Top 6 Lithium Stocks (Updated July 2024)

Year-to-date gain: 32.08 percent; market cap: C$148.56 million; share price: C$0.70

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.

On April 9, Lithium Chile announced a 24 percent increase in the resource estimate for Salar de Arizaro. The new total for the project is 4.12 million metric tons (MT) of lithium carbonate equivalent, categorized as follows: 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.

After trending upward through Q1, shares of Lithium Chile reached a year-to-date high of C$0.88 on March 21.

Year-to-date gain: 32 percent; market cap: C$28.46 million; current share price: C$0.325

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.

This year, Q2 Metals has 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, news that caused its share price to skyrocket; it reached a year-to-date high of C$0.54 on March 4.

In mid-May, Q2 Metals released re-assayed results from 2023 drilling conducted at Cisco by the property's vendors. The company used the analytical method it has applied to its Mia drill cores.

“We are pleased with the positive outcome of the re-analysis of the Cisco drill results,” said Q2 Metals Vice President of Exploration Neil McCallum. “A thorough review of the quality control measures has solidified that the new results are more accurate than the original results previously announced. It’s not an unexpected change as the analytical methods now used are more accurate at higher grades above roughly 1.5 percent Li2O and we have several samples above that range.”

Later that month, the company announced the start of a summer drill program at the Cisco property. It has since released multiple significant updates, including the confirmation of eight new mineralized zones on July 8.

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

Year-to-date gain: 14.81 percent; market cap: C$163.05 million; current share price: C$1.55

Rock Tech Lithium is developing upstream and downstream lithium capabilities. The company’s approach includes the production of sustainably sourced spodumene feedstock from its Ontario-based Georgia Lake project, as well as the construction of lithium hydroxide converters, starting with its Guben converter in Brandenburg, Germany.

In May, Rock Tech received construction and operations permits for Guben, which has a planned annual capacity of 24,000 MT of lithium hydroxide monohydrate; this was the final approval needed for the refinery.

In the years to come, the company expects to source raw material from recycling discarded batteries, pledging to have 50 percent of the feedstock at its German converters come from recycled lithium by 2030.

In late June, Rock Tech received a binding letter of intent from Brandenburg's Ministry for Economic Affairs, Labor and Energy for up to 90 million euros in subsidies for its Guben converter.

Additionally, the company’s application for federal funding from the German Railway Authority is progressing well, and will potentially yield another 10 million euros in grants. Rock Tech plans to use this funding to help shift transport from road to rail. Shares of Rock Tech reached an H1 high of C$2.01 on June 5.

Year-to-date gain: 57.38 percent; market cap: AU$64.62 million; share price: AU$0.14

Africa-focused explorer Prospect Resources holds a diversified portfolio of assets located in Zimbabwe, Zambia and Namibia. The company’s lithium projects, Omaruru and Step Aside, are in Namibia and Zimbabwe, respectively.

In late June, Prospect released an update on its exploration activities at the projects. The company reported strong assay results from Phase 4 diamond drilling at Step Aside, and shared results from follow-up Phase 2 drilling at Omaruru.

In a release, Managing Director Sam Hosack highlights the significant mineralization potential at both projects.

Moving forward, Prospect plans to slow down spending at its lithium projects as it turns to its newly acquired Mumbezhi copper project. The company believes it can monetize Step Aside in the near term to aid in this goal.

Company shares rose to an H1 high of AU$2.05 on May 27.

Year-to-date gain: 53.79 percent; market cap: AU$867.55 million; current share price: AU$4.46

Europe-focused Vulcan Energy Resources aims to support a carbon-neutral future by producing lithium and renewable energy from geothermal brine. The company is currently developing the Zero Carbon lithium project in Germany's Upper Rhine Valley. Vulcan is utilizing a proprietary alumina-based adsorbent-type direct lithium extraction process to produce lithium with an end goal of supplying sustainable lithium for the European electric vehicle market.

On April 11, Vulcan announced the commencement of lithium chloride production at its lithium extraction optimization plant in Germany. According to the company, the milestone marks the first lithium chemical production in Europe using local supply. The plant consistently exhibited over 90 percent lithium extraction efficiency.

Vulcan will now prepare the 40 million euro facility for commercial production. The company already has binding lithium offtake agreements in place with major automakers and battery manufacturers, and expects to supply enough lithium for 500,000 electric vehicles during the first phase of production.

Shares of Vulcan marked an H1 high on May 22, trading for AU$5.54.

Year-to-date gain: 11.11 percent; market cap: AU$200.03 million; share price: AU$0.15

Anson Resources holds a portfolio of projects in the US and Western Australia. Its primary asset is the Paradox lithium project in Utah, which Anson is transforming into a major lithium production operation for the North American market.

On May 8, Anson received approval from Utah's Department of Natural Resources to source water, or brine, for lithium extraction at its Green River lithium project. The permit allows the non-consumptive use of 19 cubic feet of brine, which the company will process and then return to its original geological formation.

This is the company’s first permit approval for lithium production from brine in Utah.

In late June, Anson partnered with Koch Technology Solutions to use Koch's Li-Pro process for a pilot Lithium Selective Sorption unit at the Green River lithium project.

The pilot project, funded jointly by Anson Resources and Koch through a convertible note, will be used to collect data for the potential launch of a commercial-scale plant using the technology. It is expected to enter pilot production in July.

Shares of Anson marked a year-to-date high of AU$0.16 on July 10.