High Voltage: Corporate activity revives weak ASX lithium market

Lithium prices faking at a rebound as corporate activity rises
Sayona-Piedmont the latest scrip M&A deal, while Norm Seckold lists $9.7m Nevada lithium float
WA1, Nico, Pantera among High Voltage weekly gains

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

Back from the brink, the bottom of the market is bringing a handful of investment opportunities to bear in sold-off lithium.

The price news remains particularly difficult, with hydroxide chemicals – used in nickel rich EV battery chemistries – fetching just US$8750/t according to Fastmarkets.

Battery-grade carbonate, associated with cheaper but shorter range lithium-iron-phosphate battery chemistry EV batteries, is a little brighter at US$11,110/t across China, Japan and Korea.

But there are a couple bright-ish spots if the price reporting agency’s numbers are to be believed.

Chinese carbonate prices, for instance, recorded a US$1340/t WoW growth to RMB84,700/t or US$11,695/t. 6% Li20 spodumene concentrate meanwhile lifted to US$850/t, above the month average of US$821/t.

That reflected movements in the futures market, according to Fastmarkets, though spot sales were sparse.

But for anyone with a long-term bullish outlook on lithium and battery demand, some corporate machinations suggest there will be ways to play the battered sector.

Down-cycle M&A

Rio Tinto (ASX:RIO) and Pilbara Minerals (ASX:PLS) sounded the alarm that counter-cyclical acquisitions were beginning ahead of the next upturn in the battery materials cycle with their $10bn and $560m moves respectively on Arcadium Lithium (ASX:LTM).

But it’s happening further down the curve as well.

This week saw the marriage of Sayona Mining (ASX:SYA) and Piedmont Lithium (ASX:PLL), bringing the North American Lithium operation in Quebec, Canada, under a single banner.

The companies had previously owned the project in a 75-25 split, with NASDAQ dual-listed Piedmont also boasting an interest in Atlantic Lithium’s (ASX:A11) Ewoyaa project in Ghana and proposed conversion plants in the US.

Outside of NAL, SYA also boasts the Moblan and Authier projects in Quebec, giving it a sizeable resource base of more than 150Mt to tap should lithium markets turn around.

The merger is being supported by Resource Capital Funds, which will tip US$45 million ($69m) into the business subject to Sayona shareholder approval, with both Piedmont and Sayona to also raise US$27m ($40m) each. The merged entity plans to allow non-institutional holders to take part in a $22.5m raise post combination.

NAL produced 52,141t of 5.3% spodumene concentrate in the September quarter, lifting revenue 113% to $52m.

But its operating costs of $1335/dmt (FOB) while down 11% QoQ continue to run above average sale prices of $1067/dmt (US$711/t).

Underlying EBITDA was negative $18m in the three months to September 30.

The return of IPOs

ASX IPOs hit a long-term high in 2021 as over 100 resources companies, many of them chasing lithium, leapt onto the bourse.

These days they’re fewer and farther in between. But today a new lithium explorer hits the bourse in the form of Norm Seckold’s Fulcrum Lithium.

Chaired by Seckold, the chairman of $4bn ASX success story Nickel Industries (ASX:NIC), Sky Metals (ASX:SKY) and Alpha HPA (ASX:A4N), he will hold a post-listing diluted holding in the company of 23.83%.

Loaded up with the ASX code FUL, the $9.7 million, 25c per share float – managed by Bell Potter – will ring the bell at 10.30am AEDT on Friday, seeking to explore for the white stuff in Nevada’s Esmeralda County.

FUL’s Fairway, Alkali Flats and Summit projects surround or abut a number of major US lithium deposits in Nevada, close to major gigafactories like Tesla’s Reno facility.

They include American Lithium’s TLC project, American Battery Technology Co.’s Tonopah Flats, ioneer’s (ASX:INR) Rhyolite Ridge and Albemarle’s Silver Peak.

The largest of FUL’s assets is the flagship Alkali Flats, located to the east of Albemarle’s operating lithium brine Silver Peak, the only major lithium producer in the USA currently, where the junior has set out an exploration target over two areas of 3.42-7.35Bt at 500-700ppm Li for 9.1-27.4Mt of lithium carbonate equivalent.

