High Voltage: Mali ramps up bid to become battery metals power
The country now has two operating lithium project suppling spodumene concentrate into global markets. Pic: Getty Images.
- Mali approves lithium export from Kodal Minerals’ Bougouni mine
- Marks major milestone for lithium supply chain out of Africa
- Move has benefits for other juniors in Mali, like First Lithium
Our High Voltage column wraps all the news driving ASX stocks with exposure to lithium, cobalt, graphite, nickel, rare earths and vanadium.
Mali is solidifying its position in the global lithium supply chain with the approval from the Ministry of Mines for British company Kodal Minerals to export spodumene concentrate.
The permit covers the first export of 125,000 tonnes of spodumene from the company’s Bougouni lithium project, which began production in February.
It’s a major step forward for Kodal, which earlier this year wrangled with regulatory challenges trying to export more than 20,000t of concentrate from the project. There have been broader concerns for miners operating within Mali’s military regime after a raft of disputes with western gold miners in late 2024 and early 2025.
But the Kodal permit represents a big step forward for international lithium producers operating in the West African country, providing certainty for other players.
Bougouni is targeting production of 11,000 tonnes of spodumene concentrate per month and is set to become Mali’s second operating lithium project following Ganfeng Lithium’s Goulamina mine, which opened last year.
The export approval could open new supply routes to Asian and European markets, with Kodal already securing a keen customer in China’s Hainan Mining for its entire offtake.
It’s also a boon for up-and-comers like ASX player First Lithium (ASX:FL1), which is targeting a maiden resource estimate at the Blakala project in the near-term.
Already, historical drilling has returned grades over 1.5% Li2O at Blakala and the company says drilling at the Faraba prospect has wrapped up over a 1.5km strike length of pegmatite.
The next step is a resource estimate, which could be perfectly timed as Mali steps into its place in the lithium supply chain to meet forecast demand growth in the electric vehicle and renewable energy sectors.
First Lithium shares have run 71% higher in the past six months as movements in Mali and positive news about its planned licence renewals drove investor sentiment higher.
“The Mali Government and the Company continue to work closely in finalising the Mali license renewals and believe these are very close to being issued,” FL1 MD Venkatesh Padala said on the release of the company’s June quarter results.
“Further, recent discussions with the reporting consultants and competent person on the pending MRE for the Project, have indicated the maiden MRE will be finalised with results expected for release in this quarter. Both of these milestones will be greatly welcomed by the Company.”
