High Voltage: South American lithium investment heats up even as prices fall

Analysts predict the lithium market will face a surplus in the near term but big miners like Rio are playing the long game.

Miners and explorers alike are flocking to South America’s lithium triangle. Pic: Getty Images

• Rio to invest $400m in Chilean lithium project with Codelco

• Lithium price hits lowest point since back in Feb 2021

• Woodmac predicts oversupply then deficit again in early 2030s

 

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

The global lithium market is expected to face a significant supply surplus over the next decade, with deflationary pressures from China’s overcapacity in processing and trade tensions with the U.S. threatening to reshape the market’s dynamics.

According to Wood Mackenzie, the current oversupply is projected to peak in 2027, followed by a potential shift to deficit by the early 2030s.

But big miners are playing the long game, not at all fazed by this week's spodumene concentrate price drop to US$625/tonne – the lowest level since February 2021.

Case in point, mining giant Rio Tinto (ASX:RIO) just entered a joint venture with the world’s largest copper producer, state-owned Codelco (Corporación Nacional Del Cobre de Chile) to develop and operate a high-grade lithium project in the Salar de Maricunga in Chile.

Rio is investing $350m in initial funding and another $500m towards construction costs (if it goes ahead) and another $50m if the project achieves its aim of delivering first lithium by the end of 2030.

It follows the mining mammoth's $10bn takeover of Allkem this year, along with its sanctioning of the US$2.5bn, 60,000tpa Rincon lithium carbonate operation in Argentina.

According to Benchmark Mineral Intelligence, Rio Tinto will be the second largest lithium producer in the world behind the pure play US stock Albemarle by 2035.

Rio is the latest and biggest gun splashing cash around South America, which has emerged as one of the world’s preferred lithium hot spots.

According to the International Energy Agency, Latin America (along with Asia) have become new centres for EV growth, with electric car sales across these regions surged by more than 60% last year.

Source: Wood Mackenzie.

Brazil-liant

No surprise then, that explorers and developers alike are flocking to Argentina, Chile and Brazil to nab a slice of pie as suppliers of materials for the global energy transition.

Just look at Pilbara Minerals (ASX:PLS), which picked up Latin Resources (ASX:LRS) and its Salinas project in Brazil earlier this year.

It’s a move CEO Dale Henderson said was because the asset would be cheaper to develop than anything similar in WA.

“It’s a fantastic proposition, which is frankly hard to beat globally,” he said at the AFR Mining Summit in Perth this week.

“We considered opportunities in our backyard. Brazil just stacked up on every dimension.”

With Latin off the table, that's a positive outlook for juniors keeping the faith in lithium in the region, who are trading on far lower valuations.

CSE-listed American Salars Lithium is one example. Its Jaguaribe project in the State of Ceará could open up a new pegmatite district with high grade results from rock chip sampling of lithium-caesium-tantalum pegmatites. It also hosts mulitple lithium rock types such as lepidolite, spodumene and amblygonite as well as rare earths, tantalum, niobium and tin.

"These multi-mineral deposits enhance the economic viability of the Jaguaribe Project, with lithium oxide grades reaching up to 3.72%," CEO Nick Horsley told Stockhead.

"Geologically, Ceará’s Solonópole region, part of the Borborema Pegmatite Province, benefits from well-exposed, high-grade pegmatite swarms and a favorable structural setting, ideal for cost-effective exploration."

"The Jaguaribe Project distinguishes itself through its large scale, high-grade lithium and multi-mineral potential, historical mining validation, logistical advantages, and strategic exploration approach, positioning it as a leading hardrock lithium project in Ceará compared to smaller or less diversified regional plays."

With prices so low more mine shuts are a distinct possibility, Horsley says a 10-30,000t lithium carbonate surplus globally implies we only need one hard rock mine to shut to bring about a faster than expected surplus, potentially as soon as next year.

That's informed the company's approach to exploring early stage lithium projects that could come to life in the next upturn, with assets across Canada, Brazil, the US and Argentina, where it boasts 13880 hectares of brine-prospective salar tenure at the Pocitos project.

This month, the company appointed veteran hydrogeologist Dr Mark King as its technical advisor to help steer its search for significant lithium salar projects.

King has +30 years international experience in groundwater modelling and geochemistry, and 15 years specialising in exploration and evaluation of lithium brine projects including for Albemarle at Salar Atacama, Silver Peak and Antofalla Salar, Vulcan at its geothermal lithium projects in Germany's Rhine Valley and Lithium Americas and the Cauchari Salar.

