Lithium’s price recovery could shock you

Lithium surpluses could erode quicker than you think, leading to potential price shocks in the next two years.

The pace of lithium's recovery may end up shocking you, this analyst says. Pic: Getty Images

• Argonaut's research analysts think 2026 could see a turn around for lithium prices

• Head of research Hayden Bairstow says demand growth in EVs and BESS has been strong in 2025, and deficits could erode quicker than expected

• Galan rejects US$150m offer from Huayou and Renault

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

Recency bias is a common fault of market forecasts, and increasingly bearish lithium forecasts have become more commonplace as prices have held at bargain basement levels.

But some market observers are zagging on the negativity that has become baked into battery metals, pointing to strong demand growth in key lithium markets.

Argonaut's head of research Hayden Bairstow is among the voices tipping an earlier return to balance in the oversupplied lithium market, saying the risk of a big run up in spodumene concentrate prices next year was emerging.

"It's actually largely demand related. I think that you're seeing EV sales running at 20% growth all of the last year," he told Stockhead.

"They've popped back up to ~35% for the first two months on average, so there's a stronger EV sales growth rate already.

"Battery storage is just growing in importance. It was up 60% last year, it's still running at 40% this year, albeit off a much higher base.

"When you've got those sort of demand numbers running, it won't be long before a) the market swings from surplus to deficit, but b) then gets into a panic again, and you'll see an aggressive move in pricing.

"Lithium is still a small market, and I think you'll see that the price move higher will be pretty aggressive and pretty quick."

Demand emerging

Pessimism has been growing in the mainstream media over EV demand growth, especially in the United States, where Tesla sales endured a 13% first quarter slump and the right wing Trump Administration has placed storm clouds over the green energy sector.

In Australia just 4.9% of car sales were EVs in the month of March, according to the Federal Chamber of Automotive Industries, down from 9.5% a year earlier.

But growth in other brands and markets, notably in China, has continued to accelerate, with Benchmarkl Mineral Intelligence last month reporting a swing in consumer tastes back from hybrids to battery EVs.

Bairstow says EV demand could slow down over the rest of the year after a strong start to 2025, but the growing battery energy storage system, or BESS, sector was more opaque.

He thinks demand from that market will be less sensitive to raw material prices, which many of the end users consisting of governments and large utilities for whom grid scale battery installations are political more than commercial decisions.

Argonaut is not alone in seeing the lithium supply-demand nexus shift back into balance around the end of 2025. Price agency Fastmarkets thinks a 154,000t LCE surplus in 2024 will swing to a 10,000t surplus this year and 1500t deficit in 2026.

If that happens, a supply shock could leave lithium prices susceptible to a volatile price spike.

"There will be a quarter where spodumene's up 40% or 50%. I just don't know when it is, but it'll all happen at once and it'll be quick because it's a small market," Bairstow said.

"We've seen the volatility before and it will happen again."

The pinch-point could come from a surprise mine closure or weather events in the drought exposed brine projects of South America.

But regardless, Argonaut sees the market tightening up in late 2025 or "more likely" some point in 2026.

"I have a progressive rise over the course of the year, but I suspect a lot of that will occur within a very short period of time," he said.

Fastmarkets reported spodumene concentrate prices of US$832.50/t for 6% Li2O product – the WA export benchmark – on Wednesday, with carbonate and hydroxide chemicals both fetching US$9350/t in Asia.

The meaning behind M&A

While most eyes are trained on corporate activity in gold right now, the lithium market is quietly active.

The most notable deals in recent times have been Rio Tinto's (ASX:RIO) $10 billion takeover of Argentine producer Arcadium Lithium and Pilbara Minerals' (ASX:PLS) $560m scrip acquisition of Latin Resources.

But small cap Galan Lithium (ASX:GLN), owner of the Hombre Muerto West brine project also in Argentina, emerged as the focus of a US$150 million bid from Zhejiang Huayou Cobalt and the Renault Group for its interests in that and the Candelas project.

Galan knocked back the offer, saying its board views the bid as "opportunistic" and that it undervalues the company's key assets.

HMW has been permitted to produce up to 21,000tpa LCE, with Galan saying independent benchmarking places the project in the first quartile of the global cost curve.

Galan shares rose over 40% on Wednesday.

Bairstow said the bid showed carmakers like Renault remain short on long-term lithium units for their EV production plans.

"It suggests that Renault's forward book is not covered for batteries or battery supply and they're trying to find sources to fill it," he said.

"So that almost underpins a more bullish outlook for not the price but more the demand that Renault foresees in its future plans on EV manufacturing, and we've seen the same thing with Volkswagen going into Patriot."

