High Voltage: What does Trump 2.0 mean for the inflation reduction act?

Trump administration could repeal elements of Biden’s Inflation Reduction Act
Benchmark analyst says fossil fuels likely to be in the spotlight
Any impact on electric vehicle and battery sector could be years away

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

Donald Trump is back in the White House and with a Republican majority in the Senate, that means he’s got the backing to repeal legislation – including parts of President Joe Biden’s Inflation Reduction Act.

A serial repealer, last time Trump took office he was focused on dismantling Barack Obama’s legislative legacy, and reduced Environmental Protection Agency emissions standards – including softening vehicle efficiency targets.

The idea was to slash environmental red tape that he viewed as an obstacle to business and fossil fuel players in particular.

Benchmark Mineral Intelligence policy analyst Bryan Bille reckons with his second term, fossil fuels will definitely be back on Trump’s agenda.

“Trump’s return to the White House is likely to result in a pivot towards fossil fuels and a relaxation of environmental regulations,” Bille said.

“Donald Trump has reportedly promised to scrap pro-EV rules, mandates, and has regularly criticised the IRA’s tax policy, especially Section 30D, which provides tax credits.”

That would be a bit hit to the electric vehicle and battery sectors, which have enjoyed more than US$110bn of investment since President Biden enacted the IRA in August 2022.

At the start of Biden’s term, BMI’s 2030 gigafactory pipeline sat at around 360 gigawatt-hours, now it’s more than three times that at 1310 gigawatt-hours.

But interestingly, the majority of US states – 92% in fact – enjoying this bumper battery investment have been red.

That means Trump could face a bit of an uphill battle from his own Republican Party, Bille says.

“Mainly Republican states have significantly benefited from clean tech investments resulting from the Inflation Reduction Act,” Bille said.

“Watering down or cancelling these investments would affect the US’ catch up efforts vis-a-vis China.”

Trump may simmer down on the repealing, but Bille says he could still change the implementation of the IRA, according to Bille, such as changing foreign entity of concern (FEOC) rules.

Miners needn’t worry, Trump’s pretty keen on domestic critical mineral production.

“Trump voiced his support for domestic mining, which could result in a more profound permitting reform and further financial support for domestic mining projects,” Bille said.

Don’t worry about EV demand, yet

Bloomberg Hyperdrive’s Craig Trudell says Trump is nothing if not unpredictable, so don’t worry about it too much because its “exceedingly difficult to prognosticate about what’s in store for the global auto industry once he returns to the White House.”

Plus, Trudell notes that the IRA is more MAGA-friendly than meets the eye.

“Plug-in cars have to have been made in North America in order to qualify for purchase credits, for one,” he said.

“Even if fears about the IRA’s demise prove unfounded, there are other policy levers Trump is likely to pull that would undermine the law and what its authors aimed to accomplish.

“His first administration weakened fuel-economy rules that play a role in compelling manufacturers to make more EVs, and also battled California over the state’s ability to set its own stricter auto-emission standards.

“Assuming a second Trump administration makes similar moves, automakers are unlikely to go electric with as much gusto as they otherwise would.”

Bille says despite Trump’s aversion to EVs, it’s notable that Elon Musk – the chief executive of Tesla, the US’ largest EV company – is a staunch supporter and backup dancer.

I’m sorry, this is the funniest single photo of the entire election cycle. pic.twitter.com/w6PuJlPPmW

— Sonny Bunch (@SonnyBunch) October 6, 2024

Trump has expressed an ambition to roll back emission reduction standards, which would reduce demand for EVs.

However, making such changes won’t come quickly.

“Rolling back these standards takes time, typically, years,” Bille said.

“Moreover, another thing to remember is that some federal states have already implemented stringent emission standards and EV adoption programs beyond federal control.”

More tariffs on Chinese imports?

Earlier in 2024, Biden added 100% tariffs to imported Chinese EVs and also increased the tariffs on Chinese critical minerals.

The FEOC rules of the IRA currently only apply for the 30D tax credits when consumers purchase an EV, but Bille says Trump could strengthen these and potentially extend them to apply to the 45X production tax credits.

“There is an expectation of more domestic and foreign policy uncertainty and turbulence,” Bille said.

