Drilling Commences at the Barra Lithium Project in Brazil

Lithium Forecast and Stocks to Buy in 2025

Table of Contents

Lithium Market 2024 Year-End Review

Lithium Market Forecast: Top Trends for Lithium in 2025

Top 5 Canadian Lithium Stocks of 2024

Lithium Market 2024 Year-End Review

Lithium prices remained low in 2024 on the back of oversupply and weak demand.

Lithium carbonate spent the majority of the year contracting, shedding 22 percent between January and December. Prices started the 12 month period at US$13,160.20 per metric ton (MT) and ended it at US$10,254.16.

The weak price environment was the result of a supply glut, a factor that S&P Global expects to persist in 2025.

In a November report, the firm forecasts a “global surplus of approximately 33,000 metric tons of lithium carbonate equivalent in 2025, a decrease from the 84,000 metric tons surplus projected for 2024 and 2023's 120,000 metric tons."

Against that backdrop, S&P is projecting continued lithium carbonate price declines next year, with the annual average price projected at US$10,542 in 2025, down from US$12,374 in 2024 and a steep drop from US$40,579 in 2023.

Adding to price pressure, advances in alternative battery technologies are posing challenges to lithium's traditional dominance. In 2024, these factors combined to create a year of volatility and transformation for the critical battery metal.

Supply surplus weighs on lithium prices

Market saturation emerged as a key theme for lithium early in the year as a continued surplus weighed on prices.

The excess comes on the back of steadily growing mine supply over the last four years. In 2020, the annual global mine supply tally was 82,500 MT, a number that more than doubled in 2023 to 180,000 MT.

Prices for lithium carbonate remained in the US$13,000 range for January, but began to rise in mid-February, ultimately reaching a year-to-date high of US$15,969.26 on March 14.

The price momentum was attributed to announcements that some new projects were being delayed, while operations in development and production were being transitioned to care and maintenance.

“We also began to see some supply response to the persistent lower price environment, with the announcement of delays to expansion plans and layoffs at some lithium producers or aspirants,” Adam Megginson, analyst at Benchmark Mineral Intelligence, told the Investing News Network during the first quarter.

“I only expect this to palpably impact the supply picture in 12 to 18 months, as that is when these expansions were planned to ramp.”

Record-setting lithium M&A activity

This precarious landscape was fertile ground for M&A deals, which occurred throughout the year.

“As lithium projects struggle to stay above water, analysts also expect M&A activity to increase as major producers with positive cash flow try to find deals in the market while junior companies try to sell projects in a market where private capitals are scarcer than previous years," a February 12 report from S&P Global states.

2024 started with the completion of Livent (NYSE:LTHM) and Allkem's merger of equals. The deal saw the two companies combine under the Arcadium Lithium (NYSE:ALTM,ASX:LTM) banner,boasting a market cap of US$5.5 billion and an extensive portfolio of lithium production assets and resources across the Americas and Australia.

By September, the weak price environment had forced Arcadium to halt expansion plans for its Mount Cattlin spodumene operation in Western Australia, with plans to transition to care and maintenance by mid-2025.

Despite that setback, Arcadium made headlines once again a month later as global mining major Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) made a move to acquire the multinational lithium company. Once the US$6.7 billion all-cash transaction closes, Rio Tinto will become the third largest producer of lithium globally.

Another notable 2024 lithium deal was Pilbara Minerals' (ASX:PLS,OTC Pink:PILBF) August plan to acquire Latin Resources (ASX:LRS,OTC Pink:LRSRF) in an all-stock deal valued at approximately US$369.4 million.

The acquisition will grant Pilbara Minerals access to Latin Resources' flagship Salinas lithium project in Brazil's Minas Gerais state, enhancing its presence in the burgeoning North American and European battery markets.

In late November, Sayona Mining (ASX:SYA,OTCQB:SYAXF) and US-based Piedmont Lithium (ASX:PLL,NASDAQ:PLL) unveiled a merger that is set to create a consolidated entity valued at about US$623 million.

