Lithium spot pricing has dipped, but that futures ‘contango’ is still in play
Citi analysts take a bearish view on lithium short to mid term
PLS’s downstream move with Ganfeng turns heads
Where are lithium and other battery metals at today/this week?
Actually, it’s not necessarily great news for the “spot” price of lithium carbonate and the bottoming out narrative this column’s been eyeing up lately.
That said, it’s complicated and is a fraught thing to call one way or another. A spot of profit taking on the overall lithium rebound this year? That’s possible/probable. But then others (see below) are foreseeing lithium surplus being a sticking point for a while yet.
Lithium Price Bot has the facts here, with the LC price taking a 1.73% dip over the past 24 hours.
2024-03-26#Lithium Carbonate 99.5% Min China Spot
Price: $15,282.15
1 day: $-269.69 (-1.73%)
YTD: 11.70%#Spodumene Concentrate (6%, CIF China)
Price: $1,076.00
1 day: $-7.0 (-0.65%)
YTD: -18.17%
Sponsored by @portofino_porhttps://t.co/8AriAnpGrv
— Lithium Price Bot (@LithiumPriceBot) March 26, 2024
What are some analytical takes on this, though? Here’s one. If anyone’s going to find something positive in this, it’s surely economist and lithium expert Juan Carlos Zuleta, who notes that the average LC futures prices increased at China’s market close yesterday, surpassing average LC spot prices, “resulting in increasing contango”.
At mkt close today (15:00 China time), average LC futures prices rose by 0.97% surpassing average LC spot prices by CNY 3,210 resulting in an increasing contango. Though backwardation would still prevail when comparing main contract LC2407 & the #lithium carbonate spot price. pic.twitter.com/ITccMeyBtb
— Juan Carlos Zuleta (@jczuleta) March 26, 2024
Once again, contango means the situation where the futures price of an underlying commodity is higher than its current spot price and is considered a bullish scenario for where the underlying commodity price might move next.
Citi, though, has some Debbie Downer…ness.
Citi bearish on lithium
After suggesting, a few weeks ago, that the lithium market had potentially bottomed, banking firm Citi’s commodities experts now aren’t feeling positive about the sector moving into the short to mid term. In fact, they’re downright bearish, really.
The broker reportedly released a note to clients earlier this week, suggesting: “Investors [should] sell the rally as price gains appear to be detached from fundamentals.”
Those fundamentals, believes Citi, revolve around the lithium market moving further into commodity supply surplus over the coming 18 months.
Citi reportedly envisions lithium prices correcting over the next six months to “rebalance the physical market,” wrote the AFR, adding “as lower prices would delay brownfield expansion and force marginal producers to shut”.
Citi has now downgraded its 2024 lithium price outlook, cutting its six to 12-month forecast for lithium carbonate by 17 per cent to $US15,000 a tonne.
Pilbara Mineral’s Ganfeng move praised
There’s been some big news this week regarding an Aussie titan in the lithium space – Pilbara Minerals.
Josh covered it well here and here, in which he grabbed some thoughts from the company’s boss Dale Henderson… but just a quick recap on what’s happening. In some form of nutshell:
Pilbara Minerals has selected Chinese customer Ganfeng as its proposed partner in a proposed 32,000tpa lithium chemical plant linked to an expansion of its Pilgangoora mine.
Becoming a downstream lithium supplier in its own right would have to be the ultimate aim, but partnering 50/50 with a Chinese gun in this capacity for now, leveraging Ganfeng’s expertise, would seem to make good sense.
Among the principles agreed are that Ganfeng consider a sell-down to make the product IRA compliant should it fall foul of US foreign entity of concern provisions.
It appears the companies are looking to base the proposed plant outside of China, with Australia among a list of agreed locations to assess.
A feasibility study is due to be completed in the March quarter of next year, after which an FID will be taken, with no capital to be deployed until FY26, after the P1000 expansion is complete.
The response from various analysts appears to be that this is a positive move.
