1. Argosy Minerals (ASX:AGY)

Year-to-date gain: 310.71 percent
Market cap: AU$169.78 million
Share price: AU$0.115

Argosy Minerals is currently focused on advancing its Rincon lithium project in Salta Province, Argentina. The company also owns the Tonopah lithium project located in Nevada, US.

The Rincon project spans 2,794 hectares within the Lithium Triangle. Argosy currently holds a 77.5 percent interest in Rincon, with plans to increase to 90 percent through its earn-in agreement.

It entered production of battery-grade lithium carbonate in 2024 at Rincon's 2,000 tonne per year demonstration facility, but has since suspended operations due to the low lithium price environment. The company continues to advance feasibility for its 12,000 tonne per year expansion.

The project currently holds a JORC total mineral resource estimate of 731,801 tonnes of lithium carbonate.

On June 27, the company announced a lithium carbonate spot sales contract with a Hong Kong-based chemical company for 60 tonnes of 99.5 percent lithium carbonate.

A few weeks later, Argosy announced that detailed engineering and feasibility works were underway to develop a 7 kilometre electric transmission line able to supply up to 40 megawatts of energy to Rincon.

In late October, Argosy released its Q3 results highlighting advanced development of its Rincon lithium project. The period saw progression in engineering and feasibility work towards its 12,000-tonne-per-year operation at Rincon being construction-ready.

During the 90 day session, the company also completed a AU$2 million placement to strengthen its balance sheet.

Argosy ended the period with cash reserves of about AU$4.6 million as of September 30, and said its development strategy continues to be supported by forecasted growth in global lithium demand.

In mid-November, Argosy signed another spot sales agreement, this time with China’s Chengdu Chemphys Chemical Industry for the sale of 16.1 tonnes of lithium carbonate produced at Rincon.

Shares of Argosy reached a 2025 high AU$0.125 on December 23, as lithium prices continued to trend higher.

2. European Lithium (ASX:EUR)

Year-to-date gain: 269.05 percent
Market cap: AU$274.7 million
Share price: AU$0.155

European Lithium is an Australia-based lithium exploration and development company centered on its wholly owned Wolfsberg lithium project in Austria. Wolfsberg benefits from established road and rail infrastructure and is supported by a mining license and a broad package of exploration permits.

The company also holds several earlier-stage lithium exploration projects across Austria and a 100 percent interest in the Leinster lithium project in Ireland. European Lithium is also pursuing 20 year special permits for the extraction and production of lithium at the Shevchenkivske project and Dobra project in Ukraine.

In addition, European Lithium owns a significant equity stake in Critical Metals (NASDAQ:CRML), whose portfolio includes the Tanbreez rare earth project in Greenland, giving European Lithium exposure to both lithium and rare earth development in Europe.

The company sold portions of its holding in Critical Metals during 2025 to raise funds as Critical Metals' share price rose.

In July, European Lithium raised a combined AU$5.2 million through the sale of 1 million shares, and in early October it raised a further AU$31.75 million by selling 3 million shares to a US institutional investor.

Shares of European Lithium rose to a year-to-date high of AU$0.465 on October 14. The rally coincided with European Lithium’s sale of 3.85 million Critical Metals shares in an off-market placement to a single US institutional investor at US$13 per share, raising about AU$76 million in net proceeds. Days later, it sold another 3.03 million for AU$76 million.

Following the last sale in October, the company still held 53 million shares of Critical Metals.

At the end of October, the company reported an active third quarter marked by portfolio funding, exploration progress and project development. Exploration advanced at European Lithium’s Irish lithium assets, and planning work was completed on the energy supply corridor for the Wolfsberg lithium project in Austria.

3. Global Lithium (ASX:GL1)

Year-to-date gain: 244.44 percent
Market cap: AU$167.51 million
Share price: AU$0.62

Global Lithium Resources is a lithium exploration company with multiple assets in Western Australia, including the 100 percent owned Manna lithium project in the Goldfields region and the Marble Bar lithium project in the Pilbara region.

Together, these projects host a combined indicated and inferred mineral resource of 69.6 million tonnes of ore at a grade of 1.0 percent lithium oxide, with Manna alone holding 19.4 million tonnes at 0.91 percent Li2O in ore reserves.

In an effort to focus on its core lithium projects, Global Lithium launched an initial public offering to spin out its Marble Bar gold assets into a separate company, MB Gold, in October. Global Lithium will retain the rights to the lithium tenements at Marble Bar.

The same month, Global Lithium released its Q3 results, highlighting advanced permitting and development work across its Western Australian portfolio.

Additionally, the company secured a Native Title Mining Agreement with the Kakarra Part B group and was granted a mining lease for its flagship Manna lithium project, while continuing definitive feasibility study (DFS) work aimed at improving project economics.

At Marble Bar, drilling results were released from a co-funded exploration program. Corporate activity included the sale of its investment in Kairos Minerals (ASX:KAI,OTC Pink:KAIFF), leaving Global Lithium with a cash position of AU$21 million at quarter end.

