High Voltage: Let’s talk about Sachs… Goldman Sachs. And the gloomy lithium outlook it got right

Estimated read time 15 min read

Lithium spot prices and many related mining/exploration stocks are trending lower right now
Was it something you said, Goldman Sachs? To be fair, it hasn’t been just GS with the downbeat forecasting
At least some ASX battery metal hunters are gaining this past week, though

 

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

 

First things first, where’s the latest commodity “spot” pricing at for the headline-stealing battery metal (which isn’t even the biggest component by size and weight in EV batteries)?

Here’s Lithium Price Bot with a quick-fire answer and a very limp looking line chart…

2023-12-04#Lithium Carbonate 99.5% Min China Spot

Price: $17,932.80
1 day: $280.20 (-1.54%)
YTD: -75.67%#Spodumene Concentrate (6%, CIF China)

Price: $1,700.00
1 day: -30 (-1.73%)
YTD: -70.82%

Sponsored by @SiennaResources $SIE $SNNAFhttps://t.co/pwsG2P1eQ7

— Lithium Price Bot (@LithiumPriceBot) December 4, 2023

Based on these industry standard Chinese-market-guided pricings, Li carbonate is down another percentage and a half on the daily and a depressing -75% YTD. Spodumene is trending something similar. Downwards.

And here’s Miner Deck’s latest, which paints an even starker visual for lithium among its contemporaries right now… Look at those precious types up the top, lording it up. Kinda sucks to be a battery metal that isn’t nickel right now. Okay, copper, too.

Source: Miner Deck, December 4

Lithium pundit Chris Berry has a chart to share here, too. That lithium price movement is crypto-bubble-esque.

Battery metals since early 2018 (peak of last cycle) pic.twitter.com/g5mNbuphwn

— Chris Berry (@cberry1) December 4, 2023

Latest takes from Goldman…

Per its latest analysis (spread by the AFR on Dec 4) prominent investment banking firm Goldman Sachs says it expects the global lithium market to be in a 202,000 tonne surplus in 2024, which it says represents 17% of global demand.

The broker’s commodities analysts said they “expect prices to trade deeply into the cost curve to balance the market”, adding:

“In this context, we maintain our bearish view on the lithium market and lower our 12-month target for China Lithium Carbonate (excluding VAT) to US$11,000 a tonne and CME Asia CIF Lithium Hydroxide to US$12,000/t (from US$15,000/t and US$16,500/t respectively previously).

As we’ve mentioned in this column and elsewhere in Stockhead recently, Goldman is citing a large dip in battery demand out of China.

“The rise in chemical output has overtaken the growth in China battery output and China’s imports of spodumene concentrate – particularly from Australia and Zimbabwe – have continued to grow sharply,” said Goldman’s team.

They also said this:

“At the same point, there remains little evidence of supply rationing, with only an estimated 40kt of supply loss over the past 12 months due to cost pressures. However, with the market largely balanced year to date, the full extent of supply-led surplus is yet to be realised, with prices still 33% above the top end of the integrated cost curve.”

(For more on the broker’s latest views, read this Ground Breakers piece by Josh Chiat.)

 

… and UBS…

UBS says #Lithium spodumene prices could fall as low as US$800/t in the face of weakening demand and strong supply. UBS has downgraded lithium price forecasts by a further -25-45%. What’s your thoughts? $PLS $LKE $CXO $SYA $LTR $GLN $WR1 $PMT

— Hayley (@Stock_Vixen) December 4, 2023

Per Carl Capolingua’s Market Index-housed analysis on a recent UBS (Union Bank of Switzerland) research note, however, he says UBS acknowledges in the longer term that:

“It is hard to be all-out negative on a market that even on conservative estimates is expected to grow 2-3x by the end of 2030.”

“But, in the short-to-medium term, the demand-supply dynamics aren’t so rosy,” noted Capolingua, adding:

“To put some numbers to this narrative. UBS believes the demand side is likely to grow by around 25% in 2024, but supply is expected to grow 40%.”

 

… and Benchmark

Benchmark Mineral Intelligence has published a research note this week in which it forecasted “a more balanced market in 2024” but one which is “likely to keep prices at similar levels to today”.

