High Voltage: Lithium sentiment is up but prices are still under pressure

Supply cuts have seen sentiment lift for lithium miners this month, but chemical prices remain tame in Chinese market.

Christmas hasn't quite come yet for lithium stocks. Pic: Getty Images

• CATL supply cuts have given lithium equity sentiment a boost

• But Benchmark Mineral Intelligence price assessments show there has been little immediate impact on chemical pricing

• Element 25 among the leading battery metals stock on US Government pump

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

Lithium miners saw a resurgence in the past couple weeks, spurred largely by the closure of a massive Chinese lepidolite mine owned by the world's largest battery maker.

CATL's suspension of its 5000-6000t LCE per month Jianxiawo operation in Yichun, Jianxi Province, sent Australian producers and explorers on a tear with investors picking up the delirious scent of a "bottom".

Those supply cuts suggested even the most integrated producers in China were struggling at current prices, with UBS predicting 11-23% upside on lithium carbonate for the rest of 2024.

READ: Benchmark Gigafactories APAC: UBS calls lithium bottom, sends share prices surging

But over in China prices paid by battery and cathode making customers for lithium chemicals, a key input in electric vehicles, have been sliding ahead of public holidays.

According to Benchmark Mineral Intelligence's latest weekly assessment, prices fell a bare 0.3% to a mid-point of RMB74,000/t for battery grade carbonate (up $100/t in USD terms to US$10,575/t thanks to a stronger Yuan).

That marked a 23.3% drop from the start of the year after a more than 80% collapse in 2023.

Lithium hydroxide also fell 0.4% (16.8%) on the year to RMB69,500/t (US$9950/t).

"In the week to 25 September, lithium hydroxide and lithium carbonate prices in China remained mostly flat as supply was sufficient to meet demand growth," Benchmark's analysts said.

"During the assessment period, domestic liquidity mounted as cathode producers procured material ahead of the National Day Golden Week holiday commencing on 1 October.

"Additionally, towards the end of the assessment period, the Chinese government announced a significant stimulus package, including funds earmarked for private sector purchase of domestic equities. This temporarily bolstered sentiment across several commodity markets, including lithium.

"However, contacts expressed doubts that the announcement would support lithium prices in the longer term, amid continued robust domestic chemicals supply."

Shanghai Metals Market analyst William Gu said earlier this month that CATL could have other reasons to curb production from Jianxiawo, such as that they have already finished restocking for the fourth quarter while CATL may have downbeat expectations for battery demand in the December term.

Bechmark's weekly cobalt assessment was similarly rough, with cobalt sulphate prices down 0.9% WoW and 14.7% YTD.

"This is once again a historic low for cobalt sulphate since Benchmark begun assessing prices in 2017, driven by a fall in the low end of the price range," Benchmark said.

"Low end prices for cobalt sulphate originate from recycled material being sold at a discount, with the lower cost of producing recycled cobalt sulphate allowing sellers to undercut the market, however, the volume of recycled material still remains much smaller than primary cobalt sulphate."

Panoramic closes in on return, but there are caveats

We hate to be the bearer of more bad news, but it's worth pointing out that it's always brightest before the dawn.

With that olive branch out of the way, investors, let's burn it with the no doubt infuriating news stemming from the Panoramic Resources administration.

The owner of the failed Savannah nickel mine in WA's north went under in December last year, with administrators FTI boarding up the nickel-copper-cobalt mine in January as prices for the battery metals caved in on rising supplies from Indonesia and the DRC.

Major investor Zeta Resources has been approved to take over the company and asset in a DOCA supported by the administrators and offtaker Trafigura.

But investors will receive nothing in the deal, with employees the only creditors to get their full 100% return.

Other non-secured creditors have been offered just 9.7c in the dollar.

But they'll get nothing if the DOCA is approved by creditors and contractor Barminco is successful with court action in which it has pleaded to be regarded as a priority claimant.

If that happens and liquidation occurs instead of the DOCA, FTI estimates unsecured creditors walk away with just 0.24c in the dollar.

Ouch. At the very least, nickel has been stable in 2024. Counter-cyclical play anyone?

