Trump’s tariffs stir up copper while iron ore stays defensive, but risks rise. Pic: Getty Images
Mining
Our High Voltage column wraps all the news driving ASX stocks with exposure to lithium, cobalt, graphite, nickel, rare earths, and vanadium.
As global trade tensions rise, copper has found itself in the firing line.
Analysts at Benchmark and Panmure Liberum are tracking the impact of new tariffs on these markets, and what it means for investors.
It’s been a rocky ride for copper lately.
The London Metal Exchange saw copper prices drop by 2.9% week-on-week last Friday.
Why? Well, a mix of bad news: tech stock sell-offs, Trump’s tariffs, weak manufacturing in China, and some hawkish remarks from the US Fed.
But things took a turn on Monday, with prices bouncing back after Trump delayed tariffs on Mexico and Canada, and some whispers came out of China about possible concessions to avoid a full-blown trade war.
Now, let’s dig into the impact of those tariffs.
Trump slapped 25% tariffs on imports from Canada and Mexico, and 10% on China.
On the macro level, this has a lot of people worried about inflation, a stronger USD, and slower global growth.
What will it mean for copper?
Analysts at Benchmark put it bluntly: “The most severe impact is expected to stem from tariffs on Canada, which exports nearly 400,000t of copper to the US in raw materials and semi-fabricated products.”
Canada is a huge player in the copper market, providing 15% of US refined copper imports and a massive 82% of US wire rod imports. So, if that copper flow gets choked off, the US could be in trouble.
However, there’s a silver lining, and it comes from the US’ ability to offset this shortfall.
“The lost copper import volume from Canada could be mitigated by a curtailment of refined copper and copper wire rod exports from the US to Mexico, supplemented by imports from tariff-exempt countries like Chile,” Benchmark’s analysts wrote.
In other words, expect some shifts in trade routes, but the copper market could stay stable for now.
As for China, the US doesn’t really import much copper from China (less than 10,000t), but China is a major player in copper scrap.
Last year, the US exported over 300,000t of copper scrap to China.
But let’s be real, Trump’s goal is to boost domestic copper production. And while it might take some time to build new smelting capacity (we’re talking 2-4 years), it could eventually offset some of the imports.
“Many uncertainties still surround the current tariff situation,” said the analysts.
Will copper be hit with its own tariffs? Will Canada, Mexico, and China be subject to different tariff rules under their “critical mineral” status?
And which other countries might be next in line? Only time will tell.
Read later: Stocking stuffers: 10 copper stocks valued under $15m
Meanwhile, things are a bit different for iron ore.
The US’s latest tariff strategy is starting to look like a repeat of 2018-19’s tariff war, and for iron ore, that could mean some big moves ahead.
Panmure Liberum analysts have pointed out that, with tariffs in play, gold and iron ore are the only two commodities that offer a kind of ‘protection.’
Gold has already soared past $2,800/oz, as investors seek a safe haven. But is iron ore still that China-backed defensive play it was in 2018?
“We think Trump’s 2018-19 tariff strategy = useful playbook for resources investors. There’s price upside in Gold (started) + Iron Ore (possibly),” wrote Panmure’s analysts.
But before you get too excited, there are risks.
Sure, China’s steel-driven economy is still a massive force, and their demand for iron ore isn’t going anywhere anytime soon.
However, analysts are now cautious about overplaying the iron ore bull case. China’s economy is maturing, and the country might not ramp up steel production in the same way it did back in the day.
“China can still drive steel-intensive growth at home and abroad, but is that smart for this ageing economy?” Panmure Liberum asked.
And then there’s the US-China tension.
Trump’s tariffs could boost the price of iron ore if China steps up its steel production to offset tariffs. But that also means more uncertainty.
“The most likely, lower-risk tariff-offsetting strategy China would pursue – if Trump’s tariff war balloons – is to expand exports of goods + services and materials,” Panmure Liberum’s analysts said.
This could lead to even more trade conflicts, but for now, China will do what it can to protect its economy.
In the grand scheme of things, iron ore is still a solid play for investors, but don’t get too carried away.
“Iron ore’s price upside is linked to China’s ability to balance steel production without exacerbating inventory issues.”
