• New Macquarie report reveals latest info regarding all-important Chinese lithium supply-demand struggle
• Amid, and perhaps partly because of, the Chinese Lunar New Year celebrations, supply is down, demand is up
• Meanwhile, PLS, LTM and PMT get the Macquarie ‘outperform’ nod
“People say I don’t like China, I love China… China… China… China all the time” said the great big, red-faced, red-tied orange one.
It’s unclear how another (potential) Trump presidency might work out for markets – including the various battery metals. But let’s not get too far ahead of ourselves.
Speaking of China at least, if analysts/observers are right, perhaps the Middle Kingdom is set to do the lithium narrative a solid once more, even if only in the short-term.
Here’s one of those observers now – major broker and financial analyst Macquarie, which has issued a new research report that delves into the topic of China’s lithium supply and demand and how it’s affecting and likely to affect the global market imminently an into this year.
Before we also look at some of that info – some key things to note for those who are new around here.
Major battery metal lithium’s minerals pricings have tanked since the heady days of 2022, peaking in November that year.
We’ve mentioned recently that some observers believe there are signs a lithium price bottom could be in the process of forming, although, of course, this could be drawn out and there’s always a chance it goes lower depending on various macro factors.
China, for instance, has a dominant sway on the lithium prices courtesy of its major consumption of lithium for electric vehicle batteries but with its role as a major supplier, too.
Good vibrations – demand up, supply down
There’s potentially good news here, though, as the Macquarie report suggests Chinese demand for lithium is on the increase as the superpower’s supply somewhat diminishes, while Chinese producers and suppliers break for lengthy Lunar New Year festivities.
And, on a surface-level take at least, that feeds the lithium price-bottoming narrative quite nicely, if indeed there’s to be some restocking required.
According to Macquarie, in January in China, lithium supply fell 2% month on month. And China’s “lithium salt inventory” – lithium carbonate and lithium hydroxide – fell 6% month on month in January, making it the first monthly decline since October 2023.
Surplus narrowed to 4.9 kilotonnes (kt) lithium carbonate equivalent (LCE) vs 7kt forecast. Macquarie expects the LCE surplus to narrow slightly again in February.
Meanwhile, the report reveals that cathode and electrolyte demand rose 7% month on month in January, which beat Macquarie’s +1% forecast.
As financial analyst Carl Capolingua summarised for Market Index in his analysis of the Macquarie report:
Current lithium prices are now “pressuring both marginal players and cost leaders”. In the near term, Macquarie believes behaviour by refiners and battery component/manufacturers in the period immediately after Chinese New year will be “will be the key drivers for lithium prices”.
In particular, they’ll be watching the data for EV sales and battery production plans very closely.
Macquarie’s top three ASX lithium stocks
Macquarie’s lithium ASX stock picks are also doing the rounds, with all three here given an “outperform” rating from the broker.
Pilbara Minerals (ASX:PLS) is the Macquarie analysts’ preferred producer, with the “most unleveraged balance sheet” in the broker’s ASX lithium coverage. Price target: $4.50.
Arcadium Lithium (ASX:LTM) is predicted by Macquarie to have higher revenue performance than otherwise widely estimated, based on higher Livent division revenue from predicted recovering lithium prices in 2024. Price Target: $11.00.
Patriot Battery Metals (ASX:PMT) meanwhile is the broker’s key pick for ASX lithium explorers. Price target: $2.10.
Meanwhile IGO (ASX:IGO) and Mineral Resources (ASX:MIN) also get nods as a pair of lithium majors set to “deliver minimal unwanted surprises” to investors, according to a Macquarie note to clients.
Macquarie Group takes its bets on lithium majors IGO, Mineral Resources and Pilbara Minerals pic.twitter.com/ok8T3OaZkX
— Haplo (@HC_Haplo) February 13, 2024
Some other observations…
… beyond the Macquarie analysis, regarding China and lithium.
Here’s the excellently named Dwayne Sparkes, a prospector who, judging by his X profile is attached to a small, private exploration outfit called Nichols Point Minerals:
Thought I’d share some of my recent research into the state of the current lithium market and give my updated thoughts.