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	0.013	-7%	-7%	-41%	-52%	-13%	$ 2,983,571.67
A8G	Australasian Metals	0.075	0%	1%	-32%	25%	-5%	$ 4,341,729.38
INF	Infinity Lithium	0.019	-10%	-24%	-46%	-72%	-32%	$ 11,814,802.33
PSC	Prospect Res Ltd	0.13	4%	48%	40%	60%	48%	$ 71,582,872.63
FLG	Flagship Min Ltd	0.045	2%	2%	-18%	-72%	-21%	$ 9,161,739.68
CXO	Core Lithium	0.069	-9%	-21%	-45%	-55%	-22%	$ 156,440,134.71
LOT	Lotus Resources Ltd	0.145	-17%	-17%	-44%	-64%	-28%	$ 378,024,310.88
AGY	Argosy Minerals Ltd	0.019	-10%	-21%	-49%	-85%	-33%	$ 30,574,339.61
NWC	New World Resources	0.025	-7%	4%	25%	-42%	39%	$ 95,614,606.52
QXR	Qx Resources Limited	0.003	0%	-25%	-50%	-82%	-25%	$ 3,930,233.56
CAE	Cannindah Resources	0.062	-21%	-17%	41%	3%	59%	$ 45,140,957.09
AZL	Arizona Lithium Ltd	0.006	-14%	-33%	-63%	-77%	-52%	$ 31,932,701.70
RIL	Redivium Limited	0.004	0%	0%	-20%	0%	0%	$ 13,609,421.85
COB	Cobalt Blue Ltd	0.055	-11%	12%	-33%	-62%	-19%	$ 23,731,558.25
LPD	Lepidico Ltd	0.002	0%	0%	-33%	-47%	0%	$ 17,178,370.80
MRD	Mount Ridley Mines	0.0025	0%	25%	-75%	-88%	-17%	$ 1,946,222.53
CZN	Corazon Ltd	0.003	50%	50%	-40%	-70%	50%	$ 2,961,430.64
LKE	Lake Resources	0.031	-9%	-9%	-21%	-53%	-26%	$ 55,908,793.25
DEV	Devex Resources Ltd	0.08	-12%	4%	-48%	-73%	-15%	$ 38,868,779.05
INR	Ioneer Ltd	0.145	-6%	0%	-29%	-9%	-9%	$ 341,572,514.82
MAN	Mandrake Res Ltd	0.018	6%	-14%	-38%	-51%	-18%	$ 11,290,678.56
RLC	Reedy Lagoon Corp.	0.002	0%	0%	-33%	-50%	0%	$ 1,553,413.35
GBR	Greatbould Resources	0.076	10%	6%	33%	27%	77%	$ 59,968,926.39
FRS	Forrestaniaresources	0.033	27%	74%	94%	106%	136%	$ 8,923,451.61
STK	Strickland Metals	0.088	13%	22%	-5%	-12%	4%	$ 207,496,985.75
MLX	Metals X Limited	0.645	-3%	26%	48%	79%	55%	$ 611,610,161.22
CLA	Celsius Resource Ltd	0.006	-14%	-40%	-50%	-54%	-45%	$ 14,537,856.00
FGR	First Graphene Ltd	0.044	5%	-6%	-6%	-20%	63%	$ 33,690,206.57
NH3	Nh3Cleanenergyltd	0.024	0%	9%	-4%	-4%	33%	$ 13,550,514.84
TLG	Talga Group Ltd	0.43	-8%	-9%	13%	-43%	-2%	$ 195,571,529.79
MNS	Magnis Energy Tech	0.042	0%	0%	0%	0%	0%	$ 50,378,922.34
PLL	Piedmont Lithium Inc	0.093	-11%	-15%	-28%	-55%	-36%	$ 60,320,206.60
EUR	European Lithium Ltd	0.039	0%	-29%	5%	-42%	-7%	$ 54,916,895.63
BKT	Black Rock Mining	0.02	-17%	-29%	-62%	-70%	-41%	$ 33,797,117.47
QEM	QEM Limited	0.057	-10%	-15%	-43%	-61%	10%	$ 10,495,852.84
LYC	Lynas Rare Earths	7.07	-2%	4%	-9%	23%	10%	$ 6,402,819,567.25
ESR	Estrella Res Ltd	0.026	-7%	-4%	100%	420%	30%	$ 51,298,421.60
ARL	Ardea Resources Ltd	0.425	-1%	-8%	5%	-38%	29%	$ 87,860,482.60
GLN	Galan Lithium Ltd	0.145	32%	32%	16%	-66%	4%	$ 88,200,976.50
JLL	Jindalee Lithium Ltd	0.295	51%	40%	22%	-59%	34%	$ 22,813,473.19
VUL	Vulcan Energy	4.49	-16%	21%	4%	56%	-16%	$ 1,000,844,172.00
SBR	Sabre Resources	0.007	0%	-13%	-53%	-63%	-30%	$ 2,750,733.53
CHN	Chalice Mining Ltd	1.055	-22%	-22%	-36%	-5%	-5%	$ 416,258,663.16
VRC	Volt Resources Ltd	0.004	-20%	0%	33%	-33%	33%	$ 23,423,889.92
NMT	Neometals Ltd	0.058	-11%	-26%	-47%	-57%	-23%	$ 49,243,205.38
