• Fastmarkets reckons lithium price increases are not sustainable
  • More production cuts are forecast out of China
  • Outlook for cobalt, manganese, nickel and graphite demand also sluggish

 

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

 

Fastmarkets’ battery raw materials monthly update has flagged that a recent rise in lithium prices might just be temporary, unless there are more production cuts in China.

China’s recent stimulus measures are targeting the housing market, stock market, and lending in general to encourage households and the private sector to begin spending again.

Fastmarkets says, when combined with the ‘cash for clunkers’ subsidies, there is potential for an increase in spending on durable goods, such as electric vehicles.

So far, this development appears to have driven up prices for lithium and spodumene, with Chinese carbonate prices up from ~US$10,400/t to ~US$10,800/t in the past week, but the key question remains whether the upwards momentum can be sustained.

Fastmarkets analyst William Adams says that, given the high levels of inventory and only modest production cuts in China, alongside the ongoing ramp-up of new capacity, it seems likely that the price rise will be temporary. 

“The pick-up in lithium and spodumene prices is welcome across the market as no one likes a depressed market, not even consumers, but we expect it will be difficult for prices to rise too far unless there are more production cuts,” he said. “Indeed, we expect more production cuts.”

 

Cobalt, nickel, manganese and graphite all sluggish  

On the Cobalt front, Fastmarkets expects to see supply outstripping demand, thanks to a bullish copper market and robust mine production expected to persist in the DRC.

“With supportive measures for copper demand and prices we expect to see more of the same in Q4 with cobalt supply outstripping demand,” analyst Rob Searle said.

“The NCM pCAM market continues to see slow activity which will likely mean refiners in China continue to produce cobalt metal.

“This likely means we continue to see elevated export levels into the seaborne market.” Similarly, nickel is looking oversupplied for the remainder of the year.”

The month began with the LME nickel cash price trending downward, somewhat saved by a late rally in the LME nickel cash price driven by the Federal Reserve’s 50 basis point rate cut and further bolstered by China’s stimulus announcement.

Despite the price recovery, it remains well within the relatively narrow range within which nickel has traded in 2024, apart from a brief peak in May.

“The market’s fundamentals remain oversupplied in 2024, although we forecast a lower surplus than in 2023,” principal analyst Olivier Masson said.

“We expect the nickel market to continue rebalancing in 2025 as the announced production cuts bite.”

On Manganese, Searle says the outlook is not overly positive heading into Q4.

“Manganese sulphate processors and downstream pCAM producers remain watchful for clear signs of improving downstream demand,” he said.

“The weakness in Western EV markets, particularly evident in Europe, has continued to weigh on demand for battery-grade manganese in September.”

Graphite didn’t escape the month unscathed either, with prices for spherical graphite and fine flake graphite seeing a decline due to sluggish demand from the battery sector. But there could be a light at the end of the tunnel.

“The introduction of tariffs on natural graphite from China, in addition to tariffs on graphite anodes, is another step towards the creation of a price premium in the US market for ex-China graphite,” analyst Georgi Georgiev said.

“However, it remains to be seen how long it will take for sufficient demand to emerge in the US to support a potential price premium, with China being the largest market for graphite plus the anticipated supply growth from new graphite projects in Africa.”

 

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 >>>

Scroll or swipe to reveal table. Click headings to sort. Best viewed on a laptop.

