High Voltage: Is anyone making money in lithium?

Pilbara, Liontown, IGO and MinRes have all reported their quarterly results. Just how badly are weak prices hurting lithium miners? We investigate.

Lithium offices must be lonely places right now. Pic: Getty Images

• How close to break even are WA lithium producers?

• MinRes knocks back concerns about meeting cost guidance

• Green Critical Minerals, OD6 Metals and Talga among the weekly battery metals rocketships

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

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Pilbara Minerals (ASX:PLS) and Liontown Resources (ASX:LTR) are among the WA miners waiting for news of royalty relief from the state government as their projects hover around and below breakeven following a lithium price crash.

PLS has seen its cash balance whittle down from $3.3bn at the end of FY23 to $1.4bn at September 30.

Dale Henderson's miner is placing its Ngungaju plant at the Pilgangoora mine in care and maintenance.

More a signal than anything, says Jarden's director of equity research Ben Lyons, noting the closure of the facility – estimated cost of $900/t – will only take 1-2 per cent of lithium supply out of the market.

At the same time, new operations such as Goulamina (Ganfeng), Kathleen Valley (Liontown), Mt Holland (Wesfarmers/SQM), Greenbushes CG3 (IGO/Tianqi/Albemarle) and Pilbara's own P680 and P1000 turned P850 projects are bringing new supply online. PLS is no longer talking much about its proposal to expand to as much as 2Mtpa of spodumene output at Pilgangoora – Jarden doesn't see that expansion as likely until the early 2030s.

"Higher-cost Chinese domestic (and Chinese-owned offshore) supply is increasingly acting as swing capacity," Lyons said. He thinks Pilbara's operations, with its capex included, are around about breakeven at current spot prices of about $US750/t.

"Simply put, we expect the increasing latent capacity across the industry to act as a ceiling on prices, readily brought back into production (around four months in the case of Ngungaju, anecdotally more rapidly for large Chinese plants).

Are we entering an extended period of floor/ceiling pricing, with the floor around current levels ($US700-750/t SC6) and the ceiling capped around $US1200? This is a high probability in our view."

Jarden sees PLS EBITDA falling 61 per cent on previous estimates in FY25, 47 per cent in FY26 and 46 per cent in FY27 incorporating lower price decks and trimmed PLS output. It currently projects PLS swinging from a $318.2m profit in 2024 to $3.6m loss in FY25, recovering to a $247m profit by FY27.

Despite producing 394,000t of spodumene at $277/t in the September quarter, the Greenbushes mine didn't pay a dividend to its owners as capital outlay on CG3 ($880m all up with $270m to spend up to its opening at the end of 2025) ate up margins.

Kathleen Valley is yet to report its cost base, with Jarden's Jon Bishop estimating an operational breakeven for Liontown of $US900/dmt.

"Management aim to deliver an optimised mine plan and rebased cost estimates based on actuals late this Q," he said. 
"Clearly the $C85m in operational related, head office and financing costs for the Q are a substantial economic hurdle and this is before realising the full impact of interest liabilities.

"At current spot prices, we forecast KV to be loss-making at our steady-state assumptions, with operating break-even (EBITDA level) not occurring until SC6 prices exceed $US900/dmt, and generating sufficient FCF to retire the outstanding debt (per the existing terms) only where SC6 prices exceed $US1100/dmt."

MinRes matters

Overshadowed by its boss Chris Ellison's  personal travails and a debt-busting $1.1bn cash sale to Hancock Prospecting of its energy interests, MinRes' quarterly results on Thursday gave a hint of the struggle on its hands in its lithium ops.

The basics are as such:

Mt Marion produced 68,000t of 4.1 per cent Li2O concentrate (on a 50 per cent basis), shipping 89,000t or 60,000t on a SC6 basis as MinRes followed through on promises to trim back production. Its average price came in at  $US550/dmt, converted to $US813/dmt on a 6 per cent Li2O basis.

Bald Hill sold 43,000t (38,000t SC6) at $US675/dmt ($US791/dmt on a 6 per cent basis), while MinRes’ half of Wodgina produced 51,000t of 5.4 per cent Li2O concentrate, shipping 46,000t at a price of $US763/dmt ($US842/dmt SC6).

MinRes said that since the start of FY25,  it has cut around 570 roles from head office, actioned a wind down of construction at Onslow Iron and made roster changes at its lithium mines.

SC6 spot prices were sitting at more than  $US8000/t in late 2022, demonstrating the scale of the slide for lithium producers.

Jarden's Lyons, a sparring partner of MinRes' currently-on-leave boss Ellison on a memorable earnings call a year or so ago, said on Thursday's call with MinRes' Chris Chong and James Bruce that it was hard to reconcile mining physicals with cost guidance which is, albeit, weighted to improve in the second half.

As Lyons noted, MinRes doesn't provide operating costs with its quarterly results. That's in line with iron ore companies like BHP and Rio Tinto, but uncommon when compared to fellow lithium producers PLS and IGO.

Chong said the operational cost outlook would improve across the rest of the year, as MIN maintained its previously reported guidance.

"We've been very open that the current conditions are very challenging, I think Chris has publicly said previously that at these sorts of prices, nobody's making money," Chong said.