Okay… so does that mean we’ve hit one big, long bottoming out then? Actually…

“Through constant contact with participants from across the lithium supply chain, short term expectations are that there remains scope for further price reductions in the near term,” continued the sector’s price reporting agency.

But… hang on, something to cling to here…

“Nonetheless, the slim forecasted surplus could swing into a deficit if only one major project delay occurs. Equally, should global EV sales rise 600,000 units above base case demand forecasts, the supply and demand dynamic would flip, which could lend some support to prices.”

Not an unthinkable scenario, says Benchmark, which adds that cheaper lithium prices will inevitably trickle down to enable cheaper EVs – “which would in turn accelerate demand for them”.

 

Has GS been pretty much on the money for a while now?

Say what you like about Goldman Sachs (Joe “Mr Lithium” Lowry certainly does), but some of its analysis on lithium forecasting leading into and throughout this year has (we say through gritted teeth) turned out to be pretty accurate.

No, we’re not saying they always get it right, no one does, but sometimes these institutional analysts earn their keep…

In January this year, Goldman said:

“Our least preferred commodities are the battery materials (lithium, nickel & cobalt) and thermal coal both on our forecasts for 2H surpluses.”

Well before that, Goldman famously tanked lithium stocks with a bearish note on 2023-2024 prices back in May of 2022, as pointed out in this Monsters of Rock article from almost a year ago.

And remember when MinRes boss Chris Ellison wanted to know what Goldman Sachs was smoking when it called the end of the lithium boom?

In 2022, bears were few and far between and largely in hibernation. Prices were heading towards 80k/t and everyone with lithium exposure in their portfolio was loving life.

Through boom and bust cycles, sections of the lithium market have scoffed at such bearish predictions from the likes of Goldman… but… whaddaya reckon – some credit where credit’s due?

We’ll turn to prominent lithium pundit Daniel Jimenez, though, for at least some sort of nod to balance on the latest negative Goldman outlook…

No surprise Goldman Sachs’ bearish view on Li given the “optimistic” supply assumptions.
GS’s 2023 supply forecast, for Aus, Chile and Argentina is 9%, 15% and 56% higher than iLiMarkets’. This is already hard data!!
With this bias it is hard to believe their 24 onwards… pic.twitter.com/T0GODV0GOs

— Daniel Jimenez Sch (@D_Jimenez_Sch) November 30, 2023

 

What’s surging right now in ASX lithium land?

(Circa 5pm-ish on December 5)

Charged up

Western Mines Group (ASX:WMG) +38% (Multiple intersections over 1% nickel)

Adavale Resources (ASX:ADD)+38% (Potential 700m nickel strike extend; uranium licence granted)

Cosmo Metals (ASX:CMO)+31% (Up on no fresh news this week)

 

ASX lithium form guide:

Scroll or swipe to reveal table. Click headings to sort. Best viewed on a laptop. (Note: figures accurate per ASX at 3pm.) 

Stocks missing from this list?

Email [email protected] 