AXN	Alliance Nickel Ltd	0.031	-14%	-6%	-31%	-9%	-11%	$ 24,678,546.91
PNN	Power Minerals Ltd	0.069	-1%	-22%	-43%	-52%	-25%	$ 7,855,986.24
IGO	IGO Limited	3.53	-14%	-11%	-40%	-50%	-26%	$ 2,839,754,298.75
GED	Golden Deeps	0.02	0%	-17%	-43%	-59%	-20%	$ 3,234,469.33
ADV	Ardiden Ltd	0.145	12%	-3%	7%	-9%	7%	$ 9,065,038.37
SRI	Sipa Resources Ltd	0.012	0%	9%	-20%	-29%	0%	$ 4,996,779.86
NTU	Northern Min Ltd	0.022	10%	22%	16%	-33%	5%	$ 183,857,428.00
AXE	Archer Materials	0.265	-12%	-10%	23%	-52%	-54%	$ 70,082,928.58
PGM	Platina Resources	0.022	5%	5%	5%	16%	29%	$ 13,709,967.28
AAJ	Aruma Resources Ltd	0.01	-9%	0%	-38%	-47%	-17%	$ 2,442,639.89
IXR	Ionic Rare Earths	0.007	0%	17%	-22%	-61%	0%	$ 36,668,998.41
NIC	Nickel Industries	0.56	-10%	-22%	-39%	-33%	-32%	$ 2,517,162,807.50
EVG	Evion Group NL	0.018	-5%	-10%	-36%	-14%	-33%	$ 8,263,479.45
CWX	Carawine Resources	0.105	6%	9%	8%	-2%	5%	$ 23,376,419.45
PLS	Pilbara Min Ltd	1.435	-22%	-24%	-57%	-63%	-34%	$ 4,955,612,209.24
HAS	Hastings Tech Met	0.305	-3%	-12%	0%	-21%	-6%	$ 59,492,832.21
BUX	Buxton Resources Ltd	0.031	-6%	3%	-47%	-70%	-24%	$ 6,890,756.38
ARR	American Rare Earths	0.275	-5%	4%	-5%	22%	4%	$ 134,467,174.24
SGQ	St George Min Ltd	0.019	3%	0%	-41%	0%	-24%	$ 53,356,448.70
TKL	Traka Resources	0.001	0%	0%	0%	-50%	0%	$ 2,125,790.24
IPT	Impact Minerals	0.005	-29%	-24%	-59%	-65%	-47%	$ 18,513,316.32
LIT	Livium Ltd	0.01	11%	-17%	-52%	-66%	-38%	$ 16,785,783.65
ARN	Aldoro Resources	0.35	1%	-13%	349%	386%	-8%	$ 64,755,447.53
JRV	Jervois Global Ltd	0.011	0%	0%	-15%	-56%	0%	$ 29,730,401.64
SYR	Syrah Resources	0.225	-6%	5%	-33%	-56%	10%	$ 234,505,083.15
FBM	Future Battery	0.019	0%	-5%	-5%	-67%	6%	$ 12,038,506.70
ADD	Adavale Resource Ltd	0.002	-20%	0%	0%	-67%	-33%	$ 5,718,198.06
LTR	Liontown Resources	0.49	-25%	-23%	-39%	-58%	-7%	$ 1,359,382,490.48
CTM	Centaurus Metals Ltd	0.34	-8%	-7%	-32%	13%	-4%	$ 173,845,424.55
VML	Vital Metals Limited	0.002	0%	-33%	-20%	-50%	0%	$ 17,685,200.85
BSX	Blackstone Ltd	0.075	-10%	23%	119%	28%	168%	$ 54,800,030.14
CHR	Charger Metals	0.045	-15%	-17%	-50%	-57%	-34%	$ 3,483,911.25
AVL	Aust Vanadium Ltd	0.012	0%	0%	-25%	-25%	-14%	$ 99,298,567.87
AUZ	Australian Mines Ltd	0.008	-11%	-11%	14%	-27%	-11%	$ 11,188,096.99
RXL	Rox Resources	0.375	15%	56%	194%	99%	88%	$ 240,174,022.90
RNU	Renascor Res Ltd	0.042	-9%	-16%	-48%	-48%	-32%	$ 111,897,082.62
GL1	Globallith	0.175	-5%	-3%	-30%	-64%	-3%	$ 45,803,121.53
ASN	Anson Resources Ltd	0.06	-2%	2%	-20%	-40%	-14%	$ 83,204,192.34
SYA	Sayona Mining Ltd	0.015	-21%	-21%	-56%	-61%	-44%	$ 196,236,032.24
EGR	Ecograf Limited	0.285	-40%	148%	213%	63%	224%	$ 147,592,841.18
ATM	Aneka Tambang	0.995	0%	0%	-3%	-10%	11%	$ 1,297,130.76
TVN	Tivan Limited	0.096	3%	12%	104%	81%	-4%	$ 194,746,795.14
ALY	Alchemy Resource Ltd	0.006	-14%	-25%	-14%	-14%	-14%	$ 5,890,381.28
GAL	Galileo Mining Ltd	0.1125	-17%	-20%	-20%	-58%	-10%	$ 23,714,991.24
BHP	BHP Group Limited	37.01	-6%	-5%	-18%	-18%	-6%	$ 194,431,893,524.16
LEL	Lithenergy	0.37	0%	0%	19%	-28%	0%	$ 41,440,580.53
