Top 3 ASX Lithium Stocks (Updated July 2024)

Year-to-date gain: 57.38 percent; market cap: AU$64.62 million; share price: AU$0.14

Africa-focused explorer Prospect Resources holds a diversified portfolio of assets located in Zimbabwe, Zambia and Namibia. The company’s lithium projects, Omaruru and Step Aside, are in Namibia and Zimbabwe, respectively.

In late June, Prospect released an update on its exploration activities at the projects. The company reported strong assay results from Phase 4 diamond drilling at Step Aside, and shared results from follow-up Phase 2 drilling at Omaruru.

In a release, Managing Director Sam Hosack highlights the significant mineralisation potential at both projects.

Moving forward, Prospect plans to slow down spending at its lithium projects as it turns to its newly acquired Mumbezhi copper project. The company believes it can monetise Step Aside in the near term to aid in this goal.

Company shares rose to an H1 high of AU$2.05 on May 27.

Year-to-date gain: 53.79 percent; market cap: AU$867.55 million; current share price: AU$4.46

Europe-focused Vulcan Energy Resources aims to support a carbon-neutral future by producing lithium and renewable energy from geothermal brine. The company is currently developing the Zero Carbon lithium project in Germany's Upper Rhine Valley. Vulcan is utilising a proprietary alumina-based adsorbent-type direct lithium extraction process to produce lithium with an end goal of supplying sustainable lithium for the European EV market.

On April 11, Vulcan announced the commencement of lithium chloride production at its lithium extraction optimisation plant in Germany. According to the company, the milestone marks the first lithium chemical production in Europe using local supply. The plant consistently exhibited over 90 percent lithium extraction efficiency.

Vulcan will now prepare the 40 million euro facility for commercial production. The company already has binding lithium offtake agreements in place with major automakers and battery manufacturers, and expects to supply enough lithium for 500,000 EVs during the first phase of production.

Shares of Vulcan marked an H1 high on May 22, trading for AU$5.54.

Year-to-date gain: 11.11 percent; market cap: AU$200.03 million; share price: AU$0.15

Anson Resources holds a portfolio of projects in the US and Western Australia. Its primary asset is the Paradox lithium project in Utah, which Anson is transforming into a major lithium production operation for the North American market.

On May 8, Anson received approval from Utah's Department of Natural Resources to source water, or brine, for lithium extraction at its Green River lithium project. The permit allows the non-consumptive use of 19 cubic feet of brine, which the company will process and then return to its original geological formation.

This is the company’s first permit approval for lithium production from brine in Utah.

In late June, Anson partnered with Koch Technology Solutions to use Koch's Li-Pro process for a pilot Lithium Selective Sorption unit at the Green River lithium project.

The pilot project, funded jointly by Anson Resources and Koch through a convertible note, will be used to collect data for the potential launch of a commercial-scale plant using the technology. It is expected to enter pilot production in July.

Shares of Anson marked a year-to-date high of AU$0.16 on July 10.