High Voltage: Lithium is booming again because the analysts say it is

Mining Reuben Adams
lithium boom 2023

Pic: sjharmon, iStock / Getty Images Plus

  • Lithium producers are releasing some truly stunning numbers for the December quarter
  • Analysts are upgrading their outlook for 2023; ASX producers are heading back towards all-time highs
  • Battery Metals Weekly Winners: Conico, Patriot Battery Metals, Lincoln Minerals

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

 

It turns out perma-bears Goldman Sachs and Morgan Stanley may’ve been premature with their predictions of a lithium slowdown in 2023.

Producers Pilbara Minerals (ASX:PLS), Albemarle Corporation (NYSE:ALB) and rest are releasing some truly stunning numbers for the December quarter, forcing those sweaty, deskbound analysts to hastily revise their projections.

Yesterday, it was UBS’ turn to bring some joy to investors as they upgraded spodumene and chemical prices by up to 50% over its forward estimates.

 

Punters should take commentary with a grain of salt

Producers want prices to go up, buyers want prices to go down, and analysts probs just want to be the first to call the top or bottom.

There’s an obvious demarcation along these battle lines when reading S&P Global’s January Battery Metals Insight.

“With EV adoption picking up, some industry experts predict the gap between lithium demand and supply will remain or even wide[n] in 2023,” S&P writes, citing near term producers like Tees Valley Lithium and Vulcan Energy Resources.

And yet a survey of Asian market participants (aka the buyers) “presented a more conservative view of lithium prices”, S&P says. Shocker.

“More than half of the 26 companies expected Chinese lithium prices to average below Yuan 500,000/mt in 2023, and North Asian lithium prices to average below $70,000/mt, according to the latest Platts’ Battery Metals Outlook Survey.”

And when it comes to the analysts, lithium legend Ken Brinsden says it best:

“There’s a lot of ill-informed commentary in lithium markets,” he says.

“And it’s kind of a shame because, in some respects the investing public put faith in especially the big banks, but the truth is, the big banks are not close to the lithium market, really at all.

“And as a result, a lot of their commentary is just fundamentally flawed.

“Analysts want to … imply that supply will come easily but nothing could be further from the truth.

“Lithium raw material supply is really difficult to develop, and will be for quite some time, because the mines are measured in five to seven to 10-year increments for development, and that’s just not the speed that’s required for the demand side growth that’s going on.”

Like we say, grain of salt.

 

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].

