Battery Metals Outlook: Australia Edition
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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.
"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" — Chris Berry, House Mountain Partners
“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: Galan Lithium and Lithium Universe 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.
Lithium Market Update: Q1 2025 in Review
The global lithium market experienced a significant downturn during the first quarter of 2025, with some price segments falling to four year lows. Persistent oversupply and weaker-than-anticipated demand, particularly from the electric vehicle (EV) sector, prevented any market gains over the three month period.
After starting the year at a steady pace, the lithium carbonate CIF North Asia price fell below US$9,550 per metric ton in February, its lowest point since 2021. Its downward trend has triggered more production cuts and project delays among major producers, especially in Australia and China, as companies seek to balance the market.
With prices well off highs seen in 2021 and 2022, analysts are suggesting that these adjustments may signal a market bottom, with projections indicating a potential shift to a lithium supply deficit as early as 2026.
Lithium market continuing to rebalance
Over the last five years, annual global lithium carbonate production has ballooned, rising from 82,000 metric tons in 2020 to 240,000 metric tons in 2024, representing a 192 percent increase.
As output more than doubled, demand failed to keep pace, leading to massive market oversupply.
In a February report, Fastmarkets analysts note that the lithium market saw an estimated surplus of 175,000 metric tons in 2023 and 154,000 metric tons in 2024.
The firm expects this surplus to continue contracting in 2025, with experts anticipating a much tighter balance ahead. They see a surplus of just 10,000 metric tons in 2025 followed by a 1,500 metric ton deficit in 2026.
This sentiment was echoed by Adam Webb, head of battery raw materials at Benchmark Mineral Intelligence, during a market overview at the Benchmark Summit, held in Toronto in early March.
“We're expecting this year for the market to remain in surplus,” he said. A 2025 surplus paired with high inventory levels from the previous two years is expected to impede price movement.
“Our expectation for this year is that lithium carbonate prices will remain about where they are, US$10,400 per metric ton,” Webb told attendees. “But if we look further ahead, from 2026 onwards, that market is switching into the deficit, albeit quite small to start with, and that will end up being supportive of prices.”
As Webb explained, prices need to find some support because current levels are unsustainable.
“I think we've more or less hit the bottom,” he said told the audience while pointing to a chart showcasing the all-in sustaining cost curve for lithium in 2025. Webb added that at the current price level of US$10,400 per metric ton, "about a third of the industry currently is not profitable. So prices can't move much lower, because that's going to put even more production under pressure, and you can see more supply come offline."
Stifled, stranded and shuttered supply
The sharp decline in lithium prices has already compelled various lithium-mining companies to curtail production, delay expansion plans and implement workforce reductions.
In August 2024, Pilbara Minerals (ASX:PLS,OTC Pink:PILBF) reported an 89 percent year-on-year drop in annual net income and deferred plans to create the world's largest lithium mine. The company also said it would reduce its capital expenditures to between AU$615 million and AU$685 million for the current financial year.
This past February, Albemarle (NYSE:ALB) halted expansion plans for its Kemerton plant in Western Australia and mothballed its Chengdu lithium hydroxide plant in China, citing prolonged low prices. The company also reduced its 2025 capital expenditure forecast by US$100 million, to US$700 million to US$800 million.
Additionally, Mineral Resources (ASX:MIN,OTC Pink:MALRF) mothballed its Bald Hill operations in December, and Liontown Resources (ASX:LTR) has scaled back its production targets for the Kathleen Valley lithium project in response to prolonged low lithium prices. The company now plans to reach a production rate of 2.8 million metric tons per year by the end of its 2027 fiscal year — pushing back its earlier goal of hitting 3 million metric tons by Q1 2025.
The broad market weakness in the lithium sector has also led to some deals.
“Our expectation for this year is that lithium carbonate prices will remain about where they are, US$10,400 per metric ton. But if we look further ahead, from 2026 onwards, that market is switching into the deficit, albeit quite small to start with, and that will end up being supportive of prices" — Adam Webb, Benchmark Mineral Intelligence
In early March, mining major Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) completed its US$6.7 billion purchase of Arcadium Lithium. Through the deal, Rio Tinto has acquired several lithium carbonate projects in Argentina, as well as lithium hydroxide production capacity in the US, Japan and China. The company is aiming to increase its lithium carbonate equivalent production capacity to over 200,000 metric tons annually by 2028.
Also in March, Lithium Americas (TSX:LAC,NYSE:LAC) secured a US$250 million investment from Orion Resource Partners to support the development and construction of Phase 1 of its Thacker Pass lithium project in Nevada.
The funding package is expected to fully cover project and corporate costs through the construction phase, with completion of Phase 1 targeted for late 2027.
Earlier in the quarter, Standard Lithium (TSXV:SLI,NYSE:A:SLI) and Equinor (NYSE:EQNR) announced that their joint venture, SWA Lithium, had received a US$225 million grant from the US Department of Energy. The funding is earmarked for the construction of Phase 1 of the South West Arkansas lithium project.
Battery sector growth key to long-term lithium recovery
The largest factor behind lithium market oversupply has been the gap between projected and actual EV demand. Ambitious projections about EV adoption through the 2020s led producers to ramp up lithium output in anticipation of a surge in EV sales; however, EV adoption has been slower than expected, leading to excess supply.
“(In 2024), EV growth was slower than had been expected, but actually it still grew significantly globally,” said Webb. “But there were really important regional differences in that growth.” He went on to explain that China’s EV market saw a 36 percent year-on-year increase, with plug-in hybrids making up 40 percent of sales.
In contrast, EV sales in Europe declined by 4 percent, largely due to subsidy cuts in Germany. North America experienced 8 percent growth, albeit from a smaller base, Webb added.
“China will remain the biggest growth market (over the next decade),” he said. “But in the EU we're expecting six times the number of sales in 10 years, and here in North America seven times.”
The lithium market is also expected to benefit from higher energy storage system demand, which is set to increase from US$251.14 billion in 2024 to US$271.73 billion in 2025. In 2024, the energy storage system segment contributed to a 28 percent year-on-year increase in battery demand, according to the Benchmark analyst.
“Looking out 10 years, it's still quite a rosy picture, really — a 15 percent CAGR out to 2035 — and that translates to more demand for the raw materials that go into these batteries,” said Webb.
Additionally, this expansion has been impacted by economies of scale, which have sent battery cell prices to record lows — they averaged US$73 per kilowatt-hour in 2023 and hit US$63.50 kilowatt-hour in December.
Reduced battery costs could offer long-term support to the demand narrative by helping to drive down the cost of EVs and energy storage systems.
Energy storage demand a potential major catalyst
The rapid growth in energy storage was also underscored by Ernie Ortiz, president and CEO of Lithium Royalty (TSX:LIRC,OTC Pink:LITRF) and a panelist at the Benchmark Summit.
When asked if there will be enough future supply to meet demand projections, Ortiz was optimistic.
“I do think there will be enough supply, but at a price,” he said.
“So you need prices to rise in order to incentivize that new supply response.”