"At Wodgina we've spent in the first quarter a lot of time processing oxidised ore, dealing with less efficiency, but what we have got is line of sight to ... fresh ore to sustain two trains through the balance of the year.

"And we're also working through the reduction to the head count and the fleet.

"They will be at Wodgina at the top of guidance, but we'll get there."

MinRes expects to be within guidance "and won't be at the top end" on Marion, with Bald Hill 'there or thereabouts'. MinRes set FOB cost guidance on its lithium mines at $870-970/t (SC6) at Wodgina, $800-890/t (SC6) at Marion and $800-890/t at Bald Hill for FY25.

Speculation now is that Wesfarmers, bullish on the long-term outlook for lithium if unlikely to make back the outlay on its Covalent Lithium JV and Mt Holland mine with SQM for quite some time, could be interested in MIN's already operating mines as vultures circle the mining services, lithium and iron ore producer.

With Rio Tinto (ASX:RIO) also signalling the bottom of the market via its $10 billion takeover of Arcadium Lithium (ASX:LTM) it remains to be seen if MinRes, a voracious buyer of stakes in lithium juniors last year, will go from predator to prey.

Battery metals winners and losers

Green Critical Minerals (ASX:GCM)

GCM is moving straight into the pilot stage of proving up its graphite tech after entering into a binding technology purchase agreement with Cerex, which produces saleable graphite blocks from graphite powder.

The technology mixes graphite with pre-cursors and heating, resulting in very high-density graphite blocks (‘VHD graphite’) which can be used in a wide variety of applications.

Given the unique properties of VHD graphite, it is expected that the final product will be produced in a mould, allowing a large variety of graphite shapes and blocks to be manufactured.

GCM MD Clinton Booth said the technology could 'revolutionise' the graphite market. Its acquisition had the minnow up more than 200 per cent this week.

OD6 Metals (ASX:OD6)

OD6 saw its gains with the acquisition of a high-grade copper project in New South Wales.

After reviewing over 40 potential new projects, OD6 MD Brett Hazelden said the company entered into a binding documentation to acquire the licence over the historical Gulf Creek project in NSW, announced on Wednesday.

A high-grade volcanogenic massive sulphide deposit, the asset was mined at the turn of the last century, between 1896 and 1912, with very high grades averaging between 2 to 6.5 per cent copper within the three main lodes.

“Exploration prospectivity is immense as there has been no modern exploration of substance since the mine closed, with only two drill holes completed more than 60 years ago,” Hazelden said.

Talga Group (ASX:TLG)

Talga shares surged higher on Thursday, with the graphite and anode materials hopeful back at levels not seen since June.

It came after the effective environmental approval of its Nunasvaara South natural graphite mine, part of the Vittangi anode materials project in northern Sweden.

The Swedish Supreme Court has dismissed all requests for leave to appeal the Environmental and Natura 2000 permit, meaning the mine environmental permit is now in force.

This move follows several key milestones for the Vittangi project this month including the award of $70m euro grant funding from the EU Innovation Fund for Talga’s Luleå anode refinery and approval of the Nunasvaara South graphite mine Exploitation Concession.

“The Vittangi project is vital for Europe’s energy transition and strategic material supply,” TLG CEO Martin Phillips said.

“We look forward to continuing to work with our host communities and stakeholders throughout the execution phase to deliver sustainable, high performance anode materials for the European battery industry.”