One investor, James Heal, noted: “More vertical integration with the lithium players moving downstream should IMO: enable more value capture through a lithium units life cycle; smooth earnings away from volatile spot lithium prices; enable a multiple re-rating towards the promised land of ‘speciality chemicals’.”
“We are starting to see a number of the ‘majors’ use the down cycle to better position themselves for the next up cycle,” he continued. “None of this speaks to the industry expecting a protracted down cycle. It might also point to higher lows and lower highs.”
We all need to pay attention to this latest sign of major #Lithium players $PLS $GNEY acting counter cyclically & growing beyond their ‘teenage years’.
More vertical integration with the #lithium players moving downstream should IMO:
o enable more value capture through a… pic.twitter.com/XncBhzeL24
— James Heal (@jdsheal) March 25, 2024
Meanwhile analyst Daniel Jimenez called the PLS Ganfeng downstream move “a very wise decision”, suggesting the best refining know-how of lithium mineral concentrates stems from China for now.
A very wise decision from @PilbaraMinerals to partner with @GanfengOfficial going downstream.
The reasoning is very simple: the refining know how of Li mineral concentrates is in China, no where else.
In the same way that the know how of concentrating minerals is in Australia… https://t.co/qwmrN8D9S6
— Daniel Jimenez Sch (@D_Jimenez_Sch) March 25, 2024
Joe “Mr Lithium” Lowry concurs, stating the move is “prescient” from PLS with “no downside”.
Having worked with @GanfengOfficial for many years as a supplier of raw material, purchaser of their product and later as an advisor to the company, I believe @PilbaraMinerals has made another prescient move with no downside. Congrats $PLS pic.twitter.com/iA1wZgqnHh
— Joe Lowry (@globallithium) March 25, 2024
In other news
• This, from renowned mining-sector investor Evan Cranston, re what appears to be a good result for Albemarle in a sale of its 10,000t lithium cargo via auction for RMB 9000/t, which is nearly US$1,300/t.
This is a better than expected sale price and the suggestion there is it engenders a bit of hope for a pick-up in the lithium market. Will lithium equities rally as a result?
Hearing that $ALB 10000t spod parcel sold for RMB 9000/t circa US$1300/t
This will be great for Wodgina quality spec.
Hopefully the bottom is behind us #lithium
— Evan Cranston (@EvanCranston) March 26, 2024
• The Electric Vehicle Council has endorsed the Australian government’s new vehicle efficiency standards as a big step forward, stating: “The government’s NVES model represents strong, ambitious standards that will send a clear signal to the global automotive industry: Australia now demands the same options in electric cars, vans and utes that you offer to the US and Europe.”
• CATL, China’s and the world’s biggest battery producer with a whopping 37% global market share, is scaling up production and has reportedly found a way to charge a battery in 10 minutes. Per market analyst Jessica Amir’s post below, CATL is working on reducing charging times further.
EV battery prices to drop, have greater distance, quicker charging times. This mean EV makers can drop their prices again. (save this for later)
– CATL the worlds’ biggest battery producer ((37% market share) and China’s biggest battery maker is scaling up production and has… pic.twitter.com/hD886iYwfR
— Jessica Amir (@JessicaDAmir) March 26, 2024
• Meanwhile…
The 2024 global EV market is off to the races with combined plug in hybrid battery capacity hitting roads in January up 150% year on year, more than double overall growth rate $TSLA #lithium #nickel https://t.co/Y0hCUinPuE pic.twitter.com/pqyyIYqyoK
— Frik Els (@frikels) March 26, 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 26.)
