High Voltage: Vanadium gets a big boost as battery metal takes centre stage in election

WA Premier Roger Cook promise to cut vanadium royalties in half
State gov recently committed to $150 vanadium battery project in Kalgoorlie
WA players such as Australian Vanadium could be poised to benefit

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

Last week WA Premier Roger Cook announced plans to cut royalties on vanadium products – if re-elected. The move would incentivise the emerging industry along with a major battery investment the state’s leader claims will make Kalgoorlie-Boulder the “vanadium power house of WA”.

Vanadium is primarily used to strengthen steel but the metal has come into the spotlight in recent years due to its growing use in energy storage, with vanadium electrolyte a key component in vanadium redox flow batteries (VRFB).

As opposed to lithium batteries for electric vehicles, VRFBs are better suited to large scale applications (stationary storage), such as network support for electricity grid operators and telcos looking to power off-grid communications towers and utility scale installations.

Those batteries are forecast to play a central role in the energy transition, providing a long-term energy storage solution, and it looks like the state government is betting they will, killing two birds with one stone by trying to back-up the fragile Kalgoorlie power grid.

Frequent and prolonged blackouts in the gold capital have become a local election issue for Labor MP Ali Kent, who faces competition from Liberal challenger Rowena Olsen and independent (and former MP) Kyran O’Donnell – the Seat of Kalgoorlie has not been successfully defended by any party since 2005.

Important for vanadium explorers in other parts of the state, the re-elected Cook government is promising to halve the historic 5 per cent royalty on vanadium products to 2.5 per cent, the lowest tier. The onus is on making more things locally in WA.

The state government is also promising to maintain no royalty rate for vanadium electrolyte, with a similar strategy to that of lithium hydroxide, aiming to help stimulate growth in the sector.

“With our Made in WA plan, we’ll invest in local battery manufacturing and create thousands of local jobs,” Premier Cook said.

“These policy settings to cut the royalty rate are about ensuring we can support a full supply chain from WA mines to WA-made batteries, powering WA homes and businesses.

“We know that Kalgoorlie-Boulder is a big contributor to WA’s economy and we need to continue to invest, undertake diversification projects and sustain job-building initiatives, and this is what we’re doing.”

WA carving out a slice of the market

Western Australia has one of the world’s largest vanadium deposits with potential to be developed south of Meekatharra in Australian Vanadium’s (ASX:AVL) namesake project, which is expected to be a source of local vanadium supply in the future.

AVL plans to build an open cut mine at Gabanintha as well as a vanadium oxide processing plant at Tenindewa, inland from the port city of Geraldton – and certainly looks set to benefit from a re-elected Labor Government.

The company’s project hosts a resource estimate of 395.4Mt at 0.77% V2O5 and has already been granted Major Project Status by the state government, along with Environmental Protection Agency approvals.

Plus, AVL is also planning to build a utility scale vanadium flow battery called Project Lumina.

Cook also recently promised to build a $150 million Australian-first 50-megawatt 10-hour WA made vanadium battery project in Kalgoorlie which is expected to drive growth in the emerging vanadium industry and stimulate opportunities for downstream processing and exports.

Adding to its vanadium election promises, the state government has also committed to delivering a WA-first residential battery scheme with a $387 million investment to help WA families purchase residential batteries and save up to $1500 on their power bills every year.

Having virtually wiped out the opposition Liberal Party in the 2021 state election, Cook’s Labor is expected to win Saturday’s vote comfortably but cede ground, especially in previously Blue Ribbon seats.

AMEC welcomes vanadium incentive

The Association of Mining and Exploration Companies CEO Warren Pearce said the decision creates a powerful incentive for companies to invest in going down-stream and developing electrolyte – the key ingredient in vanadium batteries.

“The opportunity for Western Australia to value-add to our vanadium, make vanadium electrolyte, and build vanadium batteries in Western Australia, for use here in Western Australia and Australia, is an opportunity too good to miss,” he said.

“Today’s announcements ensure that Western Australia will have the economic and regulatory framework in place for this to happen.”

The promised Household Battery Scheme will also help create a domestic demand for vanadium batteries, Pearce said.

“These commitments, combined with the Commonwealth’s Critical Minerals Production Tax Incentive (which AMEC also lobbied for), create a powerful incentive to deliver a local vanadium battery industry in Western Australia,” he said.

“This commitment will help attract investment in vanadium projects, and the value-adding required to make vanadium electrolyte and vanadium batteries. AMEC has been working closely with the Government and vanadium members over the past four years to find ways to support this emerging market.

“We are delighted to see WA Labor recognise the potential of this industry, and the benefits that it will deliver for Western Australia.”

Who are the other players in WA?

Also set to benefit from these election promises in WA is Viking Mines (ASX:VKA) which is progressing the Canegrass battery minerals project in the Murchison region – an outcropping hard-rock vanadium magnetite project – with a pit constrained resource of 61Mt grading 0.81% V2O5 and 35.9% iron.