Battery Metals Winners and Losers

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

Code	Company	Price	% Week	% Month	% Six Month	% Year	Market Cap
OD6	Od6Metalsltd	0.2	19900%	19900%	19900%	0%	$5,791,058
ITM	Itech Minerals Ltd	0.155	244%	210%	675%	252%	$11,439,271
DLI	Delta Lithium	0.003	50%	0%	-40%	-70%	$139,725,649
RVT	Richmond Vanadium	0.061	42%	24%	-33%	-29%	$25,000,264
MRD	Mount Ridley Mines	0.0025	25%	-17%	0%	-71%	$7,784,883
TMX	Terrain Minerals	0.057	24%	24%	-21%	-2%	$7,200,115
WA1	Wa1Resourcesltd	0.084	24%	22%	-2%	-38%	$983,233,068
NC1	Nicoresourceslimited	0.037	23%	-23%	-21%	-51%	$14,228,575
GW1	Greenwing Resources	0.011	22%	22%	10%	-69%	$10,348,014
GRE	Greentechmetals	0.12	20%	-8%	-25%	-65%	$7,560,278
ADD	Adavale Resource Ltd	0.021	17%	5%	-50%	-71%	$3,059,413
SRZ	Stellar Resources	0.0035	17%	-13%	-50%	-68%	$38,475,386
FTL	Firetail Resources	0.028	17%	-15%	-23%	-41%	$25,174,846
PFE	Panteraminerals	0.0035	17%	-22%	-42%	-65%	$9,475,674
CNB	Carnaby Resource Ltd	0.004	14%	0%	-43%	-60%	$63,616,781
S32	South32 Limited	0.12	14%	9%	-45%	-31%	$16,731,510,726
MHC	Manhattan Corp Ltd	0.004	14%	14%	14%	0%	$4,497,970
STM	Sunstone Metals Ltd	0.018	13%	-5%	-12%	100%	$38,616,777
EV1	Evolutionenergy	14.94	12%	11%	-32%	75%	$10,095,880
STK	Strickland Metals	0.015	11%	7%	-21%	-48%	$176,593,179
AR3	Austrare	0.01	11%	0%	-23%	-60%	$16,656,850
PEK	Peak Rare Earths Ltd	0.105	11%	7%	-22%	-34%	$32,171,502
SGQ	St George Min Ltd	0.265	10%	-9%	6%	77%	$27,213,511
FRS	Forrestaniaresources	0.046	10%	-6%	-27%	-21%	$3,262,867
BKT	Black Rock Mining	0.025	9%	-32%	-47%	-67%	$57,594,235
BUR	Burleyminerals	0.575	8%	-3%	64%	109%	$9,774,111
LRS	Latin Resources Ltd	0.0065	8%	-19%	-28%	-82%	$546,276,795
AVL	Aust Vanadium Ltd	0.081	8%	0%	8%	-71%	$116,567,884
BCA	Black Canyon Limited	0.028	8%	-7%	-30%	-41%	$5,242,185
MLS	Metals Australia	0.215	8%	10%	-16%	-19%	$18,180,488
SBR	Sabre Resources	6.55	7%	38%	36%	171%	$4,322,581
ZNC	Zenith Minerals Ltd	0.0075	7%	25%	-32%	-53%	$17,805,200
BMM	Balkanminingandmin	0.155	7%	-26%	-63%	-74%	$4,388,066
IXR	Ionic Rare Earths	0.016	7%	-6%	0%	-52%	$43,827,864
MTM	MTM Critical Metals	0.016	7%	7%	33%	-6%	$23,312,825
BM8	Battery Age Minerals	0.049	7%	-2%	-40%	-77%	$9,464,995
LSR	Lodestar Minerals	0.515	6%	23%	348%	410%	$3,372,329
OMH	OM Holdings Limited	3.75	6%	1%	-4%	18%	$260,527,312
RMX	Red Mount Min Ltd	1.005	6%	-26%	18%	310%	$4,260,936
SLZ	Sultan Resources Ltd	4.11	6%	19%	96%	187%	$1,620,289
NIC	Nickel Industries	0.0095	6%	-5%	-27%	-57%	$3,925,176,040
FRB	Firebird Metals	0.019	6%	-30%	-50%	-58%	$17,083,368
PNN	Power Minerals Ltd	0.041	5%	3%	-18%	-32%	$10,900,399
AXE	Archer Materials	0.021	5%	5%	-40%	-30%	$77,728,339
