The Conversation (0)
July 30, 2023
Lithium exploration and project development company Critical Resources Limited ASX:CRR (“Critical Resources” or “the Company”) is pleased to report on its activities for the quarter ended 30 June 2023 (“the Quarter”). The focus for the quarter remained on the advancement of the Company’s flagship asset, the Mavis Lake Lithium Project.
Highlights
- Maiden JORC Code 2012 compliant Mineral Resource Estimate (MRE) defined for the Mavis Lake Lithium Project – 8.0Mt at 1.07% Li2O
- Significant new spodumene intercepts, adding tonnage for a future Mineral Resource upgrade
- Commencement of spring exploration program across the 8km pegmatite trend encompassing the Gullwing and Tot prospects
- Exceptional results from metallurgical test work – up to 87% Lithium recovery from heavy liquid separation and flotation, producing a high-grade, low impurity concentrate
- Agreement in Principle signed and ceremony held with Wabigoon Lake Ojibway Nation in support of continued project progression
- Appointment of lithium industry expert, Mr Anthony Tse as strategic advisor to the board.
- $10.2M capital raise (completed subsequent to the Quarter end) allows for continued focus on resource growth and project development, with on-going drilling focused on delivery of a future Mineral Resource upgrade
Operational Activities
Mavis Lake Lithium Project (100%) – Ontario, Canada
The Company continued to progress activities associated with the development of Mavis Lake, achieving significant milestones during the Quarter. These included announcement of a maiden JORC Code 2012 compliant Inferred Mineral Resource Estimate (MRE) for Mavis Lake – an essential step in Critical Resources’ transition from explorer to project developer. Other highlights included the release of exceptional assay results from drilling, release of metallurgical test results, commencement of exploration at the nearby Gullwing and Tot prospects and announcement of a key community partnership with Wabigoon Lake Ojibway Nation (“WLON”).
Maiden Mineral Resource Estimate1. In May, the Company delivered its maiden JORC Code 2012 compliant Inferred Mineral Resource Estimate (MRE) for Mavis Lake. Based on drilling completed up to the end of March 2023, and only covering approximately 2% of the project area.
The 8.0Mt grading 1.07% Li2O MRE is the culmination of an intense 11-month exploration campaign. The achievement sees Critical Resources become one of only two ASX-listed companies with a JORC Code 2012 compliant Lithium Mineral Resource in Ontario, Canada. The defined resource, sets the Company apart and underpins efforts to transition from explorer to project developer.
Click here for the full ASX Release
This article includes content from Critical Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
CRR:AU
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21 July
Lithium Market Update: Q2 2025 in Review
The second quarter of 2025 brought more downward pressure for lithium prices, as values for lithium carbonate continued to contract, slipping to their lowest level since January 2021.
After starting the year at US$10,484.37 per metric ton, battery-grade lithium carbonate rose to a year-to-date high of US$10,853.85 on January 27. Prices sank through Q1 and most of Q2, bottoming at US$8,329.08 on June 24.
Lithium hydroxide followed a similar trajectory, with Fastmarkets analysts noting an 89 percent drop in prices for battery-grade lithium hydroxide monohydrate between 2022 and 2025.
“The lithium industry is definitely navigating a period of complexity,” said Paul Lusty, head of battery raw materials at Fastmarkets, at Fastmarkets' Lithium Supply & Battery Raw Materials conference in June.
“We're facing headwinds, no doubt, and we're also seeing quite a lot of negative or bearish sentiment widespread in the market, and I think at times, it's amplified by voices that really overlooked the phenomenal levels of demand that we're seeing in many aspects of the market.”
However, Lusty explained that despite facing a multi-quarter price slump, lithium’s long-term drivers remain robust, and are primarily driven by what he described as “mega trends.”
“The fundamentals are really still very strong, and these are anchored in some very powerful, mega trends that we see developing within the global economy; the urgent drive for climate change mitigation, the once in a generational shift in the global energy system, and also the rise of energy intensive technologies such as artificial intelligence,” he said.
