High Voltage: We’re due a ‘lithium enema’ in 2024, says Mr Lithium. (And that’s a good thing)

We can’t get enough of Joe ‘Mr Lithium’ Lowry’s insights at the moment. He’s predicting a supply ‘enema’ this year
Meanwhile, both he and Aussie think tank Climate Energy Finance believe reports of EV sales slowdowns aren’t entirely on the money
ASX battery metals stocks led so far this week by: PAM and EUR

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

Right then… 2024. What’s in store? An abundance of overstocked lithium still hanging about? Or is that narrative, driven by reportedly weakened EV sales which helped keep spot prices suppressed for much of 2023, set to change? There are whispers here and there that it is.

Strategic mergers and optimistic longer term projections by various analysts certainly suggest a lithium price recovery in 2024 could be on the cards.

As you may have seen, Stockhead caught up with Joe “Mr Lithium” Lowry just before Christmas to get some of his nuanced, always forthright takes on the global lithium market.

One of the main takeaways from that, and a headlining one at that, was that Lowry expects the lithium supply/demand issues to balance out in 2024, with spot prices finally hitting their bottom by H2.

You can read about that and more here, as well as other bottoming-out punditry from various other experts in our Eye on Lithium roundup.

But in an even more detailed follow-up, the legendary lithium pundit has posted this week (on X, LinkedIn and the Global Lithium website) his annual take on the sector – “Lithium 2023 Recap and Thoughts on 2024”.

Happy New Year! Yesterday I posted my annual take on the #lithium year past – page 1 of my 5 page summary of 2023 is below. The entire document can be found on my Linked In page or https://t.co/WuSfVzGJjV $LAC $LAAC $ALB $XOM $SLI $PLS $SGML $SQM $LTHM $AKE $LTR $PMET pic.twitter.com/WeIikr0fXt

— Joe Lowry (@globallithium) January 1, 2024

We’ll delve into that further in a sec, but first, a check in on said spot pricing and further battery metal performance, courtesy of Lithium Price Bot…

Hang on, there’s not much that’s new to show yet until market data becomes available again, but it turns out the Lithium Price Bot X account was tentatively calling for a bottom just after Christmas, based on recent rebounding Li carbonate futures.

That might be a tad premature, but some positive signs there nonetheless.

Bottom? https://t.co/l4udqRWTLo

— Lithium Price Bot (@LithiumPriceBot) December 26, 2023

And look, here’s another well known lithium commentator and bullish believer, Howard Klein, who notes:

“Lots of green among producers & large developers in December – leading indicator for near-term spot price rebound? Short squeeze underway? Time will tell.”

And…

“The niche lithium industry remains nascent and immature – prone to tantrums like any adolescent. I will continue my same bet since 2015 that this irreplaceable element – the most upstream segment of the supply chain – will remain the key bottleneck across the entire EV supply chain for many, many years.”

*NEW #RKEquity #Lithium Scoreboard, December 31, 2023*

Lots of green among producers & large developers in December – leading indicator for near-term spot price rebound? short squeeze underway? Time will tell.

Lots of green too amongst the 3-year and 5-year columns – some 20,… pic.twitter.com/bZ0W6Pqw3Y

— Howard Klein (@LithiumIonBull) January 1, 2024

And here’s Miner Deck, bringing the reality check with the yearly price performance of lithium completely underperforming all of its metallic compadres and rivals. (Congrats, uranium sector investors, by the way. Well played.)

Buy when there’s blood in the streets? That’s certainly a hell of a lot of bleeding out.

More from Mr Lithium

Back to Joe Lowry. Why all the Lowry love lately? Well, partly because he gave up his time for us recently, but also because this columnist has certainly learned quite a lot from his analysis.

The whole thing’s worth a read, but we’ve pulled out some highlights from his annual bead on the lightest of all metals and its market performance in 2023 and outlook for 2024…

A lithium enema

“Three years ago in late December, I called 2020 the year of the ‘lithium enema’ where the lithium ion battery supply chain was ‘cleaned out’ of excess inventory. I think the same applies to 2023 although the circumstances are a bit different,” writes Lowry.