That makes his resource and reserve estimation experience among 'arguably the most extensive of any geologist, hydrogeologist, or engineer in the world', American Salars said.

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
PEK	Peak Rare Earths Ltd	0.27	157%	92%	180%	31%	$93,310,902
OCN	Oceanalithiumlimited	0.063	103%	133%	142%	62%	$7,424,805
NWC	New World Resources	0.047	62%	124%	124%	9%	$99,155,888
MRD	Mount Ridley Mines	0.003	50%	20%	-70%	-85%	$1,556,978
VML	Vital Metals Limited	0.003	50%	0%	50%	0%	$17,685,201
FRS	Forrestaniaresources	0.069	41%	73%	360%	263%	$20,734,491
AZI	Altamin Limited	0.03	30%	25%	7%	-16%	$14,937,075
MTM	MTM Critical Metals	0.325	30%	44%	378%	525%	$135,309,988
PAT	Patriot Resourcesltd	0.064	28%	-9%	31%	-21%	$8,090,750
EGR	Ecograf Limited	0.345	28%	25%	354%	146%	$168,028,773
BYH	Bryah Resources Ltd	0.005	25%	25%	25%	-38%	$4,349,768
STM	Sunstone Metals Ltd	0.016	23%	33%	129%	45%	$83,788,251
DYM	Dynamicmetalslimited	0.28	22%	-18%	40%	51%	$14,725,302
MOH	Moho Resources	0.006	20%	100%	20%	20%	$4,472,484
AKN	Auking Mining Ltd	0.006	20%	-14%	50%	-68%	$4,023,451
MRR	Minrex Resources Ltd	0.01	18%	33%	25%	-9%	$11,933,543
ALY	Alchemy Resource Ltd	0.007	17%	17%	0%	17%	$8,246,534
G88	Golden Mile Res Ltd	0.014	17%	40%	27%	0%	$7,619,470
PVT	Pivotal Metals Ltd	0.007	17%	-13%	-22%	-65%	$6,350,581
KAI	Kairos Minerals Ltd	0.028	17%	33%	87%	155%	$71,034,629
ASO	Aston Minerals Ltd	0.021	17%	11%	133%	31%	$25,901,285
TOR	Torque Met	0.11	16%	15%	112%	-48%	$31,011,351
BUR	Burleyminerals	0.052	16%	0%	-12%	-63%	$9,420,700
M24	Mamba Exploration	0.015	15%	36%	25%	-29%	$4,427,484
CDT	Castle Minerals	0.093	15%	58%	24%	-38%	$11,136,919
BUX	Buxton Resources Ltd	0.04	14%	33%	-26%	-60%	$11,210,188
AVW	Avira Resources Ltd	0.008	14%	14%	-60%	-60%	$1,464,902
NMT	Neometals Ltd	0.09	14%	55%	-1%	-25%	$71,556,533
TMB	Tambourahmetals	0.025	14%	-11%	-4%	-67%	$2,939,751
EVG	Evion Group NL	0.018	13%	0%	-45%	-25%	$8,263,479
GSM	Golden State Mining	0.009	13%	0%	0%	-18%	$2,514,336
1AE	Auroraenergymetals	0.072	13%	44%	18%	-20%	$12,355,398
IPX	Iperionx Limited	3.61	11%	15%	-14%	67%	$1,139,404,806
SCN	Scorpion Minerals	0.02	11%	5%	82%	-5%	$10,481,124
RR1	Reach Resources Ltd	0.01	11%	0%	11%	-29%	$9,618,745
DM1	Desert Metals	0.02	11%	5%	-26%	-5%	$8,403,445
KTA	Krakatoa Resources	0.01	11%	11%	0%	-44%	$6,201,340
EV1	Evolutionenergy	0.01	11%	-29%	-64%	-85%	$3,626,505
ODE	Odessa Minerals Ltd	0.0055	10%	-8%	-21%	38%	$8,797,429
KOB	Kobaresourceslimited	0.044	10%	-6%	-44%	-71%	$6,659,588
LU7	Lithium Universe Ltd	0.0055	10%	10%	-39%	-69%	$3,929,898
GAL	Galileo Mining Ltd	0.12	9%	4%	0%	-56%	$23,714,991
LIN	Lindian Resources	0.12	9%	0%	14%	-8%	$141,263,599