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 %	6 MONTH %	YEAR %	YTD %	MARKET CAP
PVW	PVW Res Ltd	0.02	-17%	-9%	-20%	-65%	-58%	$ 4,375,905.12
A8G	Australasian Metals	0.08	-16%	-41%	0%	-53%	-53%	$ 4,169,639.52
INF	Infinity Lithium	0.033	6%	3%	-37%	-62%	-67%	$ 17,115,907.44
PSC	Prospect Res Ltd	0.092	19%	-8%	-37%	2%	3%	$ 51,359,893.29
PAM	Pan Asia Metals	0.065	7%	18%	-59%	-55%	-48%	$ 12,925,364.01
CXO	Core Lithium	0.105	-9%	-9%	-25%	-72%	-58%	$ 235,731,709.84
LOT	Lotus Resources Ltd	0.24	-8%	-9%	-45%	-8%	-16%	$ 535,680,551.22
AGY	Argosy Minerals Ltd	0.036	-14%	-5%	-70%	-79%	-73%	$ 53,869,074.56
NWC	New World Resources	0.02	0%	-5%	-44%	-29%	-49%	$ 53,965,352.74
QXR	Qx Resources Limited	0.005	0%	-17%	-62%	-78%	-78%	$ 5,550,389.27
CAE	Cannindah Resources	0.039	-7%	-25%	-26%	-60%	-61%	$ 26,717,038.21
AZL	Arizona Lithium Ltd	0.016	0%	0%	-27%	-16%	-48%	$ 71,581,032.45
RIL	Redivium Limited	0.004	0%	-20%	33%	-43%	-43%	$ 10,987,419.24
COB	Cobalt Blue Ltd	0.095	2%	7%	7%	-62%	-60%	$ 39,712,626.03
LPD	Lepidico Ltd	0.002	0%	0%	-33%	-77%	-74%	$ 17,178,249.77
MRD	Mount Ridley Mines	0.001	0%	0%	0%	-50%	-50%	$ 7,784,882.87
CZN	Corazon Ltd	0.006	20%	20%	-33%	-60%	-60%	$ 4,007,433.53
LKE	Lake Resources	0.056	-10%	44%	-10%	-66%	-57%	$ 105,964,685.57
DEV	Devex Resources Ltd	0.125	-4%	-11%	-58%	-54%	-48%	$ 53,002,880.52
INR	Ioneer Ltd	0.21	-30%	2%	8%	24%	40%	$ 538,087,420.52
MAN	Mandrake Res Ltd	0.026	-4%	-10%	-30%	-28%	-40%	$ 16,936,017.84
RLC	Reedy Lagoon Corp.	0.002	0%	0%	-33%	-50%	-60%	$ 1,523,413.35
GBR	Greatbould Resources	0.043	-20%	-25%	-30%	-37%	-34%	$ 33,391,080.27
FRS	Forrestaniaresources	0.012	-14%	-20%	-33%	-61%	-57%	$ 2,787,966.90
STK	Strickland Metals	0.073	11%	-18%	-27%	-58%	-23%	$ 154,519,031.94
MLX	Metals X Limited	0.47	1%	7%	8%	68%	62%	$ 430,385,189.76
CLA	Celsius Resource Ltd	0.01	-9%	-17%	0%	-13%	-17%	$ 25,710,245.01
FGR	First Graphene Ltd	0.039	-9%	-9%	-34%	-50%	-45%	$ 26,123,237.52
HXG	Hexagon Energy	0.024	0%	-4%	14%	167%	100%	$ 11,797,065.72
TLG	Talga Group Ltd	0.53	31%	45%	-26%	-48%	-32%	$ 248,819,768.58
MNS	Magnis Energy Tech	0.042	0%	0%	0%	-48%	0%	$ 50,378,922.34
PLL	Piedmont Lithium Inc	0.19	-3%	31%	-3%	-57%	-56%	$ 84,948,925.00
EUR	European Lithium Ltd	0.028	-24%	-24%	-44%	-67%	-73%	$ 40,545,556.56
BKT	Black Rock Mining	0.052	0%	0%	-21%	-57%	-38%	$ 65,106,526.42
QEM	QEM Limited	0.055	0%	-45%	-63%	-72%	-68%	$ 9,732,518.09
LYC	Lynas Rare Earths	8.02	5%	5%	23%	15%	12%	$ 7,384,273,661.50
ESR	Estrella Res Ltd	0.017	42%	42%	278%	183%	240%	$ 28,015,578.03
ARL	Ardea Resources Ltd	0.39	-7%	4%	-42%	-26%	-18%	$ 77,876,336.85
GLN	Galan Lithium Ltd	0.155	-14%	35%	-43%	-76%	-77%	$ 109,296,387.00
JLL	Jindalee Lithium Ltd	0.245	9%	4%	-58%	-79%	-76%	$ 18,911,910.77
VUL	Vulcan Energy	4.7	-10%	12%	34%	87%	65%	$ 948,470,397.84
SBR	Sabre Resources	0.012	-8%	-20%	-29%	-68%	-64%	$ 4,715,543.20
CHN	Chalice Mining Ltd	1.585	-15%	3%	35%	-17%	-6%	$ 692,467,682.64
VRC	Volt Resources Ltd	0.004	0%	14%	-20%	-33%	-38%	$ 16,634,712.51
NMT	Neometals Ltd	0.091	-2%	-20%	-13%	-62%	-56%	$ 70,017,682.64
AXN	Alliance Nickel Ltd	0.037	-3%	-20%	3%	-40%	-14%	$ 26,856,065.76