Chinese expansions behind lithium oversupply
Although the long-term outlook for lithium remains positive, oversupply and market saturation have added headwinds during the first half of 2025. Demand, particularly from the electric vehicle (EV) sector, remains strong, but global lithium mine supply has outpaced it, rising by an estimated 22 percent in 2024 alone.
“We're forecasting similar year on year increases for both 2025 and 2026 equivalent to around 260,000 tons of additional (lithium carbonate) alone just this year,” explained Fastmarkets' Lusty.
“Chinese producers have been particularly aggressive in terms of expanding capacity.” Australia, Argentina and Chile are also driving growth alongside emerging producers like Brazil, and several African nations.
According to data from the US Geological Survey, mined supply from China increased 14.85 percent from 35,700 metric tons in 2023 to 41,000 in 2024, however an asterisk notes that the tallies are estimates, and exact numbers may be “withheld to avoid disclosing company proprietary data.”
For Fastmarkets, the total is likely higher.
“China has rapidly expanded its mining footprint, boosting domestic lithium output by 55 percent since 2023 and is on track to surpass Australia as the world’s top producer by 2026," said Lusty. “One of the most notable developments has been the rise of African supply that we started to see over the last two years,” said Lusty.
Africa’s emerging role in the lithium sector
The importance of African supply to the future lithium market was also the topic at Claudia Cook’s presentation, "The Lithium Market Shift: China’s and Africa’s Role in Redefining Supply."
During the 20 minute overview Cook explained that China is increasingly looking to African hard-rock lithium supply to provide feedstock for the country’s growing chemical segment.
So much so that by 2030 18 percent of global hard-rock lithium supply will originate from the continent.
Additionally, the continent will see a 170 percent uptick in hard-rock lithium supply output between 2025 and 2035, according to Cook, who attributes the massive expansion to China’s need to diversify its lithium sources due to domestic supply constraints. To facilitate this demand, China has invested heavily in African production.
“In 2025, 79 percent of African output will be China owned,” she said. “That percentage reduces down to 65 percent in 2035 however, with the increase in tonnage, even though there's a reduction in percentage, there'll be an almost doubling in terms of how much that's actually being put out.”
Regionally, Cook pointed to Zimbabwe and Mali as the country’s poised to see the most growth.
In 2025, Zimbabwe alone is expected to account for 70 percent of African lithium supply, though its share is projected to fall to 43 percent by 2035 as new countries come online.
Despite that shift, African output overall is set to rise significantly, with nations like the DRC, Ethiopia, and Namibia expected to begin production by 2035, said Cook.
Lithium demand surges, but prices lag
The rapid increase in supply has pushed prices to multi year lows, levels that are unsustainable and fail to incentivize new production. Despite this demand remains strong and is expected to grow.
According to the US Geological Survey, global consumption of lithium in 2024 was estimated to be 220,000 tons, a 29 percent increase from revised consumption of 170,000 tons in 2023.
Much of the demand story is attributed to soaring global EV sales, which were up 35 percent in Q1. Lithium consumption in this segment is projected to grow 12 percent annually through 2030.
“Globally, electric car sales this year are forecast to surpass about 20 million units in 2025 representing more than a quarter of all cars sold,” said Lusty.
Future lithium demand remains underpinned by deep structural shifts in global energy consumption.
“We’re witnessing extraordinary battery demand tied to the electrification of the global economy and the rise of renewable energy,” said Lustyt, pointing to surging electricity needs and the increasing role of storage solutions.
In 2024, global electricity demand rose by over 4 percent, adding 1,100 terawatt-hours to the grid, more than Japan’s total annual consumption. This marks the largest year-on-year increase outside post-recession rebounds and reflects broad trends such as greater electricity access, the proliferation of energy-intensive appliances, the expansion of artificial intelligence and data centers, and the shift to electric-powered heavy manufacturing.
Notably, 95 percent of future demand growth is expected to be met by renewables like solar and wind, further boosting the need for battery energy storage systems (BESS) to manage intermittency and stabilize grids.
“Batteries are now essential — not just for EVs, but to balance power systems across sectors,” Lusty added.
Data centers, in particular, are becoming a key growth driver. Since 2017, their electricity use has grown 12 percent annually, according to Fastmarkets, with the US seeing half its centers concentrated in five regional hubs.