ICL	Iceni Gold	0.061	9%	2%	7%	-15%	$19,459,785
VTM	Victory Metals Ltd	0.77	8%	81%	108%	185%	$112,240,282
SRI	Sipa Resources Ltd	0.013	8%	-4%	-7%	-24%	$5,413,178
MHK	Metalhawk.	0.485	8%	15%	80%	782%	$56,563,792
WMG	Western Mines	0.215	8%	39%	23%	-46%	$18,070,669
LYC	Lynas Rare Earths	8.025	7%	-9%	17%	13%	$7,109,396,227
FTL	Firetail Resources	0.059	7%	18%	-20%	24%	$22,421,651
LEG	Legend Mining	0.008	7%	0%	-30%	-52%	$23,291,817
FRB	Firebird Metals	0.08	7%	-6%	-33%	-62%	$11,388,912
HRE	Heavy Rare Earths	0.032	7%	39%	19%	-9%	$6,241,016
GRE	Greentechmetals	0.05	6%	-15%	-47%	-77%	$5,494,981
WC1	Westcobarmetals	0.017	6%	21%	13%	-69%	$3,525,451
GED	Golden Deeps	0.019	6%	6%	-30%	-58%	$3,188,263
MEK	Meeka Metals Limited	0.1425	6%	-11%	116%	285%	$339,586,448
RXL	Rox Resources	0.3	5%	-21%	88%	71%	$216,086,368
INF	Infinity Lithium	0.021	5%	11%	-32%	-60%	$9,451,842
FG1	Flynngold	0.025	4%	4%	-19%	-26%	$9,782,912
SLM	Solismineralsltd	0.084	4%	8%	-10%	-30%	$9,994,956
LLI	Loyal Lithium Ltd	0.088	4%	19%	-16%	-65%	$8,864,510
S32	South32 Limited	3.095	4%	15%	-17%	-21%	$13,886,137,576
PNN	Power Minerals Ltd	0.06	3%	-14%	-39%	-57%	$7,641,764
WCN	White Cliff Min Ltd	0.03	3%	58%	88%	100%	$58,163,122
AXN	Alliance Nickel Ltd	0.034	3%	3%	-19%	-28%	$22,501,028
DVP	Develop Global Ltd	3.77	3%	43%	88%	55%	$1,017,971,849
CTM	Centaurus Metals Ltd	0.375	3%	-9%	-7%	-25%	$181,295,943
VMC	Venus Metals Cor Ltd	0.1025	3%	4%	46%	14%	$20,593,512
TVN	Tivan Limited	0.1075	2%	2%	95%	115%	$217,121,138
WA1	Wa1Resourcesltd	12.81	2%	13%	-17%	-39%	$829,518,256
KM1	Kalimetalslimited	0.09	2%	-3%	-28%	-78%	$6,664,659
CHR	Charger Metals	0.046	2%	12%	-41%	-35%	$3,561,332
MEI	Meteoric Resources	0.098	2%	-25%	1%	-50%	$231,349,415
NIC	Nickel Industries	0.6525	2%	27%	-28%	-39%	$2,864,357,678
CHN	Chalice Mining Ltd	1.09	2%	3%	-20%	-35%	$435,710,003
RNU	Renascor Res Ltd	0.069	1%	3%	5%	-43%	$170,388,739
NC1	Nicoresourceslimited	0.073	1%	-3%	-37%	-57%	$8,008,142
PVW	PVW Res Ltd	0.012	0%	-14%	-25%	-52%	$2,386,857
PSC	Prospect Res Ltd	0.14	0%	-7%	44%	-7%	$91,583,349
QXR	Qx Resources Limited	0.004	0%	33%	-11%	-64%	$5,241,315
RIL	Redivium Limited	0.004	0%	0%	0%	100%	$13,609,422
LPD	Lepidico Ltd	0.002	0%	0%	0%	-50%	$17,178,371
CZN	Corazon Ltd	0.002	0%	0%	-50%	-78%	$2,369,145
MAN	Mandrake Res Ltd	0.018	0%	0%	-25%	-49%	$11,290,679
STK	Strickland Metals	0.12	0%	26%	54%	24%	$237,547,779
CLA	Celsius Resource Ltd	0.007	0%	0%	-30%	-30%	$21,948,419
MNS	Magnis Energy Tech	0.042	0%	0%	0%	0%	$50,378,922
QEM	QEM Limited	0.054	0%	-4%	20%	-64%	$10,305,019
ESR	Estrella Res Ltd	0.036	0%	29%	125%	620%	$75,922,404
SBR	Sabre Resources	0.008	0%	33%	-27%	-60%	$3,155,695
VRC	Volt Resources Ltd	0.005	0%	25%	43%	0%	$23,423,890
