For the past couple of years, lithium prices have been surging on the back of strong demand for the lithium-ion batteries used to power electric cars.
But major announcements in the lithium market since January have increased investors’ fears of potential oversupply in the space.
A widely expected deal between Chilean development agency Corfo and top lithium producer SQM (NYSE:SQM), along with Morgan Stanley’s (NYSE:MS) bearish outlook, have fueled concerns. As a result, many lithium stocks were hurt during the first three months of the year.
That said, some companies are still up year-on-year. With that in mind, here’s an overview of the top Canadian lithium stocks on the TSX and the top Canadian lithium stocks on the TSXV with year-on-year gains. Only companies with market caps above $10 million are included.
Top Canadian lithium stocks on the TSX:
1. Orocobre (TSX:ORL)
Current price: C$4.93; year-on-year gain: 71.28 percent
Orocobre is building a substantial Argentina-based industrial chemicals and minerals company through the construction and operation of its portfolio of lithium, potash and boron projects and facilities. Orocobre’s operations include the Olaroz lithium-producing facility in Northern Argentina, Borax Argentina, an established Argentine boron minerals and refined chemicals producer, and a 35-percent interest in Advantage Lithium (TSX:AAL,OTCMKTS:AVLIF).
2. Lithium Americas (TSX:LAC)
Current price: C$6.25; year-on-year gain: 34.41 percent
Lithium Americas, together with SQM, is developing Cauchari-Olaroz, located in Argentina, through its 50-percent interest in Minera Exar. In addition, Lithium Americas owns 100 percent of the Lithium Nevada project, as well as RheoMinerals, a supplier of rheology modifiers for oil-based drilling fluids, coatings and specialty chemicals.
Top Canadian lithium stocks on the TSXV:
1. QMC Quantum Minerals (TSXV:QMC)
Current price: C$0.58; year-on-year gain: 329.63 percent
Junior exploration company QMC Quantum Minerals is focused on properties in Manitoba, and its flagship asset is the Cat Lake lithium property in the province. Cat Lake, formerly the Irgon mine, is a historic rare metals deposit where “substantial developmental work” was undertaken by Lithium Corporation of Canada. QMC is currently completing its own exploration at the property.
2. Lithium Energi Exploration (TSXV:LEXI)
Current price: C$0.44; year-on-year gain: 137.84 percent
Lithium Energi Exploration is an exploration company specializing in the strategic acquisition, exploration and development of lithium brine assets in Argentina. The company is headquartered in Toronto, Ontario and has offices in Dallas, Texas and Catamarca, Argentina.
3. Power Metals (TSXV:PWM)
Current price: C$0.64; year-on-year gain: 120.69 percent
Power Metals is a diversified mining company focused on the exploration, development and acquisition of high-quality mining projects. The company is committed to developing projects in both lithium and high-growth specialty metals and minerals.
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Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Advantage Lithium is a client of the Investing News Network. This article is not paid-for content.