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 % | 6 MONTH % | YEAR % | YTD % | MARKET CAP |
|---|---|---|---|---|---|---|---|---|
| PVW | PVW Res Ltd | 0.013 | 0% | -13% | -50% | -71% | -13% | $ 2,585,762.11 |
| A8G | Australasian Metals | 0.068 | -11% | -9% | -26% | -32% | -14% | $ 3,936,501.30 |
| INF | Infinity Lithium | 0.027 | 0% | -10% | -48% | -65% | -4% | $ 14,340,354.88 |
| PSC | Prospect Res Ltd | 0.099 | 2% | 10% | 9% | 25% | 13% | $ 54,885,480.00 |
| FLG | Flagship Min Ltd | 0.039 | -17% | -29% | -58% | -76% | -32% | $ 7,940,174.39 |
| CXO | Core Lithium | 0.09 | 1% | -3% | -1% | -51% | 1% | $ 197,157,430.05 |
| LOT | Lotus Resources Ltd | 0.24 | 7% | 2% | 9% | -32% | 20% | $ 578,849,726.04 |
| AGY | Argosy Minerals Ltd | 0.027 | -4% | -13% | -29% | -74% | -5% | $ 37,853,944.28 |
| NWC | New World Resources | 0.017 | -6% | -6% | -6% | -58% | -6% | $ 51,125,071.01 |
| QXR | Qx Resources Limited | 0.0035 | 17% | -13% | -50% | -75% | -13% | $ 4,585,272.49 |
| CAE | Cannindah Resources | 0.046 | 15% | 12% | -12% | -42% | 18% | $ 28,395,118.17 |
| AZL | Arizona Lithium Ltd | 0.01 | -9% | -23% | -38% | -52% | -20% | $ 45,618,145.28 |
| RIL | Redivium Limited | 0.004 | 0% | 0% | 100% | -20% | 0% | $ 13,609,421.85 |
| COB | Cobalt Blue Ltd | 0.057 | -10% | -15% | -22% | -64% | -16% | $ 24,018,253.77 |
| LPD | Lepidico Ltd | 0.002 | 0% | 0% | 0% | -65% | 0% | $ 17,178,370.80 |
| MRD | Mount Ridley Mines | 0.0025 | -17% | -17% | -75% | -83% | -17% | $ 1,946,222.53 |
| CZN | Corazon Ltd | 0.002 | 0% | 0% | -50% | -83% | 0% | $ 2,369,144.51 |
| LKE | Lake Resources | 0.039 | -5% | -13% | 18% | -58% | -7% | $ 68,138,841.77 |
| DEV | Devex Resources Ltd | 0.079 | -8% | -15% | -64% | -70% | -16% | $ 35,776,944.35 |
| INR | Ioneer Ltd | 0.17 | -3% | 3% | 36% | 36% | 6% | $ 424,021,052.88 |
| MAN | Mandrake Res Ltd | 0.022 | 0% | -8% | -27% | -42% | 0% | $ 13,799,718.24 |
| RLC | Reedy Lagoon Corp. | 0.002 | 0% | -33% | -50% | -50% | 0% | $ 1,553,413.35 |
| GBR | Greatbould Resources | 0.055 | 17% | 28% | 15% | -7% | 28% | $ 37,955,016.70 |
| FRS | Forrestaniaresources | 0.009 | 0% | -31% | -67% | -61% | -36% | $ 2,195,671.13 |
| STK | Strickland Metals | 0.073 | -9% | -15% | -26% | -20% | -14% | $ 158,933,861.42 |
| MLX | Metals X Limited | 0.485 | 1% | 18% | 31% | 67% | 17% | $ 412,172,065.17 |
| CLA | Celsius Resource Ltd | 0.0095 | -14% | -10% | -14% | -21% | -14% | $ 26,692,384.52 |
| FGR | First Graphene Ltd | 0.07 | 30% | 126% | 40% | 13% | 159% | $ 44,099,338.63 |
| NH3 | Nh3Cleanenergyltd | 0.02 | 11% | 5% | 54% | 67% | 11% | $ 10,992,095.70 |
| TLG | Talga Group Ltd | 0.51 | -2% | 16% | 26% | -13% | 16% | $ 223,318,846.92 |
| MNS | Magnis Energy Tech | 0.042 | 0% | 0% | 0% | 0% | 0% | $ 50,378,922.34 |
| PLL | Piedmont Lithium Inc | 0.13 | -7% | -10% | 0% | -35% | -10% | $ 81,478,514.00 |
| EUR | European Lithium Ltd | 0.062 | 2% | 55% | 35% | -28% | 48% | $ 92,491,613.70 |
| BKT | Black Rock Mining | 0.03 | -12% | -9% | -47% | -54% | -12% | $ 36,309,408.97 |
| QEM | QEM Limited | 0.065 | -4% | 33% | -51% | -62% | 25% | $ 12,785,857.10 |
| LYC | Lynas Rare Earths | 6.53 | 3% | -1% | 10% | 15% | 2% | $ 6,019,585,111.40 |
| ESR | Estrella Res Ltd | 0.032 | 14% | 60% | 540% | 700% | 60% | $ 57,031,156.05 |
| ARL | Ardea Resources Ltd | 0.39 | 3% | 20% | -19% | -5% | 18% | $ 77,876,336.85 |
| GLN | Galan Lithium Ltd | 0.12 | -4% | -14% | -18% | -63% | -14% | $ 98,406,360.72 |