These deals helped make lithium one of the most active M&A segments in the critical minerals space.

“Lithium stands out with both the highest volume of deals and largest total deal value from 2020-24 (US$24 billion),” a 2025 critical minerals outlook from Allens reads. “Deal volume for lithium M&A deals peaked in 2023, but remains relatively high in 2024, showing comparable volume to 2022.”

Global EV sales rebound amid trade tensions and policy shifts

As one of the largest end-use segments for lithium, the EV industry is a key factor in the market.

Weak North American EV sales early in the year offset some positivity out of Asian markets; however, in late Q3 and Q4, global sales began to pick up momentum. In October, the Chinese EV market set another monthly record with 1.2 million units sold, a 6 percent month-on-month increase. According to data from research firm Rho Motion, EV sales between January and October were up 24 percent compared to the same period in 2023.

“The global EV market is now picking back up again, hitting record sales for the second month in a row. Most of the growth is coming from China and Western manufacturers are clearly feeling threatened by this. The US market remains buoyant in part thanks to Inflation Reduction Act (IRA) funding for consumers switching to electric which may be at risk with the start of the Trump presidency,” said Charles Lester, data manager at Rho Motion.

However, there is speculation that President-elect Donald Trump will dismantle key components of the IRA, particularly targeting the US$7,500 EV tax credit. His transition team has indicated intentions to eliminate this consumer incentive, which was designed to promote EV adoption and bolster the country's clean energy sector.

Critics have argued that removing the tax credit could hinder domestic EV sales and potentially benefit foreign competitors, notably China, by undermining investments in the US battery supply chain.

With that in mind, the proposed repealing of the tax credit has raised concerns among automakers and environmental advocates about the future of America's competitiveness in the rapidly growing global EV market.

The Biden administration made efforts to address that issue in May, when it sharply increased tariffs on Chinese EVs, raising duties to over 100 percent to counter alleged unfair trade practices. While the move was made to bolster domestic EV production and sales, critics said it could disrupt supply chains and raise consumer costs.

Following suit in August, North American neighbor Canada levied a 100 percent tariff on Chinese EVs, aligning with the US and EU to counter China’s trade practices. At the time, Prime Minister Justin Trudeau criticized China’s policies as unfair, citing their impact on Canadian industries and workers. He emphasized the need to protect the domestic EV and metal sectors from overcapacity caused by China’s state-driven production.

Canada also introduced a 25 percent surtax on Chinese steel and aluminum imports.

In response, China filed a formal complaint with the World Trade Organization over Canada’s decision to impose tariffs on Chinese-made EVs, steel and aluminum. Beijing criticized the measures as protectionist and in violation of international trade rules. China also filed similar complaints against the US and EU.

As uncertainty continues to plague the lithium space, analysts are projecting a sustained low-price environment into 2025, despite the production cuts and project delays that were prevalent in 2024.

"With the production cuts announced so far having primarily been about slowing future growth rather than immediate production, strong mine supply growth is still expected in the short-term, namely 24.7 percent in 2024 and 17.4 percent in 2025," Macquarie analysts told S&P Global as 2024 drew to a close.

"This suggests lower prices will need to persist for longer in the absence of any further price-induced cuts that rebalance the market sooner than our forecasts indicate.”

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.

Lithium Market Forecast: Top Trends for Lithium in 2025

After a tumultuous 2024 that saw lithium carbonate prices tumble 22 percent amid a global supply glut, analysts are predicting another year of volatility for the important battery metal.

Even so, some balance is expected to return — according to S&P Global, the lithium surplus is projected to narrow to 33,000 metric tons in 2025, down from 84,000 metric tons in 2024, as production cuts begin to temper excess supply.

Demand from the electric vehicle (EV) market remains a key driver, with China maintaining its dominance after record-breaking sales in late 2024. In North America, the EV sector will face uncertainty under the Trump administration.