ASL	Andean Silver	1.02	-15%	4%	-11%	92%	26%	$ 169,094,049.08
RMX	Red Mount Min Ltd	0.008	0%	-11%	-11%	-39%	-11%	$ 3,719,662.37
GW1	Greenwing Resources	0.04	18%	14%	-11%	-40%	-2%	$ 9,626,059.28
AQD	Ausquest Limited	0.053	-13%	51%	398%	398%	563%	$ 71,409,319.98
LML	Lincoln Minerals	0.0045	-10%	-25%	-25%	-36%	-25%	$ 8,225,038.08
1MC	Morella Corporation	0.019	0%	-5%	-39%	-75%	-34%	$ 5,944,779.05
REE	Rarex Limited	0.02	11%	135%	54%	18%	122%	$ 13,614,379.21
MRC	Mineral Commodities	0.026	0%	0%	0%	13%	0%	$ 25,596,287.57
PUR	Pursuit Minerals	0.045	-21%	-36%	-64%	-78%	-53%	$ 4,687,496.26
QPM	QPM Energy Limited	0.038	-12%	-28%	6%	-5%	-32%	$ 98,486,311.37
EMH	European Metals Hldg	0.265	-26%	141%	71%	-9%	71%	$ 48,749,505.68
BMM	Bayanminingandmin	0.039	-5%	-26%	-33%	-37%	-17%	$ 3,366,630.72
PEK	Peak Rare Earths Ltd	0.098	-7%	1%	-48%	-51%	-18%	$ 35,209,411.20
LEG	Legend Mining	0.007	-13%	-22%	-42%	-46%	-42%	$ 23,275,817.48
MOH	Moho Resources	0.004	0%	0%	-43%	-20%	-20%	$ 2,923,498.30
AML	Aeon Metals Ltd.	0.005	0%	0%	0%	-29%	0%	$ 5,482,003.11
G88	Golden Mile Res Ltd	0.009	-10%	0%	-25%	-25%	0%	$ 4,898,230.70
WKT	Walkabout Resources	0.095	0%	0%	-10%	-24%	0%	$ 63,769,837.85
TON	Triton Min Ltd	0.005	-17%	-29%	-58%	-64%	-44%	$ 7,841,943.67
AR3	Austrare	0.075	-9%	-4%	-55%	-21%	-24%	$ 11,924,229.53
ARU	Arafura Rare Earths	0.16	-18%	-6%	-9%	-22%	39%	$ 394,292,590.56
MIN	Mineral Resources.	21.03	-14%	-7%	-60%	-70%	-39%	$ 4,565,127,170.92
VMC	Venus Metals Cor Ltd	0.11	0%	34%	80%	18%	64%	$ 22,554,798.55
S2R	S2 Resources	0.099	38%	57%	25%	-27%	48%	$ 38,945,787.40
CNJ	Conico Ltd	0.007	0%	17%	-30%	-65%	-22%	$ 1,662,411.11
VR8	Vanadium Resources	0.019	-5%	-27%	-56%	-58%	-39%	$ 10,689,878.88
PVT	Pivotal Metals Ltd	0.006	-14%	-25%	-40%	-68%	-14%	$ 6,350,581.13
BOA	BOA Resources Ltd	0.02	0%	5%	-5%	-13%	5%	$ 2,467,056.94
IPX	Iperionx Limited	2.56	-19%	-32%	-25%	13%	-53%	$ 877,692,777.50
SLZ	Sultan Resources Ltd	0.008	0%	0%	33%	-33%	33%	$ 1,851,759.28
SMX	Strata Minerals	0.03	-25%	-12%	3%	0%	50%	$ 7,239,086.95
NVA	Nova Minerals Ltd	0.27	-13%	-4%	86%	8%	-27%	$ 89,548,533.22
MLS	Metals Australia	0.02	0%	0%	-23%	-9%	-13%	$ 14,574,390.48
MQR	Marquee Resource Ltd	0.009	-10%	-10%	-47%	-53%	-36%	$ 4,854,804.77
MRR	Minrex Resources Ltd	0.008	0%	0%	14%	-38%	14%	$ 8,678,940.02
EVR	Ev Resources Ltd	0.006	20%	20%	64%	-18%	140%	$ 11,915,020.06
EFE	Eastern Resources	0.027	-10%	0%	-33%	-64%	-4%	$ 3,404,428.57
CNB	Carnaby Resource Ltd	0.28	-11%	-13%	-35%	-54%	-19%	$ 63,948,880.52
BNR	Bulletin Res Ltd	0.046	12%	5%	2%	-27%	18%	$ 13,799,826.18
AX8	Accelerate Resources	0.006	0%	-33%	-25%	-85%	-14%	$ 4,723,132.27
AM7	Arcadia Minerals	0.017	-15%	-15%	-50%	-80%	-11%	$ 1,995,518.36
AS2	Askarimetalslimited	0.01	0%	-5%	-68%	-81%	-17%	$ 2,776,339.51
BYH	Bryah Resources Ltd	0.004	0%	33%	0%	-60%	33%	$ 2,507,202.91
DTM	Dart Mining NL	0.005	11%	0%	-69%	-83%	-44%	$ 3,782,701.53
EMS	Eastern Metals	0.011	22%	0%	-42%	-62%	-21%	$ 1,250,438.70
FG1	Flynngold	0.026	8%	4%	-10%	-41%	4%	$ 7,388,089.21