Touching on lepidolite firstly. I keep reaching the same conclusion: lepidolite is a short term solution and is never going to be a legitimate source of… pic.twitter.com/z2QFaha2g0
— Dwayne Sparkes (@sparkes_dwayne) February 13, 2024
Sparkes has written a compelling, and long, post there – relating to the current state of the lithium market and China’s influence – reviewing its reliance on “short-term solution” lepidolite (as opposed to extraction from spodumene) as a reasonably large amount of its source for lithium.
• “Goldman Sachs’ are predicting that 462,000t of LCE will be produced internally from Chinese lepidolite in the year 2030. If this is to be met, the Chinese will roughly need 8 x 10Mtpa operations for just lepidolite! 8 Greenbushes equivalents to be built in 5 years to just meet lepidolite outputs.”
• “If the 10/15Mtpa is correct, the Chinese are chewing through lepidolite at an insane rate in order to fill the supply demand gap. In my opinion, this gap gets insanely difficult to close as time goes on.”
• “EV sales grew by approximately 39% last year. I’m seeing numbers of around 1Mt of LCE demand for 2023. If we assume the same growth for this year of 39% for 2024, that’s an additional 390kt of LCE. Where is this additional 390kt coming from?
Sparkes also pointed out that the following ginormous lithium mines are expected to come online in 2024:
Kathleen Valley – 40ktpa of LCE.
Mount Holland – 94ktpa of LCE.
Pilbara P680 expansion – 13.3ktpa of LCE
Sigma – 37ktpa of LCE
Goulamina – 34ktpa of LCE
• “Should be noted that this is just additional supply for 2024,” he added. “Where does 2025 additional supply come from? The world isn’t building a Mount Holland, a Kathleen Valley, a Goulamina, etc. every year. These mines have been in construction for the past several years. Battery manufacturers who aren’t shoring up supply are going to get minced.”
The prospector concludes that due to the supply-demand dynamics, he believes a lithium price rebound is due later this year. Which is in line with analysis from another prominent lithium commentator – Joe Lowry.
Meanwhile, contango watcher Juan Carlos Zuleta thinks a short-term rebound for lithium prices is just around the CNY holiday corner…
Given the current tightness in the spot market, chances are #lithium prices will rebound following the CNY holiday. This is because february battery and EV sales (m-o-m, at least) are likely to increase, not fall.#lithium https://t.co/OMO6SAZDFg
— Juan Carlos Zuleta (@jczuleta) February 13, 2024
“And transitioning means that even our oil company, which used to be an oil company, became a hydrocarbon company. Now it’s becoming an energy company,” the Saudi minister said.” https://t.co/37i9ZbAiro.
Isn’t this amazing?#Lithium us about to rule the world.
— Juan Carlos Zuleta (@jczuleta) February 13, 2024
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 5pm Feb 14.)
Stocks missing from this list? Email [email protected]