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	0.022	16%	0%	-21%	-61%	-54%	$ 4,773,714.67
A8G	Australasian Metals	0.095	-21%	-14%	48%	-50%	-44%	$ 4,951,446.93
INF	Infinity Lithium	0.033	-3%	0%	-45%	-61%	-67%	$ 14,340,354.88
PSC	Prospect Res Ltd	0.08	0%	-14%	-50%	-12%	-10%	$ 43,887,860.32
PAM	Pan Asia Metals	0.061	0%	17%	-62%	-59%	-51%	$ 12,129,956.99
CXO	Core Lithium	0.11	0%	-15%	-24%	-69%	-56%	$ 246,446,787.56
LOT	Lotus Resources Ltd	0.26	-17%	-2%	-41%	18%	-9%	$ 546,184,091.44
AGY	Argosy Minerals Ltd	0.043	16%	13%	-67%	-74%	-68%	$ 61,148,679.23
NWC	New World Resources	0.02	-5%	-5%	-45%	-26%	-49%	$ 56,805,634.46
QXR	Qx Resources Limited	0.006	0%	-14%	-57%	-76%	-74%	$ 5,550,389.27
CAE	Cannindah Resources	0.04	-11%	-5%	-22%	-56%	-60%	$ 29,529,358.03
AZL	Arizona Lithium Ltd	0.017	0%	13%	-26%	6%	-45%	$ 71,581,032.45
RIL	Redivium Limited	0.005	0%	-29%	43%	-29%	-29%	$ 10,987,419.24
COB	Cobalt Blue Ltd	0.095	9%	16%	3%	-60%	-60%	$ 39,290,151.29
LPD	Lepidico Ltd	0.0025	0%	0%	-17%	-71%	-67%	$ 17,178,249.77
MRD	Mount Ridley Mines	0.001	0%	0%	0%	-50%	-50%	$ 7,784,882.87
CZN	Corazon Ltd	0.0055	10%	10%	-39%	-69%	-63%	$ 3,339,527.95
LKE	Lake Resources	0.061	-2%	49%	-2%	-64%	-53%	$ 107,701,811.57
DEV	Devex Resources Ltd	0.135	-4%	-18%	-55%	-51%	-44%	$ 57,419,787.23
INR	Ioneer Ltd	0.29	12%	26%	49%	93%	93%	$ 701,444,570.70
MAN	Mandrake Res Ltd	0.026	0%	-7%	-19%	-21%	-40%	$ 16,652,517.84
RLC	Reedy Lagoon Corp.	0.002	0%	-33%	-33%	-50%	-60%	$ 1,523,413.35
GBR	Greatbould Resources	0.05	-6%	-12%	-17%	-23%	-23%	$ 32,908,227.32
FRS	Forrestaniaresources	0.014	0%	-7%	-22%	-59%	-50%	$ 2,602,102.44
STK	Strickland Metals	0.076	7%	-20%	-34%	-24%	-20%	$ 145,689,372.97
MLX	Metals X Limited	0.485	15%	7%	7%	73%	67%	$ 416,935,652.58
CLA	Celsius Resource Ltd	0.01	-9%	-17%	0%	-17%	-17%	$ 28,281,269.51
FGR	First Graphene Ltd	0.042	14%	-11%	-32%	-46%	-41%	$ 28,798,260.83
HXG	Hexagon Energy	0.024	9%	4%	26%	200%	100%	$ 12,309,981.62
TLG	Talga Group Ltd	0.58	57%	47%	-17%	-46%	-26%	$ 173,744,838.41
MNS	Magnis Energy Tech	0.042	0%	0%	0%	-43%	0%	$ 50,378,922.34
PLL	Piedmont Lithium Inc	0.205	14%	52%	5%	-55%	-52%	$ 80,805,075.00
EUR	European Lithium Ltd	0.03	-19%	-19%	-43%	-56%	-71%	$ 51,730,537.68
BKT	Black Rock Mining	0.053	6%	4%	-18%	-52%	-37%	$ 65,106,526.42
QEM	QEM Limited	0.059	-26%	-44%	-60%	-68%	-66%	$ 10,495,852.84
LYC	Lynas Rare Earths	7.6	1%	-5%	16%	7%	6%	$ 7,150,594,115.25
ESR	Estrella Res Ltd	0.014	-7%	40%	250%	133%	180%	$ 22,412,462.42
ARL	Ardea Resources Ltd	0.4	-4%	-1%	-41%	-29%	-16%	$ 83,866,824.30
GLN	Galan Lithium Ltd	0.175	13%	46%	-46%	-72%	-74%	$ 131,155,664.40
JLL	Jindalee Lithium Ltd	0.23	-10%	-8%	-60%	-82%	-77%	$ 16,057,282.73
VUL	Vulcan Energy	5.16	8%	14%	53%	138%	81%	$ 987,989,997.75
SBR	Sabre Resources	0.013	-7%	-13%	-24%	-68%	-61%	$ 5,108,505.13
CHN	Chalice Mining Ltd	1.815	-5%	18%	50%	-2%	7%	$ 725,534,959.62
VRC	Volt Resources Ltd	0.004	0%	0%	-20%	-43%	-38%	$ 16,634,712.51
NMT	Neometals Ltd	0.095	2%	-24%	-4%	-57%	-54%	$ 68,331,070.73
AXN	Alliance Nickel Ltd	0.038	-10%	-10%	-7%	-42%	-12%	$ 27,581,905.37