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 XTC XTC Lithium Limited 0.2 19900% 19900% 19900% 19900% $17,528,272 ZNC Zenith Minerals Ltd 0.12 107% 179% 167% 216% $31,767,330 FUN Fortuna Metals Ltd 0.115 102% 211% 156% 70% $13,114,086 FUN Fortuna Metals Ltd 0.115 102% 211% 156% 70% $13,114,086 SRL Sunrise 2.55 53% 113% 920% 467% $265,135,842 RMX Red Mount Min Ltd 0.012 50% 50% 50% 20% $5,952,171 PVW PVW Res Ltd 0.026 44% 37% 44% 18% $5,171,524 DRE Dreadnought Resources Ltd 0.023 44% 109% 35% 53% $111,749,000 GSM Golden State Mining 0.016 33% 100% 78% 60% $4,469,930 LSR Lodestar Minerals 0.028 33% 59% 160% 43% $23,138,219 AZI Altamin Limited 0.028 33% 40% 17% 6% $12,064,561 SRN Surefire Rescs NL 0.002 33% 0% -20% -60% $7,813,719 SGQ St George Min Ltd 0.068 31% 79% 240% 143% $204,512,063 FGR First Graphene Ltd 0.064 25% 73% 56% 28% $54,192,692 JLL Jindalee Lithium Ltd 0.5 25% 2% 138% 104% $39,136,715 PEK Peak Rare Earths Ltd 0.425 25% 27% 304% 136% $182,978,221 DTM Dart Mining NL 0.0025 25% -17% -58% -83% $3,436,315 PEK Peak Rare Earths Ltd 0.425 25% 27% 304% 136% $182,978,221 LU7 Lithium Universe Ltd 0.0125 25% 108% 39% 5% $17,267,755 HWK Hawk Resources. 0.02 25% 18% -9% -33% $5,418,589 WC1 Westcobarmetals 0.022 22% 16% 22% -26% $5,608,333 GED Golden Deeps 0.06 20% 131% 186% 54% $10,981,793 ARN Aldoro Resources 0.45 20% 34% 30% 463% $101,243,199 PVT Pivotal Metals Ltd 0.009 20% -10% 29% -18% $7,257,807 GL1 Globallith 0.305 20% 36% 69% 85% $82,445,619 LPM Lithium Plus 0.092 18% 35% 51% -1% $9,830,160 FML Focus Minerals Ltd 0.695 18% 88% 231% 415% $199,158,258 MTM Metallium Ltd 0.86 17% 12% 473% 1692% $505,494,905 SLZ Sultan Resources Ltd 0.007 17% 17% 0% 17% $1,827,585 OM1 Omnia Metals Group 0.014 17% 17% -82% -82% $3,039,284 ANX Anax Metals Ltd 0.007 17% 0% -13% -63% $6,179,653 CUL Cullen Resources 0.007 17% 17% 40% 40% $4,853,813 EMN Euromanganese 0.195 15% 15% 0% -32% $10,108,801 TEM Tempest Minerals 0.008 14% 14% 60% -27% $7,712,565 RBX Resource B 0.05 14% 47% 39% 47% $5,183,302 PSC Prospect Res Ltd 0.21 14% 14% 147% 110% $147,763,020 MTC Metalstech Ltd 0.215 13% 48% 79% 8% $46,631,542 INR Ioneer Ltd 0.13 13% 13% -13% -10% $373,493,350 NH3 Nh3Cleanenergyltd 0.052 13% -17% 136% 108% $33,594,619 AUZ Australian Mines Ltd 0.009 13% 29% 0% 29% $16,303,173 G88 Golden Mile Res Ltd 0.009 13% 0% -10% -18% $5,632,965 KGD Kula Gold Limited 0.009 13% 13% 100% 19% $8,811,426 M24 Mamba Exploration 0.018 13% 38% 38% 29% $5,312,981 LCY Legacy Iron Ore 0.009 13% -10% -18% -28% $78,096,341 BC8 Black Cat Syndicate 1.135 11% 23% 23% 211% $790,300,086 BYH Bryah Resources Ltd 0.005 11% 25% 67% 0% $5,142,663 AEE Aura Energy 0.2275 11% 38% 107% 107% $206,248,601 CAE Cannindah Resources 0.032 10% 73% -51% -21% $23,298,558 AVW Avira Resources Ltd 0.011 10% 57% 38% -45% $2,760,000 KFM Kingfisher Mining 0.066 10% 5% 44% 24% $5,333,267 PUR Pursuit Minerals 0.079 10% 27% 8% -47% $7,668,448 GRE Greentechmetals 0.057 10% -14% -3% -39% $6,463,523 HRE Heavy Rare Earths 0.057 10% 30% 138% 92% $11,857,931 MAN Mandrake Res Ltd 0.023 10% 5% 21% -4% $14,426,978 MQR Marquee Resource Ltd 0.012 9% 9% 