High Voltage: Chevron jumps on the DLE bandwagon in the USA

Lithium dreams continue to grow in the US with oil giant Chevron snagging acreage in the lithium brine rich Smackover formation in the US.

Chevron gets DLE fever and nabs itself some brine-rich acreage. Pic: Getty Images.

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

Chevron has jumped on the direct lithium extraction bandwagon in the USA’s Smackover Formation in Texas and Arkansas, picking up two leasehold acreage positions comprising ~125,000 net acres in the lithium-brine rich region.

The oil major joins the likes of ExxonMobil who are looking to extract battery grade lithium from brines, leveraging its experience in subsurface, drilling, and resource extraction into Direct Lithium Extraction (DLE).

The tech has similarities to conventional oil production, and instead of relying on traditional evaporation methods, extracts lithium from the brine and injects the remaining water back into the reservoir.

It’s also faster and has a smaller environmental footprint than evaporation ponds.

“This acquisition represents a strategic investment to support energy manufacturing and expand U.S.-based critical mineral supplies,” said Jeff Gustavson, president of Chevron New Energies president Jeff Gustavson said.

“Establishing domestic and resilient lithium supply chains is essential not only to maintaining U.S. energy leadership but also to meeting the growing demand from customers.

“This opportunity builds on many of Chevron’s strengths including subsurface resource development and value chain integration.”

Here's what Chevron envisages the process will look like. Cute.

ASX listed US lithium hopefuls

Anson Resources (ASX:ASN)

Anson was an early mover in the movement to extract lithium rich brines from oil and gas reservoirs with its Paradox lithium project in Southern Utah.

Boasting a +1Mt lithium carbonate equivalent resource, the company has moved to expand its footprint via the Green River lithium project in Utah, where Anson just announced a resource estimate or 103,000t, including 19,000t in the indicated category.

The resource is based on drilling of the Bosydaba #1 well, which only represents around 24% of the property area, leaving room for significant exploration upside.

Recent testwork also showed a >99% average rejection rate of impurities including sodium, calcium, magnesium and potassium.

Rejecting more than 99% of impurities paves the way for a higher purity lithium carbonate product for use in electric vehicle batteries, which translates to low purification costs. US industrial giant Koch was brought on board for that industry leading pilot program.

Over at Paradox, Anson recently received approval from the US Department of the Interior, Bureau of Land Management to begin western expansion resource drilling, with the plan to enter the Mineral Canyon Fed 1-3 and Sunburst 1 wells.

The wells are located approximately 1km from historic lithium-rich assayed brines previously sampled from several historic oil and gas wells in the “Big Flat” area.

Jindalee Lithium (ASX:JLL)

Jindalee owns the McDermitt Lithium Project in Oregon, which earlier this year was placed on the FAST-41 list by the Trump Administration.

Listed as a Transparency Project on the register after an April 18 executive order from President Donald Trump, the listing could lead to faster permitting for the project, one of 10 identified by the US Government as its first wave of critical minerals projects supported by a previous March 20 exec order to increase domestic mineral production.

The project, located near the site of America’s first new lithium mine to hit FID in years, Thacker Pass, hosts an ore reserve of 251Mt at 1751ppm for 2.34Mt of lithium carbonate equivalent material.

A PFS last year suggested it would produce 47,500tpa of lithium carbonate in the first 10 years of the 40 year operation at a C1 unit cost of US$8080/t.

The company’s Exploration Plan of Operations (EPO) is currently in the final stages of National Environmental Policy Act (NEPA) review with an Environmental Assessment recently published for public comment.

Chariot Corporation (ASX:CC9)

Chariot has stakes in both hard rock and clay-hosted lithium assets in Wyoming, Nevada and Oregon.

The company is focused on its Black Mountain project, where it is exploring for a large-scale resource and testing the viability of a pilot mine. It also holds the Resurgent project in Nevada, a claystone project in the style of Thacker Pass and McDermitt.

The Black Mountain pilot’s proposed modular plant design would reduce upfront costs, offer flexibility to scale up rapidly, and provide short-term cash flow.

A second phase RC drilling program kicked off back in November with the objective of defining a small-scale lithium resource that may support the establishment of the pilot mine.

ioneer (ASX:INR)

INR owns the Rhyolite Ridge lithium-boron project in Nevada and secured approval from the US Bureau of Land Management on the Final Environmental Impact Statement (EIS) last year, marking the final hurdle in the federal permitting process.

In a record-setting deal for an Australian company, ioneer received a $US996m ($1.6b) 20-year loan from the US Department of Energy to develop an on-site processing facility at the project.

