Chinese electric car company giant BYD turns heads with affordable new EV range
Vulcan Energy looks to be securing big Euro funding for its German lithium operation
What’s up, what’s down for ASX lithium stocks today?
What did we learn about matter pertaining to lithium here and there on Monday, February 26? Let’s find out…
Well, first of all, we know there’s some positivity around the traps for a potential turnaround in lithium spot prices, because we’re seeing that narrative pretty consistently pushed by notable lithium market analysts… case in point the contango-watching Juan Carlos Zuleta…
High expectations about future #lithium carbonate prices are resulting in higher futures prices. Interestingly enough, all domestic LC prices reflect a new slight increase today at the spot market. The next few hours promise to be interesting. https://t.co/ng0NWVzhGA
— Juan Carlos Zuleta (@jczuleta) February 26, 2024
Certainly lithium prices appear to have flattened out recently – see below. Whether that’s an actual bottoming out is yet to be determined.
2024-02-23#Lithium Carbonate 99.5% Min China Spot
Price: $13,378.75
1 day: $13.90 (0.1%)
YTD: -2.21%#Spodumene Concentrate (6%, CIF China)
Price: $910.00
1 day: $0.0 (0.0%)
YTD: -30.80%https://t.co/RITFZv6jyt
— Lithium Price Bot (@LithiumPriceBot) February 23, 2024
Meanwhile, making news
• Chinese electric car giant BYD has launched what’s being dubbed the “Corolla Killer” – a new US$15k EV, in a potentially disruptive move on the global auto market.
Launched last week in China, the all-electric Qin Plus has five variants with prices ranging from AUD $23,300 to $29,700.
The Qin Plus comes with a 100kW motor and the option of either a 48 kWh battery providing 420 km CLTC range or a 57.6 kW hour battery with 510 km range.
EVs at far more affordable prices than ever before sets the cats among the pigeons, to be sure.
#BYD launches the “#Corolla killer”: https://t.co/Bpg35yYXva.
“The Qin Plus comes with a 100 kW motor and the option of either a 48 kWh battery providing 420 km CLTC range or a 57.6 kW hour battery with 510 km range.”#Toyota has a new reason to worry. #Lithium
— Juan Carlos Zuleta (@jczuleta) February 24, 2024
Per Aussie electric vehicle news site The Driven we read that mobility consultant James Carter offered the following on a LinkedIn post, which rams home the point:
“The new BYD Qin Plus EV Honor Edition is the car that makes EVs way cheaper than ICE vehicles and blows open the mainstream market.”
“Today, most buyers want a good, solid reliable car that has some nice features and doesn’t cost too much,” he continued.
“For the past 50 years, this has meant Toyota Motor Corporation Corolla, and it’s for that reason it has been the world’s top selling vehicle for decades.
“However, if there’s a vehicle that costs even less to buy, and far less to run, while retaining solid and reliable qualities, it will be a huge hit. Enter the BYD Qin Plus.”
BYD Qin Plus EV
79,800 RMB ($11,000) is not only the price that one company has lowered through a high degree of self-sufficiency, but also the price line for the entire automobile industry. You may not like BYD, but you can’t help but thank him for lowering the prices of joint… pic.twitter.com/pxhftfAQD0
— CCL (@CCL2K30) February 21, 2024
In 2014, I predicted the market would offer 200-mile #EVs for USD $11,000 by 2025, which would be cheaper than even low-end #ICE vehicles.
BYD and other Chinese OEMs are a year ahead of that curve. #CleanDisruption #RethinkingTransportation https://t.co/oiK4GCjqEC pic.twitter.com/Zl5BbG6o1F
— Tony Seba (@tonyseba) February 25, 2024
• Vulcan Energy (ASX:VUL) , an ASX-listed lithium hopeful is close to receiving up to €500 million (~A$825 million) of project financing from the European Investment Bank (EIB).
