• Indonesia’s nickel quotas could have a domino effect on global markets
  • Benchmark says short-term outlook hinges on expanded quotas
  • ARL and AXN aim to grab place in market when deficit looms in 2028-29

 

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

 

In the middle of 2024, the Indonesian government approved annual ore quotas of 240Mt out to 2026 in a move aimed at curbing illegal mining, improving environmental standards and ensuring responsible resource management amid concerns over premature resource depletions.

Now that quota has been cut to closer to 200Mt.

Benchmark Minerals Intelligence (BMI) notes this would leave domestic smelters reliant on imports from the neighbouring Philippines to fill this supply gap – a country Indonesia imported record levels of nickel ore from last year to sustain domestic refined output.

For context, that was a 24x increase between January and October compared to the entirety of 2023.

“Given the scale of the current estimated shortfall, it appears likely that there will be a cut to refined nickel production unless the quota is expanded from current levels,” BMI said.

Indonesia emerged as one of the world’s biggest producers of nickel after a 2020 ban on the export of raw nickel sent expansion of its domestic processing industry. But now this year’s quotas suggest the price may have fallen too far for even some of its own producers.

BMI says the short-term outlook for the nickel market hinges on the country shifting these mining quotas, known as RKAB.

Essentially, if Indonesia doesn’t shift the bar, they will not have enough nickel to meet domestic demand – and that will have a domino effect throughout the industry.

 

Pic: Benchmark Mineral Intelligence

 

Nickel in surplus but not for long

Ardea Resources (ASX:ARL) managing director and CEO Andrew Penkethman says that because the nickel market is currently in surplus the Indonesian government is aiming to generate a higher margin from their nickel production – – and maximise the value for depleting their nickel resources.

“The ability for Indonesia to expand their rate of nickel production is starting to dwindle, the highest value lowest cost ore is being or has already been mined and the government is increasingly concerned by the rate of resource depletion,” he said.

“So, they’re looking at cutting their global supply which will have a big impact on the availability of nickel units for sale around the world.”

The nickel price is currently sitting between US$15,000/t and US$16,000/t, with a host of Australian mines including those owned by BHP closing last year, but Penkethman says there’s light at the end of the tunnel.

“Independent research from groups like Benchmark, WoodMac and Fastmarkets all highlight that nickel demand is only going to continue to increase through traditional uses like the stainless steel sector and in lithium-ion energy storage sector, and so the expectation is the nickel market will move back into deficit around 2028-2029 and we expect to see a strong nickel price response to that,” he said.

Ardea is hopeful its Kalgoorlie nickel project, where Japanese giants Sumitomo and Mitsubishi are conducting a feasibility study, expected to come online just as that deficit hits.

“We think our timing is really good, with our production currently earmarked for 2029 when the nickel market is expected to move back into deficit,” Penkethman said.

“But even based on current nickel prices we’ve already demonstrate with our July 2023 pre-feasibility study that we can be cost competitive.

“Our C1 operating cost, allowing for the cobalt by-product, was about US$6,000/t. I appreciate that the cobalt price has reduced since then but even on a nickel only basis, our C1 cost is about US$10,000/t – we’ll obviously update that as part of the current definitive feasibility study underway but it shows that we can be cost competitive with our global peers including Indonesia.”

Ultimately, he says we need security and diversity of nickel supply.

“Alternate sources of supply have to come online, and there’s no better jurisdiction than Australia, and with our project just north of Kalgoorlie we are perfectly positioned to develop Australia’s next large-scale, long-life, low-cost nickel-cobalt operation,” Penkethman said.

 

Nickel Market Balance and Price Forecast. after Fastmarkets long term forecasts 2024. Source: ARL.

 

More supply chain diversity needed

Alliance Nickel (ASX:AXN) CEO and managing director Paul Kopejtka said Indonesia’s cuts could lead to a more balance global nickel market “potentially benefiting future producers like Alliance Nickel through improved pricing and increased demand for non-Indonesian nickel sulphate sources.”

“Some analysts believe prices could jump to US$20,000 per tonne by mid-2025 should supply constraints be introduced by Indonesia in that time,” he said.