The company lifted resources at the asset by 45% in March to 510Mt containing 3.97Mt of lithium carbonate equivalent and 14.66Mt of boric acid equivalent. If it can be developed ahead of Thacker Pass it would be the first new lithium mine in the US in almost 60 years and the first new boron mine in almost 100.

INR also recently announced a ~US$16 Million (~A$25 Million) placement at 10 cents per share (Aussie) to complete a strategic partnering process and move on to a final investment decision for the project.

Battery Metals Winners and Losers

Here’s how a basket of ASX stocks with exposure to lithium, cobalt, graphite, nickel, rare earths, magnesium, manganese and vanadium is performing >>>

Code	Company	Price	% Week	% Month	% Six Month	% Year	Market Cap
XTC	XTC Lithium Limited	0.2	19900%	19900%	19900%	19900%	$17,528,272
ADD	Adavale Resource Ltd	0.002	100%	33%	0%	-60%	$4,574,558
PVT	Pivotal Metals Ltd	0.012	71%	71%	50%	-29%	$10,886,711
VR8	Vanadium Resources	0.021	62%	50%	-30%	-67%	$11,850,129
SRL	Sunrise	0.745	51%	64%	239%	91%	$77,144,511
IXR	Ionic Rare Earths	0.012	50%	50%	100%	9%	$63,209,109
ENT	Enterprise Metals	0.003	50%	50%	-25%	-25%	$2,953,293
LU7	Lithium Universe Ltd	0.009	50%	80%	0%	-40%	$7,859,796
YAR	Yari Minerals Ltd	0.013	44%	86%	333%	225%	$7,211,249
GCM	Green Critical Min	0.025	43%	79%	317%	733%	$61,360,707
DTM	Dart Mining NL	0.004	33%	0%	-60%	-78%	$3,594,167
MTM	MTM Critical Metals	0.665	30%	171%	343%	1915%	$311,733,850
LOT	Lotus Resources Ltd	0.2025	27%	13%	9%	-45%	$485,793,226
EVR	Ev Resources Ltd	0.0075	25%	50%	275%	49%	$11,915,020
BCA	Black Canyon Limited	0.1	25%	69%	52%	11%	$12,446,467
A11	Atlantic Lithium	0.15	25%	11%	-43%	-62%	$107,437,834
EUR	European Lithium Ltd	0.051	24%	-2%	46%	-2%	$92,491,614
WSR	Westar Resources	0.006	20%	20%	-14%	-33%	$1,993,624
ATM	Aneka Tambang	0.995	20%	2%	6%	-7%	$1,297,131
KAI	Kairos Minerals Ltd	0.031	19%	11%	138%	244%	$81,558,278
CNB	Carnaby Resource Ltd	0.37	17%	19%	4%	-27%	$86,787,766
ESR	Estrella Res Ltd	0.052	17%	37%	154%	1056%	$106,701,757
REE	Rarex Limited	0.021	17%	-13%	133%	50%	$19,323,444
AX8	Accelerate Resources	0.007	17%	-22%	0%	-84%	$5,580,321
M24	Mamba Exploration	0.014	17%	0%	17%	-18%	$4,132,319
OM1	Omnia Metals Group	0.014	17%	56%	-82%	-82%	$2,822,192
SRI	Sipa Resources Ltd	0.015	15%	25%	7%	0%	$6,245,975
RAS	Ragusa Minerals Ltd	0.015	15%	-12%	25%	-17%	$1,996,383
GBR	Greatbould Resources	0.071	15%	4%	58%	15%	$54,775,639
VRC	Volt Resources Ltd	0.0045	13%	-10%	13%	-10%	$23,423,890
SGQ	St George Min Ltd	0.0315	13%	21%	26%	21%	$85,530,318
LML	Lincoln Minerals	0.0045	13%	13%	-18%	-25%	$8,410,279
LCY	Legacy Iron Ore	0.009	13%	0%	13%	-33%	$87,858,383
HAW	Hawthorn Resources	0.055	12%	0%	34%	-21%	$18,425,859
BUR	Burleyminerals	0.046	12%	-12%	-24%	-56%	$8,333,696
