High Voltage: Lithium miners are making market waves as spodumene prices pass US$1000/t
BESS demand is up ~75% YoY and is set to account for 20% of global battery demand in 2025. Pic: Getty Images
- Spodumene prices have hit +US$1000/t
- Sector sentiment turning positive thanks to battery storage demand
- Liontown and Mineral Resources make market waves this week
Our High Voltage column wraps all the news driving ASX stocks with exposure to lithium, cobalt, graphite, nickel, rare earths, and vanadium.
Spodumene prices have surged to over US$1000/t thanks to booming demand from battery energy storage systems and a wave of supply discipline from large producers in the West and China.
Prices for the hard rock lithium concentrate tumbled from highs of over US$8000/t in late 2022 to as little as under US$600/t earlier this year, but as rebounds from lows get faster, analysts have turned more optimistic that the sector is heading into recovery mode.
A note yesterday from Argonaut’s Hayden Bairstow suggested demand for BESS – big batteries – had become a major driver for the lithium market, sending sentiment for the sector positive.
“BESS demand is up ~75% YoY and is set to account for 20% of global battery demand in 2025,” analyst Hayden Bairstow said.
“Pricing cycles are becoming shorter with the previous decline and subsequent price recovery in spot spodumene prices occurring is just over 40 days.
“We expect spot prices to resume a move higher as more supply growth delays are outlined, particularly by larger industry participants.
“The strong rise in the spot price presents modest upside risk to our base case earnings forecasts for our coverage universe.”
As a result, Argonaut also upgraded price targets for Liontown Resources (ASX:LTR), Core Lithium (ASX:CXO), Pilbara Minerals (ASX:PLS) and Wildcat Resources (ASX:WC8).
“We have upgraded price targets for LTR and CXO by 15% and for PLS and WC8 by 11% to reflect the rise in spot prices,” Bairstow said.
“We reiterate our positive view on lithium equities, and reiterate our BUY ratings on PLS, MIN, IGO and LTR and SPEC BUY ratings on CXO, PMT and WC8.”
And Argonaut isn’t the only ones feeling optimistic, JPMorgan recently upped its forecasts too from US$800/t to US$1100/t in 2026 and US$1200/t in 2027, 50% above previous predictions.
Liontown and MinRes make market waves
The enthusiasm of investors to a wave of broker upgrades and optimism on pricing is palpable. If punters have been sitting on the side of the pool, they’ve been eagerly waiting for opportunities to jump back in.
Liontown was up more than 12% on Thursday. IGO (ASX:IGO) surged by more than 15%, MinRes fell after big gains on Wednesday (more on that in a sec), PLS ran more than 10% higher and Core was up close to 25%. Juniors like Delta Lithium (ASX:DLI), which also announced a rubidium resource at its Mt Ida lithium project, was up close to 14%, with Wildcat Resources (ASX:WC8) almost 12% higher.
There have been a few sector wide updates that have caught the eye as well. None more so than the deal that saw MinRes sell 30% of its operating lithium portfolio – the Wodgina and Mt Marion mines – to Korea’s POSCO in a $1.2bn deal.
It values MinRes’ 50% stakes at roughly $3.9 billion, or around 45% above consensus.
As part of the investment, POSCO will receive spodumene concentrate in proportion to its 30% interest, underpinning its future investment in new downstream processing facilities.
“This first-of-its-kind investment by a major Korean company into Australian lithium is a milestone for our industry,” MIN chairman Malcolm Bundey said.
“It signals the growing global demand for Tier 1 hard rock lithium assets and the confidence international partners have in Australia’s ability to meet that demand.
“By supporting the development of new global conversion capacity, this partnership will play an important role in diversifying the global lithium supply chain and strengthen bilateral ties between Australia and Korea in critical minerals.
“This continues our stated commitment to strengthening our financial position and leveraging our core competencies of building world-class assets and recycling capital to position us for the future while maintaining a material position in global lithium markets with Tier 1 partners.”
There’s more action taking place.
Liontown announced this week that it’s teaming with Metalshub to run its first digital spodumene auction for 10,000 tonnes from Kathleen Valley in a move expected to bring some pricing transparency to the lithium market. We’ve seen how this went down back when PLS ran a similar, very public, platform called BMX, helping stir the market into a frenzy as prices for its auctions surged in 2021 and 2022.
It no longer sells spodumene on the platform, preferring discrete spot sales outside its long term contracts that the firm doesn’t report to the ASX. But Liontown appears to have taken up the mantle.