“However, nickel price recovery will depend on a multitude of factors such as disciplined supply management, continued demand growth and customers trending towards more sustainably sourced nickel.”

Like Ardea, Alliance is optimistic about the long-term growth in nickel demand, underpinned by the global transition to electric vehicles, growth in renewable energy technologies and robust industrial demand – particularly from stainless steel production.

And Kopejtka says its NiWest project has the long-term sustainability and cost competitive advantages to secure a slice of the market.

“The project DFS released by Alliance Nickel last year underscores our competitive advantage, with the project firmly positioned in the first cost quartile for All-In Sustaining Cost (AISC) compared to domestic and international peers,” he said.

“This highlights industry-leading production efficiency of high purity battery-grade material from one of the largest, highest grade nickel laterite resources in Australia, cost resilience and long-term sustainability of NiWest, which is anticipated to have a 35-year life of mine.

“Alliance Nickel’s binding offtake agreement with Stellantis provides stable demand for NiWest products, positioning us favourably in the market.”

Nickel Industries (ASX:NIC), an ASX listed company that has become one of the largest nickel miners in the world by pursuing aggressive expansions in Indonesia, told analysts yesterday it remained confident of receiving upgraded RKAB permits for its Hengjaya mine and future permits for its Sampala project, which it believes can be developed for around US$50m, supplying ore to its four existing nickel pig iron plants and a new HPAL development.

MD Justin Werner suggested some local companies had fallen foul of regulatory requirements for updated feasibility studies and environmental management plans as Indonesia cracks down on environmentally unsound mining practices.

NIC sold 32,120t of nickel in metal from its RKEF lines in the December quarter and 2099t from its 10% share of a HPAL plant, generating underlying EBITDA of US$42m and US$14.7m respectively despite weak nickel prices.

 

 

 