PNN	Power Minerals Ltd	0.096	-9%	-20%	-17%	-64%	-54%	$ 10,900,398.76
IGO	IGO Limited	5.28	0%	-7%	-34%	-45%	-42%	$ 3,831,775,133.78
GED	Golden Deeps	0.03	0%	-25%	-21%	-42%	-35%	$ 4,545,670.47
ADV	Ardiden Ltd	0.135	-7%	0%	-13%	-43%	-23%	$ 8,439,863.31
SRI	Sipa Resources Ltd	0.017	0%	13%	0%	-19%	-32%	$ 3,878,688.30
NTU	Northern Min Ltd	0.02	0%	-5%	-44%	-39%	-33%	$ 147,024,152.14
AXE	Archer Materials	0.305	20%	42%	-35%	-27%	-20%	$ 66,260,223.38
PGM	Platina Resources	0.02	-13%	-9%	-5%	-26%	-5%	$ 13,086,786.95
AAJ	Aruma Resources Ltd	0.017	0%	-6%	13%	-47%	-37%	$ 3,997,047.10
IXR	Ionic Rare Earths	0.01	0%	0%	-23%	-50%	-62%	$ 46,262,745.15
NIC	Nickel Industries	0.93	-4%	2%	-6%	13%	34%	$ 3,968,074,139.00
EVG	Evion Group NL	0.037	23%	32%	37%	-3%	9%	$ 12,490,674.73
CWX	Carawine Resources	0.1	9%	3%	0%	-17%	-9%	$ 23,612,544.90
PLS	Pilbara Min Ltd	3.01	5%	-1%	-28%	-21%	-24%	$ 8,763,421,105.56
HAS	Hastings Tech Met	0.29	16%	0%	-12%	-64%	-58%	$ 52,439,578.86
BUX	Buxton Resources Ltd	0.065	-13%	8%	-46%	-73%	-62%	$ 13,707,026.26
ARR	American Rare Earths	0.24	-6%	-16%	-16%	66%	45%	$ 119,381,591.76
SGQ	St George Min Ltd	0.025	0%	-19%	32%	-44%	-26%	$ 27,213,510.80
TKL	Traka Resources	0.001	-50%	0%	-33%	-68%	-67%	$ 3,891,317.11
PRL	Province Resources	0.041	0%	0%	0%	0%	0%	$ 48,441,218.86
IPT	Impact Minerals	0.012	-4%	-4%	-48%	9%	9%	$ 36,713,204.62
LIT	Livium Ltd	0.02	0%	-5%	-29%	-39%	-33%	$ 26,291,875.20
ARN	Aldoro Resources	0.086	-5%	13%	32%	0%	-31%	$ 11,577,641.90
JRV	Jervois Global Ltd	0.012	9%	-8%	-20%	-65%	-73%	$ 29,730,401.64
SYR	Syrah Resources	0.275	-2%	-7%	-44%	-64%	-57%	$ 310,467,529.80
FBM	Future Battery	0.019	0%	0%	-65%	-78%	-74%	$ 12,641,762.63
ADD	Adavale Resource Ltd	0.002	-33%	-33%	-64%	-78%	-71%	$ 2,447,530.73
LTR	Liontown Resources	0.815	-4%	10%	-34%	-50%	-51%	$ 1,903,709,889.90
CTM	Centaurus Metals Ltd	0.455	-5%	-12%	20%	-15%	-15%	$ 218,548,533.72
VML	Vital Metals Limited	0.003	50%	20%	-40%	-70%	-54%	$ 11,790,133.90
BSX	Blackstone Ltd	0.027	-19%	-5%	-46%	-69%	-61%	$ 14,864,076.36
POS	Poseidon Nick Ltd	0.005	0%	25%	-9%	-68%	-55%	$ 21,019,377.46
CHR	Charger Metals	0.068	1%	-24%	-20%	-77%	-59%	$ 5,187,156.75
AVL	Aust Vanadium Ltd	0.015	0%	-6%	15%	-38%	-29%	$ 138,154,529.22
AUZ	Australian Mines Ltd	0.013	-13%	63%	30%	0%	30%	$ 18,180,657.61
RXL	Rox Resources	0.16	-18%	28%	-3%	-29%	-13%	$ 73,907,151.66
RNU	Renascor Res Ltd	0.071	0%	-9%	-29%	-56%	-45%	$ 180,469,906.64
GL1	Globallith	0.215	-2%	-10%	-41%	-83%	-82%	$ 56,026,395.49
ASN	Anson Resources Ltd	0.065	-13%	-12%	-50%	-65%	-54%	$ 95,541,071.21
SYA	Sayona Mining Ltd	0.03	-17%	-3%	-9%	-64%	-58%	$ 319,092,176.43
EGR	Ecograf Limited	0.082	5%	-9%	-43%	-54%	-41%	$ 37,692,940.98
ATM	Aneka Tambang	0.86	-5%	-16%	-22%	-27%	-27%	$ 1,121,138.14
TVN	Tivan Limited	0.051	6%	11%	-4%	-39%	-15%	$ 91,967,910.53
ALY	Alchemy Resource Ltd	0.007	0%	0%	-13%	-36%	-30%	$ 8,246,533.79
GAL	Galileo Mining Ltd	0.14	-7%	4%	-49%	-54%	-51%	$ 27,667,489.78
BHP	BHP Group Limited	42.99	0%	-4%	1%	-5%	-15%	$ 216,148,190,608.80
LEL	Lithenergy	0.37	0%	12%	-27%	-44%	-36%	$ 41,440,580.53