CODE COMPANY 1 WEEK RETURN % 1 MONTH RETURN % 6 MONTH RETURN % 1 YEAR RETURN % SHARE PRICE MARKET CAP
LML Lincoln Minerals 323% 323% 323% 323% 0.029 $12,074,657
CNJ Conico Ltd 83% 106% -45% -58% 0.0165 $26,189,426
PMT Patriotbatterymetals 43% 80% 0% 0% 1.36 $147,854,385
IPT Impact Minerals 38% 57% 38% -19% 0.011 $27,295,076
MLS Metals Australia 31% 43% 17% 58% 0.063 $35,815,135
KFM Kingfisher Mining 29% 45% 148% 95% 0.595 $28,957,501
ADD Adavale Resource Ltd 28% 35% -1% -60% 0.023 $11,223,205
ENV Enova Mining Limited 25% 36% -6% -35% 0.015 $5,082,081
PLS Pilbara Min Ltd 24% 32% 100% 41% 5.025 $14,480,192,637
ASO Aston Minerals Ltd 24% 19% -10% -34% 0.099 $100,217,784
RVT Richmond Vanadium 23% 7% 0% 0% 0.29 $25,431,303
PGD Peregrine Gold 22% 54% 40% -2% 0.615 $22,863,615
KOB Kobaresourceslimited 21% 7% 7% 0% 0.16 $13,680,000
CZN Corazon Ltd 20% 26% 50% -30% 0.024 $14,037,603
REE Rarex Limited 19% 9% -7% -48% 0.062 $34,183,808
GRL Godolphin Resources 18% 33% -9% -25% 0.105 $13,020,639
AOA Ausmon Resorces 17% 0% 17% 17% 0.007 $6,001,025
SYA Sayona Mining Ltd 16% 41% 49% 106% 0.2675 $2,258,551,123
VML Vital Metals Limited 16% 61% -34% -49% 0.029 $143,266,043
LLI Loyal Lithium Ltd 15% 38% 80% 66% 0.415 $20,471,100
NWC New World Resources 14% 45% 20% -31% 0.048 $101,053,297
PTR Petratherm Ltd 13% 46% -16% 85% 0.076 $16,406,833
AQD Ausquest Limited 13% 6% -15% -19% 0.017 $12,377,238
BUX Buxton Resources Ltd 13% 13% 67% 52% 0.135 $19,449,196
AOU Auroch Minerals Ltd 13% 24% 0% -45% 0.063 $25,670,708
BMM Balkanminingandmin 13% 6% 80% -10% 0.36 $16,789,505
RBX Resource B 13% 6% -25% -57% 0.09 $5,136,285
AUZ Australian Mines Ltd 12% 2% -18% -72% 0.058 $32,572,046
CRR Critical Resources 11% 23% 14% -59% 0.049 $73,155,300
WA1 Wa1Resourcesltd 11% 32% 1146% 0% 1.62 $52,314,854
PGM Platina Resources 11% 11% -23% -67% 0.02 $12,463,607
AML Aeon Metals Ltd. 11% 9% 0% -36% 0.03 $31,795,618
AS2 Askarimetalslimited 11% 73% 194% 87% 0.72 $34,048,415
VMC Venus Metals Cor Ltd 11% 15% -9% -23% 0.155 $27,602,196
CMG Criticalmineralgrp 11% 14% 0% 0% 0.21 $6,412,471
CY5 Cygnus Gold Limited 10% 6% 183% 136% 0.425 $74,469,056
BKT Black Rock Mining 10% 33% 0% -30% 0.16 $152,309,825
WMG Western Mines 10% -3% -3% -18% 0.16 $6,667,781
AKE Allkem Limited 10% 19% 34% 33% 13.755 $8,506,358,867
MTM Mtmongerresources 10% 9% -21% -44% 0.087 $4,733,010
AZS Azure Minerals 10% 50% 50% -20% 0.33 $105,155,072
BSX Blackstone Ltd 10% 22% -13% -77% 0.165 $79,292,011
XTC Xantippe Res Ltd 10% 0% -31% -54% 0.0055 $61,752,208
AXE Archer Materials 10% 12% -17% -45% 0.665 $161,828,685
ARR American Rare Earths 10% 15% -10% -39% 0.23 $98,203,776
LEG Legend Mining 10% 24% -8% -41% 0.046 $121,225,972
RDT Red Dirt Metals Ltd 9% 13% 49% -29% 0.52 $224,047,032
JRL Jindalee Resources 9% 12% -21% -29% 2.03 $118,774,460
FRS Forrestaniaresources 9% 33% 20% -56% 0.18 $10,351,522
G88 Golden Mile Res Ltd 9% 9% -14% -56% 0.024 $5,114,744
TMB Tambourahmetals 9% 4% -17% -58% 0.12 $5,561,001