This is currently envisioned as a 1.5Mtpa project that can produce vanadium for 20-60 years.

Metallurgical testwork has also succeeded in the production of V2O5 flake with work underway to roast the remaining magnetic concentrate to optimise and further purify and enhance the product.

Other companies with vanadium assets in WA include Venus Metals (ASX:VMC) with its Youanmi project that hosts a vanadium resource of 135Mt at 0.34% V2O5 and Neometals (ASX:NMT) with the 280Mt at 0.44% V2O5 Barrambie project, where it is attempting to divest the vanadium/titanium resource as it focuses on gold exploration.

Could Queensland follow suit?

QEM (ASX:QEM) has also been progressing its Julia Creek vanadium and oil shale project in Queensland, which has a resource of 461Mt grading 0.28% V2O5 in the higher confidence indicated category. Indicated resources can be used in future reserves and mine planning.

Another 2406Mt at 0.31% V2O5 sits within the inferred category, which highlights the sheer scale of the project.

It includes best estimate (2C) contingent oil shale resource of 92 million barrels of oil equivalent that is a valuable co-product in its own right.

A recent scoping study highlighted a 30-year mine schedule with a production target of approximately 10,571 tonnes of vanadium pentoxide (99.95% pure) and 313 million litres of transport fuel per annum over the life of mine.

In the same neighbourhood is Richmond Vanadium Technology (ASX:RVT) with its Richmond-Julia Creek project, which consists of five tenements covering 1403km2 and an ore reserve of 459.2Mt at 0.49% V2O5 at the Lilydale deposit.

This shallow ore reserve lends itself to the development of an open cut, free dig vanadium mining operation and is the subject of a pre-feasibility study outlining a project mining 101.5Mt of ore to produce 317,500t of V2O5 flake with a purity of 98%.

Capex is estimated at $242.2m with net present value and internal rate of return – both measures of a project’s profitability – estimated at $613m and 38% respectively.

A bankable feasibility study is due for completion in the June quarter of 2025, along with results from pilot plant test work.

The company has also commenced discussions to secure potential grant funding from federal and state governments to enable development of a proposed Vanadium flow battery demonstration plant in Queensland.