Primary due diligence of Vulcan Energy’s (ASX:VUL) Zero Carbon Lithium project by the EIB has launched into the “under appraisal” stage with proposed funding of up to $825 million.
This could serve as a cornerstone investment into the development of the company’s flagship project in Germany, while the financial backing signals what may be one of the largest public investment pledges in Europe attached to an Australian company project.
The Zero Carbon Lithium project aims to “decarbonise lithium production through developing the world’s first net carbon neutral lithium business”, with the co-production of renewable geothermal energy on a mass scale.
VUL is looking towards downstream lithium-brine production with a target of 24,000tpa lithium hydroxide using geothermal energy through its Lithium Extraction and Optimisation Plant (LEOP) in the Upper Rhine Valley around Landau, Germany.
Executive chairman Francis Wedin recently joined Stockhead’s Rock Yarns podcast with host Peter Strachan to talk about the company’s aspirations. Listen here to hear all about it.
• Arcadium Lithium (ASX:LTM) delivered its first financials on Friday after officially becoming a merged entity of Allkem and Livent last month.
The report was mixed, but the company essentially closed out the year on a high gaining $2 billion in pro-forma 2023 revenue.
Other things to note, though, although Josh noted it most comprehensively in Ground Breakers, the company has announced a pullback in spodumene production at its Mt Cattlin mine, what can be viewed as the latest sign of supply discipline in the lithium market.
Per Ground Breakers:
A decision has been made to pull back production and mining at the marginal Mt Cattlin mine outside Ravensthorpe of WA’s South Coast, where shipments are expected to reduce from 204,000t in 2023 to around 130,000t in 2024.
But also big news from Arcadium, it’s made the decision to:
delay capital spending on its Sal de Vida brine project in Argentina and James Bay/Whabouchi projects in Quebec, where a review of combining the development of the two mines into one feeding a lithium hydroxide plant at Becancour from 2026 will put back project delivery by 6-9 months.
As of December 31 2023, Allkem had a combined consolidated cash balance of $892 million and net debt totalling $297 million.
Arcadium boss Paul Graves said Mt Cattlin remained cashflow positive at reduced operating rates, but noted it would be hard to find a buyer for the asset given its short mine life. It only has around three years of life left unless a planned underground development stacks up financially.