He went on to explain that in 2025, lithium supply growth is projected at approximately 17 percent, but with energy storage demand potentially doubling, that sector alone could absorb the expected supply increase. When combined with rising EV demand, much of the additional supply may be consumed, potentially reducing inventory levels by year end.
“Then you probably incentivize some of the care-and-maintenance assets,” said Ortiz. “But then you look at 2026 and 2027, and there's a very limited investment for greenfield assets.”
Long-term lithium price outlook
Benchmark has pegged the CAGR of the lithium market at 12 percent over the next 10 years, although this could be impeded due to the amount of project delays and shutterings. In the long term, the metals consultancy and pricing firm is also projecting a significant gap between projected demand and currently financed supply.
Webb explained that unfunded projects and future yet-to-be-identified greenfield developments together represent 1.3 million metric tons of lithium carbonate equivalent that the market will need.
“For those projects to be incentivized, prices have to rise,” said Webb. “Our long-term incentive price for lithium is US$21,000 per metric ton. So prices will have to rise in the longer term for lithium.”
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.
4 Best-performing ASX Lithium Stocks of 2025
Global demand for lithium presents a significant opportunity for Australia, which is home to many ASX lithium mining stocks as the world's top lithium producer.
Australia’s abundant lithium reserves and strong mining sector, position the country as a key player in the battery value chain into the 2030s. However, rapid electric vehicle (EV) market growth projections drove increased lithium mining rates, leading to a global surplus.
Against that backdrop, Australia’s lithium sector faced headwinds in Q1 2025 due to falling global lithium prices and continued market oversupply.
As profit margins across the sector tightened, mining companies implemented production cuts, shuttered projects and cancelled expansion plans. Additionally, some refining operations were put on hold amid the unfavourable economic conditions.
The challenges that have plagued the lithium market over the past year have prompted speculation that the market has bottomed and prices will begin to recover by year’s end.
Despite the current downturn the lithium market long term outlook remains bright. The closing of Rio Tinto’s (ASX:RIO,NYSE:RIO,LSE:RIO) AU$6.7 billion acquisition of Arcadium Lithium underscores the long-term potential that major miners see in the lithium sector. Rio Tinto also made headlines in late March with reports that it was engaged in preliminary talks with the Democratic Republic of Congo about developing the massive Roche Dure lithium deposit.
Below the Investing News Network looks at the top four ASX-listed lithium companies by year-to-date gains.
The list below was generated using TradingView’s stock screener on March 27, 2025, and Australian lithium companies with market caps above AU$10 million at that time were considered for inclusion.
Year-to-date gain: 40 percent
Market cap: AU$23.02 million
Share price: AU$0.007
Africa-focused explorer Tyranna Resources is currently focused on its flagship Muvero lithium project in Angola.
In a January 30 update, Tyranna reported it completed a drill program totalling 11 diamond drill holes spanning 817 meters. Initial results from drilling at the Muvero and Loop prospects confirmed visible spodumene-bearing pegmatite. Additionally, core from the Muvero prospect will be used for metallurgical testing and structural data.
The company is also pursuing and evaluating additional projects that align with its strategy of focusing on in-demand metals, and had applied for one licence at that time.
Shares of Tyranna reached a quarterly high of AU$0.007 several times over the three month period.
Year-to-date gain: 24.53 percent
Market cap: AU$1.58 billion
Share price: AU$0.66
Liontown Resources has two assets in Western Australia, including the producing Kathleen Valley mine, which entered production during the second half of 2024 and transitioned to commercial production in January 2025.
The company's Buldania project in the Eastern Goldfields Province of Western Australia has an initial mineral resource of 15 million tonnes at 1.0 percent lithium oxide.
In its fiscal H1 2025 financial update, Liontown reported that over 100,000 wet metric tons of spodumene concentrate had been shipped from Kathleen Valley between July and the end of December.
Liontown’s shares rose to a Q1 high of AU$0.735 on March 19, 2025, shortly after the release of the half year results.
Year-to-date gain: 9.09 percent
Market cap: AU$125.39 million
Share price: AU$0.18
Delta Lithium is a diversified exploration and development company focused on discovering high quality, lithium bearing pegmatite deposits in Western Australia.
Currently, Delta is developing the Mount Ida gold and lithium project, which reportedly has a JORC-compliant resource of 14.6 million tonnes grading 1.2 percent. Additionally, the company is exploring its Yinnetharra lithium project, including the Malinda deposit, in the Upper Gascoyne Region.
Company shares registered a Q1 high of AU$0.20 on January 14.
On January 21, Delta released an exploration update for Yinnetharra that highlighted drilling and metallurgical results from the M1 pegmatite at the Malinda deposit.
“The program has realised highly positive metallurgical results, with pilot plant spodumene recoveries exceeding our Internal financial modelling and proving the whole-of-ore flotation flowsheet as suitable for the M1 mineralogy,” Managing Director James Croser said.
In a subsequent financial statement, Delta noted the submission of the mining lease application for the Malinda mining area and the commencement of Native Title negotiations. The company is also advancing its environmental permitting process at Malinda.
Year-to-date gain: 5.56 percent
Market cap: AU$12.64 million
Share price: AU$0.019
Explorer and developer Future Battery Minerals (FBM) is advancing its flagship Coolgardie lithium project in Western Australia’s Eastern Goldfields region.
The project includes FBM's wholly owned Kangaroo Hills lithium project and the 85 percent-owned Miriam lithium project.
Shares of FBM marked a Q1 high of AU$0.028 on January 9, 2025.
On January 22, FBM announced the expansion of the Coolgardie project footprint through the application for new tenements near the asset.
In its report for the quarter ended in December 2024, released in late January, FBM outlined near-term plans for the Coolgardie project, including completing its ground gravity survey. The company also reported that initial drilling of high-priority lithium targets at the Miriam project remains on track for H1 2025, while the mining lease application for Kangaroo Hills is advancing.
Company Profile
Year-to-date gain: 5.56 percent
Market cap: AU$12.64 million
Share price: AU$0.019
Explorer and developer Future Battery Minerals (FBM) is advancing its flagship Coolgardie lithium project in Western Australia’s Eastern Goldfields region.
The project includes FBM's wholly owned Kangaroo Hills lithium project and the 85 percent-owned Miriam lithium project.
Shares of FBM marked a Q1 high of AU$0.028 on January 9, 2025.
On January 22, FBM announced the expansion of the Coolgardie project footprint through the application for new tenements near the asset.
In its report for the quarter ended in December 2024, released in late January, FBM outlined near-term plans for the Coolgardie project, including completing its ground gravity survey. The company also reported that initial drilling of high-priority lithium targets at the Miriam project remains on track for H1 2025, while the mining lease application for Kangaroo Hills is advancing.
Don’t forget to follow us @INN_Australia for real-time updates!
Securities Disclosure: I, Georgia Williams, currently hold no direct investment interest in any company mentioned in this article.
Cobalt Market Forecast: Top Trends for Cobalt in 2025
Oversupply and shifting battery chemistries are set to define the cobalt market in 2025. Prices — subdued by excess supply since 2023 — are expected to remain stable, with limited volatility.