Code Company Price % Week % Month % Year % YTD Market Cap PVW PVW Res Ltd 0.051 4% -11% -58% -5% $5,171,644 A8G Australasian Metals 0.17 -3% 0% -28% -2% $8,860,484 INF Infinity Lithium 0.1 -11% 18% -44% -2% $50,885,130 LPI Lithium Pwr Int Ltd 0.54 0% 3% 1% 10% $347,476,554 PSC Prospect Res Ltd 0.082 -17% -10% -47% -4% $41,236,545 PAM Pan Asia Metals 0.135 -7% -10% -69% -28% $25,053,215 CXO Core Lithium 0.23 -30% -40% -83% -80% $544,918,564 LOT Lotus Resources Ltd 0.3 7% 15% 40% 10% $534,604,578 AGY Argosy Minerals Ltd 0.15 -14% -12% -77% -42% $224,705,200 AZS Azure Minerals 3.57 -11% -7% 1300% 335% $1,697,114,428 NWC New World Resources 0.038 -5% 36% -6% 0% $90,469,682 QXR Qx Resources Limited 0.026 -13% 13% -54% -2% $30,960,380 GSR Greenstone Resources 0.008 14% 0% -77% -2% $12,313,021 CAE Cannindah Resources 0.09 -14% -9% -64% -15% $53,183,356 AZL Arizona Lithium Ltd 0.036 -14% 100% -49% -3% $133,780,576 RIL Redivium Limited 0.006 -25% -14% -71% -1% $16,385,129 COB Cobalt Blue Ltd 0.265 -21% 4% -61% -32% $103,230,075 ESS Essential Metals Ltd 0 -100% -100% -100% -33% $135,278,382 LPD Lepidico Ltd 0.0085 6% -6% -47% -1% $64,925,618 MRD Mount Ridley Mines 0.002 0% 0% -50% 0% $15,569,766 CZN Corazon Ltd 0.017 -15% 13% 6% 0% $10,465,164 LKE Lake Resources 0.12 -20% -27% -88% -68% $177,805,588 DEV Devex Resources Ltd 0.265 2% -4% -28% -2% $116,915,528 INR Ioneer Ltd 0.14 -7% -20% -77% -24% $306,154,761 AVZ AVZ Minerals Ltd 0.78 0% 0% 0% 0% $2,752,409,203 MAN Mandrake Res Ltd 0.04 -2% 18% -7% 0% $25,246,157 RLC Reedy Lagoon Corp. 0.006 -14% 50% -48% 0% $4,316,785 GBR Greatbould Resources 0.072 29% 18% -18% -2% $40,083,245 FRS Forrestaniaresources 0.029 -3% -6% -81% -11% $5,015,358 STK Strickland Metals 0.165 -6% 6% 267% 13% $293,357,352 MLX Metals X Limited 0.255 -6% -11% -11% -13% $240,425,508 CLA Celsius Resource Ltd 0.0125 4% 14% -11% 0% $29,198,672 FGR First Graphene Ltd 0.07 3% -9% -44% -4% $41,713,723 HXG Hexagon Energy 0.009 0% 0% -47% -1% $4,616,243 TLG Talga Group Ltd 0.885 -10% -19% -38% -52% $339,108,922 MNS Magnis Energy Tech 0.042 -22% -47% -89% -33% $53,977,417 OZL OZ Minerals 0 -100% -100% -100% -2617% $8,918,404,433 PLL Piedmont Lithium Inc 0.37 -12% -19% -55% -28% $147,054,720 EUR European Lithium Ltd 0.069 -15% -8% -17% -1% $101,779,460 BKT Black Rock Mining 0.0765 -23% -36% -49% -6% $87,785,571 QEM QEM Limited 0.185 -3% -8% 3% 1% $26,493,550 LYC Lynas Rare Earths 6.24 -4% -13% -31% -161% $6,019,431,524 ESR Estrella Res Ltd 0.006 20% 20% -50% -1% $8,795,359 ARL Ardea Resources Ltd 0.44 -3% -20% -55% -27% $84,677,933 GLN Galan Lithium Ltd 0.57 -8% -12% -60% -50% $211,933,368 JLL Jindalee Lithium Ltd 0.95 3% -23% -56% -94% $57,902,512 VUL Vulcan Energy 2.26 -4% -4% -69% -407% $400,930,109 