20% -20% $9,534,187 EVR Ev Resources Ltd 0.012 9% 33% 140% 162% $24,502,537 YAR Yari Minerals Ltd 0.012 9% 20% 200% 300% $8,273,566 LIT Livium Ltd 0.013 8% 30% 30% -38% $23,829,500 KZR Kalamazoo Resources 0.13 8% 8% 78% 55% $30,760,046 RR1 Reach Resources Ltd 0.013 8% 30% 44% -7% $11,804,823 RR1 Reach Resources Ltd 0.013 8% 30% 44% -7% $11,804,823 ASR Asra Minerals Ltd 0.026 8% 30% 30% -57% $10,595,502 PAT Patriot Resourcesltd 0.041 8% -21% -11% 24% $5,940,808 CY5 Cygnus Metals Ltd 0.091 8% -2% -24% 34% $94,733,822 RVT Richmond Vanadium 0.071 8% 4% -57% -76% $16,429,883 RXL Rox Resources 0.43 8% 41% 54% 219% $313,788,030 A11 Atlantic Lithium 0.22 7% 22% 29% -4% $154,608,247 CWX Carawine Resources 0.09 7% 8% -6% -5% $21,251,290 VHM Vhmlimited 0.24 7% 23% -16% -54% $62,430,888 SVY Stavely Minerals Ltd 0.016 7% 14% -6% -41% $11,555,858 CDT Castle Minerals 0.083 6% 38% 38% -31% $12,291,813 ADV Ardiden Ltd 0.17 6% 6% 21% 26% $10,627,976 1MC Morella Corporation 0.017 6% 13% 0% -48% $5,894,864 REC Rechargemetals 0.017 6% 31% -11% -37% $4,368,829 ATM Aneka Tambang 1.04 6% -10% 5% 1% $1,355,795 WIN WIN Metals 0.02 5% -9% 11% -39% $12,683,907 BMG BMG Resources Ltd 0.0105 5% -5% -19% 40% $10,157,369 EVG Evion Group NL 0.0335 5% 12% 86% 46% $14,709,756 PBL Parabellumresources 0.068 5% 21% 70% 36% $4,174,100 NST Northern Star 20.84 4% 15% 21% 43% $28,829,981,356 RAG Ragnar Metals Ltd 0.024 4% 33% 50% 33% $11,375,663 COB Cobalt Blue Ltd 0.053 4% 6% -9% -21% $23,576,459 FG1 Flynngold 0.029 4% 4% 32% 16% $10,956,861 LLM Loyal Metals Ltd 0.295 4% 49% 264% 168% $38,569,531 TLM Talisman Mining 0.15 3% 0% -6% -27% $27,306,451 QGL Quantum Graphite 0.49 3% 1% 0% -9% $169,044,423 SRK Strike Resources 0.033 3% 0% 18% 14% $9,363,750 VR8 Vanadium Resources 0.034 3% -11% 55% -11% $21,240,368 WC8 Wildcat Resources 0.18 3% 0% -3% -3% $247,339,161 VML Vital Metals Limited 0.19 3% 100% 90% 90% $27,101,406 FRS Forrestaniaresources 0.2 3% 14% 770% 1567% $76,550,165 OMH OM Holdings Limited 0.28 2% -7% -10% -29% $214,551,904 ICL Iceni Gold 0.063 2% -3% -21% 85% $21,284,686 A8G Australasian Metals 0.073 1% 3% -9% -30% $4,225,950 VUL Vulcan Energy 3.77 1% 2% -3% 6% $879,109,429 MLX Metals X Limited 0.6325 1% 6% 20% 58% $536,266,880 DEV Devex Resources Ltd 0.089 1% 16% 19% -32% $39,310,470 RIO Rio Tinto Limited 114.56 1% 1% -3% 7% $42,530,241,638 SFR Sandfire Resources 12.31 1% 7% 11% 49% $5,624,600,840 INF Infinity Metals Ltd 0.016 0% 0% -30% -54% $8,150,887 FLG Flagship Min Ltd 0.079 0% 46% 80% 25% $19,559,067 QXR Qx Resources Limited 0.004 0% 3% 3% -31% $6,551,644 RIL Redivium Limited 0.004 0% 0% 0% 0% $13,609,422 LPD Lepidico Ltd 0.002 0% 0% 0% 0% $17,178,371 MRD Mount Ridley Mines 0.003 0% 71% 14% -66% $2,685,787 CZN Corazon Ltd 0.003 0% 20% 50% -25% $3,086,431 RLC Reedy Lagoon Corp. 0.003 0% 0% 50% 0% $2,330,120 RYZ Ryzon Materials Ltd 0.042 0% 0% 0% 0% $50,378,922 PLL Piedmont Lithium Inc 0.14 0% 8% 22% 40% $67,063,990 SBR Sabre Resources 0.011 0% 10% 22% -8% $4,733,543 VRC Volt Resources Ltd 0.004 0% 0% 0% 0% $16,396,973 PGM Platina