PNN	Power Minerals Ltd	0.1	0%	-20%	-17%	-62%	-52%	$ 11,561,028.99
IGO	IGO Limited	5.25	2%	-10%	-34%	-46%	-42%	$ 3,990,801,374.51
GED	Golden Deeps	0.03	0%	-21%	-27%	-40%	-35%	$ 4,545,670.47
ADV	Ardiden Ltd	0.15	15%	11%	-6%	-30%	-14%	$ 9,065,038.37
SRI	Sipa Resources Ltd	0.016	-6%	7%	-6%	-24%	-36%	$ 3,878,688.30
NTU	Northern Min Ltd	0.02	0%	0%	-43%	-35%	-33%	$ 140,023,002.04
AXE	Archer Materials	0.275	15%	22%	-46%	-36%	-28%	$ 64,985,988.32
PGM	Platina Resources	0.023	15%	10%	15%	0%	10%	$ 14,333,147.61
AAJ	Aruma Resources Ltd	0.018	13%	13%	13%	-44%	-33%	$ 3,774,988.92
IXR	Ionic Rare Earths	0.0095	0%	19%	-32%	-59%	-63%	$ 48,697,626.47
NIC	Nickel Industries	0.905	-6%	-2%	-5%	19%	30%	$ 4,139,666,534.20
EVG	Evion Group NL	0.03	3%	11%	25%	-21%	-12%	$ 10,408,895.61
CWX	Carawine Resources	0.094	-3%	0%	-10%	-20%	-15%	$ 22,195,792.21
PLS	Pilbara Min Ltd	2.85	5%	-13%	-30%	-25%	-28%	$ 8,673,076,558.08
HAS	Hastings Tech Met	0.27	-6%	-7%	-21%	-63%	-61%	$ 45,206,533.50
BUX	Buxton Resources Ltd	0.072	16%	16%	-31%	-66%	-58%	$ 15,183,167.54
ARR	American Rare Earths	0.235	-11%	-19%	-19%	68%	42%	$ 126,077,941.25
SGQ	St George Min Ltd	0.025	-7%	-29%	39%	-39%	-26%	$ 27,213,510.80
TKL	Traka Resources	0.002	100%	100%	0%	-49%	-33%	$ 3,891,317.11
PRL	Province Resources	0.041	0%	0%	0%	0%	0%	$ 48,441,218.86
IPT	Impact Minerals	0.012	-8%	-8%	-37%	33%	9%	$ 38,242,921.48
LIT	Lithium Australia	0.02	-5%	-5%	-29%	-38%	-33%	$ 26,291,875.20
ARN	Aldoro Resources	0.091	12%	10%	30%	-8%	-27%	$ 12,250,760.61
JRV	Jervois Global Ltd	0.011	-8%	-21%	-31%	-63%	-75%	$ 29,730,401.64
SYR	Syrah Resources	0.3	22%	20%	-43%	-58%	-53%	$ 289,769,694.48
FBM	Future Battery	0.019	0%	-5%	-62%	-79%	-74%	$ 12,641,762.63
ADD	Adavale Resource Ltd	0.003	0%	0%	-40%	-63%	-57%	$ 3,671,296.10
LTR	Liontown Resources	0.825	-1%	2%	-34%	-50%	-50%	$ 2,061,341,919.00
CTM	Centaurus Metals Ltd	0.44	-2%	-8%	6%	-7%	-18%	$ 238,416,582.24
VML	Vital Metals Limited	0.0025	25%	-17%	-50%	-75%	-62%	$ 11,790,133.90
BSX	Blackstone Ltd	0.034	-3%	-8%	-38%	-66%	-51%	$ 18,049,235.58
POS	Poseidon Nick Ltd	0.004	-33%	0%	-27%	-73%	-64%	$ 21,019,377.46
CHR	Charger Metals	0.065	-8%	-24%	-18%	-59%	-61%	$ 5,187,156.75
AVL	Aust Vanadium Ltd	0.016	0%	14%	14%	-36%	-24%	$ 129,519,871.14
AUZ	Australian Mines Ltd	0.016	23%	129%	60%	33%	60%	$ 20,977,681.86
RXL	Rox Resources	0.19	-5%	41%	9%	-17%	3%	$ 80,066,080.97
RNU	Renascor Res Ltd	0.072	-4%	-11%	-27%	-54%	-45%	$ 180,469,906.64
GL1	Globallith	0.21	-5%	-5%	-48%	-83%	-83%	$ 57,329,334.92
ASN	Anson Resources Ltd	0.073	4%	-5%	-30%	-54%	-48%	$ 103,848,990.45
SYA	Sayona Mining Ltd	0.034	3%	-3%	0%	-58%	-52%	$ 370,558,656.50
EGR	Ecograf Limited	0.079	-5%	-14%	-52%	-62%	-44%	$ 35,414,481.88
ATM	Aneka Tambang	0.95	6%	-7%	-14%	-20%	-19%	$ 1,179,802.35
TVN	Tivan Limited	0.049	2%	4%	-13%	-35%	-18%	$ 84,893,455.87
ALY	Alchemy Resource Ltd	0.007	-22%	-13%	0%	-30%	-30%	$ 8,246,533.79
GAL	Galileo Mining Ltd	0.135	-7%	-13%	-55%	-57%	-53%	$ 30,631,863.69
BHP	BHP Group Limited	42.64	0%	-7%	-1%	-5%	-15%	$ 218,735,880,214.68
LEL	Lithenergy	0.37	1%	14%	-26%	-45%	-36%	$ 41,440,580.53