JLL	Jindalee Lithium Ltd	0.425	12%	-11%	107%	32%	$31,768,445
ITM	Itech Minerals Ltd	0.03	11%	-14%	-41%	-52%	$5,295,897
LYC	Lynas Rare Earths	9.46	10%	23%	44%	57%	$8,933,517,628
E25	Element 25 Ltd	0.23	10%	7%	-13%	-6%	$51,437,790
CHN	Chalice Mining Ltd	1.585	9%	40%	42%	17%	$601,046,387
DLI	Delta Lithium	0.185	9%	-10%	9%	-16%	$136,142,940
NWC	New World Resources	0.052	8%	73%	174%	63%	$185,810,650
IPT	Impact Minerals	0.0065	8%	8%	-31%	-60%	$25,709,645
G88	Golden Mile Res Ltd	0.013	8%	-7%	44%	18%	$7,075,222
L1M	Lightning Minerals	0.065	8%	7%	-10%	-6%	$7,026,326
EV1	Evolutionenergy	0.014	8%	40%	-42%	-58%	$5,077,107
TLG	Talga Group Ltd	0.43	8%	-9%	-1%	-24%	$200,020,931
PSC	Prospect Res Ltd	0.16	7%	14%	88%	7%	$115,327,180
REC	Rechargemetals	0.016	7%	7%	-16%	-54%	$3,854,850
PGD	Peregrine Gold	0.165	6%	14%	32%	-20%	$13,575,639
STM	Sunstone Metals Ltd	0.017	6%	31%	183%	70%	$103,070,554
DVP	Develop Global Ltd	4.805	6%	31%	114%	115%	$1,325,284,105
FBM	Future Battery	0.019	6%	-5%	0%	-49%	$13,463,221
TKM	Trek Metals Ltd	0.077	5%	28%	250%	157%	$45,177,660
LPM	Lithium Plus	0.064	5%	7%	-30%	-61%	$8,501,760
RAG	Ragnar Metals Ltd	0.022	5%	22%	10%	29%	$9,479,720
IPX	Iperionx Limited	4.45	5%	39%	-3%	123%	$1,461,757,426
MHC	Manhattan Corp Ltd	0.023	5%	5%	5%	-31%	$5,402,675
BC8	Black Cat Syndicate	0.8675	5%	6%	43%	234%	$633,214,718
DRE	Dreadnought Resources Ltd	0.0125	4%	-4%	25%	-40%	$60,954,000
TOR	Torque Met	0.13	4%	35%	160%	-13%	$64,854,956
IG6	Internationalgraphit	0.054	4%	6%	20%	-31%	$9,484,358
PFE	Pantera Lithium	0.0135	4%	4%	-25%	-63%	$6,396,080
PEK	Peak Rare Earths Ltd	0.28	4%	0%	166%	56%	$98,592,651
PEK	Peak Rare Earths Ltd	0.28	4%	0%	166%	56%	$98,592,651
GL1	Globallith	0.15	3%	-9%	-17%	-47%	$36,642,497
EMC	Everest Metals Corp	0.15	3%	0%	11%	20%	$33,619,688
COB	Cobalt Blue Ltd	0.061	3%	9%	-12%	-20%	$26,245,492
NTU	Northern Min Ltd	0.031	3%	15%	48%	-11%	$267,428,986
EG1	Evergreenlithium	0.031	3%	-14%	-56%	-39%	$6,806,927
TVN	Tivan Limited	0.099	3%	-6%	14%	43%	$217,121,138
OCN	Oceanalithiumlimited	0.068	3%	106%	172%	71%	$11,455,850
FRS	Forrestaniaresources	0.072	3%	16%	454%	38%	$22,668,137
PNN	Power Minerals Ltd	0.06	3%	0%	-34%	-48%	$7,387,039
JMS	Jupiter Mines.	0.2	3%	8%	48%	-33%	$392,208,352
KZR	Kalamazoo Resources	0.088	2%	-3%	10%	6%	$19,306,629
CWX	Carawine Resources	0.095	2%	-5%	-2%	-5%	$22,431,918
BM8	Battery Age Minerals	0.055	2%	4%	-48%	-67%	$6,704,050
MLX	Metals X Limited	0.56	2%	4%	40%	44%	$514,107,092
RNU	Renascor Res Ltd	0.06	2%	-24%	7%	-29%	$155,130,046
ARN	Aldoro Resources	0.31	2%	-3%	3%	370%	$56,386,965
BNR	Bulletin Res Ltd	0.062	2%	-17%	63%	59%	$18,204,026
ARU	Arafura Rare Earths	0.1675	2%	-7%	46%	2%	$418,935,877
FTL	Firetail Resources	0.08	1%	33%	-2%	3%	$30,782,266