| JLL | Jindalee Lithium Ltd | 0.21 | 0% | -5% | -25% | -76% | -5% | $ 15,454,288.29 |
| VUL | Vulcan Energy | 4.14 | -15% | -24% | 8% | 106% | -23% | $ 913,814,244.00 |
| SBR | Sabre Resources | 0.009 | 13% | -10% | -31% | -57% | -10% | $ 3,536,657.40 |
| CHN | Chalice Mining Ltd | 1.23 | 11% | 10% | 18% | 39% | 11% | $ 480,448,083.18 |
| VRC | Volt Resources Ltd | 0.003 | -14% | 0% | -25% | -40% | 0% | $ 13,224,718.57 |
| NMT | Neometals Ltd | 0.08 | 3% | -6% | 15% | -40% | 7% | $ 60,784,581.64 |
| AXN | Alliance Nickel Ltd | 0.035 | -13% | 3% | -3% | 6% | 0% | $ 25,404,386.53 |
| PNN | Power Minerals Ltd | 0.087 | -3% | -4% | 5% | -46% | -5% | $ 9,905,373.95 |
| IGO | IGO Limited | 4.98 | -3% | 2% | -1% | -28% | 4% | $ 3,748,475,674.35 |
| GED | Golden Deeps | 0.023 | 2% | -15% | -23% | -38% | -8% | $ 3,542,514.03 |
| ADV | Ardiden Ltd | 0.14 | 4% | 0% | 8% | -22% | 4% | $ 9,065,038.37 |
| SRI | Sipa Resources Ltd | 0.012 | -8% | -14% | -33% | -43% | 0% | $ 3,418,597.67 |
| NTU | Northern Min Ltd | 0.018 | -10% | -10% | -42% | -31% | -14% | $ 157,675,235.63 |
| AXE | Archer Materials | 0.38 | -5% | -23% | 46% | 10% | -34% | $ 98,116,100.01 |
| PGM | Platina Resources | 0.0195 | -3% | 8% | -22% | 8% | 15% | $ 12,152,016.45 |
| AAJ | Aruma Resources Ltd | 0.009 | 0% | -25% | -25% | -55% | -25% | $ 2,220,581.72 |
| IXR | Ionic Rare Earths | 0.006 | 0% | 0% | -40% | -70% | -14% | $ 31,430,570.06 |
| NIC | Nickel Industries | 0.765 | -4% | -7% | -2% | 9% | -7% | $ 3,195,908,360.60 |
| EVG | Evion Group NL | 0.025 | 4% | 4% | -4% | -19% | -7% | $ 8,674,079.68 |
| CWX | Carawine Resources | 0.1 | -5% | 0% | 11% | -13% | 0% | $ 23,612,544.90 |
| PLS | Pilbara Min Ltd | 2.33 | -1% | 7% | -18% | -32% | 6% | $ 7,497,776,913.98 |
| HAS | Hastings Tech Met | 0.32 | 0% | -3% | 19% | -40% | -2% | $ 57,136,632.21 |
| BUX | Buxton Resources Ltd | 0.038 | -5% | -5% | -46% | -71% | -7% | $ 7,779,886.24 |
| ARR | American Rare Earths | 0.29 | 4% | -2% | 16% | 123% | 9% | $ 139,266,407.23 |
| SGQ | St George Min Ltd | 0.03 | 20% | 20% | -12% | 25% | 20% | $ 35,917,672.53 |
| TKL | Traka Resources | 0.001 | 0% | -50% | 0% | -50% | 0% | $ 2,125,790.24 |
| PRL | Province Resources | 0.041 | 0% | 0% | 0% | 0% | 0% | $ 48,441,218.86 |
| IPT | Impact Minerals | 0.01 | -9% | 0% | -29% | -17% | 0% | $ 30,594,337.18 |
| LIT | Livium Ltd | 0.014 | -13% | -22% | -36% | -48% | -13% | $ 20,207,351.78 |
| ARN | Aldoro Resources | 0.365 | 33% | 4% | 387% | 306% | -4% | $ 55,006,479.05 |
| JRV | Jervois Global Ltd | 0.011 | 0% | 0% | -21% | -61% | 0% | $ 29,730,401.64 |
| SYR | Syrah Resources | 0.235 | 2% | 12% | -2% | -42% | 15% | $ 243,199,565.01 |
| FBM | Future Battery | 0.022 | -12% | 29% | 22% | -57% | 22% | $ 14,637,830.42 |
| ADD | Adavale Resource Ltd | 0.002 | -20% | -33% | -33% | -67% | -33% | $ 4,546,558.44 |
| LTR | Liontown Resources | 0.685 | 1% | 20% | -21% | -23% | 30% | $ 1,638,541,394.78 |
| CTM | Centaurus Metals Ltd | 0.395 | -1% | 8% | 20% | 36% | 11% | $ 198,680,485.20 |
| VML | Vital Metals Limited | 0.003 | 50% | 50% | 0% | -40% | 50% | $ 17,685,200.85 |
| BSX | Blackstone Ltd | 0.032 | 10% | 10% | -1% | -40% | 14% | $ 17,254,912.74 |
| POS | Poseidon Nick Ltd | 0.004 | 0% | 0% | 33% | -38% | 0% | $ 16,815,566.56 |
| CHR | Charger Metals | 0.058 | -9% | -12% | -2% | -54% | -15% | $ 4,645,215.00 |
| AVL | Aust Vanadium Ltd | 0.013 | -7% | 0% | -13% | -28% | -7% | $ 112,250,554.99 |