Resources 0.026 0% 24% 30% 33% $16,123,258 AAJ Aruma Resources Ltd 0.008 0% 7% -27% -70% $2,623,524 IXR Ionic Rare Earths 0.017 0% 0% 162% 183% $102,500,175 AVL Aust Vanadium Ltd 0.009 0% -18% -25% -40% $77,711,923 TVN Tivan Limited 0.105 0% 0% 21% 123% $218,433,638 LEL Lithenergy 0.37 0% 0% 0% 19% $41,440,581 GW1 Greenwing Resources 0.028 0% -7% -20% -47% $10,363,544 LML Lincoln Minerals 0.006 0% -25% 26% 57% $15,467,621 REE Rarex Limited 0.02 0% 0% 150% 67% $20,003,280 MRC Mineral Commodities 0.026 0% 0% 0% 0% $25,596,288 EMH European Metals Hldg 0.175 0% -8% 9% 0% $39,584,073 LEG Legend Mining 0.007 0% 0% -13% -46% $20,401,340 MOH Moho Resources 0.005 0% 0% 0% -17% $3,727,070 WKT Walkabout Resources 0.095 0% 0% 0% -5% $63,769,838 VMC Venus Metals Cor Ltd 0.12 0% 20% 25% 90% $23,535,442 SMX Strata Minerals 0.019 0% 27% -51% -21% $4,652,191 MLS Metals Australia 0.02 0% 5% -5% -5% $13,902,671 MRR Minrex Resources Ltd 0.009 0% 13% 29% 0% $9,763,808 EFE Eastern Resources 0.034 0% 6% 31% -15% $4,287,058 BNR Bulletin Res Ltd 0.059 0% 13% 44% 37% $17,616,799 AX8 Accelerate Resources 0.007 0% -13% -13% -30% $5,720,321 AM7 Arcadia Minerals 0.03 0% 7% 50% 0% $3,521,503 EMS Eastern Metals 0.01 0% 0% -9% -64% $1,394,262 CTN Catalina Resources 0.004 0% 0% 42% 113% $9,704,076 TMB Tambourahmetals 0.045 0% 25% 50% 36% $8,170,927 EMC Everest Metals Corp 0.125 0% 4% -24% 14% $29,273,563 OB1 Orbminco Limited 0.001 0% 0% -20% -52% $3,402,568 KOR Korab Resources 0.008 0% 0% 0% 0% $2,936,400 CMX Chemxmaterials 0.026 0% 0% 0% -28% $33,545,803 CMO Cosmometalslimited 0.019 0% 6% 27% -22% $7,135,552 ENT Enterprise Metals 0.006 0% 100% 100% 50% $8,647,904 ENV Enova Mining Limited 0.006 0% -8% -14% -65% $10,263,686 AKN Auking Mining Ltd 0.006 0% 0% 0% -25% $4,823,979 EMT Emetals Limited 0.005 0% 0% 67% 25% $4,250,000 NWM Norwest Minerals 0.013 0% 8% 69% -24% $13,391,390 RGL Riversgold 0.004 0% 0% -11% 0% $6,734,850 SRZ Stellar Resources 0.021 0% 17% 50% 40% $47,039,749 THR Thor Energy PLC 0.01 0% 11% -23% -29% $6,593,725 KOB Kobaresourceslimited 0.03 0% -9% -51% -72% $5,960,148 M79 Mammothmineralsltd 0.1 0% 9% 61% 33% $51,925,437 CLZ Classic Min Ltd 0.001 0% 0% 0% 0% $3,017,699 TAR Taruga Minerals 0.012 0% 33% 33% 33% $8,565,049 AOA Ausmon Resorces 0.003 0% 100% 50% 50% $3,933,640 GRL Godolphin Resources 0.012 0% 9% -8% -14% $6,683,100 KNI Kunikolimited 0.075 0% -17% -39% -45% $6,534,320 L1M Lightning Minerals 0.041 0% 8% -45% -38% $7,757,336 LLL Leolithiumlimited 0.332997 0% 0% 0% 0% $401,204,047 WSR Westar Resources 0.007 0% 17% -13% 0% $2,791,074 MHK Metalhawk. 0.145 0% -17% -60% 61% $17,891,922 FIN FIN Resources Ltd 0.005 0% 25% -29% -17% $3,474,442 RON Roninresourcesltd 0.175 0% 3% -10% 35% $7,065,627 PFE Pantera Lithium 0.018 0% -5% 6% -27% $8,528,106 AMD Arrow Minerals 0.02 0% 0% -41% -50% $17,555,332 AYM Australia United Min 0.003 0% 20% 0% 50% $5,527,732 GTE Great Western Exp. 0.019 0% 58% -27% -37% $10,219,643 HAV Havilah Resources 0.185 0% -3% -10% 3% $64,406,859 SER Strategic Energy 0.005 0% 0% 0% -75% $4,183,458 SFM Santa Fe Minerals 0.215 0% -14% 424% 466% $15,656,040 MIN Mineral Resources. 