The rise of lithium-iron-phosphate (LFP) batteries, particularly in China, continues to suppress demand for cobalt chemicals, challenging sulfate refiners. Meanwhile, on the supply side, Indonesia's rapid expansion in mixed hydroxide precipitate (MHP) production offers an alternative to the contentious Democratic Republic of Congo (DRC).
Even so, the DRC is expected to remain the primary producer of cobalt in the near to medium term.
“Oversupply has been the dominant driving force for cobalt prices since 2023, and this is likely to persist in 2025,” Roman Aubry, price analyst at Benchmark Mineral Intelligence, said. “As this single factor is so overwhelming, it has stifled much of the volatility in the market in 2024, and it is likely this will be the case in 2025 as well.”
Cobalt demand projected to rise long term
Critical minerals have become a key focus as nations look to fortify domestic supply chains. The cobalt sector’s production concentration in the DRC makes it even more prone to geopolitical upheaval.
According to the International Energy Agency’s (IEA) 2024 Global Critical Minerals Outlook, the cobalt market has a heightened geopolitical risk rating because 84 percent of production is focused in a single country.
Despite the current cobalt glut, the IEA is projecting that demand will soar from 213,000 metric tons in 2023, rising to 344,000 metric tons in 2030 and then to 454,000 metric tons in 2040.
This steep uptick has prompted the IEA to project a potential 16 percent shortfall by 2035.
Although countries like Indonesia and Australia are starting to see cobalt sector growth, experts agree that the DRC will continue to be the dominant player in the industry into the future.
“The DRC is going to maintain its position for the foreseeable future; however, Indonesian MHP is rapidly growing as an alternative source of cobalt in the market. In line with this, we’ve seen an influx of cobalt metal from Indonesia becoming more prevalent in recent months, being aggressively marketed by Indonesian producers,” said Aubry.
Those circumstances mean Indonesia could capture a larger piece of market share this year.
“With CMOC (OTC Pink:CMCLF,SHA:603993) not planning any new expansions this year, it is unlikely we'll see any significant growth from the DRC in cobalt production in 2025,” he added.
Refinement capacity will also play an important role in meeting growing cobalt demand.
Australia’s Cobalt Blue Holdings (ASX:COB,OTC Pink:CBBHF) is advancing plans for the Kwinana cobalt refinery near Perth, proposing an initial production capacity of 3,000 metric tons of cobalt sulfate and 500 metric tons of nickel metal annually. Construction is slated to commence in H1 2025, with completion expected within 12 months.
Changing battery chemistries threaten cobalt demand
In 2024, record-breaking global electric vehicle (EV) sales helped solidify cobalt's role in the energy transition. China is spearheading a 40.7 percent surge in EV and hybrid adoption, supported by aggressive pricing and subsidies.
China remained the largest growth market as domestic automakers outpaced foreign rivals. European sales rebounded from setbacks early in the year, with stricter emissions penalties set to drive further adoption in 2025.
Despite US market uncertainties, growing EV demand globally will sustain cobalt's importance, although supply chain challenges and alternative battery technologies may influence its trajectory.
“As LFP becomes increasingly dominant in China, sentiment for cobalt chemicals used in batteries has turned more bearish,” Aubry said. “A downturn in demand may put sulfate refiners under additional pressure, particularly at a time where the current market dynamics already present significant challenges due to prices.”
Rising copper, nickel production boosts cobalt glut
Another factor that could lead to additional cobalt surpluses is the production correlation with copper and nickel.
A November 2024 Fastmarkets report notes that 76 percent of global cobalt supply comes from copper-cobalt mines in the DRC. This by-product status exposes cobalt to market dynamics in the copper space.
In 2024, copper production in the region was on the rise, which in turn weighed on the cobalt market.
“But with cobalt demand remaining decidedly sluggish, copper’s upward trajectory will continue to fuel cobalt oversupply and, combined with the fact that copper production is poised to expand further, this will keep cobalt prices under pressure,” the Fastmarkets report reads.
A similar picture is playing out in Indonesia, where cobalt is mined as a by-product of nickel.
Indonesia’s rise as a cobalt powerhouse is poised to reshape the market, fueled by its booming MHP production. In 2024, the country supplied 10 percent of global cobalt, up from 7 percent in 2023, driven by Chinese-backed investments in nickel laterite ore projects using high-pressure acid leach technology.
"Oversupply has been the dominant driving force for cobalt prices since 2023, and this is likely to persist in 2025" — Roman Aubry, Benchmark Mineral Intelligence
Despite weak nickel prices, these projects are ensuring long-term cobalt output growth, with MHP-derived cobalt production projected to rise by a sizeable 17 percent in 2025.
Producers are increasingly favoring cobalt metal over sulfate due to higher profitability and easier storage.
Additionally, cobalt from Indonesia may be immune to US tariffs — that's in contrast to Chinese cobalt, which faces a 25 percent import tariff, as per Fastmarkets. “That possibility could raise concerns about shifting global supply dynamics and increase the pressure on cobalt prices," the firm explains.
Due to these factors, Fastmarkets is expecting a continued surplus of 21,000 metric tons in 2025, a slight decrease from 2024’s glut of 25,000 metric tons. Increased copper and nickel production is driving this trend, but challenges loom.
Weak nickel pricing, driven by Indonesia’s rapid growth, is squeezing producers in higher-cost regions like Australia and Canada, threatening project viability. Meanwhile, geopolitical tensions, trade barriers and a strong US dollar could further disrupt cobalt flows, especially from Chinese-backed Indonesian operations. The market’s trajectory will depend heavily on economic conditions, trade dynamics and evolving technologies, the report concludes.
Ethical supply concerns continue
As the global mining sector faces increased scrutiny for its extraction practices, the DRC’s cobalt industry has proven to be a focal point for sustainability and social governance concerns.
Child labor at artisanal and small-scale cobalt mines in the country has drawn international attention, prompting the US Department of International Labor to establish a program to fight cobalt-related child labor in the DRC.
Since its inception in 2018, the project has trained 458 stakeholders from the government, civil society and the private sector on fighting child labor. Its other accomplishments include introducing tools like the Bureau of International Labor Affairs' Comply Chain to 28 mining entities in Lualaba and Haut-Katanga.
While these are moves in the right direction, the long-running negative attention that the DRC’s cobalt sector has faced could be a deterrent to new capital entering the country.
“Alternatives to the DRC are likely to become more attractive to investors if it can sidestep other potential pitfalls, such as high refining energy costs. Until a more sustainable supply chain is embedded, or there are more substantial regulations implemented to limit the prevalence of artisanal mining, prices are unlikely to see a premium for sustainably sourced cobalt in the immediate term,” Aubry told the Investing News Network.
Trump’s tough tariff talk
Although Indonesian supply may be exempt from current US trade rules, that could change in the near term.
The re-election of US President Donald Trump has introduced significant uncertainty into the cobalt market, particularly concerning the future of electric vehicle (EV) policies and potential trade measures.