Stocks missing from this list? Email [email protected]
Code Company Price % Week % Month % Year Market Cap VIA Viagold Rare Earth 0 -100% -100% -100% $166,624,808 PVW PVW Res Ltd 0.027 8% -25% -65% $2,737,929 A8G Australasian Metals 0.06 -15% -25% -65% $3,648,435 INF Infinity Lithium 0.066 -7% -6% -30% $31,456,262 LPI Lithium Pwr Int Ltd 0.565 0% 4% 95% $361,898,974 PSC Prospect Res Ltd 0.087 9% 21% -44% $37,993,221 PAM Pan Asia Metals 0.16 0% 0% -55% $26,850,684 CXO Core Lithium 0.155 0% -31% -80% $331,225,009 LOT Lotus Resources Ltd 0.4 0% 23% 158% $769,110,765 AGY Argosy Minerals Ltd 0.13 -16% 4% -70% $182,572,975 AZS Azure Minerals 3.64 1% 4% 1200% $1,674,180,449 NWC New World Resources 0.04 0% 11% -7% $93,008,174 QXR Qx Resources Limited 0.017 6% -11% -45% $18,871,324 GSR Greenstone Resources 0.007 0% 0% -67% $9,576,794 CAE Cannindah Resources 0.055 -8% -20% -73% $34,106,717 AZL Arizona Lithium Ltd 0.025 -11% 4% -42% $91,474,019 RIL Redivium Limited 0.004 33% 14% -60% $10,923,419 COB Cobalt Blue Ltd 0.145 0% 0% -57% $54,848,187 ESS Essential Metals Ltd 0 -100% -100% -100% $135,278,382 LPD Lepidico Ltd 0.0055 10% -21% -45% $38,191,540 MRD Mount Ridley Mines 0.002 0% 0% -33% $11,677,324 CZN Corazon Ltd 0.01 11% 11% -33% $6,771,577 LKE Lake Resources 0.067 -4% -44% -86% $108,086,951 DEV Devex Resources Ltd 0.28 -7% -10% 22% $121,327,435 INR Ioneer Ltd 0.16 0% 19% -44% $369,602,126 AVZ AVZ Minerals Ltd 0.78 0% 0% 0% $2,752,409,203 MAN Mandrake Res Ltd 0.037 -3% -8% -18% $22,167,357 RLC Reedy Lagoon Corp. 0.004 0% 0% -31% $2,478,163 GBR Greatbould Resources 0.055 -8% -10% -37% $35,412,225 FRS Forrestaniaresources 0.016 -11% -27% -82% $2,750,358 STK Strickland Metals 0.087 1% 12% 142% $142,852,182 MLX Metals X Limited 0.335 -9% 16% 22% $317,543,123 CLA Celsius Resource Ltd 0.014 -7% 17% -7% $31,444,723 FGR First Graphene Ltd 0.057 0% -2% -30% $37,560,248 HXG Hexagon Energy 0.023 -15% 77% 92% $11,797,066 TLG Talga Group Ltd 0.75 -7% -19% -51% $286,714,400 MNS Magnis Energy Tech 0.042 0% 0% -86% $50,378,922 OZL OZ Minerals 0 -100% -100% -100% $8,918,404,433 PLL Piedmont Lithium Inc 0.18 -3% -8% -76% $71,009,013 EUR European Lithium Ltd 0.068 3% -21% 8% $100,385,221 BKT Black Rock Mining 0.082 -6% 34% -37% $89,992,737 QEM QEM Limited 0.15 -6% 0% -19% $24,222,674 LYC Lynas Rare Earths 5.59 -2% -5% -12% $5,402,533,262 ESR Estrella Res Ltd 0.004 0% 0% -64% $8,796,859 ARL Ardea Resources Ltd 0.72 -3% 71% 44% $135,941,671 GLN Galan Lithium Ltd 0.385 1% 17% -59% $147,949,901 JLL Jindalee Lithium Ltd 0.725 -7% -16% -69% $44,460,236 VUL Vulcan Energy 2.97 -2% 27% -47% $483,525,152 SBR Sabre Resources 0.018 0% -5% -36% $7,110,977 CHN Chalice Mining Ltd 1.03 -6% 0% -84% $418,135,552 VRC Volt Resources Ltd 0.006 20% -14% -43% $24,780,640 NMT Neometals Ltd 0.13 -7% -4% -78% $87,193,444 AXN Alliance Nickel Ltd 0.035 -13% -3% -63% $26,130,226 PNN Power Minerals Ltd 0.135 -27% -23% -54% $11,795,774 IGO IGO Limited 6.97 -10% -7% -42% $5,391,746,829 GED Golden Deeps 0.049 14% 23% -39% $5,082,983 ADV Ardiden Ltd 0.16 -3% -3% -47% $9,690,213 SRI Sipa Resources Ltd 0.019 0% -5% -17% $4,335,005 NTU Northern Min Ltd 0.031 -6% 3% -23% $183,240,357 AXE Archer Materials 0.54 29% 30% 21% $151,633,973 PGM Platina Resources 0.02 11% 11% 11% $12,463,607 AAJ Aruma Resources Ltd 0.017 -6% 13% -70% $3,347,156 IXR Ionic Rare Earths 0.018 0% 0% -33% $80,040,343 NIC Nickel Industries 0.77 -4% 5% -13% $3,364,360,756 EVG Evion Group NL 0.023 10% -12% -58% $7,611,102 CWX Carawine Resources 0.11 5% 16% 14% $25,973,799 PLS Pilbara Min Ltd 3.74 -5% -4% 5% $11,676,735,627 HAS Hastings Tech Met 0.605 -2% -4% -75% $78,775,024 BUX Buxton Resources Ltd 0.1 -13% -26% -49% $17,324,689 ARR American Rare Earths 0.235 -18% -19% 15% $138,158,524 SGQ St George Min Ltd 0.021 0% 5% -57% $21,747,890 TKL Traka Resources 0.002 0% 0% -58% $3,501,317 PAN Panoramic Resources 0.035 0% 0% -77% $103,937,992 PRL Province Resources 0.041 0% 0% 8% $48,441,219 IPT Impact Minerals 0.014 -7% 27% 40% $40,105,854 LIT Lithium Australia 0.029 -6% 4% -17% $37,891,042 AKE Allkem Limited 0 -100% -100% -100% $6,304,350,967 ARN Aldoro Resources 0.075 -4% -13% -63% $10,500,652 JRV Jervois Global Ltd 0.025 4% 0% -79% $67,563,017 MCR Mincor Resources NL 0 -100% -100% -100% $751,215,521 SYR Syrah Resources 0.49 -9% -15% -66% $422,046,467 FBM Future Battery 0.056 -10% 4% -15% $29,890,335 ADD Adavale Resource Ltd 0.006 20% 20% -45% $6,095,878 LTR Liontown Resources 1.14 -8% -2% -23% $2,835,200,772 CTM Centaurus Metals Ltd 0.315 5% 26% -64% $148,499,201 VML Vital Metals Limited 0.004 0% 0% -76% $23,580,268 BSX Blackstone Ltd 0.061 2% 5% -59% $33,022,781 POS Poseidon Nick Ltd 0.006 -14% -14% -83% $25,994,743 CHR Charger Metals 0.115 -8% -8% -52% $8,903,329 AVL Aust Vanadium Ltd 0.016 -6% -6% -58% $146,342,854 AUZ Australian Mines Ltd 0.012 -8% -25% -60% $15,678,132 TMT Technology Metals 0 -100% -100% -100% $67,134,856 RXL Rox Resources 0.1525 -8% -2% -47% $57,249,910 RNU Renascor Res Ltd 0.085 2% -7% -59% $215,849,637 GL1 Globallith 0.51 -7% -2% -54% $137,940,608 BRB Breaker Res NL 0 -100% -100% -100% $158,126,031 