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Top 7 Canadian Lithium Stocks of 2024
Looking for the top Canadian lithium stocks? These stocks on the TSX, TSXV and CSE have seen the biggest gains so far this year.
After a tumultuous 2023 that saw prices for lithium carbonate shed 80 percent, Q1 2024 was much less volatile.
Starting the year at US$13,377.44 per metric ton, lithium carbonate prices ended the three month period in the US$14,874,31 range, up 11 percent. Strong electric vehicle sales in January helped sustain lithium prices into February.
Prices began climbing at the end of the month and through March, reaching a Q1 high of US$16,109. The rally came on the back of optimism that lithium demand for batteries and energy storage is locked in an “irreversible” growth trend.
"If lithium prices can stabilize between 80,000 and 150,000 yuan, leaving upstream and downstream (companies) along the industry chain certain profit, it might be the best development environment for the whole industry," Li Liangbin, chair of Ganfeng Lithium (OTC Pink:GNENF,HKEX:SZSE:002460), told Reuters.
That currently converts to about US$11,050 to US$20,725.
Against that backdrop, a number of Canada-listed lithium companies saw share price growth during Q1. This list was created on April 10, 2024, using TradingView‘s stock screener, and all data was current at that time. Only companies with market caps above C$10 million for the TSX and TSXV and above C$5 million for the CSE are included.
TSX and TSXV lithium stocks
1. Century Lithium (TSXV:LCE)
Year-to-date gain: 78 percent; market cap: C$131.49 million; current share price C$0.89
US-focused Century Lithium is currently advancing its Clayton Valley lithium project in West-Central Nevada. The company is also completing the pilot testing phase at its lithium extraction facility in the state's Amargosa Valley.
Century Lithium began the year trading in the C$0.48 range and rose to a quarterly high of C$0.80 on March 27.
While the company made no announcements in Q1, some of its positive momentum may have resulted from two press releases from December 2023. The first provides an update on the company’s ongoing feasibility study for Clayton Valley.
“This comprehensive study covers all areas of the lithium extraction process from shallow surface mining of lithium-bearing clay to on-site production of battery-grade lithium carbonate,” the statement reads. “Target production for the study follows that of the project’s earlier Pre-Feasibility Study, which was based on a mill feed of 15,000 tonnes per day and average annual output of 27,000 tonnes per year of lithium carbonate equivalent.”
The second December announcement provides an overview of work at the extraction facility. During testwork at the pilot plant, the company achieved increased lithium grades with an average grade of 7.5 grams per liter lithium.
“This increase in concentration was attributed to the integration of Koch Technology Solutions Li-ProTM equipment into the direct lithium extraction area,” the company said at the time.
2. Lithium Chile (TSXV:LITH)
Year-to-date gain: 50.94 percent; market cap: C$164.97 million; current share price: C$0.80
South America-focused Lithium Chile owns several lithium land packages in Chile and Argentina. Presently, the explorer is working to delineate the deposit at its Salar de Arizaro property in Argentina.
Company shares initially trended down, but ultimately rose 32 percent between January 1 and the end of February.
On February 28, the company released “favorable” results from a new drill hole completed on the northeastern side of Salar de Arizaro, calling them an important step in its roadmap. Hole ARDDH-08 was drilled to a depth of 606 meters, encountering a brine-rich sandy formation at 200 meters. Samples were sent to Alex Stewart Laboratory in Jujuy, Argentina, revealing lithium grades of 180 milligrams per liter at 50 meters and 690 milligrams per liter at 200 meters.
In early March, Lithium Chile penned a farm-In agreement with European mining company Eramet (EPA:ERA). The agreement aims to expedite exploration efforts on four of Lithium Chile's Chilean properties — Llamara, Aguilar, Rio Salado and Aquas Caliente — with a total land area exceeding 40,000 hectares
3. Power Metals (TSXV:PWM)
Year-to-date gain: 24 percent; market cap: C$55.22 million; current share price: C$0.35
Exploration company Power Metals holds a portfolio of diversified assets in Ontario and Quebec, Canada.
In late February, Power Metals commenced a winter drill program at its Case Lake property in Northeastern Ontario. The program was designed to expand and define lithium-cesium-tantalum mineralization, building on previous work by the company that revealed high-grade lithium and cesium mineralization.
Company shares traded flatly for most of Q1, locked in the C$0.27 range. Prices began to rise in mid-March and hit a three month high of C$0.43 on March 31. The 59 percent uptick coincided with news that Power Metals was acquiring the 7,000 hectare Pelletier project, which consists 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.