Lepidolite isn’t the only overstocked material

“From my perspective, much of the excess lithium supply in 2023 was excess production of cathode and cells in 2022 while the China market was bidding up spodumene and lithium chemicals to nose bleed levels,” Lowry continues.

“Drawing the inventories down in 2023 slowed the purchase of lithium raw material dramatically especially in the first half of the year. The steep decline in the China spot price is the natural result. I have witnessed similar cycles in the battery supply chain since the 1990s.”

Price check – bring Japan and Korea into the equation

“Many see the China spot as the only meaningful price benchmark,” writes Lowry. The fact that the main contract price markets – Japan and Korea – saw higher average prices for 2023 than 2022 should cause people to reevaluate how they think about price. Layer on the fact that in their latest quarterly earnings report the world’s largest lithium producer, Albemarle, also says their 2023 prices will be higher than 2022.”

South America is interesting

Mr Lithium notes that “despite all the buzz about Chinese lepidolite supply and hype about how fast Africa will grow, I tend to follow what is happening in South America with more interest.”

He points in particular to the LAAC & Ganfeng JV project Cauchari in Argentina, as well as Brazilian hard rock projects, such as Sigma’s, which began shipping spod this year.

And… “Probably the biggest story in South American brine was the MOU announced a few days ago between SQM and Codelco (representing the Chilean government). Should the MOU turn into executed agreements, it paves the way for increased production in the Atacama.”

The Aussie/WA scene

Regarding Gina Rinehart and Hancock Prospecting’s moves into the lithium landscape, Lowry poses the question: “Will Gina continue to dabble or begin to build a lithium empire?”

Meanwhile, on another Aussie mining titan, Mineral Resources (ASX:MIN)… “Chris Ellison has clearly stated he is making up his strategy as he goes along. It shows. I enjoy watching his moves but his desired end game isn’t clear to me. A Min Res move into brine would be an interesting statement. From my perspective, the performance of Mt. Marion & Wodgina brings Min Res lithium operational prowess into question but I wouldn’t bet against Chris Ellison and I remain a Min Res shareholder.”

Lowry says his largest WA shareholding, though, remains Pilbara Minerals (ASX:PLS):

“I look forward to seeing how they move to mid and downstream. I am hoping market conditions in 2024 lead to a dusting off of the BMX before year end but I am not predicting it.”

And others ASX stocks deemed worthy of a mention from the Global Lithium Podcast host include Liontown Resources (ASX:LTR):

“I was happy to see Liontown remain independent, was impressed by the project team when I visited Kathleen Valley and will continue to watch the build with interest.”

And Allkem (ASX:AKE), albeit not so positively…

“From my perspective the Allkem merger with Livent brings two companies that couldn’t fulfill their promise as independents into a combined entity that will struggle to show the promised synergy… Both companies have been talking a good expansion game for years with precious little to show for it.”

‘EV sky is falling’ press needs more nuance

This is something Lowry mentioned when we caught up with him recently. We can only hope he wasn’t including Stockhead in this…

“For the most part, the western press has not done a good job of understanding the lithium, battery or EV markets globally,” believes Lowry. “None of the legacy US automakers are serious players in the EV market despite their bold announcements.

“Recently both GM and Ford have made downward adjustments to their fanciful long-term plans. The mainstream press seized upon these announcements to declare a downturn in EV sales when, in fact, globally EVs sales grew from ~10.5 million units in 2022 to almost 14 million units in 2023.

“Tesla and BYD currently dominate the EV landscape. Neither GM nor Ford have a top ten selling EV globally. Negative market sentiment towards lithium stocks was exacerbated by the ‘EV sky is falling’ narrative.”

Aussie think tank agrees

And just adding to that EV sales performance take from Joe Lowry, Tim Buckley, director of Aussie think tank Climate Energy Finance, agrees.

Per a LinkedIn post referring to the biggest car market and EV car market in the world – China, which has the No. 1 EV car company by volume (BYD), he wrote:

“Mis-information on EVs is rife.

