• Are high fuel prices accelerating the EV transition?
  • Macquarie says ‘valuation upside remains for all covered ASX lithium and rare earths stocks’
  • Biggest ASX movers this week: Krakatoa Resources, Ragnar Metals, GME Resources, Jindalee Resources

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

 

High petrol prices are driving people to buy electric vehicles or hybrid cars, Macquarie says.

“To fill up a BMW 3 tank costs A$100 while to fully recharge a Tesla 3 using the supercharger will only cost ~A$30,” Macquarie analysts said in a note earlier this week.

“The difference is material, which makes EVs more appealing to many.”

Macquarie’s Asia auto team also noted that EV shopping consideration rose 69% from January when petrol prices started to rise.

“Shopping consideration for hybrids and fuel-efficient subcompact and compact sedans also rose by 32% and 16%, respectively,” it says.

That is despite battery metals prices going through the roof, which impacts the upfront cost of owning an EV.

 

That price squeeze isn’t going away, with Macquarie predicting that the lithium market will now remain in deficit for the foreseeable.

Other raw materials, like cobalt, rare earths, and graphite, could follow a similar path.

 

Macquarie’s Top Battery Metals Picks

Macquarie likes Aussie miners. It says valuation upside remains for all covered ASX lithium and rare earths stocks.

“Our preference for Australian-based producers remains unchanged, with Pilbara Minerals (ASX:PLS) our key pick, offering strong near-term production growth,” it says.

Mineral Resources (ASX:MIN) remains one of our preferred stocks in the broader resources sector.

Allkem (ASX:AKE) offers unique exposure to both lithium brine in South America and spodumene production in Australia.

“Our positive view on Iluka Resources (ASX:ILU) is underpinned by strong zircon and pigment raw material demand ex China. Lynas Rare Earths (ASX:LYC) is the largest rare earths producer outside of China with a full value chain.”

 

PLS, MIN, ILU, LYC share price charts:

 

Battery Metals Winners and Losers

Here’s how a basket of ASX stocks with exposure to lithium, cobalt, graphite, nickel, rare earths, magnesium, manganese, and vanadium is performing>>>

Battery metals stocks missing from our list? Shoot a mail to [email protected]. Be nice, he’s fragile.