KNI Kunikolimited 9% 25% -22% -44% 0.6 $29,252,962
MIN Mineral Resources. 9% 21% 106% 51% 96.44 $17,355,408,435
ARU Arafura Rare Earths 9% 25% 58% 142% 0.545 $1,153,000,838
LRV Larvottoresources 9% 12% -10% -12% 0.185 $12,442,124
JMS Jupiter Mines. 9% 11% 32% 14% 0.25 $460,362,893
AAJ Aruma Resources Ltd 9% 54% 31% -6% 0.088 $13,341,728
CWX Carawine Resources 8% 37% 35% -26% 0.13 $24,602,184
DM1 Desert Metals 8% -5% -15% -58% 0.195 $13,039,394
BUR Burleyminerals 8% 18% 136% 49% 0.26 $8,237,532
IPX Iperionx Limited 8% 30% 20% -12% 0.865 $142,978,385
L1M Lightning Minerals 8% 25% 0% 0% 0.2 $7,454,250
ABX ABX Group Limited 8% 17% -7% 35% 0.135 $29,066,806
AX8 Accelerate Resources 8% 12% -15% -33% 0.028 $10,195,247
ODE Odessa Minerals Ltd 8% 0% 0% -26% 0.014 $10,604,326
AVL Aust Vanadium Ltd 7% 16% -29% -31% 0.029 $126,545,131
1MC Morella Corporation 7% 15% -12% -58% 0.015 $91,478,707
SCN Scorpion Minerals 7% 7% 10% 6% 0.075 $25,236,552
WR1 Winsome Resources 7% 106% 932% 292% 1.96 $279,273,662
MCR Mincor Resources NL 7% 18% -4% -3% 1.765 $987,702,106
A11 Atlantic Lithium 7% 16% 0% 0% 0.7 $424,019,162
EVR Ev Resources Ltd 7% 7% -45% -80% 0.016 $14,863,745
IG6 Internationalgraphit 7% 2% -17% 0% 0.24 $21,557,087
IGO IGO Limited 7% 14% 59% 23% 15.715 $11,480,180,045
EV1 Evolutionenergy 6% 11% -37% -47% 0.25 $33,890,625
LPI Lithium Pwr Int Ltd 6% 20% 9% -24% 0.51 $298,821,341
EMS Eastern Metals 6% 12% -37% -70% 0.085 $3,320,475
CMO Cosmometalslimited 6% 26% 0% 0% 0.17 $4,209,150
LRS Latin Resources Ltd 6% 30% 55% 264% 0.1275 $264,198,590
BRB Breaker Res NL 6% 8% 73% 35% 0.345 $112,696,411
CXO Core Lithium 6% 15% 7% 33% 1.125 $2,060,929,303
WML Woomera Mining Ltd 5% 0% 35% -4% 0.02 $18,167,063
SYR Syrah Resources 5% 3% 81% 30% 2.41 $1,535,606,926
PLL Piedmont Lithium Inc 5% 36% 67% 35% 0.91 $378,996,700
AGY Argosy Minerals Ltd 5% 25% 78% 83% 0.6675 $933,930,986
MNS Magnis Energy Tech 5% 17% 27% -25% 0.42 $407,539,223
GED Golden Deeps 5% 5% -19% -13% 0.0105 $11,552,267
RNU Renascor Res Ltd 5% 27% 41% 14% 0.2675 $685,640,024
OMH OM Holdings Limited 5% 5% 23% -13% 0.765 $568,739,969
BNR Bulletin Res Ltd 5% 24% -8% -21% 0.11 $30,827,066
NVX Novonix Limited 5% 22% -26% -78% 1.9025 $900,533,051
CAE Cannindah Resources 4% 1% 2% -23% 0.24 $137,057,488
LYC Lynas Rare Earths 4% 12% 8% -13% 8.965 $7,964,640,728
SGQ St George Min Ltd 4% 9% 127% -6% 0.075 $63,436,450
FG1 Flynngold 4% 0% 5% -43% 0.1 $7,519,060
INF Infinity Lithium 4% 24% -4% -30% 0.13 $60,136,972
ZNC Zenith Minerals Ltd 4% 2% -17% -26% 0.26 $86,167,981
PAN Panoramic Resources 4% 19% 13% -26% 0.2025 $410,182,801
CAI Calidus Resources 4% 50% -35% -50% 0.405 $177,886,194
GLN Galan Lithium Ltd 4% 24% 11% -28% 1.235 $351,331,216
ESS Essential Metals Ltd 4% 59% 21% -1% 0.5075 $134,868,680
RGL Riversgold 4% 12% 4% 60% 0.029 $27,418,564
MMC Mitremining 4% 13% 136% 51% 0.295 $7,719,254
MEK Meeka Metals Limited 3% -14% 11% 43% 0.06 $64,056,536
DEV Devex Resources Ltd 3% 15% 5% -38% 0.31 $109,379,680