GSM	Golden State Mining	0.008	-11%	0%	-20%	-27%	0%	$ 2,234,965.04
IMI	Infinitymining	0.017	42%	70%	-60%	-75%	55%	$ 7,191,268.21
LRV	Larvottoresources	0.865	-18%	20%	119%	1085%	75%	$ 376,245,566.10
LSR	Lodestar Minerals	0.017	-6%	55%	-15%	-29%	21%	$ 5,094,781.15
RAG	Ragnar Metals Ltd	0.022	38%	29%	22%	10%	13%	$ 9,005,733.58
CTN	Catalina Resources	0.0025	-17%	-11%	-33%	-33%	-33%	$ 3,032,523.78
TMB	Tambourahmetals	0.03	-6%	11%	-19%	-59%	43%	$ 3,292,521.29
TEM	Tempest Minerals	0.005	0%	0%	-50%	-42%	0%	$ 3,172,649.19
EMC	Everest Metals Corp	0.155	-6%	-9%	19%	85%	15%	$ 34,686,494.58
OB1	Orbminco Limited	0.001	0%	-20%	-60%	-76%	-40%	$ 2,166,590.08
KZR	Kalamazoo Resources	0.081	3%	5%	5%	-8%	9%	$ 15,913,907.29
LMG	Latrobe Magnesium	0.013	-7%	-13%	-70%	-74%	-35%	$ 30,530,985.88
KOR	Korab Resources	0.008	0%	0%	0%	-20%	0%	$ 2,936,400.00
CMX	Chemxmaterials	0.026	0%	0%	-35%	-48%	0%	$ 3,354,580.35
NC1	Nicoresourceslimited	0.08	-1%	1%	-24%	-43%	-24%	$ 8,756,046.00
GRE	Greentechmetals	0.075	15%	27%	-40%	-69%	7%	$ 8,522,828.10
CMO	Cosmometalslimited	0.015	-21%	-29%	-29%	-50%	-13%	$ 3,270,684.78
FRB	Firebird Metals	0.079	-15%	-13%	-31%	-37%	-21%	$ 11,104,189.28
S32	South32 Limited	2.97	-15%	-16%	-20%	-3%	-13%	$ 14,079,725,378.16
OMH	OM Holdings Limited	0.335	-1%	-1%	-13%	-21%	-8%	$ 256,696,028.34
JMS	Jupiter Mines.	0.15	-9%	-6%	-12%	-30%	3%	$ 303,961,472.96
E25	Element 25 Ltd	0.235	-9%	-8%	-27%	4%	-8%	$ 57,153,100.25
EMNDA	Euromanganese	0.31	19%	35%	35%	-29%	114%	$ 12,056,118.67
KGD	Kula Gold Limited	0.006	0%	20%	-29%	-9%	6%	$ 6,448,775.80
CRR	Critical Resources	0.004	-20%	-20%	-50%	-69%	-33%	$ 9,856,884.99
ENT	Enterprise Metals	0.0025	0%	-17%	-38%	-17%	-38%	$ 2,945,793.13
SCN	Scorpion Minerals	0.02	-15%	-9%	18%	-31%	33%	$ 10,745,830.03
GCM	Green Critical Min	0.01	-17%	-29%	400%	150%	-29%	$ 19,616,782.99
ENV	Enova Mining Limited	0.007	17%	0%	-22%	-70%	40%	$ 8,481,004.67
RBX	Resource B	0.032	-3%	-11%	7%	-26%	-11%	$ 3,685,903.52
AKN	Auking Mining Ltd	0.006	0%	20%	50%	-73%	33%	$ 3,448,672.61
RR1	Reach Resources Ltd	0.009	0%	-36%	-36%	-40%	13%	$ 7,869,882.14
EMT	Emetals Limited	0.004	0%	0%	0%	-20%	0%	$ 3,400,000.00
PNT	Panthermetalsltd	0.017	13%	13%	-19%	-19%	55%	$ 4,814,472.77
WIN	WIN Metals	0.0165	-8%	-8%	-62%	-67%	-8%	$ 9,901,045.67
WMG	Western Mines	0.125	25%	4%	-43%	-24%	-17%	$ 10,390,634.56
AVW	Avira Resources Ltd	0.009	13%	0%	-55%	-55%	-55%	$ 1,175,517.95
GT1	Greentechnology	0.037	-3%	-26%	-61%	-74%	-46%	$ 14,383,827.59
KAI	Kairos Minerals Ltd	0.02	0%	5%	60%	54%	67%	$ 52,618,243.78
MTM	MTM Critical Metals	0.13	-24%	-35%	100%	100%	-50%	$ 64,214,909.64
NWM	Norwest Minerals	0.01	0%	-17%	-50%	-66%	-29%	$ 4,851,195.10
PGD	Peregrine Gold	0.23	10%	100%	21%	2%	64%	$ 17,482,073.40
RAS	Ragusa Minerals Ltd	0.023	15%	-4%	44%	-4%	109%	$ 3,279,772.08
RGL	Riversgold	0.005	25%	0%	0%	-29%	25%	$ 6,734,850.37
SRZ	Stellar Resources	0.02	25%	33%	21%	54%	25%	$ 39,515,260.79
STM	Sunstone Metals Ltd	0.01	67%	43%	100%	-38%	43%	$ 59,500,036.36
