3 Best-performing ASX Lithium Stocks (Updated October 2024)

Year-to-date gain: 73.33 percent
Market cap: AU$572.84 million
Share price: AU$0.26

Australia-listed Ioneer owns the Rhyolite Ridge lithium-boron project in Nevada, US. The project is considered the “sole lithium-boron deposit in North America.”

As part of the permitting process for the Rhyolite Ridge project, Ioneer completed and submitted the administrative draft environmental impact statement (EIS) to the US Bureau of Land Management (BLM) in mid-January. In mid-September, Ioneer announced that the BLM published the final EIS, moving the company closer to building its Rhyolite Ridge lithium-boron project.

According to the company, the milestone now makes Rhyolite Ridge the first lithium project under the Biden Administration to reach the advanced stage of the environmental permitting process.

“Since Ioneer’s work at Rhyolite Ridge began in 2016, we have listened to members of the community and adapted our plans to maximize the project’s many economic benefits while minimizing indirect impacts to the community and environment. Rhyolite Ridge is stronger because of the extensive collaboration and input from all involved stakeholders,” said Bernard Rowe, managing director at Ioneer.

Year-to-date gain: 63.45 percent
Market cap: AU$920.24 million
Share price: AU$4.74

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.

During the third quarter, Vulcan received its first licenses for lithium and geothermal exploration in Alsace, France. The permits cover 463 square kilometres, expanding Vulcan's total licensed area in the Upper Rhine Valley to 2,234 square kilometres across France and Germany.

In early August, Vulcan began commissioning its downstream lithium hydroxide optimisation plant (CLEOP) near Frankfurt.

“In the coming months, Vulcan will begin to transport the first LiCl parcels from our upstream facility through to CLEOP for production of the first battery-grade lithium hydroxide products in Europe, all from a European lithium resource,” Vulcan CEO and Managing Director Cris Moreno said.

A mid-October release from Vulcan outlined a memorandum of understanding with industrial software designer AVEVA. The partnership will see AVEVA build a digital framework for Vulcan’s Zero Carbon lithium project.

Year-to-date gain: 3.7 percent
Market cap: AU$53.17 million
Share price: AU$0.14

Cygnus Metals is an exploration company focused on advancing its Pontax, Auclair and Sakami lithium projects in the Eeyou Istchee James Bay lithium district of Québec, Canada. The company also owns rare earth element, lithium and base metal projects in Western Australia.

In July, Cygnus reported the completion of geophysical survey work at the Auclair lithium project. The resulting data “identified significant potential for growth” in the Pegasus zone.

Most recently, Cygnus entered into an agreement to a merger of equals with Canadian copper company Doré Copper Mining (TSXV:DCMC,OTCQB:DRCMF), which owns several copper assets in Québec. The statement says the merger creates “a Québec-focused critical minerals explorer and developer with high-grade copper and lithium resources."

“By combining the proven exploration and management skills of the Cygnus team with the high-grade copper resources and immense upside potential at the Chibougamau properties, we have the potential to unlock substantial value,” said David Southam, Cygnus’ executive chairman.