SBR Sabre Resources 0.029 -24% -26% -28% -1% $12,673,107 CHN Chalice Mining Ltd 1.485 1% -23% -74% -482% $604,837,938 VRC Volt Resources Ltd 0.006 0% -14% -65% -1% $28,910,747 NMT Neometals Ltd 0.185 -18% -22% -82% -59% $118,205,531 AXN Alliance Nickel Ltd 0.052 -10% -5% -45% -4% $37,743,660 PNN Power Minerals Ltd 0.2 -20% -26% -68% -33% $19,215,309 IGO IGO Limited 7.49 -11% -23% -54% -597% $6,080,860,538 GED Golden Deeps 0.049 -8% -2% -46% -4% $5,545,073 ADV Ardiden Ltd 0.2 -9% -15% -48% -10% $11,253,151 SRI Sipa Resources Ltd 0.021 -16% 5% -48% -1% $4,791,321 NTU Northern Min Ltd 0.033 -6% 0% -21% -1% $200,973,294 AXE Archer Materials 0.38 -6% -7% -45% -24% $99,390,335 PGM Platina Resources 0.024 -4% -14% 33% 1% $16,202,689 AAJ Aruma Resources Ltd 0.031 -3% -3% -58% -2% $6,300,528 IXR Ionic Rare Earths 0.022 10% 10% -44% -1% $92,796,213 NIC Nickel Industries 0.68 -6% -17% -34% -29% $3,042,925,015 EVG Evion Group NL 0.033 -3% -18% -65% -4% $12,108,572 CWX Carawine Resources 0.115 5% -4% 28% 2% $25,973,799 PLS Pilbara Min Ltd 3.23 -9% -14% -34% -52% $10,623,403,190 HAS Hastings Tech Met 0.7 -4% -20% -83% -282% $88,616,157 BUX Buxton Resources Ltd 0.185 -3% -10% 87% 7% $32,916,909 ARR American Rare Earths 0.135 -16% -4% -44% -6% $64,731,378 SGQ St George Min Ltd 0.0365 11% -19% -56% -3% $35,427,116 TKL Traka Resources 0.004 0% -20% -33% 0% $3,501,317 PAN Panoramic Resources 0.035 0% 3% -83% -14% $103,937,992 PRL Province Resources 0.041 0% 0% -39% -2% $48,441,219 IPT Impact Minerals 0.011 0% 0% 29% 0% $30,079,391 LIT Lithium Australia 0.029 -6% -6% -42% -2% $36,665,750 AKE Allkem Limited 8.3 -1% -13% -42% -294% $5,523,735,972 ARN Aldoro Resources 0.083 -1% -12% -71% -8% $11,173,771 JRV Jervois Global Ltd 0.037 -12% 12% -90% -23% $110,803,348 MCR Mincor Resources NL 0 -100% -100% -100% -151% $751,215,521 SYR Syrah Resources 0.56 -10% -26% -78% -150% $388,641,195 FBM Future Battery 0.072 -5% -20% 36% 2% $39,497,943 ADD Adavale Resource Ltd 0.011 38% 29% -52% -1% $5,842,954 LTR Liontown Resources 1.235 -10% -25% -41% -9% $3,285,526,258 CTM Centaurus Metals Ltd 0.485 -3% -6% -59% -64% $242,480,240 VML Vital Metals Limited 0.01 0% 0% -64% -1% $53,061,498 BSX Blackstone Ltd 0.087 0% -13% -46% -5% $41,210,935 POS Poseidon Nick Ltd 0.016 -6% -6% -58% -2% $63,109,448 CHR Charger Metals 0.24 -11% -11% -59% -21% $17,815,020 AVL Aust Vanadium Ltd 0.023 0% -8% -15% 0% $114,277,956 AUZ Australian Mines Ltd 0.014 0% 12% -77% -4% $11,238,734 TMT Technology Metals 0.21 -9% -2% -37% -14% $53,400,057 RXL Rox Resources 0.205 21% -13% 11% 3% $79,207,053 RNU Renascor Res Ltd 0.135 0% -13% -60% -8% $342,820,012 GL1 Globallith 1.24 -5% -5% -47% -61% $325,331,624 BRB Breaker Res NL 0 -100% -100% -100% -32% $158,126,031 