ASN Anson Resources Ltd 0.089 -3% 0% -49% $113,232,082 SYA Sayona Mining Ltd 0.039 -3% -3% -79% $401,438,545 FFX Firefinch Ltd 0.2 0% 0% 0% $236,569,315 EGR Ecograf Limited 0.18 1% 24% 0% $81,725,727 ATM Aneka Tambang 1.1 0% 0% 0% $1,434,014 TVN Tivan Limited 0.05 -15% -11% -33% $80,017,966 ALY Alchemy Resource Ltd 0.006 -25% -14% -57% $7,068,458 GAL Galileo Mining Ltd 0.275 15% 15% -57% $53,358,730 BHP BHP Group Limited 43.62 0% -1% 0% $222,416,301,854 LEL Lithenergy 0.48 -17% 5% -17% $55,620,808 MMC Mitremining 0.385 20% 40% 40% $35,220,141 RMX Red Mount Min Ltd 0.002 0% 0% -50% $5,347,152 GW1 Greenwing Resources 0.07 -11% -3% -62% $12,687,604 AQD Ausquest Limited 0.01 -9% -17% -41% $9,076,641 LML Lincoln Minerals 0.008 60% 33% -60% $11,928,317 1MC Morella Corporation 0.0035 17% -13% -50% $24,715,198 REE Rarex Limited 0.016 0% -20% -67% $10,934,185 MRC Mineral Commodities 0.026 8% 8% -55% $25,596,288 PUR Pursuit Minerals 0.005 0% 0% -75% $13,247,871 QPM Queensland Pacific 0.041 -5% 11% -63% $90,564,314 EMH European Metals Hldg 0.27 -16% -13% -53% $33,582,760 BMM Balkanminingandmin 0.061 -8% -19% -73% $4,333,471 PEK Peak Rare Earths Ltd 0.2 8% -13% -60% $53,188,352 LEG Legend Mining 0.015 7% -6% -66% $43,567,158 MOH Moho Resources 0.006 0% 0% -68% $3,235,069 AML Aeon Metals Ltd. 0.006 -14% -14% -73% $6,578,404 G88 Golden Mile Res Ltd 0.012 9% 0% -25% $4,523,451 WKT Walkabout Resources 0.125 9% 9% 19% $80,551,374 TON Triton Min Ltd 0.016 7% -6% -41% $24,982,283 AR3 Austrare 0.105 -5% -16% -48% $17,151,408 ARU Arafura Rare Earths 0.195 -5% 34% -58% $450,508,927 MIN Mineral Resources. 67.73 -1% 6% -12% $13,604,494,032 VMC Venus Metals Cor Ltd 0.105 22% 9% 17% $20,870,155 S2R S2 Resources 0.13 4% -7% -4% $58,871,539 CNJ Conico Ltd 0.002 -20% -20% -78% $3,140,190 VR8 Vanadium Resources 0.043 5% 8% -39% $25,773,809 PVT Pivotal Metals Ltd 0.017 21% -6% -48% $9,857,656 BOA Boadicea Resources 0.025 4% 4% -66% $2,837,115 IPX Iperionx Limited 2.27 14% -1% 215% $525,990,940 SLZ Sultan Resources Ltd 0.012 -8% -25% -73% $2,371,038 NKL Nickelxltd 0.029 -9% -19% -52% $2,634,455 NVA Nova Minerals Ltd 0.25 -6% -9% -44% $59,049,217 MLS Metals Australia 0.023 5% -23% -38% $15,562,130 MQR Marquee Resource Ltd 0.02 0% -9% 0% $8,267,688 MRR Minrex Resources Ltd 0.0135 -4% 13% -39% $14,103,278 EVR Ev Resources Ltd 0.009 -18% -36% -31% $11,891,443 EFE Eastern Resources 0.007 -7% 0% -30% $9,935,572 CNB Carnaby Resource Ltd 0.62 11% 18% -40% $109,107,046 BNR Bulletin Res Ltd 0.066 0% -19% -26% $19,084,866 AX8 Accelerate