Code Company Price % Week % Month % Year Market Cap
LTM Arcadium Lithium PLC 8.215 102.8 143.0 $2,038,596,718
PLL Piedmont Lithium Inc 0.208 59.6 107.5 -60.8 $75,929,920
OCN Oceanalithiumlimited 0.045 50.0 66.7 -72.7 $3,629,912
GCM Green Critical Min 0.003 50.0 50.0 -50.0 $4,405,628
AUZ Australian Mines Ltd 0.010 42.9 42.9 -33.3 $15,383,633
STM Sunstone Metals Ltd 0.007 40.0 16.7 -56.3 $25,955,422
KM1 Kalimetalslimited 0.175 40.0 12.9 $12,292,420
FIN FIN Resources Ltd 0.007 40.0 16.7 -61.1 $4,544,881
YAR Yari Minerals Ltd 0.004 33.3 33.3 -75.0 $1,447,073
IXR Ionic Rare Earths 0.012 33.3 100.0 -47.8 $53,567,389
VRC Volt Resources Ltd 0.004 33.3 0.0 -50.0 $16,634,713
MHC Manhattan Corp Ltd 0.002 33.3 100.0 -56.4 $8,995,940
A11 Atlantic Lithium 0.333 33.0 47.8 -16.9 $188,404,025
AXE Archer Materials 0.280 30.2 21.7 -38.5 $64,985,988
WC8 Wildcat Resources 0.390 30.0 95.0 4.0 $399,445,897
LEL Lithenergy 0.400 29.0 27.0 -25.9 $40,320,565
PNT Panthermetalsltd 0.027 28.6 68.8 -51.2 $5,177,670
NC1 Nicoresourceslimited 0.135 28.6 12.5 -62.5 $13,134,069
RON Roninresourcesltd 0.135 28.6 3.8 0.0 $4,971,376
M24 Mamba Exploration 0.014 27.3 0.0 -69.6 $2,068,905
LU7 Lithium Universe Ltd 0.015 25.0 25.0 -67.4 $8,314,790
AX8 Accelerate Resources 0.010 25.0 11.1 -65.5 $6,217,539
ADD Adavale Resource Ltd 0.003 25.0 0.0 -79.2 $3,059,413
AKN Auking Mining Ltd 0.005 25.0 -37.5 -91.7 $1,762,851
AZI Altamin Limited 0.037 23.3 5.7 -40.3 $14,920,867
TAR Taruga Minerals 0.011 22.2 37.5 4.8 $7,766,295
VR8 Vanadium Resources 0.052 20.9 44.4 15.6 $26,443,385
PAT Patriot Lithium 0.042 20.0 20.0 -75.3 $3,828,777
GW1 Greenwing Resources 0.054 20.0 1.9 -60.0 $11,334,008
CZN Corazon Ltd 0.006 20.0 50.0 -50.0 $4,007,434
CAE Cannindah Resources 0.052 18.2 13.0 -47.5 $30,060,158
PTR Petratherm Ltd 0.060 17.6 200.0 -1.6 $14,647,592
EV1 Evolutionenergy 0.040 17.6 90.5 -75.0 $14,422,686
NVA Nova Minerals Ltd 0.170 17.2 0.0 -30.6 $48,948,639
INF Infinity Lithium 0.041 17.1 9.3 -54.4 $18,041,092
LNR Lanthanein Resources 0.004 16.7 40.0 -56.3 $7,330,908
LNR Lanthanein Resources 0.004 16.7 40.0 -56.3 $7,330,908
LKE Lake Resources 0.046 16.7 23.0 -73.2 $70,077,875
G88 Golden Mile Res Ltd 0.014 16.7 27.3 -33.3 $5,757,120
QXR Qx Resources Limited 0.007 16.7 16.7 -69.6 $7,770,545
RBX Resource B 0.035 16.7 0.0 -75.0 $2,893,957
ARL Ardea Resources Ltd 0.470 16.0 9.3 -20.3 $93,850,970
SRZ Stellar Resources 0.019 15.2 18.8 58.3 $39,514,627
M2R Miramar 0.008 14.3 -27.3 -81.6 $2,777,763
MRR Minrex Resources Ltd 0.008 14.3 -20.0 -46.7 $9,221,374