Code Company Price % Week % Month % Year Market Cap PVW PVW Res Ltd 0.036 -10% -25% -74% $3,650,572 A8G Australasian Metals 0.105 0% -25% -45% $5,733,254 INF Infinity Lithium 0.079 13% -14% -37% $37,007,367 LPI Lithium Pwr Int Ltd 0.545 -2% -3% 36% $349,088,391 PSC Prospect Res Ltd 0.08 1% -5% -63% $35,676,561 PAM Pan Asia Metals 0.16 0% -3% -56% $26,850,684 CXO Core Lithium 0.205 14% -2% -80% $395,333,076 LOT Lotus Resources Ltd 0.33 -10% 3% 43% $562,422,542 AGY Argosy Minerals Ltd 0.099 4% -21% -87% $139,036,342 AZS Azure Minerals 3.62 0% -2% 1014% $1,660,420,062 NWC New World Resources 0.037 0% -18% -34% $88,471,190 QXR Qx Resources Limited 0.021 31% -5% -53% $21,091,479 GSR Greenstone Resources 0.007 17% -30% -73% $10,944,908 CAE Cannindah Resources 0.084 6% -3% -63% $48,558,716 AZL Arizona Lithium Ltd 0.03 50% 11% -57% $106,020,461 RIL Redivium Limited 0.005 0% -17% -69% $13,654,274 COB Cobalt Blue Ltd 0.19 15% -17% -65% $71,403,332 ESS Essential Metals Ltd 0 -100% -100% -100% $135,278,382 LPD Lepidico Ltd 0.006 0% -14% -63% $53,468,156 MRD Mount Ridley Mines 0.0015 0% -25% -70% $11,677,324 CZN Corazon Ltd 0.01 0% -41% -52% $6,155,979 LKE Lake Resources 0.096 9% -17% -86% $129,590,416 DEV Devex Resources Ltd 0.295 13% -2% 7% $134,563,155 INR Ioneer Ltd 0.12 -8% -11% -69% $253,441,458 AVZ AVZ Minerals Ltd 0.78 0% 0% 0% $2,752,409,203 MAN Mandrake Res Ltd 0.04 3% 5% -22% $24,630,397 RLC Reedy Lagoon Corp. 0.005 25% 0% -43% $3,097,704 GBR Greatbould Resources 0.06 2% -5% -31% $36,519,920 FRS Forrestaniaresources 0.024 0% -27% -83% $3,882,858 STK Strickland Metals 0.083 -13% -31% 152% $146,106,646 MLX Metals X Limited 0.32 14% 16% -7% $290,325,141 CLA Celsius Resource Ltd 0.011 0% -8% -27% $24,706,568 FGR First Graphene Ltd 0.061 -3% -6% -39% $40,196,055 HXG Hexagon Energy 0.014 17% 17% -22% $7,180,823 TLG Talga Group Ltd 0.61 5% -12% -65% $222,156,191 MNS Magnis Energy Tech 0.042 0% 0% -90% $50,378,922 OZL OZ Minerals 0 -100% -100% -100% $8,918,404,433 PLL Piedmont Lithium Inc 0.21 14% -38% -78% $88,735,955 EUR European Lithium Ltd 0.086 0% -9% 16% $119,904,569 BKT Black Rock Mining 0.061 -6% -22% -62% $65,848,344 QEM QEM Limited 0.175 -3% -10% -20% $26,493,550 LYC Lynas Rare Earths 5.7 -2% -11% -32% $5,383,839,375 ESR Estrella Res Ltd 0.005 0% 0% -69% $8,796,859 ARL Ardea Resources Ltd 0.405 3% -11% -40% $84,717,273 GLN Galan Lithium Ltd 0.285 -3% -53% -75% $110,962,426 JLL Jindalee Lithium Ltd 0.81 -15% -18% -69% $54,441,105 VUL Vulcan Energy 2.03 1% -6% -69% $344,146,016 SBR Sabre Resources 0.021 5% -30% -45% $7,859,501 CHN Chalice Mining Ltd 1.08 23% -16% -83% $388,963,304 VRC Volt Resources Ltd 0.005 0% -29% -58% $20,650,533 NMT Neometals Ltd 0.155 24% -23% -81% $102,743,902 AXN Alliance Nickel Ltd 0.04 33% 0% -58% $31,211,103 PNN Power Minerals Ltd 0.155 3% -18% -68% $13,543,296 IGO IGO Limited 6.95 3% -14% -52% $5,270,583,978 GED Golden Deeps 0.04 8% -9% -62% $4,851,939 ADV Ardiden Ltd 0.165 -8% -3% -45% $10,627,976 SRI Sipa Resources Ltd 0.022 0% -12% -21% $5,019,479 NTU Northern Min Ltd 0.031 15% 3% -26% $171,418,398 AXE Archer