| AUZ | Australian Mines Ltd | 0.011 | 0% | 10% | 38% | 22% | 22% | $ 16,082,889.43 |
| RXL | Rox Resources | 0.23 | 10% | 15% | 67% | 32% | 15% | $ 136,773,753.30 |
| RNU | Renascor Res Ltd | 0.053 | -7% | -18% | -36% | -33% | -15% | $ 137,269,736.37 |
| GL1 | Globallith | 0.205 | -7% | 11% | -20% | -53% | 14% | $ 53,655,085.22 |
| ASN | Anson Resources Ltd | 0.061 | -2% | -10% | -34% | -24% | -13% | $ 83,204,192.34 |
| SYA | Sayona Mining Ltd | 0.025 | 14% | -7% | -11% | -36% | -7% | $ 277,039,104.34 |
| EGR | Ecograf Limited | 0.099 | 6% | 10% | 1% | -29% | 13% | $ 43,142,522.81 |
| ATM | Aneka Tambang | 0.9 | 0% | 0% | -13% | -18% | 0% | $ 1,173,284.10 |
| TVN | Tivan Limited | 0.11 | 0% | 0% | 112% | 96% | 10% | $ 221,028,232.45 |
| ALY | Alchemy Resource Ltd | 0.006 | -14% | -14% | -14% | -25% | -14% | $ 7,068,457.54 |
| GAL | Galileo Mining Ltd | 0.135 | -7% | 0% | -16% | -36% | 8% | $ 27,667,489.78 |
| BHP | BHP Group Limited | 40.26 | 3% | 1% | -2% | -13% | 2% | $ 203,615,654,674.44 |
| LEL | Lithenergy | 0.37 | 0% | 0% | 10% | 6% | 0% | $ 41,440,580.53 |
| ASL | Andean Silver | 1.21 | 14% | 37% | 88% | 404% | 49% | $ 187,353,030.90 |
| RMX | Red Mount Min Ltd | 0.008 | 0% | -20% | -47% | -63% | -11% | $ 4,184,620.16 |
| GW1 | Greenwing Resources | 0.04 | 0% | -26% | 14% | -54% | -2% | $ 9,626,059.28 |
| AQD | Ausquest Limited | 0.057 | 39% | 533% | 435% | 435% | 613% | $ 53,475,786.90 |
| LML | Lincoln Minerals | 0.006 | 20% | 0% | 9% | 20% | 0% | $ 12,337,557.12 |
| 1MC | Morella Corporation | 0.024 | 4% | -17% | -29% | -76% | -17% | $ 7,926,372.07 |
| REE | Rarex Limited | 0.01 | 11% | 11% | -29% | -47% | 11% | $ 7,207,612.52 |
| MRC | Mineral Commodities | 0.026 | 0% | 0% | 0% | 4% | 0% | $ 25,596,287.57 |
| PUR | Pursuit Minerals | 0.085 | 5% | -11% | -43% | -58% | -11% | $ 6,605,383.60 |
| QPM | QPM Energy Limited | 0.061 | -19% | 7% | 91% | 56% | 9% | $ 146,233,992.51 |
| EMH | European Metals Hldg | 0.145 | -6% | 2% | -33% | -52% | -6% | $ 28,005,035.18 |
| BMM | Bayanminingandmin | 0.045 | -13% | -10% | -13% | -38% | -4% | $ 4,043,904.11 |
| PEK | Peak Rare Earths Ltd | 0.15 | 11% | 25% | -25% | -30% | 25% | $ 50,992,498.15 |
| LEG | Legend Mining | 0.009 | -10% | -18% | -25% | -47% | -25% | $ 26,185,294.67 |
| MOH | Moho Resources | 0.004 | -20% | 0% | -11% | -50% | -20% | $ 2,865,898.30 |
| AML | Aeon Metals Ltd. | 0.005 | 0% | 0% | 0% | -50% | 0% | $ 5,482,003.11 |
| G88 | Golden Mile Res Ltd | 0.008 | -11% | -11% | -20% | -27% | -11% | $ 3,969,782.84 |
| WKT | Walkabout Resources | 0.095 | 0% | 0% | -10% | -24% | 0% | $ 63,769,837.85 |
| TON | Triton Min Ltd | 0.007 | -13% | -22% | -30% | -59% | -22% | $ 12,547,109.87 |
| AR3 | Austrare | 0.081 | -12% | -19% | 16% | -26% | -23% | $ 13,196,147.34 |
| ARU | Arafura Rare Earths | 0.14 | 4% | 17% | -10% | 12% | 22% | $ 332,684,373.29 |
| MIN | Mineral Resources. | 35.34 | -3% | 3% | -32% | -37% | 3% | $ 6,775,961,465.92 |
| VMC | Venus Metals Cor Ltd | 0.073 | 12% | 9% | 4% | -34% | 9% | $ 13,532,879.13 |
| S2R | S2 Resources | 0.064 | -7% | -6% | -42% | -56% | -4% | $ 31,247,201.52 |
| CNJ | Conico Ltd | 0.008 | -20% | -20% | -60% | -73% | -11% | $ 1,899,898.41 |
| VR8 | Vanadium Resources | 0.029 | 4% | -6% | -40% | -15% | -6% | $ 16,316,130.92 |
| PVT | Pivotal Metals Ltd | 0.006 | 0% | -14% | -65% | -67% | -14% | $ 5,443,355.25 |
| BOA | BOA Resources Ltd | 0.022 | 0% | 10% | 10% | -15% | 16% | $ 2,713,762.63 |
