Lithium offices must be lonely places right now. Pic: Getty Images
High Voltage: Is anyone making money in lithium?
Mining
share
- How close to break even are WA lithium producers?
- MinRes knocks back concerns about meeting cost guidance
- Green Critical Minerals, OD6 Metals and Talga among the weekly battery metals rocketships
Our High Voltage column wraps all the news driving ASX stocks with exposure to lithium, cobalt, graphite, nickel, rare earths, and vanadium.
Pilbara Minerals (ASX:PLS) and Liontown Resources (ASX:LTR) are among the WA miners waiting for news of royalty relief from the State Government as their projects hover around and below breakeven following a lithium price crash.
PLS has seen its cash balance whittle down from $3.3bn at the end of FY23 to $1.4bn at September 30.
Dale Henderson’s miner is placing its Ngungaju plant at the Pilgangoora mine in care and maintenance. More a signal than anything, says Jarden’s director of equity research Ben Lyons, noting the closure of the facility – estimated cost of $900/t – will only take 1-2% of lithium supply out of the market.
At the same time, new operations like Goulamina (Ganfeng), Kathleen Valley (Liontown), Mt Holland (Wesfarmers/SQM), Greenbushes CG3 (IGO/Tianqi/Albemarle) and Pilbara’s own P680 and P1000 turned P850 projects are bringing new supply online. PLS is no longer talking much about its proposal to expand to as much as 2Mtpa of spodumene output at Pilgangoora – Jarden doesn’t see that expansion as likely until the early 2030s.
“Higher-cost Chinese domestic (and Chinese-owned offshore) supply is increasingly acting as swing capacity,” Lyons said. He thinks Pilbara’s operations, with its capex included, are around about breakeven at current spot prices of ~US$750/t.
“Simply put, we expect the increasing latent capacity across the industry to act as a ceiling on prices, readily brought back into production (~four months in the case of Ngungaju, anecdotally more rapidly for large Chinese plants). Are we entering an extended period of floor/ceiling pricing, with the floor around current levels (US$700-750/t SC6) and the ceiling capped around US$1,200? This is a high probability in our view.”
Jarden sees PLS EBITDA falling 61% on previous estimates in FY25, 47% in FY26 and 46% in FY27 incorporating lower price decks and trimmed PLS output. It currently projects PLS swinging from a $318.2m profit in 2024 to $3.6m loss in FY25, recovering to a $247m profit by FY27.
Despite producing 394,000t of spodumene at $277/t in the September quarter, the Greenbushes mine didn’t pay a dividend to its owners as capital outlay on CG3 ($880m all up with $270m to spend up to its opening at the end of 2025) ate up margins.
Kathleen Valley is yet to report its cost base, with Jarden’s Jon Bishop estimating an operational breakeven for Liontown of US$900/dmt.
“Mgmt aim to deliver an optimised mine plan and rebased cost estimates based on actuals late this Q. Clearly the c$85m in operational related, head office and financing costs for the Q are a substantial economic hurdle and this is before realising the full impact of interest liabilities,” he said.
“At current spot prices, we forecast KV to be loss-making at our steady-state assumptions, with operating break-even (EBITDA level) not occurring until SC6 prices exceed US$900/dmt, and generating sufficient FCF to retire the outstanding debt (per the existing terms) only where SC6 prices exceed US$1100/dmt.”
MinRes matters
Overshadowed by its boss’ personal travails and a debt-busting $1.1bn cash sale to Hancock Prospecting of its energy interests, MinRes’ quarterly results yesterday gave a hint of the struggle on its hands in its lithium ops.
The basics are as such:
Mt Marion produced 68,000t of 4.1% Li2O concentrate (on a 50% basis), shipping 89,000t or 60,000t on a SC6 basis as MinRes followed through on promises to trim back production. Its average price came in at US$550/dmt, converted to US$813/dmt on a 6% Li2O basis.
Bald Hill sold 43,000t (38,000t SC6) at US$675/dmt (US$791/dmt on a 6% basis), while MinRes’ half of Wodgina produced 51,000t of 5.4% Li2O concentrate, shipping 46,000t at a price of US$763/dmt (US$842/dmt SC6).
Since the start of FY25, MinRes says it’s cut around 570 roles from head office, the wind down of construction at Onslow Iron and roster changes at its lithium mines.
SC6 spot prices were sitting at over US$8000/t in late 2022, demonstrating the scale of the slide for lithium producers.
Jarden’s Lyons, a sparring partner of MinRes’ currently on leave boss Ellison on a memorable earnings call a year or so ago, said on yesterday’s call with MinRes’ Chris Chong and James Bruce that it was hard to reconcile mining physicals with cost guidance which is, albeit, weighted to improve in the second half.
As Lyons noted, MinRes doesn’t provide operating costs with its quarterly results. That’s in line with iron ore companies like BHP and Rio Tinto, but uncommon when compared to fellow lithium producers PLS and IGO.
Chong said the operational cost outlook would improve across the rest of the year, as MIN maintained its previously reported guidance.
“We’ve been very open that the current conditions are very challenging, I think Chris has publicly said previously that at these sorts of prices, nobody’s making money,” Chong said.
“At Wodgina we’ve spent in the first quarter a lot of time processing oxidised ore, dealing with less efficiency, but what we have got is line of sight to … fresh ore to sustain two trains through the balance of the year.
“And we’re also working through the reduction to the head count and the fleet.
“They will be at Wodgina at the top of guidance, but we’ll get there.”
MinRes expects to be within guidance “and won’t be at the top end” on Marion, with Bald Hill ‘there or thereabouts’. MinRes set FOB cost guidance on its lithium mines at $870-970/t (SC6) at Wodgina, $800-890/t (SC6) at Marion and $800-890/t at Bald Hill for FY25.