Materials 0.34 1% -4% -44% $86,647,984 PGM Platina Resources 0.017 -15% -23% -15% $11,217,246 AAJ Aruma Resources Ltd 0.017 -19% -35% -77% $3,347,156 IXR Ionic Rare Earths 0.017 -11% -26% -53% $77,549,173 NIC Nickel Industries 0.64 -6% -2% -40% $2,785,776,422 EVG Evion Group NL 0.029 -3% -3% -52% $10,032,816 CWX Carawine Resources 0.096 -17% -9% -11% $24,793,172 PLS Pilbara Min Ltd 3.5 4% -6% -28% $10,623,421,846 HAS Hastings Tech Met 0.62 10% -16% -81% $76,326,325 BUX Buxton Resources Ltd 0.13 0% -19% -21% $22,522,096 ARR American Rare Earths 0.3 131% 88% 20% $149,551,805 SGQ St George Min Ltd 0.025 14% -29% -70% $24,713,511 TKL Traka Resources 0.002 0% 0% -68% $3,501,317 PAN Panoramic Resources 0.035 0% 0% -78% $103,937,992 PRL Province Resources 0.041 0% 0% -25% $48,441,219 IPT Impact Minerals 0.011 -8% -8% 10% $28,647,039 LIT Lithium Australia 0.029 0% -6% -37% $35,443,558 AKE Allkem Limited 0 -100% -100% -100% $6,304,350,967 ARN Aldoro Resources 0.1 6% 1% -56% $13,462,374 JRV Jervois Global Ltd 0.024 -14% -38% -89% $67,563,017 MCR Mincor Resources NL 0 -100% -100% -100% $751,215,521 SYR Syrah Resources 0.58 29% 8% -69% $359,731,024 FBM Future Battery 0.06 15% -12% -3% $28,822,823 ADD Adavale Resource Ltd 0.006 -8% -40% -74% $6,572,619 LTR Liontown Resources 1.055 17% -29% -25% $2,508,062,221 CTM Centaurus Metals Ltd 0.295 2% -37% -74% $145,983,002 VML Vital Metals Limited 0.005 25% 0% -78% $23,580,268 BSX Blackstone Ltd 0.069 35% 6% -50% $36,691,978 POS Poseidon Nick Ltd 0.007 0% -30% -82% $25,994,743 CHR Charger Metals 0.135 4% -16% -66% $10,451,734 AVL Aust Vanadium Ltd 0.017 -6% -15% -47% $154,703,007 AUZ Australian Mines Ltd 0.015 67% 67% -72% $13,854,798 TMT Technology Metals 0.26 0% 11% -17% $67,134,856 RXL Rox Resources 0.185 6% 0% 6% $59,096,682 RNU Renascor Res Ltd 0.086 12% -10% -66% $215,849,637 GL1 Globallith 0.46 2% -36% -78% $117,119,385 BRB Breaker Res NL 0 -100% -100% -100% $158,126,031 ASN Anson Resources Ltd 0.08 4% -30% -61% $99,078,072 SYA Sayona Mining Ltd 0.045 13% -18% -82% $391,145,249 FFX Firefinch Ltd 0.2 0% 0% 0% $236,569,315 EGR Ecograf Limited 0.13 -10% -7% -43% $59,024,136 ATM Aneka Tambang 1.1 0% -7% 0% $1,434,014 TVN Tivan Limited 0.051 -9% -15% -35% $80,017,966 ALY Alchemy Resource Ltd 0.008 -11% -11% -53% $9,424,610 GAL Galileo Mining Ltd 0.24 14% -2% -71% $42,489,359 BHP BHP Group Limited 45.95 0% -4% -4% $234,784,026,934 LEL Lithenergy 0.34 -1% -35% -62% $31,933,100 MMC Mitremining 0.27 20% 8% -2% $23,015,277 RMX Red Mount Min Ltd 0.002 -33% -33% -67% $5,347,152 GW1 Greenwing Resources 0.084 -1% -27% -67% $15,225,124 AQD Ausquest Limited 0.011 0% -15% -31% $9,076,641 LML Lincoln Minerals 0.007 40% 17% -79% $11,928,317 1MC Morella Corporation 0.004 14% -27% -69% $24,715,198 REE Rarex Limited 0.019 19% -27% -67% $13,667,731 MRC Mineral Commodities 0.028 8% -18% -53% $26,580,760 PUR Pursuit Minerals 0.005 25% -38% -79% $14,719,857 QPM Queensland Pacific 0.036 0% -31% -66% $72,451,451 EMH European Metals Hldg 0.34 11% 1% -50% $46,503,641 