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Top 7 Lithium Stocks of 2024
Lithium stocks are making moves in 2024. Here's a look at the year's top performers on US, Canadian and Australian exchanges.
![Lithium periodic table symbol, leaning against lithium ores and blue batteries.](https://investingnews.com/media-library/lithium-periodic-table-symbol-leaning-against-lithium-ores-and-blue-batteries.jpg?id=52182432&width=1200&height=800&quality=80&coordinates=0%2C0%2C0%2C1)
Oversupply and weak prices kept some lithium stocks from registering big gains during the first half of 2024, however, for a few companies H1 2024 saw share price growth. Here's a look at the year's top performers on Canadian, US and Australian exchanges.
Unlike the fluctuations observed in 2023, the lithium market has exhibited greater stability during the first half of 2024. Influenced by weak prices in China, the lithium hydroxide market has seen prices remain lower than anticipated.
Market oversupply prompted some lithium producers to trim 2024 output targets in hopes that some of the excess would be absorbed in the market.
Spending for project expansions and new developments was also put on the back burner to allow the market to rebalance.
“Several factors will play a crucial role in shaping the trajectory of lithium hydroxide prices,” notes a June reportfrom Fastmarkets. “These include the pace of EV adoption globally, advancements in battery technology that may affect lithium hydroxide demand, geopolitical tensions that could impact lithium supply chains and environmental policies that may influence mining and production practices.
Despite some of the challenges the lithium market faced in Q1, the companies profiled below all saw significant gains in 2023. The TSX, TSXV and ASX list was generated using TradingView’s stock screener and data was gathered on July 4, 2024. All top lithium stocks had market caps above $10 million in their respective currencies when data was gathered.
1. Lithium Chile (TSXV:LITH)
Year-to-date gains: 30.19 percent; market cap: C$138.17 million; share price: C$0.69
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.
In early April Lithium Chile announced a 24 percent increase in the resource estimate for its Salar de Arizaro Project in Argentina, according to an updated NI 43-101 compliant resource report. The new total for the project is 4,122,000 tonnes of Lithium Carbonate Equivalent (LCE), categorized as follows: 261,000 tonnes in the measured category, 2,237,000 tonnes in the indicated category, and 1,624,000 tonnes in the inferred category.
Shortly after the company reported the creation of two wholly owned Canadian subsidiaries as part of a spinout to separate its Chilean and Argentinian assets. The move aims to enhance shareholder value and leverage opportunities in Argentina.
The spinout involves transferring 111,978 hectares of Chilean lithium properties to a new entity, Lithium Chile 2.0, while the gold assets in Argentina will now be managed by Kairos Gold.
Shares of Lithium Chile reached an H1 high on March 21, to trade for C$0.88.
2. Q2 Metals (TSXV:QTWO)
Year-to-date gain: 20 percent; market cap: C$33.37 million; current share price: C$0.30
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.
In mid-May Q2 released re-assay results from a 2023 drill program conducted at the Cisco Lithium property also located in the James Bay Territory.
“We are pleased with the positive outcome of the re-analysis of the Cisco drill results,” said Q2 Metals VP 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 its summer drill program at the Cisco property.
On March 4, shares of Vulcan were trading for C$0.54 marking a H1 high.
3. Rock Tech Lithium (TSXV:RCK)
Year-to-date gain: 18.5 percent; market cap: US$157.96 million; current share price: C$1.60
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 in Europe.
In the years to come, the company expects to source raw material from recycling discarded batteries, pledging to have 50 percent of its feedstock at its German convertors come from recycled lithium by 2030.
On June 24, Rock Tech received a binding letter of intent from Brandenburg's Minister for Economic Affairs, Joerg Steinbach, for up to 90 million Euros in subsidies for the Guben project located in Germany.
Additionally, the company’s application for federal funding from the German Railway Authority is progressing well, potentially securing another 10 million Euros in grants. This funding, expected under the "Anschlussbahnförderung," will aid in shifting transport from road to rail, a key element of the project's logistics strategy.
Shares of Rock Tech reached a H1 high of C$2.01 on June 5, 2024.
1. Prospect Resources (ASX:PSC)
Year-to-date gains: 51.69 percent; market cap: AU$59.83 million; share price: AU$0.135
Africa-focused exploration company Prospect Resources holds a diversified portfolio of assets located in Zimbabwe, Zambia and Namibia. The company’s lithium prospects -Omarur and Step Aside- are in Namibia and Zimbabwe.
In late June, Prospect released an update on its exploration activities in Sub-Saharan Africa. The company reported strong assay results from Phase 4 diamond drilling at the Step Aside Lithium project in Zimbabwe and follow-up Phase 2 drilling at the Omaruru Lithium project in Namibia.
In the statement, Managing Director Sam Hosack highlighted the significant mineralization potential at both projects.