Speculation now is that Wesfarmers, bullish on the long-term outlook for lithium if unlikely to make back the outlay on its Covalent Lithium JV and Mt Holland mine with SQM for quite some time, could be interested in MIN’s already operating mines as vultures circle the mining services, lithium and iron ore producer. With Rio Tinto (ASX:RIO) also signalling the bottom of the market via its $10 billion takeover of Arcadium Lithium (ASX:LTM) it remains to be seen if MinRes, a voracious buyer of stakes in lithium juniors last year, will go from predator to prey.
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 % | 6 MONTH % | YEAR % | YTD % | MARKET CAP |
|---|---|---|---|---|---|---|---|---|
| PVW | PVW Res Ltd | 0.022 | 16% | 0% | -21% | -61% | -54% | $ 4,773,714.67 |
| A8G | Australasian Metals | 0.095 | -21% | -14% | 48% | -50% | -44% | $ 4,951,446.93 |
| INF | Infinity Lithium | 0.033 | -3% | 0% | -45% | -61% | -67% | $ 14,340,354.88 |
| PSC | Prospect Res Ltd | 0.08 | 0% | -14% | -50% | -12% | -10% | $ 43,887,860.32 |
| PAM | Pan Asia Metals | 0.061 | 0% | 17% | -62% | -59% | -51% | $ 12,129,956.99 |
| CXO | Core Lithium | 0.11 | 0% | -15% | -24% | -69% | -56% | $ 246,446,787.56 |
| LOT | Lotus Resources Ltd | 0.26 | -17% | -2% | -41% | 18% | -9% | $ 546,184,091.44 |
| AGY | Argosy Minerals Ltd | 0.043 | 16% | 13% | -67% | -74% | -68% | $ 61,148,679.23 |
| NWC | New World Resources | 0.02 | -5% | -5% | -45% | -26% | -49% | $ 56,805,634.46 |
| QXR | Qx Resources Limited | 0.006 | 0% | -14% | -57% | -76% | -74% | $ 5,550,389.27 |
| CAE | Cannindah Resources | 0.04 | -11% | -5% | -22% | -56% | -60% | $ 29,529,358.03 |
| AZL | Arizona Lithium Ltd | 0.017 | 0% | 13% | -26% | 6% | -45% | $ 71,581,032.45 |
| RIL | Redivium Limited | 0.005 | 0% | -29% | 43% | -29% | -29% | $ 10,987,419.24 |
| COB | Cobalt Blue Ltd | 0.095 | 9% | 16% | 3% | -60% | -60% | $ 39,290,151.29 |
| LPD | Lepidico Ltd | 0.0025 | 0% | 0% | -17% | -71% | -67% | $ 17,178,249.77 |
| MRD | Mount Ridley Mines | 0.001 | 0% | 0% | 0% | -50% | -50% | $ 7,784,882.87 |
| CZN | Corazon Ltd | 0.0055 | 10% | 10% | -39% | -69% | -63% | $ 3,339,527.95 |
| LKE | Lake Resources | 0.061 | -2% | 49% | -2% | -64% | -53% | $ 107,701,811.57 |
| DEV | Devex Resources Ltd | 0.135 | -4% | -18% | -55% | -51% | -44% | $ 57,419,787.23 |
| INR | Ioneer Ltd | 0.29 | 12% | 26% | 49% | 93% | 93% | $ 701,444,570.70 |
| MAN | Mandrake Res Ltd | 0.026 | 0% | -7% | -19% | -21% | -40% | $ 16,652,517.84 |
| RLC | Reedy Lagoon Corp. | 0.002 | 0% | -33% | -33% | -50% | -60% | $ 1,523,413.35 |
| GBR | Greatbould Resources | 0.05 | -6% | -12% | -17% | -23% | -23% | $ 32,908,227.32 |
| FRS | Forrestaniaresources | 0.014 | 0% | -7% | -22% | -59% | -50% | $ 2,602,102.44 |
| STK | Strickland Metals | 0.076 | 7% | -20% | -34% | -24% | -20% | $ 145,689,372.97 |
| MLX | Metals X Limited | 0.485 | 15% | 7% | 7% | 73% | 67% | $ 416,935,652.58 |
| CLA | Celsius Resource Ltd | 0.01 | -9% | -17% | 0% | -17% | -17% | $ 28,281,269.51 |
| FGR | First Graphene Ltd | 0.042 | 14% | -11% | -32% | -46% | -41% | $ 28,798,260.83 |
| HXG | Hexagon Energy | 0.024 | 9% | 4% | 26% | 200% | 100% | $ 12,309,981.62 |
| TLG | Talga Group Ltd | 0.58 | 57% | 47% | -17% | -46% | -26% | $ 173,744,838.41 |
| MNS | Magnis Energy Tech | 0.042 | 0% | 0% | 0% | -43% | 0% | $ 50,378,922.34 |
| PLL | Piedmont Lithium Inc | 0.205 | 14% | 52% | 5% | -55% | -52% | $ 80,805,075.00 |
| EUR | European Lithium Ltd | 0.03 | -19% | -19% | -43% | -56% | -71% | $ 51,730,537.68 |
| BKT | Black Rock Mining | 0.053 | 6% | 4% | -18% | -52% | -37% | $ 65,106,526.42 |
| QEM | QEM Limited | 0.059 | -26% | -44% | -60% | -68% | -66% | $ 10,495,852.84 |
| LYC | Lynas Rare Earths | 7.6 | 1% | -5% | 16% | 7% | 6% | $ 7,150,594,115.25 |
| ESR | Estrella Res Ltd | 0.014 | -7% | 40% | 250% | 133% | 180% | $ 22,412,462.42 |