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 %	6 MONTH %	YEAR %	YTD %	MARKET CAP
PVW	PVW Res Ltd	0.024	14%	20%	-11%	-65%	-50%	$ 3,033,714.67
A8G	Australasian Metals	0.11	0%	-19%	57%	-21%	-35%	$ 5,733,254.34
INF	Infinity Lithium	0.031	-11%	-37%	-54%	-64%	-69%	$ 15,265,539.07
PSC	Prospect Res Ltd	0.09	-7%	-18%	10%	11%	1%	$ 54,411,776.78
PAM	Pan Asia Metals	0.054	-19%	-43%	-66%	-72%	-57%	$ 10,608,087.08
CXO	Core Lithium	0.1	0%	0%	-35%	-71%	-60%	$ 214,301,554.40
LOT	Lotus Resources Ltd	0.285	24%	30%	-32%	19%	0%	$ 485,895,377.70
AGY	Argosy Minerals Ltd	0.036	-16%	-10%	-72%	-79%	-73%	$ 52,413,153.62
NWC	New World Resources	0.02	11%	11%	-51%	-35%	-49%	$ 53,965,352.74
QXR	Qx Resources Limited	0.007	0%	17%	-59%	-71%	-70%	$ 6,660,467.12
CAE	Cannindah Resources	0.046	7%	-8%	-22%	-62%	-54%	$ 24,279,358.03
AZL	Arizona Lithium Ltd	0.015	0%	0%	-38%	0%	-52%	$ 67,107,217.92
RIL	Redivium Limited	0.005	0%	0%	25%	-38%	-29%	$ 8,240,564.43
COB	Cobalt Blue Ltd	0.073	7%	4%	-50%	-73%	-69%	$ 29,995,706.90
LPD	Lepidico Ltd	0.003	0%	50%	-37%	-68%	-61%	$ 25,767,374.65
MRD	Mount Ridley Mines	0.001	0%	0%	-50%	-50%	-50%	$ 7,784,882.87
CZN	Corazon Ltd	0.005	25%	0%	-55%	-62%	-67%	$ 3,339,527.95
LKE	Lake Resources	0.039	-9%	3%	-41%	-76%	-70%	$ 63,403,791.46
DEV	Devex Resources Ltd	0.165	22%	-15%	-40%	-54%	-31%	$ 64,045,147.30
INR	Ioneer Ltd	0.22	38%	63%	26%	-4%	47%	$ 502,546,655.15
MAN	Mandrake Res Ltd	0.029	7%	7%	-19%	-24%	-33%	$ 19,736,317.44
RLC	Reedy Lagoon Corp.	0.003	50%	0%	-25%	-40%	-40%	$ 1,858,622.20
GBR	Greatbould Resources	0.058	23%	29%	-2%	-5%	-11%	$ 34,638,692.69
FRS	Forrestaniaresources	0.013	8%	-32%	-24%	-72%	-54%	$ 2,103,214.66
STK	Strickland Metals	0.094	-1%	-15%	9%	74%	-1%	$ 200,829,241.52
MLX	Metals X Limited	0.44	6%	10%	26%	42%	52%	$ 399,002,936.34
CLA	Celsius Resource Ltd	0.012	0%	-20%	-14%	9%	0%	$ 31,562,865.66
FGR	First Graphene Ltd	0.048	-2%	4%	-13%	-21%	-32%	$ 31,219,830.98
HXG	Hexagon Energy	0.021	-9%	17%	-9%	133%	75%	$ 11,797,065.72
TLG	Talga Group Ltd	0.385	-1%	-3%	-49%	-66%	-51%	$ 156,501,723.79
MNS	Magnis Energy Tech	0.042	0%	0%	0%	-44%	0%	$ 50,378,922.34
PLL	Piedmont Lithium Inc	0.13	18%	0%	-30%	-79%	-70%	$ 51,304,000.00
EUR	European Lithium Ltd	0.038	-3%	-3%	-47%	-48%	-64%	$ 53,128,660.32
BKT	Black Rock Mining	0.053	-2%	2%	-35%	-37%	-37%	$ 66,358,575.01
QEM	QEM Limited	0.1	-19%	-22%	-34%	-50%	-42%	$ 13,625,254.08
LYC	Lynas Rare Earths	7.7	14%	13%	33%	15%	8%	$ 7,075,816,660.45
ESR	Estrella Res Ltd	0.014	100%	180%	180%	100%	180%	$ 25,447,872.83
ARL	Ardea Resources Ltd	0.41	-1%	-7%	-41%	-31%	-14%	$ 81,869,995.15
GLN	Galan Lithium Ltd	0.11	10%	-22%	-70%	-81%	-84%	$ 68,547,402.21
JLL	Jindalee Lithium Ltd	0.24	-4%	4%	-67%	-85%	-76%	$ 16,414,111.23
VUL	Vulcan Energy	4.32	15%	15%	54%	40%	52%	$ 779,100,683.94
SBR	Sabre Resources	0.014	8%	17%	-26%	-66%	-58%	$ 5,894,429.00
CHN	Chalice Mining Ltd	1.445	-1%	28%	34%	-40%	-15%	$ 544,637,503.20
VRC	Volt Resources Ltd	0.004	0%	14%	-33%	-47%	-38%	$ 14,555,373.44
NMT	Neometals Ltd	0.145	61%	75%	4%	-59%	-31%	$ 75,888,790.34
