High Voltage: Goldman Sachs is wrong about oversupply and lithium miners look cheap, experts say

ASX lithium stocks suffered selldown after major investment bank Goldman Sachs called top of battery metals boom
Cowen disagrees, models 19% deficit to demand from 2023-2030
Stock prices don’t reflect current high lithium prices: Jefferies

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

Lithium stocks suffered an astonishing selldown after major investment bank Goldman Sachs called the top of the battery metals boom in a note last week.

Industry experts aren’t buying it.

We’ve seen this before, we will see it again. Goldman Sachs: you can’t just add up all the #lithium mine level potential & make an oversupply call

The speciality chemicals world is more nuanced than iron ore

It’s why the world doesn’t rely investment banks for research any more

— Simon Moores (@sdmoores) June 1, 2022

Smells like imitation flattery @Jefferies + @CowenResearch + @UBS > @GoldmanSachs
call predicated on massive increase in China supply – esp high carbon lepidolite – against low 2025 demand (1.2K LCE) forecast. #RKEquity says NFW ’23/24 price falls to $16/11K. #Nirvana #Lithium pic.twitter.com/O7vmMXqm0d

— Howard Klein (@LithiumIonBull) June 3, 2022

There is no oversupply coming: Cowen

Other investment banks aren’t buying it either.

In a note titled “Take Advantage of the Noise” Cowen says lithium stocks prices have been hit by these peer reviews on lithium oversupply and confusion around Argentine transfer taxes — issues that both appear overblown.

“EV driven demand growth cannot be satisfied by li supply in any year in our model, underpinning cash flow growth from volume additions and improved pricing,” Cowen says.

“We model a 19% deficit to demand from 2023-2030.”

While spot pricing may pull back from “breakneck levels” of +$US70k/t in 2023, producer pricing will continue to rise.

It’s important to note that the spot market reflects a very small amount of product. Most lithium is sold via contracts.

Here, if sustainable pricing can be achieved in the mid $US30k range, “the lithium space remains an extremely compelling investment”, Cowen says.

Earlier this week producer Allkem (ASX:AKE) announced the average price received in the June quarter would be 14% above prior guidance at US$40,000/t on sales of ~3,500 tonnes.

At current lithium prices, all producers are generating peak cycle returns, yet share prices are implying prices of $US18,435- $US23,716/t LCE, says financial services company Jefferies.

That’s a 70% discount to current prices.

“Based on our global view we believe supply fears will dominate pricing discussions,” it says.

“We expect another fly-up into year-end and prices only normalising to an economic ‘incentive’ level in 2026-27.”

Which ASX lithium stocks were hit hardest?

The massacre of lithium equities last week was wide-ranging and indiscriminate.

Despite raking in the cash of late, producers Allkem and Pilbara Minerals (ASX:PLS) were smashed 17% and 18%, respectively.

The PLS share price is now down to December 2021 levels.

The near term producers were also hammered, led by Sayona (ASX:SYA) down 22%, Liontown Resources (ASX:LTR) down 14%, and Core Lithium (ASX:CXO), down 8%.

Escaping relatively unscathed was Lake Resources (ASX:LKE), down just 1%.