AKN Auking Mining Ltd 3% 7% -20% -33% 0.096 $10,547,559
PRL Province Resources 3% 12% -35% -57% 0.065 $75,615,561
ILU Iluka Resources 3% 10% 12% 3% 10.775 $4,478,784,872
CNB Carnaby Resource Ltd 3% 8% -15% -35% 1.03 $147,452,112
S32 South32 Limited 3% 19% 37% 18% 4.84 $21,168,742,674
HNR Hannans Ltd 3% -8% -17% -69% 0.0175 $46,318,282
FRB Firebird Metals 3% 13% -13% -53% 0.175 $12,422,866
VR8 Vanadium Resources 3% 30% -5% -6% 0.073 $35,846,516
TLG Talga Group Ltd 3% 21% 36% 6% 1.73 $583,401,871
GME GME Resources Ltd 2% 11% 17% 44% 0.105 $64,250,628
KZR Kalamazoo Resources 2% -2% -2% -42% 0.215 $31,996,165
AM7 Arcadia Minerals 2% 10% 41% -18% 0.225 $11,207,494
QPM Queensland Pacific 2% 2% -16% -38% 0.1175 $209,561,751
QXR Qx Resources Limited 2% 21% 73% 21% 0.052 $46,636,841
BCA Black Canyon Limited 2% 13% 38% 15% 0.27 $12,107,468
PAT Patriot Lithium 2% -3% 0% 0% 0.3 $18,258,188
LTR Liontown Resources 2% 21% 28% -6% 1.525 $3,228,759,965
HAS Hastings Tech Met 2% 6% -4% -33% 3.76 $475,221,990
GT1 Greentechnology 2% 21% 38% 14% 0.945 $179,294,089
GW1 Greenwing Resources 2% 10% 47% -36% 0.33 $45,898,248
TMT Technology Metals 1% -1% -13% -4% 0.34 $73,438,595
S2R S2 Resources 1% 6% 17% -17% 0.175 $64,237,474
WIN Widgienickellimited 1% 1% 8% -4% 0.355 $89,109,554
LMG Latrobe Magnesium 1% -4% -1% -37% 0.076 $123,273,048
ASM Ausstratmaterials 1% 13% -50% -81% 1.61 $230,053,213
LKE Lake Resources 1% 6% 17% -13% 0.8175 $1,148,953,200
CTM Centaurus Metals Ltd 1% 10% 27% 0% 1.19 $503,985,402
NIC Nickel Industries 1% 16% 13% -25% 1.1325 $3,349,222,395
BHP BHP Group Limited 0% 8% 36% 22% 49.84 $250,251,535,466
OZL OZ Minerals 0% 0% 58% 0% 27.93 $9,360,189,531
VIA Viagold Rare Earth 0% 0% 0% 0% 2 $166,624,808
PVW PVW Res Ltd 0% 10% -61% -76% 0.11 $10,232,406
GSR Greenstone Resources 0% 15% -35% 7% 0.031 $36,535,685
AZL Arizona Lithium Ltd 0% 2% -18% -59% 0.067 $161,205,306
MRD Mount Ridley Mines 0% 0% 0% -33% 0.005 $38,924,414
AVZ AVZ Minerals Ltd 0% 0% 0% 5% 0.78 $2,752,409,203
CLA Celsius Resource Ltd 0% 25% 11% -38% 0.02 $32,630,410
FGR First Graphene Ltd 0% -5% -29% -49% 0.1 $61,038,221
ADV Ardiden Ltd 0% 7% 0% -53% 0.008 $21,506,683
TKL Traka Resources 0% 0% 27% -61% 0.007 $5,059,422
FFX Firefinch Ltd 0% 0% 0% -23% 0.2 $236,248,644
ATM Aneka Tambang 0% 17% -13% -5% 1.05 $1,368,831
RMX Red Mount Min Ltd 0% 11% -29% -55% 0.005 $9,941,744
TON Triton Min Ltd 0% 9% 61% -3% 0.037 $51,163,015
BYH Bryah Resources Ltd 0% 4% -22% -59% 0.025 $7,031,337
LSR Lodestar Minerals 0% 0% -23% -50% 0.005 $8,692,187
RAG Ragnar Metals Ltd 0% 0% -63% -70% 0.014 $5,118,996
CTN Catalina Resources 0% 0% 0% -36% 0.009 $11,146,382
TEM Tempest Minerals 0% 23% -41% -4% 0.027 $14,638,219
GRE Greentechmetals 0% -13% -42% -65% 0.13 $4,359,150
KGD Kula Gold Limited 0% 8% -6% -38% 0.027 $9,752,722
ENT Enterprise Metals 0% -10% -18% -52% 0.009 $6,345,726
RR1 Reach Resources Ltd 0% 0% 14% -50% 0.004 $7,640,203
AVW Avira Resources Ltd 0% 0% -14% -40% 0.003 $6,401,370