As 2025 unfolds, the lithium sector will also have to navigate geopolitical tensions, including rising tariffs on Chinese EVs and escalating trade disputes that are reshaping global supply chains.

“The name of the game in lithium (in 2025) is oversupply. Excess production in places like Africa and China, coupled with softer EV sales, has absolutely hammered the lithium price both in 2023 and 2024. I wouldn't think we can dig ourselves out of this hole in 2025 despite reliably strong EV sales,” said Chris Berry, president of House Mountain Partners.

In his view, the next 12 months could be unpredictable in terms of lithium price activity.

“Lithium price volatility is a feature of the energy transition and not a bug,” he said. “You have a small but fast-growing market, opaque pricing, legislation designed to rapidly build critical infrastructure underpinned by lithium and other metals, and this is a recipe for boom-and-bust cycles demonstrated by extremely high and extremely low pricing.”

For Gerardo Del Real of Digest Publishing, seeing prices for lithium contract by 80 percent over the last two years evidences a bottoming in the lithium market and also serves as a strong signal.

“I think the fact that we're up some 7 percent to close the year in 2024 in the spot price leads me to believe that we're going to see a pretty robust rebound in 2025. I think that's going to extend to the producers that have obviously been affected by the lower prices, but also to the quality exploration companies,” Del Real said in December.

He believes contrarian investors with a mid to long-term outlook have a prime opportunity to re-enter the space.

Lithium market to see more balance in 2025

As mentioned, widespread lithium production cuts are expected to help bring the sector into balance in 2025.

William Adams, head of base metals research at Fastmarkets, told the Investing News Network (INN) via email that output cuts for the battery metal have already started inside and outside of China.

“We expect further cutbacks if prices do not recover soon in the new year. While we have seen some cuts, we are also seeing some producers continue with their expansion plans and some advanced junior miners ramp up production. So we are now in a situation where we are waiting for demand to catch up with production again," he said.

Adams and Fastmarkets expect to see lithium demand catch up to production in late 2025. However, he warned that refreshed demand is unlikely to push prices to previous highs set in 2022.

“We do not expect to see a return to the highs we saw in 2022, as there are more producers and mines around now and there has been a buildup of stocks along the supply chain, especially in China,” he said.

“This should prevent any actual shortage being seen in 2025, but stocks can be held in tight hands, and if the market senses a tighter market, then they may be encouraged to restock, which could lift prices. But the restart of idle capacity in such a case is likely to keep prices rises in check," Adams added.

Analysts at Benchmark Mineral Intelligence are taking a similar stance, with a slightly more optimistic tone.

“In 2025, prices are likely to remain fairly rangebound. This is because Benchmark forecasts a relatively balanced market next year in terms of supply and demand,” said Adam Megginson, senior analyst at the firm. He also referenced output reductions in Australia and China, noting that they may not be as impactful as some market watchers anticipate.

This past July, Albemarle (NYSE:ALB), announced plans to halve processing capacity in Australia and pause an expansion at its Kemerton plant amid the prolonged lithium price slump. One of the plant’s two processing trains will be placed on care and maintenance, while construction of a third train has been scrapped.

“These supply contractions are likely to be balanced by capacity expansions due to come online in China in 2025, as well as in African countries like Zimbabwe and Mali,” Megginson said.

“Expect supply from these other regions to play a bigger role in the market in 2025.”

Unpredictable geopolitical situation to impact sector

Geopolitics is likely to play a key role in the lithium market this year, both directly and indirectly.

In 2024, the Biden administration raised tariffs on Chinese EVs to over 100 percent to counter alleged unfair trade practices, aiming to boost domestic production, but drawing criticism over potential supply chain disruptions.

Canada followed suit with similar 100 percent tariffs on Chinese EVs, as well as a 25 percent surcharge on Chinese steel and aluminum, citing the need to protect local industries. China has responded with World Trade Organization complaints against Canada and the US, along with the EU, labeling the measures protectionist.