Company shares rose to a H1 high of AU$2.05 on May 27, 2024.
2. Vulcan Energy Resources Ltd (VUL:AU)
Year-to-date gains: 50 percent; market cap: AU$734.6 million; current share price: AU$4.39
Europe-focused Vulcan Energy aims to support a carbon-neutral future by producing lithium, heat, 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 process to produce lithium with an end goal of supplying sustainable lithium for the European electric vehicle market.
Vulcan uses a “sustainable process” leveraging geothermal energy to reduce the carbon footprint of lithium production.
With binding lithium offtake agreements with major automakers and battery manufacturers, Vulcan seeks to be a leading supplier of carbon-neutral lithium and renewable power in Europe.
On April 11, Vulcan announced the commencement of lithium chloride production at its Lithium Extraction Optimisation Plant (LEOP) in Germany. According to the company, the milestone marks the first local lithium chemical production in Europe with the plant exhibiting over 90 percent lithium extraction efficiency.
Vulcan will now prepare the 40 million euro facility for commercial production and expects to supply lithium for 500,000 EVs.
Shares of Vulcan marked a H1 high on May 22 and were trading for AU$5.54.
3. Pan Asia Metals (ASX:PAM)
Year-to-date gains: 28 percent; market cap: AU$26.85 million; share price: AU$0.16
Pan Asia Metals is a mineral exploration company with a diverse portfolio of projects in Southeast Asia, particularly in Thailand. Specializing in critical metals such as lithium, tantalum, and rare earth elements, the company is also actively engaged in exploration activities in South America.
Pan Asia is presently focused on the KT East prospect of its RK Lithium project in Southern Thailand.
In late June, Pan Asia reported continued “strong” results from fieldwork at the KT East Lithium prospect, with new pegmatite discoveries.
As noted in the release, the exploration team identified a lithium pegmatite field spanning about 2.4 km in length and width. This update follows a May 23, 2024, announcement detailing the expanding lepidolite pegmatite dyke swarm.
Company shares traded for an H1 high on AU$0.21 in early January.
FAQs for investing in lithium
How much lithium is on Earth?
While we don't know how much total lithium is on Earth, the US Geological Survey estimates that global reserves stand at 22 billion MT. Of that, 9.2 billion MT are located in Chile, and 5.7 billion MT are in Australia.
Where is lithium mined?
Lithium is mined throughout the world, but the two countries that produce the most are Australia and Chile. Australia's lithium comes from primarily hard-rock deposits, while Chile's comes from lithium brines. Chile is part of the Lithium Triangle alongside Argentina and Bolivia, although those two countries have a lower annual output.
Rounding out the top five lithium-producing countries behind Australia and Chile are China, Argentina and Brazil.
What is lithium used for?
Lithium has a wide variety of applications. While the lithium-ion batteries that power electric vehicles, smartphones and other tech have been making waves, it is also used in pharmaceuticals, ceramics, grease, lubricants and heat-resistant glass. Still, it is largely the electric vehicle industry that is boosting demand.
Is lithium a good investment?
The lithium price has seen huge success over the past year, and many stocks are up alongside that. It's up to investors to decide if it's time to get in on the market, or if they’ll try to wait for a dip.
A wide variety of analysts are bullish on the market as electric vehicles continue to prosper, and lithium demand from that segment alone is expected to continue to rise. These experts believe the lithium story's strength will continue over the next decades as producers struggle to meet rapidly growing demand.
How to invest in lithium?
Unlike many commodities, investors cannot physically hold lithium due to its dangerous properties. However, those looking to get into the lithium market have many options when it comes to how to invest in lithium.
Lithium stocks like those mentioned above could be a good option for investors interested in the space. If you’re looking to diversify instead of focusing on one stock, there is the Global X Lithium & Battery Tech ETF (NYSE:LIT), an exchange-traded fund (ETF) focused on the metal. Experienced investors can also look at lithium futures.
How to buy lithium stocks?
Lithium stocks can be found globally on various exchanges. Through the use of a broker or an investing service such as an app, investors can purchase individual stocks and ETFs that match their investing outlook.
Before buying a lithium stock, potential investors should take time to research the companies they’re considering; they should also decide how many shares will be purchased, and what price they are willing to pay. With many options on the market, it's critical to complete due diligence before making any investment decisions.
It's also important for investors to keep their goals in mind when choosing their investing method. There are many factors to consider when choosing a broker, as well as when looking at investing apps — a few of these include the broker or app's reputation, their fee structure and investment style.
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.
- Is Now a Good Time to Buy Lithium Stocks? ›
- Top 5 US Lithium Stocks of 2023 ›
- Top 5 Canadian Lithium Stocks of 2023 ›
- Top 5 ASX Lithium Stocks of 2023 ›
- Where Does Tesla Get its Lithium? ›
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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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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