| ARL | Ardea Resources Ltd | 0.4 | -4% | -1% | -41% | -29% | -16% | $ 83,866,824.30 |
| GLN | Galan Lithium Ltd | 0.175 | 13% | 46% | -46% | -72% | -74% | $ 131,155,664.40 |
| JLL | Jindalee Lithium Ltd | 0.23 | -10% | -8% | -60% | -82% | -77% | $ 16,057,282.73 |
| VUL | Vulcan Energy | 5.16 | 8% | 14% | 53% | 138% | 81% | $ 987,989,997.75 |
| SBR | Sabre Resources | 0.013 | -7% | -13% | -24% | -68% | -61% | $ 5,108,505.13 |
| CHN | Chalice Mining Ltd | 1.815 | -5% | 18% | 50% | -2% | 7% | $ 725,534,959.62 |
| VRC | Volt Resources Ltd | 0.004 | 0% | 0% | -20% | -43% | -38% | $ 16,634,712.51 |
| NMT | Neometals Ltd | 0.095 | 2% | -24% | -4% | -57% | -54% | $ 68,331,070.73 |
| AXN | Alliance Nickel Ltd | 0.038 | -10% | -10% | -7% | -42% | -12% | $ 27,581,905.37 |
| PNN | Power Minerals Ltd | 0.1 | 0% | -20% | -17% | -62% | -52% | $ 11,561,028.99 |
| IGO | IGO Limited | 5.25 | 2% | -10% | -34% | -46% | -42% | $ 3,990,801,374.51 |
| GED | Golden Deeps | 0.03 | 0% | -21% | -27% | -40% | -35% | $ 4,545,670.47 |
| ADV | Ardiden Ltd | 0.15 | 15% | 11% | -6% | -30% | -14% | $ 9,065,038.37 |
| SRI | Sipa Resources Ltd | 0.016 | -6% | 7% | -6% | -24% | -36% | $ 3,878,688.30 |
| NTU | Northern Min Ltd | 0.02 | 0% | 0% | -43% | -35% | -33% | $ 140,023,002.04 |
| AXE | Archer Materials | 0.275 | 15% | 22% | -46% | -36% | -28% | $ 64,985,988.32 |
| PGM | Platina Resources | 0.023 | 15% | 10% | 15% | 0% | 10% | $ 14,333,147.61 |
| AAJ | Aruma Resources Ltd | 0.018 | 13% | 13% | 13% | -44% | -33% | $ 3,774,988.92 |
| IXR | Ionic Rare Earths | 0.0095 | 0% | 19% | -32% | -59% | -63% | $ 48,697,626.47 |
| NIC | Nickel Industries | 0.905 | -6% | -2% | -5% | 19% | 30% | $ 4,139,666,534.20 |
| EVG | Evion Group NL | 0.03 | 3% | 11% | 25% | -21% | -12% | $ 10,408,895.61 |
| CWX | Carawine Resources | 0.094 | -3% | 0% | -10% | -20% | -15% | $ 22,195,792.21 |
| PLS | Pilbara Min Ltd | 2.85 | 5% | -13% | -30% | -25% | -28% | $ 8,673,076,558.08 |
| HAS | Hastings Tech Met | 0.27 | -6% | -7% | -21% | -63% | -61% | $ 45,206,533.50 |
| BUX | Buxton Resources Ltd | 0.072 | 16% | 16% | -31% | -66% | -58% | $ 15,183,167.54 |
| ARR | American Rare Earths | 0.235 | -11% | -19% | -19% | 68% | 42% | $ 126,077,941.25 |
| SGQ | St George Min Ltd | 0.025 | -7% | -29% | 39% | -39% | -26% | $ 27,213,510.80 |
| TKL | Traka Resources | 0.002 | 100% | 100% | 0% | -49% | -33% | $ 3,891,317.11 |
| PRL | Province Resources | 0.041 | 0% | 0% | 0% | 0% | 0% | $ 48,441,218.86 |
| IPT | Impact Minerals | 0.012 | -8% | -8% | -37% | 33% | 9% | $ 38,242,921.48 |
| LIT | Lithium Australia | 0.02 | -5% | -5% | -29% | -38% | -33% | $ 26,291,875.20 |
| ARN | Aldoro Resources | 0.091 | 12% | 10% | 30% | -8% | -27% | $ 12,250,760.61 |
| JRV | Jervois Global Ltd | 0.011 | -8% | -21% | -31% | -63% | -75% | $ 29,730,401.64 |
| SYR | Syrah Resources | 0.3 | 22% | 20% | -43% | -58% | -53% | $ 289,769,694.48 |
| FBM | Future Battery | 0.019 | 0% | -5% | -62% | -79% | -74% | $ 12,641,762.63 |
| ADD | Adavale Resource Ltd | 0.003 | 0% | 0% | -40% | -63% | -57% | $ 3,671,296.10 |
| LTR | Liontown Resources | 0.825 | -1% | 2% | -34% | -50% | -50% | $ 2,061,341,919.00 |
| CTM | Centaurus Metals Ltd | 0.44 | -2% | -8% | 6% | -7% | -18% | $ 238,416,582.24 |
| VML | Vital Metals Limited | 0.0025 | 25% | -17% | -50% | -75% | -62% | $ 11,790,133.90 |
| BSX | Blackstone Ltd | 0.034 | -3% | -8% | -38% | -66% | -51% | $ 18,049,235.58 |
| POS | Poseidon Nick Ltd | 0.004 | -33% | 0% | -27% | -73% | -64% | $ 21,019,377.46 |
| CHR | Charger Metals | 0.065 | -8% | -24% | -18% | -59% | -61% | $ 5,187,156.75 |
| AVL | Aust Vanadium Ltd | 0.016 | 0% | 14% | 14% | -36% | -24% | $ 129,519,871.14 |
| AUZ | Australian Mines Ltd | 0.016 | 23% | 129% | 60% | 33% | 60% | $ 20,977,681.86 |
| RXL | Rox Resources | 0.19 | -5% | 41% | 9% | -17% | 3% | $ 80,066,080.97 |
| RNU | Renascor Res Ltd | 0.072 | -4% | -11% | -27% | -54% | -45% | $ 180,469,906.64 |