ADV	Ardiden Ltd	0.145	0%	0%	12%	-3%	$9,065,038
NTU	Northern Min Ltd	0.028	0%	-30%	40%	-20%	$225,643,207
AXE	Archer Materials	0.26	0%	0%	-13%	-33%	$71,357,164
PGM	Platina Resources	0.02	0%	0%	-9%	-29%	$13,086,787
AAJ	Aruma Resources Ltd	0.01	0%	0%	-33%	-47%	$3,053,300
HAS	Hastings Tech Met	0.32	0%	-14%	21%	19%	$59,492,832
SGQ	St George Min Ltd	0.026	0%	0%	4%	44%	$72,031,206
TKL	Traka Resources	0.0015	0%	50%	50%	-25%	$3,188,685
IPT	Impact Minerals	0.006	0%	20%	-47%	-71%	$23,731,980
JRV	Jervois Global Ltd	0.011	0%	0%	0%	-39%	$29,730,402
ADD	Adavale Resource Ltd	0.002	0%	0%	-20%	-64%	$4,574,558
GL1	Globallith	0.17	0%	3%	-8%	-56%	$44,494,461
ATM	Aneka Tambang	0.98	0%	0%	14%	-9%	$1,277,576
LEL	Lithenergy	0.37	0%	0%	0%	-12%	$41,440,581
RMX	Red Mount Min Ltd	0.007	0%	-13%	-30%	-30%	$3,254,705
GW1	Greenwing Resources	0.028	0%	-22%	-36%	-65%	$7,685,997
1MC	Morella Corporation	0.019	0%	0%	-34%	-75%	$6,897,131
MRC	Mineral Commodities	0.026	0%	0%	0%	13%	$25,596,288
BMM	Bayanminingandmin	0.029	0%	-19%	-43%	-52%	$2,985,707
WKT	Walkabout Resources	0.095	0%	0%	0%	-24%	$63,769,838
TON	Triton Min Ltd	0.006	0%	20%	-40%	-50%	$9,410,332
CNJ	Conico Ltd	0.007	0%	0%	-30%	-53%	$1,662,411
BOA	BOA Resources Ltd	0.018	0%	0%	-18%	-22%	$2,220,351
SLZ	Sultan Resources Ltd	0.006	0%	-33%	-14%	-40%	$1,388,819
NVA	Nova Minerals Ltd	0.325	0%	-2%	51%	35%	$104,974,161
MQR	Marquee Resource Ltd	0.009	0%	-25%	-36%	-31%	$3,883,844
EFE	Eastern Resources	0.026	0%	0%	-35%	-63%	$3,404,429
CNB	Carnaby Resource Ltd	0.3	0%	13%	-19%	-65%	$63,948,881
AX8	Accelerate Resources	0.008	0%	14%	-11%	-83%	$6,377,510
DTM	Dart Mining NL	0.004	0%	-11%	-64%	-85%	$4,792,222
EMS	Eastern Metals	0.01	0%	0%	-38%	-75%	$1,394,262
IMI	Infinitymining	0.009	0%	-31%	-36%	-80%	$3,807,142
RAG	Ragnar Metals Ltd	0.019	0%	-10%	-10%	-5%	$9,005,734
TEM	Tempest Minerals	0.004	0%	0%	-33%	-53%	$2,938,119
OB1	Orbminco Limited	0.001	0%	0%	-40%	-70%	$2,397,568
LMG	Latrobe Magnesium	0.011	0%	10%	-58%	-82%	$28,892,490
KOR	Korab Resources	0.008	0%	0%	0%	33%	$2,936,400
CMX	Chemxmaterials	0.026	0%	0%	-30%	-45%	$3,354,580
CMO	Cosmometalslimited	0.016	0%	0%	7%	-49%	$5,154,170
KGD	Kula Gold Limited	0.008	0%	14%	41%	-6%	$7,370,029
ENT	Enterprise Metals	0.002	0%	0%	-50%	-50%	$2,356,635
ENV	Enova Mining Limited	0.008	0%	0%	14%	-58%	$11,308,006
RBX	Resource B	0.028	0%	0%	-24%	-7%	$3,225,166
EMT	Emetals Limited	0.003	0%	0%	-40%	-50%	$2,550,000
PNT	Panthermetalsltd	0.014	0%	0%	-33%	-60%	$3,911,759
RGL	Riversgold	0.004	0%	-11%	33%	-50%	$6,734,850
SRZ	Stellar Resources	0.017	0%	6%	-8%	-19%	$35,355,760
YAR	Yari Minerals Ltd	0.006	0%	20%	50%	50%	$3,328,269
IG6	Internationalgraphit	0.055	0%	17%	-5%	-54%	$11,226,383