“From the inception of our marketing strategy, Liontown has been clear with its position that a transparent, auditable and liquid price index is crucial to establishing a long-term sustainable lithium industry,” CEO Tony Ottaviano said.
“Utilising Metalshub for our first digital spot sales auction will improve price transparency for spodumene, giving more customers an opportunity to bid on Liontown cargoes.”
The company’s first auction of spodumene concentrate will be held on 19 November 2025.
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 % Six Month % Year Market Cap NVA Nova Minerals Ltd 1.42 69% 141% 373% 647% $519,678,669 SER Strategic Energy 0.011 57% 83% 120% 22% $12,253,267 SCN Scorpion Minerals 0.031 48% 0% 82% 138% $17,302,104 WR1 Winsome Resources 0.28 44% 14% 70% -47% $60,992,113 CZN Corazon Ltd 0.215 43% -14% 43% -14% $10,042,405 HAV Havilah Resources 0.35 40% 27% 106% 84% $94,599,200 AYM Australia United Min 0.004 33% 33% 33% 33% $7,370,310 KM1 Kalimetalslimited 0.205 32% 24% 138% 52% $17,386,417 LTR Liontown Resources 1.4275 32% 42% 100% 63% $3,865,610,298 M79 Mammothmineralsltd 0.14 30% -18% 141% 57% $69,233,917 ASL Andean Silver 1.935 29% 0% 102% 103% $355,234,860 LML Lincoln Minerals 0.009 29% 29% 136% 35% $23,201,573 IGO IGO Limited 6.5 28% 21% 49% 25% $4,414,871,350 LKE Lake Resources 0.041 28% 11% 28% -23% $102,253,942 TMB Tambourahmetals 0.115 28% -32% 342% 283% $28,561,509 ABX ABX Group Limited 0.12 26% 82% 200% 186% $32,781,047 DYM Dynamicmetalslimited 0.36 26% 22% 64% 89% $17,733,362 WC8 Wildcat Resources 0.2525 26% 15% 36% -26% $315,470,773 FML Focus Minerals Ltd 3.06 26% 29% 1230% 1600% $819,557,725 INF Infinity Metals Ltd 0.02 25% 25% -13% -39% $9,109,815 PGD Peregrine Gold 0.3 25% -3% 94% 107% $30,037,652 GBR Greatbould Resources 0.086 25% 1% 32% 105% $84,292,121 HRE Heavy Rare Earths 0.046 24% -8% 64% 30% $9,985,626 BMM Bayanminingandmin 0.13 24% -32% 379% 180% $16,887,685 BC8 Black Cat Syndicate 1.105 23% -17% 24% 110% $773,289,181 FBM Future Battery 0.053 23% 29% 141% 194% $35,082,373 CAE Cannindah Resources 0.069 23% 73% 78% 86% $70,138,684 EVR Ev Resources Ltd 0.011 22% -8% 120% 175% $25,310,456 TAR Taruga Minerals 0.011 22% -21% 22% -8% $7,851,295 ARV Artemis Resources 0.011 22% 22% 57% -8% $41,480,144 LLM Loyal Metals Ltd 0.375 21% 10% 346% 241% $48,083,365 PLS Pilbara Min Ltd 3.59 20% 36% 132% 15% $11,043,240,406 TOR Torque Met 0.265 20% -2% 170% 308% $131,234,040 LRV Larvottoresources 1.15 20% 39% 48% 130% $599,375,951 AGY Argosy Minerals Ltd 0.054 20% 13% 184% 54% $81,403,810 GED Golden Deeps 0.06 20% -23% 233% 107% $13,284,428 AZI Altamin Limited 0.03 20% 11% 33% 38% $22,500,443 MEK Meeka Metals Limited 0.24 20% 20% 71% 264% $687,173,527 DLI Delta Lithium 0.21 20% 11% 2% -7% $129,101,723 BMG BMG Resources Ltd 0.018 20% 20% 80% 50% $17,544,546 GL1 Globallith 0.57 19% 44% 226% 192% $136,100,704 MTC Metalstech Ltd 0.285 19% -8% 84% 119% $63,285,664 CXO Core Lithium 