% 0.02 $24,429,315.36
SRI Sipa Resources 0% -20% -26% -29% 0.039 $7,995,967.32
RXL Rox Resources 0% -21% -14% -34% 0.325 $55,750,512.51
ATM Aneka Tambang 0% 5% 21% 25% 1.25 $1,629,561.25
TNG TNG Limited 0% -18% -8% -16% 0.07 $97,189,275.54
MMC Mitremining 0% -22% -31% 0% 0.145 $3,927,339.50
LML Lincoln Minerals 0% 0% 0% 0% 0.008 $4,599,869.49
PEK Peak Rare Earths 0% -30% -25% -46% 0.5 $99,527,297.76
AR3 Austrare 0% -36% -50% 0% 0.455 $34,143,666.75
RFR Rafaella Resources 0% -11% -43% -60% 0.04 $9,211,022.36
EFE Eastern Resources 0% -26% -50% 164% 0.037 $37,788,591.98
LSR Lodestar Minerals 0% -33% 0% -9% 0.01 $17,384,373.48
WCN White Cliff Min 0% -31% 54% 33% 0.02 $13,725,670.60
LMG Latrobe Magnesium 0% -13% -26% 268% 0.07 $115,465,791.67
CMO Cosmometalslimited 0% -24% 0% 0% 0.14 $3,571,400.00
FRB Firebird Metals 0% -3% -28% -42% 0.33 $17,320,976.64
JMS Jupiter Mines. 0% -14% 5% -27% 0.215 $411,388,116.93
ENT Enterprise Metals 0% -36% 8% -39% 0.014 $9,025,055.97
ENV Enova Mining Limited 0% -10% -22% -18% 0.018 $6,095,859.19
AVW Avira Resources 0% -23% -17% -29% 0.005 $10,593,950.00
SRZ Stellar Resources 0% -21% -12% 0% 0.023 $19,303,960.40
AZI Altamin Limited -1% 13% 23% 8% 0.096 $37,604,808.19
LIT Lithium Australia -1% -18% -31% -25% 0.086 $93,164,870.16
LEG Legend Mining -1% -21% 34% -35% 0.071 $192,859,500.47
EMN Euromanganese -2% -26% -42% -31% 0.32 $80,995,237.16
LPM Lithium Plus -2% 152% 0% 0% 0.63 $27,663,284.00
IG6 Internationalgraphit -2% -33% 0% 0% 0.3 $24,446,432.40
LPI Lithium Pwr Int -2% -34% 14% 173% 0.56 $199,012,563.36
MLX Metals X Limited -2% -32% 29% 110% 0.505 $435,487,712.16
EMH European Metals Hldg -2% -22% -34% -23% 0.97 $137,961,425.70
PNT Panthermetals -2% -10% 0% 0% 0.22 $6,580,000.00
ARN Aldoro Resources -2% -28% -54% -34% 0.215 $21,826,989.58
SGQ St George Min -3% -17% -36% -53% 0.039 $27,150,694.51
PUR Pursuit Minerals -3% -35% -46% -74% 0.0195 $19,856,533.07
KOB Kobaresourceslimited -3% 0% 0% 0% 0.195 $11,700,000.00
IMI Infinitymining -3% -27% 0% 0% 0.16 $9,200,000.00
WC8 Wildcat Resources -3% -9% -52% 10% 0.032 $20,003,454.54
AOU Auroch Minerals -3% -37% -39% -57% 0.088 $31,433,256.51
NMT Neometals -3% -26% 17% 186% 1.315 $710,147,432.82
PRL Province Resources -3% -11% -48% -50% 0.085 $99,601,743.75
G88 Golden Mile Res -4% -21% 10% -12% 0.053 $11,205,293.77
AKN Auking Mining -4% -24% -33% -72% 0.11 $9,730,834.16
WKT Walkabout Resources -4% -12% 16% 16% 0.215 $99,500,524.64
VR8 Vanadium Resources -5% -33% 41% 104% 0.1 $47,311,237.40
SHH Shree Minerals -5% -37% -14% -41% 0.0095 $12,222,368.92
AML Aeon Metals . -5% -38% -22% -52% 0.036 $35,824,837.74
VMC Venus Metals Cor -5% -13% -10% 3% 0.175 $25,683,376.11
IXR Ionic Rare Earths -5% -27% 11% 100% 0.052 $205,248,060.76
GRE Greentechmetals -6% -34% 0% 0% 0.165 $5,317,599.83
MAN Mandrake Res -6% -23% -13% -72% 0.048 $24,668,570.15
IPX Iperionx Limited -6% -33% -6% -15% 0.85 $123,453,872.08
KTA Krakatoa Resources -6% -41% 38% 15% 0.077 $25,853,243.78
RMX Red Mount Min -6% -21% -32% -17% 0.0075 $13,138,910.86
STM Sunstone Metals -7% -23% -45% 175% 0.055 $136,445,660.15
AUZ Australian Mines -7% -40% -41% -28% 0.13 $53,794,712.13
JRL Jindalee Resources -7% -27% 52% 32% 3.43 $196,809,853.38
ADV Ardiden -8% -17% 0% 20% 0.012 $29,351,688.92
CZL Cons Zinc -8% -20% -20% -38% 0.024 $8,432,587.51
BYH Bryah Resources -8% -23% -20% -37% 0.044 $9,953,115.70
KGD Kula Gold Limited -8% -30% -33% -18% 0.033 $7,100,795.86
RR1 Reach Resources -8% -31% -31% 50% 0.0055 $11,460,303.83
PNN PepinNini Minerals -8% -42% -22% 90% 0.485 $31,949,987.68
CAE Cannindah Resources -9% -20% 43% 314% 0.265 $141,441,649.61
MTM Mtmongerresources -9% -34% -3% 0% 0.145 $5,439,004.95
AX8 Accelerate Resources -10% -29% -15% -22% 0.035 $9,484,520.36
FRS Forrestaniaresources -11% -46% -46% 0% 0.2 $5,338,772.76
TKL Traka Resources -11% -20% -38% -50% 0.008 $5,510,196.49
ADD Adavale Resource -12% -30% -36% -69% 0.03 $10,995,410.06
AVL Aust Vanadium -12% -37% 83% 138% 0.0475 $167,516,113.54
WMG Western Mines -13% -28% 11% 0% 0.205 $7,692,825.00
MOH Moho Resources -13% -47% -44% -59% 0.034 $4,424,375.60
NWC New World Resources -13% -29% -43% -56% 0.04 $67,069,918.52
CNB Carnaby Resource -15% -26% 260% 95% 0.935 $139,946,871.68
SYA Sayona Mining -18% -42% 35% 579% 0.21 $1,687,945,673.08
SBR Sabre Resources -20% -33% -33% -20% 0.004 $13,945,824.27
TEM Tempest Minerals -23% -52% 85% 123% 0.048 $26,738,897.98
TSC Twenty Seven Co. -25% -25% -33% -40% 0.003 $10,643,255.62
RBX Resource B -29% -36% -15% 400% 0.17 $7,122,079.83