High Voltage: Lithium market recovery narrative picks up. Perfect storm brewing?

Estimated read time 13 min read

What’s shaking in the land of the lithium lizards? (And other battery metals.) Let’s see… 

 

Is there something of a perfect storm forming for lithium right now? A positive perfect storm, that is.

Lithium prices have been absolutely poleaxed over the past year amid apparent surging supply and slowed demand – or at least lower uptake for EVs than had been expected.

But, here are some factors, we’ve rounded up from around the traps, including some of our own, that suggest a groundswell of positivity surrounding the most prominent battery metal is forming.

 

Lithium price recovery a-go-go

Let’s start at the most obvious place – the price action, and that futures contango we’ve occasionally been banging on about in High Voltage of late while channelling lithium economics analyst Juan Carlos Zuleta (see below).

That contango (upside trend for lithium futures in this case) was in danger of dropping off a week or so ago, but is back in play. On the Guangzhou Futures Exchange, the most-active contract has jumped by more than a fifth over the past month.

Importantly, what’s also occurring now, however, is signs of life in the spot pricing of lithium carbonate (electric vehicle’s key power source), too.

In fact, the spot price of lithium carbonate in China has bounced up to the highest level since December 2023.

2024-03-12#Lithium Carbonate 99.5% Min China Spot

Price: $15,312.00
1 day: $104.40 (0.69%)
YTD: 11.92%#Spodumene Concentrate (6%, CIF China)

Price: $1,035.00
1 day: $11.0 (1.07%)
YTD: -21.29%

Sponsored by @portofino_porhttps://t.co/cR7NxdTQxh

— Lithium Price Bot (@LithiumPriceBot) March 12, 2024

Except for seaborne chemical & lepidolite prices, all #lithium chemical & ore prices rose today in the Chinese spot market. Average LC futures prices increased by 2.77% surpassing average LC spot prices by CNY 13,114, resulting in a growing contango for the 4th consecutive day. pic.twitter.com/QFaQCcV4gi

— Juan Carlos Zuleta (@jczuleta) March 12, 2024

“The lithium market is rebalancing, with industry curtailing production and projects,” UBS Group AG said in a recent report.

The bank did, however, caution that global surplus is still a factor and  noted the rebalance “could be transitory if price sentiment lifts too far, too fast”.

Killjoys.

 

China going long?

Then there’s this – Chinese company Gangfeng Lithium, one of the world’s major suppliers of the battery metal, has suggested the prices of lithium are set for a long-term uptrend. 

Per Reuters:

Lithium demand from producers of power batteries, energy storage and others will keep growing amid ‘an irreversible trend’ of global energy transition, Ganfeng Lithium Chairman Li Liangbin told Reuters on Friday.

“If lithium prices can stabilise between 80,000 and 150,000 yuan, leaving upstream and downstream (companies) along the industry chain certain profit, it might be the best development environment for the whole industry,” said Li, who is a delegate of the National People’s Congress at the annual meeting of parliament in Beijing.

 

Lithium battery improvement breakthrough

Challengers to lithium-based batteries for the EV market are out there, including sodium-based solutions, however, they may still be some way off from disrupting the lithium game.

Especially when lithium battery advancements seem to be progressing at pace.

According to a Bloomberg report, last week, the InterBattery exhibition was held in Seoul, South Korea, and one of the standouts was the Winter Pro lithium-ion-phospate solution developed by SK On, which is the battery supplier for Ford, Volkswagen and Hyundai EVs.

This new battery addresses the problem of LFP batteries typically losing up to 70% of their driving range when temperatures drop as low as minus 20 degrees Celsius – admittedly not a huge problem in many parts of the world.

But regardless of temperature issues, the new battery extends charging capacity by 16% generally and enhances energy density by 19%.

The company also reportedly has an upgrade for its SF Battery, first introduced in EVs in 2021 and able to reach 80% charge in 18 minutes.

Meanwhile, Samsung SDI, partnering with Stellantis and General Motors to build battery plants in the US, has revealed it has a 2027 target to mass produce an all-solid-state battery (that still contains lithium, by the way).

 

More positives

Pilbara Minerals (ASX:PLS)  has allocated up to 620,000tpa of spodumene with large Chinese lithium converters in hint they remain positive on EV demand. Josh has more on that > here.