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 >>>

Security Description Last %Wk %Mth %SixMth %Yr MktCap
XTC XTC Lithium Limited 0.2 19900% 19900% 19900% 19900% $17,528,272
AQD Ausquest Limited 0.04 471% 344% 244% 244% $46,327,323
AX8 Accelerate Resources 0.013 63% 100% 30% -50% $8,082,801
ASO Aston Minerals Ltd 0.014 56% 56% 56% -18% $18,130,900
LML Lincoln Minerals 0.006 50% 20% 20% 0% $10,281,298
EVR Ev Resources Ltd 0.0035 40% 17% -24% -62% $7,250,013
YAR Yari Minerals Ltd 0.004 33% 33% 0% -60% $1,929,431
TAR Taruga Minerals 0.012 33% 20% 50% 50% $8,472,321
AOA Ausmon Resorces 0.002 33% 0% 0% -33% $2,179,455
G88 Golden Mile Res Ltd 0.009 29% -10% -10% -40% $4,466,006
EMN Euromanganese 0.041 28% 32% -34% -55% $8,401,560
AXN Alliance Nickel Ltd 0.04 25% 3% 5% 33% $29,033,585
AKN Auking Mining Ltd 0.005 25% 0% -71% -86% $2,573,894
TMX Terrain Minerals 0.005 25% 67% 25% 0% $7,242,782
TOR Torque Met 0.072 24% 44% -47% -63% $17,476,475
AZI Altamin Limited 0.027 23% 8% -10% -42% $15,511,578
CLA Celsius Resource Ltd 0.011 22% 10% -8% 0% $26,692,385
IG6 Internationalgraphit 0.068 21% 39% -24% -48% $13,161,966
MRD Mount Ridley Mines 0.003 20% 0% -70% -80% $2,335,467
ENV Enova Mining Limited 0.006 20% 0% -40% -71% $5,909,576
LNR Lanthanein Resources 0.003 20% 0% -25% -54% $7,330,908
LNR Lanthanein Resources 0.003 20% 0% -25% -54% $7,330,908
GL1 Globallith 0.215 19% 16% -16% -59% $57,581,067
SMX Strata Minerals 0.038 19% 90% 46% -7% $7,250,976
VRC Volt Resources Ltd 0.0035 17% 17% -30% -42% $15,428,838
VHM Vhmlimited 0.35 17% -17% -22% -40% $72,514,199
TMB Tambourahmetals 0.029 16% 26% -41% -66% $2,985,931
GW1 Greenwing Resources 0.04 14% 18% 0% -58% $9,626,059
ASL Andean Silver 1.085 13% 32% 50% 393% $168,300,180
SBR Sabre Resources 0.009 13% -10% -36% -67% $3,536,657
ESR Estrella Res Ltd 0.028 12% 33% 460% 460% $53,229,079
PFE Pantera Lithium 0.019 12% 6% -31% -65% $9,001,890
BSX Blackstone Ltd 0.029 12% 0% -22% -53% $17,254,913
EMH European Metals Hldg 0.155 11% -14% -39% -48% $32,153,929
ARL Ardea Resources Ltd 0.38 10% 17% -16% 4% $75,879,508
FLG Flagship Min Ltd 0.047 9% -13% -48% -71% $9,568,928
DRE Dreadnought Resources Ltd 0.012 9% 9% -43% -45% $45,213,600
KNI Kunikolimited 0.18 9% -5% -5% -20% $15,618,468
RVT Richmond Vanadium 0.18 9% -16% -40% -45% $38,820,833
MLX Metals X Limited 0.49 9% 20% 14% 72% $425,467,938
RAS Ragusa Minerals Ltd 0.013 8% 30% -24% -58% $1,853,784
TKM Trek Metals Ltd 0.026 8% 0% -10% -35% $13,523,194
SLM Solismineralsltd 0.07 8% -1% -42% -42% $4,942,581
TLG Talga Group Ltd 0.505 7% 15% 19% -19% $223,318,847
ABX ABX Group Limited 0.044 7% 7% -12% -39% $11,012,911
PAT Patriot Lithium 0.047 7% 4% 4% -64% $5,435,972
NWC New World Resources 0.018 6% 0% -28% -51% $51,125,071
EG1 Evergreenlithium 0.09 6% 50% 67% -18% $4,892,010
DYM Dynamicmetalslimited 0.29 5% 4% 66% 93% $13,960,725
STK Strickland Metals 0.08 5% -6% -9% -20% $176,593,179
NTU Northern Min Ltd 0.02 5% -5% -33% -23% $170,123,281
PGM Platina Resources 0.02 5% 5% -26% 5% $12,463,607
BUX Buxton Resources Ltd 0.04 5% -2% -49% -72% $8,891,299
GCM Green Critical Min 0.021 5% 91% 600% 200% $40,410,369
WIN WIN Metals 0.021 5% 24% -9% -74% $11,551,220