By 2030, BESS demand from data centers alone could represent a third of the market, with a projected compound annual growth rate of 35 percent over the next five years.
Overall, lithium demand is forecast to grow 12 percent annually through 2030, underpinned by EV adoption, renewable integration, and digitalization. While China currently accounts for 60 percent of global demand, that dominance is expected to wane as other regions scale up.
“The long-term fundamentals remain intact,” he said, “and it's hard to envision a future where lithium isn’t central to the global economy.”
What's next for lithium in 2025?
After June saw prices slip to year-to-date lows, lithium saw a brief uptick in early July amid speculation about supply cuts from Australian miners Mineral Resources (ASX:MN,OTC Pink:MALRF) and Liontown Resources (ASX:LTR,OTC Pink:LINRF). However, gains were reversed after the rumors were denied.
In the US, policy uncertainty continues to weigh on sentiment. A rollback of EV tax credits under the Trump administration could spark a short-term sales bump, but longer-term support appears fragile.
New fair competition rules in China, aimed at curbing downstream dumping, have fueled speculation about broader impacts. While upstream effects are unclear, the policy contributed to July’s brief price rise.
“The nascency of the lithium market means that it is prone to be led by sentiment,” wrote Cook in a monthly update.
"We have especially seen this at play this month as prices ticked up momentarily mainly from rumors of supply cuts, highlighting how twitchy and reactive the market currently is," she continued.
"These rumors have since been denied … However, with healthy inventory levels and continued ramp-up of production, the reported supply cuts, even if they proved true, may not be enough to dip the market into a deficit.”
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
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09 July
Ekin Ober on Why AI Could Be Mining’s Most Valuable Tool Yet
For Ekin Ober, bringing generative artificial intelligence (AI) to the critical metals sector through her work at Aethos Labs wasn’t just about technological innovation — it reshaped how she thinks about strategy and sustainability in mining.
Now a principal at Kinterra Capital, Ober applies that broad, cross-disciplinary lens to investment decisions, emphasizing the importance of digital fluency, stakeholder alignment and long-term viability.
Her experience helps her identify operational bottlenecks and social license challenges early — essential in guiding assets like nickel and copper projects from concept to production.
The Investing News Network (INN) sat down with Ober during the Fastmarkets Lithium Supply & Battery Raw Materials conference in Las Vegas, to learn more about the amalgamation of AI and mining.
While mining has long been viewed as a slow adopter of new technologies, Ekin Ober sees the tide turning — especially when it comes to AI.
However one of the largest learning curves has been educating industry stakeholders about the value of generative AI.
“They don’t need to be tech experts,” she said, “but it’s our job to show them how the tools work, and how their concerns can be addressed.”
As AI gains traction across the sector, she noted that even conservative markets are beginning to host dedicated discussions on the technology — a sign that change is accelerating.
How AI is being deployed
In addition to benefiting project planning through better modeling and digital twin, AI is making mining more efficient, safe and environmentally responsible.
In exploration, startups like KoBold use machine learning to analyze geological data, drastically cutting the time and cost of identifying potential lithium, copper, nickel and cobalt deposits
Operationally, majors such as Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO), BHP (ASX:BHP,NYSE:BHP,LSE:BHP) and Freeport-McMoRan (NYSE:FCX), deploy AI-powered autonomous haul trucks, drills and predictive maintenance systems that have slashed downtime and fuel use by up to 15 percent, while boosting throughput by 10 to 15 percent.
On the environmental front, AI tools optimize water management, monitor air quality and reduce waste, BHP’s Escondida mine reportedly saved over 3 gigaliters of water and 118 gigawatt hours of energy since 2022.
While AI isn't without its own controversy, usually arising from its energy consumption, Ober explained that AI integration can help reduce a mining site's overall energy intensity.
It is estimated that one billion daily AI prompts utilize 340 megawatt hours of electricity each day, while a mining site can use upwards of 1000 - 5000 megawatt hours. According to data from Natural Resources Canada, global mining operations consume 3 percent - 6 percent of the world's electricity.