AXN	Alliance Nickel Ltd	0.043	10%	34%	23%	-30%	0%	$ 29,759,424.22
PNN	Power Minerals Ltd	0.12	20%	36%	-33%	-53%	-43%	$ 12,662,079.37
IGO	IGO Limited	5.45	7%	4%	-23%	-55%	-40%	$ 4,043,810,121.42
GED	Golden Deeps	0.038	0%	41%	-14%	-30%	-17%	$ 5,757,849.26
ADV	Ardiden Ltd	0.14	12%	8%	-10%	-35%	-20%	$ 8,439,863.31
SRI	Sipa Resources Ltd	0.015	0%	0%	-21%	-25%	-40%	$ 3,422,372.03
NTU	Northern Min Ltd	0.021	-5%	-19%	-32%	-25%	-30%	$ 129,167,303.62
AXE	Archer Materials	0.19	-16%	-24%	-68%	-58%	-50%	$ 47,146,697.41
PGM	Platina Resources	0.021	5%	-9%	5%	-19%	0%	$ 13,086,786.95
AAJ	Aruma Resources Ltd	0.016	-6%	0%	-6%	-50%	-41%	$ 3,774,988.92
IXR	Ionic Rare Earths	0.008	0%	33%	-56%	-65%	-69%	$ 38,958,101.18
NIC	Nickel Industries	0.895	8%	8%	14%	16%	29%	$ 3,732,134,595.60
EVG	Evion Group NL	0.027	17%	17%	23%	-16%	-21%	$ 8,674,079.68
CWX	Carawine Resources	0.094	2%	3%	-15%	-29%	-15%	$ 22,195,792.21
PLS	Pilbara Min Ltd	2.99	6%	0%	-23%	-28%	-24%	$ 8,883,328,810.90
HAS	Hastings Tech Met	0.275	-2%	2%	-52%	-61%	-61%	$ 49,727,186.85
BUX	Buxton Resources Ltd	0.063	2%	-11%	-37%	-69%	-63%	$ 13,496,148.93
ARR	American Rare Earths	0.28	2%	-5%	0%	124%	70%	$ 135,966,407.23
SGQ	St George Min Ltd	0.035	13%	3%	59%	-10%	3%	$ 39,187,455.55
TKL	Traka Resources	0.001	0%	0%	-50%	-75%	-67%	$ 1,945,658.55
PRL	Province Resources	0.041	0%	0%	0%	0%	0%	$ 48,441,218.86
IPT	Impact Minerals	0.013	8%	-7%	-7%	8%	18%	$ 42,832,072.05
LIT	Lithium Australia	0.022	5%	10%	-29%	-37%	-27%	$ 27,046,468.93
ARN	Aldoro Resources	0.075	-6%	0%	-4%	-25%	-40%	$ 10,500,651.95
JRV	Jervois Global Ltd	0.014	27%	27%	-44%	-61%	-68%	$ 29,730,401.64
SYR	Syrah Resources	0.255	19%	16%	-50%	-45%	-60%	$ 263,897,400.33
FBM	Future Battery	0.018	-10%	-18%	-68%	-84%	-75%	$ 13,307,118.56
ADD	Adavale Resource Ltd	0.003	20%	20%	-50%	-78%	-57%	$ 3,059,413.42
LTR	Liontown Resources	0.725	12%	-8%	-38%	-76%	-56%	$ 1,661,128,342.80
CTM	Centaurus Metals Ltd	0.46	11%	26%	53%	-32%	-14%	$ 225,999,051.92
VML	Vital Metals Limited	0.003	50%	50%	-25%	-70%	-54%	$ 11,790,133.90
BSX	Blackstone Ltd	0.04	-7%	14%	-37%	-65%	-43%	$ 22,173,350.51
POS	Poseidon Nick Ltd	0.0035	17%	-13%	-45%	-80%	-68%	$ 12,611,626.48
CHR	Charger Metals	0.08	-10%	-13%	-33%	-38%	-52%	$ 6,580,721.25
AVL	Aust Vanadium Ltd	0.014	-7%	0%	-18%	-48%	-33%	$ 129,487,871.16
AUZ	Australian Mines Ltd	0.007	0%	0%	-42%	-50%	-30%	$ 9,789,584.87
RXL	Rox Resources	0.13	-4%	-4%	-16%	-50%	-29%	$ 53,377,387.31
RNU	Renascor Res Ltd	0.082	-9%	-10%	-4%	-25%	-37%	$ 208,430,033.02
GL1	Globallith	0.205	17%	-20%	-61%	-86%	-83%	$ 50,814,637.77
ASN	Anson Resources Ltd	0.077	-13%	-22%	-13%	-49%	-45%	$ 100,786,000.07
SYA	Sayona Mining Ltd	0.029	12%	7%	-26%	-69%	-59%	$ 288,212,288.39
EGR	Ecograf Limited	0.098	1%	-1%	-44%	-11%	-30%	$ 43,587,054.62
ATM	Aneka Tambang	1.03	0%	0%	-6%	-11%	-13%	$ 1,342,758.47
TVN	Tivan Limited	0.05	4%	11%	-9%	-32%	-17%	$ 86,403,313.86
ALY	Alchemy Resource Ltd	0.007	17%	17%	17%	-36%	-30%	$ 8,246,533.79
GAL	Galileo Mining Ltd	0.165	3%	-3%	-39%	-45%	-42%	$ 33,596,237.59
BHP	BHP Group Limited	43.36	11%	7%	-1%	-2%	-14%	$ 216,655,580,727.60