Narryer Metals (ASX:NYM) to buy 70% of two lithium projects in the Northwest Territories of Canada. Per Reuben’s Resources Top 4 the other day:

“In a case of ‘better late than never’ NYM has stonked +100% after announcing plans to buy 70% of two lithium projects, Big Hill and Fran, in the Northwest Territories of Canada.

Big Hill shares a boundary with $200m capped Li-FT Power (TSXV:LIFT) which is drilling into thick, high grade lithium across multiple pegmatites “you can see from space.”

• Big gun lithium developer Liontown Resources (ASX:LTR) has surged 11% this week after locking in a $550m debt facility to fund the Kathleen Valley mine through to first production (mid year target) and ramp up.

The lithium production plant, which will have a capacity of 3 million tonnes per year, is now three quarters complete.

• Aspiring WA lithium major and aggressive consolidator Delta Lithium (ASX:DLI) has inked JV deals with neighbours Reach and Voltaic, paying up to ~$13m to earn into the Morrissey Hill and Camel Hill projects owned by RR1.

There’s life in the lithium story yet, wrote Reubs. More > here.

Although it might not seem so right now for the struggling Core Lithium (ASX:CXO)

The Core Lithium $CXO share price will be on watch today after the lithium miner released its half-year results and reported a huge loss. Core Lithium revealed revenue of $134.8 million and a loss after tax of $167.6 million. $CXO CEO, Gareth Manderson, is stepping down.

— CommSec (@CommSec) March 12, 2024

The mining company’s chief executive Gareth Manderson has departed on the same day CXO revealed an interim loss of $167.6 million.

Core ceased mining at Finniss in the NT in January, and halted work on its BP33 project south of Darwin.

The #Yahua deal with $PLS was as much about difficulties with supply from Africa as the failure of $CXO @CoreLithium pic.twitter.com/wnKYHhBPUm

— Joe Lowry (@globallithium) March 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 4pm March 13.) 

Stocks missing from this list? Email [email protected]