FIN	FIN Resources Ltd	0.0105	5%	-22%	-80%	-63%	$3,895,612
EVG	Evion Group NL	0.9175	5%	-1%	-14%	15%	$11,796,748
AZL	Arizona Lithium Ltd	0.044	5%	-4%	-19%	-51%	$67,107,218
WC8	Wildcat Resources	0.044	5%	-12%	-37%	-73%	$333,872,360
AGY	Argosy Minerals Ltd	0.24	4%	-17%	-49%	-20%	$52,413,154
IPX	Iperionx Limited	0.024	4%	14%	4%	-40%	$1,210,623,588
WR1	Winsome Resources	0.12	4%	-14%	43%	-23%	$112,964,588
CNJ	Conico Ltd	0.073	4%	-8%	-42%	-57%	$2,201,528
LLI	Loyal Lithium Ltd	0.53	4%	5%	-61%	-55%	$9,736,972
ALY	Alchemy Resource Ltd	0.056	4%	14%	12%	-23%	$8,246,534
PTR	Petratherm Ltd	0.028	4%	4%	17%	-30%	$34,900,465
REE	Rarex Limited	0.03	3%	-6%	-60%	-82%	$8,809,304
RNU	Renascor Res Ltd	0.16	3%	7%	-9%	-19%	$172,844,418
RR1	Reach Resources Ltd	0.067	3%	5%	81%	81%	$9,618,745
EMH	European Metals Hldg	0.042	2%	11%	5%	-26%	$32,153,929
PAM	Pan Asia Metals	0.098	2%	20%	-35%	2%	$12,746,410
OM1	Omnia Metals Group	0.099	2%	-10%	-29%	-58%	$4,550,568
SUM	Summitminerals	0.027	2%	-13%	-32%	-79%	$14,244,118
VML	Vital Metals Limited	0.4275	2%	-13%	-13%	-14%	$17,685,201
NWC	New World Resources	0.0355	1%	-4%	-72%	-76%	$59,645,916
M2R	Miramar	0.37	1%	12%	37%	45%	$1,984,116
MLX	Metals X Limited	0.078	1%	-1%	-21%	-54%	$376,587,041
LLL	Leolithiumlimited	0.395	1%	-14%	-19%	-29%	$605,458,342
KNI	Kunikolimited	0.2225	1%	-29%	-46%	-57%	$16,052,315
AXN	Alliance Nickel Ltd	0.09	1%	1%	-14%	-63%	$26,856,066
PVW	PVW Res Ltd	0	0%	0%	0%	0%	$3,381,381
CAE	Cannindah Resources	0.004	0%	-33%	-64%	-86%	$30,935,518
COB	Cobalt Blue Ltd	0.004	0%	0%	33%	-50%	$29,995,707
CZN	Corazon Ltd	0.001	0%	0%	-50%	-50%	$2,671,622
GBR	Greatbould Resources	0.002	0%	0%	-33%	-67%	$32,632,192
PLL	Piedmont Lithium Inc	0.042	0%	0%	0%	-28%	$76,325,950
ARL	Ardea Resources Ltd	0.016	0%	14%	220%	220%	$75,879,508
CHN	Chalice Mining Ltd	0.011	0%	-21%	-48%	-76%	$540,747,235
NMT	Neometals Ltd	0.003	0%	-25%	-33%	-50%	$69,248,258
IGO	IGO Limited	0.099	0%	-1%	-21%	-60%	$3,756,048,352
ADV	Ardiden Ltd	0.027	0%	-10%	-44%	-49%	$7,814,688
PLS	Pilbara Min Ltd	0.115	0%	19%	15%	10%	$8,703,361,969
TKL	Traka Resources	0.025	0%	-4%	39%	-32%	$1,945,659
IPT	Impact Minerals	0.041	0%	0%	0%	0%	$36,713,205
LIT	Livium Ltd	0.012	0%	0%	-48%	9%	$24,977,281
ARN	Aldoro Resources	0.019	0%	-10%	-30%	-42%	$11,443,018
JRV	Jervois Global Ltd	0.085	0%	5%	10%	0%	$32,433,165
BSX	Blackstone Ltd	0.002	0%	0%	-50%	-80%	$15,386,277
POS	Poseidon Nick Ltd	0.028	0%	-16%	-52%	-67%	$16,815,502
CHR	Charger Metals	0.005	0%	-17%	-9%	-70%	$6,271,040
AUZ	Australian Mines Ltd	0.014	0%	-13%	-13%	-42%	$15,383,633
EGR	Ecograf Limited	0.034	0%	-3%	-31%	-56%	$35,422,282
TVN	Tivan Limited	0.86	0%	-4%	-20%	-27%	$99,344,963
GAL	Galileo Mining Ltd	0.007	0%	-13%	0%	-22%	$24,703,116