LEL	Lithenergy	0.315	3%	-10%	-39%	-48%	-45%	$ 35,280,494.24
ASL	Andean Silver	1.17	0%	38%	196%	342%	333%	$ 135,913,829.12
RMX	Red Mount Min Ltd	0.001	0%	0%	-43%	-71%	-62%	$ 3,873,577.31
GW1	Greenwing Resources	0.042	-11%	-30%	-40%	-69%	-69%	$ 9,314,555.92
AQD	Ausquest Limited	0.011	0%	0%	0%	-27%	0%	$ 8,261,492.23
LML	Lincoln Minerals	0.006	0%	20%	-14%	20%	0%	$ 12,337,557.12
1MC	Morella Corporation	0.03	-3%	-12%	-70%	-80%	-78%	$ 8,123,228.43
REE	Rarex Limited	0.013	8%	0%	-19%	-64%	-54%	$ 10,271,710.15
MRC	Mineral Commodities	0.026	0%	0%	8%	-24%	-19%	$ 25,596,287.57
PUR	Pursuit Minerals	0.0025	-17%	-17%	-50%	-75%	-69%	$ 9,088,499.97
QPM	Queensland Pacific	0.032	7%	3%	-29%	-44%	-42%	$ 80,677,723.46
EMH	European Metals Hldg	0.15	0%	-25%	-44%	-79%	-65%	$ 31,116,705.75
BMM	Balkanminingandmin	0.045	-2%	-6%	-26%	-79%	-59%	$ 3,871,823.09
PEK	Peak Rare Earths Ltd	0.19	-5%	-7%	-5%	-51%	-46%	$ 50,621,825.21
LEG	Legend Mining	0.013	-7%	8%	-13%	-45%	-7%	$ 37,823,203.41
MOH	Moho Resources	0.006	0%	33%	0%	-33%	-40%	$ 3,235,069.18
AML	Aeon Metals Ltd.	0.005	0%	0%	-17%	-67%	-55%	$ 5,482,003.11
G88	Golden Mile Res Ltd	0.01	11%	0%	-9%	-69%	-47%	$ 4,112,228.55
WKT	Walkabout Resources	0.11	13%	12%	-8%	-4%	-21%	$ 73,838,759.61
TON	Triton Min Ltd	0.011	-15%	0%	-31%	-48%	-52%	$ 15,683,887.34
AR3	Austrare	0.075	25%	7%	-32%	-68%	-50%	$ 11,847,280.88
ARU	Arafura Rare Earths	0.17	10%	6%	-13%	-29%	3%	$ 394,292,590.56
MIN	Mineral Resources.	43.13	16%	-4%	-38%	-37%	-38%	$ 8,114,253,159.16
VMC	Venus Metals Cor Ltd	0.061	-3%	-13%	-45%	-53%	-39%	$ 11,383,720.98
S2R	S2 Resources	0.079	-10%	-25%	-39%	-55%	-52%	$ 35,322,923.45
CNJ	Conico Ltd	0.002	100%	100%	0%	-71%	-60%	$ 4,403,055.06
VR8	Vanadium Resources	0.044	5%	7%	-4%	-27%	-19%	$ 25,318,134.18
PVT	Pivotal Metals Ltd	0.011	-21%	-15%	-21%	-45%	-56%	$ 7,745,301.14
BOA	Boadicea Resources	0.02	5%	0%	-13%	-47%	-44%	$ 2,837,115.48
IPX	Iperionx Limited	3.17	18%	42%	38%	122%	128%	$ 827,279,303.13
SLZ	Sultan Resources Ltd	0.006	0%	-14%	-50%	-73%	-73%	$ 1,185,518.93
SMX	Strata Minerals	0.025	-11%	19%	-17%	-58%	-32%	$ 4,883,194.39
NVA	Nova Minerals Ltd	0.135	-23%	-13%	-52%	-41%	-63%	$ 34,097,963.34
MLS	Metals Australia	0.024	-8%	20%	9%	-27%	-35%	$ 18,907,707.62
MQR	Marquee Resource Ltd	0.016	0%	39%	-20%	-54%	-38%	$ 6,662,150.11
MRR	Minrex Resources Ltd	0.008	-11%	-11%	-38%	-43%	-53%	$ 9,221,373.78
EVR	Ev Resources Ltd	0.005	0%	25%	-44%	-62%	-55%	$ 6,981,357.43
EFE	Eastern Resources	0.0045	0%	13%	-44%	-50%	-44%	$ 4,967,785.84
CNB	Carnaby Resource Ltd	0.42	15%	5%	-37%	-49%	-47%	$ 63,616,781.02
BNR	Bulletin Res Ltd	0.047	12%	-4%	-29%	-36%	-66%	$ 13,799,826.18
AX8	Accelerate Resources	0.011	22%	22%	-73%	-54%	-74%	$ 6,217,539.32
AM7	Arcadia Minerals	0.036	-3%	16%	-49%	-64%	-51%	$ 3,979,703.40
AS2	Askarimetalslimited	0.021	17%	5%	-67%	-90%	-88%	$ 1,961,402.92
BYH	Bryah Resources Ltd	0.005	0%	11%	-50%	-69%	-62%	$ 2,516,434.28
DTM	Dart Mining NL	0.016	7%	-3%	3%	-29%	3%	$ 5,168,657.44
EMS	Eastern Metals	0.018	-33%	-22%	-38%	-42%	-49%	$ 2,159,848.66
FG1	Flynngold	0.03	3%	3%	-18%	-33%	-34%	$ 7,647,494.10
