• 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.

 

 

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
Wordpress Table Plugin