RXL	Rox Resources	0.2875	1%	-3%	60%	113%	$212,438,162
WA1	Wa1Resourcesltd	14.61	0%	9%	7%	-10%	$988,650,330
PVW	PVW Res Ltd	0.012	0%	-8%	-25%	-48%	$2,386,857
FLG	Flagship Min Ltd	0.049	0%	-39%	-11%	-69%	$10,960,159
QXR	Qx Resources Limited	0.003	0%	-25%	-25%	-63%	$3,930,987
RIL	Redivium Limited	0.004	0%	0%	0%	33%	$13,609,422
LPD	Lepidico Ltd	0.002	0%	0%	0%	-33%	$17,178,371
MRD	Mount Ridley Mines	0.002	0%	0%	-33%	-80%	$1,556,978
CZN	Corazon Ltd	0.002	0%	0%	0%	-67%	$2,369,145
MAN	Mandrake Res Ltd	0.019	0%	6%	-14%	-41%	$11,917,938
RLC	Reedy Lagoon Corp.	0.0015	0%	0%	-25%	-50%	$1,165,060
STK	Strickland Metals	0.135	0%	17%	59%	23%	$305,418,573
CLA	Celsius Resource Ltd	0.007	0%	17%	-30%	-36%	$21,948,419
MNS	Magnis Energy Tech	0.042	0%	0%	0%	0%	$50,378,922
BKT	Black Rock Mining	0.028	0%	0%	-18%	-46%	$38,205,437
SBR	Sabre Resources	0.009	0%	13%	-10%	-47%	$3,550,157
ADV	Ardiden Ltd	0.145	0%	0%	7%	7%	$9,377,626
AAJ	Aruma Resources Ltd	0.01	0%	0%	-17%	-38%	$2,775,727
JRV	Jervois Global Ltd	0.011	0%	0%	-8%	-39%	$29,730,402
VML	Vital Metals Limited	0.002	0%	0%	0%	-43%	$11,790,134
CHR	Charger Metals	0.042	0%	-16%	-33%	-40%	$3,329,071
ALY	Alchemy Resource Ltd	0.005	0%	-17%	-29%	-38%	$5,890,381
LEL	Lithenergy	0.37	0%	0%	0%	-4%	$41,440,581
MRC	Mineral Commodities	0.026	0%	0%	0%	18%	$25,596,288
MOH	Moho Resources	0.004	0%	-43%	-11%	14%	$2,981,656
WKT	Walkabout Resources	0.095	0%	0%	0%	-17%	$63,769,838
CNJ	Conico Ltd	0.007	0%	0%	-42%	-30%	$1,905,017
BOA	BOA Resources Ltd	0.02	0%	5%	0%	-5%	$2,467,057
SLZ	Sultan Resources Ltd	0.005	0%	-29%	-17%	-50%	$1,157,350
MQR	Marquee Resource Ltd	0.009	0%	13%	-40%	-25%	$5,024,723
EFE	Eastern Resources	0.031	0%	15%	-6%	-48%	$3,656,608
EMS	Eastern Metals	0.01	0%	0%	0%	-67%	$1,394,262
FG1	Flynngold	0.033	0%	38%	18%	43%	$12,913,444
GSM	Golden State Mining	0.007	0%	-22%	-13%	-26%	$1,955,594
OB1	Orbminco Limited	0.001	0%	0%	-40%	-60%	$3,197,568
LMG	Latrobe Magnesium	0.009	0%	-31%	-57%	-80%	$24,952,605
KOR	Korab Resources	0.008	0%	0%	0%	33%	$2,936,400
CMX	Chemxmaterials	0.026	0%	0%	0%	-50%	$3,354,580
NC1	Nicoresourceslimited	0.1	0%	33%	11%	-23%	$11,110,552
GRE	Greentechmetals	0.043	0%	-10%	-41%	-71%	$4,485,699
CMO	Cosmometalslimited	0.016	0%	0%	13%	-59%	$5,154,170
OMH	OM Holdings Limited	0.3	0%	-12%	-18%	-31%	$222,214,472
CRR	Critical Resources	0.0035	0%	0%	-30%	-61%	$9,149,774
SCN	Scorpion Minerals	0.019	0%	6%	46%	19%	$9,957,068
RBX	Resource B	0.025	0%	-11%	-31%	-29%	$2,879,612
AKN	Auking Mining Ltd	0.008	0%	14%	60%	-62%	$4,598,230
RR1	Reach Resources Ltd	0.008	0%	-27%	14%	-53%	$6,995,451
EMT	Emetals Limited	0.003	0%	0%	-40%	-40%	$2,550,000
AVW	Avira Resources Ltd	0.007	0%	0%	-65%	-65%	$1,610,000
NWM	Norwest Minerals	0.013	0%	30%	-24%	-39%	$11,620,303
ASO	Aston Minerals Ltd	0.022	0%	29%	144%	69%	$28,491,414