BMM Balkanminingandmin 0.071 -1% -29% -84% $5,683,241 PEK Peak Rare Earths Ltd 0.23 12% -34% -58% $65,155,731 LEG Legend Mining 0.018 13% 29% -67% $58,089,544 MOH Moho Resources 0.006 -25% -45% -70% $3,235,069 AML Aeon Metals Ltd. 0.007 -22% -22% -76% $7,674,804 G88 Golden Mile Res Ltd 0.013 8% -28% -36% $5,757,120 WKT Walkabout Resources 0.12 0% -8% 9% $87,263,989 TON Triton Min Ltd 0.017 0% -23% -58% $24,982,283 AR3 Austrare 0.12 -4% -14% -61% $18,499,915 ARU Arafura Rare Earths 0.135 8% -16% -78% $288,787,774 MIN Mineral Resources. 56.84 3% -9% -37% $11,205,652,831 VMC Venus Metals Cor Ltd 0.1 0% -2% 27% $18,024,225 S2R S2 Resources 0.145 0% -6% -3% $65,664,409 CNJ Conico Ltd 0.003 0% -40% -73% $4,710,285 VR8 Vanadium Resources 0.034 -3% -35% -59% $19,050,207 PVT Pivotal Metals Ltd 0.016 -6% -33% -61% $11,970,011 BOA Boadicea Resources 0.025 -11% -24% -73% $3,077,258 IPX Iperionx Limited 1.93 5% 29% 108% $423,646,086 SLZ Sultan Resources Ltd 0.014 -5% -11% -77% $2,185,729 NKL Nickelxltd 0.044 13% -6% -39% $3,336,976 NVA Nova Minerals Ltd 0.265 -10% -22% -57% $54,831,416 MLS Metals Australia 0.029 -3% -15% -46% $18,721,086 MQR Marquee Resource Ltd 0.018 -5% -33% -38% $8,267,688 MRR Minrex Resources Ltd 0.012 9% -20% -65% $13,018,410 EVR Ev Resources Ltd 0.013 13% -7% -35% $16,164,237 EFE Eastern Resources 0.008 0% 0% -56% $9,935,572 CNB Carnaby Resource Ltd 0.57 -11% -26% -51% $97,707,802 BNR Bulletin Res Ltd 0.081 -4% -40% -33% $25,250,746 AX8 Accelerate Resources 0.026 18% -21% 0% $16,469,226 AM7 Arcadia Minerals 0.062 -7% -11% -74% $6,761,106 AS2 Askarimetalslimited 0.082 -15% -52% -86% $6,703,718 BYH Bryah Resources Ltd 0.01 0% -23% -59% $4,336,073 DTM Dart Mining NL 0.013 8% -19% -71% $2,958,535 EMS Eastern Metals 0.04 21% 11% -49% $3,297,050 FG1 Flynngold 0.052 -5% -9% -43% $8,699,468 GSM Golden State Mining 0.012 9% -8% -73% $3,352,448 IMI Infinitymining 0.1 0% -17% -52% $13,062,873 LRV Larvottoresources 0.066 0% 0% -53% $15,652,815 LSR Lodestar Minerals 0.003 50% -25% -33% $6,070,192 RAG Ragnar Metals Ltd 0.021 0% -13% 38% $9,953,600 CTN Catalina Resources 0.005 0% 25% -50% $4,953,948 TMB Tambourahmetals 0.084 -2% -24% -20% $7,464,632 TEM Tempest Minerals 0.007 0% -22% -71% $3,633,871 EMC Everest Metals Corp 0.075 -6% -7% -17% $12,321,233 WML Woomera Mining Ltd 0.004 -33% -85% -73% $4,872,556 KZR Kalamazoo Resources 0.11 10% -19% -35% $19,897,050 LMG Latrobe Magnesium 0.052 -9% -9% -32% $99,674,311 KOR Korab Resources 0.009 13% -50% -61% $3,303,450 CMX Chemxmaterials 0.078 0% -8% -47% $7,280,767 NC1 Nicoresourceslimited 0.175 -15% -42% -69% $18,018,095 GRE Greentechmetals 0.2 -2% -47% 33% $17,236,395 CMO Cosmometalslimited 0.05 0% -23% -67% $3,284,833 FRB Firebird Metals 0.135 13% 0% -16% $18,506,982 S32 South32 Limited 3.08 -2% -13% -33% $13,950,116,389 OMH OM Holdings Limited 0.46 -2% -7% -45% $352,478,128 JMS Jupiter Mines. 