Resources 0.038 15% 41% 73% $25,008,824 AM7 Arcadia Minerals 0.075 9% 7% -66% $7,633,507 AS2 Askarimetalslimited 0.06 -29% -29% -87% $5,093,614 BYH Bryah Resources Ltd 0.01 -9% 25% -47% $4,354,535 DTM Dart Mining NL 0.017 13% 21% -61% $3,868,854 EMS Eastern Metals 0.029 0% -22% -53% $2,390,361 FG1 Flynngold 0.048 7% -4% -40% $6,893,918 GSM Golden State Mining 0.01 0% 0% -69% $2,793,706 IMI Infinitymining 0.07 -14% -42% -63% $8,312,737 LRV Larvottoresources 0.073 12% 9% -46% $15,205,592 LSR Lodestar Minerals 0.002 33% 0% -60% $4,046,795 RAG Ragnar Metals Ltd 0.02 5% 0% 40% $9,479,619 CTN Catalina Resources 0.004 0% -20% -43% $4,953,948 TMB Tambourahmetals 0.08 0% -13% -8% $6,552,288 TEM Tempest Minerals 0.01 11% 43% -55% $4,672,120 EMC Everest Metals Corp 0.08 1% -4% 14% $13,142,649 WML Woomera Mining Ltd 0.006 50% 20% -45% $4,872,556 KZR Kalamazoo Resources 0.087 -2% -9% -38% $15,207,908 LMG Latrobe Magnesium 0.052 6% 0% -15% $91,088,034 KOR Korab Resources 0.01 0% 43% -41% $3,670,500 CMX Chemxmaterials 0.053 6% -18% -52% $4,947,188 NC1 Nicoresourceslimited 0.15 -9% -25% -71% $17,472,092 GRE Greentechmetals 0.25 -12% 14% 108% $22,846,993 CMO Cosmometalslimited 0.042 11% -9% -63% $3,833,060 FRB Firebird Metals 0.125 2% 9% -7% $17,083,368 S32 South32 Limited 2.89 -7% 0% -30% $13,406,605,361 OMH OM Holdings Limited 0.425 4% -2% -42% $325,659,140 JMS Jupiter Mines. 0.21 14% 20% -2% $421,293,644 E25 Element 25 Ltd 0.23 -12% 7% -62% $51,119,629 EMN Euromanganese 0.086 -8% 1% -60% $19,720,925 KGD Kula Gold Limited 0.0075 -6% -6% -58% $3,891,695 LRS Latin Resources Ltd 0.18 -8% -5% 80% $489,898,406 CRR Critical Resources 0.014 -18% -26% -59% $24,889,904 ENT Enterprise Metals 0.003 0% 0% -63% $2,405,913 SCN Scorpion Minerals 0.038 27% 100% -33% $16,378,248 GCM Green Critical Min 0.005 -17% 0% -58% $5,682,925 ENV Enova Mining Limited 0.025 -17% -51% 108% $18,484,092 RBX Resource B 0.046 2% -2% -67% $3,803,486 AKN Auking Mining Ltd 0.021 17% -16% -64% $4,942,428 RR1 Reach Resources Ltd 0.003 9% 64% -18% $9,836,169 EMT Emetals Limited 0.005 0% -17% -44% $4,250,000 PNT Panthermetalsltd 0.035 -8% -19% -71% $3,050,816 WIN Widgienickellimited 0.054 -4% 38% -81% $17,280,813 WMG Western Mines 0.175 6% 6% 9% $11,230,980 AVW Avira Resources Ltd 0.001 0% 0% -67% $2,133,790 CAI Calidus Resources 0.12 -27% -17% -49% $74,201,465 GT1 Greentechnology 0.14 -7% 4% -78% $44,625,294 KAI Kairos Minerals Ltd 0.012 -14% 0% -34% $32,761,402 MTM MTM Critical Metals 0.07 -7% -33% -30% $8,949,338 NWM Norwest Minerals 0.029 16% -6% 0% $9,702,977 