| GL1 | Globallith | 0.21 | -5% | -5% | -48% | -83% | -83% | $ 57,329,334.92 |
| ASN | Anson Resources Ltd | 0.073 | 4% | -5% | -30% | -54% | -48% | $ 103,848,990.45 |
| SYA | Sayona Mining Ltd | 0.034 | 3% | -3% | 0% | -58% | -52% | $ 370,558,656.50 |
| EGR | Ecograf Limited | 0.079 | -5% | -14% | -52% | -62% | -44% | $ 35,414,481.88 |
| ATM | Aneka Tambang | 0.95 | 6% | -7% | -14% | -20% | -19% | $ 1,179,802.35 |
| TVN | Tivan Limited | 0.049 | 2% | 4% | -13% | -35% | -18% | $ 84,893,455.87 |
| ALY | Alchemy Resource Ltd | 0.007 | -22% | -13% | 0% | -30% | -30% | $ 8,246,533.79 |
| GAL | Galileo Mining Ltd | 0.135 | -7% | -13% | -55% | -57% | -53% | $ 30,631,863.69 |
| BHP | BHP Group Limited | 42.64 | 0% | -7% | -1% | -5% | -15% | $ 218,735,880,214.68 |
| LEL | Lithenergy | 0.37 | 1% | 14% | -26% | -45% | -36% | $ 41,440,580.53 |
| ASL | Andean Silver | 1.41 | -10% | 14% | 185% | 513% | 422% | $ 221,050,994.55 |
| RMX | Red Mount Min Ltd | 0.013 | 44% | 30% | -13% | -63% | -50% | $ 4,648,293.55 |
| GW1 | Greenwing Resources | 0.067 | 10% | 68% | -25% | -48% | -50% | $ 15,642,346.33 |
| AQD | Ausquest Limited | 0.009 | 13% | -16% | -16% | -16% | -16% | $ 7,435,343.01 |
| LML | Lincoln Minerals | 0.0065 | -7% | 8% | -7% | -28% | 8% | $ 12,337,557.12 |
| 1MC | Morella Corporation | 0.031 | 3% | 7% | -59% | -75% | -77% | $ 9,698,834.56 |
| REE | Rarex Limited | 0.012 | -8% | 0% | -20% | -61% | -57% | $ 9,610,150.03 |
| MRC | Mineral Commodities | 0.026 | 0% | 0% | 4% | -16% | -19% | $ 25,596,287.57 |
| PUR | Pursuit Minerals | 0.003 | 0% | 0% | -40% | -73% | -63% | $ 10,906,199.96 |
| QPM | Queensland Pacific | 0.036 | -10% | 0% | -33% | -38% | -35% | $ 88,241,260.03 |
| EMH | European Metals Hldg | 0.155 | -16% | 0% | -65% | -75% | -64% | $ 36,302,823.38 |
| BMM | Balkanminingandmin | 0.054 | -7% | 4% | -2% | -57% | -51% | $ 4,646,187.70 |
| PEK | Peak Rare Earths Ltd | 0.19 | 6% | 0% | -21% | -53% | -46% | $ 53,286,131.80 |
| LEG | Legend Mining | 0.012 | -8% | 0% | -8% | -48% | -14% | $ 34,913,726.22 |
| MOH | Moho Resources | 0.006 | 0% | 0% | 20% | -14% | -40% | $ 3,235,069.18 |
| AML | Aeon Metals Ltd. | 0.005 | 0% | 0% | -17% | -58% | -55% | $ 5,482,003.11 |
| G88 | Golden Mile Res Ltd | 0.018 | 20% | 80% | 50% | 6% | -5% | $ 6,579,565.68 |
| WKT | Walkabout Resources | 0.096 | -4% | -4% | -20% | -20% | -31% | $ 65,783,622.20 |
| TON | Triton Min Ltd | 0.009 | -10% | -18% | -36% | -68% | -61% | $ 14,115,498.61 |
| AR3 | Austrare | 0.1 | -17% | -17% | -9% | -44% | -33% | $ 16,656,849.51 |
| ARU | Arafura Rare Earths | 0.15 | -6% | -14% | -25% | -27% | -9% | $ 357,327,660.20 |
| MIN | Mineral Resources. | 39.4 | 9% | -24% | -45% | -35% | -44% | $ 7,090,391,232.32 |
| VMC | Venus Metals Cor Ltd | 0.07 | 1% | 15% | -22% | -33% | -30% | $ 12,552,235.71 |
| S2R | S2 Resources | 0.074 | -4% | -8% | -45% | -65% | -55% | $ 33,058,633.49 |
| CNJ | Conico Ltd | 0.001 | 0% | -50% | 0% | -80% | -80% | $ 2,201,527.53 |
| VR8 | Vanadium Resources | 0.043 | -4% | -4% | -4% | 2% | -20% | $ 23,067,633.36 |
| PVT | Pivotal Metals Ltd | 0.008 | -11% | -27% | -53% | -60% | -68% | $ 7,870,282.88 |
| BOA | Boadicea Resources | 0.022 | 0% | 16% | -21% | -45% | -39% | $ 2,713,762.63 |
| IPX | Iperionx Limited | 3.3 | 5% | 4% | 56% | 164% | 137% | $ 913,232,227.44 |
| SLZ | Sultan Resources Ltd | 0.01 | -17% | 67% | -9% | -40% | -56% | $ 1,778,278.40 |
| SMX | Strata Minerals | 0.025 | -17% | -19% | 14% | -57% | -32% | $ 4,579,564.06 |
| NVA | Nova Minerals Ltd | 0.25 | 9% | 85% | -11% | -7% | -31% | $ 62,545,482.63 |
| MLS | Metals Australia | 0.022 | 0% | -8% | 0% | -44% | -41% | $ 15,998,829.53 |
| MQR | Marquee Resource Ltd | 0.017 | 6% | 13% | 21% | -35% | -35% | $ 6,662,150.11 |
| MRR | Minrex Resources Ltd | 0.0085 | 0% | 6% | -29% | -39% | -50% | $ 8,678,940.02 |
| EVR | Ev Resources Ltd | 0.004 | 0% | 0% | -50% | -64% | -64% | $ 6,981,357.43 |