0.175 -3% 0% -24% $342,913,431 E25 Element 25 Ltd 0.26 6% -25% -66% $56,557,887 EMN Euromanganese 0.075 -10% -14% -72% $16,962,418 KGD Kula Gold Limited 0.008 23% -50% -70% $3,808,907 LRS Latin Resources Ltd 0.2 43% -13% 67% $503,346,503 CRR Critical Resources 0.013 -13% -35% -76% $24,889,904 ENT Enterprise Metals 0.003 -25% -25% -67% $2,405,913 SCN Scorpion Minerals 0.02 0% -33% -73% $8,189,124 GCM Green Critical Min 0.005 0% -29% -74% $5,682,925 ENV Enova Mining Limited 0.028 4% 40% 133% $19,227,880 RBX Resource B 0.055 0% -25% -58% $4,547,647 AKN Auking Mining Ltd 0.031 7% -35% -66% $7,140,965 RR1 Reach Resources Ltd 0.002 -33% -50% -60% $8,025,743 EMT Emetals Limited 0.005 -17% -29% -55% $5,100,000 PNT Panthermetalsltd 0.049 23% -18% -73% $4,271,142 WIN Widgienickellimited 0.037 -23% -65% -89% $11,917,802 WMG Western Mines 0.18 0% -12% 9% $11,911,646 AVW Avira Resources Ltd 0.002 0% 0% -33% $4,267,580 CAI Calidus Resources 0.145 -17% -34% -36% $94,957,209 GT1 Greentechnology 0.125 4% -43% -84% $38,250,252 KAI Kairos Minerals Ltd 0.013 0% -7% -38% $34,071,858 MTM MTM Critical Metals 0.061 -9% -33% -20% $7,457,781 NWM Norwest Minerals 0.026 0% -4% -62% $7,476,807 PGD Peregrine Gold 0.26 -10% -12% -48% $17,419,085 RAS Ragusa Minerals Ltd 0.026 -7% -32% -76% $3,564,970 RGL Riversgold 0.009 0% -25% -65% $8,225,122 SRZ Stellar Resources 0.008 14% 33% -33% $9,192,212 STM Sunstone Metals Ltd 0.011 10% -15% -68% $38,507,167 ZNC Zenith Minerals Ltd 0.12 0% -23% -47% $42,285,706 WC8 Wildcat Resources 0.5 15% -19% 1624% $562,043,918 ASO Aston Minerals Ltd 0.02 5% -5% -78% $22,016,093 THR Thor Energy PLC 0.026 -19% -24% -57% $5,387,392 YAR Yari Minerals Ltd 0.008 0% -20% -62% $3,858,863 IG6 Internationalgraphit 0.14 4% -3% -47% $12,903,276 LPM Lithium Plus 0.17 3% -39% -51% $14,617,994 ODE Odessa Minerals Ltd 0.007 17% -13% -46% $6,259,695 KOB Kobaresourceslimited 0.16 7% 108% 7% $20,214,583 AZI Altamin Limited 0.046 -8% -23% -38% $21,064,754 FTL Firetail Resources 0.04 -20% -43% -69% $5,956,222 LNR Lanthanein Resources 0.006 20% -40% -74% $7,738,871 CLZ Classic Min Ltd 0.001 0% 0% -83% $12,357,085 NVX Novonix Limited 0.685 18% 4% -56% $342,201,063 OCN Oceanalithiumlimited 0.057 -8% -37% -84% $2,974,208 SUM Summitminerals 0.076 0% -20% -51% $3,574,285 DVP Develop Global Ltd 2.41 9% -7% -27% $592,074,738 OD6 Od6Metalsltd 0.12 9% 0% -63% $6,326,782 HRE Heavy Rare Earths 0.05 0% -12% -64% $3,084,884 LIN Lindian Resources 0.13 4% -19% -38% $155,509,502 PEK Peak Rare Earths Ltd 0.23 12% -34% -58% $65,155,731 ILU Iluka Resources 6.98 1% 3% -36% $3,012,048,375 ASM Ausstratmaterials 1.01 0% -14% -56% $175,131,581 ETM Energy Transition 0.035 0% -15% -29% $51,802,213 VMS Venture Minerals 0.013 44% 63% -46% $30,940,182 IDA Indiana Resources 0.082 0% -1% 58% $51,064,676 VTM Victory Metals Ltd 0.22 10% 5% 0% $18,721,921 M2R Miramar 0.02 0% -23% -73% $2,977,391 WCN White Cliff Min Ltd 0.014 -13% 40% 27% $20,037,890 TAR Taruga Minerals 0.009 13% -18% -50% $6,354,241 ABX ABX Group Limited 0.072 3% 1% -55% $17,502,822 MEK Meeka Metals Limited 0.036 -3% -5% -25% $44,449,522 RR1 Reach Resources Ltd 0.002 -33% -50% -60% $8,025,743 DRE Dreadnought