Code Company Price % Week % Month % Year Market Cap PVW PVW Res Ltd 0.026 -4% -32% -71% $2,737,929 A8G Australasian Metals 0.072 1% -35% -52% $3,752,676 INF Infinity Lithium 0.075 -4% -5% -29% $35,619,591 LPI Lithium Pwr Int Ltd 0.565 0% 4% 74% $361,898,974 PSC Prospect Res Ltd 0.077 8% 0% -64% $33,823,233 PAM Pan Asia Metals 0.16 0% 0% -56% $26,850,684 CXO Core Lithium 0.205 -15% 11% -78% $470,125,820 LOT Lotus Resources Ltd 0.39 8% 18% 95% $714,174,281 AGY Argosy Minerals Ltd 0.165 27% 65% -75% $224,705,200 AZS Azure Minerals 3.63 1% 0% 1196% $1,660,420,062 NWC New World Resources 0.037 6% -5% -21% $83,934,206 QXR Qx Resources Limited 0.019 -10% 0% -46% $21,091,479 GSR Greenstone Resources 0.007 0% 27% -71% $9,576,794 CAE Cannindah Resources 0.064 -6% -25% -64% $39,309,437 AZL Arizona Lithium Ltd 0.026 -4% 4% -53% $99,096,854 RIL Redivium Limited 0.003 0% -25% -70% $8,192,564 COB Cobalt Blue Ltd 0.1475 -8% -13% -56% $56,739,503 ESS Essential Metals Ltd 0 -100% -100% -100% $135,278,382 LPD Lepidico Ltd 0.006 0% -14% -54% $45,829,848 MRD Mount Ridley Mines 0.0015 0% -25% -50% $11,677,324 CZN Corazon Ltd 0.009 -10% -10% -44% $5,540,381 LKE Lake Resources 0.097 -16% 7% -84% $138,134,839 DEV Devex Resources Ltd 0.32 3% 5% 14% $141,181,015 INR Ioneer Ltd 0.165 14% 43% -49% $327,361,883 AVZ AVZ Minerals Ltd 0.78 0% 0% 0% $2,752,409,203 MAN Mandrake Res Ltd 0.04 5% 0% -17% $23,398,877 RLC Reedy Lagoon Corp. 0.004 0% -20% -41% $2,478,163 GBR Greatbould Resources 0.063 3% 5% -37% $38,914,669 FRS Forrestaniaresources 0.019 -10% -30% -83% $3,721,072 STK Strickland Metals 0.085 1% -6% 124% $147,780,577 MLX Metals X Limited 0.35 3% 17% 25% $322,079,454 CLA Celsius Resource Ltd 0.013 0% 18% -19% $29,198,672 FGR First Graphene Ltd 0.058 2% -5% -38% $37,560,248 HXG Hexagon Energy 0.017 42% 21% 42% $8,206,654 TLG Talga Group Ltd 0.87 4% 40% -38% $332,284,901 MNS Magnis Energy Tech 0.042 0% 0% -88% $50,378,922 OZL OZ Minerals 0 -100% -100% -100% $8,918,404,433 PLL Piedmont Lithium Inc 0.205 -7% -5% -75% $80,604,825 EUR European Lithium Ltd 0.068 -13% -21% -7% $93,414,025 BKT Black Rock Mining 0.063 -7% 0% -55% $68,043,289 QEM QEM Limited 0.17 13% 0% -19% $24,222,674 LYC Lynas Rare Earths 5.78 -3% 0% -19% $5,467,961,866 ESR Estrella Res Ltd 0.005 0% 0% -64% $7,917,173 ARL Ardea Resources Ltd 0.64 29% 58% 31% $118,210,149 GLN Galan Lithium Ltd 0.425 4% 44% -63% $169,363,703 JLL Jindalee Lithium Ltd 0.78 1% -16% -71% $48,392,094 VUL Vulcan Energy 3 20% 49% -52% $495,570,263 SBR Sabre Resources 0.018 6% -25% -38% $6,736,715 CHN Chalice Mining Ltd 1.225 -4% 24% -80% $507,597,112 VRC Volt Resources Ltd 0.005 -17% 0% -58% $20,650,533 NMT Neometals Ltd 0.1925 24% 20% -70% $121,448,012 AXN Alliance Nickel Ltd 0.04 14% -2% -60% $28,307,745 PNN Power Minerals Ltd 0.17 -19% 13% -59% $15,727,698 IGO IGO Limited 7.55 -2% 9% -41% $5,853,680,194 GED Golden Deeps 0.045 13% 5% -53% $4,967,461 ADV Ardiden Ltd 0.14 0% -22% -53% $9,377,626 SRI Sipa Resources Ltd 0.019 0% -24% -24% $4,106,846 NTU Northern Min Ltd 