Wednesday, 22 February 2023

High Voltage: Late to battery metals investing? Don’t worry, Sprott says this bull market is just beginning

by Berkeley Lovelace

  • We are likely in the early stages of this battery metals super cycle: Sprott Asset Management
  • Lithium supply ‘unlikely to keep up’; copper and nickel supply will also go into deficit
  • Battery metals M&A also ramping up

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

 

Between January 2020 and February 2023, the Nasdaq Sprott Energy Transition Materials index (NSETM) (197.81%) outperformed the S&P 500 (31.52%) and the MSCI World Metals and Mining Index (81.06%) by considerable margins.

Source: Bloomberg/ Sprott.

The good news for investors late to the party is this: from an investment cycle perspective, we are likely only in the early stages, say Sprott Asset Management market strategist Paul Wong and ETF product manager Jacob White.

“We believe the post-pandemic era marks the beginning of a new supercycle for commodities, especially for critical minerals driving the clean energy transition,” they say.

“Investment opportunities presented by the clean energy transition will likely centre around the critical minerals vital to powering the planet through low-carbon energy sources and revolutionizing the transportation sector through the electrification of the world’s vehicle fleet.

“Escalating geopolitical tension and the need for governments to re-shore supply chains and production to ensure industrial security have helped to accelerate the transition, which will be commodity- and capital-intensive.

“We foresee a demand shock for commodities, particularly critical materials.”

What do Sprott’s Wong and White say about the outlook for battery metals?

 

LITHIUM

“Lithium prices have entered a consolidation range after nearly quintupling in price since mid-2021,” they say.

“Some softness in consumer spending has weighed on lithium demand in the short run.

“Forecasts for 2023 by investment banks and other price forecasters have also been mixed. Some estimate that the lithium market will be in surplus for 2023, while others cite supply challenges (i.e. longer lead times) that will result in a supply deficit.

“Nevertheless, lithium demand is expected to grow substantially in the long run to meet EV demand, and we believe supply is unlikely to keep up.

COPPER

“Copper has many uses in the global economy and is tied more closely to macroeconomic trends than other energy transition materials,” they say.

“Copper is cyclical and has benefitted from the reversal of the 2022 strong USD and the forecasted slowing of Fed interest rate hikes.

“China is by far the largest consumer of copper, and the reversal of its zero-COVID policy to full reopening has acted as a tailwind for the metal.

“Looking ahead, increased demand for copper is expected to be fueled by the global energy transition.

“Copper is critical for conducting electricity in renewable energy sources, including wind and solar, but especially for electric vehicles and electricity grid investments.

“We believe that the additional demand expected from energy transition needs, a disruptable supply chain, low copper inventories, and declining ore grades may lead this market into a supply-demand deficit in the future.”

Copper price over the past 12 months. Source: LME.

 

NICKEL

“Nickel has been in a significant uptrend in the past couple of years, excluding the volatility induced by the historic short squeeze on the London Metal Exchange’s nickel market in March 2022,” they say.

“Currently, nickel’s demand primarily comes from stainless steel.

“However, batteries are the most significant demand growth driver, given that nickel is a critical mineral for NMC cathodes. NMC refers to Lithium-Nickel-Manganese-Cobalt-Oxide (LiNiMnCoO2), the preferred cathode powder for electric batteries.

In the long run, we believe it is likely that the Class 1 nickel market will be in a deficit due to the significant demand from batteries and the transition to higher nickel content chemistries.”

Nickel price over the past 12 months. Source: LME

 

Battery metals M&A also just getting started

Battery raw materials merger and acquisition (M&A) was the key driver behind 25% of the top 20 mergers and acquisitions (M&A) deals in mining in 2022, according to data and analytics company GlobalData.

As a share of the whole that’s not an outsized amount: mining saw 1,402 M&A deals worth $75 billion in 2022, a drop of 34% from 2021 in terms of deal value.

Gold accounted for the largest share, recording 444 deals worth $39 billion.

But this could just be the start for companies exposed or wanting exposure to energy transition metals like lithium, nickel, cobalt, graphite, copper, manganese and rare earths.

 

GlobalData’s William Tyson says mining companies are shifting their portfolios to focus more on these future-facing metals.