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
BSX	Blackstone Ltd	0.075	56%	159%	87%	35%	$52,302,399
VML	Vital Metals Limited	0.0015	50%	-50%	-25%	-63%	$11,790,134
BUR	Burleyminerals	0.075	50%	32%	-32%	29%	$10,225,224
IMI	Infinitymining	0.014	40%	40%	0%	-81%	$5,894,221
PNT	Panthermetalsltd	0.019	36%	90%	-17%	-41%	$4,715,244
RVT	Richmond Vanadium	0.16	33%	7%	-48%	-54%	$35,493,333
REC	Rechargemetals	0.019	27%	-5%	-34%	-73%	$4,873,309
SCN	Scorpion Minerals	0.022	22%	47%	57%	-27%	$9,984,124
STK	Strickland Metals	0.083	22%	15%	-6%	-1%	$169,970,935
LML	Lincoln Minerals	0.006	20%	0%	20%	0%	$10,281,298
LSR	Lodestar Minerals	0.012	20%	9%	-40%	-50%	$2,316,787
AKN	Auking Mining Ltd	0.006	20%	20%	-25%	-76%	$3,448,673
SMX	Strata Minerals	0.037	19%	19%	68%	3%	$8,640,201
FRS	Forrestaniaresources	0.02	18%	122%	82%	-5%	$4,724,180
1AE	Auroraenergymetals	0.044	16%	-4%	-2%	-63%	$7,878,804
CAE	Cannindah Resources	0.069	15%	77%	50%	1%	$50,237,517
DYM	Dynamicmetalslimited	0.33	14%	22%	113%	61%	$15,920,125
RAS	Ragusa Minerals Ltd	0.026	13%	100%	63%	-21%	$3,707,568
GAL	Galileo Mining Ltd	0.145	12%	0%	-12%	-43%	$29,643,739
KOB	Kobaresourceslimited	0.059	11%	-19%	-55%	-46%	$9,355,135
PMT	Patriotbatterymetals	0.295	11%	-11%	-25%	-66%	$155,295,616
BC8	Black Cat Syndicate	0.9	11%	25%	154%	291%	$529,752,809
RXL	Rox Resources	0.255	11%	13%	96%	56%	$148,931,420
TEM	Tempest Minerals	0.0055	10%	22%	-45%	-28%	$3,489,914
LPM	Lithium Plus	0.066	10%	14%	-28%	-64%	$8,767,440
FRB	Firebird Metals	0.099	9%	10%	-1%	-14%	$14,093,779
IXR	Ionic Rare Earths	0.0065	8%	8%	30%	-62%	$31,430,570
CTM	Centaurus Metals Ltd	0.39	7%	-4%	1%	42%	$196,196,979
CHN	Chalice Mining Ltd	1.44	6%	17%	46%	13%	$542,692,369
DRE	Dreadnought Resources Ltd	0.017	6%	70%	13%	-6%	$66,547,200
DLI	Delta Lithium	0.17	6%	0%	-13%	-46%	$121,812,105
VMC	Venus Metals Cor Ltd	0.09	6%	30%	48%	-6%	$17,651,581
EV1	Evolutionenergy	0.018	6%	0%	-33%	-80%	$6,527,709
LTR	Liontown Resources	0.6775	6%	0%	8%	-47%	$1,602,129,364
LYC	Lynas Rare Earths	7.235	6%	12%	7%	21%	$6,692,582,205
ABX	ABX Group Limited	0.038	6%	-5%	-16%	-38%	$9,010,564
SRL	Sunrise	0.285	6%	27%	-42%	-25%	$22,556,875
A8G	Australasian Metals	0.078	5%	15%	-40%	10%	$4,515,399
PGM	Platina Resources	0.02	5%	0%	-5%	11%	$12,463,607
AQD	Ausquest Limited	0.04	5%	-15%	313%	244%	$49,525,666
LIN	Lindian Resources	0.1	5%	-5%	-20%	-20%	$111,857,707
VTM	Victory Metals Ltd	0.44	5%	28%	16%	73%	$44,486,113
EMC	Everest Metals Corp	0.1675	5%	8%	52%	120%	$36,924,333
FLG	Flagship Min Ltd	0.045	5%	15%	-31%	-72%	$9,161,740
EMN	Euromanganese	0.046	5%	-4%	-16%	-51%	$9,561,749
GBR	Greatbould Resources	0.07	4%	40%	49%	15%	$51,618,823
AVL	Aust Vanadium Ltd	0.0125	4%	-4%	-11%	-31%	$112,250,555
EG1	Evergreenlithium	0.083	4%	-1%	93%	-25%	$4,723,320
RON	Roninresourcesltd	0.175	3%	-10%	35%	75%	$7,065,627
ETM	Energy Transition	0.073	3%	-8%	265%	109%	$106,853,999
NMT	Neometals Ltd	0.076	3%	-4%	5%	-51%	$57,706,881
GLN	Galan Lithium Ltd	0.1075	2%	-10%	-4%	-73%	$87,602,477
SYR	Syrah Resources	0.235	2%	0%	18%	-65%	$239,693,307
SYR	Syrah Resources	0.235	2%	0%	18%	-65%	$239,693,307
GT1	Greentechnology	0.05	2%	-24%	-44%	-75%	$19,437,605
MEK	Meeka Metals Limited	0.1275	2%	28%	136%	275%	$325,405,298