4. Q2 Metals (TSXV:QTWO)
Year-to-date gain: 24 percent; market cap: C$27.71 million; current share price: C$0.31
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's portfolio is the Stellar lithium property, comprising 77 claims and located 6 kilometers north of the Mia property.
Company shares were trading below C$0.20 for most of January and February. On February 27, Q2 rose rapidly, climbing from C$0.19 on February 26 to the C$0.45 level to end the month.
The share price growth corresponded with the the completion of a winter drill program.
“The winter drill program at the Mia Property has confirmed the spodumene mineralized pegmatite at the western end of the Mia Trend,” Neil McCallum, Q2's vice president of exploration, said at the time. “The drilling has successfully evaluated a large portion of the Mia Trend that had been explored at the surface.”
Days later, Q2 reported the acquisition of the 11,374 hectare Cisco lithium property, also located in the Eeyou Istchee James Bay region. The upward trend continued, and shares reached a Q1 high of C$0.51 on March 4.
5. Volt Lithium (TSXV:VLT)
Year-to-date gain: 23.91 percent; market cap: C$37.14 million; current share price: C$0.28
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 brines.
In late January, Volt made its first announcement of 2024, highlighting its success in producing 99.5 percent battery-grade lithium carbonate. The achievement happened at the company’s demonstration plant in Calgary, Alberta.
Commenting on the milestone, CEO Alex Wylie expressed his excitement. “The Volt team continues to advance our DLE capabilities at our demonstration plant and showcased our ability to transform oilfield brine into a commercially saleable grade of lithium carbonate," he said. “Bringing the full-cycle process in-house greatly reduces the cost to produce lithium carbonate, which is expected to enhance margins and position Volt as a low-cost operator.”
The cost savings were reiterated in late February, when the company announced a 64 percent reduction in full-cycle direct lithium extraction operating costs at the Calgary-based demonstration plant.
Volt's share price marked a Q1 high of C$0.27 on March 12.
CSE lithium stocks
1. Foremost Lithium (CSE:FAT)
Year-to-date gain: 18.69 percent; market cap: C$19.17 million; current share price: C$4
Foremost Lithium is an exploration company with hard-rock lithium properties in Snow Lake, Manitoba, and Lac Simard South, Québec. Included in the company’s portfolio is the Winston gold-silver property in New Mexico, US.
In January, Foremost received its third C$300,000 grant from the Manitoba Mineral Development Fund. The funds have been earmarked for continued exploration and drilling at the Snow Lake property.
Throughout the first quarter, Foremost released several updates, including the receipt of a multi-year work permit for the Jean Lake lithium-gold project in Manitoba, the start of a drill program at the Zoro lithium property in the Snow Lake region and the of filing an application for C$10 million from Canada’s Critical Minerals Infrastructure Fund.
Shares of the company hit a high for the first quarter of C$4.51 in late February, when Foremost released promising intercepts from the Zoro property drill program.
“The presence of spodumene and the length of pegmatite encountered in multiple holes, highlighted by over 32-meters of spodumene-bearing pegmatite hit in one hole, are very positive in terms of the potential for our maiden resource to now grow in significant scale,” Jason Barnard, president and CEO of Foremost Lithium, said in a February 27 statement.
“As drilling progresses, the focus will continue to build resource to the south of Dyke 1, a promising new uncharted area, which has confirmed spodumene pegmatite as drilling progresses.”
2. Quantum Battery Metals (CSE:QBAT)
Year-to-date gain: 5.56 percent; market cap: C$6.9 million; current share price: C$0.19
Exploration company Quantum Battery Metals is focused on identifying lithium and cobalt deposits in Canada.
In mid-January, the company announced it was actively looking to “acquire additional properties to expand on its portfolio to help address the world's shortage in technology metals.”
The statement continues, “There is an increasing demand for metals as the world is transitioning to a low-carbon economy and global conflicts continue to arise that require massive amounts of metals for producing batteries, clean energy technologies, and national defense applications.”
Subsequently, Quantum submitted a letter of intent to acquire the Copper Coffer property in Newfoundland, Canada.
Company shares reached a Q1 high of C$0.20 on March 17, and ended the three month session in the same range.
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Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Century Lithium is a client of the Investing News Network. This article is not paid-for content.
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Originally from Calgary, Georgia has been right at home in Toronto for more than two decades. Graduating from the University of Toronto with an honors BA in journalism, she is passionate about writing on diverse topics, including resources, arts, politics and social issues.
At INN Georgia covers a wide range of topics, including energy, battery and critical metals and diamonds. In her spare time, Georgia enjoys watching documentaries and experiencing Toronto's vibrant food, arts and cultural scene.
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