“The shortages of these metals and the growth in demand for EVs have prompted M&A deal activity as mining companies consolidate to fill the gap in supply,” he says.

“GlobalData predicts that global EV production will exceed 30 million vehicles by 2031, and mining companies will have to upscale to provide the essential metals required to produce EV batteries and meet demand.”

It’s not just mining companies looking to grow through battery metals M&A.

Battery makers, and even car manufacturers, are increasingly heading upstream to control raw materials supply at the source.

Tesla is allegedly mulling the takeover of Brazil based near term miner Sigma Lithium Corp, as the global scramble to secure critical minerals heats up.

According to Bloomberg, Tesla has been speaking with potential advisers about a bid and Sigma Lithium is one of the multiple options the EV maker is exploring as it considers its own refining.

The news comes hot on the heels of LG Chem’s $75m investment into Piedmont Lithium’s (ASX:PLL) jointly-owned North American Lithium (NAL) project and GM’s $650 million investment in Lithium Americas to support its Thacker Pass development.

 

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

Battery metals stocks missing from our list? Shoot a mail to reuben@stockhead.com.au.

CODE COMPANY 1 WEEK RETURN % 1 MONTH RETURN % 6 MONTH RETURN % 1 YEAR RETURN % PRICE MARKET CAP
OM1 Omnia Metals Group 26% 60% 60% 0% 0.24 $7,411,328
RR1 Reach Resources Ltd 20% 50% 50% -25% 0.006 $14,265,304
PEK Peak Rare Earths Ltd 19% 54% 25% -14% 0.655 $124,987,458
RVT Richmond Vanadium 17% 60% 0% 0% 0.385 $31,896,888
RBX Resource B 15% 83% 15% -25% 0.15 $8,560,475
WMG Western Mines 15% 19% 31% 6% 0.19 $7,796,175
ASO Aston Minerals Ltd 14% 22% 9% -32% 0.1025 $97,990,722
CLA Celsius Resource Ltd 13% -15% 17% -37% 0.017 $31,572,469
PUR Pursuit Minerals 13% 29% 69% 23% 0.027 $30,848,846
AX8 Accelerate Resources 12% 4% -22% -41% 0.029 $10,572,849
CAI Calidus Resources 11% -40% -61% -65% 0.25 $105,492,202
MQR Marquee Resource Ltd 10% -16% -61% -73% 0.032 $10,470,640
ARR American Rare Earths 10% 34% -8% -29% 0.275 $109,363,296
CMO Cosmometalslimited 10% 10% 10% -18% 0.165 $4,209,150
IDA Indiana Resources 10% -5% -8% -8% 0.057 $29,058,280
ARU Arafura Rare Earths 10% 25% 125% 231% 0.6625 $1,277,283,154
STK Strickland Metals 9% -8% -32% -38% 0.036 $49,757,720
CNJ Conico Ltd 9% 33% -78% 1% 0.012 $17,459,617
WCN White Cliff Min Ltd 9% 0% 0% -60% 0.012 $9,408,653
AOA Ausmon Resorces 9% 0% -14% -14% 0.006 $5,293,736
TLG Talga Group Ltd 9% 11% 40% 36% 1.87 $625,192,836
FTL Firetail Resources 8% -3% -45% 0% 0.14 $9,100,000
VMC Venus Metals Cor Ltd 7% -3% -15% -26% 0.145 $27,602,196
MMC Mitremining 7% 4% 157% 48% 0.295 $10,615,605