IG6	Internationalgraphit	0.055	2%	-10%	-30%	-52%	$10,645,708
ARR	American Rare Earths	0.28	2%	2%	0%	-2%	$144,615,640
ASN	Anson Resources Ltd	0.058	2%	-3%	-39%	-47%	$83,204,192
INR	Ioneer Ltd	0.1525	2%	-15%	5%	5%	$341,572,515
CNB	Carnaby Resource Ltd	0.33	2%	-10%	-18%	-33%	$70,800,546
LOT	Lotus Resources Ltd	0.1725	1%	-30%	-16%	-52%	$401,650,830
LTM	Arcadium Lithium PLC	9.33	1%	2%	161%	13%	$1,994,929,982
NIC	Nickel Industries	0.755	1%	1%	-2%	-4%	$3,195,908,361
S32	South32 Limited	3.655	1%	6%	20%	24%	$15,853,547,762
AR3	Austrare	0.083	1%	1%	32%	-17%	$13,673,117
MLX	Metals X Limited	0.5425	0%	17%	36%	60%	$474,219,473
NWC	New World Resources	0.022	0%	22%	10%	-37%	$62,508,198
RIL	Redivium Limited	0.004	0%	0%	0%	33%	$13,609,422
LPD	Lepidico Ltd	0.002	0%	0%	0%	-65%	$17,178,371
MRD	Mount Ridley Mines	0.003	0%	20%	-70%	-80%	$2,335,467
CZN	Corazon Ltd	0.002	0%	0%	-50%	-80%	$2,369,145
CLA	Celsius Resource Ltd	0.011	0%	10%	0%	-15%	$29,361,623
NH3	Nh3Cleanenergyltd	0.023	0%	15%	0%	92%	$12,091,305
MNS	Magnis Energy Tech	0.042	0%	0%	0%	0%	$50,378,922
SRI	Sipa Resources Ltd	0.011	0%	-8%	-27%	-42%	$4,580,382
NTU	Northern Min Ltd	0.018	0%	0%	-25%	-45%	$150,428,805
CWX	Carawine Resources	0.096	0%	-4%	1%	0%	$22,431,918
TKL	Traka Resources	0.001	0%	-50%	0%	-33%	$2,125,790
PRL	Province Resources	0.041	0%	0%	0%	0%	$48,441,219
JRV	Jervois Global Ltd	0.011	0%	0%	0%	-65%	$29,730,402
FBM	Future Battery	0.02	0%	-9%	5%	-62%	$12,641,763
AUZ	Australian Mines Ltd	0.009	0%	-22%	29%	-40%	$13,985,121
EGR	Ecograf Limited	0.125	0%	32%	32%	-24%	$52,225,159
ATM	Aneka Tambang	0.995	0%	11%	-3%	-10%	$1,297,131
LEL	Lithenergy	0.37	0%	0%	12%	-30%	$41,440,581
ASL	Andean Silver	1.04	0%	-12%	11%	230%	$153,216,674
RMX	Red Mount Min Ltd	0.008	0%	0%	-20%	-54%	$4,184,620
GW1	Greenwing Resources	0.035	0%	-13%	-34%	-53%	$8,422,802
MRC	Mineral Commodities	0.026	0%	0%	0%	18%	$25,596,288
BMM	Bayanminingandmin	0.053	0%	13%	8%	-23%	$5,098,041
MOH	Moho Resources	0.004	0%	0%	-43%	-33%	$2,865,898
AML	Aeon Metals Ltd.	0.005	0%	0%	0%	-17%	$5,482,003
WKT	Walkabout Resources	0.095	0%	0%	-5%	-17%	$63,769,838
AM7	Arcadia Minerals	0.02	0%	0%	-35%	-71%	$2,347,669
AS2	Askarimetalslimited	0.011	0%	10%	-35%	-88%	$2,717,860
BYH	Bryah Resources Ltd	0.003	0%	0%	-40%	-63%	$1,880,402
DTM	Dart Mining NL	0.005	0%	-29%	-72%	-68%	$3,782,702
EMS	Eastern Metals	0.012	0%	-8%	-54%	-61%	$1,364,115
GSM	Golden State Mining	0.008	0%	0%	-27%	-11%	$2,234,965
RAG	Ragnar Metals Ltd	0.017	0%	0%	-6%	-15%	$8,057,762
OB1	Orbminco Limited	0.002	0%	33%	-20%	-56%	$4,333,180
KOR	Korab Resources	0.008	0%	0%	0%	33%	$2,936,400
CMX	Chemxmaterials	0.026	0%	0%	-30%	-61%	$3,354,580
ENT	Enterprise Metals	0.003	0%	0%	-25%	0%	$3,534,952
RBX	Resource B	0.036	0%	20%	6%	-10%	$4,146,641
WIN	WIN Metals	0.018	0%	-8%	-42%	-56%	$9,901,046
PGD	Peregrine Gold	0.12	0%	-14%	-29%	-49%	$9,138,357
ZNC	Zenith Minerals Ltd	0.044	0%	2%	16%	-54%	$17,112,540
WC8	Wildcat Resources	0.19	0%	-25%	-16%	-73%	$247,873,103
THR	Thor Energy PLC	0.013	0%	18%	-13%	-46%	$9,214,268
YAR	Yari Minerals Ltd	0.006	0%	100%	50%	0%	$2,411,789
CLZ	Classic Min Ltd	0.001	0%	0%	0%	-98%	$1,544,026
HRE	Heavy Rare Earths	0.025	0%	-24%	-16%	-37%	$5,304,864