THR	Thor Energy PLC	0.01	0%	0%	-17%	-38%	$7,107,898
ODE	Odessa Minerals Ltd	0.006	0%	20%	0%	100%	$9,597,195
LNR	Lanthanein Resources	0.001	0%	-33%	-67%	-71%	$4,215,272
CLZ	Classic Min Ltd	0.001	0%	0%	0%	-67%	$2,790,942
OD6	Od6Metalsltd	0.026	0%	4%	-13%	-47%	$4,172,167
ETM	Energy Transition	0.047	0%	-2%	38%	88%	$69,813,391
M2R	Miramar	0.003	0%	0%	-25%	-65%	$2,990,470
TAR	Taruga Minerals	0.009	0%	0%	-10%	29%	$6,423,787
RR1	Reach Resources Ltd	0.008	0%	-27%	14%	-53%	$6,995,451
AOA	Ausmon Resorces	0.002	0%	33%	0%	-33%	$2,622,427
DM1	Desert Metals	0.022	0%	16%	-4%	0%	$9,288,018
LNR	Lanthanein Resources	0.001	0%	-33%	-67%	-71%	$4,215,272
KNI	Kunikolimited	0.12	0%	-17%	-40%	-27%	$10,430,912
LLM	Loyal Metals Ltd	0.13	0%	53%	30%	-33%	$13,095,298
LLL	Leolithiumlimited	0.332997	0%	0%	0%	0%	$401,204,047
SRN	Surefire Rescs NL	0.0015	0%	-40%	-55%	-78%	$3,729,668
SLM	Solismineralsltd	0.091	0%	15%	25%	-4%	$11,812,221
ASR	Asra Minerals Ltd	0.002	0%	-20%	-33%	-50%	$7,983,396
NIC	Nickel Industries	0.7075	-1%	7%	-14%	-16%	$3,124,753,830
VTM	Victory Metals Ltd	0.815	-1%	-12%	99%	196%	$94,168,554
FRB	Firebird Metals	0.078	-1%	4%	-10%	-55%	$11,104,189
IDA	Indiana Resources	0.076	-1%	-4%	27%	74%	$49,490,399
NVA	Nova Minerals Ltd	0.35	-1%	8%	27%	75%	$114,664,083
1AE	Auroraenergymetals	0.059	-2%	-24%	28%	-8%	$10,743,824
PTR	Petratherm Ltd	0.285	-2%	0%	-2%	1681%	$98,500,209
ARL	Ardea Resources Ltd	0.395	-2%	-1%	20%	-23%	$84,165,166
KFM	Kingfisher Mining	0.05	-2%	0%	22%	-21%	$2,470,890
MHK	Metalhawk.	0.485	-2%	3%	73%	833%	$53,522,728
CXO	Core Lithium	0.089	-2%	-10%	9%	-1%	$195,014,415
ILU	Iluka Resources	3.685	-2%	-10%	-28%	-42%	$1,619,825,940
NVX	Novonix Limited	0.405	-2%	-27%	-33%	-40%	$254,448,618
BUX	Buxton Resources Ltd	0.038	-3%	9%	-5%	-48%	$13,006,734
ZNC	Zenith Minerals Ltd	0.038	-3%	-17%	-7%	-45%	$12,353,962
SYR	Syrah Resources	0.2775	-3%	-31%	54%	-29%	$270,983,652
SYR	Syrah Resources	0.2775	-3%	-31%	54%	-29%	$270,983,652
CTM	Centaurus Metals Ltd	0.36	-3%	-3%	-3%	-19%	$178,812,437
KOB	Kobaresourceslimited	0.035	-3%	-16%	-56%	-75%	$6,132,990
BMM	Bayanminingandmin	0.034	-3%	17%	-33%	-39%	$3,500,484
A8G	Australasian Metals	0.067	-3%	-3%	-13%	-12%	$3,878,612
PLL	Piedmont Lithium Inc	0.091	-3%	-13%	-41%	-41%	$51,110,378
WR1	Winsome Resources	0.135	-4%	-18%	-67%	-83%	$33,535,350
FGR	First Graphene Ltd	0.026	-4%	-33%	-7%	-52%	$19,469,152
AXE	Archer Materials	0.26	-4%	4%	-33%	-29%	$66,260,223
WC8	Wildcat Resources	0.13	-4%	-26%	-35%	-63%	$181,516,739
LM1	Leeuwin Metals Ltd	0.13	-4%	-7%	117%	141%	$13,104,830
S32	South32 Limited	2.945	-4%	-1%	-13%	-19%	$13,431,657,421
DEV	Devex Resources Ltd	0.075	-4%	-10%	-16%	-77%	$33,126,800
GW1	Greenwing Resources	0.025	-4%	-17%	-38%	-39%	$7,224,358