GSM	Golden State Mining	0.011	10%	0%	10%	-69%	-27%	$ 3,073,076.93
IMI	Infinitymining	0.02	43%	-26%	-71%	-85%	-86%	$ 2,443,394.38
LRV	Larvottoresources	0.385	3%	-4%	466%	237%	450%	$ 114,698,598.81
LSR	Lodestar Minerals	0.001	0%	-33%	-38%	-79%	-69%	$ 3,372,328.92
RAG	Ragnar Metals Ltd	0.019	0%	-5%	-5%	-17%	-21%	$ 9,005,638.35
CTN	Catalina Resources	0.004	33%	60%	0%	-20%	-11%	$ 3,096,217.23
TMB	Tambourahmetals	0.038	9%	-10%	-51%	-80%	-66%	$ 3,510,019.15
TEM	Tempest Minerals	0.01	11%	0%	16%	10%	31%	$ 6,272,697.89
EMC	Everest Metals Corp	0.125	9%	14%	56%	14%	56%	$ 23,285,388.63
WML	Woomera Mining Ltd	0.002	-20%	0%	-56%	-83%	-93%	$ 3,036,278.00
KZR	Kalamazoo Resources	0.079	-1%	-9%	-9%	-21%	-34%	$ 14,774,054.41
LMG	Latrobe Magnesium	0.029	-3%	-15%	-39%	-37%	-54%	$ 70,456,121.25
KOR	Korab Resources	0.008	0%	0%	-20%	-58%	-50%	$ 2,936,400.00
CMX	Chemxmaterials	0.036	0%	-5%	-32%	-64%	-56%	$ 5,031,870.52
NC1	Nicoresourceslimited	0.1	-9%	-20%	-38%	-76%	-71%	$ 10,726,156.35
GRE	Greentechmetals	0.093	-1%	1%	-66%	-79%	-80%	$ 8,058,757.58
CMO	Cosmometalslimited	0.028	4%	0%	-33%	-46%	-51%	$ 3,667,800.47
FRB	Firebird Metals	0.13	24%	18%	8%	-7%	-10%	$ 19,930,596.14
S32	South32 Limited	3.53	10%	17%	19%	6%	6%	$ 15,535,356,888.24
OMH	OM Holdings Limited	0.38	7%	-1%	-10%	-22%	-15%	$ 291,177,584.38
JMS	Jupiter Mines.	0.17	6%	-17%	-21%	-13%	3%	$ 333,285,904.23
E25	Element 25 Ltd	0.35	67%	63%	49%	-24%	-17%	$ 80,268,026.37
EMN	Euromanganese	0.048	-11%	30%	-46%	-67%	-52%	$ 10,556,335.87
KGD	Kula Gold Limited	0.008	-11%	-11%	0%	-48%	-47%	$ 6,432,119.21
LRS	Latin Resources Ltd	0.205	8%	3%	17%	-21%	-28%	$ 574,290,989.92
CRR	Critical Resources	0.01	-9%	0%	-29%	-74%	-52%	$ 19,583,853.07
ENT	Enterprise Metals	0.003	-25%	0%	0%	-25%	-25%	$ 3,309,951.75
SCN	Scorpion Minerals	0.02	0%	43%	-50%	-67%	-39%	$ 7,779,667.65
GCM	Green Critical Min	0.002	-20%	-20%	-60%	-67%	-78%	$ 2,937,085.28
ENV	Enova Mining Limited	0.009	0%	13%	-67%	50%	-40%	$ 9,849,293.49
RBX	Resource B	0.034	0%	-17%	-26%	-78%	-55%	$ 2,811,272.49
AKN	Auking Mining Ltd	0.005	-29%	-58%	-76%	-93%	-89%	$ 1,677,850.78
RR1	Reach Resources Ltd	0.014	0%	-13%	12%	-80%	-24%	$ 12,242,038.89
EMT	Emetals Limited	0.004	0%	0%	-20%	-56%	-43%	$ 3,400,000.00
PNT	Panthermetalsltd	0.02	-17%	-5%	-18%	-58%	-52%	$ 5,413,018.67
WIN	WIN Metals	0.044	33%	91%	-21%	-77%	-51%	$ 13,857,463.45
WMG	Western Mines	0.245	14%	-4%	40%	-21%	-6%	$ 18,733,236.94
AVW	Avira Resources Ltd	0.001	0%	0%	-33%	-33%	-50%	$ 2,938,790.00
CAI	Calidus Resources	0.115	0%	0%	-4%	-28%	-47%	$ 93,678,205.58
GT1	Greentechnology	0.089	1%	-6%	-36%	-81%	-69%	$ 31,747,688.73
KAI	Kairos Minerals Ltd	0.013	8%	30%	0%	-41%	-7%	$ 34,201,858.46
MTM	MTM Critical Metals	0.069	-1%	15%	-4%	77%	1%	$ 19,958,586.35
NWM	Norwest Minerals	0.022	10%	-4%	-19%	-24%	-19%	$ 10,672,629.22
PGD	Peregrine Gold	0.16	7%	-14%	-18%	-46%	-33%	$ 12,896,899.99
RAS	Ragusa Minerals Ltd	0.016	7%	0%	-36%	-48%	-56%	$ 2,138,981.79
RGL	Riversgold	0.005	11%	25%	-29%	-58%	-58%	$ 5,309,850.37
SRZ	Stellar Resources	0.017	0%	0%	21%	55%	143%	$ 31,195,758.53