Together, AI can help the mining sector better target deposits and reduce the amount of energy deployed.
“Drill holes (alone) use 3000 liters of diesel. And when you look at grinding, grinding ore is 70 percent of the mine’s electricity (consumption),” said Ober.
She added: So if you're using the technology for scans, you're able to use computer vision and scan a core, or look at the geography to reduce the number of drills, or the grinding exercise that you're going through, then it can actually save 1000s of hours of energy, conserving more than it consumes.”
From policy bottlenecks to permit approvals
This efficiency has made AI data sets appealing to governments as well. Through initiatives like DARPA’s CriticalMAAS and a collaboration with the US Geological Survey, AI models can now transform geologic map processing — from years to mere days — by automating georeferencing and mineral feature extraction.
These tools help rapidly assess hundreds of critical minerals across vast regions, accelerating decision-making and reducing exploration risk.
Meanwhile, the Pentagon’s AI-driven metals forecasting program, now managed by the Critical Minerals Forum, models supply, pricing and policy scenarios to bolster US sourcing strategies — especially for rare earths, nickel and cobalt.
For Ober, AI can also be integral to the often extended permitting process, while also implementing ESG goals and best practices. She explained that at Kinterra, AI is already playing a key role in streamlining permitting assessments, one of the most complex hurdles in mine development.
The firm has built a closed-loop system using large language models layered with its own criteria and values, including permitting stages, Indigenous engagement and community sentiment. The tool filters thousands of data points — from state filings to news releases and emails — extracting only what’s relevant.
Jurisdiction-specific updates are then summarized and delivered directly into Microsoft Teams, offering a real-time, digestible overview of key permitting signals.
“We need the company and the community to be engaged,” she said. “We take a very proactive approach. We engage very early on.”
Industry wide Ober sees AI improving the efficiency and transparency of mining permitting.
“One of the biggest concerns we hear is around security,” said Ober. “But we already trust companies like Google, Microsoft and Apple with sensitive data every day. If you’re using legitimate tools with strong policies in place, it’s manageable.”
Ober believes AI’s biggest value lies in its ability to accelerate slow, document-heavy government processes.
“Permitting can stall a project for years — not because of technical issues, but because no one has time to read the documents,” she said. “That’s where AI can help. Large language models can extract key information, layer in governance or environmental criteria and summarize it in a way that’s actionable.”
To address the risk of accuracy, Kinterra has designed its systems to generate traceable outputs.
“You can click a link and go straight to the original document and quote,” she explained, adding that this level of transparency is crucial for regulators and investors alike.
“It’s hard to commit capital when you don’t know if or when a permit will be granted,” she said. “AI won’t replace people, but it can get us to decision points faster — something the entire sector needs.”
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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08 July
Chris Berry: The West Must Invest in Refinement Now or Fall Further Behind
China’s grip on the battery metals sector has drawn increasing scrutiny in recent years as nations confront growing concerns around supply chain risk and resource security.
Through a blend of domestic output and aggressive overseas investment, particularly in Africa and South America, Chinese companies now command a significant share of upstream supply.
The country is responsible for roughly 60 percent of global rare earths production and controls over 70 percent of cobalt supply through its stakes in mines across the Democratic Republic of Congo.
Meanwhile, its lithium footprint continues to grow through key assets in Chile, Argentina and Australia, reinforcing China’s strategic control across the entire battery metals value chain.
In addition to resource extraction China also firmly controls the global midstream of the battery metals supply chain, particularly in refining and processing. The country currently accounts for approximately 70 to 72 percent of lithium refining and 68 percent of cobalt refining, with similar dominance in graphite and rare earth processing.
China’s control of the battery metals supply chain was a dominant theme at the Fastmarkets Lithium Supply & Battery Raw Materials conference held at the end of June in Las Vegas.
During the “Building North America's Sustainable EV and ESS Supply Chain” expert panelists explored complex forces shaping the battery supply chain, pointing to the intersection of commodities, geopolitics and evolving technologies as critical pressure points.
Chris Berry, founder and president of House Mountain Partners, stressed the importance of mastering midstream production amid shifting chemistries, and called for bold action, specifically, increased funding for refining and next-generation processing.