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 TODAY WEEK 1 MONTH % 12 MONTH % PRICE MARKET CAP ADV Ardiden Ltd 7% 0% 0% -47% 0.16 $9,377,626 AGY Argosy Minerals Ltd 13% 18% 43% -82% 0.13 $161,506,862 1MC Morella Corporation 14% 33% 0% -67% 0.004 $21,625,798 AML Aeon Metals Ltd. -14% -14% -37% -71% 0.006 $7,674,804 ASN Anson Resources Ltd -1% -3% -6% -54% 0.088 $114,518,810 AVZ AVZ Minerals Ltd 0% 0% 0% 0% 0.78 $2,752,409,203 CXO Core Lithium 5% -4% 13% -76% 0.22 $448,756,464 EMH European Metals Hldg 2% -10% 7% -50% 0.31 $38,334,082 EUR European Lithium Ltd 0% 0% 1% 23% 0.086 $119,904,569 GLN Galan Lithium Ltd 3% -4% -38% -71% 0.33 $124,589,390 INF Infinity Lithium -3% -13% -22% -33% 0.07 $33,306,631 INR Ioneer Ltd 0% 0% 23% -64% 0.135 $285,121,640 JLL Jindalee Lithium Ltd -7% 2% -14% -63% 0.86 $55,953,358 LIT Lithium Australia 0% -3% 0% -32% 0.028 $34,221,367 LKE Lake Resources 9% 0% 25% -80% 0.12 $156,647,756 LPD Lepidico Ltd 0% -8% -14% -60% 0.006 $45,829,848 LPI Lithium Pwr Int Ltd 0% -2% -4% 48% 0.5325 $342,683,100 LTR Liontown Resources 8% -1% 28% -12% 1.165 $2,604,992,162 MIN Mineral Resources. 3% 7% 19% -25% 64.18 $12,164,018,193 MLS Metals Australia -2% -2% -8% -41% 0.0295 $18,721,086 AKE Allkem Limited 0% -100% -100% -100% 0 $6,304,350,967 PLL Piedmont Lithium Inc -4% -13% -27% -79% 0.1925 $77,161,700 PLS Pilbara Min Ltd 6% 5% 19% -13% 3.89 $11,044,747,358 QPM Queensland Pacific -3% -8% -8% -63% 0.037 $76,476,532 PSC Prospect Res Ltd 3% 1% -10% -65% 0.072 $32,433,237 RLC Reedy Lagoon Corp. 0% 25% 0% -35% 0.005 $3,097,704 SYA Sayona Mining Ltd -2% -25% 3% -82% 0.041 $432,318,433 TKL Traka Resources 0% 50% -25% -73% 0.0015 $2,625,988 TON Triton Min Ltd -6% -6% -15% -48% 0.017 $28,105,068 VUL Vulcan Energy 9% 14% 13% -63% 2.31 $364,794,777 GL1 Globallith 2% -1% -1% -67% 0.515 $131,433,976 BMM Balkanminingandmin 0% -5% -16% -78% 0.076 $5,399,079 LEL Lithenergy -5% 3% 3% -41% 0.455 $49,444,800 ARN Aldoro Resources -3% -9% -9% -54% 0.086 $11,981,513 NMT Neometals Ltd 0% -7% -16% -83% 0.135 $84,063,193 IGO IGO Limited 3% 0% 4% -44% 7.47 $5,475,046,288 AAJ Aruma Resources Ltd 0% 0% -17% -78% 0.015 $2,953,373 PAM Pan Asia Metals 0% 0% -6% -56% 0.16 $26,850,684 AX8 Accelerate Resources 4% -10% -7% 0% 0.027 $15,859,254 AM7 Arcadia Minerals 0% 21% 0% -68% 0.07 $7,633,507 AS2 Askarimetalslimited 4% 4% -39% -86% 0.085 $6,391,917 BYH Bryah Resources Ltd -11% -20% -27% -61% 0.008 $3,902,465 EMS Eastern Metals -8% -8% 3% -47% 0.037 $3,297,050 FG1 Flynngold 0% -7% -6% -38% 0.05 $8,207,046 FRS Forrestaniaresources -5% -13% -28% -86% 0.021 $3,559,286 GSM Golden State Mining 0% -17% -9% -75% 0.01 $2,793,706 IMI Infinitymining 0% 17% -8% -50% 0.11 $13,062,873 LRV Larvottoresources 0% -5% -2% -54% 0.063 $14,087,534 MMC Mitremining 0% 2% 33% -7% 0.28 $24,966,176 RAG Ragnar Metals Ltd -5% -5% -13% 31% 0.02 $9,953,600 CTN Catalina Resources 0% 25% 67% -41% 0.005 $6,192,434 TMB Tambourahmetals 1% -3% 3% -12% 0.092 $7,547,572 TEM Tempest Minerals 0% 0% 0% -70% 0.007 $3,633,871 EMC Everest Metals Corp 4% 6% 5% -3% 0.083 $13,142,649 WCN White Cliff Min Ltd 0% 7% 0% 36% 0.015 $20,069,122 WML Woomera Mining Ltd 0% 11% -17% -64% 0.005 $6,090,695 AZL Arizona Lithium Ltd 0% -11% 9% -60% 0.025 $94,661,126 CRR Critical Resources 0% 13% 20% -63% 0.018 $32,001,305 KGD Kula Gold Limited 0% -11% -33% -64% 0.008 $3,385,695 LRS Latin Resources Ltd 1% -8% 10% 67% 0.1925 $531,310,198 PNN Power Minerals Ltd 0% 21% -3% -62% 0.175 $15,290,818 WR1 Winsome Resources 7% -7% 21% -65% 0.705 $125,918,134 KZR Kalamazoo Resources 1% -9% 3% -42% 0.096 $16,606,336 MTM MTM Critical Metals 3% 32% 32% -5% 0.1 $12,056,747 QXR Qx Resources Limited 6% -10% 0% -51% 0.019 $19,981,401 SCN Scorpion Minerals 13% -14% -36% -75% 0.018 $6,551,299 AZI Altamin Limited -2% 2% -16% -34% 0.049 $21,942,452 ENT Enterprise Metals 0% 0% -25% -63% 0.003 $2,405,913 KAI Kairos Minerals Ltd 8% 8% 0% -29% 0.013 $31,450,946 STM Sunstone Metals Ltd 0% 0% -17% -71% 0.01 $35,006,515 PGD Peregrine Gold 0% -11% -22% -45% 0.235 $15,880,929 AVW Avira Resources Ltd 0% -25% -25% -40% 0.0015 $3,200,685 NVA Nova Minerals Ltd 4% 2% -17% -51% 0.275 $55,885,866 GT1 Greentechnology 12% -3% -15% -78% 0.14 $39,844,012 BNR Bulletin Res Ltd 1% -6% -4% -29% 0.078 $22,608,226 CAI Calidus Resources 0% -3% -23% -36% 0.15 $91,894,073 MRR Minrex Resources Ltd 0% 4% 0% -59% 0.013 $14,103,278 A8G Australasian Metals 0% -24% -36% -53% 0.08 $4,169,640 EFE Eastern Resources -13% -13% -13% -56% 0.007 $9,935,572 MQR Marquee Resource Ltd -4% 16% 10% -29% 0.022 $9,507,841 SRZ Stellar Resources 0% 29% 29% -18% 0.009 $10,341,238 LSR Lodestar Minerals 0% 0% -33% -60% 0.002 $4,046,795 NWM Norwest Minerals -3% 0% 29% -16% 0.031 $9,234,224 AOA Ausmon Resorces 0% 0% -33% -67% 0.002 $2,117,999 VKA Viking Mines Ltd 0% -8% -8% 0% 0.011 $11,277,843 IPT Impact Minerals -8% 0% -8% 38% 0.011 $34,376,447 SRI Sipa Resources Ltd 0% -17% -9% -26% 0.02 $4,563,163 VMC Venus Metals Cor Ltd 0% -4% -2% 14% 0.096 $18,213,954 RGL Riversgold 13% -10% 0% -59% 0.009 $7,741,292 ZNC Zenith Minerals Ltd -2% -3% -43% -60% 0.092 $33,123,803 RAS Ragusa Minerals Ltd -4% -18% -34% -79% 0.023 $3,422,371 G88 Golden Mile Res Ltd 0% -14% -20% -44% 0.012 $4,934,674 EPM Eclipse Metals 0% 14% 0% -60% 0.008 $16,600,434 EVR Ev Resources Ltd 0% 8% 40% -7% 0.014 $16,164,237 WC8 Wildcat Resources 