36.27 0% 7% 67% 20% $7,021,609,721 NIC Nickel Industries 0.6975 0% -6% -8% -8% $3,038,655,113 BMM Bayanminingandmin 0.17 0% 155% 296% 313% $23,350,065 WA1 Wa1Resourcesltd 17.7 -1% -6% 46% 15% $1,332,011,434 LYC Lynas Rare Earths 14.22 -1% 13% 99% 102% $14,166,164,145 1AE Auroraenergymetals 0.07 -1% 4% 75% 100% $12,534,462 E25 Element 25 Ltd 0.335 -1% 10% 40% 63% $76,585,154 PTR Petratherm Ltd 0.31 -2% -13% 22% 1450% $107,450,579 NVA Nova Minerals Ltd 0.305 -2% -5% -6% 79% $122,457,932 CNB Carnaby Resource Ltd 0.3 -2% -15% -3% -18% $66,232,769 SYR Syrah Resources 0.28 -2% -3% 23% 51% $367,230,847 SYR Syrah Resources 0.28 -2% -3% 23% 51% $367,230,847 HAW Hawthorn Resources 0.056 -2% 8% 27% -8% $19,765,921 DYM Dynamicmetalslimited 0.275 -2% 8% -21% 57% $13,053,725 AXE Archer Materials 0.27 -2% -4% -13% 15% $66,897,341 BUX Buxton Resources Ltd 0.027 -2% -36% -4% -56% $9,277,359 PGD Peregrine Gold 0.27 -2% -7% 145% 64% $23,333,129 MEI Meteoric Resources 0.1275 -2% -15% 90% 31% $330,116,776 JMS Jupiter Mines. 0.235 -2% 2% 52% 38% $461,728,044 VTM Victory Metals Ltd 1.325 -2% -10% 205% 249% $171,999,658 SLM Solismineralsltd 0.083 -2% -14% 2% -11% $11,709,655 AXN Alliance Nickel Ltd 0.039 -3% 22% 34% 22% $27,581,905 NTU Northern Min Ltd 0.037 -3% 9% 95% 54% $300,857,609 FBM Future Battery 0.037 -3% 42% 95% 106% $25,637,119 CTM Centaurus Metals Ltd 0.35 -3% -17% -9% -11% $193,814,156 AQD Ausquest Limited 0.034 -3% -19% -26% 251% $47,344,780 LM1 Leeuwin Metals Ltd 0.17 -3% 6% 36% 110% $17,137,085 KNG Kingsland Minerals 0.165 -3% 32% 22% 3% $11,972,550 EGR Ecograf Limited 0.32 -3% -2% 156% 237% $148,403,520 HAS Hastings Tech Met 0.31 -3% 5% -6% 15% $64,331,136 QPM QPM Energy Limited 0.031 -3% -6% -35% 3% $98,859,064 RIE Riedel Resources Ltd 0.029 -3% -6% -12% -64% $4,108,304 S32 South32 Limited 2.54 -3% -16% -30% -15% $11,484,269,559 STK Strickland Metals 0.135 -4% 8% 78% 64% $305,418,573 LRV Larvottoresources 0.675 -4% -12% -12% 65% $327,916,221 EUR European Lithium Ltd 0.0885 -4% 9% 88% 133% $131,649,794 GCM Green Critical Min 0.025 -4% -17% 92% 1150% $68,181,049 IG6 Internationalgraphit 0.05 -4% -14% -7% -38% $9,677,917 KM1 Kalimetalslimited 0.1825 -4% 11% 125% 35% $16,471,342 RAS Ragusa Minerals Ltd 0.024 -4% -8% -4% 60% $4,276,771 WCN White Cliff Min Ltd 0.023 -4% -8% 35% 44% $56,082,881 A4N Alpha Hpa Ltd 0.8375 -4% -5% 3% -7% $949,621,918 CHN Chalice Mining Ltd 1.7275 -4% 5% 26% 74% $642,024,225 SVM Sovereign Metals 0.665 -4% -8% -29% 12% $430,214,237 BOA BOA Resources Ltd 0.022 -4% 10% 16% 22% $2,713,763 KAI Kairos Minerals Ltd 0.022 -4% -15% 29% 120% $59,266,068 NC1 Nicoresourceslimited 0.087 -4% -17% 10% -28% $11,110,552 DLI Delta Lithium 0.1625 -4% -2% -10% -7% $114,757,087 BHP BHP Group Limited 40.4 -4% 0% 3% 5% $205,492,827,061 GBR Greatbould Resources 0.063 -5% 11% -13% 47% $59,927,302 MHC Manhattan Corp Ltd 0.021 -5% -13% 11% 5% $11,704,846 STM Sunstone Metals Ltd 0.02 -5% 0% 233% 300% $131,325,525 LKE Lake