VMC	Venus Metals Cor Ltd	0.115	-4%	10%	74%	51%	$22,554,799
AZI	Altamin Limited	0.023	-4%	0%	5%	-35%	$13,213,567
GED	Golden Deeps	0.022	-4%	22%	-12%	-46%	$3,896,765
ABX	ABX Group Limited	0.041	-5%	-9%	17%	-18%	$10,288,257
MEK	Meeka Metals Limited	0.1525	-5%	22%	91%	362%	$440,248,405
WC1	Westcobarmetals	0.02	-5%	25%	54%	-48%	$4,375,969
KNG	Kingsland Minerals	0.08	-5%	-24%	-47%	-57%	$5,804,873
AVL	Aust Vanadium Ltd	0.0095	-5%	-21%	-21%	-37%	$86,346,581
QPM	QPM Energy Limited	0.037	-5%	-14%	-30%	12%	$95,961,021
AUZ	Australian Mines Ltd	0.009	-5%	-10%	-14%	13%	$12,586,609
ARR	American Rare Earths	0.26	-5%	4%	-2%	8%	$137,004,291
1MC	Morella Corporation	0.017	-6%	-6%	-43%	-73%	$6,196,617
MLS	Metals Australia	0.017	-6%	-6%	-19%	-15%	$12,388,232
DYM	Dynamicmetalslimited	0.255	-6%	-9%	-4%	70%	$12,516,506
ASN	Anson Resources Ltd	0.047	-6%	-15%	-16%	-53%	$65,176,617
CY5	Cygnus Metals Ltd	0.094	-6%	31%	-18%	81%	$80,006,377
KM1	Kalimetalslimited	0.078	-6%	-9%	-35%	-74%	$6,462,102
GLN	Galan Lithium Ltd	0.091	-6%	-13%	-21%	-48%	$91,007,948
LKE	Lake Resources	0.029	-6%	-15%	-29%	-42%	$52,291,344
BHP	BHP Group Limited	36.45	-7%	-8%	-9%	-15%	$187,101,073,782
AGY	Argosy Minerals Ltd	0.014	-7%	-26%	-51%	-84%	$21,838,814
PNT	Panthermetalsltd	0.014	-7%	8%	27%	-31%	$5,115,377
CDT	Castle Minerals	0.083	-7%	-2%	38%	-57%	$9,280,766
IGO	IGO Limited	4.075	-7%	-5%	-19%	-33%	$3,119,943,390
HAS	Hastings Tech Met	0.27	-7%	-21%	-16%	0%	$50,993,856
HRE	Heavy Rare Earths	0.037	-8%	23%	16%	47%	$7,697,254
LTR	Liontown Resources	0.66	-8%	-19%	20%	-35%	$1,627,701,337
SMX	Strata Minerals	0.012	-8%	-14%	-40%	-52%	$2,938,226
LRV	Larvottoresources	0.59	-8%	-11%	27%	490%	$255,633,730
LIN	Lindian Resources	0.115	-8%	-4%	39%	5%	$139,610,668
AZL	Arizona Lithium Ltd	0.0055	-8%	-39%	-54%	-74%	$31,621,887
BSX	Blackstone Ltd	0.088	-8%	19%	226%	96%	$63,138,355
AQD	Ausquest Limited	0.055	-8%	2%	511%	337%	$76,524,445
KTA	Krakatoa Resources	0.011	-8%	22%	10%	-8%	$6,821,474
VHM	Vhmlimited	0.22	-8%	-6%	-53%	-41%	$55,785,389
AR3	Austrare	0.053	-9%	-15%	-47%	-40%	$11,447,318
EGR	Ecograf Limited	0.3	-9%	-9%	237%	122%	$131,698,228
SRZ	Stellar Resources	0.015	-9%	-12%	0%	-17%	$33,276,009
WCN	White Cliff Min Ltd	0.02	-9%	-31%	18%	43%	$50,681,109
PAT	Patriot Resourcesltd	0.059	-9%	-3%	16%	5%	$9,601,347
S2R	S2 Resources	0.068	-9%	-25%	1%	-35%	$33,523,788
PLS	Pilbara Min Ltd	1.29	-9%	-17%	-41%	-60%	$4,183,309,008
ASL	Andean Silver	1.05	-9%	24%	14%	46%	$168,300,180
QEM	QEM Limited	0.038	-10%	-31%	15%	-71%	$8,983,213
WIN	WIN Metals	0.019	-10%	-17%	0%	-32%	$10,451,104
LIT	Livium Ltd	0.009	-10%	-10%	-47%	-50%	$15,214,564
RMX	Red Mount Min Ltd	0.009	-10%	13%	0%	-10%	$4,184,620
MRR	Minrex Resources Ltd	0.009	-10%	6%	13%	-10%	$9,763,808
IMI	Infinitymining	0.009	-10%	0%	-31%	-67%	$3,807,142