CODE COMPANY 1 WEEK RETURN % 1 MONTH RETURN % 6 MONTH RETURN % 1 YEAR RETURN % PRICE MARKET CAP
KTA Krakatoa Resources 92% 161% 72% 98% 0.115 $17,387,885.10
RAG Ragnar Metals 66% 68% 36% -8% 0.053 $11,925,916.45
GME GME Resources 45% 75% 130% 142% 0.145 $83,158,706.68
JRL Jindalee Resources 28% 67% 116% 38% 4.75 $247,858,502.10
SRL Sunrise 26% 40% 89% 21% 3.03 $276,477,688.53
PNN PepinNini Minerals 21% 64% 84% 109% 0.69 $44,689,369.22
SBR Sabre Resources 17% 40% 56% 0% 0.007 $14,243,695.54
MMC Mitremining 16% 19% -7% 0% 0.215 $5,823,296.50
CML Chase Mining Limited 15% 7% -12% -21% 0.015 $7,021,991.42
MTM Mtmongerresources 14% 32% 41% 0% 0.205 $7,625,207.26
ALY Alchemy Resource 13% 42% 34% 2% 0.017 $17,142,208.02
FG1 Flynngold 13% 6% 6% 0% 0.17 $11,530,989.00
ADD Adavale Resource 12% 2% -15% -8% 0.046 $17,734,532.35
AOA Ausmon Resorces 11% 25% 43% 0% 0.01 $9,430,182.77
SRI Sipa Resources 10% -2% -4% -24% 0.053 $10,251,240.15
NC1 Nicoresourceslimited 10% 56% 0% 0% 1.09 $89,431,252.05
AS2 Askarimetalslimited 9% 79% 226% 0% 0.7 $28,724,049.42
AQD Ausquest Limited 9% 39% 47% 32% 0.025 $21,453,879.80
NWC New World Resources 9% 9% -7% -36% 0.063 $106,992,489.07
IPT Impact Minerals 8% -7% -13% -43% 0.013 $28,476,000.62
DTM Dart Mining NL 8% 0% -36% -47% 0.08 $10,083,765.33
AOU Auroch Minerals 8% 17% -21% -43% 0.135 $50,582,251.86
WMG Western Mines 8% 17% 32% 0% 0.27 $9,890,775.00
RFR Rafaella Resources 7% -20% -45% -62% 0.044 $9,785,266.30
LOT Lotus Resources 7% 4% 54% 126% 0.385 $391,382,186.00
KGD Kula Gold Limited 6% 14% 2% 14% 0.05 $10,758,781.60
WKT Walkabout Resources 6% 4% 31% 42% 0.255 $113,068,778.00
PAN Panoramic Resources 6% 17% 63% 106% 0.35 $758,838,181.48
BYH Bryah Resources 6% 15% 0% -27% 0.054 $12,554,498.21
BRB Breaker Res NL 6% 8% 0% 17% 0.275 $81,460,232.25
KFM Kingfisher Mining 6% 24% 33% 8% 0.28 $10,615,950.31
RMX Red Mount Min 6% 19% 6% -21% 0.0095 $15,602,456.65
IMI Infinitymining 6% 6% 0% 0% 0.19 $10,925,000.00
MIN Mineral Resources. 5% 27% 32% 44% 59.16 $11,196,929,010.19
ENV Enova Mining Limited 5% 29% 10% -19% 0.022 $7,450,494.57
MCR Mincor Resources NL 5% 20% 89% 155% 2.5 $1,201,181,452.80
BEM Blackearth Minerals 4% 18% 8% -16% 0.13 $35,145,008.86
LM8 Lunnon Metals 4% 9% 154% 142% 1.04 $79,660,000.12
MOH Moho Resources 4% 27% -5% -32% 0.057 $7,547,464.25
TON Triton Min 3% 7% -6% -33% 0.031 $38,526,309.49
GSR Greenstone Resources 3% 0% 61% 85% 0.037 $33,908,786.49
PSC Prospect Res 2% 8% 163% 384% 0.92 $390,320,777.69
PNT Panthermetals 2% 2% 0% 0% 0.24 $6,580,000.00
ILU Iluka Resources 2% 22% 33% 71% 12.43 $5,239,320,120.45
IPX Iperionx Limited 2% 34% 18% 49% 1.295 $192,632,117.58
FRB Firebird Metals 1% -9% -34% -45% 0.35 $19,682,928.00
BMM Balkanminingandmin 1% 33% -47% 0% 0.365 $12,445,000.00
KZR Kalamazoo Resources 1% 23% 12% -26% 0.37 $50,818,030.90
CAE Cannindah Resources 1% 4% 123% 786% 0.39 $208,159,408.86
VIA Viagold Rare Earth 0% 0% 100% 2339% 2 $166,624,808.00
MRD Mount Ridley Mines 0% 11% 43% 67% 0.01 $57,839,904.13
CZN Corazon 0% 0% 11% -27% 0.034 $12,471,702.08
DEV Devex Resources 0% 17% 76% 62% 0.51 $166,517,503.57
FRS Forrestaniaresources 0% 4% 0% 0% 0.35 $10,818,039.54