| EFE | Eastern Resources | 0.004 | 0% | 0% | -43% | -50% | -50% | $ 4,967,785.84 |
| CNB | Carnaby Resource Ltd | 0.38 | -11% | -16% | -47% | -47% | -52% | $ 65,336,153.48 |
| BNR | Bulletin Res Ltd | 0.045 | 5% | -6% | -4% | -72% | -68% | $ 13,212,599.54 |
| AX8 | Accelerate Resources | 0.009 | 13% | 0% | -81% | -80% | -79% | $ 5,595,785.39 |
| AM7 | Arcadia Minerals | 0.034 | -13% | 0% | -53% | -60% | -53% | $ 4,096,753.50 |
| AS2 | Askarimetalslimited | 0.0295 | -8% | 34% | -37% | -81% | -83% | $ 2,844,034.23 |
| BYH | Bryah Resources Ltd | 0.003 | -40% | -25% | -63% | -75% | -77% | $ 1,509,860.57 |
| DTM | Dart Mining NL | 0.013 | 0% | -19% | -47% | -25% | -17% | $ 5,599,389.19 |
| EMS | Eastern Metals | 0.019 | -24% | -5% | -44% | -39% | -46% | $ 2,273,524.90 |
| FG1 | Flynngold | 0.033 | 14% | 18% | 0% | -42% | -27% | $ 8,362,127.04 |
| GSM | Golden State Mining | 0.011 | 5% | -8% | -8% | -42% | -27% | $ 3,073,076.93 |
| IMI | Infinitymining | 0.028 | -7% | -20% | -63% | -77% | -80% | $ 3,393,603.30 |
| LRV | Larvottoresources | 0.71 | 22% | 89% | 886% | 405% | 914% | $ 226,177,398.36 |
| LSR | Lodestar Minerals | 0.001 | 0% | 0% | -17% | -75% | -69% | $ 3,372,328.92 |
| RAG | Ragnar Metals Ltd | 0.023 | -4% | 28% | 28% | 5% | -4% | $ 10,427,691.52 |
| CTN | Catalina Resources | 0.004 | 14% | 0% | 33% | 0% | -11% | $ 3,715,460.68 |
| TMB | Tambourahmetals | 0.034 | -3% | -6% | -50% | -70% | -70% | $ 3,356,683.86 |
| TEM | Tempest Minerals | 0.0055 | -31% | -39% | -36% | -18% | -28% | $ 3,763,618.73 |
| EMC | Everest Metals Corp | 0.13 | -4% | 4% | 31% | 38% | 63% | $ 24,216,804.17 |
| WML | Woomera Mining Ltd | 0.002 | 0% | 0% | -50% | -78% | -93% | $ 4,110,148.96 |
| KZR | Kalamazoo Resources | 0.092 | 0% | 18% | 2% | -2% | -23% | $ 18,273,495.86 |
| LMG | Latrobe Magnesium | 0.025 | -31% | -22% | -50% | -43% | -61% | $ 61,061,971.75 |
| KOR | Korab Resources | 0.008 | 0% | 0% | 14% | -50% | -50% | $ 2,936,400.00 |
| CMX | Chemxmaterials | 0.039 | -13% | 11% | -19% | -47% | -52% | $ 5,031,870.52 |
| NC1 | Nicoresourceslimited | 0.1 | -9% | -5% | -33% | -70% | -71% | $ 12,039,563.25 |
| GRE | Greentechmetals | 0.12 | 0% | 9% | -43% | -68% | -74% | $ 10,384,996.88 |
| CMO | Cosmometalslimited | 0.018 | -10% | -36% | -56% | -61% | -68% | $ 2,357,871.73 |
| FRB | Firebird Metals | 0.115 | 5% | -4% | -32% | -26% | -21% | $ 14,947,947.11 |
| S32 | South32 Limited | 3.68 | 1% | -2% | 3% | 11% | 11% | $ 16,619,020,934.93 |
| OMH | OM Holdings Limited | 0.375 | 1% | -3% | -22% | -19% | -16% | $ 283,515,016.37 |
| JMS | Jupiter Mines. | 0.175 | 6% | 0% | -41% | -5% | 6% | $ 343,088,430.83 |
| E25 | Element 25 Ltd | 0.29 | -6% | -13% | 18% | -25% | -31% | $ 65,973,720.30 |
| EMN | Euromanganese | 0.067 | 14% | 40% | -17% | -42% | -33% | $ 12,531,482.06 |
| KGD | Kula Gold Limited | 0.007 | 0% | -22% | -30% | -42% | -53% | $ 5,145,695.37 |
| LRS | Latin Resources Ltd | 0.195 | 5% | -13% | -13% | -24% | -32% | $ 532,269,697.97 |
| CRR | Critical Resources | 0.009 | 13% | 0% | -25% | -67% | -57% | $ 15,709,468.90 |
| ENT | Enterprise Metals | 0.004 | 0% | 0% | 33% | 0% | 0% | $ 4,713,269.00 |
| SCN | Scorpion Minerals | 0.017 | 13% | -11% | -29% | -68% | -48% | $ 6,551,299.07 |
| GCM | Green Critical Min | 0.008 | 220% | 300% | 100% | -11% | -11% | $ 10,682,298.47 |
| ENV | Enova Mining Limited | 0.0075 | -17% | -25% | -61% | 25% | -50% | $ 7,386,970.12 |
| RBX | Resource B | 0.036 | 3% | 6% | -5% | -69% | -52% | $ 3,718,241.46 |
| AKN | Auking Mining Ltd | 0.004 | 0% | -20% | -83% | -90% | -91% | $ 1,565,401.07 |
| RR1 | Reach Resources Ltd | 0.011 | 0% | -15% | 22% | -80% | -40% | $ 10,493,176.19 |
| EMT | Emetals Limited | 0.004 | 0% | 0% | -20% | -43% | -43% | $ 3,400,000.00 |
| PNT | Panthermetalsltd | 0.027 | -33% | 29% | -1% | -48% | -36% | $ 6,589,761.86 |