ASL	Andean Silver	0.37	0%	-3%	-10%	-34%	$160,693,099
LML	Lincoln Minerals	0.008	0%	0%	-41%	-31%	$12,337,557
PUR	Pursuit Minerals	0.026	0%	0%	13%	-16%	$10,906,200
LEG	Legend Mining	0.11	0%	-39%	-52%	-71%	$32,004,249
AML	Aeon Metals Ltd.	0.005	0%	-17%	0%	-38%	$5,482,003
G88	Golden Mile Res Ltd	0.005	0%	0%	-17%	-44%	$5,673,874
WKT	Walkabout Resources	0.012	0%	-8%	0%	-48%	$63,769,838
TON	Triton Min Ltd	0.095	0%	-4%	-21%	-37%	$15,683,887
ARU	Arafura Rare Earths	0.11	0%	-21%	5%	-42%	$320,362,730
MIN	Mineral Resources.	0.13	0%	-19%	-33%	-32%	$6,821,160,745
VR8	Vanadium Resources	0.001	0%	0%	0%	-75%	$15,753,506
NVA	Nova Minerals Ltd	0.024	0%	-4%	-14%	-60%	$56,196,517
EFE	Eastern Resources	0.003	0%	-18%	-64%	-70%	$4,967,786
BNR	Bulletin Res Ltd	0.375	0%	1%	-56%	-38%	$11,450,920
AM7	Arcadia Minerals	0.01	0%	25%	-79%	-84%	$3,277,403
EMS	Eastern Metals	0.011	0%	-21%	-60%	-37%	$1,818,820
IMI	Infinitymining	0.01	0%	0%	-9%	-55%	$5,488,117
RAG	Ragnar Metals Ltd	0.001	0%	0%	-38%	-72%	$9,953,706
TMB	Tambourahmetals	0.003	0%	-14%	0%	-14%	$2,764,751
EMC	Everest Metals Corp	0.006	0%	-25%	-30%	-30%	$23,285,389
KZR	Kalamazoo Resources	0.002	0%	-33%	-50%	-92%	$17,106,805
CMX	Chemxmaterials	0.008	0%	0%	33%	-50%	$4,773,826
ENT	Enterprise Metals	0.007	0%	-13%	-46%	-75%	$4,713,269
AKN	Auking Mining Ltd	0.036	0%	3%	20%	-55%	$1,565,401
RR1	Reach Resources Ltd	0.004	0%	-20%	-79%	-93%	$9,618,745
CAI	Calidus Resources	0.001	0%	0%	0%	-50%	$93,678,206
GT1	Greentechnology	0.115	0%	0%	-15%	-36%	$26,435,143
PGD	Peregrine Gold	0.018	0%	-5%	-55%	-45%	$8,824,195
YAR	Yari Minerals Ltd	0.014	0%	-13%	-13%	-50%	$1,929,431
IG6	Internationalgraphit	0.004	0%	0%	0%	-71%	$12,774,850
CLZ	Classic Min Ltd	0.003	0%	0%	-40%	-63%	$1,544,026
NVX	Novonix Limited	0.001	0%	0%	-83%	-98%	$380,198,524
ILU	Iluka Resources	0.11	0%	-39%	-52%	-71%	$2,351,088,849
CRI	Criticalim	0.023	0%	0%	-32%	-34%	$26,723,155
VTM	Victory Metals Ltd	0.105	0%	8%	35%	88%	$40,146,004
WCN	White Cliff Min Ltd	0.006	0%	-14%	-42%	-74%	$28,357,061
KFM	Kingfisher Mining	0.015	0%	-17%	-17%	-55%	$2,739,465
AOA	Ausmon Resorces	0.051	0%	-22%	-25%	-73%	$2,117,999
WC1	Westcobarmetals	0.002	0%	-20%	-33%	-33%	$2,745,006
DM1	Desert Metals	0.015	0%	7%	-46%	-58%	$7,431,919
M24	Mamba Exploration	0.01	0%	0%	-44%	-76%	$1,880,823
TKM	Trek Metals Ltd	0.003	0%	0%	-40%	-63%	$14,388,440
BC8	Black Cat Syndicate	0.105	0%	-19%	-61%	-77%	$311,172,929
VHM	Vhmlimited	0.078	0%	0%	0%	0%	$64,313,985
SRN	Surefire Rescs NL	0.505	0%	0%	0%	0%	$5,958,923
LU7	Lithium Universe Ltd	0.008	0%	-20%	-11%	-55%	$7,557,052
MEI	Meteoric Resources	0.01	0%	-44%	-44%	-75%	$229,871,121
LM1	Leeuwin Metals Ltd	0.006	0%	0%	-54%	-78%	$3,420,172