Whether these tariffs against China will be enough to bolster the domestic North American EV market remains to be seen; however, the issue could become even more complicated if US President-elect Donald Trump makes good on his threats to levy tariffs on America's continental trade partners, Canada and Mexico.

Del Real doesn't expect US tariffs on critical minerals like lithium, but expressed concerns about a trade war.

“The bottom line is getting into a tit-for-tat with China is a dangerous proposition because of the leverage they have, especially in the commodity space, and so the tariffs are going to be passed down to consumers," he said. In his view, Trump's tariff threats could be more of a negotiating tactic than a sustained strategy.

More broadly, the experts INN heard from expect resource nationalism, near shoring and supply chain security to play prevalent roles in the lithium market and the critical minerals space as a whole.

“There's no doubt that lithium in particular has become politicized as policy makers across the globe have awoken from their slumber and realized that dependence on critical materials and supply chains in a single country is a bad idea for both economic and national security,” said Berry, noting that China had this realization decades ago.

“There is no easy fix, and you're looking at roughly a decade before any western countries have any sort of a regionalized or 'friend-shored' supply chain. Accelerating this would involve massive capital investment, patience and most importantly, political will. North America in particular has made great strides in recent years, but we have a long way to go. I'm not sure if fully decoupling from China is even a good idea," the battery metals expert added.

For Benchmark’s Megginson, 2025 could be a year of increased domestic development.

“We have seen several countries attempting to adopt some form of 'resource nationalism.' In some cases, this has been driven by wanting to onshore the production of critical minerals that are necessary for defense and nuclear applications. In others, it stems from a desire to be more self-sufficient so they can be more resilient to supply shocks.”

Proposed tariffs from Trump could also serve as a catalyst for US lithium output.

“With the incoming Trump administration, everyone has their eyes on how promises of increased tariffs will be implemented. Ultimately, heavier tariffs would accelerate efforts to onshore capacity in the US,” Megginson said.

“We may see the EU following suit with tariffs. There has been much said of the diversification of the lithium market away from China, but many of those efforts stalled in 2024 as the downswing in prices and a shifting geopolitical landscape made these endeavors more challenging," added the Benchmark senior analyst.

This nationalistic focus is also projected to impact refinement capacity and jurisdiction.

“While extracting the lithium from the ground has been successfully done in non-incumbent countries, such as in Brazil, Central Africa and Canada, with others expected to follow, the building of refining capacity has proved more difficult from a know-how and cost point of view, with a number of companies announcing that they are reining in some expansion plans, canceling some building projects or delaying decisions,” Adams of Fastmarkets said.

He went on to note that South Korea is an area to watch.

“Outside of China, South Korea has successfully ramped up new refining capacity, while Australia has had mixed results. The general issue is it’s hard to get the process right, and the CAPEX and OPEX outside of China means it is hard to be competitive. It will be interesting to see how Tesla’s (NASDAQ:TSLA) new Texas plant ramps up,” Adams noted.

Elsewhere, Adams pointed to the desire to secure supply chains. “Resource nationalism has also been an issue in some jurisdictions, with more countries now wanting processing capacity to be built in the country, and in order to force that they have banned the export of lithium-bearing ores. Zimbabwe a case in point,” he told INN.

Adams also pointed to Chile’s efforts to partially nationalize lithium producers, with the government mining company having controlling stakes in producers. “This could deter international investment in developing these mines,” he said. “In other metals, Indonesia has been very successful in playing the resource nationalism card.”

EV and ESS sectors to be key lithium price drivers

While the factors mentioned will undoubtedly impact the lithium industry in 2025, the market's most pronounced driver is the EV sector, and to a lesser extent the energy storage system (ESS) space.