| IPX | Iperionx Limited | 4.24 | 8% | -23% | 105% | 137% | -23% | $ 1,358,138,866.40 |
| SLZ | Sultan Resources Ltd | 0.006 | -14% | 0% | 0% | -53% | 0% | $ 1,388,819.46 |
| SMX | Strata Minerals | 0.034 | -11% | 79% | 70% | -13% | 70% | $ 5,915,270.24 |
| NVA | Nova Minerals Ltd | 0.32 | 0% | -18% | 146% | 2% | -14% | $ 93,373,450.93 |
| MLS | Metals Australia | 0.0225 | 0% | -2% | 25% | -27% | -2% | $ 16,031,829.53 |
| MQR | Marquee Resource Ltd | 0.013 | 18% | -7% | 30% | -35% | -7% | $ 4,854,804.77 |
| MRR | Minrex Resources Ltd | 0.008 | 0% | 7% | -11% | -36% | 14% | $ 7,594,072.52 |
| EVR | Ev Resources Ltd | 0.003 | -25% | 20% | -18% | -67% | 20% | $ 5,797,510.03 |
| EFE | Eastern Resources | 0.027 | 0% | -4% | -33% | -61% | -4% | $ 3,404,428.57 |
| CNB | Carnaby Resource Ltd | 0.345 | 3% | 0% | -26% | -46% | 0% | $ 78,446,367.94 |
| BNR | Bulletin Res Ltd | 0.04 | 11% | 5% | -13% | -51% | 3% | $ 10,863,692.95 |
| AX8 | Accelerate Resources | 0.011 | -15% | 57% | 10% | -50% | 57% | $ 7,461,047.18 |
| AM7 | Arcadia Minerals | 0.02 | 0% | -5% | -50% | -70% | 5% | $ 2,347,668.66 |
| AS2 | Askarimetalslimited | 0.01 | -5% | -17% | -64% | -89% | -17% | $ 2,662,304.42 |
| BYH | Bryah Resources Ltd | 0.004 | 33% | 33% | -11% | -60% | 33% | $ 1,509,860.57 |
| DTM | Dart Mining NL | 0.007 | -22% | -22% | -55% | -41% | -22% | $ 4,186,389.04 |
| EMS | Eastern Metals | 0.013 | 0% | -19% | -32% | -61% | -7% | $ 1,477,791.19 |
| FG1 | Flynngold | 0.024 | 4% | -8% | 4% | -50% | -4% | $ 6,532,911.75 |
| GSM | Golden State Mining | 0.008 | 0% | 0% | -27% | -27% | 0% | $ 2,234,965.04 |
| IMI | Infinitymining | 0.01 | -9% | -17% | -9% | -91% | -9% | $ 4,210,157.77 |
| LRV | Larvottoresources | 0.72 | 13% | 25% | 500% | 991% | 45% | $ 282,306,838.74 |
| LSR | Lodestar Minerals | 0.011 | -21% | -21% | -45% | -66% | -21% | $ 2,129,787.23 |
| RAG | Ragnar Metals Ltd | 0.018 | -8% | -10% | -5% | -18% | -8% | $ 8,057,761.63 |
| CTN | Catalina Resources | 0.003 | 0% | 0% | 20% | -40% | -25% | $ 3,948,785.68 |
| TMB | Tambourahmetals | 0.026 | -4% | 13% | -40% | -68% | 24% | $ 3,207,111.33 |
| TEM | Tempest Minerals | 0.005 | 0% | 0% | -44% | -25% | 0% | $ 2,855,384.27 |
| EMC | Everest Metals Corp | 0.16 | 14% | 19% | 45% | 111% | 19% | $ 34,686,494.58 |
| OB1 | Orbminco Limited | 0.002 | 0% | 0% | -33% | -60% | 0% | $ 3,249,885.12 |
| KZR | Kalamazoo Resources | 0.075 | -1% | 1% | 17% | -19% | 1% | $ 15,416,721.75 |
| LMG | Latrobe Magnesium | 0.014 | -13% | -30% | -63% | -75% | -30% | $ 35,228,060.63 |
| KOR | Korab Resources | 0.008 | 0% | 0% | 0% | 0% | 0% | $ 2,936,400.00 |
| CMX | Chemxmaterials | 0.026 | 0% | 0% | -35% | -67% | 0% | $ 3,354,580.35 |
| NC1 | Nicoresourceslimited | 0.084 | -8% | -11% | -16% | -63% | -20% | $ 9,193,848.30 |
| GRE | Greentechmetals | 0.07 | 3% | -1% | -44% | -67% | 0% | $ 7,625,688.30 |
| CMO | Cosmometalslimited | 0.017 | 0% | -23% | -53% | -63% | -23% | $ 2,226,878.86 |
| FRB | Firebird Metals | 0.09 | -9% | -14% | -18% | -22% | -10% | $ 12,812,526.09 |
| S32 | South32 Limited | 3.47 | 5% | 0% | 22% | 7% | 2% | $ 15,585,084,447.90 |
| OMH | OM Holdings Limited | 0.34 | 0% | -8% | -21% | -28% | -7% | $ 260,527,312.34 |
| JMS | Jupiter Mines. | 0.155 | 7% | 11% | -34% | -14% | 7% | $ 303,961,472.96 |
| E25 | Element 25 Ltd | 0.265 | -4% | 6% | 18% | -4% | 4% | $ 59,439,224.26 |
| EMN | Euromanganese | 0.054 | 38% | 64% | 15% | -35% | 86% | $ 10,039,248.00 |