STM	Sunstone Metals Ltd	0.006	20%	-40%	-50%	-67%	-60%	$ 21,629,518.18
ZNC	Zenith Minerals Ltd	0.043	2%	2%	-50%	-53%	-71%	$ 13,038,092.67
WC8	Wildcat Resources	0.25	19%	-12%	-63%	-37%	-64%	$ 306,016,074.50
ASO	Aston Minerals Ltd	0.013	-7%	18%	-10%	-64%	-46%	$ 16,835,835.50
THR	Thor Energy PLC	0.017	0%	6%	-29%	-62%	-43%	$ 3,914,645.57
YAR	Yari Minerals Ltd	0.004	33%	33%	-33%	-79%	-65%	$ 1,929,431.25
IG6	Internationalgraphit	0.073	4%	7%	-53%	-59%	-54%	$ 13,742,641.43
LPM	Lithium Plus	0.1	-9%	2%	-33%	-75%	-72%	$ 12,619,800.00
ODE	Odessa Minerals Ltd	0.002	-33%	-33%	-60%	-83%	-78%	$ 2,086,565.07
KOB	Kobaresourceslimited	0.12	14%	-17%	14%	50%	71%	$ 19,027,393.68
AZI	Altamin Limited	0.032	3%	-3%	-36%	-50%	-42%	$ 14,043,169.09
FTL	Firetail Resources	0.099	22%	38%	154%	-1%	35%	$ 33,124,797.50
LNR	Lanthanein Resources	0.003	0%	0%	0%	-63%	-74%	$ 7,330,908.38
CLZ	Classic Min Ltd	0.001	0%	0%	-93%	-98%	-98%	$ 1,439,025.56
NVX	Novonix Limited	0.63	16%	3%	-29%	-23%	-14%	$ 274,029,582.23
OCN	Oceanalithiumlimited	0.03	-23%	-3%	-45%	-86%	-75%	$ 2,474,940.00
SUM	Summitminerals	0.275	10%	22%	337%	96%	178%	$ 23,611,836.64
DVP	Develop Global Ltd	2.29	16%	9%	-4%	-26%	-19%	$ 562,556,806.58
OD6	Od6Metalsltd	0.041	-9%	-5%	-53%	-76%	-71%	$ 5,147,606.92
HRE	Heavy Rare Earths	0.032	0%	3%	-20%	-65%	-50%	$ 2,184,804.80
LIN	Lindian Resources	0.105	-5%	-5%	-13%	-57%	-28%	$ 121,056,834.78
PEK	Peak Rare Earths Ltd	0.19	-5%	-7%	-5%	-51%	-46%	$ 50,621,825.21
ILU	Iluka Resources	6.81	16%	17%	-6%	-13%	3%	$ 2,821,787,639.22
ASM	Ausstratmaterials	0.53	-4%	3%	-64%	-65%	-58%	$ 91,566,416.18
ETM	Energy Transition	0.024	-4%	14%	-35%	-37%	-38%	$ 38,035,134.31
CRI	Criticalim	0.012	-8%	-29%	-48%	0%	71%	$ 32,049,608.51
IDA	Indiana Resources	0.097	4%	5%	26%	54%	22%	$ 60,265,271.22
VTM	Victory Metals Ltd	0.4	-20%	13%	54%	111%	90%	$ 41,812,416.98
M2R	Miramar	0.007	0%	-36%	-59%	-86%	-65%	$ 3,174,586.28
WCN	White Cliff Min Ltd	0.021	24%	50%	40%	62%	133%	$ 30,958,360.87
TAR	Taruga Minerals	0.009	13%	0%	29%	-10%	-18%	$ 5,648,214.28
ABX	ABX Group Limited	0.041	0%	-13%	-23%	-48%	-43%	$ 10,751,733.50
MEK	Meeka Metals Limited	0.059	5%	2%	69%	23%	48%	$ 79,814,688.80
RR1	Reach Resources Ltd	0.014	0%	-13%	12%	-80%	-24%	$ 12,242,038.89
DRE	Dreadnought Resources Ltd	0.015	0%	-17%	-17%	-72%	-50%	$ 56,197,687.50
KFM	Kingfisher Mining	0.075	10%	25%	-18%	-59%	-50%	$ 4,028,625.08
AOA	Ausmon Resorces	0.003	0%	0%	0%	-14%	0%	$ 3,176,998.03
WC1	Westcobarmetals	0.026	-7%	-13%	-46%	-69%	-66%	$ 4,422,509.60
GRL	Godolphin Resources	0.015	-6%	15%	-57%	-58%	-62%	$ 3,422,259.54
DM1	Desert Metals	0.024	4%	14%	-20%	-47%	-53%	$ 6,370,216.63
PTR	Petratherm Ltd	0.051	13%	155%	183%	-6%	46%	$ 13,582,312.55
ITM	Itech Minerals Ltd	0.073	12%	1%	-6%	-46%	-34%	$ 11,780,741.77
KTA	Krakatoa Resources	0.012	9%	20%	50%	-43%	-67%	$ 5,665,286.64
M24	Mamba Exploration	0.012	-20%	9%	-54%	-79%	-76%	$ 2,256,987.31
LNR	Lanthanein Resources	0.003	0%	0%	0%	-63%	-74%	$ 7,330,908.38
TKM	Trek Metals Ltd	0.031	-6%	-24%	-11%	-43%	-23%	$ 15,917,658.72
BCA	Black Canyon Limited	0.058	12%	-22%	-42%	-52%	-59%	$ 4,741,816.91