ASN Anson Resources Ltd 0.145 0% -22% -36% -4% $186,432,180 SYA Sayona Mining Ltd 0.053 -23% -38% -77% -14% $576,424,577 FFX Firefinch Ltd 0.2 0% 0% 0% 0% $236,569,315 EGR Ecograf Limited 0.155 -9% -11% -44% -7% $72,645,091 ATM Aneka Tambang 1.18 0% 0% 12% 28% $1,538,306 TVN Tivan Limited 0.078 0% 3% -16% 1% $125,773,413 ALY Alchemy Resource Ltd 0.01 0% -9% -63% -1% $11,191,724 GAL Galileo Mining Ltd 0.275 -5% -13% -73% -61% $52,370,606 BHP BHP Group Limited 46.52 0% 2% 2% 89% ############## LEL Lithenergy 0.58 6% -18% -41% -19% $60,775,900 MMC Mitremining 0.29 29% 29% 16% 1% $12,698,028 RMX Red Mount Min Ltd 0.0035 0% -13% -30% 0% $10,694,304 GW1 Greenwing Resources 0.105 -9% -19% -68% -17% $17,425,148 AQD Ausquest Limited 0.013 18% 8% -35% 0% $10,726,940 LML Lincoln Minerals 0.0055 -21% -21% -20% 0% $8,469,226 1MC Morella Corporation 0.006 0% 9% -68% -1% $36,981,556 REE Rarex Limited 0.028 -15% -3% -43% -3% $17,768,051 MRC Mineral Commodities 0.029 -3% -12% -55% -3% $28,549,705 PUR Pursuit Minerals 0.008 -16% -20% -27% -1% $23,551,771 QPM Queensland Pacific 0.052 -2% -13% -58% -6% $104,652,096 EMH European Metals Hldg 0.555 -8% -15% -26% -9% $69,780,546 BMM Balkanminingandmin 0.13 -13% 8% -57% -20% $9,288,968 PEK Peak Rare Earths Ltd 0.3525 -6% -12% -23% -10% $95,270,928 LEG Legend Mining 0.02 5% 5% -41% -2% $55,185,067 MOH Moho Resources 0.009 -10% 50% -61% -1% $4,590,600 AML Aeon Metals Ltd. 0.012 9% 9% -60% -2% $12,060,407 G88 Golden Mile Res Ltd 0.019 -10% -10% -27% 0% $6,917,180 WKT Walkabout Resources 0.15 7% 20% 43% 1% $100,689,218 TON Triton Min Ltd 0.02 -13% -31% -38% -2% $32,788,552 AR3 Austrare 0.15 -6% -23% -55% -25% $23,124,894 ARU Arafura Rare Earths 0.195 -3% -7% -56% -27% $422,672,938 MIN Mineral Resources. 57.32 -8% -6% -36% -1988% $11,695,570,766 VMC Venus Metals Cor Ltd 0.1 0% -9% 27% 2% $19,921,512 S2R S2 Resources 0.19 12% 3% 15% 2% $82,018,304 CNJ Conico Ltd 0.005 0% 0% -44% 0% $7,065,427 VR8 Vanadium Resources 0.045 0% 2% -27% -1% $24,756,104 PVT Pivotal Metals Ltd 0.019 -5% 0% -58% -3% $9,313,761 BOA Boadicea Resources 0.036 -12% -8% -61% -6% $4,431,251 IPX Iperionx Limited 1.34 -1% -2% 68% 65% $308,393,917 SLZ Sultan Resources Ltd 0.014 -13% -7% -83% -7% $2,371,041 NKL Nickelxltd 0.06 5% 7% -33% -2% $5,268,910 NVA Nova Minerals Ltd 0.295 18% 13% -60% -39% $59,049,189 MLS Metals Australia 0.0345 -1% -9% -23% -1% $22,465,303 MQR Marquee Resource Ltd 0.025 -17% 0% -56% -1% $11,574,763 MRR Minrex Resources Ltd 0.017 -11% 31% -59% -2% $18,442,748 EVR Ev Resources Ltd 0.01 -5% -9% -41% 0% $9,545,883 EFE Eastern Resources 0.009 -10% 13% -72% -2% $11,177,518 CNB Carnaby Resource Ltd 0.69 13% 8% -20% -25% $114,806,668 BNR Bulletin Res Ltd 0.115 -28% -30% -4% 2% $38,166,843 