| WIN | WIN Metals | 0.027 | -41% | -41% | -34% | -85% | -70% | $ 8,288,877.63 |
| WMG | Western Mines | 0.205 | -11% | -18% | -51% | -35% | -21% | $ 17,030,215.40 |
| AVW | Avira Resources Ltd | 0.001 | 0% | 0% | 0% | -50% | -50% | $ 2,938,790.00 |
| CAI | Calidus Resources | 0.115 | 0% | 0% | -18% | -34% | -47% | $ 93,678,205.58 |
| GT1 | Greentechnology | 0.085 | -7% | -6% | -26% | -78% | -70% | $ 34,987,688.73 |
| KAI | Kairos Minerals Ltd | 0.016 | -11% | 23% | 33% | 0% | 14% | $ 42,094,595.02 |
| MTM | MTM Critical Metals | 0.081 | -9% | 21% | 47% | 252% | 19% | $ 28,184,161.25 |
| NWM | Norwest Minerals | 0.017 | -19% | -23% | -60% | -43% | -37% | $ 8,732,151.18 |
| PGD | Peregrine Gold | 0.15 | -12% | -25% | -35% | -44% | -38% | $ 10,181,763.15 |
| RAS | Ragusa Minerals Ltd | 0.016 | 7% | -11% | -24% | -58% | -56% | $ 2,281,580.58 |
| RGL | Riversgold | 0.0035 | 0% | -30% | -42% | -65% | -71% | $ 5,696,119.08 |
| SRZ | Stellar Resources | 0.017 | -11% | 0% | 0% | 100% | 143% | $ 37,435,510.22 |
| STM | Sunstone Metals Ltd | 0.008 | 14% | 60% | -43% | -58% | -47% | $ 40,983,229.09 |
| ZNC | Zenith Minerals Ltd | 0.055 | 22% | 12% | -35% | -38% | -63% | $ 22,137,491.16 |
| WC8 | Wildcat Resources | 0.325 | -10% | 14% | -37% | -62% | -53% | $ 387,155,253.87 |
| ASO | Aston Minerals Ltd | 0.01 | 0% | -29% | -17% | -69% | -58% | $ 12,950,642.69 |
| THR | Thor Energy PLC | 0.015 | 0% | -6% | -21% | -42% | -50% | $ 3,866,772.30 |
| YAR | Yari Minerals Ltd | 0.004 | 33% | 33% | -20% | -76% | -65% | $ 1,929,431.25 |
| IG6 | Internationalgraphit | 0.061 | -5% | -15% | -49% | -66% | -62% | $ 12,387,733.12 |
| LPM | Lithium Plus | 0.145 | -9% | 26% | 21% | -70% | -59% | $ 21,254,400.00 |
| ODE | Odessa Minerals Ltd | 0.008 | 33% | 100% | 100% | 0% | -11% | $ 8,877,977.75 |
| KOB | Kobaresourceslimited | 0.095 | -3% | -32% | -2% | 30% | 36% | $ 15,380,476.56 |
| AZI | Altamin Limited | 0.03 | 0% | 0% | -27% | -48% | -45% | $ 13,165,471.02 |
| FTL | Firetail Resources | 0.13 | 13% | 31% | 290% | 30% | 77% | $ 39,749,757.00 |
| LNR | Lanthanein Resources | 0.003 | 0% | 0% | -50% | -50% | -74% | $ 9,774,544.51 |
| CLZ | Classic Min Ltd | 0.001 | 0% | 0% | -88% | -98% | -98% | $ 1,544,025.56 |
| NVX | Novonix Limited | 0.705 | -12% | 1% | -18% | 2% | -4% | $ 350,562,126.54 |
| OCN | Oceanalithiumlimited | 0.033 | 0% | 6% | -34% | -76% | -73% | $ 2,722,434.00 |
| SUM | Summitminerals | 0.17 | -6% | -28% | 13% | 85% | 72% | $ 13,148,338.14 |
| DVP | Develop Global Ltd | 2.59 | 5% | 4% | 6% | -21% | -8% | $ 686,609,702.02 |
| OD6 | Od6Metalsltd | 0.051 | 76% | 16% | -29% | -66% | -64% | $ 6,563,198.82 |
| HRE | Heavy Rare Earths | 0.041 | 3% | 28% | 24% | -54% | -36% | $ 3,004,106.60 |
| LIN | Lindian Resources | 0.094 | -5% | -10% | -30% | -45% | -35% | $ 110,680,534.66 |
| PEK | Peak Rare Earths Ltd | 0.19 | 6% | 0% | -21% | -53% | -46% | $ 53,286,131.80 |
| ILU | Iluka Resources | 5.87 | -2% | -16% | -24% | -20% | -11% | $ 2,556,584,955.42 |
| ASM | Ausstratmaterials | 0.535 | -3% | -4% | -48% | -62% | -58% | $ 97,912,603.44 |
| ETM | Energy Transition | 0.023 | 0% | -4% | -38% | -36% | -41% | $ 30,991,590.92 |
| CRI | Criticalim | 0.011 | -8% | -27% | -45% | 16% | 57% | $ 32,067,785.68 |
| IDA | Indiana Resources | 0.11 | 11% | 13% | 35% | 121% | 38% | $ 63,587,127.60 |
| VTM | Victory Metals Ltd | 0.41 | 17% | 6% | 82% | 71% | 95% | $ 37,708,343.09 |
| M2R | Miramar | 0.006 | -14% | -14% | -36% | -76% | -70% | $ 3,174,586.28 |
| WCN | White Cliff Min Ltd | 0.019 | -14% | -5% | 27% | 73% | 111% | $ 34,028,473.46 |
| TAR | Taruga Minerals | 0.012 | 9% | 20% | 50% | 20% | 9% | $ 8,472,321.42 |
| ABX | ABX Group Limited | 0.043 | 0% | 8% | -30% | -40% | -40% | $ 10,751,733.50 |
| MEK | Meeka Metals Limited | 0.087 | 16% | 43% | 156% | 118% | 118% | $ 168,319,676.04 |
| RR1 | Reach Resources Ltd | 0.011 | 0% | -15% | 22% | -80% | -40% | $ 10,493,176.19 |