THR Thor Energy PLC 0% 0% -33% -54% 0.006 $10,187,190
SUM Summitminerals 0% 0% 0% 0% 0.14 $3,338,219
VMS Venture Minerals 0% 22% -7% -36% 0.028 $49,467,813
RR1 Reach Resources Ltd 0% 0% 14% -50% 0.004 $7,640,203
DRE Dreadnought Resources Ltd 0% 3% 94% 141% 0.099 $290,434,453
WC1 Westcobarmetals 0% 6% 77% 30% 0.175 $13,989,317
KTA Krakatoa Resources 0% -4% -28% -26% 0.043 $14,822,526
PBL Parabellumresources 0% 11% 150% 114% 0.45 $27,361,251
LEL Lithenergy -1% 10% -6% -23% 0.785 $46,917,000
CHN Chalice Mining Ltd -1% 10% 51% -18% 6.75 $2,473,258,065
EMH European Metals Hldg -1% -4% -12% -57% 0.66 $83,052,099
TKM Trek Metals Ltd -1% -5% 3% -27% 0.071 $26,931,936
NWM Norwest Minerals -2% 25% 91% -8% 0.065 $13,770,658
JRV Jervois Global Ltd -2% 9% -23% -56% 0.31 $634,174,594
GL1 Globallith -2% 19% 92% 32% 2.19 $449,795,570
VUL Vulcan Energy -2% 8% -4% -27% 6.89 $973,925,694
IMI Infinitymining -2% 0% 100% 37% 0.26 $19,884,363
SBR Sabre Resources -2% 4% -6% -22% 0.047 $13,991,337
MAN Mandrake Res Ltd -2% 15% 25% -18% 0.045 $23,757,497
MLX Metals X Limited -2% 41% 39% -20% 0.43 $403,733,400
EUR European Lithium Ltd -2% 11% 11% -38% 0.084 $118,837,612
STM Sunstone Metals Ltd -2% 14% -16% -55% 0.042 $115,299,642
ARL Ardea Resources Ltd -2% 2% -26% 28% 0.8 $137,202,218
PNT Panthermetalsltd -3% -3% -13% -22% 0.195 $5,996,250
AZI Altamin Limited -3% -3% -18% 13% 0.078 $30,553,907
M2R Miramar -3% -3% -26% -59% 0.078 $5,513,176
QEM QEM Limited -3% 6% 0% -8% 0.18 $24,325,842
LPM Lithium Plus -3% 0% -21% 0% 0.36 $18,233,352
CZL Cons Zinc Ltd -3% -8% -8% -33% 0.0175 $8,200,083
LOT Lotus Resources Ltd -3% 22% 3% -15% 0.2325 $311,916,349
VTM Victory Metals Ltd -3% 17% 20% 14% 0.2225 $11,521,113
GBR Greatbould Resources -3% -7% 8% -49% 0.086 $37,102,452
FTL Firetail Resources -3% -3% -40% 0% 0.14 $9,425,000
NKL Nickelxltd -4% -6% -38% -45% 0.08 $6,381,333
PAM Pan Asia Metals -4% -10% 0% -42% 0.38 $58,007,958
KOR Korab Resources -4% -17% 20% -56% 0.024 $9,176,250
COB Cobalt Blue Ltd -4% 9% -22% 15% 0.59 $220,184,230
LIT Lithium Australia -4% 4% -35% -64% 0.047 $57,396,009
DVP Develop Global Ltd -4% 11% 72% 9% 3.5 $593,749,512
KAI Kairos Minerals Ltd -4% 5% -4% -23% 0.023 $47,138,244
NMT Neometals Ltd -4% 7% -16% -46% 0.88 $486,412,235
POS Poseidon Nick Ltd -4% 10% -6% -60% 0.044 $153,181,390
NC1 Nicoresourceslimited -4% -23% -21% 12% 0.64 $56,272,001
PUR Pursuit Minerals -5% 40% 24% -22% 0.021 $23,993,547
MOH Moho Resources -5% -5% -13% -66% 0.021 $4,360,906
LNR Lanthanein Resources -5% -5% 40% -19% 0.021 $19,631,511
BOA Boadicea Resources -5% 0% -38% -57% 0.1 $7,769,990
A8G Australasian Metals -5% -9% -15% -69% 0.195 $8,028,246
RXL Rox Resources -5% 11% -26% -60% 0.195 $42,353,580
IDA Indiana Resources -5% 0% 5% -9% 0.058 $29,058,280
ASN Anson Resources Ltd -5% -3% 46% 31% 0.19 $223,868,435
NVA Nova Minerals Ltd -5% -1% -15% -40% 0.645 $140,736,268
HRE Heavy Rare Earths -5% 15% 0% 0% 0.1325 $8,030,871
HXG Hexagon Energy -6% 0% -29% -76% 0.017 $8,719,570