“Demand for lithium-ion batteries is set to continue to grow rapidly in 2025. Benchmark forecasts that EV and ESS-related demand for lithium will both increase by over 30 percent year-on-year in 2025,” said Megginson.

To satiate this uptick in demand, “additional volumes of lithium will need to come to market.”

Megginson also noted that robust ESS demand is a positive demand signal for lithium-iron-phosphate (LFP) cathode chemistries, but is unlikely to outweigh the mounting EV demand in China.

This sentiment was echoed by Berry of House Mountain Partners, who expects the EV and ESS sectors to continue dominating market share in terms of lithium end use. “EVs and ESS are roughly 80 percent of lithium demand, and this shows no signs of abating. Other lithium demand avenues will grow reliably at global GDP, but the future of lithium is tied to increasing proliferation of the lithium-ion battery,” he commented to INN.

Despite weak EV sales in Europe and North America in 2024, Fastmarkets’ Adams expects to see a recovery in demand from these regions, paired with strong sales in China. The dip in European sales, particularly in Germany after subsidy cuts in early 2024, mirrors China’s 2019 slowdown following subsidy reductions. However, as with China, the decline appears temporary, with a recovery expected as stricter emissions penalties take effect in Europe in 2025.

Additionally, Adams pointed to the growing adoption of extended-range EVs, which address range anxiety and use larger batteries than plug-in hybrid EVs, as a catalyst for lithium demand.

However, he noted that the outlook for EVs in the US remains uncertain as Trump takes the helm.

“ESS demand has been particularly strong, especially in China, and we expect that to continue as the need to build renewable energy generation capacity is ever present and has a wide footprint. For example, ESS buildout in India is strong, whereas demand for EVs is less strong, but again it is strong for 2/3 wheelers," said Adams. He added that low prices for battery raw materials have lowered prices for lithium-ion batteries, benefiting ESS projects.

Ultimately the lithium market is expected to see volatility in 2025, but could also present opportunities.

"I can see a 100 to 150 percent rebound in the lithium spot price easily in 2025. And again, I think there's a lot of opportunity there,” Del Real of Digest Publishing emphasized to INN.

For Megginson, the sector will be shaped by geopolitics and relations moving forward.

“Policy will have a huge role to play in driving price trends in 2025," he said.

"For instance, there remains uncertainty around how the tariffs promised by an incoming Trump administration in the US would be implemented, and how they could reshape the global lithium landscape."

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: Beyond Lithium and Grid Battery Metals are clients of the Investing News Network. This article is not paid-for content.

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.

Top 5 Canadian Lithium Stocks of 2024

An ongoing lithium market surplus continued to weigh on prices and impede sector growth in 2024.

However, a move toward consolidation has prompted some analysts to declare a bottom for the commodity.

According to a Sprott report published in late July, a lithium shortage could materialize as early as 2025, and may be exacerbated by a lack of new production that is able to ramp up quickly.

“There are currently only 101 lithium mines in the world, and even as more mines and exploration projects come online, the added supply may likely not be able to keep up with demand,” Jacob White wrote.

Demand from China alone is projected to climb by nearly 20 percent annually over the next decade.

The impact of lithium shortages may also be heightened by the current low-price environment.

“This is especially evident given that the current unsustainably low lithium prices have led to project curtailments and driven some miners to reduce capital expenditures and investments in future supply,” White noted.

The Investing News Network has created an overview of the top five Canadian lithium stocks listed on the TSX, TSXV and CSE. This list was created on December 27, 2024, using TradingView‘s stock screener, and all data was current at that time. Only companies with market caps above C$10 million for TSX and TSXV and above C$5 million for CSE are included.

1. Q2 Metals (TSXV:QTWO)

Company Profile

Year-to-date gain: 220 percent
Market cap: C$106.11 million
Share price: C$0.80

Exploration firm Q2 Metals is exploring its flagship Mia lithium property in the Eeyou Istchee James Bay region of Québec, Canada. The property contains the Mia trend, which spans over 10 kilometers. Also included in Q2 Metals' portfolio is the Stellar lithium property, comprised of 77 claims and located 6 kilometers north of the Mia property.