CLZ	Classic Min Ltd	0.001	0%	0%	0%	-83%	$1,544,026
SUM	Summitminerals	0.037	0%	-26%	-78%	-80%	$3,485,120
IDA	Indiana Resources	0.08	0%	-2%	40%	79%	$50,775,864
M2R	Miramar	0.003	0%	0%	-45%	-68%	$2,990,470
AOA	Ausmon Resorces	0.002	0%	0%	0%	-20%	$2,622,427
TKM	Trek Metals Ltd	0.06	0%	-13%	140%	50%	$33,443,203
BCA	Black Canyon Limited	0.05	0%	-17%	-9%	-58%	$6,482,535
KNI	Kunikolimited	0.145	0%	0%	-24%	-34%	$11,300,155
BC8	Black Cat Syndicate	0.855	0%	-15%	40%	167%	$594,184,482
OM1	Omnia Metals Group	0.009	0%	0%	-88%	-88%	$2,170,917
LLL	Leolithiumlimited	0.332997	0%	0%	0%	0%	$401,204,047
TMX	Terrain Minerals	0.003	0%	0%	0%	-14%	$6,745,670
MHC	Manhattan Corp Ltd	0.023	0%	35%	15%	-45%	$5,637,574
FIN	FIN Resources Ltd	0.006	0%	20%	0%	-45%	$4,169,331
LCY	Legacy Iron Ore	0.009	0%	-10%	-28%	-42%	$87,858,383
RON	Roninresourcesltd	0.2	0%	11%	25%	54%	$8,075,002
PFE	Pantera Lithium	0.014	0%	-7%	-33%	-72%	$6,632,972
ASN	Anson Resources Ltd	0.0525	-1%	-6%	-24%	-61%	$73,497,037
E25	Element 25 Ltd	0.2275	-1%	6%	-17%	-16%	$51,437,790
ARL	Ardea Resources Ltd	0.415	-1%	-6%	14%	-30%	$85,217,231
CY5	Cygnus Metals Ltd	0.075	-1%	-22%	-38%	-9%	$59,579,217
A8G	Australasian Metals	0.069	-1%	-1%	-7%	-9%	$3,994,391
LRV	Larvottoresources	0.67	-1%	-23%	37%	483%	$273,467,373
BHP	BHP Group Limited	38.675	-2%	6%	-3%	-16%	$196,187,099,883
VHM	Vhmlimited	0.24	-2%	-37%	-38%	-52%	$60,515,988
ASL	Andean Silver	0.945	-2%	-1%	-5%	23%	$146,865,723
EMH	European Metals Hldg	0.21	-2%	-2%	45%	-52%	$43,563,388
GLN	Galan Lithium Ltd	0.1025	-2%	-2%	-27%	-56%	$94,584,206
JMS	Jupiter Mines.	0.185	-3%	32%	28%	-42%	$362,792,726
DLI	Delta Lithium	0.185	-3%	19%	-10%	-44%	$132,560,232
BSX	Blackstone Ltd	0.069	-3%	11%	156%	18%	$48,726,339
ITM	Itech Minerals Ltd	0.034	-3%	-28%	-48%	-55%	$5,808,403
GBR	Greatbould Resources	0.063	-3%	-26%	47%	2%	$47,153,038
MLX	Metals X Limited	0.5275	-3%	3%	27%	11%	$491,947,304
EMC	Everest Metals Corp	0.145	-3%	-3%	12%	7%	$33,619,688
RVT	Richmond Vanadium	0.14	-3%	-7%	-53%	-48%	$29,573,789
A11	Atlantic Lithium	0.135	-4%	-7%	-40%	-67%	$93,574,887
DEV	Devex Resources Ltd	0.08	-4%	13%	-27%	-79%	$35,335,254
EUR	European Lithium Ltd	0.051	-4%	-2%	104%	11%	$73,704,255
ASM	Ausstratmaterials	0.5	-4%	-35%	-1%	-51%	$90,670,341
CWX	Carawine Resources	0.096	-4%	0%	-17%	-4%	$22,668,043
KFM	Kingfisher Mining	0.048	-4%	0%	-6%	-28%	$2,578,320
PMT	Patriotbatterymetals	0.235	-4%	-6%	-6%	-76%	$127,464,747
FLG	Flagship Min Ltd	0.069	-4%	-1%	10%	-57%	$14,658,783
S2R	S2 Resources	0.092	-4%	-6%	14%	-29%	$41,210,077
ARU	Arafura Rare Earths	0.1675	-4%	-22%	29%	-12%	$406,614,234
OMH	OM Holdings Limited	0.325	-4%	-6%	-6%	-35%	$252,864,744