0.03 -9% 0% -29% $177,329,377 AXE Archer Materials 0.425 8% 31% -11% $103,213,040 PGM Platina Resources 0.025 39% 39% 35% $15,579,508 AAJ Aruma Resources Ltd 0.017 6% -11% -72% $3,347,156 IXR Ionic Rare Earths 0.019 12% 12% -39% $82,351,791 NIC Nickel Industries 0.82 4% 29% -14% $3,535,793,151 EVG Evion Group NL 0.023 5% -18% -65% $7,957,061 CWX Carawine Resources 0.105 9% 5% 17% $24,793,172 PLS Pilbara Min Ltd 4.19 2% 18% 5% $12,549,481,331 HAS Hastings Tech Met 0.625 4% 10% -78% $79,560,491 BUX Buxton Resources Ltd 0.12 -4% -8% -33% $20,356,510 ARR American Rare Earths 0.29 2% 21% 41% $135,691,407 SGQ St George Min Ltd 0.023 10% -8% -65% $19,770,809 TKL Traka Resources 0.002 33% 0% -58% $3,501,317 PAN Panoramic Resources 0.035 0% 0% -73% $103,937,992 PRL Province Resources 0.041 0% 0% 0% $48,441,219 IPT Impact Minerals 0.014 8% 27% 56% $40,105,854 LIT Lithium Australia 0.028 4% 0% -26% $33,001,875 AKE Allkem Limited 0 -100% -100% -100% $6,304,350,967 ARN Aldoro Resources 0.078 -8% -32% -65% $10,635,276 JRV Jervois Global Ltd 0.031 0% 24% -80% $86,480,662 MCR Mincor Resources NL 0 -100% -100% -100% $751,215,521 SYR Syrah Resources 0.7 4% 30% -60% $475,116,447 FBM Future Battery 0.06 15% 13% 18% $33,092,871 ADD Adavale Resource Ltd 0.0055 10% -8% -68% $5,055,861 LTR Liontown Resources 1.39 9% 36% -11% $3,186,571,808 CTM Centaurus Metals Ltd 0.28 2% -10% -69% $138,599,254 VML Vital Metals Limited 0.0045 13% 13% -79% $23,580,268 BSX Blackstone Ltd 0.063 11% 17% -60% $34,071,123 POS Poseidon Nick Ltd 0.0075 7% 7% -79% $29,708,278 CHR Charger Metals 0.115 -4% -15% -65% $9,290,430 AVL Aust Vanadium Ltd 0.016 -11% 0% -50% $146,342,854 AUZ Australian Mines Ltd 0.014 -7% 17% -63% $19,597,666 TMT Technology Metals 0 -100% -100% -100% $67,134,856 RXL Rox Resources 0.16 -3% 0% -32% $60,943,453 RNU Renascor Res Ltd 0.086 -2% -4% -61% $215,849,637 GL1 Globallith 0.6125 5% 44% -59% $160,063,159 BRB Breaker Res NL 0 -100% -100% -100% $158,126,031 ASN Anson Resources Ltd 0.1025 -7% 27% -53% $141,540,103 SYA Sayona Mining Ltd 0.0415 -1% 6% -82% $432,318,433 FFX Firefinch Ltd 0.2 0% 0% 0% $236,569,315 EGR Ecograf Limited 0.19 15% 41% -7% $90,806,364 ATM Aneka Tambang 1.1 0% 0% 0% $1,434,014 TVN Tivan Limited 0.059 4% 9% -26% $94,421,199 ALY Alchemy Resource Ltd 0.007 0% -13% -53% $9,424,610 GAL Galileo Mining Ltd 0.25 -2% 22% -64% $50,394,356 BHP BHP Group Limited 41.98 -6% -9% -7% $215,522,815,743 LEL Lithenergy 0.6 13% 85% -14% $61,806,000 MMC Mitremining 0.305 -3% 9% 24% $26,303,650 RMX Red Mount Min Ltd 0.002 0% 0% -56% $6,683,940 GW1 Greenwing Resources 0.073 -3% -17% -72% $12,687,604 AQD Ausquest Limited 0.011 -8% 0% -35% $9,076,641 LML Lincoln Minerals 0.006 0% 0% -74% $10,224,272 1MC Morella Corporation 0.003 0% -14% -67% $18,536,398 REE Rarex Limited 0.016 -16% -24% -67% $11,617,572 MRC Mineral Commodities 0.022 0% -19% -62% $24,611,815 PUR Pursuit Minerals 0.0045 -10% 13% -80% $14,719,857 QPM Queensland Pacific 0.044 19% 16% -62% $88,551,774 EMH European Metals Hldg 0.29 -9% -3% -56% $34,826,565 