ASL	Andean Silver	1.41	-10%	14%	185%	513%	422%	$ 221,050,994.55
RMX	Red Mount Min Ltd	0.013	44%	30%	-13%	-63%	-50%	$ 4,648,293.55
GW1	Greenwing Resources	0.067	10%	68%	-25%	-48%	-50%	$ 15,642,346.33
AQD	Ausquest Limited	0.009	13%	-16%	-16%	-16%	-16%	$ 7,435,343.01
LML	Lincoln Minerals	0.0065	-7%	8%	-7%	-28%	8%	$ 12,337,557.12
1MC	Morella Corporation	0.031	3%	7%	-59%	-75%	-77%	$ 9,698,834.56
REE	Rarex Limited	0.012	-8%	0%	-20%	-61%	-57%	$ 9,610,150.03
MRC	Mineral Commodities	0.026	0%	0%	4%	-16%	-19%	$ 25,596,287.57
PUR	Pursuit Minerals	0.003	0%	0%	-40%	-73%	-63%	$ 10,906,199.96
QPM	Queensland Pacific	0.036	-10%	0%	-33%	-38%	-35%	$ 88,241,260.03
EMH	European Metals Hldg	0.155	-16%	0%	-65%	-75%	-64%	$ 36,302,823.38
BMM	Balkanminingandmin	0.054	-7%	4%	-2%	-57%	-51%	$ 4,646,187.70
PEK	Peak Rare Earths Ltd	0.19	6%	0%	-21%	-53%	-46%	$ 53,286,131.80
LEG	Legend Mining	0.012	-8%	0%	-8%	-48%	-14%	$ 34,913,726.22
MOH	Moho Resources	0.006	0%	0%	20%	-14%	-40%	$ 3,235,069.18
AML	Aeon Metals Ltd.	0.005	0%	0%	-17%	-58%	-55%	$ 5,482,003.11
G88	Golden Mile Res Ltd	0.018	20%	80%	50%	6%	-5%	$ 6,579,565.68
WKT	Walkabout Resources	0.096	-4%	-4%	-20%	-20%	-31%	$ 65,783,622.20
TON	Triton Min Ltd	0.009	-10%	-18%	-36%	-68%	-61%	$ 14,115,498.61
AR3	Austrare	0.1	-17%	-17%	-9%	-44%	-33%	$ 16,656,849.51
ARU	Arafura Rare Earths	0.15	-6%	-14%	-25%	-27%	-9%	$ 357,327,660.20
MIN	Mineral Resources.	39.4	9%	-24%	-45%	-35%	-44%	$ 7,090,391,232.32
VMC	Venus Metals Cor Ltd	0.07	1%	15%	-22%	-33%	-30%	$ 12,552,235.71
S2R	S2 Resources	0.074	-4%	-8%	-45%	-65%	-55%	$ 33,058,633.49
CNJ	Conico Ltd	0.001	0%	-50%	0%	-80%	-80%	$ 2,201,527.53
VR8	Vanadium Resources	0.043	-4%	-4%	-4%	2%	-20%	$ 23,067,633.36
PVT	Pivotal Metals Ltd	0.008	-11%	-27%	-53%	-60%	-68%	$ 7,870,282.88
BOA	Boadicea Resources	0.022	0%	16%	-21%	-45%	-39%	$ 2,713,762.63
IPX	Iperionx Limited	3.3	5%	4%	56%	164%	137%	$ 913,232,227.44
SLZ	Sultan Resources Ltd	0.01	-17%	67%	-9%	-40%	-56%	$ 1,778,278.40
SMX	Strata Minerals	0.025	-17%	-19%	14%	-57%	-32%	$ 4,579,564.06
NVA	Nova Minerals Ltd	0.25	9%	85%	-11%	-7%	-31%	$ 62,545,482.63
MLS	Metals Australia	0.022	0%	-8%	0%	-44%	-41%	$ 15,998,829.53
MQR	Marquee Resource Ltd	0.017	6%	13%	21%	-35%	-35%	$ 6,662,150.11
MRR	Minrex Resources Ltd	0.0085	0%	6%	-29%	-39%	-50%	$ 8,678,940.02
EVR	Ev Resources Ltd	0.004	0%	0%	-50%	-64%	-64%	$ 6,981,357.43
EFE	Eastern Resources	0.004	0%	0%	-43%	-50%	-50%	$ 4,967,785.84
CNB	Carnaby Resource Ltd	0.38	-11%	-16%	-47%	-47%	-52%	$ 65,336,153.48
BNR	Bulletin Res Ltd	0.045	5%	-6%	-4%	-72%	-68%	$ 13,212,599.54
AX8	Accelerate Resources	0.009	13%	0%	-81%	-80%	-79%	$ 5,595,785.39
AM7	Arcadia Minerals	0.034	-13%	0%	-53%	-60%	-53%	$ 4,096,753.50
AS2	Askarimetalslimited	0.0295	-8%	34%	-37%	-81%	-83%	$ 2,844,034.23
BYH	Bryah Resources Ltd	0.003	-40%	-25%	-63%	-75%	-77%	$ 1,509,860.57
DTM	Dart Mining NL	0.013	0%	-19%	-47%	-25%	-17%	$ 5,599,389.19
EMS	Eastern Metals	0.019	-24%	-5%	-44%	-39%	-46%	$ 2,273,524.90
FG1	Flynngold	0.033	14%	18%	0%	-42%	-27%	$ 8,362,127.04
GSM	Golden State Mining	0.011	5%	-8%	-8%	-42%	-27%	$ 3,073,076.93