ESR Estrella Res Ltd -6% 31% 0% -50% 0.017 $25,220,722
PEK Peak Rare Earths Ltd -6% -11% -11% -51% 0.415 $87,375,721
MRC Mineral Commodities -6% -4% -20% -59% 0.066 $48,401,916
CMX Chemxmaterials -6% -18% -3% -46% 0.16 $8,105,780
1AE Auroraenergymetals -6% 0% -23% 0% 0.15 $18,630,524
SRN Surefire Rescs NL -6% 25% -29% 15% 0.015 $23,720,452
EGR Ecograf Limited -7% -9% -25% -67% 0.215 $96,821,694
VRC Volt Resources Ltd -7% 0% -18% -39% 0.014 $54,311,934
TNG TNG Limited -7% 17% -7% -3% 0.084 $116,627,131
SRZ Stellar Resources -7% 18% -19% -46% 0.013 $13,060,202
MRR Minrex Resources Ltd -8% 6% 0% -48% 0.035 $39,055,230
ITM Itech Minerals Ltd -8% 7% -24% -15% 0.29 $33,326,065
PSC Prospect Res Ltd -8% 0% 130% 170% 0.115 $55,471,135
ARN Aldoro Resources -8% 22% 52% -41% 0.22 $25,969,833
ALY Alchemy Resource Ltd -8% -25% -3% 27% 0.0165 $18,849,220
GAL Galileo Mining Ltd -8% 10% -20% 307% 0.935 $183,791,182
EFE Eastern Resources -8% -41% -39% -77% 0.0165 $18,805,217
DTM Dart Mining NL -8% 2% -11% -41% 0.055 $8,714,751
RAS Ragusa Minerals Ltd -8% -4% 51% 26% 0.11 $15,685,866
CDT Castle Minerals -8% -4% -21% -52% 0.022 $22,988,339
NTU Northern Min Ltd -9% 1% 5% -16% 0.042 $208,183,482
WKT Walkabout Resources -9% -9% -39% -51% 0.105 $64,230,418
ETM Energy Transition -9% -5% -10% -33% 0.052 $66,431,457
BC8 Black Cat Syndicate -9% 22% 26% -32% 0.41 $89,017,557
RLC Reedy Lagoon Corp. -9% 0% -47% -76% 0.01 $5,667,196
EMC Everest Metals Corp -9% 25% -5% -29% 0.1 $10,643,311
WC8 Wildcat Resources -9% 21% 21% -29% 0.029 $19,860,682
IXR Ionic Rare Earths -10% 9% -14% -46% 0.037 $145,876,382
PVT Pivotal Metals Ltd -10% -14% 23% -51% 0.037 $17,215,333
STK Strickland Metals -10% -10% -42% -45% 0.036 $54,604,480
CLZ Classic Min Ltd -10% 0% -77% -94% 0.009 $7,066,109
AR3 Austrare -10% -14% -29% -68% 0.305 $31,892,520
PNN Power Minerals Ltd -11% -1% 8% -4% 0.5 $36,483,636
EMN Euromanganese -11% -7% 11% -39% 0.33 $83,528,207
E25 Element 25 Ltd -11% -4% 60% -31% 1.01 $185,460,368
M24 Mamba Exploration -11% 46% 156% -15% 0.205 $8,856,751
OCN Oceanalithiumlimited -11% 11% -15% 0% 0.4 $15,658,020
EVG Evion Group NL -11% -15% -24% -59% 0.063 $17,307,066
LPD Lepidico Ltd -12% 0% -51% -68% 0.015 $114,566,576
TAR Taruga Minerals -12% -8% -12% -51% 0.022 $14,826,562
MQR Marquee Resource Ltd -13% 18% -44% -73% 0.04 $13,742,715
WCN White Cliff Min Ltd -13% 0% -4% -48% 0.013 $9,792,707
OD6 Od6Metalsltd -14% -8% 78% 0% 0.285 $15,129,261
LIN Lindian Resources -14% 55% 72% 675% 0.2325 $239,551,645
INR Ioneer Ltd -15% 25% -10% -36% 0.47 $965,235,603
EMT Emetals Limited -15% 0% 0% -48% 0.011 $9,350,000
SLZ Sultan Resources Ltd -16% -11% -20% -63% 0.076 $6,746,036
GCM Green Critical Min -18% 6% 35% 19% 0.018 $17,756,615
SRI Sipa Resources Ltd -19% -3% -8% -29% 0.035 $7,529,218
GSM Golden State Mining -19% -2% -14% -64% 0.043 $4,914,597
CHR Charger Metals -19% -9% -22% -56% 0.3725 $16,830,032
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WEEKLY SMALL CAP STANDOUTS