In 2024, Q2 Metals also focused on exploring the Cisco lithium property, which is situated in the same region. On February 29, the company entered into three separate option agreements to gain a 100 percent interest in Cisco. The news caused its share price to skyrocket, reaching a Q1 high of C$0.54 on March 4.

Q2 Metals closed the acquisition of Cisco in June and now wholly owns the project.

In mid-May, the company announced the start of a summer drill program at the Cisco property. It has since released multiple progress updates, including the confirmation of eight new mineralized zones on July 8.

On October 1, Q2 Metals shared assays from the drill program at the Cisco site. The company's share price spiked on the news, ultimately climbing to an all-time high of C$1.48 on October 11.

“These assays continue to validate the potential and scale of the Cisco Property as that of a larger mineralized system,” said Neil McCallum, vice president of exploration. “One important observation of these results is the higher-grade nature of the larger mineralized system as we test and track the system progressing to the south.”

By the end of the Cisco drill program, the company had drilled 17 holes covering 6,360 meters in total. Q2 Metals released the final results from the campaign on December 17.

As of mid-December, Q2 Metals had the exclusive right to acquire a 100 percent interest in 545 additional mineral claims, which would triple its land position at the Cisco lithium property. The new claims, located south of the original property, enhance prospects for development and future mining infrastructure.

2. Power Metals (TSXV:PWM)

Company Profile

Year-to-date gains: 73.08 percent
Market cap: C$67.57 million
Share price: C$0.45

Exploration company Power Metals holds a portfolio of diversified assets in Ontario and Québec, Canada.

In late February, Power Metals commenced a winter drill program at its Case Lake property in Northeastern Ontario. The company said the program was designed to expand and define lithium-cesium-tantalum mineralization, building on previous work that revealed high-grade lithium and cesium mineralization.

Company shares rose to an H1 high of C$0.47 at the end of March. The increase coincided with the news that Power Metals had staked the 7,000 hectare Pelletier project, consisting of 337 mineral claims in Northeast Ontario.

According to the company, the project features lithium-cesium-tantalum potential, with peraluminous S-type pegmatitic granites intruding into metasedimentary and amphibolite formations.

During the fourth quarter, Power Metals identified a new pegmatite zone at Case Lake through soil sampling. The samples from the zone, located north-northwest of its West Joe prospect, revealed elevated levels of cesium, tantalum, lithium and rubidium, highlighting promising drill targets for the winter program.

The company also launched a Phase 2 drone magnetic survey that is geared at refining its structural model for critical minerals targets at West Joe and the Main zone ahead of 2025 exploration efforts.

In a December 10 exploration update, Power Metals said its partner Black Diamond Drilling, a First Nations-owned drilling company, had completed 16 drill holes for 971 meters of the planned 2,000 meter program. Environmental studies were also ongoing. Shares rose over the following week to a year-to-date high of C$0.49 on December 16.

3. Lithium Chile (TSXV:LITH)

Company Profile

Year-to-date gains: 45.28 percent
Market cap: C$163 million
Share price: C$0.77

South America-focused Lithium Chile owns several lithium land packages in Chile and Argentina.

On April 9, the company announced a 24 percent increase in the resource estimate for its Arizaro property in Argentina. The new total for the project is 4.12 million metric tons (MT) of lithium carbonate equivalent, with 261,000 MT in the measured category, 2.24 million MT in the indicated category and 1.62 million MT in the inferred category.

Not long after, on April 18, the company reported the creation of two wholly owned Canadian subsidiaries — Lithium Chile 2.0 and Kairos Gold — as part of a spinout to separate its Chilean and Argentinian assets.

Lithium Chile will retain its Argentinian lithium projects, and transfer its 111,978 hectares of Chilean lithium properties to Lithium Chile 2.0 and its portfolio of gold assets in Chile to Kairos Gold.