LIN Lindian Resources 0.105 5% 31% -9% -28% $126,821,446
EV1 Evolutionenergy 0.021 5% -7% -34% -84% $7,615,660
ASN Anson Resources Ltd 0.064 5% 10% -47% -33% $85,848,499
MAN Mandrake Res Ltd 0.022 5% -4% -15% -46% $13,799,718
MTM MTM Critical Metals 0.235 4% 2% 683% 213% $109,999,899
1MC Morella Corporation 0.024 4% -17% -44% -81% $7,596,107
DVP Develop Global Ltd 2.46 4% 10% 21% 1% $638,273,289
BMM Bayanminingandmin 0.052 4% 4% -24% -42% $4,474,107
KAI Kairos Minerals Ltd 0.0135 4% 13% 69% -10% $34,201,858
SRI Sipa Resources Ltd 0.014 4% 8% -26% -30% $3,988,364
WMG Western Mines 0.14 4% -7% -43% -26% $12,649,468
OCN Oceanalithiumlimited 0.028 4% 8% -19% -55% $3,712,402
PGD Peregrine Gold 0.15 3% 43% -27% -48% $10,181,763
AR3 Austrare 0.092 3% -8% 18% -26% $14,627,055
EGR Ecograf Limited 0.093 3% 4% -11% -31% $42,234,259
IDA Indiana Resources 0.067 3% 10% 54% 50% $43,063,075
BCA Black Canyon Limited 0.067 3% 2% -12% -36% $7,107,630
ICL Iceni Gold 0.072 3% 7% 14% 73% $22,167,754
A8G Australasian Metals 0.077 3% -1% -9% -38% $4,399,619
ZNC Zenith Minerals Ltd 0.043 2% 5% -14% -70% $17,519,981
GBR Greatbould Resources 0.047 2% 9% -6% -19% $35,677,716
LLI Loyal Lithium Ltd 0.097 2% -14% -22% -55% $9,771,107
PSC Prospect Res Ltd 0.099 2% 8% -21% 25% $55,457,204
ARU Arafura Rare Earths 0.1325 2% 10% -24% 10% $332,684,373
ATM Aneka Tambang 0.9 1% 0% -13% -23% $1,173,284
BM8 Battery Age Minerals 0.097 1% -12% -25% -41% $10,017,592
LTM Arcadium Lithium PLC 9.2 1% 11% 80% 20% $2,281,252,136
CAE Cannindah Resources 0.04 0% 0% -25% -50% $29,123,198
COB Cobalt Blue Ltd 0.065 0% -3% -16% -60% $27,511,818
LPD Lepidico Ltd 0.002 0% 0% 0% -58% $17,178,371
CZN Corazon Ltd 0.002 0% 0% -60% -85% $2,369,145
FRS Forrestaniaresources 0.01 0% -29% -66% -66% $2,439,635
FGR First Graphene Ltd 0.055 0% 90% 8% -2% $37,799,433
NH3 Nh3Cleanenergyltd 0.019 0% 0% 46% 58% $9,892,886
MNS Magnis Energy Tech 0.042 0% 0% 0% 0% $50,378,922
PLL Piedmont Lithium Inc 0.135 0% -10% -16% -48% $87,746,092
BKT Black Rock Mining 0.034 0% -8% -45% -46% $42,569,652
GLN Galan Lithium Ltd 0.12 0% -11% -15% -77% $97,152,160
ADV Ardiden Ltd 0.14 0% 4% 4% -13% $8,439,863
AAJ Aruma Resources Ltd 0.009 0% -18% -36% -57% $1,998,524
IXR Ionic Rare Earths 0.006 0% -14% -33% -70% $31,430,570
CWX Carawine Resources 0.105 0% 5% 15% 0% $24,793,172
TKL Traka Resources 0.001 0% 0% -33% -50% $2,125,790
PRL Province Resources 0.041 0% 0% 0% 0% $48,441,219
IPT Impact Minerals 0.011 0% 5% -35% -15% $33,653,771
ARN Aldoro Resources 0.3 0% -13% 257% 186% $48,021,529
JRV Jervois Global Ltd 0.011 0% -8% -35% -62% $29,730,402
POS Poseidon Nick Ltd 0.004 0% -11% 9% -45% $16,815,567
AUZ Australian Mines Ltd 0.012 0% 26% 33% 20% $16,082,889
ALY Alchemy Resource Ltd 0.007 0% 0% 0% -13% $8,246,534
LEL Lithenergy 0.37 0% 0% 3% -14% $41,440,581
RMX Red Mount Min Ltd 0.008 0% -20% -47% -70% $3,719,662
REE Rarex Limited 0.009 0% 13% -36% -57% $7,207,613
MRC Mineral Commodities 0.026 0% 0% 0% 0% $25,596,288
PUR Pursuit Minerals 0.082 0% -22% -45% -73% $6,687,951
LEG Legend Mining 0.01 0% -17% -17% -29% $29,094,772
MOH Moho Resources 0.005 0% 25% -17% -44% $3,582,373
AML Aeon Metals Ltd. 0.005 0% 0% 0% -44% $5,482,003