ASL	Andean Silver	1.105	-22%	0%	91%	439%	309%	$ 191,263,981.10
RMX	Red Mount Min Ltd	0.01	-17%	11%	0%	-71%	-62%	$ 3,873,577.96
GW1	Greenwing Resources	0.054	-17%	20%	-27%	-61%	-60%	$ 13,717,134.47
AQD	Ausquest Limited	0.008	-11%	-25%	-36%	-25%	-25%	$ 6,609,193.78
LML	Lincoln Minerals	0.007	17%	17%	8%	-7%	17%	$ 14,393,816.64
1MC	Morella Corporation	0.031	-3%	3%	-59%	-79%	-77%	$ 9,395,745.98
REE	Rarex Limited	0.012	0%	-8%	-14%	-57%	-57%	$ 9,610,150.03
MRC	Mineral Commodities	0.026	0%	0%	4%	-21%	-19%	$ 25,596,287.57
PUR	Pursuit Minerals	0.0025	-17%	25%	-50%	-75%	-69%	$ 10,906,199.96
QPM	Queensland Pacific	0.034	-3%	-8%	-23%	-43%	-38%	$ 86,980,670.60
EMH	European Metals Hldg	0.155	-11%	-6%	-61%	-76%	-64%	$ 32,153,929.28
BMM	Balkanminingandmin	0.054	0%	-11%	-2%	-55%	-51%	$ 4,388,066.16
PEK	Peak Rare Earths Ltd	0.115	-43%	-38%	-49%	-70%	-67%	$ 30,639,525.79
LEG	Legend Mining	0.013	8%	0%	0%	-38%	-7%	$ 34,913,726.22
MOH	Moho Resources	0.007	40%	17%	75%	0%	-30%	$ 3,774,247.38
AML	Aeon Metals Ltd.	0.005	0%	0%	-29%	-55%	-55%	$ 5,482,003.11
G88	Golden Mile Res Ltd	0.012	-25%	-8%	9%	-50%	-37%	$ 7,092,342.83
WKT	Walkabout Resources	0.095	-3%	-2%	-27%	-37%	-32%	$ 63,769,837.85
TON	Triton Min Ltd	0.009	0%	-18%	-31%	-69%	-61%	$ 14,115,498.61
AR3	Austrare	0.1125	7%	-20%	13%	-42%	-25%	$ 17,450,032.82
ARU	Arafura Rare Earths	0.14	-3%	-22%	-26%	-32%	-15%	$ 345,006,016.74
MIN	Mineral Resources.	38.46	7%	-25%	-50%	-37%	-45%	$ 7,320,317,999.00
VMC	Venus Metals Cor Ltd	0.069	8%	3%	-23%	-37%	-31%	$ 13,729,007.81
S2R	S2 Resources	0.073	-1%	-11%	-39%	-63%	-56%	$ 33,511,491.48
CNJ	Conico Ltd	0.001	0%	0%	0%	-80%	-80%	$ 2,201,527.53
VR8	Vanadium Resources	0.035	-15%	-31%	-20%	-20%	-35%	$ 21,942,382.96
PVT	Pivotal Metals Ltd	0.009	0%	-10%	-47%	-53%	-64%	$ 7,870,282.88
BOA	Boadicea Resources	0.022	0%	0%	-15%	-45%	-39%	$ 2,713,762.63
IPX	Iperionx Limited	3.37	8%	-1%	53%	141%	142%	$ 963,677,622.99
SLZ	Sultan Resources Ltd	0.009	0%	50%	-18%	-43%	-60%	$ 2,314,699.10
SMX	Strata Minerals	0.023	-4%	-15%	28%	-59%	-38%	$ 4,579,564.06
NVA	Nova Minerals Ltd	0.205	-11%	32%	-25%	-23%	-43%	$ 61,455,798.23
MLS	Metals Australia	0.024	9%	-11%	14%	-35%	-35%	$ 17,453,268.58
MQR	Marquee Resource Ltd	0.016	0%	-6%	14%	-41%	-38%	$ 6,662,150.11
MRR	Minrex Resources Ltd	0.008	0%	0%	-27%	-47%	-53%	$ 8,678,940.02
EVR	Ev Resources Ltd	0.003	-35%	-18%	-59%	-70%	-70%	$ 5,585,085.94
EFE	Eastern Resources	0.004	0%	0%	-43%	-43%	-50%	$ 4,967,785.84
CNB	Carnaby Resource Ltd	0.355	-7%	-10%	-48%	-48%	-55%	$ 63,616,781.02
BNR	Bulletin Res Ltd	0.042	-7%	-11%	-21%	-77%	-70%	$ 12,331,759.57
AX8	Accelerate Resources	0.008	-11%	-6%	-80%	-80%	-81%	$ 4,974,031.46
AM7	Arcadia Minerals	0.035	0%	3%	-52%	-57%	-52%	$ 4,096,753.50
AS2	Askarimetalslimited	0.026	-10%	-13%	-46%	-85%	-85%	$ 2,451,753.65
BYH	Bryah Resources Ltd	0.004	33%	0%	-50%	-67%	-69%	$ 2,013,147.42
DTM	Dart Mining NL	0.011	-15%	-27%	-57%	-33%	-29%	$ 4,307,222.45
EMS	Eastern Metals	0.019	-5%	-17%	-42%	-37%	-46%	$ 2,159,848.66
FG1	Flynngold	0.03	-6%	7%	11%	-49%	-34%	$ 8,362,127.04
GSM	Golden State Mining	0.009	-18%	-10%	-25%	-55%	-40%	$ 3,073,076.93