BMM Balkanminingandmin 0.068 -1% -13% -78% $4,830,755 PEK Peak Rare Earths Ltd 0.205 8% -18% -63% $57,177,478 LEG Legend Mining 0.015 -6% -17% -63% $40,662,681 MOH Moho Resources 0.006 0% -14% -60% $3,235,069 AML Aeon Metals Ltd. 0.007 17% -13% -67% $7,674,804 G88 Golden Mile Res Ltd 0.012 20% -8% -29% $4,523,451 WKT Walkabout Resources 0.1125 -2% -13% -17% $73,838,760 TON Triton Min Ltd 0.017 13% 6% -48% $24,982,283 AR3 Austrare 0.11 10% -12% -51% $16,187,426 ARU Arafura Rare Earths 0.1475 -11% 18% -75% $334,993,818 MIN Mineral Resources. 66.96 5% 18% -20% $12,942,812,041 VMC Venus Metals Cor Ltd 0.09 -6% -5% 3% $17,265,310 S2R S2 Resources 0.135 0% -7% 4% $67,928,699 CNJ Conico Ltd 0.0025 25% -17% -77% $4,710,285 VR8 Vanadium Resources 0.037 -8% 6% -47% $21,851,708 PVT Pivotal Metals Ltd 0.016 0% -6% -65% $11,265,893 BOA Boadicea Resources 0.026 13% 4% -70% $3,200,348 IPX Iperionx Limited 2.13 -1% 12% 160% $500,615,851 SLZ Sultan Resources Ltd 0.022 57% 49% -61% $3,314,126 NKL Nickelxltd 0.036 0% -10% -42% $3,161,346 NVA Nova Minerals Ltd 0.275 -2% 4% -39% $57,994,767 MLS Metals Australia 0.024 -8% -23% -43% $16,976,869 MQR Marquee Resource Ltd 0.019 -14% -5% -27% $8,267,688 MRR Minrex Resources Ltd 0.013 0% 8% -57% $14,103,278 EVR Ev Resources Ltd 0.011 -8% -21% -27% $14,533,986 EFE Eastern Resources 0.008 7% 0% -43% $11,177,518 CNB Carnaby Resource Ltd 0.465 -5% -26% -58% $77,352,010 BNR Bulletin Res Ltd 0.07 -7% -18% -30% $20,259,319 AX8 Accelerate Resources 0.029 -6% -3% 12% $18,299,140 AM7 Arcadia Minerals 0.07 0% 6% -69% $7,633,507 AS2 Askarimetalslimited 0.086 -3% -2% -84% $6,844,543 BYH Bryah Resources Ltd 0.008 0% -20% -63% $3,483,628 DTM Dart Mining NL 0.014 -18% 8% -66% $3,186,115 EMS Eastern Metals 0.029 -6% -28% -52% $2,307,935 FG1 Flynngold 0.042 2% -19% -47% $6,893,918 GSM Golden State Mining 0.012 33% 0% -69% $3,073,077 IMI Infinitymining 0.071 -1% -29% -62% $8,431,491 LRV Larvottoresources 0.064 -2% -4% -54% $13,416,699 LSR Lodestar Minerals 0.002 33% -33% -56% $4,046,795 RAG Ragnar Metals Ltd 0.019 -5% -10% 25% $9,005,638 CTN Catalina Resources 0.004 0% 0% -43% $4,953,948 TMB Tambourahmetals 0.089 0% 6% -6% $6,718,169 TEM Tempest Minerals 0.009 13% 13% -59% $4,152,995 EMC Everest Metals Corp 0.079 4% -1% -3% $13,142,649 WML Woomera Mining Ltd 0.004 -11% 0% -69% $4,872,556 KZR Kalamazoo Resources 0.091 -6% -30% -41% $16,431,533 LMG Latrobe Magnesium 0.05 0% -4% -26% $96,781,036 KOR Korab Resources 0.009 50% 13% -59% $3,303,450 CMX Chemxmaterials 0.058 -13% -26% -54% $5,600,590 NC1 Nicoresourceslimited 0.175 -5% 0% -66% $20,202,106 GRE Greentechmetals 0.295 5% -13% 97% $23,262,393 CMO Cosmometalslimited 0.035 -24% -24% -70% $3,194,217 FRB Firebird Metals 0.12 4% 0% -25% $15,659,754 S32 South32 Limited 2.87 -2% -7% -34% $13,089,557,262 OMH OM Holdings Limited 0.4075 2% -12% -42% $310,334,004 JMS Jupiter Mines. 