• Lithium spot pricing reportedly plummeted in Q1 2023
  • And yet ASX lithium producers recorded small downturns, or even minor increases in prices
  • Small Caps of the Week: Westar, Wildcat, WA1

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

 

While lithium prices look to have bottomed and are rising again, the truth is that prices didn’t fall as much as commentators would have you believe.

Fastmarkets reckons lithium prices are down, on average, by 60% since the start of the year.

But that’s spot.

Most lithium supply is locked up in opaque long term contracts. 60% drop? Our producers tell a different story.

Hard rock miner Pilbara Minerals (ASX:PLS) reported an average realised spod price for the March quarter of US$4,840/dmt. That’s a 15% drop on the prior quarter.

MinRes (ASX:MIN) says its average realised lithium battery chemicals revenue was US$56,996/t (exclusive of China VAT), down 14% over the same period.

Allkem (ASX:AKE) says the average price received for its lithium carbonate from third party sales was US$53,175/tonne, in line with the previous quarter.

Meeanwhile, spod from Mt Cattlin generated an average realised sales price of US$5,702/t, “an 8% QoQ increase which corresponds to approximately US$6,500/dmt CIF on an SC6 equivalent”.

An 8% increase, they say.

Same goes for the large overseas players.

The more you know.

 

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].

CODE COMPANY 1 WEEK RETURN % YTD RETURN % 12 MONTH RETURN % PRICE MARKET CAP
WSR Westar Resources 58% 58% 5% 0.079 $12,643,849
LPD Lepidico 44% -19% -55% 0.013 $91,653,387
WC8 Wildcat Resources 41% 358% 233% 0.11 $56,933,955
WA1 Wa1 Resources 39% 301% 3194% 5.6 $199,261,476
NKL Nickelx 30% -3% -58% 0.078 $6,482,646
AX8 Accelerate Resources 28% 0% -41% 0.023 $8,684,840
TMB Tambourahmetals 28% 10% -47% 0.115 $4,737,149
ESR Estrella Res 25% -29% -63% 0.01 $13,352,147
ODE Odessa Minerals 25% -33% -41% 0.01 $7,514,597
G88 Golden Mile Res 22% 8% -54% 0.022 $5,592,863
POS Poseidon Nick 22% 10% -36% 0.044 $142,969,297
A8G Australasian Metals 21% -11% -56% 0.17 $8,078,677
LLL Leolithiumlimited 21% 89% 0% 0.915 $838,658,375
RAG Ragnar Metals 19% 58% -61% 0.019 $7,204,513
BYH Bryah Resources 17% -18% -55% 0.021 $4,781,309
AXE Archer Materials 16% -25% -36% 0.46 $119,778,096
TAR Taruga Minerals 14% -33% -27% 0.016 $11,296,429
PTR Petratherm 14% 38% -20% 0.08 $17,980,091
KGD Kula Gold Limited 13% -32% -44% 0.017 $7,464,238
XTC Xantippe Res 13% -10% -59% 0.0045 $45,920,399
OD6 Od6Metals 12% -16% 0% 0.28 $14,579,106
MTM MTM Critical Metals 11% 55% -28% 0.1225 $11,044,695
MRC Mineral Commodities 11% -28% -55% 0.05 $34,572,797
EMT Emetals Limited 11% 0% -23% 0.01 $8,500,000
FTL Firetail Resources 9% -42% -72% 0.093 $7,161,000
RBX Resource B 9% 106% 6% 0.175 $12,962,220
TVN Tivan Limited 9% 21% 23% 0.087 $125,027,131
MQR Marquee Resource 8% -30% -75% 0.026 $8,507,395
RR1 Reach Resources 8% 30% 18% 0.0065 $17,907,829
KTA Krakatoa Resources 8% -41% -65% 0.026 $9,447,791
SGQ St George Min 8% -40% 5% 0.041 $37,822,975