IMI	Infinitymining	0.021	-16%	-51%	-69%	-81%	-85%	$ 5,313,153.15
LRV	Larvottoresources	0.575	-19%	69%	699%	336%	721%	$ 214,668,338.85
LSR	Lodestar Minerals	0.001	0%	0%	-38%	-69%	-69%	$ 3,372,328.92
RAG	Ragnar Metals Ltd	0.021	-5%	17%	17%	-13%	-13%	$ 9,953,705.54
CTN	Catalina Resources	0.004	0%	14%	33%	14%	-11%	$ 4,953,947.57
TMB	Tambourahmetals	0.03	-12%	-17%	-57%	-77%	-73%	$ 3,253,701.45
TEM	Tempest Minerals	0.006	0%	-45%	-21%	-21%	-21%	$ 3,763,618.73
EMC	Everest Metals Corp	0.135	4%	4%	50%	47%	69%	$ 24,216,804.17
WML	Woomera Mining Ltd	0.002	0%	-20%	-50%	-85%	-93%	$ 5,416,475.21
KZR	Kalamazoo Resources	0.088	-4%	7%	1%	-20%	-27%	$ 18,670,745.77
LMG	Latrobe Magnesium	0.027	4%	-33%	-43%	-40%	-58%	$ 58,713,434.38
KOR	Korab Resources	0.008	0%	0%	14%	-47%	-50%	$ 2,936,400.00
CMX	Chemxmaterials	0.026	-33%	-32%	-48%	-67%	-68%	$ 4,644,803.56
NC1	Nicoresourceslimited	0.105	-5%	-13%	-28%	-67%	-70%	$ 12,039,563.25
GRE	Greentechmetals	0.11	-8%	5%	-44%	-83%	-76%	$ 9,554,197.13
CMO	Cosmometalslimited	0.018	0%	-33%	-55%	-61%	-68%	$ 2,357,871.73
FRB	Firebird Metals	0.11	5%	-12%	-42%	-27%	-24%	$ 15,659,754.11
S32	South32 Limited	3.83	4%	4%	6%	17%	15%	$ 17,002,832,521.76
OMH	OM Holdings Limited	0.37	0%	-4%	-28%	-20%	-17%	$ 287,346,300.38
JMS	Jupiter Mines.	0.165	-6%	0%	-42%	-13%	0%	$ 313,680,851.04
E25	Element 25 Ltd	0.275	-8%	-19%	6%	-28%	-35%	$ 60,475,910.28
EMN	Euromanganese	0.06	2%	30%	-25%	-43%	-40%	$ 12,965,672.06
KGD	Kula Gold Limited	0.007	-13%	-13%	-36%	-42%	-53%	$ 4,502,483.45
LRS	Latin Resources Ltd	0.2	5%	-2%	-15%	-26%	-30%	$ 532,269,697.97
CRR	Critical Resources	0.008	0%	0%	-33%	-69%	-62%	$ 15,709,468.90
ENT	Enterprise Metals	0.004	0%	0%	0%	33%	0%	$ 4,713,269.00
SCN	Scorpion Minerals	0.013	-19%	-24%	-48%	-75%	-61%	$ 6,141,842.88
GCM	Green Critical Min	0.008	14%	300%	100%	0%	-11%	$ 12,208,341.11
ENV	Enova Mining Limited	0.008	0%	-20%	-60%	33%	-47%	$ 7,879,434.79
RBX	Resource B	0.036	0%	20%	3%	-72%	-52%	$ 3,718,241.46
AKN	Auking Mining Ltd	0.006	50%	0%	-68%	-85%	-87%	$ 1,956,751.34
RR1	Reach Resources Ltd	0.013	8%	-10%	-24%	-76%	-29%	$ 10,493,176.19
EMT	Emetals Limited	0.005	25%	25%	0%	-29%	-29%	$ 4,250,000.00
PNT	Panthermetalsltd	0.02	-29%	0%	-27%	-61%	-52%	$ 5,413,018.67
WIN	WIN Metals	0.024	-4%	-43%	-33%	-86%	-73%	$ 12,378,321.93
WMG	Western Mines	0.19	-5%	-21%	-47%	-33%	-27%	$ 17,030,215.40
AVW	Avira Resources Ltd	0.001	0%	0%	-33%	0%	-50%	$ 2,938,790.00
CAI	Calidus Resources	0.115	0%	0%	-4%	-38%	-47%	$ 93,678,205.58
GT1	Greentechnology	0.075	-17%	-17%	-29%	-82%	-74%	$ 31,100,167.76
KAI	Kairos Minerals Ltd	0.016	0%	23%	33%	-6%	14%	$ 47,356,419.40
MTM	MTM Critical Metals	0.068	-16%	-1%	6%	196%	0%	$ 26,096,445.60
NWM	Norwest Minerals	0.017	-6%	-23%	-63%	-44%	-37%	$ 8,732,151.18
PGD	Peregrine Gold	0.17	13%	-8%	-23%	-39%	-29%	$ 10,181,763.15
RAS	Ragusa Minerals Ltd	0.014	-13%	-18%	-30%	-67%	-61%	$ 1,996,383.00
RGL	Riversgold	0.004	14%	-20%	-33%	-56%	-67%	$ 5,696,119.08
SRZ	Stellar Resources	0.018	0%	6%	0%	125%	157%	$ 37,435,510.22
STM	Sunstone Metals Ltd	0.007	-13%	40%	-42%	-61%	-53%	$ 36,042,325.45