| KGD | Kula Gold Limited | 0.005 | 11% | -12% | -47% | -19% | -12% | $ 3,548,268.43 |
| LRS | Latin Resources Ltd | 0.165 | 0% | 12% | 35% | 25% | 5% | $ 477,661,711.40 |
| CRR | Critical Resources | 0.005 | 0% | -17% | -17% | -62% | -17% | $ 12,159,815.92 |
| ENT | Enterprise Metals | 0.003 | 0% | 0% | -25% | -25% | -25% | $ 3,534,951.75 |
| SCN | Scorpion Minerals | 0.015 | -32% | 0% | -6% | -40% | 0% | $ 6,141,842.88 |
| GCM | Green Critical Min | 0.02 | -5% | 11% | 700% | 300% | 43% | $ 38,543,565.98 |
| ENV | Enova Mining Limited | 0.008 | 33% | 33% | 0% | -64% | 60% | $ 8,614,505.44 |
| RBX | Resource B | 0.03 | -3% | -17% | -19% | -45% | -17% | $ 3,455,534.55 |
| AKN | Auking Mining Ltd | 0.004 | 0% | 0% | -71% | -86% | -11% | $ 2,573,893.84 |
| RR1 | Reach Resources Ltd | 0.007 | 0% | -7% | -30% | -49% | -13% | $ 6,121,019.44 |
| EMT | Emetals Limited | 0.004 | 0% | 0% | 0% | -33% | 0% | $ 3,400,000.00 |
| PNT | Panthermetalsltd | 0.009 | 0% | -10% | -64% | -68% | -18% | $ 2,481,707.63 |
| WIN | WIN Metals | 0.0195 | -11% | 15% | -22% | -64% | 8% | $ 10,726,132.81 |
| WMG | Western Mines | 0.135 | -4% | -7% | -39% | -25% | -10% | $ 11,294,168.00 |
| AVW | Avira Resources Ltd | 0.001 | 0% | 0% | 0% | -50% | 0% | $ 2,938,790.00 |
| CAI | Calidus Resources | 0 | -100% | -100% | -100% | -100% | -100% | $ 93,678,205.58 |
| GT1 | Greentechnology | 0.065 | 8% | -8% | 18% | -52% | -6% | $ 25,657,638.40 |
| KAI | Kairos Minerals Ltd | 0.016 | 23% | 14% | 45% | 19% | 33% | $ 42,094,595.02 |
| MTM | MTM Critical Metals | 0.22 | -8% | -10% | 746% | 238% | -15% | $ 98,541,576.51 |
| NWM | Norwest Minerals | 0.014 | 8% | -13% | -39% | -46% | 0% | $ 6,791,673.14 |
| PGD | Peregrine Gold | 0.14 | -7% | -3% | -32% | -52% | 0% | $ 11,124,955.80 |
| RAS | Ragusa Minerals Ltd | 0.013 | 0% | 8% | -19% | -55% | 18% | $ 1,853,784.22 |
| RGL | Riversgold | 0.003 | 0% | -25% | -40% | -67% | -25% | $ 5,051,137.78 |
| SRZ | Stellar Resources | 0.015 | 15% | 0% | -6% | 114% | -6% | $ 31,196,258.52 |
| STM | Sunstone Metals Ltd | 0.007 | 17% | 17% | -13% | -30% | 0% | $ 36,050,025.45 |
| ZNC | Zenith Minerals Ltd | 0.043 | 0% | 8% | -10% | -66% | 8% | $ 17,519,981.15 |
| WC8 | Wildcat Resources | 0.255 | 6% | -9% | 19% | -39% | -7% | $ 341,471,676.06 |
| ASO | Aston Minerals Ltd | 0.012 | -14% | 9% | 33% | -33% | 33% | $ 16,835,835.50 |
| THR | Thor Energy PLC | 0.011 | -8% | -15% | -27% | -67% | -15% | $ 2,817,048.58 |
| YAR | Yari Minerals Ltd | 0.004 | 0% | 33% | 33% | -56% | 33% | $ 2,411,789.07 |
| IG6 | Internationalgraphit | 0.061 | -10% | 22% | -24% | -55% | 22% | $ 11,807,058.13 |
| LPM | Lithium Plus | 0.059 | -23% | -30% | -44% | -71% | -32% | $ 7,704,720.00 |
| ODE | Odessa Minerals Ltd | 0.006 | 0% | -14% | 100% | 0% | 0% | $ 9,597,195.22 |
| KOB | Kobaresourceslimited | 0.073 | 4% | -3% | -42% | -57% | 0% | $ 11,574,997.82 |
| AZI | Altamin Limited | 0.023 | -15% | 0% | -26% | -51% | 5% | $ 14,362,572.30 |
| FTL | Firetail Resources | 0.064 | -9% | 12% | -14% | 16% | -19% | $ 22,875,430.28 |
| LNR | Lanthanein Resources | 0.0035 | 17% | 40% | 0% | -30% | 17% | $ 7,330,908.38 |
| CLZ | Classic Min Ltd | 0.001 | 0% | 0% | 0% | -98% | 0% | $ 1,544,025.56 |
| NVX | Novonix Limited | 0.585 | 2% | -25% | -6% | 5% | -20% | $ 362,175,592.89 |
| OCN | Oceanalithiumlimited | 0.027 | 0% | -4% | -22% | -51% | 4% | $ 3,712,402.31 |
| SUM | Summitminerals | 0.135 | 8% | -10% | -18% | 93% | -10% | $ 10,890,998.50 |