IDA	Indiana Resources	0.071	0%	-1%	36%	52%	$45,634,005
M2R	Miramar	0.004	0%	0%	-73%	-74%	$1,369,040
TAR	Taruga Minerals	0.01	0%	0%	25%	43%	$7,060,268
AOA	Ausmon Resorces	0.002	0%	33%	0%	-33%	$2,179,455
WC1	Westcobarmetals	0.018	0%	20%	-36%	-56%	$2,814,599
DM1	Desert Metals	0.021	0%	0%	-5%	-25%	$6,679,322
KTA	Krakatoa Resources	0.01	0%	11%	11%	-13%	$5,901,340
TKM	Trek Metals Ltd	0.024	0%	-11%	-36%	-31%	$13,043,072
WR1	Winsome Resources	0.31	0%	-30%	-36%	-64%	$74,387,503
OM1	Omnia Metals Group	0.078	0%	0%	0%	0%	$5,233,153
VHM	Vhmlimited	0.295	0%	-5%	-48%	-43%	$64,059,236
LLL	Leolithiumlimited	0.332997	0%	0%	0%	0%	$401,204,047
SRN	Surefire Rescs NL	0.003	0%	-25%	-57%	-73%	$7,248,923
WSR	Westar Resources	0.01	0%	25%	43%	-19%	$3,987,248
TMX	Terrain Minerals	0.004	0%	-11%	33%	0%	$10,017,783
MHC	Manhattan Corp Ltd	0.02	0%	-9%	0%	-60%	$4,697,978
FIN	FIN Resources Ltd	0.007	0%	40%	0%	-63%	$4,544,881
LCY	Legacy Iron Ore	0.009	0%	0%	-28%	-42%	$97,620,426
ASR	Asra Minerals Ltd	0.003	0%	50%	-50%	-50%	$7,119,380
KNG	Kingsland Minerals	0.115	0%	-15%	-32%	-55%	$8,344,505
CXO	Core Lithium	0.0835	-1%	-9%	-2%	-65%	$180,013,306
VUL	Vulcan Energy	3.97	-1%	-5%	6%	58%	$944,274,719
TVN	Tivan Limited	0.086	-1%	-25%	79%	51%	$170,654,408
BHP	BHP Group Limited	39.21	-1%	-2%	1%	-12%	$200,622,052,974
ILU	Iluka Resources	4.195	-1%	-7%	-28%	-39%	$1,778,499,847
BM8	Battery Age Minerals	0.065	-2%	-18%	-48%	-57%	$8,220,028
NVA	Nova Minerals Ltd	0.285	-2%	-2%	90%	2%	$83,714,128
AGY	Argosy Minerals Ltd	0.0235	-2%	-10%	-41%	-82%	$34,942,102
BNR	Bulletin Res Ltd	0.045	-2%	22%	2%	-40%	$12,331,760
PAT	Patriot Lithium	0.045	-2%	-4%	25%	-36%	$6,068,062
HAW	Hawthorn Resources	0.044	-2%	0%	-25%	-41%	$14,740,687
DEV	Devex Resources Ltd	0.079	-2%	-2%	-49%	-75%	$34,893,563
GL1	Globallith	0.19	-3%	-7%	-5%	-68%	$45,803,122
WA1	Wa1Resourcesltd	12.77	-3%	-17%	-22%	2%	$815,297,943
PUR	Pursuit Minerals	0.068	-3%	-15%	-55%	-73%	$5,614,576
OMH	OM Holdings Limited	0.34	-3%	0%	-14%	-15%	$260,527,312
LKE	Lake Resources	0.033	-3%	-15%	-15%	-71%	$57,655,943
EUR	European Lithium Ltd	0.048	-3%	-25%	26%	-38%	$70,813,892
FTL	Firetail Resources	0.064	-3%	-7%	-18%	16%	$24,701,818
LRV	Larvottoresources	0.77	-3%	12%	114%	1085%	$301,237,106
IGO	IGO Limited	3.98	-3%	-20%	-24%	-49%	$2,983,635,183
ARL	Ardea Resources Ltd	0.43	-3%	10%	0%	-13%	$87,860,483
ADV	Ardiden Ltd	0.14	-3%	-3%	8%	0%	$9,377,626
BUX	Buxton Resources Ltd	0.028	-3%	-20%	-56%	-78%	$6,223,909
KNI	Kunikolimited	0.14	-3%	-15%	-13%	-35%	$11,713,851
ICL	Iceni Gold	0.084	-3%	6%	91%	163%	$23,091,411
EFE	Eastern Resources	0.027	-4%	0%	-40%	-64%	$3,404,429
TMB	Tambourahmetals	0.027	-4%	-7%	-23%	-69%	$3,174,931
ESR	Estrella Res Ltd	0.026	-4%	-13%	333%	420%	$53,350,358
AZI	Altamin Limited	0.025	-4%	0%	-22%	-50%	$14,362,572
COB	Cobalt Blue Ltd	0.049	-4%	-11%	-31%	-69%	$21,398,081
TOR	Torque Met	0.095	-4%	40%	-5%	-42%	$25,618,073
HAS	Hastings Tech Met	0.345	-4%	10%	28%	-39%	$62,578,216
FGR	First Graphene Ltd	0.044	-4%	-30%	-4%	-23%	$31,404,639
TLG	Talga Group Ltd	0.44	-4%	-15%	10%	-47%	$193,324,022
GED	Golden Deeps	0.022	-4%	-4%	-70%	-45%	$3,388,492
ITM	Itech Minerals Ltd	0.043	-4%	-14%	-39%	-49%	$7,345,922