AX8 Accelerate Resources 0.038 -7% 3% 31% 2% $19,352,090 AM7 Arcadia Minerals 0.085 0% 0% -67% -12% $9,269,259 AS2 Askarimetalslimited 0.175 -8% 0% -55% -26% $13,923,038 BYH Bryah Resources Ltd 0.013 -7% 0% -53% -1% $6,504,109 DTM Dart Mining NL 0.017 6% -6% -73% -4% $3,641,274 EMS Eastern Metals 0.032 0% 7% -67% -4% $2,637,640 FG1 Flynngold 0.064 -24% -4% -39% -4% $10,365,076 GSM Golden State Mining 0.018 6% -10% -63% -3% $4,538,345 IMI Infinitymining 0.14 17% 22% -62% -14% $10,900,361 LRV Larvottoresources 0.073 -24% -45% -55% -7% $5,380,378 LSR Lodestar Minerals 0.0045 13% -10% -18% 0% $8,093,589 RAG Ragnar Metals Ltd 0.021 -9% -9% 22% 1% $9,953,600 CTN Catalina Resources 0.0035 17% -13% -56% -1% $4,334,704 TMB Tambourahmetals 0.145 7% 7% 4% 4% $12,855,755 TEM Tempest Minerals 0.008 0% 0% -70% -2% $4,091,068 EMC Everest Metals Corp 0.083 -11% -13% 11% 0% $14,042,347 WML Woomera Mining Ltd 0.029 26% 142% 93% 1% $31,036,058 KZR Kalamazoo Resources 0.125 0% 28% -43% -9% $22,278,031 LMG Latrobe Magnesium 0.055 -2% 17% -29% -2% $105,923,022 KOR Korab Resources 0.017 -6% 13% -39% -1% $6,239,850 CMX Chemxmaterials 0.067 -7% -3% -57% -12% $3,992,442 NC1 Nicoresourceslimited 0.3 2% -8% -59% -31% $31,950,173 GRE Greentechmetals 0.41 -23% -25% 173% 27% $30,584,467 CMO Cosmometalslimited 0.064 31% 28% -53% -7% $2,081,800 FRB Firebird Metals 0.155 -3% 3% -18% 0% $14,293,325 S32 South32 Limited 3.06 -1% -8% -27% -94% $14,131,286,732 OMH OM Holdings Limited 0.47 1% 1% -32% -23% $336,073,618 JMS Jupiter Mines. 0.165 -3% -11% -18% -6% $333,028,476 E25 Element 25 Ltd 0.5 4% 20% -56% -38% $107,677,516 EMN Euromanganese 0.11 10% 10% -69% -25% $29,288,752 KGD Kula Gold Limited 0.022 -35% 76% -31% 0% $10,484,144 LRS Latin Resources Ltd 0.17 -8% -37% 17% 7% $499,051,116 CRR Critical Resources 0.022 -15% -15% -57% -2% $41,779,482 ENT Enterprise Metals 0.003 0% 0% -67% -1% $2,398,413 SCN Scorpion Minerals 0.039 -20% -24% -46% -3% $16,268,248 GCM Green Critical Min 0.0095 -5% 19% -47% -1% $10,229,265 ENV Enova Mining Limited 0.009 0% 50% -25% -1% $5,768,364 RBX Resource B 0.084 -1% -35% -3% 0% $6,945,497 AKN Auking Mining Ltd 0.051 -14% 21% -47% -5% $11,517,685 RR1 Reach Resources Ltd 0.0055 10% -54% 38% 0% $16,051,486 EMT Emetals Limited 0.007 -13% 0% -42% 0% $5,950,000 PNT Panthermetalsltd 0.056 -2% -23% -65% -13% $3,424,400 WIN Widgienickellimited 0.081 -38% -55% -85% -25% $29,198,615 WMG Western Mines 0.33 38% 12% 120% 17% $19,707,931 AVW Avira Resources Ltd 0.0015 0% 50% -57% 0% $3,200,685 CAI Calidus Resources 0.195 11% 0% -45% -8% $118,996,216 GT1 Greentechnology 0.3 -20% -29% -70% -53% $86,985,925 KAI Kairos Minerals Ltd 0.015 -3% -12% -43% -1% $39,313,683 MTM MTM Critical Metals 0.025 -4% 