IMI	Infinitymining	0.028	-7%	-20%	-63%	-77%	-80%	$ 3,393,603.30
LRV	Larvottoresources	0.71	22%	89%	886%	405%	914%	$ 226,177,398.36
LSR	Lodestar Minerals	0.001	0%	0%	-17%	-75%	-69%	$ 3,372,328.92
RAG	Ragnar Metals Ltd	0.023	-4%	28%	28%	5%	-4%	$ 10,427,691.52
CTN	Catalina Resources	0.004	14%	0%	33%	0%	-11%	$ 3,715,460.68
TMB	Tambourahmetals	0.034	-3%	-6%	-50%	-70%	-70%	$ 3,356,683.86
TEM	Tempest Minerals	0.0055	-31%	-39%	-36%	-18%	-28%	$ 3,763,618.73
EMC	Everest Metals Corp	0.13	-4%	4%	31%	38%	63%	$ 24,216,804.17
WML	Woomera Mining Ltd	0.002	0%	0%	-50%	-78%	-93%	$ 4,110,148.96
KZR	Kalamazoo Resources	0.092	0%	18%	2%	-2%	-23%	$ 18,273,495.86
LMG	Latrobe Magnesium	0.025	-31%	-22%	-50%	-43%	-61%	$ 61,061,971.75
KOR	Korab Resources	0.008	0%	0%	14%	-50%	-50%	$ 2,936,400.00
CMX	Chemxmaterials	0.039	-13%	11%	-19%	-47%	-52%	$ 5,031,870.52
NC1	Nicoresourceslimited	0.1	-9%	-5%	-33%	-70%	-71%	$ 12,039,563.25
GRE	Greentechmetals	0.12	0%	9%	-43%	-68%	-74%	$ 10,384,996.88
CMO	Cosmometalslimited	0.018	-10%	-36%	-56%	-61%	-68%	$ 2,357,871.73
FRB	Firebird Metals	0.115	5%	-4%	-32%	-26%	-21%	$ 14,947,947.11
S32	South32 Limited	3.68	1%	-2%	3%	11%	11%	$ 16,619,020,934.93
OMH	OM Holdings Limited	0.375	1%	-3%	-22%	-19%	-16%	$ 283,515,016.37
JMS	Jupiter Mines.	0.175	6%	0%	-41%	-5%	6%	$ 343,088,430.83
E25	Element 25 Ltd	0.29	-6%	-13%	18%	-25%	-31%	$ 65,973,720.30
EMN	Euromanganese	0.067	14%	40%	-17%	-42%	-33%	$ 12,531,482.06
KGD	Kula Gold Limited	0.007	0%	-22%	-30%	-42%	-53%	$ 5,145,695.37
LRS	Latin Resources Ltd	0.195	5%	-13%	-13%	-24%	-32%	$ 532,269,697.97
CRR	Critical Resources	0.009	13%	0%	-25%	-67%	-57%	$ 15,709,468.90
ENT	Enterprise Metals	0.004	0%	0%	33%	0%	0%	$ 4,713,269.00
SCN	Scorpion Minerals	0.017	13%	-11%	-29%	-68%	-48%	$ 6,551,299.07
GCM	Green Critical Min	0.008	220%	300%	100%	-11%	-11%	$ 10,682,298.47
ENV	Enova Mining Limited	0.0075	-17%	-25%	-61%	25%	-50%	$ 7,386,970.12
RBX	Resource B	0.036	3%	6%	-5%	-69%	-52%	$ 3,718,241.46
AKN	Auking Mining Ltd	0.004	0%	-20%	-83%	-90%	-91%	$ 1,565,401.07
RR1	Reach Resources Ltd	0.011	0%	-15%	22%	-80%	-40%	$ 10,493,176.19
EMT	Emetals Limited	0.004	0%	0%	-20%	-43%	-43%	$ 3,400,000.00
PNT	Panthermetalsltd	0.027	-33%	29%	-1%	-48%	-36%	$ 6,589,761.86
WIN	WIN Metals	0.027	-41%	-41%	-34%	-85%	-70%	$ 8,288,877.63
WMG	Western Mines	0.205	-11%	-18%	-51%	-35%	-21%	$ 17,030,215.40
AVW	Avira Resources Ltd	0.001	0%	0%	0%	-50%	-50%	$ 2,938,790.00
CAI	Calidus Resources	0.115	0%	0%	-18%	-34%	-47%	$ 93,678,205.58
GT1	Greentechnology	0.085	-7%	-6%	-26%	-78%	-70%	$ 34,987,688.73
KAI	Kairos Minerals Ltd	0.016	-11%	23%	33%	0%	14%	$ 42,094,595.02
MTM	MTM Critical Metals	0.081	-9%	21%	47%	252%	19%	$ 28,184,161.25
NWM	Norwest Minerals	0.017	-19%	-23%	-60%	-43%	-37%	$ 8,732,151.18
PGD	Peregrine Gold	0.15	-12%	-25%	-35%	-44%	-38%	$ 10,181,763.15
RAS	Ragusa Minerals Ltd	0.016	7%	-11%	-24%	-58%	-56%	$ 2,281,580.58
RGL	Riversgold	0.0035	0%	-30%	-42%	-65%	-71%	$ 5,696,119.08
SRZ	Stellar Resources	0.017	-11%	0%	0%	100%	143%	$ 37,435,510.22
STM	Sunstone Metals Ltd	0.008	14%	60%	-43%	-58%	-47%	$ 40,983,229.09