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
BHP	BHP Group Limited	3%	11%	31%	6%	46.19	$234,588,056,624.60
S32	South32 Limited	4%	10%	38%	68%	5.095	$23,365,709,287.20
MIN	Mineral Resources.	-5%	6%	35%	24%	59.47	$11,283,963,563.88
IGO	IGO Limited	-6%	-2%	18%	54%	11.82	$8,988,768,940.31
LYC	Lynas Rare Earths	-4%	5%	2%	73%	9.425	$8,437,548,029.90
OZL	OZ Minerals	2%	4%	-8%	-4%	24.31	$8,084,092,691.85
AKE	Allkem Limited	-17%	-3%	38%	70%	11.73	$7,435,093,282.76
PLS	Pilbara Min Ltd	-18%	-10%	4%	85%	2.45	$7,233,741,573.12
ILU	Iluka Resources	-3%	-2%	21%	36%	10.67	$4,535,087,618.43
NIC	Nickel Industries	-2%	-1%	-11%	17%	1.2475	$3,455,060,973.71
AVZ	AVZ Minerals Ltd	0%	0%	38%	388%	0.78	$2,752,409,203.44
LTR	Liontown Resources	-14%	-13%	-18%	118%	1.2	$2,707,398,119.53
CHN	Chalice Mining Ltd	-13%	-22%	-36%	-36%	5.54	$2,104,049,198.06
CXO	Core Lithium	-8%	2%	167%	388%	1.27	$2,070,161,983.18
LKE	Lake Resources	-1%	-10%	93%	447%	1.4775	$1,898,515,590.78
SYA	Sayona Mining Ltd	-22%	-44%	45%	172%	0.16	$1,401,221,626.52
MCR	Mincor Resources NL	-2%	8%	102%	134%	2.4	$1,167,324,703.77
JRV	Jervois Global Ltd	-13%	-16%	39%	35%	0.725	$1,124,615,711.14
SYR	Syrah Resources	-17%	-16%	42%	44%	1.5275	$1,060,890,462.37
INR	Ioneer Ltd	-17%	-16%	-17%	40%	0.475	$1,045,649,710.00
VUL	Vulcan Energy	-9%	-7%	-22%	-12%	7.17	$974,173,666.00
ARU	Arafura Resource Ltd	6%	20%	154%	178%	0.445	$738,212,857.70
NMT	Neometals Ltd	-14%	-16%	12%	129%	1.165	$658,051,675.20
OMH	OM Holdings Limited	-3%	-6%	-1%	6%	0.83	$613,057,369.71
AGY	Argosy Minerals Ltd	-10%	6%	91%	354%	0.44	$609,736,334.40
PAN	Panoramic Resources	-5%	-9%	26%	61%	0.265	$553,746,781.08
CTM	Centaurus Metals Ltd	-6%	-8%	12%	69%	1.115	$491,172,213.95
RNU	Renascor Res Ltd	-14%	-10%	93%	147%	0.2025	$473,801,356.82
HAS	Hastings Tech Met	-2%	-8%	4%	41%	0.24	$466,657,409.57
PLL	Piedmont Lithium Inc	-14%	-14%	5%	-12%	0.8	$435,245,910.00
PSC	Prospect Res Ltd	1%	0%	58%	485%	0.965	$430,068,258.39
JMS	Jupiter Mines.	2%	-9%	13%	-32%	0.215	$421,183,072.10
MLX	Metals X Limited	-10%	-28%	-6%	72%	0.465	$417,342,390.82
TLG	Talga Group Ltd	-8%	-13%	-5%	-16%	1.305	$410,190,728.06
GLN	Galan Lithium Ltd	-17%	-20%	-8%	76%	1.27	$398,763,164.22
FFX	Firefinch Ltd	-71%	-69%	-56%	-12%	0.32	$389,810,262.93
MNS	Magnis Energy Tech	-15%	-13%	-17%	26%	0.365	$357,599,571.73
CAI	Calidus Resources	-8%	-16%	37%	63%	0.78	$334,509,636.14
SRL	Sunrise	9%	2%	76%	57%	3.26	$292,688,106.75
GAL	Galileo Mining Ltd	-1%	703%	647%	473%	1.605	$284,305,133.40
AZL	Arizona Lithium Ltd	-17%	-22%	58%	317%	0.125	$279,089,901.50
AZL	Arizona Lithium Ltd	-17%	-22%	58%	317%	0.125	$279,089,901.50
LOT	Lotus Resources Ltd	0%	-14%	-4%	31%	0.275	$278,969,545.64