Industry participants have expressed concerns that Trump may reverse existing EV legislation, notably the Inflation Reduction Act, which has been instrumental in channeling approximately US$312 billion into US EV production and infrastructure. The American president has previously indicated intentions to "end the electric vehicle mandate on day one" in a bid to "save the auto industry from complete obliteration."
Despite these statements, the proliferation of EV manufacturing facilities in predominantly Republican states suggests that any policy reversals could face resistance due to the economic benefits they bring to local communities.
Stricter tariffs on Chinese-origin cobalt and EVs is also a concern among market watchers.
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: Fortune Minerals and Mawson Finland 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.
Cobalt Market Update: Q1 2025 in Review
Cobalt metal prices fell to a nine year low in February after another year of oversupply, but rebounded sharply after the Democratic Republic of Congo (DRC) instituted a four month export pause for the critical metal.
After starting the year at US$24,495 per metric ton, cobalt ended the three month period at US$34,040.40, a strong 39 percent increase from January’s value. The price spread between cobalt’s first quarter low of US$21,467.70 on January 29 and its Q1 high of US$36,262 on March 17 is even more impressive at 69 percent.
The drop to US$21,467.70 marked the battery metal's lowest level since February 2016.
Cobalt's Q1 price activity comes after a persistent glut in the market prevented prices from gaining in 2024, and this oversupply continued to weigh the market down for the first 45 days of 2025.
A February 22 announcement that DRC would curtail cobalt shipments until the end of June provided much-needed tailwinds for prices, propelling them to highs last seen in 2023. Now sitting at the US$33,660.80 level, questions abound about what will happen to cobalt prices and the supply landscape during the rest of the year.
DRC export suspension boosts oversupplied market
Cobalt supply has ballooned over the last five years, with annual mine supply of the critical metal growing from 140,000 metric tons in 2020 to 290,000 metric tons in 2024. This 107 percent increase has far outpaced rising demand from the electric vehicle (EV) sector and other end-use segments, leading to a massive oversupply.
In mid-February, Rob Searle, battery raw materials analyst at Fastmarkets, wrote that while sector participants were waiting to see whether demand would pick up after the Lunar New Year, his firm wasn't overly optimistic on prices.
"At this stage we are not expecting a significant price correction given the oversupplied nature of the market from intermediates to cobalt metal," he explained, adding that cobalt could be due for "another bearish year."
Searle also noted that producer CMOC’s (OTC Pink:CMCLF,SHA:603993) 2025 guidance is pegged at 100,000 to 120,000 metric tons, on par with the 114,000 metric tons it produced in 2024.
Looking at the US, he said while potential tariffs on Canadian cobalt metal could create short-term tightness for "certain Western brands," Fastmarkets wasn't looking for a strong 2025 recovery in standard-grade cobalt metal pricing.
In response to the free-falling cobalt metal price, the DRC — the world’s leading cobalt-producing country by far — enacted a four month cobalt export suspension on February 24. The move quickly added tailwinds to cobalt metal prices, which as mentioned rose to a two year high of US$36,262 on March 17.
"The cobalt market has been quiet and stagnant for some time as production has far outstripped demand in the last 18 months. This was the first sign of life and took nearly all parties by surprise … a cut of supply this large will likely lead to a significant price correction in the coming months" — Rob Searle, Fastmarkets
“The cobalt market has been quiet and stagnant for some time as production has far outstripped demand in the last 18 months. This was the first sign of life and took nearly all parties by surprise … a cut of supply this large will likely lead to a significant price correction in the coming months,” Searle noted in a March 14 release.
“Post-June, when the ban is supposed to lift, the potential for export quotas going forward could support cobalt hydroxide and metal prices for the remainder of 2025 and into 2026.”
While companies are unable to ship cobalt hydroxide from the DRC, the suspension does not prevent the production and stockpiling of the critical material. Officials plan to review the embargo after three months.
Breaking down cobalt demand
The battery sector remains the largest cobalt end-use segment, representing approximately 70 percent of demand. This includes batteries in EVs, consumer goods and energy storage systems.
Super alloys, tooling and chemicals and catalysts account for the majority of the remaining 30 percent, with a small fraction also being used in magnets, medical implants and additive manufacturing (3D printing).
As Adam Webb, head of battery raw materials at Benchmark Mineral Intelligence, explained at the Toronto-based Benchmark Summit in March, positive forecasts and significant growth in the EV market in 2020 and 2021 led to a widespread demand uptick for battery raw materials, including cobalt.
“That led to markets going into deficit, prices rising, and that incentivized new production to come online,” he said.
“But bringing on a new mine is not like turning on a tap — it takes time. So that new supply that was incentivized eventually came online a couple of years later, at the same time there’s been a slowdown in the growth of that demand, and that's led to all of these markets becoming oversupplied and weighing on prices," Webb added.
Will EV growth catalyze cobalt prices?
Although global EV sales have been lower than projected, the sector has registered widespread growth, setting a sales record in 2024 of 17.1 million EVs sold, representing a 25 percent year-on-year increase.
Regionally, China dominated with 40 percent growth, capped by a historic December that saw 1.3 million EVs sold, the highest monthly volume ever recorded, according to RhoMotion. The US posted a modest 9 percent uptick, fueled by federal tax credits that are now threatened by potential Trump administration rollbacks; meanwhile, Europe lagged with a 3 percent decline as automakers and consumers braced for tougher 2025 emissions standards.
“What is clear is that Government carrots and sticks are working,” Rho Motion data manager Charles Lester said in a January report. He explained that subsidies, incentives and mandates in the UK and North America supported growth.
“Meanwhile the removal of subsidies in Germany had a devastating impact on the whole European market, if the US follows suit, we may see the same there,” Lester added.
While full Q1 data for EV sales is yet to be available, January brought sales of 1.3 million units, an 18 percent year-on-year increase. The steady increase has prompted Rho Motion to forecast full-year sales exceeding 20 million units.
Substitution concerns mount as supply chain tightens
While EV sales continue to rise, cobalt’s future demand outlook is slightly obscured. The opacity is due to its growing substitution, with some battery chemistries using smaller amounts or no cobalt at all.
Although lithium nickel manganese cobalt oxide (NMC) batteries remain the preferred chemistry for EV batteries, lithium iron phosphate (LFP) chemistries have been increasing their market share. Accounting for 6 percent of the battery sector in 2020, LFPs now comprise as much as 34 percent of the market.
Even with low prices making cobalt affordable, the market is fraught with issues that make substitution appealing.
Human rights abuses, including child labor and unsafe work conditions in the DRC, have long plagued the country’s cobalt sector. These ethical concerns have prompted companies to seek more sustainable and humane alternatives.
Concentration of production has also created instability in the cobalt supply chain. The DRC's dominance in cobalt production, accounting for over 60 percent of global supply, exposes manufacturers to geopolitical and supply risks.
To combat these issues, researchers and companies are developing cobalt-free battery technologies, such as lithium-ion batteries using nickel-rich cathodes, which perform comparably to traditional cobalt-based batteries.