DM1 Desert Metals 0.025 13.6 4.2 -37.5 $6,635,642
A8G Australasian Metals 0.125 13.6 19.0 -39.0 $6,515,062
EMH European Metals Hldg 0.175 12.9 -2.8 -73.1 $37,340,047
ODE Odessa Minerals Ltd 0.005 12.5 50.0 -55.0 $5,073,130
EVR Ev Resources Ltd 0.005 12.5 -10.0 -59.1 $5,585,086
WC1 Westcobarmetals 0.027 12.5 -10.0 -64.9 $3,965,009
ASR Asra Minerals Ltd 0.005 12.5 -25.0 -43.8 $11,157,790
NVX Novonix Limited 0.870 12.3 61.1 32.8 $404,874,569
WIN WIN Metals 0.048 11.6 45.5 -75.0 $15,837,412
RAG Ragnar Metals Ltd 0.020 11.1 11.1 -16.7 $9,479,720
DLI Delta Lithium 0.260 10.6 52.9 -58.9 $178,351,786
BC8 Black Cat Syndicate 0.525 10.5 43.8 162.5 $230,656,232
GSM Golden State Mining 0.011 10.0 10.0 -68.6 $3,073,077
MHK Metalhawk. 0.170 9.7 88.9 93.2 $17,113,900
WCN White Cliff Min Ltd 0.023 9.5 43.8 76.9 $37,475,911
NMT Neometals Ltd 0.120 9.1 69.0 -63.2 $82,787,771
PAM Pan Asia Metals 0.060 9.1 -6.3 -72.1 $11,931,105
ZNC Zenith Minerals Ltd 0.049 8.9 36.1 -55.5 $17,619,044
INR Ioneer Ltd 0.223 8.5 53.4 17.1 $491,011,199
SLM Solismineralsltd 0.090 8.4 0.0 -63.3 $6,964,407
HRE Heavy Rare Earths 0.039 8.3 21.9 -48.0 $2,594,456
LPM Lithium Plus 0.130 8.3 39.8 -72.9 $17,269,200
GL1 Globallith 0.270 8.0 42.1 -77.0 $63,844,032
NTU Northern Min Ltd 0.021 7.9 -24.1 -26.8 $135,965,583
KZR Kalamazoo Resources 0.083 7.8 2.5 -12.6 $15,510,809
EVG Evion Group NL 0.030 7.1 20.0 -9.1 $9,714,969
EG1 Evergreenlithium 0.045 7.1 15.4 -82.7 $2,586,580
AGY Argosy Minerals Ltd 0.040 6.8 -1.3 -76.8 $55,324,995
SRI Sipa Resources Ltd 0.016 6.7 6.7 -15.8 $3,650,530
RVT Richmond Vanadium 0.330 6.5 11.9 -12.0 $27,586,498
MEK Meeka Metals Limited 0.067 6.3 34.0 81.1 $95,777,627
AZL Arizona Lithium Ltd 0.017 6.3 13.3 13.3 $76,054,847
RAS Ragusa Minerals Ltd 0.017 6.3 6.3 -57.5 $2,424,179
REC Rechargemetals 0.034 6.3 21.4 -75.7 $4,749,459
LTR Liontown Resources 0.855 6.2 37.9 -71.4 $1,915,835,431
KNI Kunikolimited 0.175 6.1 16.7 -39.7 $14,750,776
AM7 Arcadia Minerals 0.036 5.9 20.0 -65.7 $3,979,703
BSX Blackstone Ltd 0.037 5.7 -17.8 -66.3 $19,533,666
PSC Prospect Res Ltd 0.098 5.4 -2.0 24.1 $54,147,360
EMS Eastern Metals 0.020 5.3 -33.3 -35.5 $2,614,554
ABX ABX Group Limited 0.041 5.1 -4.7 -43.8 $10,251,653
DYM Dynamicmetalslimited 0.210 5.0 31.3 16.7 $7,560,000
LOT Lotus Resources Ltd 0.273 4.8 26.7 13.5 $504,231,052
BCA Black Canyon Limited 0.068 4.6 11.5 -47.7 $5,559,372
BUR Burleyminerals 0.069 4.5 -29.6 -54.0 $10,375,595
FRB Firebird Metals 0.120 4.3 14.3 -14.3 $17,083,368
ASN Anson Resources Ltd 0.078 4.0 -14.3 -42.2 $101,559,615
GRE Greentechmetals 0.130 4.0 44.4 -55.2 $10,800,397