Resources 0.0285 -5% -27% -19% -21% $62,591,420 BKT Black Rock Mining 0.019 -5% -34% -17% -65% $32,160,239 QEM QEM Limited 0.038 -5% 31% -39% -70% $8,983,213 MEK Meeka Metals Limited 0.18 -5% 16% 33% 253% $540,330,456 TKM Trek Metals Ltd 0.052 -5% -31% 108% 41% $31,887,977 ARL Ardea Resources Ltd 0.48 -6% 20% 10% 13% $102,050,264 AUV Auravelle Metals 0.016 -6% -6% 45% 7% $8,327,966 DVP Develop Global Ltd 3.555 -6% -17% 25% 79% $1,166,116,098 ARU Arafura Rare Earths 0.1775 -7% -9% 11% 18% $495,946,149 SUM Summitminerals 0.042 -7% -5% -38% -83% $3,985,924 ABX ABX Group Limited 0.07 -7% 63% 100% 63% $17,631,706 ASM Ausstratmaterials 0.53 -7% -9% 41% -3% $117,360,179 AZL Arizona Lithium Ltd 0.0065 -7% -19% -28% -54% $37,662,201 LMG Latrobe Magnesium 0.026 -7% 63% 100% -13% $71,131,477 KTA Krakatoa Resources 0.013 -7% 8% 44% 30% $10,115,742 ETM Energy Transition 0.063 -7% 15% -11% 186% $126,718,720 ITM Itech Minerals Ltd 0.05 -7% 72% 14% -29% $10,541,769 PMT Patriotbatterymetals 0.37 -8% -20% 35% 6% $201,336,792 TOR Torque Met 0.3 -8% -2% 226% 150% $164,585,479 AR3 Austrare 0.115 -8% 10% 48% 106% $24,492,958 BUR Burleyminerals 0.034 -8% -15% -43% -61% $6,261,689 CRI Critica Ltd 0.022 -8% 47% 29% 83% $59,360,007 WR1 Winsome Resources 0.165 -8% -8% -43% -63% $40,254,794 ORN Orion Minerals Ltd 0.011 -8% 0% -31% -31% $97,531,224 RNU Renascor Res Ltd 0.064 -9% -3% 45% -33% $162,761,879 ASN Anson Resources Ltd 0.084 -9% -20% 47% -6% $121,155,161 SCN Scorpion Minerals 0.021 -9% 17% 0% 62% $11,005,180 PNN Power Minerals Ltd 0.073 -9% 9% -12% -16% $13,043,660 CHR Charger Metals 0.051 -9% -6% 2% -38% $4,025,853 ALK Alkane Resources Ltd 1.07 -9% 27% 69% 174% $1,468,229,590 CXO Core Lithium 0.1 -9% 0% 25% 14% $237,265,911 IMI Infinitymining 0.01 -9% -17% -38% -29% $4,230,158 ARR American Rare Earths 0.3225 -9% -13% 4% 26% $182,665,697 BCA Black Canyon Limited 0.44 -9% 17% 547% 686% $57,947,006 BSX Blackstone Ltd 0.067 -9% -1% -7% 72% $113,209,612 IDA Indiana Resources 0.038 -10% -5% 23% 77% $25,749,298 ASL Andean Silver 1.5 -10% -2% 52% 52% $274,770,420 IPX Iperionx Limited 6.54 -10% 15% 98% 146% $2,248,642,901 TLG Talga Group Ltd 0.45 -10% -4% 0% -1% $207,169,370 PLS Pilbara Min Ltd 2.05 -10% 6% 12% -13% $6,389,862,825 EG1 Evergreenlithium 0.025 -11% -17% -69% -29% $6,406,227 GAL Galileo Mining Ltd 0.165 -11% 14% 18% 6% $33,596,238 LTR Liontown Resources 0.7825 -11% -7% 27% 28% $2,224,696,126 CLA Celsius Resource Ltd 0.008 -11% 14% -11% -27% $26,651,652 IPT Impact Minerals 0.008 -11% -11% 14% -35% $32,906,640 AS2 Askarimetalslimited 0.008 -11% -27% -20% -58% $3,818,453 CRR Critical Resources 0.008 -11% 33% 60% -27% $22,160,684 VRX VRX Silica Ltd 0.12 -11% 28% 224% 300% $93,415,470 NVX Novonix Limited 0.4575 -11% 3% 8% -14% $302,831,456 LIN Lindian Resources 0.2125 -11% 70% 102% 93% $288,145,273 DM1 Desert Metals 0.015 -12% -44% -25% -40% $6,780,965 ILU Iluka Resources 5.465 -12% -9% 30% -1% $2,384,624,394 IGO IGO Limited 4.19 -12% -16% 9% -14% $3,119,943,390 OCN Oceanalithiumlimited 0.092 -12% 31% 254% 316% $15,817,156 