“In 2024, the volume of cobalt deployed per vehicle declined by 25 percent year on year,” as per Fastmarkets.
While demand for cobalt will continue due to the expansion of the EV market, these ethical, economic and supply chain concerns are driving the industry toward alternative battery chemistries with reduced or eliminated cobalt content.
In light of these factors, Benchmark’s Webb expects the cobalt sector's compound annual growth rate to be slightly lower than that of other battery raw materials, coming in at 7 percent over the next decade.
“That's simply because cobalt is not used in every single lithium ion battery, whereas lithium — the clue is in the name — it is,” said Webb.
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.
ASX Cobalt Stocks: 4 Biggest Companies in 2025
After spending much of the last two years trending downwards, the cobalt price is spiking in 2025.
About 75 percent of global cobalt output comes from the Democratic Republic of Congo (DRC). While electric vehicle (EV) demand has remained positive, cobalt oversupply has weighed on markets and hurt efforts to build supply chains outside of the DRC.
However, the country banned exports of cobalt in February in an effort to increase the metal's falling price. By mid-March, cobalt had spiked to US$36,170 per tonne, up more than 65 percent from its record-low price of US$21,550 hit in late January.
Increasing electric vehicle (EV) and lithium-ion battery demand is expected to be supportive for key battery raw materials in the coming years. This means that as demand for EVs increases, so too will demand for cobalt — and, as one of the top four cobalt-producing countries in the world, Australia finds itself in a position to capitalise on this demand.
Though it is only responsible for less than 2 percent of the world’s cobalt production, Australia holds about 15.5 percent of global reserves. Moreover, while the DRC’s labour and mining practices have often been labeled unethical and unsustainable, Australian miners are focused on safer, more environmentally friendly practices.
For investors looking to get exposure to the Australian cobalt market, these ASX cobalt stocks may be a good place to start.
Read on for a look at the biggest cobalt stocks on the ASX by market cap. All market cap and share price data was obtained on April 9, 2025, using TradingView's stock screener.
Market cap: AU$75.88 million
Share price: AU$0.365
Ardea Resources' primary focus is developing its wholly owned Kalgoorlie nickel project, which the company says “hosts the largest nickel-cobalt resource in the developed world.”
Located in Western Australia, the project includes the Goongarrie Hub deposit.
A 2023 prefeasibility study shows that the Goongarrie Hub has an ore reserve of 194.1 million tonnes at 0.05 percent cobalt and 0.7 percent nickel, resulting in 99,000 tonnes of contained cobalt and 1.36 million tonnes of contained nickel.
The study indicates that this resource would support an open-pit mining operation with a 40 year mine life and annual output of 2,000 tonnes of cobalt and 30,000 tonnes of nickel.
Ardea is now working on a definitive feasibility study (DFS) with funding from its strategic partners, Sumitomo Metal Mining Co. (TSE:5713) and Mitsubishi (TSE:8058).
The DFS is slated for completion in the second half of 2025.
Market cap: AU$21.97 million
Share price: AU$0.052
Cobalt Blue Holdings focuses solely on cobalt and is enthusiastic about the metal’s ethical and environmental potential within the renewable energy market. The company owns the New South Wales-based Broken Hill project, a cobalt asset that it says adheres to Australian labour and sustainability standards. It is also planning the Kwinana cobalt-nickel refinery.
In November 2023, Cobalt Blue released the results of its cobalt-nickel refinery study. During Stage 1, the proposed refinery will process third-party feedstock and will have a capacity of 3,000 tonnes of cobalt sulphate per year, along with 1,000 tonnes of nickel sulphate annually. Stage 2 will have the option to include potential feedstock from Broken Hill. The study projects stable margins throughout potential cobalt price fluctuations.
The company's potential partner for the refinery is Iwatani (TSE:8088), a battery minerals trader. According to Cobalt Blue, if everything goes through as planned, the refinery will be constructed on Iwatani's property in Western Australia's Kwinana industrial area.
Cobalt Blue provided an update on the refinery in late March 2025, reporting that 80 percent of the detailed plant engineering is completed and the refinery is advancing through the final stages to support a final investment decision. The two companies executed a pre-final investment decision consortium deed on April 11, and stated a decision is expected by December 31.
Market cap: AU$18.92 million
Share price: AU$0.071
Coda Minerals is advancing its Elizabeth Creek copper-cobalt-silver project located in the Olympic Copper Province of South Australia.
Coda completed an updated scoping study on the project in December 2024, which demonstrated robust economics with a 16 year mine life and the potential for annual production of about 26,700 tonnes of copper and 1,300 tonnes of cobalt at steady state production levels.
The mine plan includes three open-pit mines, one underground mine and a hydrometallurgical processing plant. During Phase 1 of planned production, Coda is looking to produce copper-cobalt concentrate over a one year period to generate cash-flow.
Once in Phase 2, the hydrometallurgical plant is intended to produce higher value saleable end-products such as copper cathode and battery-grade cobalt sulphate.
In March 2025, Coda announced the completion of a four-hole drill program on Elizabeth Creek's Emmie East copper-cobalt prospect located immediately east and to the south-east of the underground Emmie Bluff deposit. While assays are still pending as of April 9, Coda believes results have the potential to identify an extension of Emmie Bluff.
Market cap: AU$10.43 million
Share price: AU$0.145
Norway-focused Kuniko is targeting three metals key for the EV industry: cobalt, nickel and copper.
The majority of its assets are in Norway, including its Skuterud cobalt project, Undal-Nyberget copper project and Ringerike battery metals project. Ringerike hosts the past-producing Ertelien nickel-copper-cobalt target.
In 2023, Kuniko received an investment of AU$7.8 million by Stellantis (NYSE:STLA), which acquired a 19.99 percent interest in Kuniko and secured a 35 percent offtake for future production of nickel and cobalt sulphate from Kuniko's Norwegian projects for nine years.
Kuniko undertook a second phase expansion drill program over the summer of 2024 at Ertelien. “Our aim is to demonstrate progress towards developing a Voisey Bay style resource as a potential new source of critical battery metals for European industries,” Kuniko CEO Antony Beckmand stated.
In December 2024, the company released an updated resource estimate for Ertelien that included the results from that program.
The new resource totals 40 million tonnes at an average grade of 0.25 percent nickel equivalent, made up of 22 million tonnes of indicated resources at 0.26 percent nickel equivalent and 18 million tonnes of inferred resources at 0.25 percent.
Overall, the deposit contains 5,600 tonnes of cobalt, 71,000 tonnes of nickel and 49,000 tonnes of copper.
Don’t forget to follow us @INN_Australia for real-time updates!
Securities Disclosure: I, Melissa Pistilli, currently hold no direct investment interest in any company mentioned in this article.
Graphite Market Forecast: Top Trends for Graphite in 2025
The natural graphite market faced pressure in 2024 as supply and demand trends created a deficit.
As the year progressed, slower-than-forecast end-use segment demand, production uncertainty and moderate investment in capacity growth outside of China remained the dominant sector themes.