ZNC	Zenith Minerals Ltd	0.055	22%	12%	-35%	-38%	-63%	$ 22,137,491.16
WC8	Wildcat Resources	0.325	-10%	14%	-37%	-62%	-53%	$ 387,155,253.87
ASO	Aston Minerals Ltd	0.01	0%	-29%	-17%	-69%	-58%	$ 12,950,642.69
THR	Thor Energy PLC	0.015	0%	-6%	-21%	-42%	-50%	$ 3,866,772.30
YAR	Yari Minerals Ltd	0.004	33%	33%	-20%	-76%	-65%	$ 1,929,431.25
IG6	Internationalgraphit	0.061	-5%	-15%	-49%	-66%	-62%	$ 12,387,733.12
LPM	Lithium Plus	0.145	-9%	26%	21%	-70%	-59%	$ 21,254,400.00
ODE	Odessa Minerals Ltd	0.008	33%	100%	100%	0%	-11%	$ 8,877,977.75
KOB	Kobaresourceslimited	0.095	-3%	-32%	-2%	30%	36%	$ 15,380,476.56
AZI	Altamin Limited	0.03	0%	0%	-27%	-48%	-45%	$ 13,165,471.02
FTL	Firetail Resources	0.13	13%	31%	290%	30%	77%	$ 39,749,757.00
LNR	Lanthanein Resources	0.003	0%	0%	-50%	-50%	-74%	$ 9,774,544.51
CLZ	Classic Min Ltd	0.001	0%	0%	-88%	-98%	-98%	$ 1,544,025.56
NVX	Novonix Limited	0.705	-12%	1%	-18%	2%	-4%	$ 350,562,126.54
OCN	Oceanalithiumlimited	0.033	0%	6%	-34%	-76%	-73%	$ 2,722,434.00
SUM	Summitminerals	0.17	-6%	-28%	13%	85%	72%	$ 13,148,338.14
DVP	Develop Global Ltd	2.59	5%	4%	6%	-21%	-8%	$ 686,609,702.02
OD6	Od6Metalsltd	0.051	76%	16%	-29%	-66%	-64%	$ 6,563,198.82
HRE	Heavy Rare Earths	0.041	3%	28%	24%	-54%	-36%	$ 3,004,106.60
LIN	Lindian Resources	0.094	-5%	-10%	-30%	-45%	-35%	$ 110,680,534.66
PEK	Peak Rare Earths Ltd	0.19	6%	0%	-21%	-53%	-46%	$ 53,286,131.80
ILU	Iluka Resources	5.87	-2%	-16%	-24%	-20%	-11%	$ 2,556,584,955.42
ASM	Ausstratmaterials	0.535	-3%	-4%	-48%	-62%	-58%	$ 97,912,603.44
ETM	Energy Transition	0.023	0%	-4%	-38%	-36%	-41%	$ 30,991,590.92
CRI	Criticalim	0.011	-8%	-27%	-45%	16%	57%	$ 32,067,785.68
IDA	Indiana Resources	0.11	11%	13%	35%	121%	38%	$ 63,587,127.60
VTM	Victory Metals Ltd	0.41	17%	6%	82%	71%	95%	$ 37,708,343.09
M2R	Miramar	0.006	-14%	-14%	-36%	-76%	-70%	$ 3,174,586.28
WCN	White Cliff Min Ltd	0.019	-14%	-5%	27%	73%	111%	$ 34,028,473.46
TAR	Taruga Minerals	0.012	9%	20%	50%	20%	9%	$ 8,472,321.42
ABX	ABX Group Limited	0.043	0%	8%	-30%	-40%	-40%	$ 10,751,733.50
MEK	Meeka Metals Limited	0.087	16%	43%	156%	118%	118%	$ 168,319,676.04
RR1	Reach Resources Ltd	0.011	0%	-15%	22%	-80%	-40%	$ 10,493,176.19
DRE	Dreadnought Resources Ltd	0.015	-6%	-6%	-12%	-50%	-50%	$ 56,291,250.00
KFM	Kingfisher Mining	0.061	-6%	-31%	-16%	-55%	-59%	$ 3,276,615.06
AOA	Ausmon Resorces	0.002	-20%	-33%	0%	-43%	-33%	$ 2,117,998.69
WC1	Westcobarmetals	0.019	-24%	-20%	-51%	-73%	-75%	$ 2,897,506.29
GRL	Godolphin Resources	0.018	6%	20%	-38%	-50%	-54%	$ 5,691,801.98
DM1	Desert Metals	0.03	0%	36%	36%	-25%	-41%	$ 8,759,047.87
PTR	Petratherm Ltd	0.053	6%	18%	104%	6%	51%	$ 16,084,562.11
ITM	Itech Minerals Ltd	0.077	13%	3%	7%	-36%	-30%	$ 12,292,947.94
KTA	Krakatoa Resources	0.01	0%	-17%	-9%	-50%	-72%	$ 4,957,125.81
M24	Mamba Exploration	0.012	0%	0%	-48%	-61%	-76%	$ 2,256,987.31
LNR	Lanthanein Resources	0.003	0%	0%	-50%	-50%	-74%	$ 9,774,544.51
TKM	Trek Metals Ltd	0.034	21%	10%	-13%	-33%	-15%	$ 14,388,440.14
BCA	Black Canyon Limited	0.064	3%	-2%	-36%	-57%	-54%	$ 5,766,402.97