WKT Walkabout Resources 0.095 0% 0% -10% -21% $63,769,838
CNJ Conico Ltd 0.009 0% -10% -10% -78% $2,374,873
BOA BOA Resources Ltd 0.022 0% 10% 10% -24% $2,713,763
MRR Minrex Resources Ltd 0.008 0% 0% -11% -43% $8,678,940
AM7 Arcadia Minerals 0.02 0% 5% -39% -71% $2,347,669
GSM Golden State Mining 0.008 0% 0% -27% -38% $2,234,965
IMI Infinitymining 0.011 0% 0% 22% -90% $4,631,174
TEM Tempest Minerals 0.005 0% 25% -38% -35% $3,172,649
EMC Everest Metals Corp 0.14 0% 4% 17% 84% $31,329,737
OB1 Orbminco Limited 0.0015 0% -25% -50% -70% $4,333,180
KOR Korab Resources 0.008 0% 0% 0% -47% $2,936,400
CMX Chemxmaterials 0.026 0% 0% -42% -66% $3,354,580
FRB Firebird Metals 0.099 0% -10% -18% -14% $14,093,779
JMS Jupiter Mines. 0.145 0% 0% -45% -17% $284,351,055
LRS Latin Resources Ltd 0.165 0% 9% 16% 5% $477,661,711
CRR Critical Resources 0.005 0% -17% -29% -64% $13,375,798
ENT Enterprise Metals 0.003 0% -25% -25% -25% $3,534,952
SCN Scorpion Minerals 0.02 0% 43% 18% -29% $9,008,036
RR1 Reach Resources Ltd 0.007 0% 0% -36% -49% $6,121,019
PNT Panthermetalsltd 0.009 0% -25% -64% -74% $2,233,537
AVW Avira Resources Ltd 0.001 0% 0% 0% -50% $2,938,790
CAI Calidus Resources 0.115 0% 0% 0% -44% $93,678,206
RGL Riversgold 0.003 0% -25% -40% -68% $5,051,138
THR Thor Energy PLC 0.011 0% -8% -35% -71% $2,991,281
CLZ Classic Min Ltd 0.001 0% 0% 0% -98% $1,544,026
CRI Criticalim 0.017 0% 42% -6% 113% $48,392,075
VTM Victory Metals Ltd 0.38 0% -6% 12% 65% $40,688,518
M2R Miramar 0.004 0% 14% -43% -82% $1,587,293
RR1 Reach Resources Ltd 0.007 0% 0% -36% -49% $6,121,019
GRL Godolphin Resources 0.014 0% 0% -7% -67% $5,027,381
DM1 Desert Metals 0.022 0% -4% -12% -27% $6,150,791
M24 Mamba Exploration 0.017 0% 42% 55% -69% $3,994,274
CDT Castle Minerals 0.002 0% 0% -43% -71% $3,793,628
DLI Delta Lithium 0.17 0% 3% -28% -39% $121,812,105
CY5 Cygnus Metals Ltd 0.14 0% 40% 122% 106% $118,764,751
PBL Parabellumresources 0.055 0% 2% 45% -15% $3,426,500
OM1 Omnia Metals Group 0.078 0% 0% 0% 0% $4,550,568
LLL Leolithiumlimited 0.332997 0% 0% 0% 0% $401,057,170
SRN Surefire Rescs NL 0.004 0% 14% -50% -60% $9,665,231
WSR Westar Resources 0.009 0% 29% 13% -47% $3,588,523
LU7 Lithium Universe Ltd 0.009 0% 13% -35% -59% $7,073,817
MHC Manhattan Corp Ltd 0.024 0% 26% -4% -52% $5,637,574
ANX Anax Metals Ltd 0.01 0% -9% -60% -52% $8,764,517
FIN FIN Resources Ltd 0.004 0% -20% -43% -75% $2,597,075
LM1 Leeuwin Metals Ltd 0.12 0% -14% 43% 14% $5,622,201
LCY Legacy Iron Ore 0.009 0% 0% -45% -45% $87,858,383
ASR Asra Minerals Ltd 0.003 0% 0% -50% -50% $6,937,890
KM1 Kalimetalslimited 0.12 0% 0% -20% -77% $9,219,315
KNG Kingsland Minerals 0.12 0% -17% -35% -53% $8,344,505
BHP BHP Group Limited 39.41 -1% -1% -6% -16% $198,541,753,486
CTM Centaurus Metals Ltd 0.395 -1% 10% 8% 32% $198,680,485
NMT Neometals Ltd 0.078 -1% 8% 11% -48% $60,015,157
QEM QEM Limited 0.069 -1% 33% -50% -62% $12,976,691
OMH OM Holdings Limited 0.34 -1% -6% -23% -29% $260,527,312
HAS Hastings Tech Met 0.32 -2% -3% 5% -43% $58,043,563
ARR American Rare Earths 0.285 -2% 2% 12% 119% $141,798,524
RNU Renascor Res Ltd 0.057 -2% -8% -35% -30% $144,895,833
ITM Itech Minerals Ltd 0.052 -2% 0% -27% -37% $8,883,440