The DFS for the Manna project was completed in December, which Global Lithium said confirmed it as a long-life, economically robust development. The DFS outlines a post-tax net present value of AU$472 million and an internal rate of return of 25.7 percent, supported by competitive costs, a 14 year mine life and recently secured permitting milestones, positioning the project for a future investment decision.

Global Lithium ended the year by signing a non-binding memorandum of understanding with the Southern Ports Authority to assess export options for spodumene concentrate from the Manna lithium project. The agreement focuses on the potential shipment of up to 240,000 tonnes per year through the Port of Esperance.

Global Lithium shares reached a 2025 high of AU$0.69 on December 28.

4. Core Lithium (ASX:CXO)

Year-to-date gain: 208.99 percent
Market cap: AU$718.34 million
Share price: AU$0.27

Core Lithium is an Australian hard-rock lithium producer focused on the Finniss lithium operation, an open pit and underground mine on the Cox Peninsula in the Northern Territory, about 88 kilometres from the Port of Darwin.

The Finniss operation was put on care and maintenance in 2024.

In the September 2025 quarter, Core Lithium advanced plans to restart the Finniss project as a low-cost underground operation with a 20 year mine life following the results of its restart study.

Also in Q3, Core secured firm commitments for more than AU$50 million in new funding to accelerate development, lifted total Finniss ore reserves by 42 percent to 15.2 million tonnes and exited its final offtake agreement, leaving future spodumene production fully unencumbered. Cash at quarter-end stood at AU$35.9 million.

In November, Core updated its mining plan for the Grants deposit at Finniss and boosted the deposit's ore reserve by 33 percent to 1.53 million tonnes at 1.42 percent lithium oxide, a 44 percent increase in contained lithium.

Instead of Grants starting as an underground mine, the optimised mine plan changes Grants to an initial open-pit operation before it transitions underground, cutting pre-production capital by between AU$35 million and AU$45 million and accelerating first ore delivery, supporting the ongoing Finniss strategic funding process.

On December 23, Core Lithium sold its 100 percent interests in the Napperby, Fitton and Entia uranium projects in the Northern Territory and South Australia to Elevate Uranium (ASX:EL8), which it identified as non-core assets.

The deal includes AU$2.5 million in cash, 8.9 million Elevate shares valued at AU$2.5 million and a 1 percent net smelter royalty on the Napperby project.

The sale sent shares of Core Lithium higher, reaching a year-to-date high of AU$0.29 on December 23.

5. Liontown (ASX:LTR)

Year-to-date gain: 197.17 percent
Market cap: AU$4.69 billion
Share price: AU$1.57

Liontown has two assets in Western Australia, including the Kathleen Valley mine and processing plant. The mine entered open-pit production during H2 2024, and the plant hit commercial production in January 2025.

The firm is currently transitioning from open-pit to underground mining at Kathleen Valley. Underground production stoping kicked off in April 2025, making Kathleen Valley Western Australia’s first underground lithium mine.

Liontown also owns the Buldania lithium project in the Eastern Goldfields province of Western Australia. The project has an initial mineral resource of 15 million tonnes at 1.0 percent lithium oxide.

The company released its 2025 fiscal year results on July 29, reporting that Kathleen Valley produced over 300,000 wet tonnes of spodumene concentrate during its first 11 months of operations.

Liontown reported strong results for its fiscal Q1 2026, ending the period with AU$420 million in cash and 20,912 dry metric tonnes (dmt) of saleable spodumene concentrate on hand. The company produced 87,172 dmt of spodumene concentrate during the quarter at an average grade of 5.0 percent lithium oxide.

Liontown mined 105 percent more ore from its underground operations quarter-over-quarter, totalling 225,000 tonnes across 14 stopes. Underground operations reached a 1 million tonne per annum run-rate in September, while the Kathleen’s Corner open pit reached its final major ore zone on schedule for December completion.

In mid-November, Liontown held its first digital spot sales auction for 10,000 wet tonnes of Kathleen Valley spodumene via the Metalshub platform. "The auction drew over 50 qualified buyers from nine countries, with a winning bid of US$1,254/dmt for SC6.0-equivalent product," the company stated. It plans to continue holding these auctions as part of operations.

A few weeks later, Liontown signed a binding offtake agreement with Canmax Technologies (SZSE:300390) to supply 150,000 wet tonnes of spodumene concentrate per year in 2027 and 2028, with pricing to be set via a formula linked to spodumene concentrate indices.

The company ended the year announcing the completion of open pit operations at the Kathleen Valley mine, noting the project has now fully transitioned to underground mining.

The open pit provided initial mill feed, construction material for the ROM pad and tailings facility, and stockpiles to ensure feed security through early fiscal year 2027. Underground development and production are ramping up as planned and will prioritise high-margin ore.

Shares of Liontown reached a 2025 high of AU$1.675 on December 29.

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