WML Woomera Mining 8% -26% -41% 0.014 $13,386,257
AR3 Austrare 8% -11% -23% 0.355 $45,210,653
TKM Trek Metals 7% 5% -6% 0.08 $25,840,101
STK Strickland Metals 7% 13% -42% 0.045 $68,359,298
ETM Energy Transition 7% -26% -27% 0.046 $63,719,969
SUM Summitminerals 6% 17% 0% 0.17 $4,327,321
DM1 Desert Metals 6% -55% -71% 0.087 $5,803,286
EMC Everest Metals Corp 6% 14% -14% 0.09 $11,131,247
BUX Buxton Resources 6% 57% 98% 0.18 $31,686,535
WC1 Westcobarmetals 5% -43% -25% 0.097 $8,292,839
QEM QEM Limited 5% 11% -15% 0.2 $27,078,342
VTM Victory Metals 5% -7% 64% 0.205 $13,311,339
VR8 Vanadium Resources 5% 55% -19% 0.089 $46,821,327
PVW PVW Res 5% -31% -77% 0.068 $6,892,452
HNR Hannans 5% -39% -50% 0.0115 $29,970,653
CTM Centaurus Metals 4% -33% -36% 0.745 $311,787,579
FRS Forrestaniaresources 4% -46% -64% 0.075 $4,384,174
LYC Lynas Rare Earths 4% -3% -19% 7.595 $7,143,688,399
PAM Pan Asia Metals 4% -34% -43% 0.27 $42,698,234
PVT Pivotal Metals 3% -32% -25% 0.03 $14,766,411
LNR Lanthanein Resources 3% -26% -35% 0.0155 $16,823,634
NIC Nickel Industries 3% -6% -26% 0.9075 $2,631,103,828
LIT Lithium Australia 3% -20% -59% 0.036 $45,184,092
IPX Iperionx Limited 3% 34% 19% 0.925 $176,557,344
CAI Calidus Resources 3% -31% -79% 0.185 $101,633,046
QXR Qx Resources Limited 3% -12% -34% 0.037 $34,977,631
LIN Lindian Resources 3% 142% 582% 0.375 $410,762,037
VMC Venus Metals Cor 3% 41% 0% 0.19 $34,433,450
DVP Develop Global 3% 9% 46% 3.48 $624,609,355
JMS Jupiter Mines. 2% -2% 2% 0.215 $421,183,072
PMT Patriotbatterymetals 2% 140% 0% 1.8 $563,170,506
WKT Walkabout Resources 2% -29% -42% 0.1 $63,628,651
ILU Iluka Resources 2% 21% 9% 11.495 $4,877,846,629
NWC New World Resources 1% 6% -8% 0.036 $75,797,714
AVL Aust Vanadium 1% 54% -13% 0.0385 $152,757,508
MCR Mincor Resources NL 0% -7% -42% 1.4025 $759,351,429
WIN Widgienickellimited 0% -21% -30% 0.26 $72,891,585
GSR Greenstone Resources 0% -41% -61% 0.019 $21,838,831
OCN Oceanalithiumlimited 0% -10% 0% 0.31 $11,752,950
ITM Itech Minerals 0% -8% -47% 0.245 $28,064,055
SCN Scorpion Minerals 0% 0% -28% 0.07 $23,853,727
BC8 Black Cat Syndicate 0% 8% -10% 0.385 $101,294,492
VIA Viagold Rare Earth 0% 0% 0% 2 $166,624,808
AVZ AVZ Minerals 0% 0% 0% 0.78 $2,752,409,203
RLC Reedy Lagoon Corp. 0% -40% -77% 0.006 $3,400,318
EUR European Lithium 0% 35% 39% 0.1 $148,923,918
BKT Black Rock Mining 0% 0% -33% 0.135 $133,116,631
ARL Ardea Resources 0% -46% -67% 0.38 $65,171,053
ADV Ardiden 0% 0% -36% 0.007 $18,818,347
CWX Carawine Resources 0% 0% -31% 0.1 $19,681,747
PRL Province Resources 0% -32% -55% 0.041 $48,441,219
FFX Firefinch 0% 0% -46% 0.2 $236,569,315
ATM Aneka Tambang 0% 28% -8% 1.15 $1,499,196
RMX Red Mount Min 0% -20% -50% 0.004 $9,087,404
GW1 Greenwing Resources 0% -4% -13% 0.265 $39,726,090
PUR Pursuit Minerals 0% 13% -18% 0.018 $46,920,985
CNJ Conico 0% 6% -74% 0.009 $14,130,855
AM7 Arcadia Minerals 0% -22% -27% 0.16 $7,471,663
CTN Catalina Resources 0% -60% -56% 0.004 $4,953,948
KOR Korab Resources 0% -7% 0% 0.028 $10,277,400
CMO Cosmometalslimited 0% -19% -21% 0.11 $2,806,100
ENV Enova Mining Limited 0% -33% -44% 0.01 $3,909,293