ZNC	Zenith Minerals Ltd	0.045	-22%	-2%	-45%	-61%	-70%	$ 17,608,431.68
WC8	Wildcat Resources	0.29	-8%	12%	-41%	-68%	-58%	$ 377,152,110.89
ASO	Aston Minerals Ltd	0.01	0%	-23%	-9%	-70%	-58%	$ 14,245,706.96
THR	Thor Energy PLC	0.015	-6%	0%	-12%	-44%	-50%	$ 3,865,221.44
YAR	Yari Minerals Ltd	0.004	0%	0%	-20%	-76%	-65%	$ 1,929,431.25
IG6	Internationalgraphit	0.059	-8%	-19%	-46%	-67%	-63%	$ 12,387,733.12
LPM	Lithium Plus	0.14	-13%	27%	33%	-71%	-61%	$ 18,597,600.00
ODE	Odessa Minerals Ltd	0.007	0%	75%	133%	-22%	-22%	$ 7,609,695.22
KOB	Kobaresourceslimited	0.087	-10%	-33%	-24%	30%	24%	$ 13,319,175.58
AZI	Altamin Limited	0.025	-9%	-9%	-35%	-57%	-50%	$ 12,640,616.30
FTL	Firetail Resources	0.1	-17%	0%	128%	0%	36%	$ 29,812,317.75
LNR	Lanthanein Resources	0.003	-14%	0%	-40%	-50%	-74%	$ 7,330,908.38
CLZ	Classic Min Ltd	0.001	0%	0%	-86%	-98%	-98%	$ 1,544,025.56
NVX	Novonix Limited	0.725	2%	-4%	-12%	-8%	-1%	$ 355,504,892.40
OCN	Oceanalithiumlimited	0.033	0%	10%	-38%	-69%	-73%	$ 2,722,434.00
SUM	Summitminerals	0.175	13%	-27%	17%	86%	77%	$ 13,812,478.08
DVP	Develop Global Ltd	2.33	-8%	1%	-3%	-29%	-18%	$ 637,848,961.50
XTC	XTC Lithium Limited	0.2	19900%	19900%	19900%	0%	19900%	$ 17,528,272.20
OD6	Od6Metalsltd	0.047	-8%	18%	-33%	-72%	-66%	$ 5,919,747.96
HRE	Heavy Rare Earths	0.038	-14%	0%	3%	-53%	-41%	$ 3,202,455.70
LIN	Lindian Resources	0.087	-9%	-12%	-40%	-53%	-40%	$ 107,221,767.95
PEK	Peak Rare Earths Ltd	0.115	-43%	-38%	-49%	-70%	-67%	$ 30,639,525.79
ILU	Iluka Resources	5.84	-2%	-11%	-23%	-21%	-12%	$ 2,518,043,473.68
ASM	Ausstratmaterials	0.535	-1%	-9%	-47%	-68%	-58%	$ 97,912,603.44
ETM	Energy Transition	0.023	5%	5%	-34%	-30%	-41%	$ 32,400,299.59
CRI	Criticalim	0.011	-8%	-15%	-48%	22%	57%	$ 32,067,785.68
IDA	Indiana Resources	0.11	10%	13%	38%	101%	38%	$ 69,945,840.36
VTM	Victory Metals Ltd	0.35	-4%	-10%	52%	25%	67%	$ 43,906,974.83
M2R	Miramar	0.006	-25%	-14%	-36%	-67%	-70%	$ 1,984,116.43
WCN	White Cliff Min Ltd	0.018	0%	-25%	13%	80%	100%	$ 34,028,473.46
TAR	Taruga Minerals	0.013	8%	44%	44%	30%	18%	$ 9,178,348.21
ABX	ABX Group Limited	0.043	0%	2%	-31%	-36%	-40%	$ 10,751,733.50
MEK	Meeka Metals Limited	0.064	-26%	7%	88%	78%	60%	$ 135,031,027.98
RR1	Reach Resources Ltd	0.013	8%	-10%	-24%	-76%	-29%	$ 10,493,176.19
DRE	Dreadnought Resources Ltd	0.017	13%	6%	-6%	-48%	-43%	$ 60,044,000.00
KFM	Kingfisher Mining	0.06	-2%	-14%	-15%	-60%	-60%	$ 3,384,045.06
AOA	Ausmon Resorces	0.002	0%	-20%	0%	-33%	-33%	$ 2,117,998.69
WC1	Westcobarmetals	0.021	11%	-12%	-43%	-64%	-72%	$ 3,202,506.95
GRL	Godolphin Resources	0.016	-11%	23%	-36%	-56%	-59%	$ 5,375,590.76
DM1	Desert Metals	0.028	-15%	33%	22%	-28%	-45%	$ 7,962,770.79
PTR	Petratherm Ltd	0.047	-16%	-2%	62%	2%	34%	$ 14,870,632.90
ITM	Itech Minerals Ltd	0.07	-3%	-5%	3%	-50%	-36%	$ 11,610,006.38
KTA	Krakatoa Resources	0.01	-9%	-9%	-47%	-63%	-72%	$ 4,721,072.20
M24	Mamba Exploration	0.011	-8%	-15%	-50%	-62%	-78%	$ 2,256,987.31
LNR	Lanthanein Resources	0.003	-14%	0%	-40%	-50%	-74%	$ 7,330,908.38
TKM	Trek Metals Ltd	0.031	7%	3%	-11%	-38%	-23%	$ 15,416,185.86
BCA	Black Canyon Limited	0.063	-2%	-2%	-52%	-55%	-55%	$ 5,067,445.04