STK Strickland Metals 0% -5% -25% 179% 0.055 $69,111,333.00
VRC Volt Resources 0% 36% -32% 19% 0.019 $59,439,017.08
CWX Carawine Resources 0% -2% 17% -21% 0.21 $28,945,212.87
SGQ St George Min 0% -24% -30% -37% 0.048 $32,804,241.89
AUZ Australian Mines 0% 19% -4% 5% 0.22 $98,982,270.31
LML Lincoln Minerals 0% 0% 0% 0% 0.008 $4,599,869.49
BOA Boadicea Resources 0% 8% 8% 5% 0.21 $15,539,979.00
TSC Twenty Seven Co. 0% 0% -20% -33% 0.004 $11,973,662.57
WML Woomera Mining 0% 39% 26% 33% 0.025 $16,483,993.58
CMO Cosmometalslimited 0% 13% 0% 0% 0.18 $4,591,800.00
LRS Latin Resources 0% 340% 351% 256% 0.185 $305,101,930.07
RR1 Reach Resources 0% -13% -13% 91% 0.007 $15,280,405.11
EMT Emetals Limited 0% 6% -6% -53% 0.017 $14,450,000.00
RAS Ragusa Minerals 0% 69% -15% 18% 0.093 $11,309,204.70
CAI Calidus Resources -1% 14% 62% 126% 0.97 $390,228,097.76
GT1 Greentechnology -1% 24% 0% 0% 0.93 $101,230,000.00
BHP BHP Group Limited -1% 8% 36% 11% 51.72 $261,620,862,459.20
SRZ Stellar Resources -2% 4% -13% 12% 0.028 $26,793,684.03
PGM Platina Resources -2% 8% -21% -5% 0.054 $24,325,411.15
OMH OM Holdings Limited -2% 1% -28% 20% 0.9 $657,374,769.93
RBX Resource B -2% 8% 8% 532% 0.215 $8,388,992.85
RBX Resource B -2% 8% 8% 532% 0.215 $8,388,992.85
HXG Hexagon Energy -2% -19% -45% -58% 0.042 $18,749,607.79
CTM Centaurus Metals -2% 12% 38% 106% 1.465 $635,034,406.50
VMC Venus Metals Cor -3% 3% 3% -3% 0.195 $28,704,949.77
JRV Jervois Global -3% 16% 51% 91% 0.86 $1,337,380,845.68
FGR First Graphene -3% 6% -11% -23% 0.17 $97,984,910.80
SCN Scorpion Minerals -3% 3% 16% 34% 0.067 $18,056,914.86
AXE Archer Materials -3% -8% -40% -1% 0.885 $221,572,650.27
ATM Aneka Tambang -4% 0% 3% 10% 1.1 $1,434,013.90
ZNC Zenith Minerals -4% 21% 91% 242% 0.41 $134,122,620.45
AM7 Arcadia Minerals -4% 13% 31% 0% 0.255 $9,098,050.00
JMS Jupiter Mines. -4% 6% 13% -17% 0.255 $499,542,713.42
GBR Greatbould Resources -4% -19% -32% 247% 0.125 $52,734,021.63
S32 South32 Limited -4% 3% 38% 73% 5.05 $23,503,910,263.24
AKE Allkem Limited -4% 21% 50% 130% 12.77 $8,327,814,603.16
MRC Mineral Commodities -4% -4% -23% -63% 0.115 $69,548,782.42
AX8 Accelerate Resources -4% 40% 53% 35% 0.066 $15,207,533.94
ARL Ardea Resources -5% 118% 329% 276% 1.79 $301,777,234.16
LIT Lithium Australia NL -5% 0% -9% -9% 0.105 $108,533,903.52
GAL Galileo Mining -5% -5% -16% -24% 0.21 $36,207,979.08
REE Rarex Limited -5% 11% 5% -9% 0.105 $64,710,996.34
ENT Enterprise Metals -5% 50% 51% -12% 0.021 $15,471,524.52
A8G Australasian Metals -5% 3% 7% 0% 0.485 $20,085,247.00
PEK Peak Rare Earths -5% 11% -4% -24% 0.76 $153,060,793.40
RXL Rox Resources -5% -9% -1% -34% 0.375 $63,775,207.49
CHN Chalice Mining -5% -12% 17% 16% 6.98 $2,502,915,491.70
WC8 Wildcat Resources -5% 17% -17% 46% 0.035 $22,584,545.45
LEG Legend Mining -6% 18% 13% -38% 0.08 $225,921,129.12
EMN Euromanganese -6% -1% -18% -40% 0.395 $110,664,041.91
GRE Greentechmetals -6% -4% 0% 0% 0.235 $6,893,749.75
SLZ Sultan Resources -6% -9% -18% -26% 0.155 $13,741,924.19
GSM Golden State Mining -6% 17% -27% -37% 0.091 $7,727,182.61
MLX Metals X Limited -6% 13% 100% 209% 0.68 $644,158,907.57
NWM Norwest Minerals -6% -10% -27% -13% 0.06 $10,836,443.22