COB	Cobalt Blue Ltd	-16%	-3%	110%	107%	0.745	$247,021,438.51
GL1	Globallith	-8%	-18%	177%	459%	1.51	$245,188,805.52
QPM	Queensland Pacific	-27%	-16%	-18%	-7%	0.135	$234,541,969.65
VML	Vital Metals Limited	-7%	-11%	-2%	-14%	0.05	$216,865,120.37
NTU	Northern Min Ltd	0%	-4%	-16%	30%	0.043	$208,962,640.86
JRL	Jindalee Resources	0%	-7%	64%	23%	3.53	$206,564,277.60
ARL	Ardea Resources Ltd	-5%	-12%	130%	156%	1.15	$203,685,326.40
POS	Poseidon Nick Ltd	-7%	-11%	-27%	-19%	0.0635	$199,157,369.19
BKT	Black Rock Mining	-7%	-15%	8%	18%	0.2	$195,438,406.40
IXR	Ionic Rare Earths	-17%	-33%	7%	57%	0.044	$193,630,246.00
LEG	Legend Mining	-1%	-4%	38%	-49%	0.069	$192,859,500.47
LPD	Lepidico Ltd	0%	-3%	-19%	131%	0.03	$188,704,727.07
AXE	Archer Materials	-12%	-6%	-33%	0%	0.72	$187,592,741.29
LRS	Latin Resources Ltd	-29%	-29%	158%	49%	0.085	$171,701,278.29
EGR	Ecograf Limited	-8%	-20%	-41%	-38%	0.385	$171,126,714.42
VIA	Viagold Rare Earth	0%	0%	0%	2339%	2	$166,624,808.00
LPI	Lithium Pwr Int Ltd	-25%	-36%	7%	136%	0.46	$164,098,078.56
AVL	Aust Vanadium Ltd	-14%	-32%	43%	93%	0.0385	$161,076,991.43
ASN	Anson Resources Ltd	-3%	22%	40%	122%	0.14	$154,186,850.25
ASO	Aston Minerals Ltd	-7%	-11%	4%	-39%	0.125	$142,293,504.34
EMH	European Metals Hldg	-4%	-18%	-30%	-33%	0.925	$133,738,116.75
CAE	Cannindah Resources	0%	-14%	47%	310%	0.25	$133,435,518.50
ARR	American Rare Earths	-10%	-13%	100%	302%	0.33	$132,561,153.56
ZNC	Zenith Minerals Ltd	1%	3%	73%	56%	0.39	$127,244,537.35
CNB	Carnaby Resource Ltd	-14%	-24%	221%	130%	0.85	$127,213,586.72
STM	Sunstone Metals Ltd	-13%	-23%	-45%	167%	0.048	$126,147,874.48
BSX	Blackstone Ltd	-10%	-17%	-48%	-26%	0.265	$124,933,604.73
GT1	Greentechnology	-11%	-4%	169%	0%	0.915	$123,971,120.00
1MC	Morella Corporation	-22%	-32%	-67%	-67%	0.021	$119,052,921.68
ESS	Essential Metals Ltd	-22%	-10%	197%	380%	0.475	$118,295,873.28
NVA	Nova Minerals Ltd	-3%	-4%	-50%	-58%	0.605	$113,527,439.55
IPX	Iperionx Limited	-11%	-21%	-6%	-22%	0.78	$109,425,022.98
LMG	Latrobe Magnesium	-11%	-15%	-13%	253%	0.067	$109,051,025.47
DEV	Devex Resources Ltd	-15%	-18%	-36%	-24%	0.335	$105,251,629.62
E25	Element 25 Ltd	0%	-18%	-40%	-75%	0.635	$100,025,291.70
CRR	Critical Resources	-24%	-33%	45%	118%	0.061	$98,190,040.28
WKT	Walkabout Resources	0%	-4%	23%	16%	0.215	$97,239,149.08
TNG	TNG Limited	-3%	0%	-3%	0%	0.07	$97,189,275.54
NC1	Nicoresourceslimited	-26%	-11%	0%	0%	1.08	$96,847,502.22
EUR	European Lithium Ltd	-9%	-22%	-34%	8%	0.069	$96,803,954.52
PEK	Peak Rare Earths Ltd	-14%	-37%	-43%	-68%	0.41	$93,306,841.65
PRL	Province Resources	-13%	-16%	-46%	-51%	0.076	$92,652,784.88
AZS	Azure Minerals	9%	0%	-6%	2%	0.29	$91,667,037.70