0.175 0% 0% -27% $352,710,957 E25 Element 25 Ltd 0.205 3% -24% -71% $44,593,719 EMN Euromanganese 0.088 -5% 9% -63% $18,391,424 KGD Kula Gold Limited 0.008 -11% -11% -56% $3,699,695 LRS Latin Resources Ltd 0.215 2% 30% 87% $601,875,185 CRR Critical Resources 0.016 0% 14% -64% $28,445,604 ENT Enterprise Metals 0.003 0% -25% -67% $2,405,913 SCN Scorpion Minerals 0.029 -3% 45% -56% $11,874,230 GCM Green Critical Min 0.004 -33% -20% -71% $4,546,340 ENV Enova Mining Limited 0.039 0% 30% 225% $25,330,052 RBX Resource B 0.041 3% -25% -71% $3,390,064 AKN Auking Mining Ltd 0.02 -20% -26% -70% $4,471,720 RR1 Reach Resources Ltd 0.0035 75% 40% -30% $13,114,636 EMT Emetals Limited 0.005 0% -17% -44% $4,250,000 PNT Panthermetalsltd 0.038 -17% -22% -68% $3,312,314 WIN Widgienickellimited 0.068 58% 62% -79% $22,345,879 WMG Western Mines 0.16 -3% -9% -11% $10,890,647 AVW Avira Resources Ltd 0.001 0% -50% -67% $2,133,790 CAI Calidus Resources 0.165 10% 10% -23% $91,896,909 GT1 Greentechnology 0.165 -18% 32% -78% $60,562,898 KAI Kairos Minerals Ltd 0.013 0% 0% -11% $34,071,858 MTM MTM Critical Metals 0.08 -4% 19% -19% $10,192,301 NWM Norwest Minerals 0.029 -9% 12% -12% $10,421,716 PGD Peregrine Gold 0.25 6% -4% -41% $17,570,389 RAS Ragusa Minerals Ltd 0.037 12% 37% -58% $5,276,155 RGL Riversgold 0.0085 6% -6% -53% $8,708,953 SRZ Stellar Resources 0.014 27% 75% 27% $17,235,397 STM Sunstone Metals Ltd 0.011 10% 0% -65% $42,007,819 ZNC Zenith Minerals Ltd 0.094 -1% -15% -56% $34,533,327 WC8 Wildcat Resources 0.7125 0% 52% 2357% $862,693,473 ASO Aston Minerals Ltd 0.015 0% -21% -86% $19,425,964 THR Thor Energy PLC 0.025 4% -14% -50% $4,420,131 YAR Yari Minerals Ltd 0.006 0% -25% -67% $2,894,147 IG6 Internationalgraphit 0.13 13% -13% -41% $9,788,692 LPM Lithium Plus 0.17 -8% 0% -39% $14,617,994 ODE Odessa Minerals Ltd 0.0055 0% -21% -50% $6,259,695 KOB Kobaresourceslimited 0.115 5% -28% -23% $14,997,917 AZI Altamin Limited 0.054 -2% 13% -24% $23,697,848 FTL Firetail Resources 0.05 -14% 25% -60% $7,445,278 LNR Lanthanein Resources 0.003 0% -50% -82% $5,864,727 CLZ Classic Min Ltd 0.001 0% 0% -50% $12,357,085 NVX Novonix Limited 1.055 13% 55% -31% $488,865,791 OCN Oceanalithiumlimited 0.061 -2% 7% -83% $3,298,667 SUM Summitminerals 0.067 -3% -8% -55% $3,050,056 DVP Develop Global Ltd 2.3 -7% -5% -28% $565,382,844 OD6 Od6Metalsltd 0.092 -1% -20% -57% $5,061,426 HRE Heavy Rare Earths 0.044 2% -15% -60% $2,600,981 LIN Lindian Resources 0.125 0% -4% -55% $155,509,502 PEK Peak Rare Earths Ltd 0.205 8% -18% -63% $57,177,478 ILU Iluka Resources 6.71 -2% -5% -36% $2,943,830,238 ASM Ausstratmaterials 1.045 7% 5% -25% $171,795,741 ETM Energy Transition 0.035 0% 6% -26% $49,002,093 VMS Venture Minerals 0.018 -25% 50% -18% $39,900,235 IDA Indiana Resources 0.079 -8% -6% 52% $49,386,965 VTM Victory Metals Ltd 0.28 10% 27% 33% $22,791,904 M2R Miramar 0.015 -6% -25% -73% $2,233,043 WCN White Cliff Min Ltd 0.015 -6% 0% 36% $22,417,220 TAR Taruga Minerals 0.007 0% -22% -56% $4,942,187 ABX ABX Group Limited 0.066 8% -7% -43% $16,502,661 MEK Meeka Metals Limited 0.038 12% 0% -5% $46,918,939 RR1 Reach Resources Ltd 0.0035 75% 40% -30% $13,114,636 DRE Dreadnought