PEK	Peak Rare Earths Ltd	0.105	-5%	-28%	-50%	-45%	$36,969,882
PEK	Peak Rare Earths Ltd	0.105	-5%	-28%	-50%	-45%	$36,969,882
PNN	Power Minerals Ltd	0.083	-5%	-5%	-1%	-60%	$10,133,084
JLL	Jindalee Lithium Ltd	0.2	-5%	-5%	-13%	-74%	$15,454,288
SYA	Sayona Mining Ltd	0.02	-5%	-17%	-17%	-52%	$242,409,216
MLS	Metals Australia	0.02	-5%	-9%	-5%	-23%	$13,845,671
E25	Element 25 Ltd	0.2425	-5%	-7%	15%	21%	$53,723,914
RNU	Renascor Res Ltd	0.0475	-5%	-12%	-49%	-46%	$122,017,543
BOA	BOA Resources Ltd	0.019	-5%	-14%	6%	-17%	$2,220,351
DVP	Develop Global Ltd	2.725	-5%	13%	36%	10%	$722,528,828
BCA	Black Canyon Limited	0.07	-5%	6%	13%	-33%	$7,425,882
WCN	White Cliff Min Ltd	0.017	-6%	-11%	6%	6%	$34,118,473
LLI	Loyal Lithium Ltd	0.08	-6%	-9%	-20%	-69%	$8,562,310
MHK	Metalhawk.	0.3125	-6%	1%	268%	360%	$35,725,951
QEM	QEM Limited	0.062	-6%	-10%	-52%	-57%	$11,831,689
S2R	S2 Resources	0.062	-6%	-10%	-27%	-54%	$27,624,338
GRE	Greentechmetals	0.062	-6%	-9%	-31%	-78%	$6,504,264
JMS	Jupiter Mines.	0.155	-6%	0%	-6%	-11%	$313,766,682
PVW	PVW Res Ltd	0.015	-6%	15%	-32%	-44%	$2,784,667
MRR	Minrex Resources Ltd	0.0075	-6%	7%	-17%	-42%	$8,678,940
SRZ	Stellar Resources	0.015	-6%	0%	7%	36%	$31,196,259
KM1	Kalimetalslimited	0.087	-6%	-21%	-44%	-79%	$6,299,865
GCM	Green Critical Min	0.014	-7%	-30%	600%	133%	$27,050,496
GRL	Godolphin Resources	0.014	-7%	8%	0%	-53%	$5,027,381
PLS	Pilbara Min Ltd	1.875	-7%	-20%	-27%	-54%	$6,097,977,361
ARU	Arafura Rare Earths	0.1625	-7%	20%	5%	-2%	$406,614,234
M24	Mamba Exploration	0.013	-7%	-19%	-13%	-54%	$3,837,153
MEI	Meteoric Resources	0.063	-7%	-23%	-30%	-70%	$138,171,767
PSC	Prospect Res Ltd	0.088	-7%	-8%	-16%	24%	$49,249,016
INF	Infinity Lithium	0.025	-7%	-19%	-32%	-68%	$12,489,987
ASM	Ausstratmaterials	0.375	-7%	-22%	-41%	-62%	$64,368,471
KAI	Kairos Minerals Ltd	0.0185	-8%	16%	85%	42%	$47,356,419
CY5	Cygnus Metals Ltd	0.12	-8%	0%	76%	85%	$97,661,642
LM1	Leeuwin Metals Ltd	0.12	-8%	4%	48%	50%	$6,896,038
L1M	Lightning Minerals	0.079	-8%	4%	13%	13%	$7,336,311
EMH	European Metals Hldg	0.11	-8%	-19%	-41%	-66%	$21,781,694
ASO	Aston Minerals Ltd	0.0165	-8%	27%	38%	10%	$22,016,093
AXN	Alliance Nickel Ltd	0.03	-9%	-14%	-9%	-14%	$21,775,188
EVG	Evion Group NL	0.02	-9%	-20%	-17%	-9%	$8,698,399
MQR	Marquee Resource Ltd	0.01	-9%	0%	-38%	-55%	$5,340,285
CHR	Charger Metals	0.047	-10%	-22%	-41%	-61%	$3,638,752
AZL	Arizona Lithium Ltd	0.009	-10%	-14%	-36%	-67%	$41,056,331
AAJ	Aruma Resources Ltd	0.009	-10%	-10%	-44%	-44%	$2,109,553
1MC	Morella Corporation	0.018	-10%	-25%	-45%	-76%	$5,944,779
G88	Golden Mile Res Ltd	0.009	-10%	13%	-5%	-10%	$4,898,231
KGD	Kula Gold Limited	0.0045	-10%	-10%	-47%	-47%	$4,145,642
CRR	Critical Resources	0.0045	-10%	-10%	-57%	-72%	$9,856,885
OD6	Od6Metalsltd	0.036	-10%	-16%	-8%	-61%	$5,892,092
PBL	Parabellumresources	0.045	-10%	-18%	0%	-43%	$2,741,200
SUM	Summitminerals	0.07	-10%	-44%	-68%	1%	$6,098,959
QPM	QPM Energy Limited	0.051	-11%	-12%	65%	38%	$123,542,511
KZR	Kalamazoo Resources	0.068	-11%	-9%	-16%	-30%	$14,958,876
NC1	Nicoresourceslimited	0.076	-11%	-10%	-37%	-59%	$8,318,244
SBR	Sabre Resources	0.008	-11%	-11%	-43%	-53%	$3,143,695
REE	Rarex Limited	0.008	-11%	-11%	-36%	-58%	$6,406,767