CDT	Castle Minerals	0.003	-25%	-25%	-54%	-67%	-68%	$ 4,118,442.32
DLI	Delta Lithium	0.24	12%	9%	-23%	-68%	-49%	$ 167,650,678.37
A11	Atlantic Lithium	0.235	-6%	-16%	-36%	-49%	-41%	$ 155,920,572.72
KNI	Kunikolimited	0.17	6%	6%	-37%	-48%	-43%	$ 14,750,775.56
CY5	Cygnus Metals Ltd	0.075	-1%	14%	53%	-59%	-44%	$ 29,623,221.42
WR1	Winsome Resources	0.51	2%	-11%	-40%	-65%	-51%	$ 109,248,767.47
LLI	Loyal Lithium Ltd	0.13	8%	-7%	-55%	-82%	-58%	$ 11,127,967.56
BC8	Black Cat Syndicate	0.445	20%	20%	107%	75%	78%	$ 190,734,961.11
BUR	Burleyminerals	0.053	-34%	-56%	-18%	-71%	-68%	$ 7,518,547.20
PBL	Parabellumresources	0.055	-2%	45%	-21%	-84%	-21%	$ 3,426,500.06
L1M	Lightning Minerals	0.065	-10%	-19%	-4%	-52%	-54%	$ 6,698,254.43
WA1	Wa1Resourcesltd	15.01	4%	-9%	31%	185%	21%	$ 969,094,693.44
EV1	Evolutionenergy	0.03	25%	3%	-71%	-82%	-79%	$ 12,619,850.01
1AE	Auroraenergymetals	0.048	14%	-11%	-54%	-64%	-58%	$ 8,236,931.90
RVT	Richmond Vanadium	0.3	-2%	15%	-13%	-21%	7%	$ 25,862,341.80
PMT	Patriotbatterymetals	0.395	4%	-22%	-56%	-69%	-65%	$ 232,425,847.50
PAT	Patriot Lithium	0.036	3%	-23%	-61%	-81%	-80%	$ 3,725,296.74
BM8	Battery Age Minerals	0.115	-8%	-4%	15%	-57%	-39%	$ 10,697,776.10
OM1	Omnia Metals Group	0.078	0%	0%	0%	-6%	0%	$ 4,550,567.66
VHM	Vhmlimited	0.565	3%	13%	12%	7%	-20%	$ 91,892,820.32
LLL	Leolithiumlimited	0.505	0%	0%	0%	0%	0%	$ 605,458,341.55
SRN	Surefire Rescs NL	0.006	0%	0%	-40%	-60%	-29%	$ 11,917,846.88
SRL	Sunrise	0.43	1%	2%	-34%	-45%	-5%	$ 42,406,924.06
SYR	Syrah Resources	0.255	19%	16%	-50%	-45%	-60%	$ 263,897,400.33
EG1	Evergreenlithium	0.041	3%	-11%	-63%	-86%	-78%	$ 2,305,430.00
WSR	Westar Resources	0.008	-11%	14%	-29%	-61%	-55%	$ 3,588,523.32
LU7	Lithium Universe Ltd	0.0105	-13%	-19%	-48%	-80%	-69%	$ 6,236,092.42
MEI	Meteoric Resources	0.11	18%	5%	-53%	-52%	-58%	$ 240,577,177.37
REC	Rechargemetals	0.024	0%	-27%	-53%	-88%	-75%	$ 3,352,559.21
SLM	Solismineralsltd	0.093	-1%	-7%	-7%	-67%	-36%	$ 7,273,936.11
DYM	Dynamicmetalslimited	0.185	-10%	19%	-5%	-14%	32%	$ 6,660,000.00
TOR	Torque Met	0.085	-15%	-26%	-39%	-77%	-61%	$ 15,075,114.08
ICL	Iceni Gold	0.04	14%	3%	67%	-52%	-23%	$ 9,819,397.87
TMX	Terrain Minerals	0.004	0%	33%	0%	0%	-20%	$ 7,064,115.21
MHC	Manhattan Corp Ltd	0.001	0%	0%	-52%	-85%	-70%	$ 3,092,533.34
MHK	Metalhawk.	0.17	21%	81%	162%	48%	26%	$ 16,610,550.33
ANX	Anax Metals Ltd	0.022	5%	0%	-4%	-45%	-27%	$ 14,586,659.93
FIN	FIN Resources Ltd	0.005	0%	-17%	-72%	-50%	-77%	$ 3,895,612.20
LM1	Leeuwin Metals Ltd	0.085	0%	8%	10%	-67%	-39%	$ 3,982,392.04
HAW	Hawthorn Resources	0.058	5%	-5%	-23%	-42%	-38%	$ 19,095,889.94
LCY	Legacy Iron Ore	0.013	0%	-7%	-13%	-13%	-24%	$ 100,276,127.41
RON	Roninresourcesltd	0.105	0%	0%	-13%	-25%	-43%	$ 3,866,626.05
ASR	Asra Minerals Ltd	0.005	-17%	-17%	11%	-38%	-29%	$ 11,157,789.99
PFE	Panteraminerals	0.027	4%	29%	-37%	-48%	-48%	$ 8,717,614.35
KM1	Kalimetalslimited	0.115	-8%	-28%	-73%	0%	0%	$ 9,219,314.88
LTM	Arcadium Lithium PLC	3.93	10%	-2%	-42%	0%	-65%	$ 1,335,267,221.26
KNG	Kingsland Minerals	0.205	24%	8%	-28%	-18%	-28%	$ 12,289,960.00