CDT	Castle Minerals	0.003	0%	0%	-45%	-70%	-68%	$ 4,118,442.32
DLI	Delta Lithium	0.225	-10%	-6%	-25%	-60%	-52%	$ 167,650,678.37
A11	Atlantic Lithium	0.23	-15%	-10%	-41%	-41%	-42%	$ 151,595,629.13
KNI	Kunikolimited	0.22	22%	26%	-6%	-31%	-27%	$ 19,523,085.30
CY5	Cygnus Metals Ltd	0.14	0%	65%	79%	-20%	4%	$ 64,077,706.13
WR1	Winsome Resources	0.525	1%	-9%	-59%	-62%	-50%	$ 112,964,588.43
LLI	Loyal Lithium Ltd	0.115	-8%	-23%	-54%	-76%	-63%	$ 9,273,306.30
BC8	Black Cat Syndicate	0.52	-12%	1%	104%	142%	108%	$ 297,524,993.90
BUR	Burleyminerals	0.074	-20%	12%	42%	-66%	-55%	$ 11,127,449.86
PBL	Parabellumresources	0.06	22%	9%	40%	-83%	-14%	$ 3,738,000.06
L1M	Lightning Minerals	0.074	14%	14%	-21%	-38%	-47%	$ 6,698,254.43
WA1	Wa1Resourcesltd	13.02	-3%	-10%	-27%	36%	5%	$ 924,320,342.40
EV1	Evolutionenergy	0.037	0%	9%	-49%	-74%	-74%	$ 13,701,551.43
1AE	Auroraenergymetals	0.047	2%	-11%	-45%	-50%	-59%	$ 8,236,931.90
RVT	Richmond Vanadium	0.32	8%	-2%	10%	-16%	14%	$ 27,586,497.92
PMT	Patriotbatterymetals	0.36	-8%	-17%	-54%	-69%	-68%	$ 218,318,007.90
PAT	Patriot Lithium	0.045	7%	22%	-45%	-79%	-75%	$ 4,656,620.93
BM8	Battery Age Minerals	0.095	-1%	-21%	-5%	-55%	-50%	$ 9,668,543.30
OM1	Omnia Metals Group	0.078	0%	0%	0%	0%	0%	$ 4,550,567.66
VHM	Vhmlimited	0.395	-5%	-14%	-20%	-16%	-44%	$ 64,313,985.45
LLL	Leolithiumlimited	0.505	0%	0%	0%	0%	0%	$ 605,458,341.55
SRN	Surefire Rescs NL	0.004	-20%	-33%	-60%	-67%	-53%	$ 7,945,231.25
SRL	Sunrise	0.32	-9%	-20%	-44%	-55%	-30%	$ 30,677,349.32
SYR	Syrah Resources	0.275	-2%	-7%	-44%	-64%	-57%	$ 310,467,529.80
EG1	Evergreenlithium	0.082	0%	95%	-11%	-53%	-57%	$ 4,610,860.00
WSR	Westar Resources	0.009	0%	13%	-18%	-44%	-50%	$ 3,588,523.32
LU7	Lithium Universe Ltd	0.01	-28%	-28%	-60%	-76%	-70%	$ 5,939,135.64
MEI	Meteoric Resources	0.105	-9%	5%	-52%	-55%	-60%	$ 241,364,677.37
REC	Rechargemetals	0.028	-7%	-18%	-18%	-78%	-71%	$ 3,911,319.08
SLM	Solismineralsltd	0.09	-6%	-3%	-10%	-63%	-38%	$ 6,807,049.39
DYM	Dynamicmetalslimited	0.215	-2%	10%	26%	5%	54%	$ 7,740,000.00
TOR	Torque Met	0.068	-8%	-7%	-48%	-65%	-69%	$ 15,210,905.19
ICL	Iceni Gold	0.0495	3%	34%	115%	-15%	-5%	$ 13,315,431.22
TMX	Terrain Minerals	0.0035	17%	-13%	-13%	-30%	-30%	$ 5,400,086.41
MHC	Manhattan Corp Ltd	0.001	-50%	-50%	-40%	-76%	-70%	$ 8,995,939.72
MHK	Metalhawk.	0.195	11%	22%	225%	39%	44%	$ 18,623,950.37
ANX	Anax Metals Ltd	0.011	-8%	-42%	-73%	-63%	-63%	$ 9,585,784.36
FIN	FIN Resources Ltd	0.007	0%	0%	-50%	-76%	-68%	$ 4,544,880.90
LM1	Leeuwin Metals Ltd	0.073	0%	-13%	14%	-73%	-48%	$ 3,420,171.98
HAW	Hawthorn Resources	0.059	0%	2%	-17%	-41%	-37%	$ 19,765,921.17
LCY	Legacy Iron Ore	0.012555	0%	0%	-24%	-24%	-24%	$ 96,846,683.85
RON	Roninresourcesltd	0.14	0%	17%	22%	8%	-24%	$ 5,155,501.40
ASR	Asra Minerals Ltd	0.0035	-13%	-22%	-50%	-50%	-50%	$ 6,694,673.99
PFE	Panteraminerals	0.022	-8%	-15%	-39%	-61%	-56%	$ 9,549,344.24
KM1	Kalimetalslimited	0.145	4%	26%	-64%	0%	0%	$ 12,676,557.96
LTM	Arcadium Lithium PLC	8.22	0%	97%	17%	0%	-27%	$ 2,428,452,165.15
KNG	Kingsland Minerals	0.205	14%	-7%	-16%	-21%	-28%	$ 15,237,791.31