BUX Buxton Resources Ltd 0.060 3.4 -4.8 -70.0 $11,809,130
FTL Firetail Resources 0.100 3.1 29.9 5.1 $32,462,302
CWX Carawine Resources 0.100 3.1 5.3 -21.9 $23,612,545
MTM MTM Critical Metals 0.067 3.1 34.0 97.1 $17,147,518
VUL Vulcan Energy 4.445 2.9 24.2 67.7 $818,620,284
MLX Metals X Limited 0.448 2.9 11.9 57.0 $394,519,757
IPX Iperionx Limited 3.515 2.8 33.7 170.4 $904,060,035
QPM Queensland Pacific 0.037 2.8 23.3 -43.9 $95,804,797
LIN Lindian Resources 0.103 2.5 -6.8 -48.8 $115,292,224
PMT Patriotbatterymetals 0.465 2.2 22.4 -53.7 $259,029,968
TVN Tivan Limited 0.048 2.1 2.1 -34.2 $84,893,456
HAW Hawthorn Resources 0.059 1.7 -3.3 -41.0 $19,765,921
E25 Element 25 Ltd 0.325 1.6 51.2 -14.5 $73,670,654
GED Golden Deeps 0.036 1.4 -17.4 -34.3 $5,075,999
L1M Lightning Minerals 0.074 1.4 1.4 -43.1 $6,698,254
TOR Torque Met 0.075 1.4 -37.5 -72.2 $16,947,031
S2R S2 Resources 0.080 1.3 -14.9 -59.0 $36,681,497
COB Cobalt Blue Ltd 0.084 1.2 25.4 -65.0 $32,953,030
ENV Enova Mining Limited 0.009 0.0 -18.2 12.5 $7,879,435
CRI Criticalim 0.013 0.0 18.2 30.0 $32,049,609
RR1 Reach Resources Ltd 0.014 0.0 7.7 -72.2 $11,367,608
RR1 Reach Resources Ltd 0.014 0.0 7.7 -72.2 $11,367,608
SYA Sayona Mining Ltd 0.034 0.0 54.5 -60.0 $329,385,472
DRE Dreadnought Resources Ltd 0.018 0.0 12.5 -60.0 $63,796,750
TLG Talga Group Ltd 0.380 0.0 -12.6 -66.7 $154,357,865
PNN Power Minerals Ltd 0.120 0.0 42.9 -48.9 $12,662,079
EMC Everest Metals Corp 0.130 0.0 23.8 8.3 $23,285,389
MAN Mandrake Res Ltd 0.029 0.0 16.0 -21.6 $17,269,278
JMS Jupiter Mines. 0.170 0.0 6.3 -12.8 $323,483,378
SRL Sunrise 0.395 0.0 -16.0 -46.6 $34,737,587
GT1 Greentechnology 0.095 0.0 8.0 -76.8 $36,153,945
CLA Celsius Resource Ltd 0.012 0.0 0.0 9.1 $30,852,294
MRC Mineral Commodities 0.026 0.0 0.0 -12.0 $25,596,288
AXN Alliance Nickel Ltd 0.045 0.0 36.4 -13.5 $32,662,783
TMX Terrain Minerals 0.004 0.0 33.3 -20.0 $7,200,115
CAI Calidus Resources 0.115 0.0 0.0 -28.1 $93,678,206
NWC New World Resources 0.020 0.0 11.1 -28.6 $56,805,634
CHR Charger Metals 0.090 0.0 8.4 -30.8 $6,967,823
LCY Legacy Iron Ore 0.013 0.0 0.0 -31.6 $100,276,127
ALY Alchemy Resource Ltd 0.007 0.0 16.7 -33.3 $8,246,534
AVW Avira Resources Ltd 0.001 0.0 0.0 -33.3 $2,938,790
LIT Lithium Australia 0.021 0.0 5.0 -34.4 $27,326,469
PGD Peregrine Gold 0.190 0.0 15.2 -35.6 $12,896,900
ADV Ardiden Ltd 0.135 0.0 3.8 -37.2 $8,439,863
KAI Kairos Minerals Ltd 0.013 0.0 25.0 -37.5 $32,886,402
EMT Emetals Limited 0.004 0.0 0.0 -42.9 $3,400,000
MNS Magnis Energy Tech 0.042 0.0 0.0 -43.2 $50,378,922