FRS Forrestaniaresources 7% -14% 3% -58% 0.15 $9,133,695
LIN Lindian Resources 7% -8% -15% 562% 0.225 $210,218,791
BSX Blackstone Ltd 7% -6% -30% -68% 0.155 $66,273,920
VML Vital Metals Limited 7% -2% -42% -50% 0.0245 $127,347,594
TVN Tivan Limited 6% -3% -31% 30% 0.083 $115,238,712
STM Sunstone Metals Ltd 6% -14% -20% -57% 0.036 $91,715,625
JMS Jupiter Mines. 5% 1% 18% 15% 0.2425 $470,157,848
TMB Tambourahmetals 5% -19% -29% -54% 0.11 $4,531,186
E25 Element 25 Ltd 5% -23% 14% -34% 0.795 $148,559,087
DVP Develop Global Ltd 4% 2% 48% 10% 3.475 $583,857,992
LRS Latin Resources Ltd 4% 4% 9% 229% 0.125 $286,215,139
BCA Black Canyon Limited 4% -6% 2% 6% 0.255 $10,762,194
GLN Galan Lithium Ltd 4% 1% -8% -17% 1.165 $343,745,254
PBL Parabellumresources 4% -18% 49% 114% 0.395 $21,615,388
MAN Mandrake Res Ltd 4% 23% -4% 7% 0.053 $29,282,496
EMN Euromanganese 4% -23% -29% -44% 0.275 $69,587,259
SRI Sipa Resources Ltd 4% -9% -36% -47% 0.029 $6,388,428
WC8 Wildcat Resources 3% -5% 3% 0% 0.03 $19,860,682
INR Ioneer Ltd 3% -13% -43% -34% 0.3975 $797,368,541
BUX Buxton Resources Ltd 3% 42% 75% 70% 0.17 $26,450,907
WIN Widgienickellimited 3% -3% 10% -9% 0.34 $86,599,426
WR1 Winsome Resources 3% -4% 708% 435% 2.06 $305,864,882
TKM Trek Metals Ltd 3% -7% -3% -24% 0.069 $25,112,211
BRB Breaker Res NL 3% -19% 33% 10% 0.285 $93,097,036
CNB Carnaby Resource Ltd 3% 18% 28% -18% 1.2 $170,189,246
ZNC Zenith Minerals Ltd 2% -8% -23% -37% 0.23 $79,133,860
EVG Evion Group NL 2% 0% -35% -44% 0.062 $17,881,358
TMT Technology Metals 2% -10% -5% -3% 0.315 $66,094,735
NTU Northern Min Ltd 1% 1% 4% -15% 0.0425 $218,338,774
BHP BHP Group Limited 1% -3% 16% 13% 48.345 $245,489,664,144
A11 Atlantic Lithium 1% -7% 0% 0% 0.66 $384,645,954
LYC Lynas Rare Earths 1% -3% -13% -6% 8.42 $7,539,256,507
PLL Piedmont Lithium Inc 1% 10% 4% 32% 0.94 $391,700,500
NIC Nickel Industries 0% -2% -2% -22% 1.0675 $3,050,184,681
S32 South32 Limited 0% 0% 10% 0% 4.59 $20,482,930,276
OZL OZ Minerals 0% 0% 7% 7% 27.96 $9,387,736,729
VIA Viagold Rare Earth 0% 0% 0% 0% 2 $166,624,808
LPD Lepidico Ltd 0% 0% -45% -53% 0.016 $114,566,576
CZN Corazon Ltd 0% -16% -9% -33% 0.021 $12,206,611
AVZ AVZ Minerals Ltd 0% 0% 0% -3% 0.78 $2,752,409,203
HXG Hexagon Energy 0% 13% 0% -67% 0.018 $8,719,570
VRC Volt Resources Ltd 0% -14% -40% -43% 0.012 $38,794,239
ADV Ardiden Ltd 0% -7% -13% -46% 0.007 $18,818,347
IXR Ionic Rare Earths 0% -5% -31% -39% 0.036 $137,991,172
SYR Syrah Resources 0% -16% 24% 33% 1.89 $1,247,401,985
AVL Aust Vanadium Ltd 0% 7% -33% -6% 0.032 $130,908,757
FFX Firefinch Ltd 0% 0% 0% -15% 0.2 $236,569,315
ATM Aneka Tambang 0% 5% -4% 0% 1.1 $1,434,014
AQD Ausquest Limited 0% 7% -20% -11% 0.016 $13,202,388
G88 Golden Mile Res Ltd 0% -13% -38% -63% 0.021 $4,296,385