He also advocated for selective collaboration with China, highlighting the necessity of leveraging mutual strengths in a deeply interlinked global market.
The Investing News Network caught up with Berry after the panel discussion to find out what investors are misunderstanding about the battery supply chain and where opportunity lies.
For Berry, a convergence of high interest rates, volatile metal prices and deepening policy uncertainty is keeping critical investment sidelined at a time when it’s most needed.
Speaking to current market dynamics, Berry noted that while capital was readily available two years ago — when lithium traded around US$80,000 per tonne and other metals saw record highs — today’s environment is far less favorable.
“The cost of capital is much higher, and policy uncertainty is the biggest issue investors are grappling with,” he said, pointing to unpredictable tariff measures and export controls as key deterrents.
For institutional investors and private equity funds, that lack of clarity makes it nearly impossible to deploy capital into battery supply chains with confidence.
The timing couldn’t be worse, Berry added, as nations seek to reindustrialize and compete with China’s dominant position. “Any delay in getting money into the ground today means falling further behind tomorrow.”
Lithium's boom/bust cycle
After 15 years in the lithium space and three boom-bust cycles, Berry sees the market once again caught between extremes.
“In each cycle, prices have overshot on the upside and overcorrected on the downside,” he said, noting that lithium peaked around US$85,000 per metric ton in late 2022 — well above sustainable levels.
Fast forward to mid-2025, and the price has tumbled to just over US$8,000, a level Berry also considers unsustainable given the strength of long-term demand.
Despite price volatility, he still expects lithium demand to grow by 20 percent annually through the end of the decade — requiring the industry to double in size by 2030. But with investor hesitation and incentive pricing far off, capital is slow to flow into new supply.
“How is it supposed to double when the economics aren’t there?” he asked, warning that delays today could set the stage for the next inevitable boom. For now, opaque pricing and limited market visibility continue to challenge investors and developers alike.
Western refining capacity
During his panel discussion Berry suggested that the west look to the midstream segment of the battery metals supply chain as an opportunity for growth.
“I would fund the refining portion of the supply chain, whether that's refining raw materials, lithium, nickel, what have you, or magnets, next generation technology. That to me, is really the bottom line and where the government should focus,” he told the attendees.
Berry expanded on his answer explaining that mines can take over a decade to be fully permitted while refining and processing sites have a much shorter lead time.
“This is the fundamental difference. If we're talking about building a mine, (that)could be 10 - 15, plus years. It's very situationally dependent,” he said to INN. “But if we're talking about refining capacity, I would argue that from the time you found a site, got the permits, raised the capital, put it in the ground, is five years.”
For Berry, the buildout of western refining and processing is the logical step in wresting some of the supply chain control out of China's hands.
“If we're talking about how we can lessen dependence on China? That's how you do it. You strike a deal with raw material providers or producers. Maybe they're Canadian, maybe they're Australian, maybe it's Chilean. Maybe it's a country in Africa. But, the process of capacity is absolutely critical. It's much faster to production,” he said.
Partnership and collaboration
While Berry is adamant that more refining capacity outside of China is needed, he is not opposed to strategic partnerships and alliances with the nation.
“It's a US$500 billion a year relationship. You think about trade between the US and China, and I don't even know if it's feasible to unwind that,” he said during the panel.
“I don't think it's wise to be honest with you, but with respect to the EV supply chain, I just think, why wouldn't we try and find a way to selectively partner and leverage each other's strengths?”
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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07 July
Albemarle's Commitment to Sustainability Shines in New Report
As global demand for critical minerals intensifies, Albemarle (NYSE:ALB) continues to position itself as a global leader not only in lithium production but also in sustainable practices.
In its newly released 2024 sustainability report, titled “Values-Led, Purpose-Driven,” the company underscores its commitment to reducing its environmental footprint across six continents, supporting global supply chains and promoting human rights across operations.
From cutting freshwater intensity at its Chilean operations by 28 percent to procuring 24 percent of its electricity from renewable sources, Albemarle is striving to grow its energy storage business while keeping carbon emissions flat, as it translates ESG goals into action.