In a July operational update for the Arizaro project, the company highlighted that a drill hole had encountered "a brine-rich, sandy formation encountered from 161 to 500-metres."

In an August announcement, Lithium Chile noted that the spinout of Lithium Chile 2.0 was reliant on finalizing a strategic deal for Arizaro. As for Kairos Gold, its spinout was effective on December 4.

In mid-December, Lithium Chile penned a letter of intent to sell its 80 percent stake in Arizaro.

The company said the buyer “is a large, Asian based company founded over two decades ago (and) a diversified enterprise with significant interests in mining, renewable energy, and technology sectors.”

The move to sell its flagship asset signals a strategic realignment for Lithium Chile. Although company shares reached a year-to-date high of C$0.88 in March, the recent sale news has pushed shares to the C$0.80 level.

4. Volt Lithium (TSXV:VLT)

Company Profile

Year-to-date gains: 26.09 percent
Market cap: C$47.53 million
Share price: C$0.29

Volt Lithium is a lithium development and technology company aiming to become a premier North American lithium producer utilizing its unique technology to extract lithium from oilfield brine.

On April 29, Volt announced a strategic investment of US$1.5 million by an unnamed company operating in the Delaware Basin in West Texas, US. This investment is earmarked for the deployment of a field unit to produce lithium hydroxide monohydrate using Volt's proprietary direct lithium extraction (DLE) technology.

The company's share price retreated in the second half of Q2, but on July 17, Volt increased the processing capacity at its operations in Alberta, Canada, by 100 fold to 96,000 liters per day.

The news caused its price to shoot up more than C$0.08 during trading that day.

August news from Volt details the deployment and upscaling of its DLE technology in the Permian Basin. The field unit's processing capacity was increased to 200,000 liters, or 1,250 barrels, of oilfield brine per day.

At the end of the third quarter, Volt achieved first lithium production in the Permian Basin. Shares of the firm reached a year-to-date high of C$0.49 on September 26, the day of the announcement. “Achieving first lithium production establishes Volt as a leader in direct lithium extraction from North American oilfield brines and marks the Company’s strategic shift from development to production,” said Alex Wylie, the company's president and CEO.

During the fourth quarter, the company raised C$6.2 million through a two tranche private placement.

In mid-December, Volt partnered with Wellspring Hydro to test its DLE technology in North Dakota, US. A field study aims to evaluate the feasibility of extracting lithium from oilfield brine in the Bakken Formation.

Volt also released another update on its field operations in Texas, where it has increased processing to more than 2,500 barrels per day. In January 2025, the company expects to commission its next field unit, which will process up to 10,000 barrels per day.

5. Nevada Lithium Resources (CSE:NVLH)

Company Profile

Year-to-date gains: 14.89 percent
Market cap: C$62.9 million
Share price: C$0.27

Mineral exploration and development company Nevada Lithium Resources is focused on advancing its flagship Bonnie Claire lithium-boron project, located in Nye County, Nevada, US.

In January, Nevada Lithium released the results of a previously conducted seismic survey. The findings identified “a major north-south-trending fault zone as a target for lithium brine exploration.”

At the beginning of the second quarter, the company reported the commencement of work on an updated preliminary economic assessment for Bonnie Claire. Additionally, the company also noted “positive” results from test work on the proposed hydraulic borehole mining method that is being considered for the project.

The company also released several drill hole updates throughout the year highlighting the potential of its asset.

In mid-December, Nevada Lithium filed a resource estimate for Bonnie Claire's Lower and Upper Zones, which featured significantly increased tonnage and grades. The project's Lower zone hosts an indicated resource of 275.85 million MT grading 3,519 parts per million lithium and 8,404 parts per million boron.

The company announced on December 27 that it would commence trading on the TSXV on December 31. The news sent shares to a year-to-date high of C$0.27 that day.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.