Top 5 Canadian Lithium Stocks (Updated November 2022)

Year-to-date gain: 272 percent; market capitalization: C$4.9 billion; current share price: C$48.36

In Minas Gerais, Brazil, Sigma Lithium has its Grota do Cirilo hard-rock lithium project, where it is currently constructing Phase 1 operations with expected commissioning by year-end 2022. Sigma anticipates Phase 1 production of 270,000 metric tons (MT) annually and Phase 2 production of 531,000 MT. Additionally, Sigma is building its greentech dense media separation production plant, which will make its operations vertically integrated. On February 24, the company was recognized by the Bank of America (NYSE:BAC) as part of its “Top 50 Stocks for 10 Scarcity Themes.”

On May 26, Sigma filed a consolidated technical report that looks at two initial production phases for Grota do Cirilo. The integrated operation would source feedstock spodumene ore from the company's Phase 1 and Phase 2 lithium deposits to produce battery-grade, high-purity lithium concentrate. After-tax net production revenue is pegged at US$5.1 billion, while the after-tax internal rate of return is 589 percent; this expansion scenario "will potentially position (Sigma) as the world’s fourth largest lithium producer."

Most recently, Sigma shared an update on its “transformative” Q2, mentioning the previously announced news that it has increased the resource at Grota do Cirilo by 50 percent; a Phase 3 technical report has now been filed. Additionally, as of the announcement, total construction progress at the project stood at 32 percent. The company's most recent news came on September 15, when it appointed Dana Perlman as an independent director. Its share price has continued to grow throughout the year, reaching a year-to-date high of C$50.84 on October 27 after starting the year at C$12.21.

Year-to-date gain: 271.43 percent; market capitalization: C$25.93 million; current share price: C$0.26

Nevada Sunrise Metals, which underwent a name change from Nevada Sunrise Gold in September, wholly owns two lithium projects, the Gemini and Jackson Wash assets, which are located in the Lida Valley basin in Nevada. According to Nevada Sunrise, the Lida Valley basin shares similar geography to the nearby Clayton Valley basin, where Albemarle’s (NYSE:ALB) Silver Peak lithium mine is located. In addition to its lithium properties, the company owns 100 percent of the Coronado VMS project, 20 percent of the Kinsley Mountain gold project and 15 percent of both the Treasure Box copper project and the Lovelock Mine cobalt project.

In Q1, Nevada Sunrise Metals saw little movement, even as it commenced exploration at Gemini. It wasn’t until the company shared its first drill results on April 18 that its share price broke above C$0.10, jumping from C$0.08 to C$0.14 overnight. Further exploration results at the project, including 1,101 parts per million lithium over 730 feet, continued to drive its share price higher.

After rising through May and early June, the company’s share price hit an H1 high of C$0.36 on June 10 off the back of June 6 exploration results showing 327.7 milligrams of lithium per liter of water over 220 feet, as well as private placement news. In late July, Nevada Sunrise received an exploration permit for Gemini that increased the number of boreholes at the project to 12, six of which were planned for a Phase 2 drilling program at the project. The company’s share price spiked significantly, from C$0.22 on August 23 to C$0.38 on August 30, a new year-to-date high for the company, although it did not release news during that time period.

Phase 2 drilling commenced in mid-October and has two objectives: to test lithium-bearing brine and sediments at greater depths compared to previous exploration, and to test the width of a previously identified lithium-bearing zone.

Year-to-date gain: 94.12 percent; market capitalization: C$48.17 million; current share price: C$0.33

Brunswick Exploration is a Quebec-based explorer focused on lithium pegmatite projects. It has a portfolio of 10 exploration projects, with six in Atlantic Canada, three in Quebec and one in Ontario. This sizeable portfolio has largely been built in 2022, as the company has spent much of the year identifying and acquiring properties and land packages.

In June, Brunswick announced it was starting a grassroots lithium exploration program in Eastern Canada. The program is spread out over the company's many projects, to which prospecting teams have been sent to perform ground prospecting for “spodumene-bearing pegmatites, stream geochemistry and trenching of select targets.”

CEO Killian Charles stated in a press release, “This is the largest grassroots portfolio in our peer group and this initial program will rapidly sort through dozens of identified pegmatites to prepare for trenching and/or diamond drilling programs later this year.”

The most recent addition to Brunswick's portfolio is the Hearst project, its sole Ontario property. It is a combination of the company’s own prospecting and the optioning of an adjacent spodumene-bearing pegmatite. The company’s share price has climbed throughout the year, reaching a peak of C$0.42 on September 7.

Year-to-date gain: 65.66 percent; current share price: C$1.64

Lithium Ionic's flagship Itinga project is located in Brazil's Aracuai lithium province in the state of Minas Gerais. The company began trading on the TSXV in May after private company Lithium Ionic was acquired by POCML 6, a capital pool company.

In June, Lithium Ionic commenced the acquisition of the Galvani claims; it went on to complete the purchase on September 12. The company's share price hit a high of C$1.82 alongside news of the acquisition's completion. Throughout 2022, the company has explored its new claims, which have been included in the Itinga project. Exploration results released on September 26 include highlights of 1.71 percent Li2O over 21.91 meters and 2.22 percent Li2O over 12.9 meters.

In late September, Lithium Ionic began a C$25 million private placement that closed on October 5. According to the company, it plans to use the net proceeds for exploration and development at its properties, as well as general expenses.

Year-to-date gain: 60 percent; market capitalization: C$18.25 million; current share price: C$0.08

Jourdan Resources is focused on acquiring, exploring and developing hard-rock spodumene lithium projects in Quebec. Its current projects are the Vallée lithium, Baillarge lithium-molybdenum and Preissac-La Corne lithium projects.

Jourdan Resources’ share price saw a spike to start the year ⁠— hitting an H1 high of C$0.095 ⁠— but then fell and performed relatively flatly for much of the first half of the year, staying mostly around C$0.05 to C$0.06. The company’s share price began to rise again in June, during which time it shared exploration results at Vallée, including a highlight of 3.2 meters at 1.56 percent Li2O.

In late July, the company began a soil sampling program at the Preissac-La Corne and Baillarge projects, and commenced drilling for Phase 3 exploration at Vallée in August. At the beginning of September, the company’s share price climbed to a new high of C$0.10. September also saw both the expansion of the soil sampling program and the acceleration of the drill program, which concluded on November 2. The diamond drill program covered 6,800 meters and tested an eastern expansion.

“We have yet again successfully completed another phase of exploration, proving the presence of our well-known lithium-bearing pegmatite swarm even further to the east,” Jourdan’s Executive Chairman Dr. Andreas Rompel said.