The Investing News Network sat down with Vice President of Investor Relations and Sustainability, Meredith Bandy, to learn more about how Albemarle is embedding sustainability into every layer of its business, from lithium and bromine operations to community engagement and product stewardship.
Before joining Albemarle, Bandy held a similar role at gold major Newmont (TSX:NGT,NYSE:NEM) and brings a wealth of experience from the financial services industry as well.
“I have that core experience in finance, being on Wall Street, doing investor relations and then branching out more into other areas has been something I've really enjoyed,” said Bandy of the variety of roles she has held.
As head of investor relations and sustainability Bandy was part of the team that drafted Albemarle’s 2024 sustainability report released in mid-June. The comprehensive 79-page overview highlights Albemarle’s environmental focus with tangible gains in renewable energy use and water conservation.
The company now sources 24 percent of its electricity from renewables, up from 16 percent in 2023, and aims to grow its energy storage business without increasing Scope 1 and 2 emissions.
A new decarbonization roadmap will address key emissions hotspots through electrification, efficiency upgrades and low-carbon power alternatives. On the water front, Albemarle cut freshwater intensity at its La Negra site in Chile by 28 percent, while recent upgrades at its Jordan Bromine Company plant are expected to bring that facility in line with 2030 reduction targets.
At the center of Albemarle’s strategy is community and customer base, as Bandy explained.
“Staying on top of the regulatory requirements, and staying really close to our customers and understanding what's most important to them,” she said.
Bandy went on to note: “When we talk to the customers, it's not surprising, they want to make sure that their EVs are clean, that they're low carbon emissions, they're being responsible with the water use, that there's no human rights violations in the supply chain. Sustainability can be a lot of things to a lot of people, but making sure we stay in those really core issues to our customers, and staying close to our customers, to make sure we're doing the right things.”
Albemarle has expanded its commitment to transparency and accountability by offering externally verified carbon footprints for its lithium and bromine products across key facilities in the US, Jordan and China.
The company also completed a human rights assessment at its Salar de Atacama operation in Chile to ensure alignment with international standards.
The 2024 sustainability report was prepared in accordance with leading ESG frameworks, including GRI, SASB and TCFD, reinforcing Albemarle’s emphasis on robust governance and responsible supply chain practices.
As Bandy mentioned the company is also working closely with customers, not only delivering the lithium and bromine but also developing key technologies. Albemarle supplies a key lithium derivative to Kraton, a producer of specialty polymers and bio-based chemicals, for use in styrenic block copolymers (SBCs), an essential additive in plastic waste recycling.
This application supports circular economy initiatives by enhancing the reuse of materials. Beyond the technical partnership, Albemarle and Kraton share a strong alignment in values and sustainability goals, reinforcing their mutual commitment to responsible innovation and environmental stewardship.
Recycling as a resource
The global black mass (battery materials) recycling market, driven by the rise of electric vehicles and renewable energy storage, is projected to grow from US$13.04 billion in 2024 to US$51.53 billion by 2033, with a compound annual growth rate (CAGR) of 16.8 percent.
Asia Pacific currently leads the sector, accounting for nearly 68 percent of market revenue, while the US market is expected to expand at a 17.8 percent CAGR. Automotive batteries make up over half of today’s market, with nickel-based batteries expected to grow fastest through 2033.
Although black mass is a burgeoning industry, Bandy sees the sector’s current and future value.
“For us in the long term, (black mass) will probably be another resource,” she said. “Typically, the black mass that comes out of recycling is very similar to the concentrate produced at our conversion assets. So I think it's an opportunity for us.”
While recycling currently focuses more on nickel, lithium’s role is expected to grow over time, especially in regions like Europe and Asia.
China, with the world’s largest electric vehicle fleet, is already seeing significant volumes of lithium available for recycling and is expected to continue its lead in that space.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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04 July
Top 5 Australian Mining Stocks This Week: Argosy Climbs 89 Percent on Rincon Lithium Spot Contract
Welcome to the Investing News Network's weekly round-up of Australia’s top-performing mining stocks on the ASX, starting with news in Australia's resource sector.