THR Thor Energy PLC 0% -17% -64% 0.005 $7,368,064
CLZ Classic Min 0% -89% -99% 0.001 $5,761,929
M2R Miramar 0% -38% -60% 0.05 $4,019,087
ABX ABX Group Limited 0% -9% -36% 0.105 $23,477,035
AOA Ausmon Resorces 0% -43% -50% 0.004 $3,877,157
LLI Loyal Lithium 0% 8% 5% 0.32 $19,036,800
PBL Parabellumresources 0% 1% 73% 0.345 $18,879,263
MGG Mogul Games Grp 0% 0% -50% 0.0015 $4,905,643
NC1 Nicoresourceslimited 0% -15% -63% 0.525 $46,600,251
GRL Godolphin Resources 0% -28% -48% 0.06 $7,220,536
AKN Auking Mining 0% -41% -42% 0.057 $11,581,127
LRV Larvottoresources 0% 13% -45% 0.18 $12,442,124
MLX Metals X Limited 0% -31% -47% 0.265 $249,498,168
INF Infinity Lithium 0% -8% -19% 0.11 $53,198,091
OM1 Omnia Metals Group 0% 75% 87% 0.28 $13,443,421
TON Triton Min 0% -11% 19% 0.032 $53,086,091
GED Golden Deeps 0% -33% -70% 0.006 $7,508,974
HXG Hexagon Energy 0% -35% -59% 0.011 $6,154,991
LTR Liontown Resources 0% 109% 109% 2.765 $6,029,316,460
AKE Allkem Limited -1% 32% 6% 14.88 $9,475,599,158
A11 Atlantic Lithium -1% -2% 0% 0.61 $374,683,621
REE Rarex Limited -1% -18% -45% 0.0445 $30,072,396
VHM Vhmlimited -1% 0% 0% 0.765 $115,443,762
RXL Rox Resources -1% 111% 10% 0.37 $84,132,848
BOA Boadicea Resources -1% -32% -61% 0.071 $5,678,447
AZI Altamin Limited -1% -14% -29% 0.069 $29,378,756
JRL Jindalee Resources -1% 8% -37% 2.03 $116,479,301
S32 South32 Limited -2% -1% -16% 3.965 $17,992,091,980
OMH OM Holdings Limited -2% -12% -29% 0.61 $450,560,236
EGR Ecograf Limited -2% -32% -64% 0.15 $67,550,019
BHP BHP Group Limited -2% -5% -1% 43.34 $219,653,979,308
PAT Patriot Lithium -2% -9% 0% 0.24 $14,733,000
EMS Eastern Metals -2% -35% -74% 0.048 $1,953,221
FBM Future Battery -2% 122% 28% 0.1175 $47,062,965
GT1 Greentechnology -2% -15% -24% 0.7 $132,563,183
IGO IGO Limited -2% 8% 20% 14.565 $10,934,947,220
EV1 Evolutionenergy -2% -4% -46% 0.215 $32,384,375
PAN Panoramic Resources -2% -39% -61% 0.1075 $225,600,540
RAS Ragusa Minerals -2% -30% -58% 0.08 $11,407,903
NTU Northern Min -3% -7% -9% 0.039 $198,028,190
JRV Jervois Global -3% -66% -88% 0.0925 $195,503,086
LRS Latin Resources -3% 84% 57% 0.18 $457,347,885
DEV Devex Resources -3% 27% -7% 0.355 $135,334,180
MIN Mineral Resources. -3% -6% 18% 72.61 $13,839,938,238
MEK Meeka Metals Limited -3% -51% -46% 0.033 $35,231,095
SRL Sunrise -3% -41% -62% 1.125 $101,315,114
GSM Golden State Mining -3% -28% -52% 0.031 $3,744,455
ARU Arafura Rare Earths -3% -20% -2% 0.3725 $813,645,406
INR Ioneer -4% -10% -36% 0.3425 $713,435,011
IMI Infinitymining -4% -53% -13% 0.13 $9,942,181
STM Sunstone Metals -4% -30% -52% 0.026 $80,131,607
DLI Delta Lithium -4% 35% 12% 0.64 $305,991,556
PLL Piedmont Lithium Inc -4% 31% -2% 0.845 $365,698,255
BRB Breaker Res NL -4% 48% 98% 0.475 $158,126,031
COB Cobalt Blue -4% -60% -71% 0.235 $83,262,944
CLA Celsius Resource -4% 44% 15% 0.023 $53,065,240
ASM Ausstratmaterials -4% -21% -78% 1.135 $195,878,642
CHN Chalice Mining -4% 12% 13% 7.055 $2,744,848,810
SRZ Stellar Resources -4% -15% -52% 0.011 $11,050,940
KNI Kunikolimited -5% -20% -55% 0.41 $20,331,243