0.16 19% 45% 119% 52% $399,077,393 CHR Charger Metals 0.085 18% 21% 118% 20% $5,961,359 GLN Galan Lithium Ltd 0.165 18% 3% 57% 6% $189,546,844 ESR Estrella Res Ltd 0.034 17% 0% -3% 100% $77,013,705 PMT Pmet Resources 0.41 17% -5% 67% 21% $217,694,699 SGQ St George Min Ltd 0.1075 17% -7% 313% 330% $408,326,349 WCN White Cliff Min Ltd 0.021 17% 0% -34% 17% $51,416,299 RVT Richmond Vanadium 0.078 16% 1% -44% -75% $15,772,687 OD6 Od6Metalsltd 0.079 16% 18% 172% 84% $15,118,641 ELV Elevra Lithium Ltd 4.91 16% 19% 93% -1% $778,913,911 MIN Mineral Resources. 51.37 16% 16% 125% 36% $10,124,677,934 GT1 Greentechnology 0.027 15% -18% 8% -63% $16,036,989 PGM Platina Resources 0.031 15% -11% 41% 63% $21,927,631 KZR Kalamazoo Resources 0.195 15% 15% 112% 127% $49,531,226 DRE Dreadnought Resources Ltd 0.0355 15% -9% 173% 122% $201,376,286 IXR Ionic Rare Earths 0.016 14% -27% 113% 60% $107,970,104 GRL Godolphin Resources 0.016 14% -6% 60% 0% $9,746,193 BUX Buxton Resources Ltd 0.034 13% 3% 10% -49% $11,714,180 GTE Great Western Exp. 0.017 13% -11% 13% -48% $9,651,885 ITM Itech Minerals Ltd 0.061 13% 15% 79% -9% $15,288,665 KGD Kula Gold Limited 0.035 13% -10% 338% 429% $38,001,714 INR Ioneer Ltd 0.18 13% -28% 24% -20% $454,687,773 QEM QEM Limited 0.018 13% -14% -67% -65% $4,255,206 ASN Anson Resources Ltd 0.09 13% 0% 70% 34% $127,030,054 ALY Alchemy Resource Ltd 0.009 13% -10% 50% 50% $10,692,686 MHC Manhattan Corp Ltd 0.027 13% 8% 13% -33% $13,934,341 FIN FIN Resources Ltd 0.009 13% 0% 29% 50% $7,817,296 NST Northern Star 26.76 12% 11% 39% 62% $37,699,875,471 KAI Kairos Minerals Ltd 0.037 12% -8% 85% 131% $121,226,048 TKM Trek Metals Ltd 0.056 12% -5% -15% 115% $25,373,457 STK Strickland Metals 0.19 12% -7% 93% 166% $418,536,562 FRS Forrestaniaresources 0.2 11% -29% 388% 1329% $93,801,321 TVN Tivan Limited 0.2 11% 67% 90% 270% $436,108,582 VMC Venus Metals Cor Ltd 0.15 11% 20% 43% 97% $28,438,659 ALK Alkane Resources Ltd 1.1 11% 2% 40% 122% $1,502,374,464 RXL Rox Resources 0.455 11% -14% 54% 168% $343,027,207 AQD Ausquest Limited 0.041 11% 0% -21% 356% $54,901,998 CRI Critica Ltd 0.031 11% 7% 63% 158% $83,932,659 EFE Eastern Resources 0.042 11% -12% 56% 20% $5,295,778 ADV Ardiden Ltd 0.32 10% 8% 129% 137% $21,595,952 SFM Santa Fe Minerals 0.245 10% 7% 562% 717% $27,640,603 YAR Yari Minerals Ltd 0.011 10% -8% 83% 267% $9,234,102 RNU Renascor Res Ltd 0.081 9% -9% 17% 16% $203,452,349 COB Cobalt Blue Ltd 0.12 9% 9% 103% 40% $56,295,339 AR3 Austrare 0.24 9% 20% 253% 131% $54,176,368 CDT Castle Minerals 0.062 9% -10% -14% -17% $10,340,574 NIC Nickel Industries 0.745 9% -4% 18% -16% $3,190,587,868 BNR Bulletin Res Ltd 0.051 9% -11% -34% 24% $14,387,053 E25 Element 25 Ltd 0.32 8% -2% 39% 25% $84,872,291 MRR Minrex Resources Ltd 0.013 8% 8% 63% 53% $13,018,410 GRE Greentechmetals 0.065 8% 20% 33% -32% $7,484,079 LU7 Lithium Universe Ltd 0.013 8% -13% 160% 30% $20,976,860 MHK Metalhawk. 