LPM	Lithium Plus	0.065	-4%	10%	-41%	-32%	$8,634,600
ILU	Iluka Resources	3.92	-5%	4%	-27%	-50%	$1,649,902,284
L1M	Lightning Minerals	0.06	-5%	0%	-28%	-29%	$6,199,699
LIT	Livium Ltd	0.0095	-5%	6%	-47%	-65%	$15,214,564
PTR	Petratherm Ltd	0.285	-5%	27%	58%	1400%	$103,684,431
TLG	Talga Group Ltd	0.4125	-5%	-11%	-10%	-48%	$178,408,813
MLS	Metals Australia	0.018	-5%	-10%	-31%	-18%	$13,116,951
IGO	IGO Limited	4.075	-5%	14%	-18%	-49%	$3,082,079,999
ARR	American Rare Earths	0.25	-6%	-21%	-6%	-9%	$126,855,825
LKE	Lake Resources	0.032	-6%	0%	-33%	-52%	$57,700,793
HAW	Hawthorn Resources	0.048	-6%	9%	2%	-31%	$16,080,749
SYA	Sayona Mining Ltd	0.015	-6%	-17%	-56%	-65%	$184,692,736
KZR	Kalamazoo Resources	0.085	-7%	0%	2%	-23%	$19,087,236
COB	Cobalt Blue Ltd	0.056	-7%	-15%	-21%	-41%	$24,466,137
VR8	Vanadium Resources	0.014	-7%	-13%	-46%	-75%	$7,900,086
SMX	Strata Minerals	0.014	-7%	-62%	-33%	-46%	$3,418,079
OD6	Od6Metalsltd	0.028	-7%	12%	-30%	-58%	$4,493,103
LM1	Leeuwin Metals Ltd	0.14	-7%	-33%	92%	100%	$15,120,958
SRL	Sunrise	0.415	-7%	-42%	66%	-30%	$37,444,412
LOT	Lotus Resources Ltd	0.1725	-7%	11%	-25%	-64%	$391,004,304
PUR	Pursuit Minerals	0.039	-7%	-11%	-74%	-83%	$3,989,359
GCM	Green Critical Min	0.013	-7%	44%	86%	271%	$25,521,318
BKT	Black Rock Mining	0.025	-7%	25%	-44%	-62%	$39,674,877
FBM	Future Battery	0.0165	-8%	-6%	-18%	-61%	$11,035,298
AVL	Aust Vanadium Ltd	0.011	-8%	0%	-21%	-35%	$94,981,239
WC8	Wildcat Resources	0.165	-8%	-13%	-38%	-69%	$208,408,108
EG1	Evergreenlithium	0.033	-8%	-38%	-59%	-66%	$6,421,084
FGR	First Graphene Ltd	0.032	-9%	-18%	-3%	-44%	$26,208,474
THR	Thor Energy PLC	0.01	-9%	0%	-23%	-38%	$7,107,898
WR1	Winsome Resources	0.15	-9%	-27%	-70%	-89%	$35,364,550
VUL	Vulcan Energy	4.15	-9%	-8%	-38%	-19%	$920,341,489
ARN	Aldoro Resources	0.29	-9%	-44%	241%	277%	$56,058,088
ETM	Energy Transition	0.047	-10%	-38%	96%	47%	$76,019,025
MIN	Mineral Resources.	23.5	-10%	38%	-31%	-70%	$4,620,152,380
AUZ	Australian Mines Ltd	0.009	-10%	-18%	-14%	0%	$13,285,865
LML	Lincoln Minerals	0.0045	-10%	-10%	-25%	-44%	$10,512,849
GRL	Godolphin Resources	0.009	-10%	-18%	-40%	-68%	$4,039,860
WSR	Westar Resources	0.0045	-10%	-25%	-44%	-55%	$1,794,262
CXO	Core Lithium	0.089	-10%	31%	-7%	-41%	$192,871,399
BM8	Battery Age Minerals	0.053	-10%	-12%	-41%	-65%	$6,216,483
ABX	ABX Group Limited	0.043	-10%	8%	8%	-22%	$11,041,056
AGY	Argosy Minerals Ltd	0.017	-11%	-8%	-51%	-87%	$26,206,577
AQD	Ausquest Limited	0.051	-11%	-2%	538%	229%	$66,568,370
INR	Ioneer Ltd	0.125	-11%	-11%	-38%	-49%	$294,459,065
DRE	Dreadnought Resources Ltd	0.0125	-11%	-4%	-11%	-26%	$66,033,500
KNG	Kingsland Minerals	0.098	-11%	-22%	-47%	-52%	$7,256,091
JLL	Jindalee Lithium Ltd	0.48	-11%	88%	81%	-14%	$37,600,518