| DRE | Dreadnought Resources Ltd | 0.015 | -6% | -6% | -12% | -50% | -50% | $ 56,291,250.00 |
| KFM | Kingfisher Mining | 0.061 | -6% | -31% | -16% | -55% | -59% | $ 3,276,615.06 |
| AOA | Ausmon Resorces | 0.002 | -20% | -33% | 0% | -43% | -33% | $ 2,117,998.69 |
| WC1 | Westcobarmetals | 0.019 | -24% | -20% | -51% | -73% | -75% | $ 2,897,506.29 |
| GRL | Godolphin Resources | 0.018 | 6% | 20% | -38% | -50% | -54% | $ 5,691,801.98 |
| DM1 | Desert Metals | 0.03 | 0% | 36% | 36% | -25% | -41% | $ 8,759,047.87 |
| PTR | Petratherm Ltd | 0.053 | 6% | 18% | 104% | 6% | 51% | $ 16,084,562.11 |
| ITM | Itech Minerals Ltd | 0.077 | 13% | 3% | 7% | -36% | -30% | $ 12,292,947.94 |
| KTA | Krakatoa Resources | 0.01 | 0% | -17% | -9% | -50% | -72% | $ 4,957,125.81 |
| M24 | Mamba Exploration | 0.012 | 0% | 0% | -48% | -61% | -76% | $ 2,256,987.31 |
| LNR | Lanthanein Resources | 0.003 | 0% | 0% | -50% | -50% | -74% | $ 9,774,544.51 |
| TKM | Trek Metals Ltd | 0.034 | 21% | 10% | -13% | -33% | -15% | $ 14,388,440.14 |
| BCA | Black Canyon Limited | 0.064 | 3% | -2% | -36% | -57% | -54% | $ 5,766,402.97 |
| CDT | Castle Minerals | 0.003 | 0% | 0% | -50% | -70% | -68% | $ 4,118,442.32 |
| DLI | Delta Lithium | 0.25 | 6% | 6% | -18% | -57% | -47% | $ 178,351,785.50 |
| A11 | Atlantic Lithium | 0.235 | -10% | -6% | -42% | -41% | -41% | $ 177,960,086.37 |
| KNI | Kunikolimited | 0.205 | 32% | 8% | -13% | -24% | -32% | $ 15,618,468.24 |
| CY5 | Cygnus Metals Ltd | 0.145 | 0% | 71% | 81% | -19% | 7% | $ 66,450,954.50 |
| WR1 | Winsome Resources | 0.52 | 6% | -9% | -62% | -62% | -50% | $ 115,179,580.36 |
| LLI | Loyal Lithium Ltd | 0.125 | -4% | -17% | -53% | -72% | -60% | $ 11,591,632.88 |
| BC8 | Black Cat Syndicate | 0.585 | -7% | 27% | 113% | 179% | 134% | $ 261,706,109.43 |
| BUR | Burleyminerals | 0.088 | -2% | 26% | 35% | -58% | -47% | $ 13,834,126.85 |
| PBL | Parabellumresources | 0.05 | 0% | -6% | -4% | -86% | -29% | $ 3,052,700.05 |
| L1M | Lightning Minerals | 0.065 | 2% | -10% | -34% | -50% | -54% | $ 6,219,807.69 |
| WA1 | Wa1Resourcesltd | 13.52 | 3% | -10% | -22% | 59% | 9% | $ 904,682,767.36 |
| EV1 | Evolutionenergy | 0.039 | 3% | 5% | -48% | -78% | -72% | $ 13,340,984.29 |
| 1AE | Auroraenergymetals | 0.042 | -16% | -21% | -52% | -58% | -63% | $ 8,236,931.90 |
| RVT | Richmond Vanadium | 0.29 | -8% | -2% | 18% | -24% | 4% | $ 25,431,302.77 |
| PMT | Patriotbatterymetals | 0.39 | -1% | -9% | -50% | -69% | -65% | $ 232,233,764.10 |
| PAT | Patriot Lithium | 0.04 | -13% | 5% | -60% | -77% | -78% | $ 4,346,179.53 |
| BM8 | Battery Age Minerals | 0.1 | -5% | -5% | 0% | -60% | -47% | $ 9,770,317.44 |
| OM1 | Omnia Metals Group | 0.078 | 0% | 0% | 0% | 0% | 0% | $ 4,550,567.66 |
| VHM | Vhmlimited | 0.395 | -9% | -21% | -21% | -18% | -44% | $ 68,436,676.83 |
| LLL | Leolithiumlimited | 0.505 | 0% | 0% | 0% | 0% | 0% | $ 605,458,341.55 |
| SRN | Surefire Rescs NL | 0.005 | -17% | -29% | -50% | -66% | -41% | $ 9,931,539.07 |
| SRL | Sunrise | 0.345 | -1% | -17% | -49% | -52% | -24% | $ 31,579,624.30 |
| SYR | Syrah Resources | 0.3 | 22% | 20% | -43% | -58% | -53% | $ 289,769,694.48 |
| EG1 | Evergreenlithium | 0.084 | 2% | 105% | -14% | -63% | -56% | $ 4,610,860.00 |
| WSR | Westar Resources | 0.009 | -10% | 0% | -18% | -47% | -50% | $ 3,588,523.32 |
| LU7 | Lithium Universe Ltd | 0.014 | -13% | 27% | -58% | -62% | -59% | $ 8,314,789.90 |
| MEI | Meteoric Resources | 0.105 | 0% | -5% | -51% | -56% | -60% | $ 264,351,789.50 |
| REC | Rechargemetals | 0.03 | -30% | 7% | -12% | -73% | -68% | $ 4,190,699.01 |
| SLM | Solismineralsltd | 0.096 | -4% | 7% | -9% | -62% | -34% | $ 7,428,700.70 |
| DYM | Dynamicmetalslimited | 0.205 | 3% | 5% | 14% | 24% | 46% | $ 7,920,000.00 |
| TOR | Torque Met | 0.072 | -12% | -5% | -45% | -66% | -67% | $ 17,317,030.52 |
| ICL | Iceni Gold | 0.045 | -4% | 15% | 73% | -30% | -13% | $ 13,092,530.50 |