PVT	Pivotal Metals Ltd	0.008	-11%	33%	-38%	-50%	$7,257,807
SLZ	Sultan Resources Ltd	0.008	-11%	33%	33%	-43%	$1,851,759
OCN	Oceanalithiumlimited	0.024	-11%	-11%	-6%	-56%	$3,162,417
CRI	Criticalim	0.016	-11%	0%	23%	-33%	$40,326,729
ANX	Anax Metals Ltd	0.008	-11%	-20%	-60%	-60%	$7,062,461
FG1	Flynngold	0.023	-12%	-8%	-12%	-36%	$7,055,545
AXE	Archer Materials	0.285	-12%	-26%	19%	-28%	$75,179,869
MIN	Mineral Resources.	21.68	-12%	-37%	-33%	-66%	$4,142,612,172
TON	Triton Min Ltd	0.007	-13%	-13%	-13%	-53%	$10,978,721
ENV	Enova Mining Limited	0.007	-13%	0%	-22%	-82%	$7,383,862
EMT	Emetals Limited	0.0035	-13%	-13%	-13%	-30%	$3,400,000
WMG	Western Mines	0.105	-13%	-16%	-58%	-36%	$9,487,101
NVX	Novonix Limited	0.4175	-13%	-27%	-24%	-55%	$279,854,923
A11	Atlantic Lithium	0.16	-14%	-20%	-29%	-61%	$107,437,834
KFM	Kingfisher Mining	0.051	-14%	46%	-18%	-43%	$2,739,465
MAN	Mandrake Res Ltd	0.019	-14%	-14%	-24%	-50%	$11,917,938
PLL	Piedmont Lithium Inc	0.105	-14%	-19%	-9%	-52%	$68,943,358
CNJ	Conico Ltd	0.006	-14%	-25%	-60%	-70%	$1,424,924
LMG	Latrobe Magnesium	0.012	-14%	-20%	-63%	-76%	$30,530,986
PFE	Pantera Lithium	0.017	-15%	-6%	-26%	-67%	$8,528,106
SLM	Solismineralsltd	0.079	-15%	25%	-17%	-34%	$6,383,309
VR8	Vanadium Resources	0.022	-15%	-24%	-41%	-45%	$13,503,005
NWM	Norwest Minerals	0.011	-15%	-21%	-50%	-66%	$5,336,315
IPX	Iperionx Limited	3.47	-16%	-19%	28%	61%	$1,061,243,393
CTN	Catalina Resources	0.0025	-17%	-17%	-17%	-38%	$3,948,786
ODE	Odessa Minerals Ltd	0.005	-17%	-17%	100%	-9%	$7,997,663
IPT	Impact Minerals	0.007	-18%	-26%	-38%	-43%	$21,416,036
CMO	Cosmometalslimited	0.018	-18%	35%	-26%	-50%	$2,357,872
QXR	Qx Resources Limited	0.004	-20%	14%	-43%	-81%	$5,240,311
BKT	Black Rock Mining	0.024	-20%	-20%	-56%	-65%	$37,561,458
VRC	Volt Resources Ltd	0.004	-20%	33%	-20%	-33%	$18,117,573
ADD	Adavale Resource Ltd	0.002	-20%	0%	-33%	-60%	$6,819,838
LEG	Legend Mining	0.008	-20%	-11%	-38%	-50%	$23,275,817
EVR	Ev Resources Ltd	0.004	-20%	33%	9%	-64%	$9,662,517
AX8	Accelerate Resources	0.008	-20%	-33%	-11%	-74%	$6,720,785
RGL	Riversgold	0.004	-20%	33%	-11%	-50%	$6,734,850
LNR	Lanthanein Resources	0.002	-20%	-33%	-33%	-33%	$4,887,272
LNR	Lanthanein Resources	0.002	-20%	-33%	-33%	-33%	$4,887,272
LU7	Lithium Universe Ltd	0.008	-20%	-6%	-38%	-60%	$7,073,817
LIT	Livium Ltd	0.011	-21%	-27%	-48%	-59%	$19,751,829
ARN	Aldoro Resources	0.365	-22%	16%	306%	329%	$63,868,387
PTR	Petratherm Ltd	0.235	-23%	-41%	1075%	1075%	$72,802,198
ALY	Alchemy Resource Ltd	0.006	-25%	0%	0%	-14%	$8,246,534
STM	Sunstone Metals Ltd	0.006	-25%	-14%	-14%	-40%	$30,900,022
AVW	Avira Resources Ltd	0.008	-27%	-60%	-60%	-60%	$1,175,518
MTM	MTM Critical Metals	0.1575	-30%	-27%	221%	90%	$77,916,595
RLC	Reedy Lagoon Corp.	0.002	-33%	-33%	-33%	-50%	$1,553,413
CDT	Castle Minerals	0.002	-33%	0%	-50%	-69%	$3,793,628
RR1	Reach Resources Ltd	0.009	-40%	29%	-31%	-2%	$7,869,882
RR1	Reach Resources Ltd	0.009	-40%	29%	-31%	-2%	$7,869,882
SGQ	St George Min Ltd	0.019	-41%	-34%	-37%	-10%	$48,020,804
POS	Poseidon Nick Ltd	0	-100%	-100%	-100%	-100%	$23,380,727
LRS	Latin Resources Ltd	0	-100%	-100%	-100%	-100%	$477,661,711
CAI	Calidus Resources	0	-100%	-100%	-100%	-100%	$93,678,206