TAR	Taruga Minerals	0.008	-11%	-11%	-27%	-11%	$5,710,032
ANX	Anax Metals Ltd	0.008	-11%	33%	-27%	-82%	$7,062,461
GT1	Greentechnology	0.023	-12%	-43%	-66%	-78%	$10,928,911
RAS	Ragusa Minerals Ltd	0.015	-12%	-12%	7%	-21%	$2,138,982
REC	Rechargemetals	0.015	-12%	7%	-46%	-58%	$3,854,850
CAE	Cannindah Resources	0.036	-12%	-39%	-16%	-31%	$26,938,958
IXR	Ionic Rare Earths	0.007	-13%	-22%	-22%	-46%	$41,907,427
CRR	Critical Resources	0.0035	-13%	-13%	-42%	-73%	$7,842,664
PBL	Parabellumresources	0.041	-13%	-18%	-18%	-2%	$2,554,300
BNR	Bulletin Res Ltd	0.068	-13%	10%	70%	39%	$19,965,706
PGD	Peregrine Gold	0.135	-13%	-21%	4%	-51%	$11,454,445
SYR	Syrah Resources	0.335	-13%	46%	46%	-35%	$349,152,013
SYR	Syrah Resources	0.335	-13%	46%	46%	-35%	$349,152,013
ZNC	Zenith Minerals Ltd	0.04	-13%	-20%	-7%	-45%	$16,297,657
PLL	Piedmont Lithium Inc	0.094	-15%	-10%	-41%	-60%	$59,076,491
NH3	Nh3Cleanenergyltd	0.022	-15%	-15%	5%	16%	$13,550,515
AR3	Austrare	0.054	-16%	-43%	-42%	-48%	$12,083,280
AM7	Arcadia Minerals	0.015	-17%	-17%	-46%	-77%	$2,347,669
NWM	Norwest Minerals	0.01	-17%	-25%	-42%	-70%	$5,336,315
CRI	Criticalim	0.015	-17%	0%	67%	-32%	$45,703,626
LTR	Liontown Resources	0.64	-18%	20%	-19%	-56%	$1,589,992,020
NVX	Novonix Limited	0.44	-19%	10%	-41%	-48%	$273,516,739
PLS	Pilbara Min Ltd	1.3325	-19%	-7%	-52%	-68%	$4,392,474,458
EMN	Euromanganese	0.185	-20%	-34%	-23%	-55%	$8,922,448
AS2	Askarimetalslimited	0.008	-20%	-20%	-50%	-86%	$3,233,365
CTN	Catalina Resources	0.002	-20%	-20%	-29%	-47%	$4,852,038
ASR	Asra Minerals Ltd	0.002	-20%	0%	-33%	-60%	$6,916,340
WIN	WIN Metals	0.019	-21%	-14%	-5%	-55%	$11,001,162
QPM	QPM Energy Limited	0.036	-22%	-5%	-14%	-8%	$85,859,861
LSR	Lodestar Minerals	0.007	-22%	-61%	-65%	-78%	$1,910,543
RLC	Reedy Lagoon Corp.	0.0015	-25%	-25%	-25%	-50%	$1,165,060
EVR	Ev Resources Ltd	0.0045	-25%	-10%	50%	-45%	$8,936,265
LNR	Lanthanein Resources	0.0015	-25%	-25%	-50%	-70%	$3,665,454
LNR	Lanthanein Resources	0.0015	-25%	-25%	-50%	-70%	$3,665,454
SRN	Surefire Rescs NL	0.003	-25%	0%	-14%	-70%	$7,459,336
REE	Rarex Limited	0.017	-32%	-54%	55%	21%	$15,216,071
AZL	Arizona Lithium Ltd	0.0065	-35%	8%	-54%	-72%	$34,257,044
PRL	Province Resources	0	-100%	-100%	-100%	-100%	$0
POS	Poseidon Nick Ltd	0	-100%	-100%	-100%	-100%	$23,380,727
AML	Aeon Metals Ltd.	0	-100%	-100%	-100%	-100%	$5,482,003
LRS	Latin Resources Ltd	0	-100%	-100%	-100%	-100%	$477,661,711
CAI	Calidus Resources	0	-100%	-100%	-100%	-100%	$93,678,206
LTM	Arcadium Lithium PLC	0	-100%	-100%	-100%	-100%	$1,994,929,982
Code	Company	Price	% Week	% Month	% Six Month	% Year	Market Cap
XTC	XTC Lithium Limited	0.2	19900%	19900%	19900%	19900%	$17,528,272