ZNC	Zenith Minerals Ltd	0.055	10%	22%	22%	-41%	38%	$ 24,446,485.32
WC8	Wildcat Resources	0.16	-6%	-16%	-47%	-76%	-42%	$ 214,376,737.92
ASO	Aston Minerals Ltd	0.018	-5%	0%	50%	50%	100%	$ 23,311,156.84
THR	Thor Energy PLC	0.012	-8%	-8%	-20%	-48%	-8%	$ 9,951,057.69
YAR	Yari Minerals Ltd	0.005	25%	0%	67%	0%	67%	$ 2,411,789.07
IG6	Internationalgraphit	0.048	-4%	-13%	-34%	-72%	-4%	$ 9,484,358.17
LPM	Lithium Plus	0.068	5%	13%	-43%	-55%	-22%	$ 9,033,120.00
ODE	Odessa Minerals Ltd	0.007	17%	40%	75%	17%	17%	$ 9,597,195.22
KOB	Kobaresourceslimited	0.051	-7%	-9%	-62%	-56%	-30%	$ 8,086,642.31
AZI	Altamin Limited	0.024	-20%	-8%	-12%	-47%	9%	$ 16,086,080.98
FTL	Firetail Resources	0.054	-10%	-17%	-44%	42%	-32%	$ 20,141,482.68
LNR	Lanthanein Resources	0.002	-33%	0%	-33%	-20%	-33%	$ 4,887,272.26
CLZ	Classic Min Ltd	0.001	0%	0%	0%	-92%	0%	$ 1,544,025.56
NVX	Novonix Limited	0.44	-15%	5%	-43%	-53%	-40%	$ 273,503,941.11
OCN	Oceanalithiumlimited	0.027	8%	-4%	2%	-46%	4%	$ 3,849,898.70
SUM	Summitminerals	0.056	-29%	-24%	-76%	-20%	-63%	$ 4,879,167.33
DVP	Develop Global Ltd	2.63	-9%	-5%	10%	10%	12%	$ 725,245,101.93
OD6	Od6Metalsltd	0.025	-22%	-34%	-38%	-67%	-48%	$ 4,618,126.11
HRE	Heavy Rare Earths	0.026	24%	0%	-22%	-24%	-16%	$ 5,408,880.93
LIN	Lindian Resources	0.095	-1%	0%	-5%	-17%	22%	$ 109,551,362.42
PEK	Peak Rare Earths Ltd	0.098	-7%	1%	-48%	-51%	-18%	$ 35,209,411.20
ILU	Iluka Resources	3.68	-13%	-11%	-46%	-50%	-27%	$ 1,628,419,180.87
ASM	Ausstratmaterials	0.35	-7%	-10%	-41%	-76%	-34%	$ 64,375,942.11
ETM	Energy Transition	0.06	-14%	-10%	140%	54%	54%	$ 96,112,938.04
CRI	Criticalim	0.014	-10%	-22%	8%	-39%	17%	$ 37,638,280.44
IDA	Indiana Resources	0.078	0%	8%	47%	89%	28%	$ 50,133,131.72
VTM	Victory Metals Ltd	0.37	-5%	-11%	-5%	48%	-9%	$ 41,773,544.89
M2R	Miramar	0.004	0%	33%	-43%	-76%	33%	$ 1,825,387.11
WCN	White Cliff Min Ltd	0.016	-6%	-11%	-24%	7%	0%	$ 28,432,061.22
TAR	Taruga Minerals	0.009	13%	0%	0%	50%	-10%	$ 6,354,241.07
ABX	ABX Group Limited	0.04	-2%	11%	3%	-26%	-2%	$ 9,761,444.12
MEK	Meeka Metals Limited	0.16	19%	28%	154%	357%	108%	$ 376,600,150.50
RR1	Reach Resources Ltd	0.009	0%	-36%	-36%	-40%	13%	$ 7,869,882.14
DRE	Dreadnought Resources Ltd	0.013	-13%	-24%	-28%	-28%	8%	$ 49,910,400.00
KFM	Kingfisher Mining	0.049	4%	-11%	-35%	-42%	23%	$ 2,685,750.05
AOA	Ausmon Resorces	0.002	0%	0%	-33%	0%	33%	$ 2,622,426.85
WC1	Westcobarmetals	0.013	-24%	-24%	-45%	-75%	-28%	$ 2,508,191.53
GRL	Godolphin Resources	0.01	-23%	-33%	-33%	-72%	-31%	$ 4,488,733.12
DM1	Desert Metals	0.022	-8%	10%	0%	-31%	0%	$ 7,493,873.27
PTR	Petratherm Ltd	0.26	-10%	-7%	410%	983%	-15%	$ 96,772,135.60
ITM	Itech Minerals Ltd	0.042	-7%	-2%	-42%	-46%	-24%	$ 7,516,757.07
KTA	Krakatoa Resources	0.0085	-6%	-6%	-29%	-6%	-11%	$ 5,581,206.23
M24	Mamba Exploration	0.013	0%	-13%	18%	-48%	8%	$ 3,837,152.93
LNR	Lanthanein Resources	0.002	-33%	0%	-33%	-20%	-33%	$ 4,887,272.26
TKM	Trek Metals Ltd	0.048	-9%	118%	55%	30%	129%	$ 25,564,420.24
BCA	Black Canyon Limited	0.062	0%	-11%	-5%	-44%	-5%	$ 7,779,041.70