EUR European Lithium Ltd 0.037 0.0 -7.5 -46.4 $51,730,538
THR Thor Energy PLC 0.015 0.0 7.1 -48.3 $3,469,099
PEK Peak Rare Earths Ltd 0.190 0.0 -9.5 -50.0 $50,621,825
PEK Peak Rare Earths Ltd 0.190 0.0 -9.5 -50.0 $50,621,825
AAJ Aruma Resources Ltd 0.016 0.0 0.0 -50.0 $3,552,931
RLC Reedy Lagoon Corp. 0.003 0.0 0.0 -50.0 $1,858,622
MRD Mount Ridley Mines 0.001 0.0 0.0 -50.0 $7,784,883
SBR Sabre Resources 0.015 0.0 15.4 -51.6 $5,894,429
KOR Korab Resources 0.008 0.0 0.0 -52.9 $2,936,400
REE Rarex Limited 0.013 0.0 8.3 -59.4 $10,271,710
PVT Pivotal Metals Ltd 0.010 0.0 -23.1 -60.0 $8,744,759
EFE Eastern Resources 0.004 0.0 0.0 -60.0 $4,967,786
ASO Aston Minerals Ltd 0.012 0.0 0.0 -63.6 $15,540,771
AML Aeon Metals Ltd. 0.005 0.0 0.0 -66.7 $5,482,003
SLZ Sultan Resources Ltd 0.006 0.0 0.0 -67.9 $1,185,519
BYH Bryah Resources Ltd 0.004 0.0 -20.0 -69.2 $2,013,147
CDT Castle Minerals 0.003 0.0 -25.0 -70.0 $4,118,442
WML Woomera Mining Ltd 0.003 0.0 20.0 -71.4 $6,165,223
TKL Traka Resources 0.001 0.0 0.0 -74.5 $1,945,659
LSR Lodestar Minerals 0.001 0.0 0.0 -75.0 $3,372,329
POS Poseidon Nick Ltd 0.004 0.0 14.3 -75.8 $16,815,502
CNJ Conico Ltd 0.001 0.0 0.0 -80.0 $2,201,528
CLZ Classic Min Ltd 0.001 0.0 0.0 -98.0 $1,544,026
GLN Galan Lithium Ltd 0.125 0.0 11.5 -77.5 $77,488,368
BOA Boadicea Resources 0.021 0.0 16.7 -44.7 $2,713,763
JRV Jervois Global Ltd 0.013 0.0 18.2 -58.1 $37,838,693
NWM Norwest Minerals 0.020 0.0 -9.1 -23.1 $10,672,629
WMG Western Mines 0.220 0.0 -6.4 -34.3 $21,713,525
PUR Pursuit Minerals 0.003 0.0 0.0 -75.0 $10,906,200
NIC Nickel Industries 0.913 -0.3 21.7 27.6 $3,860,828,892
CTM Centaurus Metals Ltd 0.498 -0.5 32.7 -11.2 $255,801,125
OMH OM Holdings Limited 0.380 -1.3 -3.8 -19.1 $295,008,868
LYC Lynas Rare Earths 7.695 -1.3 9.3 20.4 $6,926,261,751
ARU Arafura Rare Earths 0.173 -1.4 15.0 -26.6 $406,614,234
HAS Hastings Tech Met 0.300 -1.6 11.1 -53.9 $52,439,579
GBR Greatbould Resources 0.056 -1.8 21.7 1.8 $34,127,051
GAL Galileo Mining Ltd 0.138 -1.8 -14.1 -61.3 $27,667,490
VTM Victory Metals Ltd 0.383 -1.9 2.0 101.3 $39,627,961
BKT Black Rock Mining 0.051 -1.9 -3.8 -40.0 $65,106,526
IDA Indiana Resources 0.095 -2.1 1.1 58.9 $60,265,271
EMN Euromanganese 0.047 -2.1 -9.6 -59.1 $9,982,706
EGR Ecograf Limited 0.089 -2.2 -4.3 -31.5 $39,500,768
PFE Panteraminerals 0.026 -2.4 24.2 -51.2 $10,612,748
RNU Renascor Res Ltd 0.078 -2.5 -16.1 -32.2 $198,262,714
TMB Tambourahmetals 0.036 -2.7 12.5 -74.6 $3,325,281
BHP BHP Group Limited 43.830 -2.7 13.1 -0.5 $219,598,443,417
ITM Itech Minerals Ltd 0.071 -2.7 -1.4 -40.8 $12,122,213