This week's top performing stocks include firms focused on a wide variety of metals.
Lithium stocks, including top gainer Argosy Minerals (ASX:AGY), picked up momentum this week as prices moved upwards for a second straight week. Companies focused on magnetite and rare earths were also among the week's top performers, including Freehill Mining (ASX:FHS), which saw its shares surge following insider buying from key executives.
The top stocks below weren't the only ASX companies making news this week.
Gold company Meeka Metals (ASX:MEK) joined the spotlight by announcing its first gold pour at the Murchison gold project in Western Australia, which was achieved within 12 months of breaking ground.
Additionally, Cobalt Blue Holdings' (ASX:COB) Broken Hill cobalt project was awarded a three-year extension to its major project status initially granted in March 2022.
Mining giant Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) is moving to the next stage of mine development at its Brockman Syncline 1 iron ore project in Pilbara, Western Australia. The company has already committed a US$1.8 billion investment to extend the life of the Brockman hub, with first ore expected in 2027.
Market and commodity price round-up
The S&P/ASX 200 index opened at 8,514.20 on Monday (June 30) and closed at 8,600.70 on Thursday (July 3), reflecting a 1 percent gain over the period.
As for precious metals, gold climbed by 1.93 percent in US dollars, starting the week at US$3,274.11 per ounce and closing at US$3,337.32 by July 4. In Australian dollars, gold increased 1.58 percent from AU$5,013.87 to AU$5,093.25.
Silver jumped 2.61 percent in US dollars this week, opening at US$36.00 on Monday and closing the week at US$36.94. The metal also climbed in Australian dollars, up 2.25 percent from AU$55.13 to AU$56.37 within the same period.
Top ASX mining stocks this week
How did ASX mining stocks perform against this backdrop?
Take a look at this week’s five best-performing Australian mining stocks below as we break down their operations and why these mining stocks are up this week.
Stock data for this article was retrieved at 4:00 p.m. AEST on July 3 using TradingView's stock screener. Only companies trading on the ASX with market capitalizations greater than AU$10 million are included. Mineral companies within the non-energy minerals, energy minerals, process industry and producer manufacturing sectors were considered.
1. Argosy Minerals (ASX:AGY)
Weekly gain: 88.89 percent
Market cap: AU$27.66 million
Share price: AU$0.034
Argosy Minerals is a Perth-based lithium producer established in 2010.
The company’s flagship asset is the Rincon lithium brine project in Argentina’s Salta Province, in which it currently holds a 77.5 percent interest with plans to increase its interest in Rincon to 90 percent through its earn-in agreement.
Rincon sits within the Lithium Triangle, spanning 2,794 hectares. It entered production of battery-grade lithium carbonate in 2024 at its 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.
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.
Shares of Argosy surged 94.74 percent on Thursday (July 3), closing at AU$0.037 after opening at AU$0.019.
In a July 3 letter, the company attributed its sharp share price surge to the announcement of the spot sales contract, which “led to increased interest and enquiries from battery industry participants.” The company noted that recent site visits may have also contributed to greater market attention.
Argosy also pointed to a broader uplift in sentiment across both US- and ASX-listed lithium stocks around the time of its announcement, saying that there is potentially a more optimistic outlook for the sector.
2. Freehill Mining (ASX:FHS)
Weekly gain: 66.67 percent
Market cap: AU$13.66 million
Share price: AU$0.005
Freehill Mining is a Melbourne-based exploration company focused on developing iron ore, copper and gold assets in Chile, as well as producing materials to the construction sector as a revenue stream.
Its flagship project is the Yerbas Buenas magnetite deposit, located near La Serena in Northern Chile. The company also holds the Arenas and El Dorado concessions, which together span over 2,000 hectares.
El Dorado is a copper-gold project situated within the El Tofo fault and the Yerbas Buenas concession block. Freehill confirmed in a May 14 report that it has already contracted a local geologist to undertake further exploration at the project, with exploration scheduled to commence in late May.