TMT	Technology Metals	-6%	-6%	29%	33%	0.4	$87,594,313.38
WIN	Widgienickellimited	-9%	-23%	66%	0%	0.34	$87,570,000.00
LIT	Lithium Australia	-11%	-9%	-25%	-32%	0.082	$86,974,042.76
STK	Strickland Metals	-13%	-17%	6%	113%	0.068	$85,832,996.50
FGR	First Graphene Ltd	0%	-13%	-38%	-45%	0.13	$78,404,728.64
GME	GME Resources Ltd	0%	-8%	111%	101%	0.12	$77,218,799.06
VRC	Volt Resources Ltd	0%	11%	-19%	-36%	0.021	$73,752,116.87
BRB	Breaker Res NL	-7%	-16%	-25%	19%	0.215	$68,426,595.09
EMN	Euromanganese	-20%	-23%	-47%	-54%	0.255	$67,912,275.31
NWC	New World Resources	10%	-4%	-30%	-54%	0.044	$67,069,918.52
S2R	S2 Resources	-5%	3%	3%	13%	0.175	$62,365,599.63
MRC	Mineral Commodities	-9%	-13%	8%	-57%	0.105	$56,174,016.57
INF	Infinity Lithium	-4%	-13%	-13%	94%	0.13	$56,026,763.91
HNR	Hannans Ltd	-9%	-28%	-40%	204%	0.021	$54,731,701.00
RXL	Rox Resources	-2%	-14%	-15%	-33%	0.32	$54,061,103.04
GSR	Greenstone Resources	25%	100%	122%	173%	0.06	$53,092,860.27
AUZ	Australian Mines Ltd	-11%	-43%	-48%	-43%	0.1025	$50,878,477.10
CNJ	Conico Ltd	9%	200%	-2%	17%	0.036	$50,255,948.34
WR1	Winsome Resources	-16%	-21%	6%	0%	0.355	$49,992,177.78
LEL	Lithenergy	-17%	-36%	40%	145%	1.03	$49,213,500.00
KZR	Kalamazoo Resources	-7%	-15%	-9%	-27%	0.315	$47,914,143.42
MRR	Minrex Resources Ltd	-27%	-22%	14%	85%	0.0445	$47,409,628.92
KAI	Kairos Minerals Ltd	-12%	-18%	-15%	-36%	0.023	$47,090,243.78
BNR	Bulletin Res Ltd	-11%	-9%	87%	133%	0.155	$46,414,576.00
VR8	Vanadium Resources	-22%	-22%	45%	70%	0.09	$41,669,088.91
REE	Rarex Limited	-11%	-20%	-28%	-12%	0.071	$41,640,119.38
MRD	Mount Ridley Mines	-7%	-13%	-7%	0%	0.007	$40,999,199.07
PAM	Pan Asia Metals	8%	11%	30%	276%	0.545	$39,775,667.76
AZI	Altamin Limited	1%	1%	45%	13%	0.097	$37,604,808.19
GBR	Greatbould Resources	-7%	-12%	-32%	-12%	0.088	$37,546,623.40
QXR	Qx Resources Limited	-26%	-30%	105%	144%	0.039	$36,093,217.48
GW1	Greenwing Resources	-16%	-35%	-35%	-12%	0.265	$33,893,020.98
EVR	Ev Resources Ltd	-23%	-33%	-40%	32%	0.033	$33,335,426.56
TON	Triton Min Ltd	0%	-13%	-33%	-18%	0.027	$32,728,388.60
AR3	Austrare	-12%	-27%	-55%	0%	0.405	$32,609,119.93
AML	Aeon Metals Ltd.	-9%	-33%	-23%	-67%	0.03	$31,716,202.34
ESR	Estrella Res Ltd	-12%	15%	-8%	-64%	0.023	$31,217,720.04
MQR	Marquee Resource Ltd	-11%	-11%	-19%	50%	0.093	$31,194,848.50
CLZ	Classic Min Ltd	0%	0%	0%	0%	0.001	$31,024,646.55
MLS	Metals Australia	-18%	-32%	70%	70%	0.068	$30,945,542.27
AOU	Auroch Minerals Ltd	-10%	-24%	-27%	-58%	0.08	$30,710,652.92
RGL	Riversgold	-12%	-37%	115%	-13%	0.037	$30,255,039.96
SCN	Scorpion Minerals	-13%	2%	13%	40%	0.087	$29,201,144.90
IG6	Internationalgraphit	12%	-4%	0%	0%	0.33	$28,113,397.26
PNN	PepinNini Minerals	-12%	-32%	18%	70%	0.46	$27,984,090.68