A late-year recovery in global electric vehicle (EV) sales and a positive long-term demand outlook have positioned the graphite market for a mild recovery in 2025. However, with China dominating global supply, factors such as geopolitical tensions, export restrictions and policy changes could quickly alter the landscape.
“The risks to relying on China have really been highlighted over the last year. (In December 2023), China announced export licenses for graphite products," James Willoughby, senior research analyst for graphite, energy transition and battery raw materials at Wood Mackenzie, explained to the Investing News Network (INN).
"While they didn’t amount to much overall, China has once again threatened to tighten export controls this year, which could prevent battery anode producers receiving the raw materials required."
The synthetic graphite market is less exposed to Chinese disruption as it is less geographically concentrated.
“Although synthetic graphite producers are better off, natural graphite anode producers are almost completely reliant on China, so there’s a lot of concern around this at the moment,” Willoughby added.
“This highlights that the deeper into the supply chain you go, the more entrenched China’s dominance becomes. They form the backbone of the anode supply chain, and it will be a challenge for the west to break" — Tony Alderson, Benchmark Mineral Intelligence
Even though the Wood Mackenzie expert doesn’t foresee China limiting exports, incoming rules on US imports are adding pressure on North America to grow its domestic supply chain. “While we expect China to continue to allow battery-related exports, companies are looking to diversify their supply to reduce the risk,” he said.
“On top of this, there is a need to shift away from China for the US battery supply chain. The Inflation Reduction Act (IRA) specifies that by 2027, any batteries that contain graphite from China won’t be eligible for substantial tax credits. While it’s not clear which of these will remain under the new administration, we expect the requirements for non-Chinese material to continue.”
Graphite market facing dual supply challenges
Natural graphite production ballooned in 2022, when global mine supply reached 1,680,000 metric tons, a 73.9 percent increase from 2020’s 966,000 metric tons. Global output then registered a small 4.6 percent decline in 2023, totaling 1,600,000 metric tons; however, the reduction was enough to send the market into deficit.
According to Tony Alderson, senior analyst for Benchmark Mineral Intelligence, the shortfall in the graphite sector has been attributed to rising demand from the battery anode segment.
“EV demand is set to rise by nearly 400 percent over the next decade. As such, the need for both natural and synthetic graphite is rising notably in line with this,” Alderson wrote in an email to INN.
“With regards to this increased demand, the natural graphite balance is already not holding up, with a 2024 deficit of nearly 150,000 metric tons per annum (tpa) emerging.”
Conversely, the synthetic graphite market is experiencing a supply glut.
“On the side of synthetic graphite, it is faring a little better when talking about the market balance as supply is stronger. The market is in a notable oversupply of 350,000 tpa, which is set to reach a deficit beyond the end of the decade,” Alderson commented. “One of the reasons for this chemistry disparity is due to the greater supply and ease of building a facility in a far (shorter) time period than with natural (graphite).”
Although the 2025 supply narrative is different, the future of both markets looks similar, Alderson noted.
“Despite this, the currently announced supply is simply not enough to meet the forecasted demand out to 2034, with both (segments) reaching deficits of over 600,000 tpa, which are only set to widen out to 2040,” he said.
In a 2022 report, Benchmark Mineral Intelligence notes that some 300 new mines are needed to support the energy transition, a percentage of which will need to be graphite mines.
“We forecast battery sector demand for raw material graphite to rise by more than 1,400 percent between 2020 and 2050,” it states. “By the end of the forecast period, total graphite demand could be three times the 2021 supply level.”
Shifting battery chemistries complicate forecast
Use in the EV sector is underpinning graphite demand; however, as battery chemistries continue to shift, experts believe supply and demand fundamentals for the commodity could change.
The rapid evolution of battery chemistries has posed significant challenges. While the shift in cathode materials from nickel-manganese-cobalt (NMC) to lithium-iron-phosphate (LFP) in China has garnered much attention, similar transformations are also occurring within the anode market, explained Willoughby.
“China now primarily uses synthetic graphite anode materials as it’s faster to build out new production and easier to get the raw materials,” he said. “However, that has led to a massive oversupply for synthetic due to the number of new companies in the market, and in the natural (graphite market) demand has really fallen away in the last year.”
While NMC cathodes and natural graphite anodes are still quite popular outside of China, slower demand growth in 2024 has seen many of the major anode producers cut back output, he added.
Looking longer term, Willoughby admitted that the market could become opaque.
“It’s been a challenge to keep the ever-evolving supply and demand dynamics in check, particularly when the market has to increasingly consider regional regulations like the IRA," the expert noted.
“We see China continuing to operate at a surplus over the next decade because of its existing capacity, but the rest of the world still looks to need more capacity for both natural and synthetic anodes if it wants to meet its own demand.”
This position was reiterated by Benchmark Mineral Intelligence’s Alderson, who referenced the mounting geopolitical tensions between the east and west as a pain point in the long-term ex-China market buildout.
“China dominates not only natural graphite production (76 percent), but also downstream markets, controlling 79 percent of natural graphite anode and 98 percent of synthetic graphite anode supply globally," he said.
“This highlights that the deeper into the supply chain you go, the more entrenched China’s dominance becomes. They form the backbone of the anode supply chain, and it will be a challenge for the west to break.”
Alderson pointed to China’s December 3, 2024, implementation of an immediate ban on dual-use exports intended for US military applications, along with heightened end-use reviews for exports like graphite to the US.
Building a North American supply pipeline
To offset Chinese control, the US has taken notable steps to create onshore supply.
“Since the US IRA’s announcement in August 2022, over 500,000 tpa of anode capacity has been added, (which is) over a 200 percent+ increase,” said Alderson.
This move has been supported by government funding.
In November, 2023 South Star Battery Metals (TSXV:STS,OTCQB:STSBF), received a US$3.2 million grant from the Department of Defense (DoD) under the IRA to advance its flagship BamaStar graphite project in Alabama.
Similarly, Graphite One’s (TSXV:GPH,OTCQX:GPHOF) Alaska-focused subsidiary received a US$37.5 million DoD grant in July 2023 to cover costs associated with an accelerated feasibility study on the Graphite Creek project.
In September of the same year, Graphite One penned a US$4.7 million contract with the DoD’s Logistics Agency to develop a graphite- and graphene-based foam fire suppressant.
“Private companies are also ramping up onshoring efforts by inking offtake agreements with US anode producers, setting a record in 2024 for such deals,” Alderson explained to INN. “Despite these advancements, North America faces a 200,000 tpa market deficit in 2024, expected to grow as EV demand accelerates. As such, notable investment will be required to drive growth and achieve any form of self-sufficiency,” he added.
As new North American supply becomes imperative, the sole continental producer, Northern Graphite (TSXV:NGC,OTCQB), faced challenges in the low-price environment of 2024.
“While we are also moving forward to open a new pit at LDI and restart the plant at a higher throughput in January to meet rising demand, unless we can see our way through to higher prices, long-term supply agreements with battery makers and support from governments in Ontario, Quebec, Canada and/or the United States, the Company will continue to struggle whilst these challenging market conditions prevail for ourselves and the rest of the industry,” CEO Hugues Jacquemin said in a third quarter update released by the company in late November.