PGD Peregrine Gold 0.21 -9% -11% -48% $13,236,292 RAS Ragusa Minerals Ltd 0.025 -17% 9% -65% $3,564,970 RGL Riversgold 0.007 -13% -13% -56% $6,773,630 SRZ Stellar Resources 0.014 -7% 56% 17% $20,107,963 STM Sunstone Metals Ltd 0.013 18% 18% -55% $42,007,819 ZNC Zenith Minerals Ltd 0.092 -8% 0% -52% $30,304,756 WC8 Wildcat Resources 0.63 -11% -1% 2150% $814,430,901 ASO Aston Minerals Ltd 0.013 -7% -13% -87% $18,778,432 THR Thor Energy PLC 0.023 -8% -12% -43% $4,420,131 YAR Yari Minerals Ltd 0.005 -29% 0% -71% $2,894,147 IG6 Internationalgraphit 0.155 -14% 19% -11% $13,793,157 LPM Lithium Plus 0.15 -3% -17% -29% $12,898,230 ODE Odessa Minerals Ltd 0.006 20% -25% -25% $5,216,413 KOB Kobaresourceslimited 0.1 -13% -20% -29% $13,693,750 AZI Altamin Limited 0.053 6% 8% -28% $21,942,452 FTL Firetail Resources 0.04 -11% -13% -60% $5,956,222 LNR Lanthanein Resources 0.003 0% -25% -80% $5,864,727 CLZDC Classic Min Ltd 0.016 -68% -68% -84% $3,609,224 NVX Novonix Limited 0.85 -5% -3% -26% $435,093,972 OCN Oceanalithiumlimited 0.058 -3% 5% -81% $2,974,208 SUM Summitminerals 0.063 3% -15% -50% $3,002,399 DVP Develop Global Ltd 2.37 -1% 10% -19% $579,942,059 XTC XTC Lithium Limited 0.2 19900% 19900% -58% $17,528,272 OD6 Od6Metalsltd 0.08 -15% -11% -59% $4,786,348 HRE Heavy Rare Earths 0.04 -7% -5% -60% $2,419,517 LIN Lindian Resources 0.12 -4% -14% -49% $138,230,668 PEK Peak Rare Earths Ltd 0.2 8% -13% -60% $53,188,352 ILU Iluka Resources 7 -4% 1% -31% $3,110,704,336 ASM Ausstratmaterials 1.43 44% 43% 14% $248,520,053 ETM Energy Transition 0.039 8% 18% -15% $51,802,213 VMS Venture Minerals 0.023 15% 44% 15% $52,133,633 IDA Indiana Resources 0.078 -3% -1% 66% $47,534,954 VTM Victory Metals Ltd 0.24 -13% 0% 7% $21,163,911 M2R Miramar 0.018 0% 0% -56% $2,679,652 WCN White Cliff Min Ltd 0.015 7% -6% 67% $24,365,811 TAR Taruga Minerals 0.006 -25% -25% -57% $4,942,187 ABX ABX Group Limited 0.053 -20% -21% -56% $13,752,217 MEK Meeka Metals Limited 0.034 -6% 0% -23% $43,214,813 RR1 Reach Resources Ltd 0.003 9% 64% -18% $9,836,169 DRE Dreadnought Resources Ltd 0.018 6% -10% -70% $62,668,313 KFM Kingfisher Mining 0.084 -3% 0% -58% $5,102,925 AOA Ausmon Resorces 0.003 50% 50% -40% $3,176,998 WC1 Westcobarmetals 0.049 7% 9% -44% $5,798,416 GRL Godolphin Resources 0.036 13% -5% -43% $5,923,471 DM1 Desert Metals 0.03 7% 0% -74% $7,962,771 PTR Petratherm Ltd 0.022 10% -4% -61% $4,270,272 ITM Itech Minerals Ltd 0.078 1% -10% -69% $9,538,118 KTA Krakatoa Resources 0.009 -10% -36% -69% $3,776,858 M24 Mamba Exploration 0.026 4% -16% -66% $4,786,139 