0.135 8% 8% -71% -34% $16,657,996 S32 South32 Limited 3.255 8% 4% 13% -10% $14,561,771,673 AUZ Australian Mines Ltd 0.014 8% -39% 40% 0% $28,160,492 CTM Centaurus Metals Ltd 0.425 8% -8% 16% -3% $250,458,379 DVP Develop Global Ltd 3.4 8% -24% -3% 51% $1,108,751,196 HAS Hastings Tech Met 0.595 7% 17% 75% 109% $130,961,528 PL9 Prairie Lithium Ltd 0.0075 7% 7% -17% -50% $32,281,887 CHN Chalice Mining Ltd 1.95 7% -20% 71% 31% $743,191,679 ICL Iceni Gold 0.061 7% -12% 13% 27% $20,977,984 ARN Aldoro Resources 0.465 7% 1% 39% 467% $108,584,533 LIN Lindian Resources 0.325 7% -10% 195% 239% $533,668,172 EMN Euromanganese 0.175 6% 13% -19% -41% $8,253,929 SUM Summitminerals 0.036 6% -10% 4% -77% $4,247,698 ETM Energy Transition 0.0835 6% 4% 58% 248% $164,338,340 MTM Metallium Ltd 0.755 6% -28% 202% 821% $492,921,215 MLX Metals X Limited 0.8725 5% 0% 60% 82% $749,000,850 A4N Alpha Hpa Ltd 0.765 5% -4% -24% -22% $875,699,254 BSX Blackstone Ltd 0.044 5% -48% -37% 52% $79,416,121 TLM Talisman Mining 0.11 5% -15% -33% -51% $20,715,238 L1M Lightning Minerals 0.046 5% -8% -28% -37% $8,964,149 MAN Mandrake Res Ltd 0.024 4% 2% 26% -8% $15,054,238 ILU Iluka Resources 6.48 4% -14% 56% 20% $2,810,263,539 PVW PVW Res Ltd 0.026 4% -35% 117% 24% $5,971,943 ARU Arafura Rare Earths 0.26 4% -13% 49% 93% $895,088,908 JLL Jindalee Lithium Ltd 0.53 4% -32% 38% 45% $49,704,750 LYC Lynas Rare Earths 13.92 4% -30% 82% 80% $13,919,930,654 FRB Firebird Metals 0.135 4% -18% 71% 29% $21,280,315 BCA Black Canyon Limited 0.41 4% -6% 720% 551% $66,077,192 VUL Vulcan Energy 6.58 4% -3% 41% 12% $1,540,199,719 SFR Sandfire Resources 16.16 4% 0% 55% 60% $7,579,950,493 GW1 Greenwing Resources 0.029 4% -6% -3% -42% $10,955,276 MLS Metals Australia 0.029 4% -15% 53% 16% $21,219,866 PTR PTR Minerals Ltd 0.29 4% -9% -8% 574% $97,052,136 LMG Latrobe Magnesium 0.03 3% 12% 116% 8% $86,025,095 RIO Rio Tinto Limited 132.195 3% 6% 13% 12% $49,175,011,869 BOA BOA Resources Ltd 0.031 3% -3% 82% 35% $3,823,938 WA1 Wa1Resourcesltd 15.5 3% -25% 30% 18% $1,158,270,812 GCM Green Critical Min 0.0175 3% -20% 35% 150% $48,940,900 MEI Meteoric Resources 0.18 3% -10% 84% 64% $462,163,487 CNB Carnaby Resource Ltd 0.37 3% -22% 17% -3% $103,544,949 A11 Atlantic Lithium 0.19 3% -7% 36% -10% $129,439,463 MNB Minbos Resources Ltd 0.04 3% -20% 0% -25% $39,001,984 PAT Patriot Resourcesltd 0.042 2% -7% -29% -7% $6,930,943 TLG Talga Group Ltd 0.44 2% -5% 5% -7% $200,759,307 QGL Quantum Graphite 0.445 2% -5% -7% -14% $151,794,992 WMG Western Mines 0.23 2% -4% 10% 28% $24,455,894 JMS Jupiter Mines. 