HAW	Hawthorn Resources	0.073	0%	-15%	-9%	-64%	$17,755,827
RON	Roninresourcesltd	0.012555	0%	0%	-13%	-19%	$5,892,002
KNG	Kingsland Minerals	7.97	-1%	-3%	11%	0%	$13,423,769
LEL	Lithenergy	40.01	-1%	-5%	-12%	-14%	$41,440,581
ASM	Ausstratmaterials	5.46	-1%	-13%	-31%	-25%	$91,566,416
SYA	Sayona Mining Ltd	0.067	-1%	-14%	-50%	-58%	$391,145,249
PBL	Parabellumresources	0.066	-1%	-6%	-57%	-62%	$3,115,000
EMN	Euromanganese	0.265	-2%	-9%	-15%	-38%	$10,202,496
LCY	Legacy Iron Ore	0.053	-2%	-9%	-26%	-43%	$122,132,779
VMC	Venus Metals Cor Ltd	34.3	-2%	-25%	-57%	-46%	$13,729,008
ANX	Anax Metals Ltd	0.245	-2%	44%	345%	11%	$9,150,067
FBM	Future Battery	0.235	-2%	-8%	-52%	-64%	$13,972,474
EG1	Evergreenlithium	0.235	-2%	-8%	-52%	-64%	$4,779,550
LMG	Latrobe Magnesium	0.084	-2%	-2%	-30%	-24%	$54,016,360
HRE	Heavy Rare Earths	0.04	-2%	14%	-41%	-77%	$2,443,979
TOR	Torque Met	0.2	-2%	0%	18%	-2%	$12,982,524
ASN	Anson Resources Ltd	0.19	-3%	-16%	-51%	-85%	$95,541,071
AVW	Avira Resources Ltd	0.175	-3%	-17%	-55%	-29%	$2,938,790
GL1	Globallith	0.067	-3%	-14%	-42%	-54%	$49,511,698
CWX	Carawine Resources	0.033	-3%	3%	38%	-3%	$27,154,427
DVP	Develop Global Ltd	0.165	-3%	-11%	-11%	50%	$528,162,362
CXO	Core Lithium	0.063	-3%	0%	-61%	-57%	$212,158,539
RIL	Redivium Limited	0.0145	-3%	-19%	-37%	-69%	$10,987,419
JLL	Jindalee Lithium Ltd	0.145	-3%	12%	-37%	-78%	$23,907,510
DYM	Dynamicmetalslimited	0.087	-3%	-30%	-11%	-55%	$7,200,000
WSR	Westar Resources	0.085	-3%	8%	-6%	-54%	$3,189,799
MAN	Mandrake Res Ltd	0.2075	-3%	-20%	-10%	43%	$15,054,238
ATM	Aneka Tambang	0.078	-4%	-5%	-46%	-61%	$1,121,138
MRR	Minrex Resources Ltd	0.013	-4%	-13%	8%	-57%	$8,678,940
PEK	Peak Rare Earths Ltd	0.051	-4%	-6%	-11%	-71%	$32,171,502
SYR	Syrah Resources	0.0115	-4%	-12%	-32%	-69%	$243,199,565
JMS	Jupiter Mines.	0.34	-4%	-13%	-33%	-27%	$294,075,798
KTA	Krakatoa Resources	0.065	-4%	-6%	-13%	-61%	$4,721,072
CTN	Catalina Resources	0.021	-5%	-16%	5%	-9%	$3,715,461
PGM	Platina Resources	0.31	-5%	24%	-22%	-22%	$11,840,426
ETM	Energy Transition	0.515	-5%	-12%	-50%	-67%	$33,809,008
E25	Element 25 Ltd	0.1525	-5%	-10%	-57%	-13%	$62,675,034
MEK	Meeka Metals Limited	0.04	-5%	-7%	-30%	-46%	$161,843,779
CDT	Castle Minerals	0.06	-5%	-9%	-50%	-57%	$3,345,628
AX8	Accelerate Resources	0.039	-5%	-15%	-22%	-77%	$6,217,539
AZI	Altamin Limited	0.078	-5%	-22%	-40%	-3%	$14,747,386
AAJ	Aruma Resources Ltd	0.019	-5%	-10%	-24%	-34%	$3,552,931
INF	Infinity Lithium	0.074	-5%	-30%	-3%	-56%	$15,265,539
VRC	Volt Resources Ltd	1.38	-5%	-19%	-20%	-10%	$14,555,373
A8G	Australasian Metals	0.017	-6%	-11%	-32%	-69%	$3,856,917
WML	Woomera Mining Ltd	0.125	-6%	-7%	0%	36%	$4,333,180
GED	Golden Deeps	4.91	-6%	-8%	-39%	-45%	$4,091,103