WKT Walkabout Resources 0% 5% -36% -49% 0.11 $67,289,010
BOA Boadicea Resources 0% -9% -33% -56% 0.1 $7,769,990
LSR Lodestar Minerals 0% -10% -36% -50% 0.0045 $6,953,749
RAG Ragnar Metals Ltd 0% 23% -65% -57% 0.016 $6,066,958
TEM Tempest Minerals 0% -11% -41% -4% 0.024 $12,114,393
EMC Everest Metals Corp 0% -14% -14% -36% 0.09 $9,578,980
GRE Greentechmetals 0% 20% -52% -43% 0.15 $4,843,500
FRB Firebird Metals 0% -14% -33% -56% 0.16 $11,358,049
ENV Enova Mining Limited 0% -8% -33% -40% 0.012 $4,691,152
EMT Emetals Limited 0% 0% 10% -35% 0.011 $9,350,000
PNT Panthermetalsltd 0% 9% -16% -14% 0.19 $5,842,500
AVW Avira Resources Ltd 0% 0% -25% -50% 0.003 $6,401,370
RAS Ragusa Minerals Ltd 0% -4% -42% 59% 0.11 $17,111,854
THR Thor Energy PLC 0% 0% -40% -61% 0.006 $8,853,677
VMS Venture Minerals 0% -14% -11% -41% 0.024 $42,400,982
TAR Taruga Minerals 0% -14% -44% -45% 0.018 $11,296,429
MEK Meeka Metals Limited 0% -19% -37% -8% 0.048 $51,245,229
VHM Vhmlimited -1% -8% 0% 0% 0.97 $140,769,241
AGY Argosy Minerals Ltd -1% 12% 95% 118% 0.74 $954,997,099
ESS Essential Metals Ltd -1% -4% 10% 23% 0.5 $133,783,347
FG1 Flynngold -1% -10% -6% -41% 0.09 $8,949,998
MTM Mtmongerresources -1% -6% -61% -57% 0.075 $4,219,792
PTR Petratherm Ltd -1% -5% -1% 53% 0.069 $14,159,322
MLX Metals X Limited -1% -17% 24% -43% 0.34 $299,397,802
LPM Lithium Plus -1% -7% -46% 0% 0.34 $17,220,388
WA1 Wa1Resourcesltd -1% -9% 600% 491% 1.33 $46,264,837
BUR Burleyminerals -2% 41% 195% 117% 0.325 $19,345,522
AZS Azure Minerals -2% -7% 39% -26% 0.32 $100,225,928
CHN Chalice Mining Ltd -2% -8% 42% -16% 6.23 $2,288,798,940
PRL Province Resources -2% -13% -63% -58% 0.054 $63,800,630
IG6 Internationalgraphit -2% 5% -28% 0% 0.26 $22,876,908
ETM Energy Transition -2% -6% -30% -31% 0.048 $63,719,969
ILU Iluka Resources -2% 0% 8% -5% 10.62 $4,546,774,016
NMT Neometals Ltd -2% -5% -41% -38% 0.82 $436,665,529
POS Poseidon Nick Ltd -3% -16% -41% -60% 0.037 $125,949,143
LMG Latrobe Magnesium -3% -4% -21% -30% 0.074 $118,499,832
NC1 Nicoresourceslimited -3% -15% -40% -3% 0.555 $48,798,376
M24 Mamba Exploration -3% -16% 85% -3% 0.185 $10,977,001
PAM Pan Asia Metals -3% -11% -26% -38% 0.35 $54,336,568
MNS Magnis Energy Tech -3% 2% -1% -9% 0.4275 $392,984,251
KZR Kalamazoo Resources -3% -25% -30% -52% 0.165 $24,927,245
NWM Norwest Minerals -3% 16% 43% 25% 0.066 $14,659,088
FGR First Graphene Ltd -3% -8% -31% -46% 0.097 $56,969,006
LML Lincoln Minerals -3% 78% 367% 367% 0.032 $17,824,494
PAN Panoramic Resources -3% -21% -35% -39% 0.155 $307,637,101
LRV Larvottoresources -3% -16% -43% -43% 0.155 $10,424,482
IPX Iperionx Limited -3% 7% -9% -6% 0.9 $159,343,381
S2R S2 Resources -3% -15% 0% -28% 0.145 $51,746,854
NVX Novonix Limited -4% -14% -41% -73% 1.5 $722,860,314