“BYD sales volumes in CY2023 were up an impressive 62.3% year-on-year (yoy) to 3.024 million. And for the month of December 2023, new energy vehicle sales were +62.2% yoy.

This is a slowdown from 98% yoy growth to 1.26 million units reported in 1HCY2023. But having nearly tripled sales in CY2022, BYD consolidated by growing only another 62% yoy for the last 12 months! Not quite a consumer led backlash to lower prices and improved quality.

“Most firms and industries, not to mention investors, would kill for a 62% yoy increase in volumes. And BYD commercial vehicle sales volumes grew 88% yoy in CY2023.”

ASX battery metals form guide:

Scroll or swipe to reveal table. Click headings to sort. Best viewed on a laptop. (Note: figures accurate per ASX at 4pm Dec 19.)

Stocks missing from this list? Email [email protected]

Code Company Price % Week % Month % Year Market Cap PVW PVW Res Ltd 0.045 -6% -8% -55% $4,867,429 A8G Australasian Metals 0.15 -12% -12% -21% $7,818,074 INF Infinity Lithium 0.1 6% 0% -17% $44,408,841 LPI Lithium Pwr Int Ltd 0.5575 2% 2% 27% $353,852,270 PSC Prospect Res Ltd 0.09 1% 3% -25% $40,773,213 PAM Pan Asia Metals 0.2 60% 33% -51% $26,011,601 CXO Core Lithium 0.265 2% -2% -74% $576,972,597 LOT Lotus Resources Ltd 0.29 -6% 0% 41% $517,359,269 AGY Argosy Minerals Ltd 0.1375 6% -17% -76% $203,639,087 AZS Azure Minerals 3.7 -1% -6% 1544% $1,697,114,428 NWC New World Resources 0.04 5% 0% 18% $97,545,158 QXR Qx Resources Limited 0.024 -4% -20% -43% $26,641,868 GSR Greenstone Resources 0.008 14% -11% -75% $10,944,908 CAE Cannindah Resources 0.1 0% 10% -58% $53,183,356 AZL Arizona Lithium Ltd 0.0295 -8% -24% -52% $110,186,126 RIL Redivium Limited 0.005 0% -38% -74% $16,385,129 COB Cobalt Blue Ltd 0.2375 6% -18% -59% $90,149,095 ESS Essential Metals Ltd 0 -100% -100% -100% $135,278,382 LPD Lepidico Ltd 0.0085 6% 0% -47% $53,468,156 MRD Mount Ridley Mines 0.002 0% 33% -60% $15,569,766 CZN Corazon Ltd 0.016 7% -6% -24% $9,849,566 LKE Lake Resources 0.13 4% 0% -84% $192,030,035 DEV Devex Resources Ltd 0.31 29% 27% 11% $123,533,388 INR Ioneer Ltd 0.1475 9% 2% -61% $316,711,822 AVZ AVZ Minerals Ltd 0.78 0% 0% 0% $2,752,409,203 MAN Mandrake Res Ltd 0.043 -2% 8% 8% $25,861,917 RLC Reedy Lagoon Corp. 0.005 0% -17% -48% $3,097,704 GBR Greatbould Resources 0.064 -3% -3% -29% $39,513,356 FRS Forrestaniaresources 0.028 0% -10% -80% $4,610,894 STK Strickland Metals 0.105 22% -46% 163% $163,177,312 MLX Metals X Limited 0.285 2% 10% -26% $258,570,829 CLA Celsius Resource Ltd 0.012 -8% -14% -25% $26,952,620 FGR First Graphene Ltd 0.069 -1% 1% -39% $45,329,669 HXG Hexagon Energy 0.012 0% 33% -29% $6,667,907 