0.275 2% 4% 90% 72% $540,320,052 NMT Neometals Ltd 0.058 2% -9% -25% -38% $46,229,493 BHP BHP Group Limited 43.01 2% 2% 12% 5% $218,698,001,316 RMX Red Mount Min Ltd 0.0325 2% 2% 364% 195% $25,339,487 KOB Kobaresourceslimited 0.07 1% -13% 65% -14% $13,907,011 VTM Victory Metals Ltd 1.195 1% 3% 84% 227% $156,303,872 A8G Australasian Metals 0.091 1% -35% 42% 17% $5,267,965 PNN Power Minerals Ltd 0.096 1% -42% 57% -3% $23,894,339 KNI Kunikolimited 0.0645 1% -7% -43% -67% $8,261,444 FLG Flagship Min Ltd 0.17 0% 3% 150% 162% $50,991,476 QXR Qx Resources Limited 0.004 0% -20% -8% 3% $7,370,653 RIL Redivium Limited 0.004 0% 0% 0% -20% $13,609,422 DEV Devex Resources Ltd 0.12 0% -8% 50% 4% $53,002,881 RLC Reedy Lagoon Corp. 0.004 0% 33% 167% 100% $3,106,827 CLA Celsius Resource Ltd 0.011 0% -15% 38% 5% $36,058,117 NH3 Nh3Cleanenergyltd 0.099 0% -14% 296% 296% $64,502,427 RYZ Ryzon Materials Ltd 0.042 0% 0% 0% 0% $50,378,922 ARL Ardea Resources Ltd 0.55 0% -11% 36% 39% $113,622,974 AAJ Aruma Resources Ltd 0.017 0% 31% 70% 13% $6,605,204 EVG Evion Group NL 0.031 0% 24% 82% -11% $16,817,479 ARR American Rare Earths 0.41 0% -18% 49% 61% $237,839,737 IPT Impact Minerals 0.006 0% -8% 0% -47% $28,464,595 SYR Syrah Resources 0.315 0% -24% -8% 35% $413,134,703 ADD Adavale Resource Ltd 0.049 0% 11% 23% -2% $13,434,248 AVL Aust Vanadium Ltd 0.011 0% 10% 0% -21% $95,292,654 GAL Galileo Mining Ltd 0.21 0% 5% 75% 56% $41,501,235 LEL Lithenergy 0.37 0% 0% 0% 0% $41,440,581 REE Rarex Limited 0.034 0% 13% 13% 209% $33,510,913 MRC Mineral Commodities 0.026 0% 0% 0% 0% $25,596,288 PUR Pursuit Minerals 0.07 0% -10% 79% -44% $10,540,944 CNJ Conico Ltd 0.008 0% 14% 14% -20% $2,177,166 VR8 Vanadium Resources 0.026 0% -41% 73% -10% $16,242,634 SLZ Sultan Resources Ltd 0.009 0% -18% 50% 13% $5,095,045 SMX Strata Minerals 0.021 0% 24% 31% -5% $5,154,544 MQR Marquee Resource Ltd 0.01 0% -9% 11% -23% $8,152,172 AM7 Arcadia Minerals 0.042 0% -7% 133% 31% $4,930,104 BYH Bryah Resources Ltd 0.004 0% -20% 0% 0% $5,942,663 EMSDA Eastern Metals 0.01 0% 0% 0% -47% $697,131 FG1 Flynngold 0.023 0% -12% -7% -37% $13,999,072 GSM Golden State Mining 0.016 0% -11% 129% 78% $5,469,930 RAG Ragnar Metals Ltd 0.026 0% -7% 37% 13% $12,323,635 TEM Tempest Minerals 0.009 0% -10% 125% 50% $9,916,887 OB1 Orbminco Limited 0.019 0% -17% -5% -43% $5,559,940 KOR Korab Resources 0.008 0% 0% 0% 0% $2,936,400 CMX Chemxmaterials 0.026 0% 0% 0% -13% $33,545,803 CMO Cosmometalslimited 0.022 0% 0% 29% 56% $9,553,428 OMH OM Holdings Limited 0.27 0% 4% -14% -22% $206,889,336 ENV Enova Mining Limited 0.007 0% -30% 0% -13% $11,053,200 AKN Auking Mining Ltd 0.007 0% 0% 17% 40% $4,510,170 RR1 Reach Resources Ltd 0.01 0% -23% 11% -17% $8,744,313 EMT Emetals Limited 0.007 0% 17% 133% 17% $5,950,000 WIN WIN Metals 0.041 0% 3% 71% 86% $26,832,557 RGL Riversgold 0.007 0% 0% 75% 133% $14,585,988 SRZ Stellar Resources 0.025 0% -22% 56% 47% $54,609,014 ODE Odessa Minerals Ltd 0.012 0% -8% 118% 71% $22,158,923 CLZ Classic Min Ltd 0.001 0% 0% 0% 0% $4,265,855 M2R Miramar 0.003 0% -14% 0% -57% $3,584,770 RR1 Reach Resources Ltd 0.01 0% -23% 11% -17% $8,744,313 AOA Ausmon Resorces 0.003 0% 0% 50% 50% $3,943,840 WC1 Westcobarmetals 0.024 0% 0% 60% 9% $8,498,177 KTA Krakatoa Resources 0.013 0% -10% 30% 30% $12,585,742 1AE Auroraenergymetals 0.095 0% -10% 79% 102% $17,906,374 OM1 Omnia Metals Group 0.02 0% 0% 122% -74% $5,554,334 