OZL OZ Minerals -6% 0% 10% 4% 25.45 $8,616,337,303.86
MAN Mandrake Res -6% 26% -9% -64% 0.059 $29,222,284.20
AZI Altamin Limited -6% 28% 12% -16% 0.087 $35,776,219.58
KOR Korab Resources -7% -17% 82% 233% 0.04 $15,416,100.00
PAM Pan Asia Metals -7% 3% 28% 242% 0.53 $39,775,667.76
LPD Lepidico -7% 22% 70% 63% 0.039 $245,416,764.96
NIC Nickel Mines Limited -7% 3% 28% -10% 1.23 $3,278,939,092.50
LRV Larvottoresources -7% 38% 0% 0% 0.255 $11,744,137.50
G88 Golden Mile Res -7% 2% 31% -45% 0.063 $13,649,817.75
G88 Golden Mile Res -7% 2% 31% -45% 0.063 $13,649,817.75
BKT Black Rock Mining -7% 9% 35% 79% 0.25 $226,794,755.46
ESR Estrella Res -7% -17% -24% -55% 0.025 $31,217,720.04
EVR Ev Resources -7% 32% 100% 82% 0.062 $53,707,076.12
EVR Ev Resources -7% 32% 100% 82% 0.062 $53,707,076.12
SYA Sayona Mining -8% 91% 103% 683% 0.305 $2,143,622,131.50
S2R S2 Resources -8% -3% 89% 13% 0.17 $60,583,725.35
TKL Traka Resources -8% 10% -21% -35% 0.011 $7,576,520.17
MQR Marquee Resource -8% 11% 72% 53% 0.11 $26,232,312.24
NTU Northern Min -9% 4% 18% 26% 0.053 $276,996,989.04
NKL Nickelx -9% 3% -11% 0% 0.155 $8,302,500.00
PRL Province Resources -9% -1% -39% -39% 0.091 $107,708,862.42
BUX Buxton Resources -9% -5% 54% 43% 0.1 $16,041,200.34
WCN White Cliff Min -9% 15% 150% 58% 0.03 $20,169,418.37
AZS Azure Minerals -9% -9% 15% -8% 0.345 $104,096,466.54
KAI Kairos Minerals -9% 21% -3% -15% 0.029 $56,900,711.24
POS Poseidon Nick -9% -5% -18% 26% 0.086 $272,692,397.81
CNB Carnaby Resource -10% 0% 338% 448% 1.315 $196,643,296.61
AAJ Aruma Resources -10% 71% 75% 89% 0.14 $23,544,225.45
E25 Element 25 -10% -2% -51% -59% 0.93 $152,710,369.00
BSX Blackstone -10% -21% -28% -3% 0.37 $178,694,074.70
IGO IGO Limited -10% 6% 52% 102% 13.53 $10,601,749,382.00
VML Vital Metals Limited -10% 28% 2% -18% 0.06 $266,750,917.38
TMB Tambourahmetals -11% 22% 32% 0% 0.25 $11,533,927.44
VR8 Vanadium Resources -11% 26% 20% 69% 0.098 $54,407,923.01
EGR Ecograf Limited -11% 6% -12% -11% 0.565 $252,186,737.04
HNR Hannans -11% -3% 12% 305% 0.032 $86,006,958.71
ARN Aldoro Resources -11% -21% -33% -22% 0.27 $24,303,669.03
INR Ioneer -12% 33% 15% 92% 0.68 $1,484,289,363.29
SYR Syrah Resources -12% 12% 44% 44% 1.535 $1,037,153,859.10
GLN Galan Lithium -12% 38% 87% 218% 1.955 $614,862,471.24
PVW PVW Res -13% -25% 127% 163% 0.42 $30,825,984.38
SHH Shree Minerals -13% -22% 56% -7% 0.014 $18,333,553.38
STM Sunstone Metals -13% -9% 79% 400% 0.07 $156,766,468.53
NVA Nova Minerals -13% 30% -56% -51% 0.83 $153,171,942.25
NMT Neometals -13% 14% 96% 289% 1.68 $954,174,929.04
PGD Peregrine Gold -13% -6% 25% 68% 0.48 $18,569,034.47
AR3 Austrare -13% -14% -27% 0% 0.67 $51,023,681.77
TLG Talga Group -13% 4% 11% 0% 1.51 $463,150,868.88
EMS Eastern Metals -14% 3% 0% 0% 0.19 $6,586,000.00
CLA Celsius Resource -14% 32% 0% -40% 0.025 $31,758,109.97
IXR Ionic Rare Earths -14% 27% 114% 27% 0.075 $262,639,262.58
EMH European Metals Hldg -14% 12% -10% -17% 1.28 $191,456,672.40
AGY Argosy Minerals -14% 30% 149% 384% 0.46 $649,824,268.80
PLL Piedmont Lithium Inc -14% -8% 21% -7% 0.88 $466,900,158.00
QEM QEM Limited -14% 37% 55% 33% 0.24 $26,654,483.26
MLS Metals Australia -14% 111% 275% 200% 0.15 $54,589,214.25