VRC Volt Resources -5% -37% -50% 0.0095 $35,454,815
VML Vital Metals Limited -5% -50% -82% 0.0095 $47,755,348
RVT Richmond Vanadium -5% 62% 0% 0.38 $31,034,810
SRI Sipa Resources -5% -41% -51% 0.019 $4,335,005
AUZ Australian Mines -5% -64% -83% 0.019 $11,605,859
AML Aeon Metals . -5% -33% -50% 0.018 $18,638,811
KOB Kobaresourceslimited -5% 29% -5% 0.18 $19,502,083
AZL Arizona Lithium -5% -28% -70% 0.0445 $121,093,457
AAJ Aruma Resources -5% 32% 4% 0.07 $11,144,267
LOT Lotus Resources -5% -15% -33% 0.175 $241,916,768
SRN Surefire Rescs NL -6% 42% -56% 0.017 $28,464,543
CHR Charger Metals -6% 15% -7% 0.51 $24,261,474
L1M Lightning Minerals -6% 0% 0% 0.165 $6,667,094
CXO Core Lithium -6% -1% -22% 1.0175 $1,951,442,634
BNR Bulletin Res -6% -30% -62% 0.065 $19,670,604
KFM Kingfisher Mining -6% -49% -11% 0.24 $12,085,875
CAE Cannindah Resources -6% -33% -35% 0.16 $87,106,893
GBR Greatbould Resources -6% -12% -16% 0.08 $40,340,560
AQD Ausquest Limited -6% -6% -20% 0.016 $13,202,388
ALY Alchemy Resource -6% -30% -41% 0.016 $20,027,296
RGL Riversgold -6% -47% -61% 0.016 $16,072,951
EVR Ev Resources -6% 7% -62% 0.015 $14,039,761
GAL Galileo Mining -6% -25% -61% 0.66 $132,408,701
LEL Lithenergy -7% 21% -25% 0.935 $90,734,550
PLS Pilbara Min -7% 20% 54% 4.495 $13,611,747,174
MMC Mitremining -7% 0% 93% 0.28 $10,514,653
LML Lincoln Minerals -7% 104% 104% 0.014 $8,049,772
MRR Minrex Resources -7% -56% -75% 0.014 $16,273,013
EMN Euromanganese -7% -42% -33% 0.205 $51,194,656
NVX Novonix Limited -7% -37% -75% 0.93 $460,128,245
EMH European Metals Hldg -7% -8% -38% 0.59 $73,683,067
SYR Syrah Resources -7% -58% -51% 0.8675 $602,679,494
WMG Western Mines -7% 381% 340% 0.77 $37,730,291
LPI Lithium Pwr Int -7% -27% -43% 0.32 $198,165,731
AZS Azure Minerals -7% 98% 71% 0.445 $181,459,773
ARN Aldoro Resources -7% -22% -43% 0.125 $16,130,849
KZR Kalamazoo Resources -7% -40% -63% 0.125 $19,050,794
ASN Anson Resources -8% -3% 38% 0.18 $220,237,309
LMG Latrobe Magnesium -8% -22% -20% 0.06 $101,666,151
S2R S2 Resources -8% -29% -31% 0.12 $51,261,440
ASO Aston Minerals -8% 3% -39% 0.082 $90,293,206
AGY Argosy Minerals -8% -19% 2% 0.46 $660,071,524
PEK Peak Rare Earths -8% 14% 6% 0.515 $122,500,811
RNU Renascor Res -8% -8% -12% 0.1975 $507,881,500
SBR Sabre Resources -8% -42% -45% 0.022 $6,412,696
E25 Element 25 -8% -31% -5% 0.605 $123,799,239
PSC Prospect Res -9% 10% 179% 0.1325 $60,093,730
TLG Talga Group -9% -10% -8% 1.265 $461,611,740
NVA Nova Minerals -9% -56% -52% 0.3 $63,266,933
LSR Lodestar Minerals -9% 0% -44% 0.005 $9,216,987
PNT Panthermetals -9% -63% -66% 0.07 $4,463,950
ESS Essential Metals -9% 37% -21% 0.445 $120,405,012
FG1 Flynngold -9% -31% -48% 0.069 $7,098,274
TMT Technology Metals -9% -16% -22% 0.295 $67,162,585
NWM Norwest Minerals -9% -46% -33% 0.029 $7,173,765
LEG Legend Mining -10% 15% -36% 0.046 $136,369,428
EVG Evion Group NL -10% -43% -60% 0.0405 $13,486,614
KAI Kairos Minerals -10% -22% -31% 0.018 $35,353,683
BMM Balkanminingandmin -10% -32% -17% 0.225 $10,987,563
MAN Mandrake Res -10% 10% -10% 0.044 $25,147,917