TLG Talga Group Ltd 0.785 1% -19% -44% $303,803,338 MNS Magnis Energy Tech 0.042 0% -13% -89% $50,378,922 OZL OZ Minerals 0 -100% -100% -100% $8,918,404,433 PLL Piedmont Lithium Inc 0.415 -2% 8% -36% $154,407,456 EUR European Lithium Ltd 0.11 53% 51% 49% $153,366,309 BKT Black Rock Mining 0.081 0% -5% -40% $92,174,850 QEM QEM Limited 0.2 3% 5% 11% $30,278,342 LYC Lynas Rare Earths 6.98 0% 10% -11% $6,701,758,389 ESR Estrella Res Ltd 0.006 20% 0% -57% $10,556,231 ARL Ardea Resources Ltd 0.475 1% 7% -33% $95,553,204 GLN Galan Lithium Ltd 0.705 28% 15% -34% $258,034,764 JLL Jindalee Lithium Ltd 0.94 12% -2% -50% $59,280,315 VUL Vulcan Energy 2.65 3% 9% -58% $483,525,152 SBR Sabre Resources 0.032 10% -11% -16% $11,224,752 CHN Chalice Mining Ltd 1.56 -6% 12% -75% $653,458,351 VRC Volt Resources Ltd 0.006 0% -14% -60% $26,845,694 NMT Neometals Ltd 0.2 3% 5% -74% $127,651,515 AXN Alliance Nickel Ltd 0.043 -2% -22% -53% $31,211,103 PNN Power Minerals Ltd 0.215 0% -10% -59% $19,659,623 IGO IGO Limited 8.955 0% 7% -33% $6,891,137,098 GED Golden Deeps 0.046 -2% -6% -49% $5,314,028 ADV Ardiden Ltd 0.185 3% 3% -39% $10,940,564 SRI Sipa Resources Ltd 0.025 0% 19% -22% $5,703,953 NTU Northern Min Ltd 0.031 -9% -11% -26% $183,240,357 AXE Archer Materials 0.4 11% 5% -35% $105,761,510 PGM Platina Resources 0.021 0% -19% 11% $13,709,967 AAJ Aruma Resources Ltd 0.028 8% -10% -47% $5,316,071 IXR Ionic Rare Earths 0.026 18% 24% -21% $111,293,249 NIC Nickel Industries 0.7 4% -1% -28% $3,042,925,015 EVG Evion Group NL 0.034 -3% 3% -52% $12,108,572 CWX Carawine Resources 0.11 0% 0% 12% $25,973,799 PLS Pilbara Min Ltd 3.945 3% 9% 5% $11,977,682,421 HAS Hastings Tech Met 0.755 -1% 10% -79% $97,671,822 BUX Buxton Resources Ltd 0.17 -3% -11% 48% $31,184,441 ARR American Rare Earths 0.16 14% 0% -16% $71,427,728 SGQ St George Min Ltd 0.035 9% 6% -49% $34,444,503 TKL Traka Resources 0.003 0% -5% -52% $2,625,988 PAN Panoramic Resources 0.035 0% 0% -80% $103,937,992 PRL Province Resources 0.041 0% 0% -32% $48,441,219 IPT Impact Minerals 0.0115 15% 5% 64% $34,376,447 LIT Lithium Australia 0.031 3% 7% -31% $36,665,750 AKE Allkem Limited 9.83 0% 16% -13% $6,304,350,967 ARN Aldoro Resources 0.125 52% 47% -22% $16,827,968 JRV Jervois Global Ltd 0.044 5% 5% -84% $121,613,431 MCR Mincor Resources NL 0 -100% -100% -100% $751,215,521 SYR Syrah Resources 0.64 5% 9% -69% $456,230,968 FBM Future Battery 0.072 0% -1% 36% $37,896,675 ADD Adavale Resource Ltd 0.008 14% 0% -58% $5,599,414 LTR Liontown Resources 1.6525 9% 22% 25% $4,081,044,312 CTM Centaurus Metals Ltd 0.535 15% 14% -52% $262,274,545 VML Vital Metals Limited 0.006 