Resources Ltd 0.021 24% -19% -78% $76,539,605 KFM Kingfisher Mining 0.086 -13% -39% -75% $4,565,775 AOA Ausmon Resorces 0.003 50% 0% -45% $3,176,998 WC1 Westcobarmetals 0.053 26% -27% -66% $6,402,418 GRL Godolphin Resources 0.04 3% -5% -51% $6,769,681 DM1 Desert Metals 0.028 -10% -46% -84% $7,697,345 PTR Petratherm Ltd 0.025 -7% -32% -64% $5,618,778 ITM Itech Minerals Ltd 0.087 1% -10% -73% $10,874,337 KTA Krakatoa Resources 0.017 -6% -37% -61% $8,025,823 M24 Mamba Exploration 0.031 -40% -37% -84% $5,890,633 LNR Lanthanein Resources 0.006 20% -40% -74% $7,738,871 TKM Trek Metals Ltd 0.041 32% 8% -39% $21,549,228 BCA Black Canyon Limited 0.11 -8% -19% -55% $7,715,561 CDT Castle Minerals 0.007 0% -13% -71% $8,571,451 DLI Delta Lithium 0.275 2% -14% -41% $199,309,500 A11 Atlantic Lithium 0.39 5% -5% -40% $240,377,550 KNI Kunikolimited 0.205 -2% -24% -60% $18,153,296 CY5 Cygnus Metals Ltd 0.07 6% -40% -85% $22,158,495 WR1 Winsome Resources 0.6 9% -25% -70% $113,517,105 LLI Loyal Lithium Ltd 0.235 9% -34% -43% $19,988,957 BC8 Black Cat Syndicate 0.205 -2% -13% -47% $62,726,234 BUR Burleyminerals 0.07 -20% -53% -79% $7,747,257 PBL Parabellumresources 0.066 -21% 14% -83% $4,111,800 L1M Lightning Minerals 0.07 -5% -33% -68% $2,955,754 WA1 Wa1Resourcesltd 10.8 9% -9% 700% $620,110,640 EV1 Evolutionenergy 0.11 5% -12% -61% $25,889,286 1AE Auroraenergymetals 0.155 0% 19% 7% $24,677,074 RVT Richmond Vanadium 0.35 -8% 35% 6% $30,172,732 PMT Patriotbatterymetals 0.765 16% -15% -55% $438,607,393 PAT Patriot Lithium 0.11 -4% -31% -73% $8,005,970 BM8 Battery Age Minerals 0.14 0% -33% -74% $12,846,445 OM1 Omnia Metals Group 0.078 0% 0% -59% $3,786,192 VHM Vhmlimited 0.635 6% 0% -35% $93,119,256 LLL Leolithiumlimited 0.505 0% 0% -15% $498,553,663 SRN Surefire Rescs NL 0.012 0% 33% -17% $21,594,736 SRL Sunrise 0.41 22% -11% -77% $34,737,587 SYR Syrah Resources 0.58 29% 8% -69% $359,731,024 EG1 Evergreenlithium 0.1 1% -39% 0% $5,229,390 WSR Westar Resources 0.02 11% 0% -64% $3,521,793 LU7 Lithium Universe Ltd 0.023 0% -21% -43% $8,547,482 MEI Meteoric Resources 0.18 13% -27% 38% $358,221,572 REC Rechargemetals 0.068 3% -27% -48% $8,796,806 SLM Solismineralsltd 0.115 -4% -18% -12% $9,418,650 DYM Dynamicmetalslimited 0.175 9% -3% -3% $6,300,000 TOR Torque Met 0.19 -7% -16% 15% $29,080,169 ICL Iceni Gold 0.034 -13% -51% -68% $9,615,881 TMX Terrain Minerals 0.005 25% -17% -17% $7,158,353 MHC Manhattan Corp Ltd 0.003 -14% -25% -50% $8,810,939 MHK Metalhawk. 0.072 -11% -37% -49% $7,157,840 ANX Anax Metals Ltd 0.02 -5% -26% -70% $10,306,511 FIN FIN Resources Ltd 0.016 -6% -24% 0% $10,388,299 LM1 Leeuwin Metals Ltd 0.091 -1% -35% 0% $4,263,502 HAW Hawthorn Resources 0.083 -9% -17% -13% $27,806,296 LCY Legacy Iron Ore 0.016 7% -6% 0% $102,509,219 RON Roninresourcesltd 0.115 -4% -30% -30% $4,419,001 ASR Asra Minerals Ltd 0.006 0% -14% -57% $11,455,470 PFE Panteraminerals 0.052 -5% 2% -57% $6,896,373 KM1 Kalimetalslimited 0.42 8% -31% 0% $32,827,101
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