7% 15% 54% 2098% 0.6375 $711,523,683 MNS Magnis Energy Tech 0% 0% 0% -89% 0.042 $50,378,922 RIO Rio Tinto Limited -2% -5% -4% -1% 122.135 $46,179,297,022 THR Thor Energy PLC 0% -4% -26% -57% 0.026 $4,830,075 YAR Yari Minerals Ltd -17% -38% -50% -75% 0.005 $2,894,147 MXR Maximus Resources 3% -11% -9% -9% 0.032 $9,949,319 DRE Dreadnought Resources Ltd -5% -5% -14% -78% 0.019 $69,631,459 MM1 Midasmineralsltd -9% -9% -25% -50% 0.082 $7,807,252 M2R Miramar 0% 6% -25% -74% 0.018 $2,679,652 LLI Loyal Lithium Ltd -2% 2% 20% -19% 0.275 $23,320,449 LRD Lordresourceslimited 0% -3% -11% -69% 0.0525 $1,949,436 WMC Wiluna Mining Corp 0% 0% 0% 0% 0.205 $74,238,031 AUN Aurumin 0% -3% 21% -29% 0.034 $12,187,065 ZEO Zeotech Limited -4% 4% -16% -36% 0.027 $48,535,846 ALY Alchemy Resource Ltd 0% 0% 0% -50% 0.008 $9,424,610 LIS Lisenergylimited -6% -3% 0% -49% 0.145 $99,231,036 GW1 Greenwing Resources 0% -14% -35% -69% 0.072 $13,050,107 KTA Krakatoa Resources 0% -13% -26% -65% 0.014 $6,609,501 TYX Tyranna Res Ltd -7% -13% -13% -48% 0.013 $46,023,955 DAF Discovery Alaska Ltd 0% -13% -26% -26% 0.02 $4,684,694 FTL Firetail Resources -6% -4% -23% -71% 0.046 $7,296,372 IR1 Irismetals -2% -6% 7% -50% 0.585 $77,073,314 LNR Lanthanein Resources 0% -17% -17% -74% 0.005 $6,449,060 DAL Dalaroometalsltd 10% 10% 0% -73% 0.022 $1,655,000 TKM Trek Metals Ltd 0% -7% 0% -43% 0.038 $19,496,921 CY5 Cygnus Metals Ltd 2% -10% -25% -80% 0.061 $17,493,548 TUL Tulla Resources 0% -100% -100% -100% 0 $118,262,971 WES Wesfarmers Limited 1% 5% 14% 36% 65.95 $73,698,839,394 LLL Leolithiumlimited 0% 0% 0% -6% 0.505 $498,553,663 OCN Oceanalithiumlimited 0% 0% -24% -83% 0.055 $2,974,208 A11 Atlantic Lithium 1% 3% 3% -40% 0.38 $243,625,895 CMD Cassius Mining Ltd 3% -6% -6% 0% 0.033 $17,344,144 VSR Voltaic Strategic -5% 18% 33% 0% 0.02 $10,145,182 SGQ St George Min Ltd 0% -13% -33% -73% 0.02 $19,770,809 LLO Lion One Metals Ltd 0% 0% -30% -31% 0.62 $9,586,267 PAT Patriot Lithium -13% -17% -46% -76% 0.083 $6,613,628 PL3 Patagonia Lithium -3% 43% 32% 0% 0.165 $8,351,845 BUR Burleyminerals -9% -9% -51% -80% 0.064 $7,230,773 CHR Charger Metals -4% -11% -4% -62% 0.125 $10,064,633 RMX Red Mount Min Ltd 0% -20% 0% -60% 0.002 $5,347,152 DLI Delta Lithium 3% 0% 11% -20% 0.3 $206,427,696 LM1 Leeuwin Metals Ltd 0% 1% -30% 0% 0.088 $4,122,947 ENT Enterprise Metals 0% 0% -25% -63% 0.003 $2,405,913 FIN FIN Resources Ltd 0% -3% -18% -13% 0.014 $9,089,762 DTM Dart Mining NL 8% 0% 0% -66% 0.014 $2,958,535 NIS Nickelsearch -3% -11% -17% -65% 0.034 $7,473,986 EG1 Evergreenlithium -5% -5% -19% 0% 0.105 $6,185,300 MAN Mandrake Res Ltd 8% 3% 3% -27% 0.04 $22,783,117 FBM Future