0% -40% -68% $41,265,469 BSX Blackstone Ltd 0.07 3% -16% -46% $36,122,683 POS Poseidon Nick Ltd 0.0125 4% -22% -69% $44,562,417 CHR Charger Metals 0.17 0% -31% -62% $13,088,586 AVL Aust Vanadium Ltd 0.021 5% -9% -16% $99,372,136 AUZ Australian Mines Ltd 0.009 -10% -36% -83% $9,450,493 TMT Technology Metals 0.24 3% 9% -31% $59,757,206 RXL Rox Resources 0.18 -3% -8% 3% $66,483,767 RNU Renascor Res Ltd 0.1225 2% -9% -43% $317,425,937 GL1 Globallith 1.135 -2% -11% -38% $304,510,400 BRB Breaker Res NL 0 -100% -100% -100% $158,126,031 ASN Anson Resources Ltd 0.14 4% -3% -24% $186,432,180 SYA Sayona Mining Ltd 0.0685 7% 10% -64% $720,530,721 FFX Firefinch Ltd 0.2 0% 0% 0% $236,569,315 EGR Ecograf Limited 0.15 11% -10% -32% $70,374,932 ATM Aneka Tambang 1.18 0% 0% 31% $1,538,306 TVN Tivan Limited 0.066 5% -15% -8% $105,622,220 ALY Alchemy Resource Ltd 0.0105 5% 5% -54% $12,369,801 GAL Galileo Mining Ltd 0.27 8% -2% -69% $56,323,104 BHP BHP Group Limited 49.91 0% 8% 9% $256,174,108,835 LEL Lithenergy 0.555 2% -8% -28% $58,715,700 MMC Mitremining 0.25 -2% -4% -11% $14,738,783 RMX Red Mount Min Ltd 0.003 0% -14% -40% $8,020,728 GW1 Greenwing Resources 0.125 9% 25% -55% $21,781,435 AQD Ausquest Limited 0.011 0% -8% -35% $9,901,791 LML Lincoln Minerals 0.006 0% -14% -12% $10,224,272 1MC Morella Corporation 0.005 -17% -17% -58% $30,893,997 REE Rarex Limited 0.028 8% 4% -48% $18,451,437 MRC Mineral Commodities 0.033 3% 10% -47% $32,487,596 PUR Pursuit Minerals 0.008 7% -6% -50% $23,551,771 QPM Queensland Pacific 0.053 4% -5% -52% $110,689,717 EMH European Metals Hldg 0.41 -15% -27% -36% $49,903,420 BMM Balkanminingandmin 0.105 -19% -22% -68% $8,524,862 PEK Peak Rare Earths Ltd 0.365 1% -1% -19% $96,639,867 LEG Legend Mining 0.015 -6% -17% -63% $46,471,635 MOH Moho Resources 0.01 -9% 5% -52% $5,359,412 AML Aeon Metals Ltd. 0.01 11% -9% -63% $10,964,006 G88 Golden Mile Res Ltd 0.019 12% -10% -7% $6,587,790 WKT Walkabout Resources 0.14 8% -7% 0% $90,620,296 TON Triton Min Ltd 0.023 5% 10% -36% $37,472,631 AR3 Austrare 0.15 0% -6% -63% $23,124,894 ARU Arafura Rare Earths 0.17 6% -13% -63% $385,834,498 MIN Mineral Resources. 69.57 2% 15% -10% $13,784,065,545 VMC Venus Metals Cor Ltd 0.1 -5% -9% 27% $18,972,868 S2R S2 Resources 0.155 -14% -16% -9% $70,037,989 CNJ Conico Ltd 0.005 0% 0% -41% $7,850,475 VR8 Vanadium Resources 0.056 0% 22% -3% $30,256,211 PVT Pivotal Metals Ltd 0.024 9% 41% -45% $16,321,339 BOA Boadicea Resources 0.036 3% 0% -64% $4,431,251 IPX Iperionx Limited 1.405 5% 5% 104% $314,016,570 SLZ Sultan Resources Ltd 0.023 0% 44% -73% $3,408,371 NKL Nickelxltd 0.044 13% -27% -45% $3,249,161 NVA Nova Minerals Ltd 0.36 