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Top 5 ASX Lithium Stocks (Updated November 2022)
The best ASX lithium stocks based on year-to-date gains have performed well as strength in the lithium market holds strong.
Click here to read the latest best ASX lithium stocks article.
This year has been an exciting one for lithium. Prices have continued to set new all-time highs after a brief drop earlier in 2022, and experts are optimistic about the commodity's potential.
Alongside lithium's gains, lithium companies in Australia such as Pilbara Minerals (ASX:PLS,OTC Pink:PILBF) and Allkem (ASX:AKE,OTC Pink:OROCF) are seeing strong quarterly results. Other recent lithium market highlights in the country are outlined in the Investing News Network's Australia battery metals update for the third quarter.
Here the Investing News Network takes a look at the five top ASX-listed lithium companies by year-to-date gains. The list below was generated using TradingView’s stock screener on November 1, 2022, and includes companies that had market caps above AU$50 million at that time. Read on to learn more about what they've been up to.
1. Tyranna Resources
Year-to-date gain: 650 percent; market capitalization: AU$110.6 million; current share price: AU$0.045
Tyranna Resources (ASX:TYX) was previously focused on gold and nickel, but pivoted this year to lithium. After acquiring 80 percent of Angolan Minerals in May, Tyranna now owns the Namibe lithium project in the Giraul pegmatite field in Angola.
Although Tyranna’s share price performed relatively flatly early in 2022 — staying around AU$0.006 — the company’s acquisition of the Namibe project began driving it upwards, and Tyranna has steadily moved higher over the course of the year. The company released an update on exploration in early August, sharing that Angolan Minerals had completed a Phase 1 exploration program that included 50 samples. In late August, results from the exploration revealed an average grade of 3.21 percent lithium oxide between the samples, with a high point of 9.74 percent.
Tyranna’s share price hit a year-to-date high of AU$0.056 on September 11, the day before it revealed its plan for a maiden drilling program at Namibe’s Muvero prospect, a diamond drill program with six holes. The company anticipated that it would be complete by the end of November. However, on November 7, the company released early findings from the first three drill cores at the site — although one core did show visible spodumene, some of the drilling was not intersecting what the company had anticipated based on its preliminary exploration. Tyranna has changed its drill program in response to these results. The news led to a sharp share price drop, from AU$0.042 to AU$0.032 overnight, but Tyranna is still up significantly year-to-date.
2. Latin Resources
Year-to-date gain: 279.31 percent; market capitalization: AU$229.64 million; current share price: AU$0.11
Latin Resources (ASX:LRS) is an exploration company looking for metals that will help move the world towards net-zero emissions. The company is focused on lithium and copper projects in South America, and in Australia it has the Cloud Nine kaolin-halloysite project. Its lithium projects are the Salinas pegmatite project in Brazil and the Catamarca pegmatite project in Argentina.
In late March, Latin Resources discovered high lithium grades during exploration at Salinas, causing its share price to soar over the next two weeks. On March 23, the company released assays from the project with a peak grade of 3.22 percent lithium hydroxide; shares moved from AU$0.06 the day of the release to AU$0.22 by April 6. As Q2 progressed, Latin Resources moved lower.
Early August saw more positive movement for Latin Resources, when drilling confirmed a new discovery west of Salinas’ Colina prospect. According to the company, “the drilling has discovered an intersection of a new swarm of spodumene bearing pegmatites including one of 18.75mi n thickness.” Results from metallurgical test work received in late August were described as positive, with 78.72 percent of the lithium oxide recovered into a concentrate grading a "very high" 6.57 percent lithium oxide.
Latin Resources’ most recent exploration news at the Colina prospect came in early October, when the company announced a new discovery at the site after drill results showed multiple high-grade lithium-bearing pegmatites. It has also been exploring the Cloud Nine project, where analysis of samples shows rare earth element mineralization.
3. QX Resources
Year-to-date gain: 254.55 percent; market capitalization: AU$57.32 million; current share price: AU$0.078
QX Resources (ASX:QXR) has lithium and gold assets in Australia. Its hard-rock lithium assets are in the Pilbara region, with its key project being Turner River. Its others are Western Shaw, Split Rock and Yule River, the last of which it acquired in March.
QX Resources’ share price spiked at the beginning of this year's second quarter alongside the announcement that it had significantly increased its Drummond Basin precious and base metals footprint.