Element 25 (ASX:E25)

In a massive windfall for the junior, E25 snapped up a US$166m ($243m) grant from the US Department of Energy for the construction of its battery-grade, high-purity manganese sulphate monohydrate (HPMSM) facility in Louisiana.

The awarding of the grant comes on the back of US$115m already committed by automaker offtake partners General Motors and Stellantis.

In mid-2023, E25 secured a US$85 million loan with GM, whereby E25 will supply up to 32,500t of manganese sulphate annually for GM’s Ultium battery plant requirements.

From Stellantis, it’s signed take-or-pay offtake commitments for 45ktpa of HPMSM over five years and U$30 million of project funding.

Feedstock for the US plant will come from E25’s 260Mt Butcherbird manganese mine south of Newman in WA.

It came alongside the announcement of an identical grant for a manganese plant at South32's (ASX:S32) Hermosa project in Arizona.

Around 96% of the world's HPMSM is manufactured in China and while only a small portion of overall manganese demand, that poses a critical issue for US carmakers hoping to produce IRA compliant electric vehicles.

Estrella Resources (ASX:ESR)

Speaking of manganese, Estrella shares have surged this week as it puts the final touches on the acquisition of a manganese project in Timor-Leste.

The one-time WA nickel and lithium explorer, which has pottered around the small end of the ASX for years, has seen a sudden spike in interest in recent days.

It's now in a trading halt. How interesting.

The $30 million minnow has called for the halt "pending an announcement regarding the outcome of the grant ceremony in Laga for its TimorLeste mineral concession applications and announcement regarding exploration results."

Neometals (ASX:NMT)

Chris Reed's Neometals has worn plenty of hats over its time.

After making a motsa with the well-timed trade of its 13.8% stake in the Mt Marion lithium mine to MinRes and Ganfeng for $104 million in 2019, immediately before a big dive in lithium prices, the company has focused on the European market for battery metals recycling.

It has also retained the massive Barrambie titanium and vanadium resource in WA.

This week, however, it seems like gold is behind the company's gains, with an exploration target on tenements within 40km of Barrambie announced on Monday of 8Mt at an average grade of 1.3g/t Au and 10.5Mt at an average grade of 2.3g/t Au, for an implied 335,000 ounces to 775,000 ounces gold.

Gold prices hit a fresh record on Wednesday of US$2661/oz in London, no doubt turning the heads of explorers who have seen battery metals prices remain in the doldrums for the past 18 months.

Originally published as High Voltage: Lithium sentiment is up but prices are still under pressure