Resources Ltd 0.017 -6% -11% -75% $62,668,313 KFM Kingfisher Mining 0.089 0% -1% -65% $4,834,350 AOA Ausmon Resorces 0.003 0% 0% -40% $3,176,998 WC1 Westcobarmetals 0.046 12% -12% -58% $5,315,215 GRL Godolphin Resources 0.036 20% -18% -39% $5,077,261 DM1 Desert Metals 0.028 0% -7% -81% $7,166,494 PTR Petratherm Ltd 0.017 -15% -26% -71% $4,270,272 ITM Itech Minerals Ltd 0.077 -8% -13% -70% $9,415,834 KTA Krakatoa Resources 0.011 -4% -35% -66% $4,721,072 M24 Mamba Exploration 0.025 -11% -22% -79% $4,602,057 LNR Lanthanein Resources 0.003 0% -50% -82% $5,864,727 TKM Trek Metals Ltd 0.036 3% -8% -50% $18,983,844 BCA Black Canyon Limited 0.11 5% 0% -46% $7,715,561 CDT Castle Minerals 0.007 8% 0% -68% $8,571,451 DLI Delta Lithium 0.335 6% 18% -11% $231,341,384 A11 Atlantic Lithium 0.395 -5% 7% -21% $253,370,931 KNI Kunikolimited 0.2825 31% 28% -42% $20,314,403 CY5 Cygnus Metals Ltd 0.051 -22% -35% -85% $15,452,634 WR1 Winsome Resources 0.92 6% 50% -53% $179,337,948 LLI Loyal Lithium Ltd 0.265 2% 10% -17% $22,904,013 BC8 Black Cat Syndicate 0.225 -2% 10% -42% $72,257,018 BUR Burleyminerals 0.051 -12% -30% -81% $5,268,135 PBL Parabellumresources 0.061 -23% -27% -82% $3,862,600 L1M Lightning Minerals 0.072 3% -1% -55% $3,040,205 WA1 Wa1Resourcesltd 11.71 -6% 17% 837% $736,036,368 EV1 Evolutionenergy 0.091 -1% -21% -68% $21,417,500 1AE Auroraenergymetals 0.12 0% -29% 20% $18,308,797 RVT Richmond Vanadium 0.335 -3% -7% -18% $29,741,693 PMT Patriotbatterymetals 0.93 8% 13% -37% $535,436,879 PAT Patriot Lithium 0.077 10% -33% -72% $5,221,285 BM8 Battery Age Minerals 0.135 -10% -4% -66% $13,305,246 OM1 Omnia Metals Group 0.078 0% 0% -72% $4,408,998 VHM Vhmlimited 0.535 3% -11% -35% $81,575,546 LLL Leolithiumlimited 0.505 0% 0% 0% $498,553,663 SRN Surefire Rescs NL 0.012 9% 0% -33% $21,849,386 SRL Sunrise 0.425 12% 13% -72% $38,346,687 SYR Syrah Resources 0.7 4% 30% -60% $475,116,447 EG1 Evergreenlithium 0.1 -9% -13% 0% $6,466,450 WSR Westar Resources 0.013 0% -32% -65% $2,409,648 LU7 Lithium Universe Ltd 0.022 10% 0% -27% $8,547,482 MEI Meteoric Resources 0.215 2% 23% 87% $417,925,167 REC Rechargemetals 0.064 -9% 2% -42% $6,903,822 SLM Solismineralsltd 0.097 -19% -22% -35% $8,588,497 DYM Dynamicmetalslimited 0.195 -5% 15% 26% $7,020,000 TOR Torque Met 0.16 -3% -18% 39% $23,723,296 ICL Iceni Gold 0.024 -25% -45% -74% $5,917,465 TMX Terrain Minerals 0.004 0% -20% -27% $5,726,683 MHC Manhattan Corp Ltd 0.0025 -17% -17% -50% $8,810,939 MHK Metalhawk. 0.065 -4% -8% -48% $6,461,939 ANX Anax Metals Ltd 0.02 0% 0% -68% $10,848,959 FIN FIN Resources Ltd 0.02 5% 18% 33% $12,985,374 LM1 Leeuwin Metals Ltd 0.08 0% -12% 0% $3,748,134 HAW Hawthorn Resources 0.071 -5% -14% -25% $24,456,140 LCY Legacy Iron Ore 0.015 -6% -6% -17% $115,703,224 RON Roninresourcesltd 0.105 5% -13% -32% $3,866,626 ASR Asra Minerals Ltd 0.005 -17% -29% -58% $8,319,979 PFE Panteraminerals 0.046 -15% -15% -56% $12,796,831 KM1 Kalimetalslimited 0.435 6% 12% 0% $33,972,232

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