| DVP | Develop Global Ltd | 2.45 | 4% | 5% | 18% | 11% | 5% | $ 654,569,628.55 |
| XTC | XTC Lithium Limited | 0.2 | 19900% | 19900% | 19900% | 19900% | 19900% | $ 17,528,272.20 |
| OD6 | Od6Metalsltd | 0.047 | -22% | -10% | 24% | -65% | -2% | $ 5,791,677.44 |
| HRE | Heavy Rare Earths | 0.03 | 7% | 0% | -2% | -35% | -3% | $ 6,241,016.46 |
| LIN | Lindian Resources | 0.1 | -9% | 25% | -5% | -26% | 28% | $ 121,083,084.78 |
| PEK | Peak Rare Earths Ltd | 0.15 | 11% | 25% | -25% | -30% | 25% | $ 50,992,498.15 |
| ILU | Iluka Resources | 4.58 | 1% | -10% | -17% | -34% | -9% | $ 1,939,969,487.55 |
| ASM | Ausstratmaterials | 0.485 | 2% | -12% | -12% | -52% | -8% | $ 87,033,425.28 |
| ETM | Energy Transition | 0.074 | 12% | 54% | 252% | 111% | 90% | $ 122,150,485.56 |
| CRI | Criticalim | 0.017 | -6% | 42% | 6% | 113% | 42% | $ 43,015,177.65 |
| IDA | Indiana Resources | 0.075 | 12% | 21% | 58% | 68% | 23% | $ 46,276,736.98 |
| VTM | Victory Metals Ltd | 0.365 | -3% | -8% | 11% | 78% | -10% | $ 36,348,409.19 |
| M2R | Miramar | 0.004 | 0% | 0% | -33% | -81% | 33% | $ 1,587,293.14 |
| WCN | White Cliff Min Ltd | 0.019 | 0% | 15% | 27% | 19% | 19% | $ 36,013,944.21 |
| TAR | Taruga Minerals | 0.01 | -17% | 0% | 43% | 11% | 0% | $ 7,060,267.85 |
| ABX | ABX Group Limited | 0.04 | -9% | 0% | -18% | -43% | -2% | $ 10,262,031.00 |
| MEK | Meeka Metals Limited | 0.105 | -5% | 24% | 156% | 176% | 36% | $ 249,344,017.60 |
| RR1 | Reach Resources Ltd | 0.007 | 0% | -7% | -30% | -49% | -13% | $ 6,121,019.44 |
| DRE | Dreadnought Resources Ltd | 0.011 | -8% | -8% | -35% | -39% | -8% | $ 37,711,333.33 |
| KFM | Kingfisher Mining | 0.037 | 6% | 3% | -41% | -65% | -8% | $ 1,880,025.04 |
| AOA | Ausmon Resorces | 0.002 | 0% | 0% | -33% | 0% | 33% | $ 2,179,454.62 |
| WC1 | Westcobarmetals | 0.016 | -11% | -6% | -48% | -71% | -11% | $ 2,638,686.20 |
| GRL | Godolphin Resources | 0.014 | 0% | 8% | 17% | -64% | -3% | $ 4,668,282.45 |
| DM1 | Desert Metals | 0.024 | 4% | -17% | 9% | -23% | 9% | $ 6,150,790.94 |
| PTR | Petratherm Ltd | 0.3 | -30% | -18% | 1204% | 1054% | -2% | $ 122,132,652.66 |
| ITM | Itech Minerals Ltd | 0.05 | -4% | -7% | -26% | -38% | -9% | $ 8,541,769.40 |
| KTA | Krakatoa Resources | 0.009 | -10% | 0% | -10% | -53% | -5% | $ 5,311,206.23 |
| M24 | Mamba Exploration | 0.0165 | -3% | 38% | 83% | -69% | 38% | $ 3,759,316.42 |
| LNR | Lanthanein Resources | 0.0035 | 17% | 40% | 0% | -30% | 17% | $ 7,330,908.38 |
| TKM | Trek Metals Ltd | 0.027 | 4% | 17% | -39% | -25% | 29% | $ 14,043,317.27 |
| BCA | Black Canyon Limited | 0.066 | -1% | 2% | -15% | -37% | 2% | $ 7,001,545.85 |
| CDT | Castle Minerals | 0.002 | 0% | -20% | -50% | -75% | 0% | $ 3,793,628.21 |
| DLI | Delta Lithium | 0.175 | 3% | 3% | -17% | -38% | 3% | $ 121,812,104.64 |
| A11 | Atlantic Lithium | 0.21 | -9% | -28% | -35% | -44% | -37% | $ 138,629,462.60 |
| KNI | Kunikolimited | 0.165 | -8% | -13% | 0% | -21% | -3% | $ 14,316,929.22 |
| CY5 | Cygnus Metals Ltd | 0.12 | -14% | 0% | 111% | 79% | 20% | $ 101,798,358.00 |
| WR1 | Winsome Resources | 0.46 | 0% | 7% | -4% | -14% | 6% | $ 98,739,124.49 |
| LLI | Loyal Lithium Ltd | 0.088 | -9% | -12% | -18% | -60% | -20% | $ 8,965,242.61 |
| BC8 | Black Cat Syndicate | 0.715 | 6% | 23% | 113% | 211% | 27% | $ 430,855,736.40 |
| BUR | Burleyminerals | 0.057 | -5% | -30% | -54% | -37% | -22% | $ 8,571,143.81 |
| PBL | Parabellumresources | 0.055 | 0% | 2% | 45% | -35% | 2% | $ 3,426,500.06 |