GED Golden Deeps 0.0225 -2% -17% -34% -39% $3,409,253
MLS Metals Australia 0.0225 -2% 2% 13% -32% $16,396,189
LRV Larvottoresources 0.635 -2% 26% 452% 807% $261,809,716
LKE Lake Resources 0.04 -2% -5% 8% -56% $71,222,166
PLS Pilbara Min Ltd 2.35 -2% 7% -20% -35% $7,109,284,933
RAG Ragnar Metals Ltd 0.0195 -3% 3% 8% -11% $9,242,727
KZR Kalamazoo Resources 0.075 -3% -3% 9% -21% $15,416,722
PNN Power Minerals Ltd 0.09 -3% -3% -5% -42% $10,246,939
BNR Bulletin Res Ltd 0.036 -3% -8% -28% -57% $10,570,080
FTL Firetail Resources 0.07 -3% -11% -13% 23% $23,206,958
LTR Liontown Resources 0.685 -3% 25% -28% -28% $1,637,961,240
NVA Nova Minerals Ltd 0.335 -3% -3% 139% -8% $103,032,773
AVL Aust Vanadium Ltd 0.0145 -3% 4% -3% -26% $120,885,213
GAL Galileo Mining Ltd 0.145 -3% 21% -19% -31% $28,655,614
PTR Petratherm Ltd 0.435 -3% 50% 2459% 1640% $132,954,533
AGY Argosy Minerals Ltd 0.028 -3% -3% -36% -72% $40,765,786
SUM Summitminerals 0.125 -4% 0% -38% 76% $10,890,999
ASM Ausstratmaterials 0.475 -4% -3% -26% -53% $86,126,827
LOT Lotus Resources Ltd 0.235 -4% 24% -10% -30% $531,596,687
KOB Kobaresourceslimited 0.07 -4% -8% -53% -50% $11,099,313
WC8 Wildcat Resources 0.23 -4% -12% -4% -42% $321,385,107
L1M Lightning Minerals 0.091 -4% 23% 32% -4% $7,749,624
AZL Arizona Lithium Ltd 0.011 -4% -15% -39% -50% $50,179,960
DEV Devex Resources Ltd 0.086 -4% -4% -66% -66% $37,985,398
CHR Charger Metals 0.064 -4% -2% 5% -49% $4,954,896
GRE Greentechmetals 0.064 -4% -9% -47% -74% $7,625,688
VMC Venus Metals Cor Ltd 0.063 -5% -7% -24% -34% $12,356,107
MEK Meeka Metals Limited 0.105 -5% 36% 156% 192% $273,528,012
WA1 Wa1Resourcesltd 13.17 -5% 1% -14% 25% $880,305,088
WCN White Cliff Min Ltd 0.019 -5% 15% 19% 19% $36,013,944
1AE Auroraenergymetals 0.057 -5% 27% -5% -58% $10,206,633
KFM Kingfisher Mining 0.035 -5% -13% -46% -70% $1,880,025
IPX Iperionx Limited 3.92 -6% -30% 78% 125% $1,244,434,217
SGQ St George Min Ltd 0.0255 -6% 2% -23% -9% $30,963,511
BC8 Black Cat Syndicate 0.665 -6% 8% 87% 177% $403,927,253
CNB Carnaby Resource Ltd 0.33 -6% -7% -34% -50% $71,998,721
QPM QPM Energy Limited 0.065 -6% 18% 76% 63% $189,095,680
LIT Livium Ltd 0.016 -6% -6% -27% -41% $21,440,175
LMG Latrobe Magnesium 0.016 -6% -24% -62% -72% $37,576,598
MIN Mineral Resources. 34.24 -6% 0% -37% -43% $7,123,799,395
JLL Jindalee Lithium Ltd 0.21 -7% 0% -24% -78% $15,454,288
RXL Rox Resources 0.21 -7% 6% 45% 32% $127,655,503
PEK Peak Rare Earths Ltd 0.14 -7% 27% -36% -42% $47,475,774
PEK Peak Rare Earths Ltd 0.14 -7% 27% -36% -42% $47,475,774
S32 South32 Limited 3.32 -7% -2% 10% -1% $14,862,297,923
INF Infinity Lithium 0.027 -7% 0% -48% -70% $12,489,987
IGO IGO Limited 4.97 -7% 2% -12% -35% $3,899,929,237
NIC Nickel Industries 0.79 -7% -7% -2% 32% $3,431,847,904
PVW PVW Res Ltd 0.013 -7% -7% -48% -77% $2,585,762
SRZ Stellar Resources 0.013 -7% -13% -32% 86% $27,036,757
FBM Future Battery 0.025 -7% 47% 4% -56% $16,633,898
MQR Marquee Resource Ltd 0.012 -8% -25% 9% -41% $5,825,766
NVX Novonix Limited 0.5625 -8% -19% -22% -8% $365,352,572
FG1 Flynngold 0.023 -8% -12% -4% -55% $6,010,279
WR1 Winsome Resources 0.46 -8% 2% -23% -20% $102,067,410
LYC Lynas Rare Earths 6.235 -8% -4% 0% 5% $5,907,418,929