EFE	Eastern Resources	-20%	-36%	-50%	133%	0.028	$27,844,225.67
PVW	PVW Res Ltd	-9%	-12%	-33%	93%	0.29	$27,441,453.13
ADV	Ardiden Ltd	-17%	-17%	-9%	0%	0.01	$26,683,353.56
VMC	Venus Metals Cor Ltd	-3%	0%	3%	-11%	0.185	$26,438,769.53
KTA	Krakatoa Resources	-3%	-21%	53%	32%	0.075	$25,853,243.78
BEM	Blackearth Minerals	-10%	-10%	-14%	-22%	0.09	$25,142,198.65
SGQ	St George Min Ltd	-15%	-17%	-43%	-57%	0.035	$25,062,179.54
QEM	QEM Limited	-9%	-17%	14%	11%	0.2	$24,934,183.21
TEM	Tempest Minerals	0%	-36%	113%	176%	0.049	$24,228,776.45
WC8	Wildcat Resources	3%	9%	-20%	21%	0.035	$23,875,090.90
CLA	Celsius Resource Ltd	-10%	-8%	-16%	-57%	0.0185	$23,207,849.59
MAN	Mandrake Res Ltd	-2%	-4%	0%	-81%	0.047	$22,970,832.74
IPT	Impact Minerals	-10%	-18%	-29%	-38%	0.009	$22,332,335.00
AQD	Ausquest Limited	23%	35%	50%	17%	0.027	$22,279,029.02
FTL	Firetail Resources	17%	3%	0%	0%	0.385	$22,241,700.00
ALY	Alchemy Resource Ltd	-13%	-13%	91%	34%	0.021	$21,920,703.31
CWX	Carawine Resources	10%	-24%	-16%	-32%	0.16	$20,675,152.05
ARN	Aldoro Resources	-7%	-22%	-48%	-35%	0.21	$20,338,785.75
SRZ	Stellar Resources	14%	-4%	14%	-11%	0.024	$19,303,960.40
PUR	Pursuit Minerals	-10%	-21%	-24%	-77%	0.019	$18,910,983.88
GED	Golden Deeps	-32%	-6%	7%	15%	0.015	$18,482,549.54
LPM	Lithium Plus	-34%	-43%	0%	0%	0.4	$18,070,371.00
PGD	Peregrine Gold	-12%	-3%	30%	33%	0.46	$17,611,867.74
FRB	Firebird Metals	6%	25%	-14%	-49%	0.35	$17,583,415.68
LNR	Lanthanein Resources	-21%	-34%	-5%	23%	0.019	$16,756,511.40
RAG	Ragnar Metals Ltd	-6%	2%	26%	47%	0.044	$16,684,135.12
AS2	Askarimetalslimited	-25%	-34%	85%	0%	0.37	$16,216,043.61
WML	Woomera Mining Ltd	-12%	5%	53%	10%	0.023	$16,140,577.05
PGM	Platina Resources	-10%	-5%	-30%	-51%	0.038	$16,072,146.65
CHR	Charger Metals	-14%	-27%	16%	0%	0.47	$15,638,896.80
CZN	Corazon Ltd	4%	-7%	-19%	-26%	0.026	$15,258,263.93
A8G	Australasian Metals	-8%	-20%	-22%	112%	0.35	$15,027,230.31
RAS	Ragusa Minerals Ltd	-45%	36%	35%	36%	0.105	$14,450,650.45
SBR	Sabre Resources	0%	0%	0%	0%	0.005	$13,945,824.27
LSR	Lodestar Minerals	-15%	-29%	-6%	-23%	0.0085	$13,907,498.78
THR	Thor Mining PLC	-7%	0%	0%	-28%	0.013	$13,874,912.65
HXG	Hexagon Energy	0%	-16%	-64%	-71%	0.027	$13,848,729.33
BOA	Boadicea Resources	-8%	-11%	-17%	-32%	0.17	$13,208,982.15
RMX	Red Mount Min Ltd	-13%	-22%	-22%	-36%	0.007	$13,138,910.86
BUX	Buxton Resources Ltd	1%	-9%	6%	-28%	0.086	$12,978,789.37
LRV	Larvottoresources	-13%	-17%	89%	0%	0.265	$12,774,325.00
WCN	White Cliff Min Ltd	-10%	-21%	36%	6%	0.019	$12,418,463.88
RLC	Reedy Lagoon Corp.	-19%	-24%	-27%	22%	0.022	$12,263,392.06
SLZ	Sultan Resources Ltd	-3%	-3%	-9%	-46%	0.145	$12,076,236.41