LYC	Lynas Rare Earths	0.048	-6%	-47%	-68%	-72%	$6,524,332,931
EVR	Ev Resources Ltd	0.008	-6%	-6%	-27%	-65%	$4,188,814
GLN	Galan Lithium Ltd	0.385	-6%	-13%	-39%	-19%	$109,364,101
QEM	QEM Limited	0.046	-6%	-6%	-26%	-56%	$6,870,013
CRR	Critical Resources	0.1875	-6%	1%	-28%	-9%	$15,807,761
OCN	Oceanalithiumlimited	0.75	-6%	-4%	-13%	2%	$2,144,948
PMT	Patriotbatterymetals	0.29	-6%	-9%	21%	-19%	$162,263,384
LOT	Lotus Resources Ltd	0.098	-7%	-7%	-37%	-73%	$504,293,460
AS2	Askarimetalslimited	0.028	-7%	-28%	-53%	-69%	$1,748,792
RGL	Riversgold	0.014	-7%	-13%	-30%	-74%	$4,882,388
SRI	Sipa Resources Ltd	0.125	-7%	-4%	-19%	-52%	$3,194,214
BHP	BHP Group Limited	0.125	-7%	-17%	-55%	-55%	$203,361,959,615
KOR	Korab Resources	0.025	-7%	-29%	-60%	-62%	$2,936,400
CLA	Celsius Resource Ltd	0.425	-8%	-1%	-10%	47%	$25,710,245
RLC	Reedy Lagoon Corp.	0.024	-8%	-8%	-29%	-37%	$1,523,413
MOH	Moho Resources	0.012	-8%	0%	-27%	-45%	$3,369,864
MQR	Marquee Resource Ltd	0.024	-8%	4%	14%	-33%	$5,829,381
LTM	Arcadium Lithium PLC	0.12	-8%	-29%	-71%	0%	$2,311,277,151
S2R	S2 Resources	0.07	-8%	25%	-14%	-33%	$33,058,633
TLG	Talga Group Ltd	0.022	-8%	-12%	16%	144%	$188,759,824
GCM	Green Critical Min	0.011	-8%	-27%	-48%	-79%	$12,399,096
EMT	Emetals Limited	0.011	-8%	0%	-21%	-60%	$4,250,000
DRE	Dreadnought Resources Ltd	0.011	-8%	0%	-21%	-60%	$56,291,250
TAR	Taruga Minerals	0.016	-9%	-30%	0%	45%	$7,060,268
SYR	Syrah Resources	0.265	-9%	-27%	-55%	-62%	$243,199,565
MRC	Mineral Commodities	0.0105	-9%	-25%	-25%	-65%	$25,596,288
KAI	Kairos Minerals Ltd	0.063	-9%	-30%	-37%	-84%	$39,463,683
ESR	Estrella Res Ltd	6.915	-9%	-10%	-2%	3%	$30,416,617
QXR	Qx Resources Limited	0.02	-9%	-5%	-52%	-43%	$5,120,311
FGR	First Graphene Ltd	0.01	-9%	-17%	0%	-17%	$22,104,278
WIN	WIN Metals	0.02	-9%	-35%	-43%	-59%	$9,558,293
WMG	Western Mines	0.02	-9%	-57%	-51%	-87%	$14,901,438
IDA	Indiana Resources	0.01	-9%	-17%	-57%	0%	$66,766,484
ABX	ABX Group Limited	0.01	-9%	0%	11%	0%	$10,001,613
A11	Atlantic Lithium	0.2	-9%	-17%	-39%	-58%	$145,004,515
DEV	Devex Resources Ltd	0.047	-10%	-40%	-30%	-71%	$46,377,520
CTM	Centaurus Metals Ltd	0.795	-10%	-4%	-47%	-46%	$218,548,534
PVT	Pivotal Metals Ltd	0.028	-10%	-38%	-53%	-33%	$8,307,521
CY5	Cygnus Metals Ltd	0.185	-10%	16%	-14%	-27%	$57,016,353
THR	Thor Energy PLC	0.009	-10%	-18%	-40%	-74%	$3,382,069
SLM	Solismineralsltd	0.026	-10%	-32%	-28%	-78%	$6,729,697
BUX	Buxton Resources Ltd	0.255	-11%	-14%	-9%	-66%	$11,897,066
HAS	Hastings Tech Met	2.77	-11%	4%	-34%	-22%	$46,110,664
XTC	XTC Lithium Limited	1.95	-11%	-24%	-21%	-35%	$17,528,272
FG1	Flynngold	0.016	-11%	-24%	-58%	-60%	$7,839,494
ASR	Asra Minerals Ltd	0.16	-11%	19%	23%	-22%	$6,756,339
MNS	Magnis Energy Tech	0.46	-12%	15%	-42%	-58%	$50,378,922
