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Mining
Galan Lithium led lithium stocks that dominated the ranks of the best performing battery metal stocks in November though nickel companies also found favour with investors.
Interest in battery metal stocks was strong enough that all save a few companies outperformed the broader market, which itself experienced strong gains of about 10 per cent in November.
Part of this is due to an apparent stabilisation in demand for lithium along with the increased interest in electric vehicles (EVs) as demonstrated by the growing numbers of new EV models in the market.
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| CODE | COMPANY | NOVEMBER RETURN % | 1 YEAR RETURN % | SHARE PRICE | MARKET CAP |
|---|---|---|---|---|---|
| GLN | Galan Lithium Ltd | 152 | 97 | 0.315 | $66.5M |
| AZS | Azure Minerals | 139 | 617 | 0.86 | $223.5M |
| MAN | Mandrake Res Ltd | 96 | 633 | 0.11 | $31.8M |
| PUR | Pursuit Minerals | 83 | 237 | 0.022 | $10.6M |
| INF | Infinity Lithium | 80 | 153 | 0.16 | $46.5M |
| VUL | Vulcan Energy | 74 | 1340 | 2.16 | $172.7M |
| PLS | Pilbara Min Ltd | 74 | 143 | 0.73 | $1.7B |
| CXO | Core Lithium | 67 | 114 | 0.077 | $71.6M |
| EMH | European Metals Hldg | 64 | 148 | 0.77 | $92.4M |
| TLG | Talga Group Ltd | 61 | 301 | 1.81 | $510.3M |
| FGR | First Graphene Ltd | 61 | 58 | 0.225 | $128.8M |
| BKT | Black Rock Mining | 57 | 69 | 0.085 | $58.8M |
| LPI | Lithium Pwr Int Ltd | 56 | 10 | 0.28 | $73.6M |
| ORE | Orocobre Limited | 55 | 58 | 3.97 | $1.4B |
| INR | Ioneer Ltd | 54 | 35 | 0.27 | $480.3M |
| LKE | Lake Resources | 53 | 180 | 0.084 | $70.3M |
| CLA | Celsius Resource Ltd | 52 | 262 | 0.047 | $35.9M |
| SBR | Sabre Resources | 50 | 250 | 0.0105 | $13.8M |
| GXY | Galaxy Resources | 47 | 122 | 2.03 | $880.4M |
| AGY | Argosy Minerals Ltd | 44 | -12 | 0.072 | $74.4M |
| CHN | Chalice Gold Mines | 41 | 2147 | 3.82 | $1.2B |
| GME | GME Resources Ltd | 39 | 6 | 0.057 | $31.7M |
| AVL | Aust Vanadium Ltd | 36 | 50 | 0.015 | $39.5M |
| BSM | Bass Metals Ltd | 33 | -43 | 0.004 | $16.0M |
| DEV | Devex Resources Ltd | 32 | 263 | 0.29 | $77.5M |
| JRV | Jervois Mining | 31 | 87 | 0.355 | $258.7M |
| PRL | Province Resources | 31 | 183 | 0.015 | $8.6M |
| EUR | European Lithium Ltd | 31 | -43 | 0.047 | $34.1M |
| MIN | Mineral Resources. | 27 | 103 | 31.6 | $6.1B |
| PAN | Panoramic Resources | 26 | -53 | 0.1325 | $276.9M |
| NMT | Neometals Ltd | 24 | 34 | 0.235 | $128.2M |
| PSC | Prospect Res Ltd | 21 | 24 | 0.145 | $48.2M |
| AXE | Archer Materials | 20 | 315 | 0.54 | $223.7M |
| AVZ | AVZ Minerals Ltd | 18 | 112 | 0.091 | $268.2M |
| RLC | Reedy Lagoon Corp. | 18 | 333 | 0.013 | $6.1M |
| NIC | Nickel Mines Limited | 17 | 73 | 1.05 | $2.2B |
| CNJ | Conico Ltd | 17 | 169 | 0.035 | $25.3M |
| BHP | BHP Group Limited | 16 | 2 | 39.14 | $113.5B |
| PLL | Piedmont Lithium Ltd | 16 | 252 | 0.37 | $540.6M |
| OZL | OZ Minerals | 14 | 61 | 17 | $5.5B |
| MLX | Metals X Limited | 14 | -19 | 0.089 | $78.0M |
| LIT | Lithium Australia NL | 14 | 68 | 0.057 | $45.2M |
| EGR | Ecograf Limited | 13 | 79 | 0.17 | $61.9M |
| EGR | Ecograf Limited | 13 | 79 | 0.17 | $61.9M |
| LTR | Liontown Resources | 13 | 187 | 0.27 | $484.6M |
| QPM | Queensland Pacific | 11 | 117 | 0.039 | $35.1M |
| CTM | Centaurus Metals Ltd | 11 | 183 | 0.595 | $187.4M |
| MRC | Mineral Commodities | 9 | 40 | 0.35 | $164.2M |
| BOA | Boadicea Resources | 9 | 31 | 0.24 | $14.8M |
| IGO | IGO Limited | 9 | -18 | 4.82 | $2.8B |
South American lithium brines play Galan Lithium (ASX:GLN) was the best performing battery metals company in November with a 152 per cent gain.
This is thanks in no small part to a recent upgrade taking its overall resource up to 3 million tonnes of lithium carbonate equivalent (LCE) at 858 mg/l Li, the third largest in Argentina’s Hombre Muerto salt flat basin.
Nipping at its heels with a 139 per cent increase is Pilbara-focused nickel explorer Azure Minerals (ASX:AZS), which has been intersecting massive nickel sulphides at its Andover project.
Investors clearly liked what they were seeing, committing to a $37m placement at a 26.3 per cent premium to the 30-day volume weighted average price.
The next two companies on our battery metals list owe their big gains to their proximity to Chalice Gold Mines’ (ASX:CHN) exciting Julimar nickel-copper-platinum group element (PGE) discovery, where drilling in mid-November hit thick, high-grade mineralisation.
Mandrake Resources (ASX:MAN) acquired the Jimperding project about 30km east of Julimar back in October while Pursuit Minerals’ (ASX:PUR) acquisition of the Yilgarn Warrior PGE-nickel-copper project comes right at the beginning of December after entering a trading halt last week.
Chalice, which has also made the list of gainers, intersected thick high-grade PGE-copper-gold at the Gonneville Intrusion footwall contact within Julimar in the middle of November.
Many of the other big gainers on our battery metals list are also lithium focused.
Vulcan Energy (ASX:VUL) took out the seventh place after increasing indicated resources at its Taro licence in the Upper Rhine Valley, Germany, to 0.83Mt contained LCE at 181mg/l Li.
This takes its overall Rhine Valley project inferred and indicated resource up to 16.19Mt LCE at 181mg/l Li, giving the company the potential to become a major supplier of lithium carbonate.
Post-November, Pilbara Minerals (ASX:PLS) has moved on from talks with the administrators of Altura Mining (ASX:AJM) to reaching an agreement to acquire the company for $US175m.
The prize is the Pilgangoora lithium project, which given its location right next to its own project, is expected to unlocked synergies in the short and long term.
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