SRN Surefire Rescs NL 0.002 0% 0% -20% -52% $8,051,219 SYR Syrah Resources 0.315 0% -24% -8% 35% $413,134,703 WSR Westar Resources 0.007 0% -22% 40% -13% $3,209,735 REC Rechargemetals 0.02 0% -9% 25% -29% $5,139,799 SLM Solismineralsltd 0.048 0% -38% -41% -47% $7,251,849 TMX Terrain Minerals 0.005 0% 0% 100% 25% $14,831,016 ANX Anax Metals Ltd 0.009 0% -18% 13% -14% $7,945,268 LM1 Leeuwin Metals Ltd 0.18 0% -28% -12% 147% $24,470,011 RON Roninresourcesltd 0.175 0% -3% -20% -3% $7,065,627 GA8 Goldarc Resources 0.047 0% 52% 88% 57% $26,673,407 KNG Kingsland Minerals 0.115 0% -23% 0% -43% $9,724,670 AMD Arrow Minerals 0.02 0% 0% 0% -50% $17,555,332 CUL Cullen Resources 0.009 0% 29% 125% 80% $6,240,617 HLX Helix Resources 0.001 0% -33% -40% -70% $5,346,291 ORN Orion Minerals Ltd 0.017 0% 0% 42% 6% $137,213,622 SVY Stavely Minerals Ltd 0.018 0% -18% 64% -36% $11,641,368 ZEU Zeus Resources Ltd 0.013 0% -24% 117% 30% $9,326,676 ATM Aneka Tambang 0.99 -1% -4% -1% 15% $1,290,613 LOT Lotus Resources Ltd 0.1775 -1% -21% -1% -23% $475,290,193 IDA Indiana Resources 0.043 -2% -10% 33% 79% $28,324,228 HAW Hawthorn Resources 0.086 -2% 34% 69% 59% $28,811,343 1MC Morella Corporation 0.036 -3% 47% 100% 29% $13,263,443 NTU Northern Min Ltd 0.035 -3% -15% 35% 84% $353,133,702 S2R S2 Resources 0.082 -4% -29% -13% 17% $46,215,552 VML Vital Metals Limited 0.255 -4% -12% 70% 155% $35,891,051 LSR Lodestar Minerals 0.025 -4% -36% 155% 27% $24,286,057 FUN Fortuna Metals Ltd 0.125 -4% -11% 178% 59% $34,009,812 FUN Fortuna Metals Ltd 0.125 -4% -11% 178% 59% $34,009,812 CY5 Cygnus Metals Ltd 0.125 -4% 0% 58% 4% $138,375,246 NC1 Nicoresourceslimited 0.12 -4% -27% 74% 20% $14,814,069 NVX Novonix Limited 0.46 -4% -40% -12% -45% $390,622,055 PFE Pantera Lithium 0.023 -4% -21% 77% -21% $10,423,241 IG6 Internationalgraphit 0.067 -4% -29% 10% -3% $12,986,740 EUR European Lithium Ltd 0.21 -5% -7% 289% 775% $336,212,952 EMC Everest Metals Corp 0.105 -5% -16% -30% -19% $28,182,737 VHM Vhmlimited 0.52 -5% 58% 93% 39% $139,952,568 PSC Prospect Res Ltd 0.185 -5% -5% 32% 93% $137,208,518 QPM QPM Energy Limited 0.037 -5% -14% -16% -5% $114,305,793 PNT Panthermetalsltd 0.009 -5% -5% -41% -57% $2,756,516 PVT Pivotal Metals Ltd 0.017 -6% 70% 183% 55% $18,108,517 BKT Black Rock Mining 0.016 -6% -41% -33% -67% $34,360,608 M24 Mamba Exploration 0.016 -6% -16% 14% 33% $4,722,650 SVM Sovereign Metals 0.545 -6% -20% -14% -25% $362,285,674 EGR Ecograf Limited 0.44 -6% -4% 60% 430% $212,586,940 PBL Parabellumresources 0.088 -6% 13% 87% 47% $5,482,400 EMH European Metals Hldg 0.215 -7% 5% 2% 43% $48,712,487 ASM Ausstratmaterials 0.71 -7% -22% 15% 30% $195,670,808 IPX Iperionx Limited 5.61 -7% -32% 65% 40% $1,882,964,243 BM8 Battery Age Minerals 0.14 -7% -43% 164% 44% $25,499,858 STM Sunstone Metals Ltd 0.0205 -7% -9% 58% 156% $140,032,988 AEE Aura Energy 0.205 -7% -11% 71% 46% $174,862,944 AS2 Askarimetalslimited 0.013 -7% 6% 48% -29% $5,839,987 NWM Norwest