GRL	Godolphin Resources	0.009	-10%	0%	-40%	-53%	$4,039,860
EMH	European Metals Hldg	0.17	-11%	-24%	6%	-39%	$36,302,823
INR	Ioneer Ltd	0.1025	-11%	-24%	-32%	-29%	$260,817,252
AXN	Alliance Nickel Ltd	0.032	-11%	-3%	-18%	-16%	$23,226,868
PMT	Patriotbatterymetals	0.235	-11%	-6%	-25%	-64%	$134,826,735
SUM	Summitminerals	0.031	-11%	-11%	-76%	-94%	$2,745,858
RVT	Richmond Vanadium	0.115	-12%	-21%	-48%	-62%	$24,097,161
MEI	Meteoric Resources	0.115	-12%	5%	40%	-32%	$280,423,534
SYA	Sayona Mining Ltd	0.015	-12%	-6%	-40%	-57%	$173,149,440
GAL	Galileo Mining Ltd	0.11	-12%	-12%	0%	-52%	$21,738,742
TMB	Tambourahmetals	0.022	-12%	-8%	-8%	-66%	$3,235,981
NMT	Neometals Ltd	0.073	-12%	-9%	0%	-27%	$56,168,031
ENV	Enova Mining Limited	0.007	-13%	-13%	17%	-53%	$10,203,200
ANX	Anax Metals Ltd	0.007	-13%	-13%	-36%	-77%	$6,179,653
MIN	Mineral Resources.	22.47	-13%	-15%	-35%	-63%	$4,439,355,264
PGM	Platina Resources	0.02	-13%	-5%	5%	-9%	$12,463,607
NH3	Nh3Cleanenergyltd	0.031	-14%	15%	72%	182%	$16,938,144
AS2	Askarimetalslimited	0.006	-14%	-33%	-54%	-89%	$2,425,024
LSR	Lodestar Minerals	0.006	-14%	-14%	-63%	-80%	$1,910,543
RON	Roninresourcesltd	0.165	-15%	-18%	0%	32%	$6,661,877
VUL	Vulcan Energy	3.49	-15%	-24%	-41%	-16%	$785,035,632
CRI	Criticalim	0.016	-16%	-6%	33%	-41%	$43,159,178
PUR	Pursuit Minerals	0.037	-16%	-16%	-66%	-75%	$3,740,024
CAE	Cannindah Resources	0.026	-16%	-41%	-38%	-55%	$18,930,079
INF	Infinity Lithium	0.015	-17%	-32%	-40%	-71%	$7,088,881
EVG	Evion Group NL	0.015	-17%	-17%	-35%	-17%	$6,523,800
TON	Triton Min Ltd	0.005	-17%	-17%	-38%	-58%	$7,841,944
AM7	Arcadia Minerals	0.015	-17%	-25%	-17%	-70%	$1,760,751
GT1	Greentechnology	0.02	-17%	-20%	-65%	-73%	$9,028,231
WMG	Western Mines	0.145	-17%	-33%	0%	-58%	$14,518,252
EMN	Euromanganese	0.19	-17%	-10%	0%	-46%	$12,357,768
ASM	Ausstratmaterials	0.585	-18%	8%	23%	-25%	$112,431,223
PBL	Parabellumresources	0.045	-18%	0%	-13%	13%	$2,803,500
BYH	Bryah Resources Ltd	0.012	-20%	200%	300%	71%	$10,439,442
RGL	Riversgold	0.004	-20%	0%	33%	-33%	$7,576,707
TMX	Terrain Minerals	0.002	-20%	-33%	-33%	-43%	$4,497,113
FIN	FIN Resources Ltd	0.004	-20%	-33%	-20%	-56%	$2,779,554
KGD	Kula Gold Limited	0.007	-22%	-13%	6%	-38%	$6,448,776
ICL	Iceni Gold	0.061	-24%	5%	-8%	-10%	$19,876,355
LEG	Legend Mining	0.006	-25%	-25%	-40%	-54%	$17,468,863
CTN	Catalina Resources	0.003	-25%	50%	7%	7%	$7,278,057
TEM	Tempest Minerals	0.003	-25%	-40%	-40%	-67%	$3,072,310
TKL	Traka Resources	0.001	-33%	-33%	0%	-33%	$3,188,685
XTC	XTC Lithium Limited	0.2	19900%	19900%	19900%	19900%	$17,528,272
ADD	Adavale Resource Ltd	0.002	100%	33%	0%	-60%	$4,574,558
PVT	Pivotal Metals Ltd	0.012	71%	71%	50%	-29%	$10,886,711
VR8	Vanadium Resources	0.021	62%	50%	-30%	-67%	$11,850,129
SRL	Sunrise	0.745	51%	64%	239%	91%	$77,144,511