GLN Galan Lithium Ltd 0.14 -13% 0% 33% 31% $148,100,353 NMT Neometals Ltd 0.049 -13% -8% -33% -31% $38,524,577 TON Triton Min Ltd 0.007 -13% 17% 0% -13% $10,978,721 LOT Lotus Resources Ltd 0.195 -13% 22% 15% -19% $450,652,832 ADD Adavale Resource Ltd 0.026 -13% 13% -35% -35% $5,335,457 BM8 Battery Age Minerals 0.071 -13% 8% 13% -29% $12,732,428 AGY Argosy Minerals Ltd 0.031 -14% 7% 35% -24% $49,149,470 ALY Alchemy Resource Ltd 0.006 -14% 9% -14% 0% $8,246,534 WMG Western Mines 0.21 -14% -13% 110% -5% $20,895,494 ARV Artemis Resources 0.006 -14% 20% -25% -50% $22,588,033 ESR Estrella Res Ltd 0.029 -15% -29% 0% 383% $65,917,217 S2R S2 Resources 0.11 -15% 38% 62% 24% $55,161,594 EV1 Evolutionenergy 0.011 -15% 4% -22% -48% $4,351,806 HMX Hammer Metals Ltd 0.033 -15% 27% 18% -18% $27,520,520 OD6 Od6Metalsltd 0.049 -16% 63% 40% 20% $10,145,404 GT1 Greentechnology 0.032 -16% -3% -36% -64% $16,155,781 M2R Miramar 0.0025 -17% -38% -29% -72% $3,584,770 TMX Terrain Minerals 0.0025 -17% -17% -38% -17% $6,612,869 MNB Minbos Resources Ltd 0.055 -17% 4% 20% -17% $53,627,729 PNT Panthermetalsltd 0.009 -18% -10% -40% -47% $3,009,045 ODE Odessa Minerals Ltd 0.0065 -19% -7% 30% 117% $10,396,961 TKL Traka Resources 0.002 -20% -33% 100% 33% $4,844,278 ZEU Zeus Resources Ltd 0.017 -23% 21% 113% 89% $12,913,860 FRB Firebird Metals 0.135 -25% 13% 35% 35% $18,506,982 SYA Sayona Mining Ltd 0.019 -27% -27% -10% -17% $505,302,966 CNJ Conico Ltd 0.005 -29% -29% -17% -75% $1,360,729 HLX Helix Resources 0.001 -50% -20% -60% -73% $5,046,291 Code Company Price % Week % Month % Six Month % Year Market Cap
Weekly Small Cap Standouts
Fortuna Metals (ASX:FUN)
Fortuna Metals has entered into a binding agreement to acquire 100% of the issued capital of a holding company which holds two granted exploration licences forming the Mkanda and Kampini projects which highly prospective for rutile and graphite in Malawi.
Notably, the projects sit adjacent to Sovereign Metals (ASX:SVM) tier-1 Kasiya rutile and flake graphite deposit which hosts 1.8Bt at 1% Rutile and 1.4% total graphitic content.
Rutile is the purest titanium feedstock, critical for future-facing sectors, with demand expected to grow driven by applications in pigments, robotics, aerospace, defence applications and advanced manufacturing.
Fortuna has also appointed a new CEO in Tom Langley, who has extensive experience in exploration and mining geology including overseeing large-scale resource definition drill programs.
“With our licences covering the continuation of the geology observed at Sovereign, I believe this acquisition is an exceptional opportunity that presents compelling exploration upside and I look forward to commencing our exploration programs of soil and hand auger sampling as soon as possible,” Langley said.
Sunrise Energy Metals (ASX:SRL)
The company has doubled the contained scandium metal at its Syerston rare earths project in NSW.
The updated resource estimate for the project now stands at 19,007 tonnes of contained scandium at an average grade of 414g/t.