To aid in offsetting these pressures, Northern Graphite was able to negotiate a price increase with its customers in early January 2025 to mitigate inflation and higher production costs.
What trends will drive graphite in 2025?
As 2025 progresses, both market experts offered insight on which trends could be the most impactful.
“We’re expecting more bifurcation of the China and ex-China markets,” Wood Mackenzie’s Willoughby said.
“In 2024, we saw domestic Chinese prices sink much more rapidly and to a greater extent than export prices,” he said. “We expect them to remain low in 2025, but for US and European benchmarks to begin to climb again as the shift away from China as their major supplier creates tightness in that market.”
The volume needed in North America is likely to provide price insulation for graphite produced outside of China.
“Given the relative lack of ex-China mines, new production isn’t expected to dent this outlook too much,” he added.
For Alderson, volatility will reign supreme in the first half of 2025.
“Excess inventory overhang of battery-grade -100 mesh is expected to sustain high supply levels through 2025 despite forecasted reduction in production costs within the Chinese market,” he said. “Consequently, prices are forecasted to decline further in H1 2025, averaging US$413 per metric ton, down 22 percent year-over-year.”
He sees more stability materializing in the latter half of the year.
“In H2 2025, prices are set to recover moderately as inventories shrink and stock levels normalize, with China's overall production experiencing a gradual recovery,” he said. “However, ongoing competition from synthetic graphite for battery end-use applications will likely cap price growth.”
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: Metals Australia and International Graphite 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.
ASX Graphite Stocks: 5 Biggest Companies
Graphite isn’t just used for pencils — it's also a key electric vehicle (EV) battery component due to its high conductivity and quick-charging capacity. As EV sales rise, experts believe this battery metal will also take flight.
With the graphite forecast looking hopeful, investors are searching for ways to get exposure to the sector. Australian investors can look to the ASX, which is home to a slew of companies focused on the graphite market.
When learning about an industry, it's often a good idea to start with key players, and here the Investing News Network has compiled a list of the largest graphite-focused companies on the ASX by market cap. Data was collected using TradingView's stock screener on July 10, 2024. Read on to learn more about Australia's largest graphite companies.
Company Profile
Market cap: AU$403.35 million; share price: AU$0.705
Sovereign Metals is focused on advancing on its Kasiya rutile-graphite project in Malawi. Rutile is a mineral consisting of titanium dioxide that's often used to produce titanium metal. Kasiya's graphite co-product mineral resource estimate is 1.8 billion tonnes at 1.4 percent graphite, containing over 24.4 million tonnes of graphite. The company believes this material has the potential to be used to supply spherical purified graphite for the lithium-ion battery anode market.
Major miner Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) has made a series of strategic investments in Sovereign Metals over the past year totalling AU$58.9 million, giving it a 19.76 percent stake in the company as of July.
With this funding and Rio Tinto's technical expertise, Sovereign is advancing Kasiya toward a definitive feasibility study (DFS). In June, the company announced that pilot plant construction is underway as part of an ongoing optimisation study, which will provide critical information for the planned DFS.
Company Profile
Market cap: AU$331.17 million; share price: AU$0.31
Syrah Resources is an industrial minerals and technology company with a vision of becoming a leading global supplier of graphite and battery anode products. The company's two main focuses right now are its flagship Balama graphite project in Mozambique and its Vidalia anode materials facility in Louisiana, US.
Syrah’s Balama operation has a projected lifespan of over 50 years, and its combined mining and processing operations allow for the production of 94 to 98 percent pure carbon graphite concentrate.
Syrah reached a milestone in April with the sale of 10,000 tonnes of natural graphite fines from Balama to PT Indonesia BTR New Energy Materials. This was the company's "first large volume natural graphite sale to a battery supply chain participant destination outside China." It came after the announcement of a binding offtake agreement with South Korea's Posco Future M (KRX:003670) as part of Syrah's efforts to expand its reach into ex-China markets.
In February, Syrah started production at the Vidalia facility, making it the first integrated graphite processor outside of China. The plant has an annual production capacity of 11,250 tonnes of active anode material.
In 2022, the company was selected to receive an up to US$220 million grant from the US Department of Energy as part of the country's Inflation Reduction Act. The funds are being used to support the financing of an expansion at Syrah's Vidalia facility that will bring its capacity to 45,000 tonnes per year.
The company has binding offtake agreements with Tesla (NASDAQ:TSLA), Westwater Resources (NYSEAMERICAN:WWR) and Graphex Technologies, a wholly owned subsidiary of Graphex Group (NYSEAMERICAN:GRFX,HKEX:6128).
Company Profile
Market cap: AU$228.73 million; share price: AU$0.09
Renascor Resources has honed its efforts on helping to power the future with clean energy resources. While the company has five projects, most of its activities are focused on its two fully owned projects in South Australia: the Siviour battery anode materials project and the Carnding gold project.
Renascor announced in April that the Australian government had approved a AU$185 million loan facility to help advance its planned vertically integrated battery anode material graphite mine and manufacturing operation. In July, the company was awarded a AU$5 million grant under the Australian government’s International Partnerships in Critical Minerals Program to help fund a AU$10 million demonstration plant. Both of these initiatives will help fast track Siviour.
Renascor says it’s on track for planned commissioning of the demonstration processing plant in Q2 2025. The plant will produce battery-grade purified spherical graphite.
Company Profile
Market cap: AU$214.56 million; share price: AU$0.55
Talga Group is a vertically integrated battery anode and materials company, meaning it mines its own graphite and also produces anodes. It has operations in Sweden, Japan, Australia, Germany and the UK.
Last year, Talga received environmental approval for its Nunasvaara South graphite mine, which forms part of its vertically integrated Vittangi anode project in Sweden; it also got an environmental permit for its Luleå anode refinery, which Talga says will be Europe's first commercial natural graphite anode plant.
Construction of the plant began in the third quarter of 2023.
A FEED study for the Vittangi anode project was completed in the first quarter of 2024, and a scoping study is now underway to expand the existing initial 19,500 tonne per year production of graphite anode products. Talga is targeting Q4 of this year for the completion of the scoping study, which also includes downstream anode refinery expansions and incorporation of the company's proprietary graphite recycling technology.
Company Profile
Market cap: AU$163.87 million; share price: AU$0.52
Quantum Graphite is advancing the Uley 2 flake graphite project in South Australia, which includes the past-producing Uley mine and the Mikkira deposit. The company bills it as “one of the largest high-grade natural flake deposits in the world.”
The project is fully permitted and development ready with a binding offtake agreement with a major European trading group for 50 percent of its production for a minimum of five years.
Through its Sunlands Power joint venture with Sunlands Energy, Quantum Graphite plans to manufacture coarse-natural-flake-based thermal storage media sourced from the Uley mine to be fitted within Sunland Energy’s patented TES Graphite Cells technology for grid-connected, long-duration energy storage.
Article by Melissa Pistilli; FAQs by Lauren Kelly.