MEI Meteoric Resources 0.079 -8% -12% -21% -62% $181,926,160
SYA Sayona Mining Ltd 0.022 -8% -19% -29% -44% $253,952,512
ODE Odessa Minerals Ltd 0.0055 -8% -21% 83% -21% $9,597,195
HAW Hawthorn Resources 0.042 -9% 2% -41% -53% $14,070,656
AS2 Askarimetalslimited 0.01 -9% -9% -73% -92% $2,646,846
KTA Krakatoa Resources 0.01 -9% 11% -9% -47% $5,901,340
LPM Lithium Plus 0.077 -9% -8% -30% -67% $10,228,680
NC1 Nicoresourceslimited 0.086 -9% -5% -34% -64% $9,412,749
ILU Iluka Resources 4.48 -9% -11% -25% -38% $1,948,534,474
VR8 Vanadium Resources 0.028 -10% -7% -44% -33% $15,753,506
A11 Atlantic Lithium 0.23 -10% -19% -38% -39% $159,423,882
SYR Syrah Resources 0.225 -10% 25% -17% -49% $238,025,106
DTM Dart Mining NL 0.009 -10% -10% -51% -30% $5,681,528
KGD Kula Gold Limited 0.0045 -10% -21% -57% -40% $2,894,454
SYR Syrah Resources 0.225 -10% 25% -17% -49% $238,025,106
CMO Cosmometalslimited 0.017 -11% -23% -66% -70% $2,226,879
REC Rechargemetals 0.017 -11% 0% -45% -78% $4,360,329
MHK Metalhawk. 0.295 -11% 5% 490% 181% $34,615,976
GT1 Greentechnology 0.058 -11% -4% 0% -63% $23,325,126
CHN Chalice Mining Ltd 1.0875 -11% -3% 2% 8% $431,819,735
EVG Evion Group NL 0.024 -11% -4% 14% -25% $8,327,116
RBX Resource B 0.031 -11% -14% -23% -59% $3,570,719
PMT Patriotbatterymetals 0.3275 -11% -23% -37% -59% $191,644,750
S2R S2 Resources 0.069 -12% 3% -40% -49% $31,247,202
CXO Core Lithium 0.088 -12% 2% -6% -54% $190,728,383
TVN Tivan Limited 0.11 -12% 0% 96% 93% $216,223,271
TON Triton Min Ltd 0.007 -13% -22% -30% -63% $10,978,721
SLZ Sultan Resources Ltd 0.007 -13% 0% 0% -53% $1,620,289
EMS Eastern Metals 0.013 -13% -13% -57% -64% $1,477,791
NWM Norwest Minerals 0.013 -13% -19% -48% -46% $6,306,554
WC1 Westcobarmetals 0.019 -14% 19% -36% -65% $3,166,423
AXE Archer Materials 0.4 -14% -23% 33% 25% $101,938,805
CTN Catalina Resources 0.003 -14% 0% 0% 0% $3,948,786
STM Sunstone Metals Ltd 0.006 -14% -14% -33% -50% $30,900,022
RON Roninresourcesltd 0.175 -15% -8% 46% 25% $7,065,627
EFE Eastern Resources 0.027 -16% -4% -46% -61% $3,404,429
ADD Adavale Resource Ltd 0.0025 -17% 0% -38% -69% $3,852,080
HRE Heavy Rare Earths 0.025 -17% -17% -16% -47% $5,200,847
VUL Vulcan Energy 4.73 -17% -15% 11% 119% $1,057,413,625
E25 Element 25 Ltd 0.28 -18% 10% 33% -11% $60,475,910
INR Ioneer Ltd 0.1725 -18% 8% 28% 57% $412,242,690
OD6 Od6Metalsltd 0.056 -19% 24% 37% -63% $8,081,410
LSR Lodestar Minerals 0.012 -20% -20% -40% -75% $2,710,638
EMT Emetals Limited 0.004 -20% -20% 0% -33% $3,400,000
SRL Sunrise 0.265 -22% 15% -35% -34% $23,459,149
EUR European Lithium Ltd 0.058 -24% 49% 23% -31% $89,601,251
QXR Qx Resources Limited 0.003 -25% -25% -57% -82% $3,930,234
PVT Pivotal Metals Ltd 0.006 -25% -25% -68% -68% $5,443,355
BYH Bryah Resources Ltd 0.003 -25% 0% -40% -70% $1,509,861
ETM Energy Transition 0.065 -26% 91% 195% 71% $102,049,773
BUR Burleyminerals 0.058 -30% -21% -54% -42% $9,022,257
RLC Reedy Lagoon Corp. 0.002 -33% 0% -43% -50% $1,553,413
VML Vital Metals Limited 0.002 -33% 0% -33% -60% $11,790,134
RIL Redivium Limited 0.0025 -38% -38% 100% -33% $8,505,889
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Weekly Small Cap Standouts