EV1 Evolutionenergy -4% 17% -8% -41% 0.27 $40,668,750
GAL Galileo Mining Ltd -4% -13% -25% 310% 0.8 $160,076,191
GSR Greenstone Resources -4% -11% -65% -38% 0.025 $30,191,974
SCN Scorpion Minerals -4% -3% -8% 0% 0.072 $24,890,846
LTR Liontown Resources -4% -2% -20% -14% 1.3425 $2,836,006,477
CDT Castle Minerals -4% 0% -28% -57% 0.023 $22,988,339
LOT Lotus Resources Ltd -4% -2% 7% -12% 0.22 $292,122,371
EGR Ecograf Limited -4% 5% -48% -63% 0.22 $96,821,694
KOR Korab Resources -4% -12% -37% -54% 0.022 $8,442,150
KTA Krakatoa Resources -5% -5% -35% -2% 0.042 $13,443,687
GED Golden Deeps -5% 0% -38% -17% 0.01 $11,552,267
DRE Dreadnought Resources Ltd -5% -5% -15% 118% 0.0895 $296,435,540
OMH OM Holdings Limited -5% 6% 25% -15% 0.79 $579,819,320
AOU Auroch Minerals Ltd -5% 0% -19% -49% 0.059 $26,098,553
NVA Nova Minerals Ltd -5% -12% -31% -37% 0.585 $126,032,479
IPT Impact Minerals -5% -5% 6% -25% 0.0095 $22,332,335
CMX Chemxmaterials -5% -13% -28% -36% 0.14 $7,092,558
REE Rarex Limited -5% 6% -19% -48% 0.055 $31,286,875
PNN Power Minerals Ltd -5% -10% -11% -1% 0.455 $32,691,244
A8G Australasian Metals -5% -5% -36% -66% 0.18 $7,410,689
AXN Alliance Nickel Ltd -5% -14% -22% 36% 0.09 $57,825,565
EUR European Lithium Ltd -5% -14% -22% -36% 0.07 $98,548,264
DEV Devex Resources Ltd -5% -7% -30% -37% 0.26 $96,402,430
CRR Critical Resources -5% 21% 0% -44% 0.052 $79,516,631
EFE Eastern Resources -6% 0% -45% -70% 0.017 $21,113,090
VUL Vulcan Energy -6% -8% -22% -31% 6.27 $880,692,748
CTM Centaurus Metals Ltd -6% -12% -4% -12% 1.07 $450,597,118
AXE Archer Materials -6% -7% -35% -45% 0.575 $150,625,160
ALY Alchemy Resource Ltd -6% 0% -16% 23% 0.016 $18,260,182
MRR Minrex Resources Ltd -6% -14% -43% -51% 0.032 $32,546,025
AS2 Askarimetalslimited -6% -16% 47% 45% 0.56 $27,948,024
BKT Black Rock Mining -6% -3% -3% -43% 0.15 $147,396,605
CHR Charger Metals -6% -6% -33% -49% 0.37 $15,737,172
AM7 Arcadia Minerals -6% -4% 13% -8% 0.22 $10,273,536
BC8 Black Cat Syndicate -6% -14% -12% -38% 0.365 $95,814,703
AZL Arizona Lithium Ltd -7% -4% -28% -54% 0.0645 $153,877,792
LIT Lithium Australia -7% -10% -46% -63% 0.043 $52,511,242
MIN Mineral Resources. -7% -5% 39% 78% 84.86 $15,623,972,937
CXO Core Lithium -7% -9% -32% 14% 0.9575 $1,706,615,450
KOB Kobaresourceslimited -7% -7% 8% 0% 0.14 $10,640,000
GSM Golden State Mining -7% -2% -25% -53% 0.041 $5,031,611
1AE Auroraenergymetals -7% -13% -45% 0% 0.135 $17,185,585
NKL Nickelxltd -7% -16% -48% -57% 0.067 $5,344,367
OCN Oceanalithiumlimited -7% -24% -50% 0% 0.325 $11,834,550
HRE Heavy Rare Earths -7% 4% 0% 0% 0.13 $8,328,310
ASN Anson Resources Ltd -7% 6% 31% 52% 0.19 $224,074,587
PVT Pivotal Metals Ltd -7% -7% 41% -36% 0.038 $17,680,612