Battery -4% -10% -11% -10% 0.054 $29,890,335 LPM Lithium Plus 0% -5% -18% -45% 0.18 $15,477,876 KOB Kobaresourceslimited -4% -22% -7% -14% 0.125 $16,954,167 EMC Everest Metals Corp 4% 6% 5% -3% 0.083 $13,142,649 LRD Lordresourceslimited 0% -3% -11% -69% 0.0525 $1,949,436 IEC Intra Energy Corp 0% 0% -17% -58% 0.0025 $4,226,954 REC Rechargemetals 0% -12% -6% -46% 0.076 $8,462,750 SLM Solismineralsltd -8% -4% 0% -25% 0.12 $10,203,537 AZS Azure Minerals 0% -3% -4% 1088% 3.505 $1,609,965,308 DYM Dynamicmetalslimited 0% -6% 14% -3% 0.16 $5,760,000 TOR Torque Met -3% -6% -15% 6% 0.17 $26,784,367 SBR Sabre Resources 0% -5% -23% -39% 0.02 $7,485,239 ICL Iceni Gold -16% -27% -46% -73% 0.027 $7,889,954 TMX Terrain Minerals 0% 0% -10% -36% 0.0045 $6,442,518 MHC Manhattan Corp Ltd 0% 0% -25% -54% 0.003 $8,810,939 MHK Metalhawk. -1% 0% -21% -46% 0.07 $7,058,426 NKL Nickelxltd -3% -5% 13% -49% 0.036 $3,249,161 TMB Tambourahmetals 1% -3% 3% -12% 0.092 $7,547,572 ANX Anax Metals Ltd 0% 0% -5% -73% 0.019 $10,306,511 PMT Patriotbatterymetals 1% -10% 10% -49% 0.77 $427,361,049 BM8 Battery Age Minerals 6% 17% -5% -66% 0.175 $15,140,452 L1M Lightning Minerals -4% -1% -27% -59% 0.069 $3,040,205 ADG Adelong Gold Limited 0% 0% 0% -47% 0.005 $3,498,278 TOR Torque Met -3% -6% -15% 6% 0.17 $26,784,367 AL8 Alderan Resource Ltd 0% 25% 25% -29% 0.005 $5,534,307 OZM Ozaurum Resources 0% -5% -9% 30% 0.073 $11,588,750 FL1 First Lithium Ltd -2% -9% -8% 33% 0.24 $17,162,658 PLN Pioneer Lithium 0% -3% -3% 0% 0.16 $4,548,000 WYX Western Yilgarn NL -5% -5% -16% -10% 0.083 $4,345,032 RDN Raiden Resources Ltd 0% -11% -4% 359% 0.024 $63,758,043 PFE Panteraminerals 0% -8% 0% -57% 0.049 $6,498,505 GRE Greentechmetals 0% -8% -12% 69% 0.22 $18,497,595 OLY Olympio Metals Ltd 2% 2% 9% -47% 0.087 $5,405,957 SUM Summitminerals 3% -5% -23% -51% 0.074 $3,431,313 JBY James Bay Minerals -3% -6% -18% 0% 0.165 $5,515,650 SCN Scorpion Minerals 13% -14% -36% -75% 0.018 $6,551,299 JNO Juno 0% -5% -20% -14% 0.076 $13,827,840 CC9 Chariot Corporation 6% -11% -27% 0% 0.275 $21,264,453 OBM Ora Banda Mining Ltd -2% -2% 17% 129% 0.24 $418,217,935 RON Roninresourcesltd 0% -8% -26% -28% 0.115 $4,234,876 CXB0 ASRA MINERALS LTD. 0% -14% -14% -61% 0.00003 $4,959,487 ASR Asra Minerals Ltd 0% 0% 0% -54% 0.006 $9,918,974 PFE Panteraminerals 0% -8% 0% -57% 0.049 $6,498,505 TG6 Tgmetalslimited 9% 18% 20% 173% 0.3 $14,873,696 HAW Hawthorn Resources 0% 0% -15% -17% 0.083 $27,806,296 KM1 Kalimetalslimited 1% -2% -24% 0% 0.405 $30,536,838 AEV Avenira Limited 0% -9% -9% -33% 0.01 $21,925,716 ADV Ardiden Ltd 7% 0% 0% -47% 0.16 $9,377,626
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