1MC Morella Corporation -11% -29% -70% 0.0085 $54,887,224
GL1 Globallith -11% -22% -13% 1.43 $361,376,889
CRR Critical Resources -11% -2% -47% 0.042 $68,574,459
HAS Hastings Tech Met -11% -43% -58% 2.02 $259,846,071
GCM Green Critical Min -11% -6% 20% 0.016 $15,783,658
FGR First Graphene -11% -30% -41% 0.079 $48,396,833
ARR American Rare Earths -11% -18% -54% 0.155 $73,659,844
EG1 Evergreenlithium -12% 0% 0% 0.38 $21,929,700
GLN Galan Lithium -12% -12% -33% 0.945 $303,846,251
CDT Castle Minerals -12% -29% -58% 0.015 $16,867,395
PGM Platina Resources -12% 58% -27% 0.03 $19,941,771
VUL Vulcan Energy -12% -42% -51% 3.7 $641,209,321
QPM Queensland Pacific -12% 0% -37% 0.11 $192,098,271
CNB Carnaby Resource -12% 17% 14% 1.09 $179,070,042
NMT Neometals -12% -38% -62% 0.495 $279,134,294
IXR Ionic Rare Earths -13% -36% -58% 0.021 $82,868,203
TEM Tempest Minerals -13% -39% -71% 0.014 $7,095,503
PGD Peregrine Gold -13% -27% -46% 0.28 $16,269,757
WR1 Winsome Resources -13% 37% 301% 1.685 $286,299,798
DRE Dreadnought Resources -13% -48% 25% 0.055 $183,025,052
CY5 Cygnus Metals -13% -46% 24% 0.205 $46,040,253
ZNC Zenith Minerals -13% -49% -64% 0.135 $45,809,515
EFE Eastern Resources -13% -66% -71% 0.01 $13,661,411
LKE Lake Resources -13% -34% -63% 0.525 $761,007,918
BSX Blackstone -13% -4% -56% 0.13 $63,948,003
AXN Alliance Nickel -13% 0% -27% 0.091 $71,310,628
BM8 Battery Age Minerals -14% -36% -36% 0.32 $25,234,175
DTM Dart Mining NL -14% -9% -28% 0.05 $8,786,649
PNN Power Minerals -14% -14% -8% 0.455 $33,997,113
WCN White Cliff Min -14% -57% -73% 0.006 $5,754,326
M24 Mamba Exploration -14% -38% -9% 0.09 $5,610,467
CZN Corazon -14% -14% -31% 0.018 $11,596,281
SLZ Sultan Resources -15% -53% -74% 0.04 $6,223,982
VMS Venture Minerals -15% -26% -60% 0.017 $32,420,166
IPT Impact Minerals -15% 57% 0% 0.011 $31,291,743
ADD Adavale Resource -16% -16% -45% 0.016 $8,312,688
YAR Yari Minerals -16% -6% -33% 0.016 $8,682,441
CMX Chemxmaterials -16% -43% -53% 0.105 $5,319,418
TKL Traka Resources -17% -38% -41% 0.005 $4,356,646
ENT Enterprise Metals -17% -50% -67% 0.005 $3,525,403
1AE Auroraenergymetals -17% -50% -74% 0.075 $9,329,318
MRD Mount Ridley Mines -17% -50% -67% 0.0025 $23,354,649
IG6 Internationalgraphit -17% -20% -25% 0.215 $18,917,443
IDA Indiana Resources -18% -25% -28% 0.041 $21,295,421
BCA Black Canyon Limited -18% -15% -32% 0.205 $10,601,741
MNS Magnis Energy Tech -18% -58% -62% 0.155 $174,517,902
HRE Heavy Rare Earths -19% -4% 0% 0.11 $6,543,672
GRE Greentechmetals -21% -18% -34% 0.115 $5,238,698
FRB Firebird Metals -21% -49% -76% 0.079 $5,919,075
SYA Sayona Mining -21% -3% -12% 0.185 $1,910,738,158
MLS Metals Australia -22% -19% -58% 0.036 $23,089,339
BUR Burleyminerals -22% 5% 92% 0.23 $16,789,456
LPM Lithium Plus -23% -18% -44% 0.305 $15,775,342
AS2 Askarimetalslimited -25% -41% -47% 0.255 $18,193,505
MOH Moho Resources -26% -33% -63% 0.014 $3,114,933
AVW Avira Resources -33% -33% -56% 0.002 $4,267,580
CODE COMPANY 1 WEEK RETURN % YTD RETURN % 12 MONTH RETURN % PRICE MARKET CAP
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WEEKLY SMALL CAP STANDOUTS