CDT	Castle Minerals	0.003	0%	0%	-50%	-70%	-68%	$ 4,118,442.32
DLI	Delta Lithium	0.25	6%	6%	-18%	-57%	-47%	$ 178,351,785.50
A11	Atlantic Lithium	0.235	-10%	-6%	-42%	-41%	-41%	$ 177,960,086.37
KNI	Kunikolimited	0.205	32%	8%	-13%	-24%	-32%	$ 15,618,468.24
CY5	Cygnus Metals Ltd	0.145	0%	71%	81%	-19%	7%	$ 66,450,954.50
WR1	Winsome Resources	0.52	6%	-9%	-62%	-62%	-50%	$ 115,179,580.36
LLI	Loyal Lithium Ltd	0.125	-4%	-17%	-53%	-72%	-60%	$ 11,591,632.88
BC8	Black Cat Syndicate	0.585	-7%	27%	113%	179%	134%	$ 261,706,109.43
BUR	Burleyminerals	0.088	-2%	26%	35%	-58%	-47%	$ 13,834,126.85
PBL	Parabellumresources	0.05	0%	-6%	-4%	-86%	-29%	$ 3,052,700.05
L1M	Lightning Minerals	0.065	2%	-10%	-34%	-50%	-54%	$ 6,219,807.69
WA1	Wa1Resourcesltd	13.52	3%	-10%	-22%	59%	9%	$ 904,682,767.36
EV1	Evolutionenergy	0.039	3%	5%	-48%	-78%	-72%	$ 13,340,984.29
1AE	Auroraenergymetals	0.042	-16%	-21%	-52%	-58%	-63%	$ 8,236,931.90
RVT	Richmond Vanadium	0.29	-8%	-2%	18%	-24%	4%	$ 25,431,302.77
PMT	Patriotbatterymetals	0.39	-1%	-9%	-50%	-69%	-65%	$ 232,233,764.10
PAT	Patriot Lithium	0.04	-13%	5%	-60%	-77%	-78%	$ 4,346,179.53
BM8	Battery Age Minerals	0.1	-5%	-5%	0%	-60%	-47%	$ 9,770,317.44
OM1	Omnia Metals Group	0.078	0%	0%	0%	0%	0%	$ 4,550,567.66
VHM	Vhmlimited	0.395	-9%	-21%	-21%	-18%	-44%	$ 68,436,676.83
LLL	Leolithiumlimited	0.505	0%	0%	0%	0%	0%	$ 605,458,341.55
SRN	Surefire Rescs NL	0.005	-17%	-29%	-50%	-66%	-41%	$ 9,931,539.07
SRL	Sunrise	0.345	-1%	-17%	-49%	-52%	-24%	$ 31,579,624.30
SYR	Syrah Resources	0.3	22%	20%	-43%	-58%	-53%	$ 289,769,694.48
EG1	Evergreenlithium	0.084	2%	105%	-14%	-63%	-56%	$ 4,610,860.00
WSR	Westar Resources	0.009	-10%	0%	-18%	-47%	-50%	$ 3,588,523.32
LU7	Lithium Universe Ltd	0.014	-13%	27%	-58%	-62%	-59%	$ 8,314,789.90
MEI	Meteoric Resources	0.105	0%	-5%	-51%	-56%	-60%	$ 264,351,789.50
REC	Rechargemetals	0.03	-30%	7%	-12%	-73%	-68%	$ 4,190,699.01
SLM	Solismineralsltd	0.096	-4%	7%	-9%	-62%	-34%	$ 7,428,700.70
DYM	Dynamicmetalslimited	0.205	3%	5%	14%	24%	46%	$ 7,920,000.00
TOR	Torque Met	0.072	-12%	-5%	-45%	-66%	-67%	$ 17,317,030.52
ICL	Iceni Gold	0.045	-4%	15%	73%	-30%	-13%	$ 13,092,530.50
TMX	Terrain Minerals	0.003	-14%	-33%	-25%	-40%	-40%	$ 5,400,086.41
MHC	Manhattan Corp Ltd	0.002	0%	33%	20%	-52%	-40%	$ 8,995,939.72
MHK	Metalhawk.	0.17	0%	0%	179%	55%	26%	$ 17,617,250.35
ANX	Anax Metals Ltd	0.012	-8%	-45%	-57%	-66%	-60%	$ 10,457,219.30
FIN	FIN Resources Ltd	0.007	17%	40%	-61%	-75%	-68%	$ 4,544,880.90
LM1	Leeuwin Metals Ltd	0.073	0%	-13%	-3%	-71%	-48%	$ 3,420,171.98
HAW	Hawthorn Resources	0.059	2%	-3%	-21%	-38%	-37%	$ 19,765,921.17
LCY	Legacy Iron Ore	0.013	0%	0%	-24%	-24%	-24%	$ 100,276,127.41
RON	Roninresourcesltd	0.145	0%	38%	26%	0%	-22%	$ 4,787,251.30
ASR	Asra Minerals Ltd	0.004	-20%	-20%	-43%	-38%	-43%	$ 8,926,231.99
PFE	Panteraminerals	0.023	-18%	-14%	-38%	-61%	-54%	$ 9,096,641.06
KM1	Kalimetalslimited	0.135	-18%	4%	-66%	0%	0%	$ 10,755,867.36
LTM	Arcadium Lithium PLC	8.23	0%	94%	22%	0%	-27%	$ 2,842,307,437.52
KNG	Kingsland Minerals	0.21	5%	-5%	-7%	-9%	-26%	$ 11,060,964.00

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