In September, the company announced the completion of sampling at three of its Western Australia lithium projects: Turner River, Western Shaw and Split Rock. After spending much of Q3 around AU$0.03, the company’s share price spiked again in the days and weeks following the release of its annual shareholder report on September 23, climbing up to AU$0.087 by October 10.
Most recently, QX Resources announced that samples taken at Turner River were returning high grades and had extended the area of interest at the site. The company said it is fast-tracking its drill plans.
4. Cygnus Gold
Year-to-date gain: 177.78 percent; market capitalization: AU$73.64 million; current share price: AU$0.50
Cygnus Gold (ASX:CY5) is another ASX company that recently pivoted to lithium. The company has an option to earn up to 70 percent in the Pontax lithium project in Quebec, which it has focused on exploring in the latter half of 2022. Cygnus also has the Mitsumis lithium project in Quebec, as well as the Bencubbin polymetallic and Stanley gold projects in Australia.
Cygnus gained the option to acquire Pontax in July, a move that drove its share price up from the AU$0.14 to AU$0.17 range, where it was stuck in H1. According to the company, “Pontax is an outstanding opportunity for Cygnus to create value for its shareholders because high-grade lithium spodumene has already been established through drilling and there is immense scope to continue growing the mineralisation through exploration.” The commencement of exploration in August was another catalyst for gains.
In late September, Cygnus acquired 30 kilometres of strike length at which samples have graded up to 2.8 percent lithium oxide. The new land is adjacent to Pontax. October 4 saw the appointment of David Southam to the company's board of directors; he was recently recognized as Mining CEO of the Year for ASX-listed companies. As of November 1, he became a non-executive director, and in February 2023 he will become a managing director. The company’s share price rose significantly the day of this news, jumping from AU$0.25 to AU$0.37, and continued to climb through October.
On October 13, Cygnus announced it would be raising AU$6.3 million to advance Pontax through the use of fully paid ordinary shares priced at AU$0.73 each. As of November 8, diamond drilling at Pontax has commenced, with 10,000 metres planned for the maiden drill program. The company’s share price reached a year-to-date high of AU$0.60 on November 14.
5. IRIS Metals
Year-to-date gain: 147.93 percent; market capitalization: AU$127.82 million; current share price: AU$1.50
IRIS Metals (ASX:IR1) is an ASX lithium- and gold-focused explorer that acquired significant properties in 2022. The company says it is the largest landholder of lithium mining claims in South Dakota after it expanded its footprint there by 290 percent. IRIS’ Black Hill lithium projects include four project areas — Dewy, Custer, Ruby and Helen Beryl — the latter two of which are new. The company also has the Kookynie gold project in Western Australia.
After ceasing trading in early January, the company resumed in May after refocusing on lithium. Its share price traded under AU$0.50 through early August, the month it announced the expansion of its South Dakota portfolio. By the end of August, its share price had reached AU$1.12. News from IRIS’ gold property helped drive the company’s share price up even further through September. Early in the month, IRIS shared that it had identified new targets at Kookynie and would be recommencing exploration; the company ended the month by announcing it had completed its acquisition of the gold property. On September 19, IRIS’ share price hit a year-to-date high of AU$2.20.
WIth regards to IRIS’ lithium projects, South Dakota granted IRIS two mining licences for the Custer project. “Obtaining mining licences permitting hard rock lithium extraction is a significant achievement for IRIS. To my knowledge, IRIS is probably the only company in the US with hard rock lithium mining licences,” said the company’s executive technical director, Chris Connell. The mining concessions have been dubbed the Black Diamond and Beecher Extended sub-properties. In early November, IRIS commenced bulk sampling at the sites, with drilling anticipated to start in December 2022.
Don’t forget to follow us @INN_Australia for real-time updates!
Securities Disclosure: I, Lauren Kelly, currently hold no direct investment interest in any company mentioned in this article.
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Lauren gained her education through Douglas College’s Professional Writing program and SFU’s Editing certificate program. She spent many years at Douglas' student newspaper, including a term as Editor-in-Chief. Now nearing five years as part of the INN team, she is passionate about delivering accurate and informative content to investors.
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Lauren gained her education through Douglas College’s Professional Writing program and SFU’s Editing certificate program. She spent many years at Douglas' student newspaper, including a term as Editor-in-Chief. Now nearing five years as part of the INN team, she is passionate about delivering accurate and informative content to investors.
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