CDT	Castle Minerals	0.002	-20%	-33%	-33%	-67%	0%	$ 3,855,645.76
DLI	Delta Lithium	0.17	-3%	3%	-28%	-40%	0%	$ 118,229,395.68
A11	Atlantic Lithium	0.14	-15%	-22%	-44%	-63%	-58%	$ 103,972,096.95
KNI	Kunikolimited	0.14	-7%	0%	-15%	-46%	-18%	$ 12,165,197.52
CY5	Cygnus Metals Ltd	0.09	-14%	-28%	7%	73%	-10%	$ 83,224,703.76
WR1	Winsome Resources	0.215	-20%	-32%	-66%	-76%	-51%	$ 52,437,091.97
LLI	Loyal Lithium Ltd	0.066	-13%	-18%	-57%	-78%	-40%	$ 7,152,047.47
BC8	Black Cat Syndicate	0.985	24%	19%	107%	310%	74%	$ 675,686,427.08
BUR	Burleyminerals	0.052	-5%	-10%	-21%	-24%	-29%	$ 7,668,918.14
PBL	Parabellumresources	0.044	-6%	-12%	-20%	-27%	-19%	$ 2,492,000.04
L1M	Lightning Minerals	0.07	-4%	-16%	-4%	-3%	-3%	$ 7,336,310.65
WA1	Wa1Resourcesltd	12.99	-8%	0%	-14%	7%	-2%	$ 880,982,245.76
EV1	Evolutionenergy	0.02	11%	-5%	-41%	-80%	-9%	$ 7,253,009.52
1AE	Auroraenergymetals	0.056	22%	56%	6%	-49%	24%	$ 10,743,824.22
RVT	Richmond Vanadium	0.13	0%	-10%	-58%	-54%	-45%	$ 28,838,333.16
PMT	Patriotbatterymetals	0.26	-13%	-2%	-43%	-71%	-36%	$ 149,648,502.45
PAT	Patriot Lithium	0.059	28%	28%	69%	-31%	31%	$ 6,952,988.08
BM8	Battery Age Minerals	0.061	-6%	-14%	-49%	-39%	-42%	$ 7,743,505.06
OM1	Omnia Metals Group	0.009	-5%	-88%	-88%	-88%	-88%	$ 1,953,825.33
VHM	Vhmlimited	0.255	-2%	-16%	-45%	-50%	-38%	$ 56,458,987.52
LLL	Leolithiumlimited	0.332997	0%	0%	0%	0%	0%	$ 401,204,047.25
SRN	Surefire Rescs NL	0.003	0%	0%	-57%	-67%	-14%	$ 8,457,077.35
SRL	Sunrise	0.26	-4%	-4%	-34%	-61%	11%	$ 23,459,149.48
SYR	Syrah Resources	0.225	-6%	5%	-33%	-56%	10%	$ 234,505,083.15
EG1	Evergreenlithium	0.069	0%	-19%	64%	-34%	15%	$ 3,936,100.00
WSR	Westar Resources	0.006	0%	-45%	-29%	-42%	-25%	$ 2,392,348.88
LU7	Lithium Universe Ltd	0.007	-13%	-22%	-41%	-63%	-13%	$ 4,715,877.73
MEI	Meteoric Resources	0.06	-15%	-8%	-43%	-74%	-29%	$ 140,211,766.92
REC	Rechargemetals	0.014	17%	-13%	-56%	-72%	-22%	$ 3,590,859.54
SLM	Solismineralsltd	0.078	-7%	-13%	-6%	-22%	11%	$ 7,612,878.66
DYM	Dynamicmetalslimited	0.325	-7%	7%	63%	71%	18%	$ 15,952,410.18
TOR	Torque Met	0.096	-4%	-4%	30%	-23%	81%	$ 26,427,064.75
ICL	Iceni Gold	0.067	-15%	-15%	72%	205%	-6%	$ 20,012,556.14
TMX	Terrain Minerals	0.003	0%	-33%	-25%	-25%	0%	$ 6,010,669.80
MHC	Manhattan Corp Ltd	0.018	0%	-10%	-40%	-64%	-5%	$ 4,228,180.16
MHK	Metalhawk.	0.46	8%	44%	197%	567%	64%	$ 54,604,153.35
ANX	Anax Metals Ltd	0.008	0%	-11%	-60%	-68%	-33%	$ 7,062,460.54
FIN	FIN Resources Ltd	0.005	0%	-29%	0%	-71%	25%	$ 3,246,343.50
LM1	Leeuwin Metals Ltd	0.13	8%	8%	55%	88%	-7%	$ 9,694,467.34
HAW	Hawthorn Resources	0.052	-2%	16%	-10%	-26%	27%	$ 17,420,811.88
LCY	Legacy Iron Ore	0.01	0%	0%	-20%	-31%	0%	$ 107,382,468.42
RON	Roninresourcesltd	0.17	6%	0%	62%	36%	-23%	$ 6,661,876.65
ASR	Asra Minerals Ltd	0.0035	17%	17%	-13%	-42%	17%	$ 8,305,943.90
PFE	Pantera Lithium	0.015	0%	-17%	-44%	-64%	-17%	$ 7,580,539.01
KM1	Kalimetalslimited	0.086	2%	-9%	-31%	-81%	-28%	$ 6,823,341.48
KNG	Kingsland Minerals	0.11	-4%	-4%	-52%	-58%	-27%	$ 7,981,700.21