LMG Latrobe Magnesium -14% -2% 210% 309% 0.09 $144,332,239.59
GL1 Globallith -15% 46% 497% 0% 2.33 $377,182,089.86
LEL Lithenergy -15% 7% 54% 0% 0.96 $45,000,000.00
ASN Anson Resources -15% 26% 73% 84% 0.145 $153,217,733.25
HAS Hastings Tech Met -15% -2% 4% 33% 0.26 $517,410,268.70
LYC Lynas Rare Earths -15% -5% 48% 54% 9.69 $8,870,705,575.82
TNG TNG Limited -15% 31% 6% -15% 0.085 $123,569,221.76
MNS Magnis Energy Tech -15% 2% 43% 32% 0.45 $449,090,177.99
MNS Magnis Energy Tech -15% 2% 43% 32% 0.45 $449,090,177.99
1MC Morella Corporation -15% 32% -48% -48% 0.033 $181,167,489.51
FFX Firefinch -16% 33% 69% 331% 1.055 $1,263,930,246.47
RLC Reedy Lagoon Corp. -16% 23% 45% 33% 0.032 $18,095,788.59
THR Thor Mining PLC -16% 14% -6% 0% 0.016 $16,222,261.30
VUL Vulcan Energy -16% -6% -23% 40% 8.89 $1,186,122,260.90
COB Cobalt Blue -17% 19% 169% 126% 0.86 $285,656,574.84
WR1 Winsome Resources -17% 30% 0% 0% 0.46 $65,319,797.09
RNU Renascor Res -17% 7% 123% 164% 0.29 $581,695,761.19
GED Golden Deeps -17% 90% 73% 58% 0.019 $16,292,880.24
ESS Essential Metals -18% 31% 227% 367% 0.49 $119,728,246.40
QPM Queensland Pacific -18% 28% -29% 95% 0.185 $293,191,494.89
ARR American Rare Earths -18% 6% 144% 295% 0.415 $171,548,747.16
RGL Riversgold -18% 127% 231% 47% 0.072 $42,646,838.01
ASO Aston Minerals -18% -6% 24% 15% 0.155 $175,130,466.88
LPI Lithium Pwr Int -19% 29% 164% 184% 0.78 $281,061,602.64
ADV Ardiden -19% 0% 18% -24% 0.013 $37,248,992.98
CHR Charger Metals -19% 9% 72% 0% 0.73 $25,074,563.36
INF Infinity Lithium -19% 3% 30% -21% 0.15 $65,335,636.96
PLS Pilbara Min -20% 1% 48% 150% 2.9 $9,168,649,314.44
QXR Qx Resources Limited -20% 57% 454% 350% 0.072 $63,976,398.72
CNJ Conico -20% 0% -71% -59% 0.012 $13,002,793.36
CMX Chemxmaterials -20% 33% 0% 0% 0.24 $11,121,780.24
MRR Minrex Resources -20% 25% 289% 204% 0.07 $66,000,673.48
ARU Arafura Resource -21% 65% 61% 92% 0.355 $542,646,066.20
AML Aeon Metals . -22% 33% 10% -32% 0.064 $55,411,768.83
EFE Eastern Resources -22% 4% 32% 377% 0.049 $51,464,842.31
LSR Lodestar Minerals -22% 17% 40% 17% 0.014 $26,076,560.22
AVZ AVZ Minerals -23% 15% 249% 442% 1.03 $3,722,809,884.14
CRR Critical Resources -23% 13% 224% 406% 0.081 $112,959,259.34
TEM Tempest Minerals -23% 355% 376% 268% 0.1 $41,779,594.29
CXO Core Lithium -24% 12% 179% 367% 1.215 $2,212,430,259.93
PUR Pursuit Minerals -24% 55% -14% -66% 0.031 $31,203,123.40
LTR Liontown Resources -25% -1% 8% 295% 1.595 $3,693,899,458.63
LKE Lake Resources -25% 43% 241% 484% 1.84 $2,542,309,535.20
WIN Widgienickellimited -25% -9% 98% 0% 0.435 $116,250,000.00
AVW Avira Resources -25% 20% 0% -14% 0.006 $12,712,740.00
GW1 Greenwing Resources -25% 35% 30% -18% 0.37 $47,720,052.12
TMT Technology Metals -26% 27% 22% 20% 0.445 $98,629,580.45
AKN Auking Mining -28% -6% -34% -61% 0.155 $11,385,688.80
AVL Aust Vanadium -29% 103% 241% 200% 0.075 $243,443,841.55
AZL Arizona Lithium -31% 18% 293% 293% 0.165 $355,500,669.92
EUR European Lithium -31% 10% 22% 83% 0.11 $132,466,705.89
AZL Arizona Lithium -31% 18% 293% 293% 0.165 $355,500,669.92
BNR Bulletin Res -33% 37% 211% 195% 0.205 $62,367,515.19
CZL Cons Zinc -38% 4% 12% -29% 0.029 $11,946,165.64