The Three Ws – Westar, Wildcat and WA1 – are dominating the small cap resources news cycle at the minute.

 

WESTAR RESOURCES (ASX:WSR)

WSR has been bouncing around on big volume since hitting “multiple thick pegmatites” ~44m thick at the Olga Rocks project in WA.

Nothing really new to report since that May 15 announcement, so we’ll just leave this here.

Assays are expected in 3-4 weeks.


 

WILDCAT RESOURCES (ASX:WC8)

WC8 has been on roll since acquiring the historical Tabba Tabba tantalum mine and lithium-tantalum project in the Pilbara mid-May.

It is now up 266% since the start of the month, and 450% year-to-date.

$61bn capped Fortescue (ASX:FMG) doing some lithium resource drilling next door has also helped along the share price.


 

WA1 RESOURCES (ASX:WA1)

WA1 shareholders have enjoyed a breathless rise from 13.5c tiddler to $5.59 market darling in a touch over seven months.

That’s a ~4040% gain, sparked by ongoing exploration success at the super high-grade West Arunta niobium project on the WA/NT border.

Is this the next Chalice Mining (ASX:CHN)? Here’s some insightful commentary from an actual geologist, who is also an investor.


 

LEPIDICO (ASX:LPD)

A bit of respite this week for the advanced lithium stock, which is struggling for traction in 2023.

LPD wants to build a lepidolite lithium mine and concentrator in Namibia, and a 5600tpa chemical conversion plant in Abu Dhabi.

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

Some fairly conservative lithium price sensitivity analysis sees 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.

The capital cost estimate including contingency for the chemical plant is US$203m and for the concentrator US$63m for a combined US$266m.

The next step is for LPD is to lock in financing and offtake.