Minerals 0.013 -7% 0% 0% -16% $13,391,390 THR Thor Energy PLC 0.013 -7% 8% 18% -7% $9,930,140 EG1 Evergreenlithium 0.039 -7% -35% 3% -55% $10,517,353 SRL Sunrise 4.16 -8% -6% 867% 1334% $513,854,569 SBR Sabre Resources 0.012 -8% -8% 50% 9% $5,128,005 ZNC Zenith Minerals Ltd 0.084 -8% -27% 87% 91% $49,212,264 EV1 Evolutionenergy 0.012 -8% -29% 51% -64% $6,452,528 SRK Strike Resources 0.036 -8% -20% 6% 13% $10,782,500 VRX VRX Silica Ltd 0.084 -8% -16% 22% 110% $64,112,407 LIT Livium Ltd 0.011 -8% -27% 38% -45% $22,705,178 RBX Resource B 0.044 -8% -12% 19% 22% $5,068,117 KFM Kingfisher Mining 0.076 -8% -10% 83% 76% $6,537,553 AXE Archer Materials 0.375 -9% 12% 44% 19% $98,116,100 BUR Burleyminerals 0.041 -9% -16% 3% -36% $7,550,860 DTM Dart Mining NL 0.04 -9% -56% -47% -78% $8,807,762 FGR First Graphene Ltd 0.082 -10% -2% 128% 141% $73,619,563 LEG Legend Mining 0.009 -10% 0% 29% -31% $26,230,295 CRR Critical Resources 0.009 -10% -25% 125% 13% $26,644,144 DM1 Desert Metals 0.009 -10% -25% -50% -67% $4,126,015 HMX Hammer Metals Ltd 0.026 -10% -28% -30% -26% $21,426,209 AUV Auravelle Metals 0.017 -11% -35% 42% 6% $9,030,607 RIE Riedel Resources Ltd 0.034 -11% 10% 10% -58% $4,850,309 G88 Golden Mile Res Ltd 0.008 -11% -20% -36% -33% $5,007,080 OCN Oceanalithiumlimited 0.16 -11% -6% 433% 432% $26,639,421 LCY Legacy Iron Ore 0.008 -11% -11% -20% -36% $78,096,341 MOH Moho Resources 0.007 -13% -22% 75% 0% $6,235,290 TON Triton Min Ltd 0.007 -13% -13% 40% -30% $10,978,721 CTN Catalina Resources 0.0035 -13% -13% 40% 24% $8,543,567 VRC Volt Resources Ltd 0.006 -14% 9% 9% 71% $29,840,096 AX8 Accelerate Resources 0.006 -14% -25% -33% -14% $4,987,132 IMI Infinitymining 0.012 -14% -14% 33% -37% $5,076,189 LIB Liberty Metals 0.0025 -17% 0% 150% 67% $15,314,476 RAS Ragusa Minerals Ltd 0.03 -17% -17% 76% 100% $5,345,964 HWK Hawk Resources. 0.026 -19% 44% 37% -13% $10,159,854 ENT Enterprise Metals 0.004 -20% -50% 100% 0% $5,976,602 LPM Lithium Plus 0.1 -20% -13% 75% -26% $13,284,000 AVW Avira Resources Ltd 0.01 -23% -23% 43% -50% $3,174,000 MRD Mount Ridley Mines 0.036 -23% 1100% 1957% 311% $46,666,685 AXN Alliance Nickel Ltd 0.036 -23% -22% 13% -12% $30,579,424 PLL Piedmont Lithium Inc 0 -100% -100% -100% -100% $67,063,990 CWX Carawine Resources 0 -100% -100% -100% -100% $24,793,172 PEK Peak Rare Earths Ltd 0 -100% -100% -100% -100% $193,649,227 WKT Walkabout Resources 0 -100% -100% -100% -100% $63,769,838 XTC XTC Lithium Limited 0 -100% -100% -100% -100% $87,641 PEK Peak Rare Earths Ltd 0 -100% -100% -100% -100% $193,649,227 LLL Leolithiumlimited 0 -100% -100% -100% -100% $401,204,047 Code Company Price % Week % Month % Six Month % Year Market Cap NVA Nova Minerals Ltd 1.42 69% 141% 373% 647% $519,678,669
Weekly Small Cap Standouts
ABx Group (ASX:ABX)
ABx has commenced drilling to expand the high grade T8 rare earth elements (REE) mineralisation that its scout drill campaign discovered in May 2025 at its Tasmanian project.