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Weekly Small Cap Standouts

Patriot Battery Metals (ASX:PMT)

A review of the company’s drill core assay dataset has identified multiple distinct areas of considerable caesium enrichment (>1%) that is coincident with its Vega high-grade lithium zone (CV13).

The primary zone of enrichment can be traced in drill holes over a very large area of about 600m by 400m and remains open in several directions.

Pollucite, the principal and preferred ore mineral for caesium, has been identified at the CV13 pegmatite and is interpreted to be the principal source of the caesium enrichment at the project.

Caesium is a rare and valuable commodity with a range of significant industrial applications such as in atomic clocks, fuel cells, nuclear medicine and batteries. It is listed as a critical mineral by Canada, Japan and the US.

And it’s generating some serious buzz right now, with Toronto-listed Power Metals up over 400% in the past year after making a discovery of the under the radar commodity in Ontario.

PMT’s discovery is significant for the company as it has the potential to be a meaningful by-product to future lithium operations at CV13, which is just 5km from the main CV5 spodumene pegmatite.

This is particularly true as there are only a handful of operators globally currently producing caesium products.

“The identification of multiple zones of extensive cesium (caesium) mineralisation in drill hole at Shaakichiuwaanaan is very significant,” vice president of exploration Darren Smith said.

“Cesium pegmatite occurrences over 1% Cs2O are very rare and represent only the most fractioned and evolved portion of a pegmatite body. “Although the focus for the company is lithium pegmatite and advancing CV5 to production, there is a clear opportunity to potentially delineate a pollucite (cesium) zone of significant scale.”

Firebird Metals (ASX:FRB)

Firebird is now one of a handful of non-Chinese owned companies to have produced lithium manganese iron phosphate (LMFP) batteries after starting LMFP cathode material testwork at its state-of-the-art R&D centre in China’s Hunan Province.

The company has already produced five batches and produced LMFP button batteries from this early round of testing.

It expects to produce a total of 100 batches under its binding strategic collaboration agreement with Central South University of Hunan and will turn each batch into button batteries for full evaluation and analysis.

This is in line with the company’s growth strategy of becoming a near-term, low-cost manganese-based cathode material business that will deliver products into the electric vehicle market.

Thanks to bypassing the packaging and crystallisation steps as well as reduced handling within the sulphate process, FRB expects to be able to reduce the projected manganese sulphate operating cost by ~32% or US$167/t.

Besides this significant operating cost reduction, the company also expects its approach to produce a higher quality LMFP product.

Testwork results will be used to undertake a scoping study and once completed, the company will assess options to expand the current pilot plant to produce approximately one metric tonne per day of LMFP.

FRB has taken an interesting approach, in virtual opposition to its Pilbara manganese neighbour Element 25 (ASX:E25).

FRB is chasing the speed to market with joining an existing industry in China, while E25 has garnered enormous financial support from government and carmakers to build a manganese sulphate plant in the undeveloped US market.

Dreadnought Resources (ASX:DRE)

The explorer has announced an exploration target for Stinger, part of the Mangaroon critical metals project in the Gascoyne region of WA, of between 15-60Mt at 0.5-1 per cent niobium for 150,000-300,000t.

“The Gifford Creek carbonatite complex is one of the largest carbonatite complexes globally and already contains multiple critical minerals including niobium, rare earths, titanium, scandium and phosphorus,” MD Dean Tuck said.

“Stinger has produced some of the thickest and highest-grade niobium intercepts to date and our internal study justifies the next stage of work in conjunction with an industry partner.

“Importantly, the exploration target compares well to the deposits at global operating mines.”

The project is predominantly a gold one, with the plan to eventually bring the Star of Mangaroon gold mine into production, with some niobium by-products.

A scoping study for the project has already flagged an initial production target of ~20koz at 10g/t gold delivering robust financials including a maximum cash drawdown of ~$10M at a AISC of $1800/oz and a post capital and tax operating cashflow of ~$40M at a $4100/oz gold price – increasing to ~$50M at forward gold prices of $4600/oz.

At Stockhead, we tell it like it is. While QEM is a Stockhead advertiser, it did not sponsor this article.