LNR Lanthanein Resources 0.003 0% -25% -80% $5,864,727 TKM Trek Metals Ltd 0.038 9% 0% -42% $17,957,690 BCA Black Canyon Limited 0.11 10% 0% -48% $7,014,146 CDT Castle Minerals 0.007 17% 0% -61% $7,959,204 DLI Delta Lithium 0.28 -13% -5% -6% $221,156,214 A11 Atlantic Lithium 0.365 -1% -6% -22% $237,129,204 KNI Kunikolimited 0.265 0% 33% -45% $23,393,952 CY5 Cygnus Metals Ltd 0.051 2% -16% -77% $14,286,398 WR1 Winsome Resources 0.81 -13% 14% -40% $162,167,293 LLI Loyal Lithium Ltd 0.3 0% 7% 36% $24,153,323 BC8 Black Cat Syndicate 0.215 8% 6% -43% $66,107,485 BUR Burleyminerals 0.065 8% 2% -70% $6,779,289 PBL Parabellumresources 0.07 30% -10% -80% $4,361,000 L1M Lightning Minerals 0.068 3% -1% -51% $2,871,304 WA1 Wa1Resourcesltd 11.5 -2% -4% 927% $701,688,004 EV1 Evolutionenergy 0.096 -13% 1% -59% $27,427,800 1AE Auroraenergymetals 0.1 -13% -17% 4% $16,716,728 RVT Richmond Vanadium 0.345 13% -9% -14% $29,741,693 PMT Patriotbatterymetals 0.885 -9% 16% -28% $512,407,336 PAT Patriot Lithium 0.09 20% 8% -63% $6,404,776 BM8 Battery Age Minerals 0.1 -20% -43% -72% $9,634,833 OM1 Omnia Metals Group 0.078 0% 0% -68% $4,408,998 VHM Vhmlimited 0.4975 -4% -2% -37% $77,727,643 LLL Leolithiumlimited 0.505 0% 0% 16% $498,553,663 SRN Surefire Rescs NL 0.01 0% 0% -57% $19,863,078 SRL Sunrise 0.57 21% 52% -61% $58,647,874 SYR Syrah Resources 0.49 -9% -15% -66% $422,046,467 EG1 Evergreenlithium 0.11 16% 5% 0% $6,185,300 WSR Westar Resources 0.012 0% -29% -66% $2,224,290 LU7 Lithium Universe Ltd 0.02 5% -9% -33% $7,770,438 MEI Meteoric Resources 0.235 2% 34% 81% $467,678,164 REC Rechargemetals 0.05 -12% -34% -55% $7,098,688 SLM Solismineralsltd 0.105 9% -13% -9% $7,807,725 DYM Dynamicmetalslimited 0.185 -5% 16% 9% $7,020,000 TOR Torque Met 0.15 0% -12% 52% $21,427,493 ICL Iceni Gold 0.024 4% -11% -71% $5,917,465 TMX Terrain Minerals 0.004 -11% -11% -20% $5,726,683 MHC Manhattan Corp Ltd 0.0025 -17% -17% -55% $8,810,939 MHK Metalhawk. 0.065 -7% -7% -38% $6,461,939 ANX Anax Metals Ltd 0.02 -9% 5% -68% $12,476,303 FIN FIN Resources Ltd 0.018 -5% 20% 0% $11,686,837 LM1 Leeuwin Metals Ltd 0.079 -8% -10% 0% $3,607,579 HAW Hawthorn Resources 0.075 7% -10% -10% $25,126,171 LCY Legacy Iron Ore 0.015 7% 0% 0% $115,703,224 RON Roninresourcesltd 0.12 14% 4% -17% $4,419,001 ASR Asra Minerals Ltd 0.0045 -10% -10% -63% $8,319,979 PFE Panteraminerals 0.053 29% 8% -42% $11,200,729 KM1 Kalimetalslimited 0.405 -10% 1% 0% $32,827,101 LTM Arcadium Lithium PLC 6.44 -9% -11% 0% $2,727,149,213
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