JLL Jindalee Lithium Ltd 0.235 -3.1 -1.1 -85.1 $16,770,940
SGQ St George Min Ltd 0.031 -3.1 10.7 -16.2 $35,921,834
WR1 Winsome Resources 0.610 -3.2 29.8 -47.6 $118,502,068
VHM Vhmlimited 0.450 -3.2 -12.6 -8.2 $75,483,388
GRL Godolphin Resources 0.015 -3.3 -3.3 -60.8 $3,872,823
ASM Ausstratmaterials 0.570 -3.4 0.9 -59.7 $100,632,398
FG1 Flynngold 0.028 -3.4 7.7 -47.5 $7,137,661
CY5 Cygnus Metals Ltd 0.081 -3.6 15.7 -40.0 $27,724,297
DVP Develop Global Ltd 2.310 -3.8 17.9 -26.4 $623,870,083
S32 South32 Limited 3.590 -3.8 20.9 6.5 $15,985,052,834
IPT Impact Minerals 0.013 -3.8 -3.8 8.7 $36,713,205
MLS Metals Australia 0.025 -3.8 25.0 -19.4 $18,180,488
MIN Mineral Resources. 50.450 -4.0 66.0 -15.1 $9,421,101,876
CXO Core Lithium 0.120 -4.0 42.9 -64.7 $246,446,788
ILU Iluka Resources 6.545 -4.0 16.7 -11.4 $2,744,954,691
ARR American Rare Earths 0.278 -4.3 4.7 105.6 $133,494,291
PVW PVW Res Ltd 0.021 -4.5 -4.5 -72.0 $3,178,096
PGM Platina Resources 0.020 -4.8 2.6 -23.1 $11,840,426
WKT Walkabout Resources 0.100 -4.8 4.2 -9.1 $67,126,145
LM1 Leeuwin Metals Ltd 0.080 -4.8 -1.2 -75.8 $3,748,134
VMC Venus Metals Cor Ltd 0.058 -4.9 -7.9 -53.6 $11,375,464
OD6 Od6Metalsltd 0.038 -5.0 -9.5 -75.5 $4,375,466
FBM Future Battery 0.019 -5.0 5.6 -81.9 $11,976,407
ARN Aldoro Resources 0.074 -5.1 -7.5 -17.8 $9,558,286
ICL Iceni Gold 0.037 -5.1 -2.6 -48.6 $10,910,442
ASL Andean Silver 1.085 -5.7 13.0 309.4 $152,414,024
RXL Rox Resources 0.120 -5.9 -14.3 -45.1 $47,218,458
MQR Marquee Resource Ltd 0.016 -5.9 -5.9 -42.9 $6,662,150
WSR Westar Resources 0.008 -5.9 14.3 -55.4 $3,189,799
AVL Aust Vanadium Ltd 0.015 -6.3 0.0 -44.4 $129,487,871
FGR First Graphene Ltd 0.044 -6.4 -4.3 -58.1 $30,137,715
DEV Devex Resources Ltd 0.145 -6.5 11.5 -58.6 $61,836,694
1MC Morella Corporation 0.029 -6.5 -9.4 -80.7 $8,086,077
AS2 Askarimetalslimited 0.029 -6.5 70.6 -83.9 $2,942,104
IGO IGO Limited 5.465 -6.6 9.3 -50.5 $4,058,955,478
BNR Bulletin Res Ltd 0.042 -6.7 -4.5 -54.3 $13,212,600
CMO Cosmometalslimited 0.025 -7.4 -19.4 -48.7 $3,274,822
ESR Estrella Res Ltd 0.012 -7.7 100.0 50.0 $19,994,757
KFM Kingfisher Mining 0.069 -8.0 9.5 -59.4 $3,115,470
QEM QEM Limited 0.092 -8.0 -28.3 -50.4 $13,928,038
IG6 Internationalgraphit 0.067 -8.2 -16.3 -58.1 $12,968,408
TON Triton Min Ltd 0.011 -8.3 22.2 -45.0 $17,252,276
LEG Legend Mining 0.011 -8.3 -15.4 -56.0 $32,004,249
LML Lincoln Minerals 0.006 -8.3 10.0 -21.4 $12,337,557
WA1 Wa1Resourcesltd 13.875 -8.4 -10.1 204.9 $891,904,420
CHN Chalice Mining Ltd 1.515 -8.5 56.2 -31.4 $567,979,110