IGO IGO Limited -7% -9% 9% 10% 13.44 $10,026,225,844
KGD Kula Gold Limited -7% -7% 0% -45% 0.025 $9,030,298
BM8 Battery Age Minerals -7% 0% 0% 23% 0.5 $34,140,355
LPI Lithium Pwr Int Ltd -8% -21% -37% -39% 0.37 $226,475,122
MRC Mineral Commodities -8% -13% -32% -51% 0.061 $42,870,268
RGL Riversgold -8% -14% -33% 18% 0.024 $21,745,757
ODE Odessa Minerals Ltd -8% -14% -25% -14% 0.012 $8,483,461
GW1 Greenwing Resources -8% -22% -11% -31% 0.235 $35,582,128
GCM Green Critical Min -8% -13% 32% 23% 0.0175 $17,263,376
GRL Godolphin Resources -8% -28% -15% -42% 0.0755 $10,298,142
PMT Patriotbatterymetals -8% 25% 0% 0% 1.56 $226,757,674
INF Infinity Lithium -8% -8% -21% -30% 0.115 $48,572,170
BYH Bryah Resources Ltd -8% -8% -18% -56% 0.023 $6,468,830
AKE Allkem Limited -8% -9% -6% 23% 11.6 $7,326,691,408
RMX Red Mount Min Ltd -8% 10% -21% -39% 0.0055 $12,495,181
BNR Bulletin Res Ltd -8% 5% -24% -31% 0.11 $30,827,066
XTC Xantippe Res Ltd -8% -8% -45% -50% 0.0055 $63,480,598
DM1 Desert Metals -8% -8% -21% -70% 0.165 $11,952,778
VR8 Vanadium Resources -8% 9% 4% -5% 0.076 $36,330,928
M2R Miramar -9% -9% -45% -63% 0.072 $5,159,767
ARL Ardea Resources Ltd -9% -23% -36% -23% 0.615 $108,904,260
RNU Renascor Res Ltd -9% -13% 8% -19% 0.2275 $545,972,612
QEM QEM Limited -9% 5% -17% 14% 0.2 $27,028,714
CWX Carawine Resources -9% -20% -5% -39% 0.1 $19,681,747
VTM Victory Metals Ltd -9% -5% -30% 8% 0.2 $10,733,739
SBR Sabre Resources -9% -30% -43% -31% 0.0345 $9,910,530
LKE Lake Resources -9% -20% -47% -32% 0.64 $873,265,992
AUZ Australian Mines Ltd -9% -18% -44% -73% 0.049 $27,414,805
LEG Legend Mining -9% 17% 4% -32% 0.049 $137,756,786
MLS Metals Australia -9% 2% -14% 9% 0.049 $28,530,701
OD6 Od6Metalsltd -9% 5% 57% 0% 0.29 $15,954,494
LEL Lithenergy -9% 8% -21% -18% 0.815 $48,420,750
SUM Summitminerals -10% -3% -22% 0% 0.14 $3,709,133
WC1 Westcobarmetals -10% -22% 22% -7% 0.14 $12,093,723
PLS Pilbara Min Ltd -10% -4% 44% 47% 4.38 $12,591,471,858
HAS Hastings Tech Met -10% -22% -35% -50% 2.93 $387,535,542
MRD Mount Ridley Mines -10% -10% -10% -44% 0.0045 $38,924,414
PGM Platina Resources -10% -5% -55% -68% 0.018 $11,217,246
QPM Queensland Pacific -10% -14% -37% -46% 0.0945 $162,410,357
AKN Auking Mining Ltd -10% -16% -33% -57% 0.081 $14,451,583
EMS Eastern Metals -10% -16% -51% -68% 0.071 $2,773,573
SYA Sayona Mining Ltd -10% -14% -19% 69% 0.22 $1,781,372,996
EMH European Metals Hldg -10% -7% -24% -51% 0.615 $79,378,369
JRV Jervois Global Ltd -10% -34% -57% -70% 0.1975 $415,852,193
AML Aeon Metals Ltd. -10% -10% -21% -46% 0.026 $27,410,016
JRL Jindalee Resources -10% 18% -15% -18% 2.31 $145,168,784
RDT Red Dirt Metals Ltd -11% -13% -17% -21% 0.425 $189,085,683
ITM Itech Minerals Ltd -11% -2% -26% -47% 0.285 $36,834,072