| L1M | Lightning Minerals | 0.083 | 11% | 11% | 66% | 12% | 15% | $ 7,852,952.24 |
| WA1 | Wa1Resourcesltd | 16.48 | 27% | 23% | 26% | 73% | 24% | $ 1,045,531,581.44 |
| EV1 | Evolutionenergy | 0.017 | -6% | -19% | -35% | -84% | -23% | $ 6,527,708.57 |
| 1AE | Auroraenergymetals | 0.048 | -16% | -24% | -20% | -66% | 7% | $ 8,236,931.90 |
| RVT | Richmond Vanadium | 0.14 | -20% | -33% | -49% | -63% | -40% | $ 32,165,833.14 |
| PMT | Patriotbatterymetals | 0.34 | 1% | -16% | -25% | -49% | -16% | $ 188,476,028.40 |
| PAT | Patriot Lithium | 0.047 | 9% | 4% | -6% | -65% | 4% | $ 5,941,644.36 |
| BM8 | Battery Age Minerals | 0.08 | -18% | -20% | -24% | -45% | -24% | $ 8,158,657.06 |
| OM1 | Omnia Metals Group | 0.078 | 0% | 0% | 0% | 0% | 0% | $ 4,550,567.66 |
| VHM | Vhmlimited | 0.3 | -10% | -21% | -29% | -50% | -27% | $ 66,020,390.59 |
| LLL | Leolithiumlimited | 0.332997 | 0% | 0% | 0% | 0% | 0% | $ 401,057,169.59 |
| SRN | Surefire Rescs NL | 0.004 | 0% | 14% | -33% | -62% | 14% | $ 8,457,077.35 |
| SRL | Sunrise | 0.225 | -13% | -4% | -44% | -36% | -4% | $ 20,301,187.05 |
| SYR | Syrah Resources | 0.235 | 2% | 12% | -2% | -42% | 15% | $ 243,199,565.01 |
| EG1 | Evergreenlithium | 0.079 | -9% | 36% | 65% | -37% | 32% | $ 4,723,320.00 |
| WSR | Westar Resources | 0.009 | 13% | 29% | 13% | -47% | 13% | $ 3,189,798.50 |
| LU7 | Lithium Universe Ltd | 0.0075 | -17% | -6% | -44% | -67% | -6% | $ 6,680,826.79 |
| MEI | Meteoric Resources | 0.082 | 4% | -11% | -13% | -49% | -4% | $ 188,834,748.12 |
| REC | Rechargemetals | 0.019 | 12% | -5% | -30% | -70% | 6% | $ 5,129,799.34 |
| SLM | Solismineralsltd | 0.063 | -2% | -11% | -40% | -48% | -10% | $ 4,850,926.54 |
| DYM | Dynamicmetalslimited | 0.29 | 2% | 4% | 71% | 81% | 5% | $ 13,225,950.27 |
| TOR | Torque Met | 0.067 | -4% | 31% | -39% | -67% | 26% | $ 16,977,146.97 |
| ICL | Iceni Gold | 0.076 | 6% | -4% | 77% | 90% | 7% | $ 24,322,952.84 |
| TMX | Terrain Minerals | 0.0045 | 13% | 13% | 50% | 0% | 50% | $ 9,016,004.70 |
| MHC | Manhattan Corp Ltd | 0.022 | -8% | 0% | 10% | -56% | 16% | $ 5,167,775.76 |
| MHK | Metalhawk. | 0.315 | 3% | 0% | 320% | 271% | 13% | $ 35,183,450.62 |
| ANX | Anax Metals Ltd | 0.01 | 0% | -17% | -47% | -57% | -17% | $ 8,764,517.42 |
| FIN | FIN Resources Ltd | 0.005 | 25% | 25% | -17% | -71% | 25% | $ 3,246,343.50 |
| LM1 | Leeuwin Metals Ltd | 0.125 | 4% | 9% | 71% | 32% | -11% | $ 7,209,494.44 |
| HAW | Hawthorn Resources | 0.042 | 0% | 2% | -42% | -49% | 2% | $ 14,740,686.97 |
| LCY | Legacy Iron Ore | 0.009 | 0% | 0% | -45% | -44% | -10% | $ 87,858,383.26 |
| RON | Roninresourcesltd | 0.195 | 11% | -11% | 70% | 63% | -11% | $ 7,873,126.95 |
| ASR | Asra Minerals Ltd | 0.003 | 0% | 0% | -45% | -45% | 0% | $ 4,625,260.25 |
| PFE | Pantera Lithium | 0.019 | 0% | 6% | -23% | -64% | 6% | $ 9,001,890.07 |
| KM1 | Kalimetalslimited | 0.11 | -8% | -15% | -21% | -74% | -8% | $ 8,451,038.64 |
| LTM | Arcadium Lithium PLC | 9.14 | 0% | 10% | 122% | 31% | 11% | $ 2,087,745,599.70 |
| KNG | Kingsland Minerals | 0.135 | 17% | -4% | -21% | -40% | -10% | $ 9,795,722.99 |
The views, information, or opinions expressed in this article are solely those of the analysts and do not represent the views of Stockhead.
Stockhead has not provided, endorsed or otherwise assumed responsibility for any financial product advice contained in this article.
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