WordPress Table

Weekly Small Cap Standouts

Vanadium Resources (ASX:VR8)

The company’s subsidiary, Vanadium Resources (VanRes) has signed an MoU with China Precious Asia Limited (CPAL) for a magnetite ore supply agreement from its world-class Steelpoortdrift vanadium project in South Africa.

VanRes will supply CPAL with an average of 100,000 metric tons of magnetite ore per month over the two-year term of the non-binding direct shipping ore agreement.

VR8 says the deal is expected to unlock early revenues and operating cashflows in support of the company’s staged development and funding strategy for the project.

It also positions VR8 to become a near-term producer by monetising its substantial resource base (+180 years), while retaining full flexibility to scale into full development as vanadium market conditions improve.

“Through our ongoing strategic equity and offtake process, it became increasingly apparent that there is a compelling opportunity to potentially transition the company toward near-term production, even at this low point in the vanadium market cycle,” executive chairman Jurie Wessels said.

“This has been made possible by our advanced permitting status and the suite of valuable minerals within Steelpoortdrift’s ore, which contains not only vanadium credits but also iron-rich magnetite.

“Based on the company’s internal assessments and the volumes proposed under the MoU, we anticipate that a DSO operation at Steelpoortdrift has the potential to generate material positive operating cashflows for VR8 and its shareholders.

“While the MoU is non-binding, the level of engagement and interest from CPAL gives me confidence that a binding and value-accretive commercial agreement can be reached.”

Ionic Rare Earths (ASX:IXR)

This week the company announced the expanded focus of its Viridion joint venture with Viridis Mining and Minerals to potentially develop a US-based rare earth refinery. That’s in addition to a proposed Brazilian based rare earth refinery and a magnet recycling facility.

IXR previously completed internal scoping study for a US-based heavy REO refinery, using Ionic Technologies’ separation and refining IP, which will now be updated through Viridion to fast-track initial estimates for both Brazilian and US refining capacity to facilitate stakeholder discussions.

A potential US rare earth refinery would have the capacity to obtain mixed rare earth carbonate (MREC) from Viridis’ Colossus project in Brazil, plus other similar ionic adsorption clay deposits to enable the flow of magnet and heavy rare earths into the US manufacturing base.

“Viridion has made substantial progress in very rapid time, with the recent delivery of Brazil’s first locally sourced recycled magnet REOs, followed importantly by the announcement of financial support from the Brazilian Government,” MD Tim Harrison said.

“With the United States focused on addressing its critical shortages of domestic rare earths, Viridion is now working to examine how it could play a role in building a sovereign and sustainable US rare earth supply chain, building on our plans to facilitate Brazil’s rare earths drive.

“IonicRE’s international expansion strategy now encompasses the UK/Europe, Asia, South and North America, as we work with our global partners to build an ex-China rare earths supply chain.”

Green Critical Minerals (ASX:GCM)

GCM has completed the construction and commissioning phases of its commercial-scale Very High Density (VHD) graphite plant with first production imminent.

The plant features a modular design with Module 1 now complete and operational.

Line 2 of the pilot plant was designed so that it could easily be converted into the first module of a scalable, multi-module production plant – and the company has now accelerated its transition to commercial production by transforming the Line 2 Pilot Plant into the first stage of its full-scale VHD graphite plant

GCM believes the completion of the production plant significantly enhances manufacturing capabilities, signalling a step forward in commercialisation of its proprietary VHD graphite technology.

The VHD) graphite blocks offer superior heat transfer and dissipation compared to traditional materials like aluminium and copper, making them ideal for high performance electronics and a range of other sectors like aerospace, defence, medical and manufacturing.

This material is especially important for cooling infrastructure in AI data centres, with GCM recently securing a deal with GreenSquareDC, a leading Australian data centre operator.

At Stockhead, we tell it like it is. While Anson Resources, Chariot Corporation, and Green Critical Minerals are Stockhead advertisers, they did not sponsor this article.

Originally published as High Voltage: Chevron jumps on the DLE bandwagon in the USA