WordPress Table

Weekly Small Cap Standouts

Oceana Lithium (ASX:OCN)

This week the explorer secured commitments to raise $667,000 towards progressing its Aussie and Brazilian projects, and to  identify and assess new complimentary project opportunities.

OCN holds the Napperby project in NT which covers around ~650km2 within within the Northern Arunta pegmatite province.

It also has the Solonópole project in Brazil where an exploration licence extension is pending for the promising Nera prospect.

“Securing additional funds ensures Oceana is well placed to progress the company’s existing assets in Brazil and Australia, as well as continue to assess new project opportunities,” non-executive chairman Martin Helean said.

“We look forward to providing updates on exploration activities across our portfolio in the near term.

“We thank our existing shareholders for their ongoing support, and are pleased to welcome new shareholders to the company.”

Arizona Lithium (ASX:AZL)

AZL has secured approval from the Ministry of Energy and Resources in Saskatchewan, Canada for Phase 1 operations at its Prairie project, starting at 150tpa of lithium carbonate equivalent.

Prairie holds a 6.3Mt lithium carbonate equivalent resource over 345,000 acres of mineral rights and hosts an operational Koch Li-Pro direct lithium extraction (DLE) pilot plant – the largest ever deployed by Koch.

This approval represents a full commercial scale Direct Lithium Extraction (DLE) unit that can be replicated to increase production.

In addition to receiving project approvals, an updated well network model has been constructed for the resource, based on information acquired during the 2024 drilling and completion program, increasing the indicated resource that is producible per year by 120% to a new total of 17,000tpa LCE.

Astute Metals (ASX:ASE)

The company says drilling at its Red Mountain project in Nevada has delivered the highest-ever drill intersection to date, extending lithium mineralisation to a strike length of more than 5.6km.

The first of six diamond holes in the program returned an outstanding intersection of 8.6m grading 5060ppm lithium (2.69% lithium carbonate equivalent) from a down-hole depth of 67.7m within a broader 32.4m zone at 3260ppm lithium from 57.2m.

“This provides further indication that Red Mountain is unfolding as a lithium discovery of significance in North America. With mineralisation now defined by drilling over a strike length of almost 6 kilometres, we are looking forward to seeing what the remaining drill-holes will deliver,” chairman Tony Leibowitz said.

“The information obtained from this round of drilling should put us on a clear trajectory to advance Red Mountain towards a maiden JORC mineral resource estimate later this year.”

Delta Lithium (ASX:DLI)

Delta has expanded the footprint of its Yinnetharra lithium and tantalum project in Western Australia by acquiring Minerals 260 (ASX:MI6) adjacent Aston project.

This gives the company a dominant 3100km2 landholding in the Upper Gascoyne lithium province and grants a strong opportunity to undertake regional exploration immediately along strike of its existing deposits.

DLI will now start systematic geochemical sampling and mapping over priority areas as well as geophysical surveys.

The company is also spinning out its 1.1Moz Mt Ida gold project into the Simon Lill chaired Ballard Mining in a $25-30m IPO.

At Stockhead, we tell it like it is. While American Salars Lithium, Astute Metals and Delta Lithium are Stockhead advertisers, they did not sponsor this article.

Originally published as High Voltage: South American lithium investment heats up even as prices fall