The first 3 holes have encountered the target horizon at surface, within 0.5 metres depth.
The company says its Tasmanian rare earth projects are suited to early low cost production because they are shallow, ionic absorption clay type of rare earth resources enriched in the most critical rare earths dysprosium (Dy) and terbium (Tb).
“China’s restriction on exports of critical heavy rare earths, especially Dy & Tb, sends a clear message to the global market and ABx is in a unique position with its Dy & Tb-rich shallow clayhosted rare earth deposit in a stable jurisdiction,” MD and CEO Dr Mark Cooksey said.
“Dy & Tb are vital for many products including modern cars, phones, military technologies and offshore wind turbines.
“This is recognised by the industry, for example our MoU to supply rare earth feedstock to Ucore, which is planning a Strategic Metals Complex in Louisiana with the support of the US Government.”
Delta Lithium (ASX:DLI)
The company has announced an updated resource estimate for its Mt Ida project of 14.8Mt at 1.21% lithium, 170ppm tantalum and 0.42% rubidium.
The rubidium product has the potential to improve the Mt Ida Lithium project economics and add an additional revenue stream, as the Lithium Whole of Ore Flotation (WOF) flowsheet extracts rubidium in the mica pre-float stage with recoveries averaging ~90%.
Plus, rubidium applications are growing globally with placement on the critical minerals list of the United States, Japan and many European countries.
The project is fully permitted for both open pit and underground mining, and downstream processing and vertical integration studies are well underway.
“This is a very positive milestone for the critical mineral credentials of Mt Ida, with the delineation of a high-grade maiden rubidium resource accompanying the lithium and tantalum,” MD James Croser said.
“This presents as a worthy target for value-add and co-product revenue generation with little change to the current proposed process flowsheet. We will continue to seek understanding of the global significance of our rubidium in a very opaque market, dominated almost entirely by Chinese producers.”
Core Lithium (ASX:CXO)
Core has announced an optimised mine plan for its Finniss lithium operation, delivering first ore within 1 month of mobilisation, and reducing Grants pre-production capital by $35-45m.
Grants will now be initially mined as an open pit and will transition later to an underground mine.
The company has also increased the ore reserve estimate at Grants by 33% to 1.53Mt at 1.42% Li2O, delivering a 44% lift in contained Li2O metal.
“Collectively, these changes lower capital intensity, support the ongoing strategic funding process, and strengthen Finniss as a compelling restart with a robust, independently supported operating plan,” CEO Paul Brown said.
Core’s shares surged as the ASX lithium sector ran hot on Thursday, given as a restart operation its Finniss project would have enormous leverage to rising lithium prices. It was shut in early 2024 as prices sunk.
CXO shares have more than doubled this year so far.
Charger Metals (ASX:CHR)
Niobium drilling is underway at the company’s Lake Johnston project, consisting of a 3,000m RC program targeting five priority lithium targets at the Mt Gordon prospect, funded by Rio Tinto Exploration (RTX), which also have coincident gold and niobium prospectivity.
Previous soil sampling has already defined a large niobium anomaly 1.8 km by 1.7 km in the south of the Mt Gordon prospect.
As part of the current RC drill programme, Charger has commenced drilling 4 holes into the initial niobium target.
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