AAJ Aruma Resources Ltd -11% -30% -10% -38% 0.065 $10,673,382
SGQ St George Min Ltd -11% -6% 161% 49% 0.073 $66,990,844
PAT Patriot Lithium -11% 24% 0% 0% 0.365 $22,132,688
QXR Qx Resources Limited -11% -22% 33% 3% 0.04 $35,874,493
RLC Reedy Lagoon Corp. -11% -27% -53% -73% 0.008 $4,533,757
ENT Enterprise Metals -11% -20% -20% -47% 0.008 $5,640,646
GBR Greatbould Resources -11% -11% -29% -53% 0.078 $34,477,197
KFM Kingfisher Mining -11% -39% 11% 35% 0.31 $17,188,800
1MC Morella Corporation -12% -23% -57% -45% 0.0115 $73,182,965
IMI Infinitymining -12% -29% 16% 3% 0.185 $14,530,881
AZI Altamin Limited -12% -13% -20% -1% 0.066 $27,420,173
MCR Mincor Resources NL -12% -23% -33% -24% 1.3925 $736,092,356
NWC New World Resources -13% 7% 44% -20% 0.049 $92,641,650
ESR Estrella Res Ltd -13% -22% -18% -53% 0.014 $20,770,006
TKL Traka Resources -13% 0% 0% -42% 0.007 $5,059,422
KNI Kunikolimited -13% -22% -49% -52% 0.45 $22,502,279
ADD Adavale Resource Ltd -13% -9% -26% -46% 0.02 $10,390,522
DTM Dart Mining NL -13% -27% -47% -59% 0.04 $7,002,925
KAI Kairos Minerals Ltd -13% -17% -31% -20% 0.02 $41,245,963
LNR Lanthanein Resources -13% -9% -50% -38% 0.02 $22,431,511
WML Woomera Mining Ltd -13% -32% -12% -27% 0.013 $13,386,257
GT1 Greentechnology -14% -21% -1% -15% 0.69 $129,702,107
PSC Prospect Res Ltd -14% 61% 85% 337% 0.185 $85,518,000
RXL Rox Resources -14% -23% -42% -65% 0.15 $34,774,910
CZL Cons Zinc Ltd -14% 13% -18% -31% 0.018 $8,682,441
BMM Balkanminingandmin -15% 18% 100% 15% 0.38 $17,013,365
SLZ Sultan Resources Ltd -15% -36% -61% -66% 0.052 $4,414,073
MOH Moho Resources -15% -19% -35% -70% 0.017 $3,945,582
COB Cobalt Blue Ltd -15% -21% -43% -8% 0.465 $170,226,464
PGD Peregrine Gold -16% -9% -48% -26% 0.43 $16,280,413
ASM Ausstratmaterials -16% 38% -49% -76% 1.935 $310,905,248
SRZ Stellar Resources -17% -23% -41% -67% 0.01 $11,050,940
CAE Cannindah Resources -17% -22% -28% -49% 0.19 $109,645,991
LLI Loyal Lithium Ltd -17% -14% -20% 37% 0.3425 $18,633,950
ARN Aldoro Resources -18% -21% -31% -53% 0.185 $22,582,463
HNR Hannans Ltd -19% -28% -38% -64% 0.013 $35,419,863
TON Triton Min Ltd -20% -14% 14% 0% 0.032 $48,397,446
CTN Catalina Resources -20% -11% -11% -58% 0.008 $9,907,895
GL1 Globallith -21% -22% -14% 10% 1.645 $355,999,338
EVR Ev Resources Ltd -23% 11% -52% -72% 0.0155 $14,975,745
L1M Lightning Minerals -23% -11% 0% 0% 0.17 $6,336,112
PVW PVW Res Ltd -25% -5% -61% -85% 0.105 $10,830,996
CLZ Classic Min Ltd -25% -55% -78% -97% 0.0045 $4,605,308
ABX ABX Group Limited -25% 4% -8% -8% 0.12 $29,066,806
AR3 Austrare -26% -27% -48% -72% 0.225 $21,420,349
CY5 Cygnus Metals Ltd -28% -14% 47% 76% 0.33 $62,517,232
KFM Kingfisher Mining -32% -25% 53% 33% 0.345 $18,782,750


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