LRS Latin Resources Ltd 0.205 -8.9 24.2 -22.6 $546,276,795
PBL Parabellumresources 0.050 -9.1 0.0 -85.5 $3,115,000
MEI Meteoric Resources 0.095 -9.5 5.6 -54.8 $213,780,143
LLI Loyal Lithium Ltd 0.140 -9.7 47.4 -74.1 $12,982,629
TKM Trek Metals Ltd 0.028 -9.7 -28.2 0.0 $14,902,313
RGL Riversgold 0.005 -10.0 12.5 -67.9 $5,309,850
ANX Anax Metals Ltd 0.018 -10.0 -5.3 -48.6 $12,502,851
TEM Tempest Minerals 0.009 -10.0 -18.2 4.8 $6,272,698
BMM Balkanminingandmin 0.052 -10.3 26.8 -68.5 $4,474,107
SMX Strata Minerals 0.026 -10.3 8.3 -59.4 $5,152,010
PLS Pilbara Min Ltd 2.945 -11.0 22.2 -21.0 $8,582,732,011
RMXDD Red Mount Min Ltd 0.008 -11.1 -20.0 -81.7 $3,098,862
LRV Larvottoresources 0.350 -11.4 -10.3 218.6 $102,702,084
IMI Infinitymining 0.038 -11.6 171.4 -74.7 $5,158,277
ATM Aneka Tambang 0.905 -11.7 -12.1 -23.9 $1,179,802
FRS Forrestaniaresources 0.015 -11.8 36.4 -60.5 $2,426,786
SYR Syrah Resources 0.295 -11.9 43.9 -34.6 $279,420,777
SYR Syrah Resources 0.295 -11.9 43.9 -34.6 $279,420,777
DTM Dart Mining NL 0.014 -12.5 -12.5 -29.7 $5,201,765
CMX Chemxmaterials 0.035 -12.5 -2.8 -60.7 $4,515,781
CRR Critical Resources 0.007 -12.5 -30.0 -80.6 $13,745,785
CNB Carnaby Resource Ltd 0.375 -12.8 -5.1 -56.9 $65,336,153
LMG Latrobe Magnesium 0.037 -14.0 19.4 -11.4 $96,290,032
STK Strickland Metals 0.080 -14.0 -13.0 2.6 $181,008,009
AR3 Austrare 0.150 -14.3 150.0 -31.8 $22,904,743
MOH Moho Resources 0.006 -14.3 0.0 -14.3 $3,235,069
SRN Surefire Rescs NL 0.006 -14.3 0.0 -57.1 $11,917,847
KOB Kobaresourceslimited 0.115 -14.8 4.5 43.8 $18,234,586
1AE Auroraenergymetals 0.045 -15.1 25.0 -64.0 $8,057,868
ETM Energy Transition 0.021 -16.0 -4.5 -44.7 $29,582,882
HXG Hexagon Energy 0.021 -16.0 0.0 121.1 $11,797,066
KTA Krakatoa Resources 0.010 -16.7 11.1 -50.0 $4,721,072
BM8 Battery Age Minerals 0.100 -16.7 -9.1 -54.5 $10,697,776
SUM Summitminerals 0.190 -17.4 -19.1 100.0 $16,117,318
SCN Scorpion Minerals 0.014 -17.6 7.7 -76.7 $5,322,930
AQD Ausquest Limited 0.009 -18.2 -10.0 -35.7 $7,199,643
RIL Redivium Limited 0.004 -20.0 0.0 -42.9 $10,987,419
VML Vital Metals Limited 0.002 -20.0 0.0 -80.0 $11,790,134
KNG Kingsland Minerals 0.180 -21.7 0.0 -7.7 $11,060,964
KGD Kula Gold Limited 0.007 -22.2 -22.2 -41.7 $4,824,089
CTN Catalina Resources 0.003 -25.0 50.0 -25.0 $3,715,461
ENT Enterprise Metals 0.003 -25.0 -25.0 -25.0 $3,534,952
AOA Ausmon Resorces 0.002 -33.3 0.0 -33.3 $2,117,999
LPD Lepidico Ltd 0.002 -33.3 0.0 -82.5 $17,178,250
LPD Lepidico Ltd 0.002 -33% 0% -82% $17,178,250
AOA Ausmon Resorces 0.002 -33% 0% -33% $2,117,999
Wordpress Table Plugin