KFM	Kingfisher Mining	23%	41%	91%	38%	0.325	$11,985,750.35
AAJ	Aruma Resources Ltd	-19%	-20%	11%	14%	0.072	$11,772,112.73
KOB	Kobaresourceslimited	-10%	-13%	0%	0%	0.175	$11,375,000.00
EMT	Emetals Limited	0%	0%	-28%	-48%	0.013	$11,050,000.00
SHH	Shree Minerals Ltd	-14%	-18%	0%	-36%	0.009	$11,000,132.03
ADD	Adavale Resource Ltd	-3%	-17%	-19%	-70%	0.03	$10,640,719.41
AVW	Avira Resources Ltd	-11%	-20%	-20%	-33%	0.004	$10,593,950.00
KOR	Korab Resources	4%	-22%	-53%	133%	0.028	$10,277,400.00
BYH	Bryah Resources Ltd	-11%	-16%	-16%	-47%	0.042	$10,179,322.88
G88	Golden Mile Res Ltd	-9%	-8%	-8%	-21%	0.048	$9,982,898.09
NKL	Nickelxltd	-9%	7%	52%	7%	0.16	$9,625,500.00
AX8	Accelerate Resources	-5%	-10%	-5%	-13%	0.035	$9,221,061.47
RFR	Rafaella Resources	-8%	-21%	-42%	-61%	0.037	$9,086,704.19
AKN	Auking Mining Ltd	-1%	-26%	-26%	-76%	0.096	$9,082,111.88
ENT	Enterprise Metals	0%	-13%	1%	-33%	0.014	$9,025,055.97
DTM	Dart Mining NL	-1%	-4%	-21%	-57%	0.067	$8,927,170.56
TMB	Tambourahmetals	-2%	-16%	-9%	0%	0.205	$8,856,408.57
CMX	Chemxmaterials	-7%	-13%	0%	0%	0.2	$8,804,742.69
CZL	Cons Zinc Ltd	0%	-4%	-21%	-44%	0.023	$8,720,587.51
IMI	Infinitymining	-12%	-24%	0%	0%	0.145	$8,625,000.00
FG1	Flynngold	-7%	-14%	-32%	0%	0.125	$8,327,936.50
BMM	Balkanminingandmin	-18%	-18%	-29%	0%	0.25	$8,187,500.00
ODE	Odessa Minerals Ltd	-12%	-12%	200%	275%	0.015	$8,057,266.62
SRI	Sipa Resources Ltd	14%	-5%	-13%	-26%	0.042	$7,995,967.32
TSC	Twenty Seven Co. Ltd	-14%	-25%	-25%	-40%	0.003	$7,982,441.72
AM7	Arcadia Minerals	7%	0%	24%	0%	0.235	$7,698,350.00
RR1	Reach Resources Ltd	-20%	-47%	-50%	-56%	0.004	$7,640,202.56
NWM	Norwest Minerals	-5%	-22%	-52%	-55%	0.04	$7,495,206.56
GSM	Golden State Mining	-10%	-9%	-29%	-64%	0.062	$7,218,121.78
WMG	Western Mines	0%	-21%	9%	0%	0.19	$6,960,175.00
MTM	Mtmongerresources	6%	6%	37%	0%	0.185	$6,889,406.27
AOA	Ausmon Resorces	-13%	-30%	17%	17%	0.007	$6,858,314.74
KGD	Kula Gold Limited	-7%	-21%	-30%	-23%	0.031	$6,670,444.59
CML	Chase Mining Limited	0%	17%	-7%	-18%	0.014	$6,553,858.65
RBX	Resource B	-9%	-36%	-23%	341%	0.15	$6,308,127.85
ENV	Enova Mining Limited	-6%	-20%	-24%	-36%	0.016	$5,875,440.99
EMS	Eastern Metals	-6%	0%	-15%	0%	0.17	$5,874,000.00
TKL	Traka Resources	-6%	-20%	-43%	-56%	0.008	$5,510,196.49
PNT	Panthermetalsltd	-18%	-16%	0%	0%	0.19	$5,510,000.00
FRS	Forrestaniaresources	-8%	-44%	-38%	0%	0.175	$5,198,278.74
GRE	Greentechmetals	-3%	-14%	0%	0%	0.16	$5,004,799.84
LML	Lincoln Minerals	0%	0%	0%	0%	0.008	$4,599,869.49
MOH	Moho Resources	-8%	-19%	-42%	-54%	0.034	$4,554,504.29
MMC	Mitremining	-13%	-13%	-37%	0%	0.13	$3,656,488.50
CMO	Cosmometalslimited	-4%	-16%	0%	0%	0.135	$3,443,850.00
ATM	Aneka Tambang	0%	0%	19%	25%	1.25	$1,629,561.25