LINCOLN MINERALS (ASX:LML) +323%

The graphite explorer is all green after returning to trading on the ASX on January 20.

LML was placed in bourse purgatory way back in September 2020 because it had no cash and was doing f’all exploration.

LML spent 2021 doing mostly nothing, but woke up in 2022 when it received an unsolicited takeover offer from fellow South Australian project developer Quantum Graphite (ASX:QGL).

The initial all share offer (1 QGL share for every 40 LML Shares held, valuing the company at ~$6m) was rejected by the board and substantial shareholders in the company, but QGL has today extended its offer again for the third time.

What’s changed? The QGL share price, which is now ~70% higher since the offer was first made September last year (although well down on the high of 70c from earlier this month).

$167m market cap QML says LML’s Kookaburra Gully project has synergies with its own mothballed, century-old ‘Uley’ graphite mine in South Australia, one of the largest high-grade natural flake deposits in the world.

But like LML, QGL doesn’t have a great track record of success.

 

CONICO (ASX:CNJ) +83%

The Conico/Greenstone Resources Mt Thirsty JV (50-50) in WA has returned “outstanding” new cobalt, nickel, and scandium drilling results, including 15m @ 0.45% Co, 0.91% Ni, 5.42% Mn and 40.9g/t Sc from 45m.

That’s the sixth best cobalt intercept in Australia for 2022, the JV says.

All up, the JV has hit three zones in drilling: an upper nickel-cobalt-manganese-scandium horizon, middle PGE horizon & lower nickel horizon.

The potential addition of scandium to the advanced Co-Ni Mt Thirsty project may provide a valuable by-product revenue stream, CNJ says.

Scandium oxide — essential for hydrogen fuel cells — currently sells for US$930,930/t.

It has been a rollercoaster 12 months for the Mt Thirsty JV, which is just 200m from Galileo Mining’s (ASX:GAL) Callisto palladium discovery announced May last year.

 

PATRIOT BATTERY METALS (ASX:PMT) +43%

Ken Brinsden’s PMT has drilled an incredible 156.9m-long interval grading 2.12% Li2O from 176m — including 25m of 5.04% Li2O – at the CV5 Pegmatite, part of the Corvette property in Canada.

The ore grade of most hard rock lithium mines around the world ranges between 0.8% and 1.5% Li2O.

“It is hard to find words to adequately describe the impressive nature of the lithium mineralisation in drill hole CV22-083,” says Darren Smith, vice president of Exploration.

“Visual estimates of spodumene abundance may give you a sense, but assays are the true measure and have certainly astounded with this hole.”

It is the widest, highest grade lithium drill intercept returned to date at the CV5 Pegmatite, where mineralisation has been traced over a strike length of at least 2.2km, so far.

This includes a large, high-grade zone at least 250m long. Mineralisation remains open along at both ends and to depth along most of the pegmatite’s length, PMT says.

Assay results for 24 drill holes from the 2022 drill campaign remain to be reported.

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