 

Battery Metals Top 5

KRAKATOA RESOURCES (ASX:KTA)

KTA exploded out of a trading halt to announce a “major clay hosted rare earth discovery” at its ‘Mt Clere’ project in WA.

Clay hosted deposits – like the ones exploited in major producer China — are commonly considered to be some of the cheapest and most readily accessible sources of heavy rare earths.

The first batch of drilling assays from Mt Clere’s ‘Tower’ prospect have returned a multitude of thick, shallow hits like 15m at 1,395ppm (parts per million) total rare earth oxides (TREO) from 16m depth.

The company has only covered a 6km area so far, CEO Mark Major says, with the thick and shallow mineralisation remaining ‘open’.

“This discovery has come at a great time for the company and our shareholders,” CEO Mark Major says.

“Demand for these magnetic and critical REEs are expected to increase over the next 10 years, as the world embarks on the electric revolution.

“Significantly, we have multiple other high priority targets within the extensive 2,300km2 property.”

 

RAGNAR METALS (ASX:RAG)

RAG says new drilling results — like 146.3m @ 0.56% Ni, 0.49% Cu & 0.05% Co from 393.5m — shows the potential scale of the ‘Granmuren’ discovery, part of the ‘Tullsta’ nickel project in Sweden.

“The modelling and interpretation to date show this to be an extensive system with the potential to host significant tonnage of nickel-copper-cobalt metals,” RAG chairman Steve Formica says.

Mineralisation starts from the surface and continues down to 400m vertical depth, he says.

“It is open and increasing in size and grade with depth, similar to Anglo American’s Sakatti Deposit in Finland which Ragnar continues to form its geological modelling around.”

 

GME RESOURCES (ASX:GME)

An updated prefeasibility study (PFS) – an advanced look at the economics of building a project – has commenced at GME’s flagship NiWest nickel laterite project in WA.

The update would consider the impact of higher nickel and cobalt prices since the original PFS was completed in mid-2018.

“Nickel is currently trading above US$15/lb compared to the US$8/lb assumption applied in the PFS, which returned projected free cashflow of A$3.34 billion and NPV8 of A$791 million,” GME says.

It should be completed in the June quarter this year.

According to GME, NiWest hosts one of the highest-grade undeveloped nickel laterite resources in Australia, estimated to contain 85 million tonnes averaging 1.03% nickel and 0.065% cobalt.

The 2018 PFS envisaged average annual production in the first 15 years of 19,200tpa nickel and 1,400tpa cobalt at an All-in Sustaining Cost of US$3.48/lb of nickel.

 

JINDALEE RESOURCES (ASX:JRL)

$250m market cap JRL is repositioning itself as a pure-play lithium company, focusing on the advanced McDermitt project in Oregon, USA.

Jindalee’s Australian assets will be separated into standalone vehicle listed on ASX (NewCo).

They include a landholding the Widgiemooltha district and the Lake Percy Project (which are both prospective for nickel, gold and lithium) together with its interest in the Prospect Ridge joint venture in Tasmania.

“The board believes that the favourable political climate in the United States following bi-partisan expressions of support for the development of an integrated domestic lithium-ion battery value chain, coupled with the well-known electric vehicle thematic, create the ideal backdrop for the proposed Demerger,” chairman Justin Mannolini says.

The company expects to publish an updated mineral resource estimate for McDermitt in the current quarter and has planned a further drill program for the second half of the calendar year.

Jindalee shareholders will retain exposure to the WA assets via an in-specie distribution of NewCo shares.

If approved, the demerger is expected to be completed in the September quarter of 2022.