PSC	Prospect Res Ltd	0.03	-12%	-14%	-49%	-75%	$53,742,033
HXG	Hexagon Energy	0.033	-12%	-20%	-44%	-50%	$11,284,150
ICL	Iceni Gold	0.051	-12%	-36%	-73%	-72%	$15,812,075
AQD	Ausquest Limited	0.043	-12%	-25%	-46%	-70%	$8,439,478
CMO	Cosmometalslimited	0.092	-12%	-26%	-60%	-86%	$2,488,865
NTU	Northern Min Ltd	0.014	-13%	-18%	-18%	-33%	$160,685,107
RBX	Resource B	0.007	-13%	-30%	-63%	-22%	$3,718,241
KOB	Kobaresourceslimited	0.007	-13%	56%	100%	-22%	$12,209,244
EUR	European Lithium Ltd	0.17	-13%	0%	-28%	-60%	$36,351,189
ARR	American Rare Earths	0.054	-13%	-17%	-46%	-72%	$138,166,407
LPD	Lepidico Ltd	0.071	-13%	-21%	-24%	-75%	$17,178,371
INR	Ioneer Ltd	0.1	-13%	-33%	-74%	-60%	$494,691,228
REC	Rechargemetals	0.1	-13%	3%	-47%	-56%	$3,631,939
RAS	Ragusa Minerals Ltd	0.13	-13%	-24%	-55%	-54%	$1,996,383
BOA	Boadicea Resources	0.0095	-14%	6%	-53%	-44%	$2,960,468
NWM	Norwest Minerals	0.067	-14%	-21%	29%	168%	$8,732,151
1MC	Morella Corporation	0.006	-14%	0%	-25%	0%	$8,789,569
ENV	Enova Mining Limited	0.006	-14%	140%	71%	-25%	$6,894,505
LNR	Lanthanein Resources	0.076	-15%	-42%	60%	-20%	$8,552,726
RXL	Rox Resources	0.011	-15%	-21%	22%	-27%	$66,388,190
LRV	Larvottoresources	0.016	-16%	-48%	-65%	-89%	$184,229,256
LPM	Lithium Plus	0.063	-16%	3%	-48%	-67%	$15,940,800
LTR	Liontown Resources	0.0025	-17%	-17%	-55%	-69%	$1,953,140,084
GSM	Golden State Mining	0.03	-17%	0%	11%	-57%	$2,793,706
TEM	Tempest Minerals	0.025	-17%	-22%	-67%	-80%	$3,763,619
PNT	Panthermetalsltd	0.005	-17%	25%	-17%	-38%	$4,942,321
LNR	Lanthanein Resources	0.01	-17%	-17%	-52%	-71%	$8,552,726
L1M	Lightning Minerals	0.05	-17%	2%	19%	-86%	$7,846,527
KGD	Kula Gold Limited	0.048	-19%	-6%	-41%	-51%	$4,180,877
BYH	Bryah Resources Ltd	0.017	-19%	-47%	-68%	-91%	$1,509,861
LIN	Lindian Resources	0.029	-19%	-19%	-24%	-68%	$118,174,529
LKE	Lake Resources	0.004	-20%	-20%	-60%	-80%	$81,644,922
SCN	Scorpion Minerals	0.004	-20%	0%	0%	0%	$4,913,474
1AE	Auroraenergymetals	0.028	-20%	-32%	-57%	-78%	$10,922,888
SMX	Strata Minerals	0.007	-22%	0%	-30%	-56%	$4,579,564
KM1	Kalimetalslimited	0.021	-22%	-22%	-56%	-66%	$9,219,315
GRL	Godolphin Resources	0.017	-23%	-25%	-68%	-72%	$4,743,168
DTM	Dart Mining NL	0.003	-25%	-40%	-67%	-85%	$5,661,945
VUL	Vulcan Energy	0.31	-25%	29%	-44%	-71%	$1,170,532,912
ASO	Aston Minerals Ltd	0.275	-26%	-24%	-50%	-67%	$11,655,578
PAT	Patriot Lithium	0.26	-28%	-37%	-74%	-75%	$5,070,543
ODE	Odessa Minerals Ltd	0.1	-29%	-38%	0%	-78%	$7,609,695
SRL	Sunrise	0.0035	-30%	-30%	-61%	-61%	$21,654,600
PRL	Province Resources	0.001	-33%	0%	-50%	-68%	$48,441,219
QPM	Queensland Pacific	0.002	-33%	-33%	-60%	-80%	$113,453,049
MHK	Metalhawk.	0.001	-33%	0%	-52%	-70%	$27,180,901

