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Lithium demand has surged over the last couple of years, attracting investor attention. Before jumping in, learn about the top Australian lithium stocks by market cap.
The rise of the worldwide electric vehicle revolution has brought ever-increasing interest in lithium, which is used in the lithium-ion batteries that power these machines.
Many market experts anticipate that lithium demand will increase in coming years, which is why it’s good for investors to have an idea of the biggest ASX-listed companies that are focused on the battery metal.
Here the Investing News Network lists the top five ASX lithium stocks by market cap. The following information was generated using TradingView’s stock screener and was correct as of May 17, 2022.
1. Mineral Resources
Market cap: AU$10.38 billion; current share price: AU$60.08
Mineral Resources (ASX:MIN) is a Perth-based mining services company with a particular focus on the iron ore and hard-rock lithium sectors in Western Australia. The company's current lithium projects include Mount Marion and Wodgina. The Mount Marion lithium project — located in Kalgoorlie, Western Australia — was upgraded in April 2022 to a production rate of 600,000 tonnes per year of mixed-grade product.
2. Pilbara Minerals
Market cap: AU$7.74 billion; current share price: AU$2.82
Western Australia-based Pilbara Minerals' (ASX:PLS) main Pilgangoora operation produces spodumene and tantalite concentrate. Pilbara also has the Mount Francisco joint venture with Atlas Iron; there is still significant drilling to be done at the project as many targets are untested.
Pilbara has garnered the attention of many global partners, and together these partners hope to support production and a Stage 2 expansion at the company’s Pilgan plant. Following the successful completion of Stage 1, Pilbara is expecting to increase its production by 10 to 15 percent.
Market cap: AU$7.29 billion; current share price: AU$12.24
Allkem (ASX:AKE) is a specialty lithium chemicals company based out of Brisbane. Orocobre merged with Galaxy Lithium and underwent a formal name change in November 2021 to create the entity. Allkem currently owns and runs operations for seven different projects worldwide in Argentina, Japan, Australia and Canada.
Allkem presented its growth strategy in April 2022. Under this plan, it plans to triple its production by 2026, while maintaining a position of 10 percent of the world’s lithium production for the next 10 years.
4. AVZ Minerals
Market cap: AU$2.75 billion; current share price: AU$0.78
AVZ Minerals (ASX:AVZ) is an explorer whose main focus is the development of its Manono lithium-tin project in the Democratic Republic of Congo. Manono is located at one of the world’s largest lithium, cesium and tantalum pegmatite deposits. Manono is also a historical site that was mined for its tin content for over 60 years.
A definitive feasibility study published in 2020 shows a 20 year mine life with an output rate of 700,000 tonnes per year of high-grade spodumene concentrate, and 45,375 tonnes per annum of primary lithium sulphate.
5. Liontown Resources
Market cap: AU$2.73 billion; current share price: AU$1.28
Liontown Resources (ASX:LTR) has two projects located in Western Australia, a resource-rich area of Australia. The Kathleen Valley project is expected to become a top battery metals provider, and is projected to begin development in Q2 2024. Meanwhile, the company's Buldania project is an emerging second project with an initial mineral resource of 15 million tonnes at 1 percent lithium oxide.
In February 2022, Liontown and US carmaker Tesla (NASDAQ:TSLA) entered a five year agreement for the supply of lithium from the Kathleen Valley project. Commercial production is planned for 2025, at which time the asset will begin the sale of over 100,000 tonnes each year.
Don’t forget to follow us @INN_Australia for real-time updates!
Securities Disclosure: I, Marlee John, hold no direct investment interest in any company mentioned in this article.
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