Weekly Small Cap Standouts

Sunstone Metals (ASX:STM)

Sunstone Metals confirmed ahead of a $4m placement last week that it was pursuing a partnership process that had resulted in an "attractive opportunity" being advanced to the stage that a confidential and incomplete non-binding indicative offer is being finalised.

STM said it could result in a transaction where a privately owned near-term gold development asset could be combined with its larger gold-copper assets.

Due diligence is being conducted.

Sunstone, whose chair Malcolm Norris is well known for his involvement in SolGold's large Cascabel copper, gold and silver discovery in Ecuador, has delivered a 1.2Moz gold equivalent resource at its El Palmar project along with a massive 15-45Moz AuEq exploration target.

Its Bramaderos project in Southern Ecuador hosts a 2.7Moz porphyry resource, with exploration targets of 3.3-8.6Moz in the porphyry zone and 0.9-1.7Moz at the epithermal Limon prospect.

Jindalee Lithium (ASX:JLL)

Jindalee Lithium has caught major nearology waves from Lithium Americas this week, which sanctioned a positive final investment decision on its Thacker Pass project on the McDermitt caldera.

The US$2.6bn project will be the largest lithium mine in the US once it's completed in late 2027, with General Motors on board for the JV, Orion Resource Partners investing US$250m and the US Department of Energy bankrolling it via a loan handed out in the days of the Biden Administration.

Jindalee's nearby McDermitt project is a similarly substantial asset, with a PFS suggesting it would produce 1.8Mt of LCE over 63 years with at C1 costs of US$8670/t for the first 40 years of its mine life.

Coming off the back of an executive order from new US President Donald Trump to invigorate critical minerals production and the November 2024 PFS, JLL's appointed a Korean based independent advisory group to accelerate a partnering process for the project.

Red Cloud Financial Services has also been appointed to provide promotional services and marketing support in North America.

At Stockhead, we tell it like it is. While Galan Lithium is a Stockhead advertiser, it did not sponsor this article.

Originally published as Lithium’s price recovery could shock you