That’s an 98% increase in contained metal, with more than 90% of the global resource now in measured and indicated categories.
It also included a high-grade resource of 1155 tonnes of contained scandium at an average grade of 665g/t – that’s a whopping a 161% increase in contained metal, with over 99% of the high-grade resource now in measured and indicated categories.
The company says this confirms Syerston as the world’s largest and highest-grade scandium deposit.
“We’re delighted that the world’s largest and highest-grade primary scandium deposit is now estimated to be even bigger than previously thought following our most recent drilling,” CEO Sam Riggall said.
“Global supply remains tight since China’s export controls were imposed in April 2025, positioning Syerston as a strategically important source for future scandium supply.”
A feasibility study for the project is scheduled to be completed later this month.
Altamin (ASX:AZI)
Altamin has made a successful research project submission made under the Mission Innovation 2.0 call issued by the Italian Ministry of Environment and Energy Security (MASE) in partnership with RINA SpA and the University of L’Aquila (UNIVAQ).
The innovative Geothermal Brines for Innovative Supply of Critical Raw Material (BRAIN) project will consider test scale-up of an innovative process to demonstrate the possibility of obtaining commercial-grade Sulphate of Potash (SOP), lithium and boron combined production using a unique geothermal energy-powered process pathway.
The company has secured Mission Innovation eligible expenditure EUR2.825 million ($5.045 million) with a total of EUR2.027 million ($3.62 million) refundable in aggregate to the research project partners (RINA, Altamin and UNIVAQ) for eligible expenditure spent on their respective scopes.
In addition, the studies from the BRAIN project will include a full Environmental Impact Assessment, which will form part of the future permitting work required for the Lazio project.
St George Mining (ASX:SGQ)
SGQ has entered a strategic alliance with US rare earths magnet manufacturer REAlloys for the processing and offtake of rare earths from its 40.6Mt at 4.13% TREO Araxá project in Brazil.
REAlloys produces high-performance neodymium iron boron (NdFeB) and samarium cobalt (SmCo) magnet materials for US Government organisations including the Defense Logistics Agency (DLA) and the US Department of Energy’s AMES National Laboratory (AMES) as well as for US-based industrial companies involved in defence, aerospace and electronics.
The move positions the company to become a significant player in the US rare earths supply chain.
“The Araxá Project boasts a world-class, hard-rock rare earths resource that is the same style of deposit as the two major rare earths mines outside of China – the Mt Weld mine of Lynas Corporation and MP Materials’ Mountain Pass,” executive chairman John Prineas said.
“Not surprisingly, St George is attracting strong interest from downstream players interested in the Araxá Project as they look for new sources of high-grade rare earths materials.
“REAlloys is one of the leading suppliers of high-performance rare earths magnet materials to the US defence and industrial sectors, which means this strategic alliance creates an attractive pathway for St George to access the fast-growing and lucrative downstream sector of the US rare earths industry.”
First step is for REAlloys to complete metallurgical testwork, then the two companies will review the potential use of REAlloys’ patented, industry leading technologies and finally processing flowsheet optimisation will occur with the aim of producing a rare earths product most amenable to magnet making.
REAlloys and St George will also review and consider marketing strategies for rare earth products from Araxá with a view to REAlloys securing a long-term offtake contract for up to 40% of the rare earths production.
First Graphene (ASX:FGR)
The company has teamed up with Aussie tech player Hazer (ASX:HZR) to collaborate to explore carbon-based material processing and product synergies, with a view to potentially expanding FGR’s range of products outside of its flagship PureGRAPH® range.
Graphite is increasingly recognised as a critical mineral and graphene as a transformative material with wide-ranging applications in advanced manufacturing, construction and environmental technologies.
Under the MoU, Hazer will provide FGR samples and information relating to the properties of HAZER® Process graphite that has been produced from its commercial demonstration plant in WA.
First Graphene will then assess the HAZER® Process graphite and identify potential applications in its hybrid graphene/graphite or larger size carbon additive supply portfolio. Potential commercial options are to be explored following assessment and testing in relation to supply and offtake agreements for the same graphite.
“Our collaboration could also open the door to more joint research and development opportunities as uptake of natural and synthetic carbon-based materials accelerates globally,” FGR managing director and CEO Michael Bell said.
At Stockhead, we tell it like it is. While St George Mining and First Graphene are Stockhead advertisers, they did not sponsor this article.
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