4% -75% -5% $2,483,427 NWM Norwest Minerals 0.03 -3% -2% -45% -2% $8,627,085 PGD Peregrine Gold 0.275 -11% -8% -36% -11% $15,795,797 RAS Ragusa Minerals Ltd 0.04 -9% -5% -73% -8% $5,703,951 RGL Riversgold 0.016 14% 78% -53% -1% $15,220,183 SRZ Stellar Resources 0.009 0% 13% -31% 0% $8,785,492 STM Sunstone Metals Ltd 0.015 -6% -12% -59% -2% $49,311,758 ZNC Zenith Minerals Ltd 0.14 -13% 40% -55% -13% $49,333,324 WC8 Wildcat Resources 0.66 -22% -21% 2100% 64% $818,508,528 ASO Aston Minerals Ltd 0.03 -3% -9% -67% -5% $40,146,992 THR Thor Energy PLC 0.031 3% 15% -61% -3% $5,594,769 YAR Yari Minerals Ltd 0.012 -25% -29% -43% -1% $6,270,652 IG6 Internationalgraphit 0.15 -17% -17% -49% -12% $14,683,038 LPM Lithium Plus 0.38 -16% -21% -30% 1% $34,825,221 ODE Odessa Minerals Ltd 0.007 -22% -13% -53% -1% $7,576,895 KOB Kobaresourceslimited 0.077 -3% 15% -55% -6% $8,117,083 AZI Altamin Limited 0.049 -8% -20% -41% -3% $20,760,988 FTL Firetail Resources 0.085 -6% -19% -47% -8% $12,508,067 LNR Lanthanein Resources 0.006 -14% -8% -81% -2% $6,729,453 CLZ Classic Min Ltd 0.001 0% 0% -90% -1% $12,357,082 NVX Novonix Limited 0.68 -2% -7% -71% -79% $342,033,929 OCN Oceanalithiumlimited 0.125 -7% 9% -74% -22% $6,634,563 SUM Summitminerals 0.105 -9% 12% -34% -4% $5,718,855 DVP Develop Global Ltd 2.9 -3% -13% -2% -28% $725,188,587 XTCDA Xantippe Res Ltd 0.2 0% 0% -74% -40% $17,528,005 OD6 Od6Metalsltd 0.165 -11% 10% -65% -17% $9,077,557 HRE Heavy Rare Earths 0.09 6% 14% -42% -3% $5,443,914 LIN Lindian Resources 0.17 0% -13% -17% 2% $190,067,169 PEK Peak Rare Earths Ltd 0.3525 -6% -12% -23% -10% $95,270,928 ILU Iluka Resources 6.72 -2% -10% -35% -281% $2,999,267,406 ASM Ausstratmaterials 1.28 -12% -27% -30% -16% $220,165,416 ETM Energy Transition 0.042 8% 27% -13% -2% $58,802,512 VMS Venture Minerals 0.011 10% 22% -54% -1% $22,425,150 IDA Indiana Resources 0.06 0% 3% 15% 1% $36,914,224 VTM Victory Metals Ltd 0.235 0% -13% -6% 2% $19,011,419 M2R Miramar 0.019 0% 0% -80% -6% $2,828,521 WCN White Cliff Min Ltd 0.012 0% 20% -25% 0% $14,680,432 TAR Taruga Minerals 0.011 10% 5% -72% -1% $7,766,295 ABX ABX Group Limited 0.069 -3% 1% -49% -5% $16,721,516 MEK Meeka Metals Limited 0.04 11% 0% -44% -3% $52,182,193 RR1 Reach Resources Ltd 0.0055 10% -54% 38% 0% $16,051,486 DRE Dreadnought Resources Ltd 0.0325 2% -4% -69% -7% $114,079,195 KFM Kingfisher Mining 0.16 -11% 14% -75% -32% $9,131,550 AOA Ausmon Resorces 0.003 0% 0% -63% 0% $3,020,998 WC1 Westcobarmetals 0.059 -6% -5% -68% -11% $6,836,940 GRL Godolphin Resources 0.038 0% 6% -54% -4% $6,431,197 DM1 Desert Metals 0.039 0% 0% -86% -16% $2,926,602 PTR Petratherm Ltd 0.04 -20% -13% -38% -2% $8,765,294 ITM Itech Minerals Ltd 0.135 -4% 4% -53% -13% $17,105,699 KTA Krakatoa Resources 0.038 -22% 41% -37% -1% $18,700,610 M24 Mamba Exploration 0.03 -6% 3% -81% -12% $1,829,500 LNR Lanthanein Resources 0.006 -14% -8% -81% -2% $6,729,453 TKM Trek Metals Ltd 0.045 -2% -12% -47% -3% $22,923,714 BCA Black Canyon Limited 0.11 -21% -21% -56% -13% $8,176,975 CDT Castle Minerals 0.0095 -5% -14% -62% -1% $12,244,930 DLI Delta Lithium 0.44 -5% -22% -14% -2% $290,517,113 A11 Atlantic Lithium 0.505 -1% 17% -37% -12% $309,182,038 KNI Kunikolimited 0.25 -2% -17% -55% -26% $22,335,630 CY5 Cygnus Metals Ltd 0.1375 -2% -17% -75% -24% $43,688,871 WR1 Winsome Resources 1.055 -4% -26% -16% -18% $209,993,608 LLI Loyal Lithium Ltd 0.33 -11% -31% -35% 4% $25,647,652 BC8 Black Cat Syndicate 0.265 8% 20% -22% -9% $89,610,776 BUR Burleyminerals 0.16 3% -29% -35% -6% $16,713,965 PBL Parabellumresources 0.345 0% 0% -31% 1% $21,493,500 L1M Lightning Minerals 0.145 -6% 16% -31% -2% $6,333,760 WA1 Wa1Resourcesltd 8.23 0% -16% 312% 684% $357,207,480 EV1 Evolutionenergy 0.12 -20% -25% -48% -11% $29,540,907 1AE Auroraenergymetals 0.08 -5% -27% -60% -7% $12,258,934 RVT Richmond Vanadium 0.305 -2% -20% 0% 7% $26,724,420 PMT Patriotbatterymetals 1.02 -4% -12% 0% 27% $414,611,097 PAT Patriot Lithium 0.19 -7% -10% 0% -8% $13,018,255 BM8 Battery Age Minerals 0.19 -16% -12% -62% -31% $18,718,746 OM1 Omnia Metals Group 0.078 0% 0% -53% -8% $3,786,192 VHM Vhmlimited 0.7 8% 46% 0% 0% $101,584,643 LLL Leolithiumlimited 0.505 0% 0% -11% 2% $498,553,663 SRN Surefire Rescs NL 0.01 5% -23% -20% 0% $17,449,154 SRL Sunrise 0.61 2% -13% -71% -131% $55,038,774 SYR Syrah Resources 0.56 -10% -26% -78% -150% $388,641,195 EG1 Evergreenlithium 0.2 14% 0% 0% 0% $11,246,000 WSR Westar Resources 0.025 -7% 39% -50% -3% $4,633,938 LU7 Lithium Universe Ltd 0.03 -19% -25% 0% 0% $12,821,223 MEI Meteoric Resources 0.2 -5% -18% 1150% 15% $398,539,911 REC Rechargemetals 0.11 0% -15% -15% -3% $11,691,957 SLM Solismineralsltd 0.15 -9% -41% 105% 8% $12,455,793 DYM Dynamicmetalslimited 0.145 -9% -29% 0% 0% $5,075,000 TOR Torque Met 0.175 -3% -8% -13% -1% $23,566,335 ICL Iceni Gold 0.06 -2% 5% -57% -2% $14,871,143 TMX Terrain Minerals 0.005 25% 0% -29% 0% $6,767,139 MHC Manhattan Corp Ltd 0.004 0% 0% -20% 0% $11,747,919 MHK Metalhawk. 0.155 -18% 29% -35% -1% $12,434,961 ANX Anax Metals Ltd 0.026 -7% -16% -55% -3% $12,984,776 FIN FIN Resources Ltd 0.019 -27% -39% -14% 0% $14,283,911 LM1 Leeuwin Metals Ltd 0.185 -18% -31% 0% 0% $9,203,126 HAW Hawthorn Resources 0.098 5% 5% -22% -2% $26,801,249 LCY Legacy Iron Ore 0.017 6% 0% -19% 0% $102,509,219 RON Roninresourcesltd 0.2 -2% 54% 5% 4% $6,839,619 ASR Asra Minerals Ltd 0.008 0% 33% -50% -1% $13,031,966 PFE Panteraminerals 0.059 -2% -2% -46% -5% $6,317,280

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