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Weekly Small Cap Standouts

Parabellum Resources (ASX:PBL)

A company in search of a purpose, Parabellum has flagged further returns having banked a $324,828 payment to boost its treasury after a company which had an 80% option over the Khotgor project in Mongolia let that option lapse.

The payment came from unspent cash on the $3.9m program funded by PBL at what it said on the acquisition in 2022 was a large rare earth project.

PBL is planning to sell its 30% ownership stake in Temarise, but keep a pilot plant, drill data, resource and IP acquired and developed since the company invested in 2022.

Mark Hohnen and Peter Secker have stepped down from the company’s board with Peter Ruse to become chairman, Shaun Menezes to remain as a non-exec director, CFO and company secretary and Fabio Vergara to join as an NED.

Vergara is a Perth geologist who has worked across a range of projects in emerging regions and with Charlie Bass’ family office including copper explorer Eagle Mountain Mining (ASX:EM2). Project acquisitions are on the cards.

“Parabellum sits in an enviable position with a healthy cash balance following the capital return from the Temarise Investment and the flexibility to actively pursue value accretive acquisitions in line with our strategy,” Ruse said.

“With a reduced board, low corporate overheads, and added technical expertise “in-house” we are excited about the pathway ahead.”

Archer Materials (ASX:AXE)

Shares in the semiconductor stocks surged yesterday by over 17% as it announced its commercial foundry partner in the Netherlands had fabricated a miniaturised version of its biochip graphene field effect transistor.

The Applied Nanolayers foundry was able to produce a chip that had been trimmed in size by 97% from 10 by 10 millimetres to just 1.5mm x 1.5mm.

“Archer is proactively reducing device fabrication costs and paving the way for a wafer-scale run of over a thousand miniaturised gFET chips. The team has been able to achieve this significant step by applying its know-how in gFET chip design,” AXE chair Greg English said.

“By working with Applied Nanolayers and AOI Electronics on the miniaturised gFET chips, we have successfully proved the fabless commercial model to support development of the Biochip and strengthen our relationships with semiconductor supply-chain partners.”