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Weekly Small Cap Standouts

WA1 Resources (ASX:WA1)

The explorer has released more results from drilling at the Luni niobium deposit at its West Arunta project in WA, with assays to be added to a resource update next year.

Luni currently hosts an inferred resource estimate of 200 Mt at 1.0% Nb2O5, including a high grade subset of 53 Mt at 2.1% Nb2O5.

These latest results include:

19m at 2.4% Nb2O5
25m at 4.4% Nb2O5
21m at 2.1% Nb2O5
2m at 2% Nb2O5; and
34m at 1.5% Nb2O5.

MD Paul Savich says the results from the north-east zone of the deposit further demonstrate the significance of one of the key high-grade areas at Luni.

“This zone is currently planned to support our early development ambitions and will be an important part of the updated mineral resource estimate targeted for the first half of 2025,” he said.

“Planning is well-advanced for next year’s field activities which will continue to focus on the collection of data that is critical toward technically de-risking Luni and expediting the permitting process.”

The discovery saw the company awarded the coveted prize of the AMEC Prospector Award at a ceremony in early November.

Nico Resources (ASX:NC1)

The company’s Wingellina nickel cobalt project has this week been awarded Major Project Status by the Australian Government.

It’s a move which recognises the national significance of the project and provides access to the Major Projects Facilitation Agency which will assist in the development of Wingellina.

Wingellina hosts one of the world’s largest undeveloped oxide-type nickel-cobalt reserves, containing containing 1.56 million tonnes of nickel metal and 123k tonnes of cobalt metal.

It’s also around 100kms from BHP’s West Musgrave nickel-copper project.

A prefeasibility study completed in 2022 outlined a viable project capable of producing up to 40,000t of nickel and 3,000t of cobalt in a Mixed Hydroxide Precipitate (MHP) for at least 42 years.

The MHP product contains essential critical minerals used in batteries and energy storage systems required for the global energy transition.

The company expects production from the project to meet critical mineral demand for global decarbonization efforts.

“Wingellina is one of the largest undeveloped nickel-cobalt projects globally and one of very few development opportunities for a major new nickel development outside of the Chinese-dominated Indonesian nickel industry,” MD Jonathan Shellabear said.

“The industry has undergone a major structural shift in recent times and experienced significant changes in supply dynamics and pricing.

“Notwithstanding the temporary challenges in the sector, if operating in the current environment, the Wingellina project would have survived the carnage that has enveloped much of the Western world’s nickel supply.

“It is a matter of time before such a substantial deposit like Wingellina provides a long term stable and secure supply of nickel and cobalt.”

Pantera Minerals (ASX:PFE)

The company has abandoned the re-entry program at its southwest Arkansas lithium brine project in the US, after the collection of a brine sample via the re-entering of saltwater disposal well proved to be problematic.

It was a cost-saving measure that didn’t quite work out to plan, so the drilling of the planned standalone well will now be brought forward to early 2025 to collect samples for assaying and direct lithium extraction testing.

The well will then be converted into a future production or disposal well.

PFE says this result in no way diminishes the value of the Pantera lithium brine project and in the meantime will continue to amass land in the Smackover formation, a hot spot for US lithium hunters such as Exxon Mobil (NYSE: XOM), Standard Lithium (NYSE: SLI), Equinor (NYSE: EQNR) Tetra Technologies’ (NYSE: TTI) and Albemarle Corporation (NYSE: ALB) chasing economic brine production from old infrastructure in the area which was historically mined for bromine.

PFE currently holds > 26,000 net acres and 34,900 gross surface acres in the region.