6% 31% -47% $76,974,836 MLS Metals Australia 0.037 6% 6% -17% $23,713,375 MQR Marquee Resource Ltd 0.026 4% -4% -30% $11,161,378 MRR Minrex Resources Ltd 0.016 -6% 0% -50% $17,357,880 EVR Ev Resources Ltd 0.011 22% 10% -21% $12,095,472 EFE Eastern Resources 0.008 0% -20% -72% $9,935,572 CNB Carnaby Resource Ltd 0.75 -3% 14% -20% $126,205,911 BNR Bulletin Res Ltd 0.14 17% -3% 51% $41,105,865 AX8 Accelerate Resources 0.04 -7% -20% 74% $23,497,172 AM7 Arcadia Minerals 0.073 -5% -14% -64% $7,960,657 AS2 Askarimetalslimited 0.175 0% 0% -60% $12,051,283 BYH Bryah Resources Ltd 0.013 -7% -7% -49% $5,636,894 DTM Dart Mining NL 0.017 6% 6% -69% $3,868,854 EMS Eastern Metals 0.036 9% 13% -51% $2,967,345 FG1 Flynngold 0.051 0% -32% -49% $7,577,661 GSM Golden State Mining 0.0145 -3% -19% -66% $4,190,559 IMI Infinitymining 0.14 -10% 17% -49% $16,625,475 LRV Larvottoresources 0.072 -4% -17% -49% $15,299,938 LSR Lodestar Minerals 0.004 0% 0% -20% $6,070,192 RAG Ragnar Metals Ltd 0.023 -4% 0% 101% $10,901,562 CTN Catalina Resources 0.0045 13% 13% -55% $5,573,191 TMB Tambourahmetals 0.115 0% -28% 10% $9,952,842 TEM Tempest Minerals 0.008 0% 0% -65% $4,091,068 EMC Everest Metals Corp 0.08 -2% -2% 1% $13,062,649 WML Woomera Mining Ltd 0.028 12% 17% 47% $34,617,142 KZR Kalamazoo Resources 0.125 19% 4% -40% $20,564,337 LMG Latrobe Magnesium 0.062 7% 5% -19% $118,480,785 KOR Korab Resources 0.018 13% 0% -40% $6,606,900 CMX Chemxmaterials 0.082 17% 12% -56% $4,418,302 NC1 Nicoresourceslimited 0.35 4% 21% -43% $36,210,196 GRE Greentechmetals 0.44 -4% -8% 214% $29,934,250 CMO Cosmometalslimited 0.062 0% 15% -54% $2,151,193 FRB Firebird Metals 0.14 -7% -10% -10% $20,642,403 S32 South32 Limited 3.39 5% 10% -15% $15,263,601,374 OMH OM Holdings Limited 0.495 10% 8% -29% $367,803,264 JMS Jupiter Mines. 0.1725 5% -1% -22% $323,318,378 E25 Element 25 Ltd 0.405 9% -21% -54% $91,362,741 EMN Euromanganese 0.098 -2% -25% -72% $23,670,457 KGD Kula Gold Limited 0.015 0% -50% -40% $6,290,487 LRS Latin Resources Ltd 0.275 10% 53% 181% $768,296,705 CRR Critical Resources 0.02 5% -13% -53% $35,557,006 ENT Enterprise Metals 0.004 0% 33% -60% $3,207,884 SCN Scorpion Minerals 0.032 -6% -27% -54% $13,102,598 GCM Green Critical Min 0.009 -10% -10% -47% $11,365,850 ENV Enova Mining Limited 0.016 -6% 78% 7% $10,895,799 RBX Resource B 0.075 -4% -11% -12% $6,201,336 AKN Auking Mining Ltd 0.048 12% -11% -50% $11,056,978 RR1 Reach Resources Ltd 0.004 0% -20% -20% $12,841,188 EMT Emetals Limited 0.008 14% 14% -20% $6,800,000 PNT Panthermetalsltd 0.06 0% 7% -68% $5,101,500 WIN Widgienickellimited 0.087 -11% -17% -74% $25,921,220 WMG Western Mines 0.23 -10% -18% 44% $16,891,637 AVW Avira Resources Ltd 0.0015 -25% 0% -50% $3,200,685 CAI Calidus Resources 0.21 5% 5% -22% $131,531,381 GT1 Greentechnology 0.27 8% -14% -67% $87,244,327 KAI Kairos Minerals Ltd 0.0145 -3% -9% -31% $36,692,771 MTM MTM Critical Metals 0.071 48% 196% -10% $9,148,212 NWM Norwest Minerals 0.032 19% 0% -41% $9,202,224 PGD Peregrine Gold 0.265 10% 2% -31% $15,328,676 RAS Ragusa Minerals Ltd 0.035 6% -17% -70% $5,133,556 RGL Riversgold 0.012 0% -25% -60% $12,579,599 SRZ Stellar Resources 0.008 0% 0% -38% $9,192,212 STM Sunstone Metals Ltd 0.014 0% -13% -62% $48,828,288 ZNC Zenith Minerals Ltd 0.145 -15% 7% -45% $51,095,228 WC8 Wildcat Resources 0.6825 -2% -8% 2744% $807,143,482 ASO Aston Minerals Ltd 0.022 -15% -27% -73% $29,786,478 THR Thor Energy PLC 0.03 3% 7% -50% $5,581,090 YAR Yari Minerals Ltd 0.011 22% -21% -35% $5,305,936 IG6 Internationalgraphit 0.15 -3% -9% -44% $12,903,276 LPM Lithium Plus 0.345 8% -17% -7% $29,665,929 ODE Odessa Minerals Ltd 0.008 14% -6% -47% $7,576,895 KOB Kobaresourceslimited 0.07 -13% -9% -50% $7,379,167 AZI Altamin Limited 0.054 4% 2% -31% $23,546,707 FTL Firetail Resources 0.077 3% -8% -52% $11,465,728 LNR Lanthanein Resources 0.011 0% 83% -48% $14,832,837 CLZ Classic Min Ltd 0.001 0% 0% -89% $12,357,082 NVX Novonix Limited 0.7225 10% 5% -51% $361,662,761 OCN Oceanalithiumlimited 0.115 -4% -4% -67% $6,103,798 SUM Summitminerals 0.096 -13% -20% -34% $4,575,084 DVP Develop Global Ltd 2.64 -8% -10% -17% $672,043,633 OD6 Od6Metalsltd 0.14 -3% -18% -58% $7,702,169 HRE Heavy Rare Earths 0.064 0% -29% -44% $3,871,228 LIN Lindian Resources 0.15 -3% -6% -3% $172,788,335 PEK Peak Rare Earths Ltd 0.365 1% -1% -19% $96,639,867 ILU Iluka Resources 6.57 -2% -4% -31% $2,828,854,485 ASM Ausstratmaterials 1.33 12% -5% -7% $228,505,015 ETM Energy Transition 0.039 3% -13% -37% $53,202,272 VMS Venture Minerals 0.008 14% -27% -65% $15,470,091 IDA Indiana Resources 0.08 25% 36% 45% $46,142,780 VTM Victory Metals Ltd 0.2 -7% -15% -9% $16,279,931 M2R Miramar 0.021 0% 11% -72% $3,126,260 WCN White Cliff Min Ltd 0.0095 6% -14% -32% $12,765,593 TAR Taruga Minerals 0.013 8% 18% -46% $7,766,295 ABX ABX Group Limited 0.073 1% 7% -37% $18,753,024 MEK Meeka Metals Limited 0.037 -8% -12% -46% $49,388,357 RR1 Reach Resources Ltd 0.004 0% -20% -20% $12,841,188 DRE Dreadnought Resources Ltd 0.029 -6% -9% -72% $100,893,116 KFM Kingfisher Mining 0.16 0% -6% -66% $8,862,975 AOA Ausmon Resorces 0.003 0% 0% -57% $3,020,998 WC1 Westcobarmetals 0.076 0% 25% -55% $9,180,825 GRL Godolphin Resources 0.037 -8% -3% -55% $6,261,955 DM1 Desert Metals 0.05 -2% 28% -74% $3,752,054 PTR Petratherm