In April, Freehill shared a major expansion in Chile, signing a long-term lease on a second site near La Serena to bolster its current construction materials supply from its plant at Yerbas Buenas. The new facility is expected to reduce transport costs by approximately 40 percent and increase margins by serving smaller contractors.
According to its recent report, the March 2025 quarter recorded AU$636,000 in sales, down from AU$954,000 in the previous quarter due to seasonal factors.
Over the last week, several company insiders and shareholders made significant investments in the firm.
On June 27, the company published three changes of directors’ interests. Chairman Benjamin Jarvis acquired more than 66 million shares with a combined consideration of AU$200,701 through a combination of direct and indirect ordinary shares and options, including a single purchase of 52 million indirect ordinary shares.
Directors Peter Williams and Paul Davies both acquired 1.56 million indirect ordinary shares.
Days later, on June 30, the company’s largest shareholder Gavin Ross increased his position in Freehill from 7.65 percent to 8.43 percent by acquiring 85.5 million shares for a total investment AU$331,400.
3. Peak Minerals (ASX:PUA)
Weekly gain: 59.26 percent
Market cap: AU$98.26 million
Share price: AU$0.043
Peak Minerals is an exploration company focused on discovering and developing mineral resources in Cameroon and Australia. Its flagship project is its Minta rutile project in Central Cameroon.
The mineral rutile is a common form of natural titanium dioxide with end uses including optical elements, welding and titanium metal. It also holds the Kitongo and Lolo uranium projects in the country.
On Tuesday (July 1), the company shared assays from 156 holes drilled across the Minta, Minta East and Afanloum areas that all included heavy mineral mineralisation and rutile, causing a large increase of the zone of heavy mineral mineralisation at the project. Results include highlighted alluvial intercepts such as 3.85 meters at an average grade of 18.4 percent heavy minerals and 4.75 meters at 14.2 percent, both from Afanloum.
A maiden mineral resource is in the works for Minta.
4. Black Canyon (ASX:BCA)
Weekly gain: 52.38 percent
Market cap: AU$20.74 million
Share price: AU$0.16
Black Canyon is focused on the exploration and development of manganese. It holds a significant amount of land in the Pilbara region of Western Australia, where its flagship Balfour Manganese Field is located.
According to Black Canyon, Balfour hosts the largest contained manganese deposit in Western Australia and the second largest in Australia. It has a global mineral resource estimate of 314 million tonnes at 10.5 percent manganese, including a higher-grade component of 99 million tonnes at 12.9 percent manganese, across three prospects.
Hydrometallurgical testwork on manganese oxide from Balfour resulted in over 99 percent pure high purity manganese sulphate monohydrate, meaning the product is suitable for batteries.
On June 30, the company announced that its drill program at its Wandanya manganese-iron project, located in Eastern Pilbara, confirmed that large manganese and iron mineralised systems were present at the site. Assays from the drilling are expected over the next two months.
A day after the news, Black Canyon’s shares closed at AU$0.135, marking a 12.5 percent gain for the day.
5. Ionic Rare Earths (ASX:IXR)
Weekly gain: 50 percent
Market cap: AU$63.21 million
Share price: AU$0.018
Ionic Rare Earths is a Melbourne-based producer and recycler of magnet and heavy rare earth elements, with operations in Uganda, UK, Brazil and the US. Its flagship asset is the Makuutu rare earths project in Uganda, which is recorded as one of the world’s largest ionic adsorption clay deposits.
Makuutu has a JORC resource of 532 million tonnes at 640 parts per million total rare earth oxide. It holds neodymium, praseodymium, dysprosium and terbium, which are key for electric vehicles and defense technologies.
Recent developments for Ionic Rare Earths include its 50 percent owned Viridion joint venture being accepted to receive Brazilian government funding towards developing a pilot rare earth refinery, demonstration magnet recycling plants, metallurgical testing and more. The company announced the funding on June 13.
Five days later, the company announced that Viridion is considering expanding its footprint to include a potential US-based rare earth refinery after the success in Brazil.
“IonicRE’s international expansion strategy now encompasses the UK/Europe, Asia, South and North America, as we work with our global partners to build an ex-China rare earths supply chain,” Managing Director Tim Harrison said.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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