| TMX | Terrain Minerals | 0.003 | -14% | -33% | -25% | -40% | -40% | $ 5,400,086.41 |
| MHC | Manhattan Corp Ltd | 0.002 | 0% | 33% | 20% | -52% | -40% | $ 8,995,939.72 |
| MHK | Metalhawk. | 0.17 | 0% | 0% | 179% | 55% | 26% | $ 17,617,250.35 |
| ANX | Anax Metals Ltd | 0.012 | -8% | -45% | -57% | -66% | -60% | $ 10,457,219.30 |
| FIN | FIN Resources Ltd | 0.007 | 17% | 40% | -61% | -75% | -68% | $ 4,544,880.90 |
| LM1 | Leeuwin Metals Ltd | 0.073 | 0% | -13% | -3% | -71% | -48% | $ 3,420,171.98 |
| HAW | Hawthorn Resources | 0.059 | 2% | -3% | -21% | -38% | -37% | $ 19,765,921.17 |
| LCY | Legacy Iron Ore | 0.013 | 0% | 0% | -24% | -24% | -24% | $ 100,276,127.41 |
| RON | Roninresourcesltd | 0.145 | 0% | 38% | 26% | 0% | -22% | $ 4,787,251.30 |
| ASR | Asra Minerals Ltd | 0.004 | -20% | -20% | -43% | -38% | -43% | $ 8,926,231.99 |
| PFE | Panteraminerals | 0.023 | -18% | -14% | -38% | -61% | -54% | $ 9,096,641.06 |
| KM1 | Kalimetalslimited | 0.135 | -18% | 4% | -66% | 0% | 0% | $ 10,755,867.36 |
| LTM | Arcadium Lithium PLC | 8.23 | 0% | 94% | 22% | 0% | -27% | $ 2,842,307,437.52 |
| KNG | Kingsland Minerals | 0.21 | 5% | -5% | -7% | -9% | -26% | $ 11,060,964.00 |
Green Critical Minerals (ASX:GCM)
GCM is moving straight into the pilot stage of proving up its graphite tech after entering into a binding technology purchase agreement with Cerex, which produces saleable graphite blocks from graphite powder.
The technology mixes graphite with pre-cursors and heating, resulting in very high-density graphite blocks (‘VHD Graphite’) which can be used in a wide variety of applications.
Given the unique properties of VHD Graphite, it is expected that the final product will be produced in a mould, allowing a large variety of graphite shapes and blocks to be manufactured.
GCM MD Clinton Booth said the technology could ‘revolutionise’ the graphite market. Its acquisition had the minnow up more than 200% this week.
OD6 saw its gains with the acquisition of a high-grade copper project in New South Wales.
After reviewing over 40 potential new projects, OD6 MD Brett Hazelden said the company entered into a binding documentation to acquire the licence over the historical Gulf Creek project in NSW, announced on Wednesday.
A high-grade volcanogenic massive sulphide deposit, the asset was mined at the turn of the last century, between 1896 and 1912, with very high grades averaging between 2 to 6.5% copper within the three main lodes.
“Exploration prospectivity is immense as there has been no modern exploration of substance since the mine closed, with only two drill holes completed more than 60 years ago,” Hazelden said.
Talga shares surged higher yesterday, with the graphite and anode materials hopeful back at levels not seen since June.
It came after the effective environmental approval of its Nunasvaara South natural graphite mine, part of the Vittangi anode materials project in northern Sweden.
The Swedish Supreme Court has dismissed all requests for leave to appeal the Environmental and Natura 2000 permit, meaning the mine environmental permit is now in force.
This move follows several key milestones for the Vittangi project this month including the award of EUR $70m grant funding from the EU Innovation Fund for Talga’s Luleå anode refinery and approval of the Nunasvaara South graphite mine Exploitation Concession.
“The Vittangi project is vital for Europe’s energy transition and strategic material supply,” TLG CEO Martin Phillips said.
“We look forward to continuing to work with our host communities and stakeholders throughout the execution phase to deliver sustainable, high performance anode materials for the European battery industry.”
At Stockhead, we tell it like it is. While Green Critical Minerals is a Stockhead advertiser, it did not sponsor this article.
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