 

EV Resources (ASX:EVR)

After several months of researching antimony markets, EVR has reached an agreement to acquire 70% of an operating JV over the Los Lirios antimony mine in Oaxaca, Mexico.

The project consists of four licences covering 1652ha (16.52km2), three open pits, and several underground workings on a 7km trend that date back several generations.

EVR managing director Hugh Callaghan said the company has been intrigued by antimony for some time.

“It has many deep and flexible markets with mature technologies and minimal risk of substitution,” he said.

“The depletion of Chinese resources and consequent suspension of exports comes after decades of minimal exploration for antimony and closure of most mines outside of China.

“We are satisfied that antimony has the characteristics of a real, and sustainable market, and we are equally convinced that low-cost jurisdictions with skills for mining on a relatively small scale, such as in Mexico, are essential.”

EVR has commenced due diligence and planning for an exploration program.

By the end of March, EVR plans to begin the search for a suitable plant location, and proceed to a program of sampling and trenching, with a view to defining drill targets at Los Lirios.

 

Enova Mining (ASX:ENV)

The rare earths explorer has wrapped up a $1.5m placement to fund the development of its CODA lithium project in Brazil, and Charley Creek alluvial minerals sands project in the NT – with a specific focus on metallurgical test work and engineering.

In the latter half of 2024, exploration drilling at CODA North identified mineralisation with an expansive area extent of over 10 sqkm starting from surface in many locations and extending to depths of 70 metres.

Notably, this mineralisation is ‘free-dig’ weathered saprolites with consistent zones of high-grade REE, scandium and titanium.

This funding will allow continued metallurgical work investigating methods of metal extraction and within six months, a process flow design and project concept.

The company will also continue field exploration of its Lithium Valley (also Minas Gerais, Brazil) tenements and geochemical sampling.