Weekly Small Cap Standouts

Arcadium Lithium (ASX:LTM)

LTM shares have caught a rocket this week on the back of confirmation by Rio Tinto (ASX:RIO) that the company will spend $10 billion to acquire Arcadium – one of the few producers to have rolled out direct lithium extraction at its El Fenix site on Argentina’s Hombre Muerto Salar.

Murmurs about a potential takeover had been circling around the traps long before a report in The Australian’s Dataroom column broke the case wide open.

Rio has a number of early-stage lithium projects but has finally pressed the button on big M&A now that valuations have come down from insane 2023 highs.

Rio is testing a form of its own DLE technology at the Rincon brine project, where a US$335 million pilot project with a 3000tpa LCE capacity is set to be completed this year.

Arcadium has had to dial back expansion plans in the face of the lithium price crisis, with expectations that it will lift production capacity from 75,000tpa today to 170,000tpa LCE by 2028. Rio’s introduction brings with it deep pockets and the prospect it could push the accelerator on those plans.

 

Kali Metals (ASX:KM1)

Kali Metals has expanded its JV with Chilean lithium giant SQM, adding two new tenements: DOM’s Hill and Pear Creek.

Kali is acquiring the new DOM’s Hill tenements from major shareholder Kalamazoo Resources (ASX:KZR) for a cash consideration of $100,000, while the Pear Creek tenement is being snapped up from KZR for just $20,000.

Under the updated JV terms, SQM is to spend $500,000 on exploration by 15 December 2025 to retain its 30% interest in Kali’s DOM’s Hill and Pear Creek tenements and increased its exploration commitment of $1m, now a $4.25m spend by 15 December 2026 to earn 50% interest.

KM1’s landholding is along trend of some major lithium deposits, including Pilbara Minerals’ (ASX:PLS) 414Mt Pilgangoora and Golden Mile Resources’ (ASX:G88) 18Mt Archer discovery.

 

Piedmont Lithium (ASX:PLL)

In February, the lithium producer cut its workforce by 27% as a reflection of drastically lower lithium prices to save operational costs across its North American Lithium (NAL) JV with Sayona Mining (ASX:SYA).

This didn’t stop PLL working across its NAL and Ghana lithium projects, expanding NAL’s mineral resource by 39% to 87.9Mt at 1.13% Li2O in late August and receiving an environmental permit for its Ewoyaa lithium project with JV partner Atlantic Lithium (ASX:A11).

Now Ghana has issued a mine operating permit for Ewoyaa.

“We look forward to the future development of the Ewoyaa project in due course, subject to the outcome of the mining lease ratification by the Ghanian Parliament, other ongoing design works, and prevailing market conditions,” PLL chief operating officer Patrick Brindle said.

 

Australian Mines (ASX:AUZ) 

China controls around 80% of the worlds production of scandium, and demand growth for the metal – which plays a key role in solid oxide hydrogen fuel cells, lightweight aluminium alloys and advanced electronic technologies – has led to renewed interest in developing deposits elsewhere.

As such, AUZ has commenced a review of the scoping study for its Flemington cobalt-scandium-nickel project about 370km west of Sydney – a project with a resource of 2.7Mt grading 403g/t scandium.

The scoping study from 2017 had estimated project net present value (8% discount) and internal rate of return – both measures of profitability – at $255m and 37.3% respectively using a scandium oxide price of US$1.5m per tonne.

Under the scoping study, Flemington was envisaged as processing 100,000t of ore to produce 50t of scandium oxide annually.

Mine life was estimated at 18 years with the potential for extension to 45 years, Capex was expected to be a relatively low $74m.

De-risking the project is the success that neighbour Rimfire Pacific Mining (ASX:RIM) has seen at its Melrose and Murga North scandium projects.

RIM recently released maiden resources of 21Mt at 125 parts per million (ppm) scandium (4,050t scandium oxide) at Mulga North and 3Mt at 240ppm scandium (1,120t scandium oxide) at the Melrose deposit.

That explorer has flagged that it is only just getting started. The company will also consider updating the current resource by including ~500 drill holes that were completed between 2019 and 2020.

 

At Stockhead, we tell it like it is. While Australian Mines is a Stockhead advertiser, it did not sponsor this article.