Ltd 0.034 0% -13% -41% $7,641,539 ITM Itech Minerals Ltd 0.115 -4% -15% -57% $13,440,192 KTA Krakatoa Resources 0.034 -6% -23% -23% $15,579,538 M24 Mamba Exploration 0.047 15% 52% -68% $2,866,217 LNR Lanthanein Resources 0.011 0% 83% -48% $14,832,837 TKM Trek Metals Ltd 0.039 -3% -20% -49% $18,983,844 BCA Black Canyon Limited 0.14 0% 22% -42% $9,819,805 CDT Castle Minerals 0.009 6% -10% -57% $11,020,437 DLI Delta Lithium 0.4625 2% 3% 0% $326,849,945 A11 Atlantic Lithium 0.43 8% -20% -31% $258,473,626 KNI Kunikolimited 0.28 -10% 9% -45% $25,068,838 CY5 Cygnus Metals Ltd 0.115 -8% -18% -70% $34,987,097 WR1 Winsome Resources 1.035 0% -9% -16% $203,489,381 LLI Loyal Lithium Ltd 0.42 40% 22% 42% $30,399,871 BC8 Black Cat Syndicate 0.24 -6% -9% -32% $71,384,856 BUR Burleyminerals 0.165 6% 6% -25% $16,713,965 PBL Parabellumresources 0.06 -14% -83% -82% $3,987,200 L1M Lightning Minerals 0.12 -14% -20% -27% $5,067,008 WA1 Wa1Resourcesltd 12.13 -2% 44% 770% $543,465,666 EV1 Evolutionenergy 0.135 -4% 4% -40% $30,677,095 1AE Auroraenergymetals 0.105 5% 31% -30% $18,308,797 RVT Richmond Vanadium 0.295 2% -16% 26% $24,138,186 PMT Patriotbatterymetals 1.1 2% 4% 47% $516,920,817 PAT Patriot Lithium 0.18 0% -5% -32% $11,647,912 BM8 Battery Age Minerals 0.205 11% -5% -59% $18,273,062 OM1 Omnia Metals Group 0.078 0% 0% -51% $3,786,192 VHM Vhmlimited 0.7 -1% 0% 0% $107,741,288 LLL Leolithiumlimited 0.505 0% 0% 4% $498,553,663 SRN Surefire Rescs NL 0.0085 -6% -11% -29% $17,668,420 SRL Sunrise 0.45 0% -25% -77% $41,053,512 SYR Syrah Resources 0.64 5% 9% -69% $456,230,968 EG1 Evergreenlithium 0.18 -5% -16% 0% $9,840,250 WSR Westar Resources 0.02 11% -20% -60% $3,707,150 LU7 Lithium Universe Ltd 0.032 -6% -9% 7% $13,209,744 MEI Meteoric Resources 0.2625 7% 28% 395% $507,480,560 REC Rechargemetals 0.1 9% -9% -26% $10,578,438 SLM Solismineralsltd 0.15 -6% -19% 100% $11,774,506 DYM Dynamicmetalslimited 0.165 18% 0% 0% $5,775,000 TOR Torque Met 0.215 -4% 19% 19% $28,913,298 ICL Iceni Gold 0.052 -2% -17% -35% $12,950,929 TMX Terrain Minerals 0.005 0% 25% -17% $6,767,139 MHC Manhattan Corp Ltd 0.004 0% 0% -27% $11,747,919 MHK Metalhawk. 0.13 0% -16% -21% $13,918,022 ANX Anax Metals Ltd 0.029 -3% 4% -45% $13,946,611 FIN FIN Resources Ltd 0.021 17% -21% 11% $13,634,643 LM1 Leeuwin Metals Ltd 0.135 -10% -33% 0% $6,442,188 HAW Hawthorn Resources 0.093 -6% 12% -19% $31,156,452 LCY Legacy Iron Ore 0.017 6% 13% -11% $108,916,045 RON Roninresourcesltd 0.18 3% -18% 9% $6,628,502 ASR Asra Minerals Ltd 0.007 -13% -7% -65% $11,402,970 PFE Panteraminerals 0.052 0% -13% -53% $6,896,373

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