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Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
Vanadium Market Forecast: Top Trends for Vanadium in 2025
The vanadium market is set to shift in 2025, driven by demand from the energy storage and steel sectors.
Energy storage systems that utilize vanadium redox flow batteries (VRFBs) are gaining traction as renewable energy deployment accelerates, boosting demand for high-purity vanadium. However, global supply remains constrained due to limited mining projects and geopolitical uncertainties, particularly in China and Russia, key producers.
Environmental regulations and advances in recycling technology may also influence supply dynamics, and market observers are watching potential price volatility tied to steel demand, the largest end use of vanadium globally.
In September 2024, China introduced new rebar standards that are anticipated to boost high-quality vanadium demand.
“Production of rebar with the new standards will increase per annum vanadium nitrogen consumption by roughly 15 percent,” a July Fastmarkets report notes. “That calculation is based on China’s 2023 rebar production volume.”
“Vanadium demand in steel alloys will rise in 2025 due to change in Chinese rebar standards. However, expected demand rise in steel will not be as high as estimated from battery manufacturing in the medium term due to slowdown in the Chinese construction industry,” said Piyush Goel, commodities consultant at CRU Group, via email.
“Vanadium demand in batteries is estimated to rise rapidly; this rise in demand will primarily come from China due to targeted government policies towards VRFBs," he told the Investing News Network (INN).
China, which is the leading producer of vanadium, is also expected to drive global demand in the year ahead.
“Rise in vanadium demand in the medium term (til 2029) is estimated to be heavily concentrated in China, because we estimate VRFB demand to pick up faster in China compared to other regions,” he said. “Similarly, Chinese rebar standards also changed — requiring higher-vanadium-intensity steel. Due to the rapid rise in domestic vanadium demand, China is likely to become a net importer of vanadium as the Chinese market goes into deficit from surplus.”
Vanadium demand faces rebar challenges, with limited boost from batteries
Even though Fastmarkets is calling for a 15 percent uptick in vanadium demand for rebar, this will only bring demand back up to previous levels. As Erik Sardain, principal analyst for Project Blue, explained, China’s weak construction market has caused a 15 percent year-on-year decline in domestic rebar construction.
Despite positivity in the VRFB space, Sardain doesn’t expect this to offset lower rebar demand.
“No, no, no, no, absolutely not. If you want to look worldwide, you can say that steel in general is something like 90 percent (of vanadium demand),” Sardain said in a December interview with INN.
The expert went on to point out that quantifying the amount of vanadium used in batteries and energy storage is challenging. He also questioned demand trend forecasts from the battery segment.
“I think the market got it wrong for one main reason, because the market is assuming that the vanadium redox battery for the storage system is going to be something worldwide,” he said.
“And at Project Blue, we don't think it's going to be global. We think it's going to be primarily China.”
He attributes this to the types of installations utilizing VRFB energy storage systems, telling INN that China is using the technology to power grids, while other countries are using it for small-scale applications.
Taking a more optimistic and long-term view, CRU’s Goel sees more viability in the battery and energy storage segments.
“VRFBs will have a considerable impact on the vanadium industry through the next two decades, but will play a minor role in the energy storage space — accounting for only 3.5 percent of total battery energy storage installations by 2035,” said Goel. “Although VRFBs will make up a small portion of total energy storage, they are significant consumers of vanadium and will consume the majority of global vanadium in 2035, compared to ~6 percent in 2024."
Supply picture blurred by geopolitics
As the Russia-Ukraine war continues and tensions between the US and China grow, many metals have faced volatility. These disruptions have impacted global markets, spurring policymakers to fast track new supply chains.
China’s restrictions on gallium and germanium exports in August 2023 escalated to a complete ban on shipments to the US in December 2024, intensifying global supply concerns.
Potential export caps and tariffs threaten to disrupt already fragile supply chains; however, Goel told INN that he doesn’t foresee these issues impacting the vanadium market.
“Similar trade restrictions are unlikely in vanadium, as most of the recent rise in vanadium demand is coming from China, which means China is likely to become a net importer if no new capacity is opened,” he said.
"We are estimating a global supply deficit in 2025 due to change in rebar standards and rise in vanadium battery demand, causing vanadium prices to rise" — Piyush Goel, CRU Group
“This also means that should China become import reliant for a meaningful share of vanadium, which is to be used in two significant national industries (steel and energy storage), vanadium will move up in criticality matrices for China — moving nearer to materials like iron ore, potash and high-purity quartz.”
As demand in China picks up, Sardain anticipates the Asian nation will ramp up production. “With the current geopolitical environment, there is absolutely no way that China is going to rely on imports of vanadium,” he noted.
According to Goel, China isn’t the only country that is looking to be less reliant on imports. “Governments worldwide have recognized vanadium as a critical mineral, leading to increased support for emerging vanadium projects,” he said.
He referenced Australian company Vecco Group, which received an AU$3.8 million grant to advance the feasibility and design of a high-purity vanadium project in Brisbane.
“However, such grants are not enough to bring a project from conception to production. The current low vanadium pricing environment is a barrier to increasing ex-China capacity,” he added.
Australia to dominate growing vanadium supply capacity
While China will dominate the vanadium narrative in 2025, Australia is positioning to become a production hub.
In addition to getting its AU$3.8 million grant, Vecco’s project was granted coordinated project status by the Queensland government this past July. The status designation streamlines approvals for major developments with significant impacts, centralizing assessments and enabling public consultation.
In late December, explorer and developer QEM (ASX:QEM) also received coordinated project status from Queensland for its Julia Creek vanadium and energy project. According to a July release, a scoping study completed for Julia Creek affirms the company’s aim to produce approximately 10,571 metric tons of 99.95 percent pure vanadium pentoxide and 313 million liters of transport fuel annually over a 30 year mine life.
In mid-January, Australian Vanadium (ASX:AVL,OTC Pink:ATVVF) was granted environmental approval for its Gabanintha vanadium project in Western Australia. The approval covers a mine, concentrator, processing plant and supporting infrastructure, including a bore field and camp. The company is updating its optimized feasibility study to integrate Gabanintha into its Australian Vanadium project, one of the largest and highest-grade vanadium deposits.
How will the vanadium price perform in 2025?
Underscoring the weakness in the vanadium market, Sardain recounted factors impeding price growth.
He explained that despite several elements that should have boosted demand, the market remains surprisingly weak. Chinese monetary stimulus measures and stricter rebar standard enforcement failed to drive prices higher.
Russian vanadium pentoxide exports to China have dried up, and supply uncertainties persist in South Africa.
These conditions, which typically would have supported price increases for the battery metal, have instead had little impact, highlighting the subdued demand, especially in China.
“To be really honest, I was expecting the market to pick up in the second half of 2024,” he said.
“I was expecting this to happen, because I was looking at the interest rate in Europe, the (European Central Bank) cutting interest rates. I was expecting some kind of recovery for the European economy. I was expecting the Chinese government to be more proactive. I was expecting the property market in China to stabilize. So I was expecting some kind of rebound in the second half, which didn't take place," Sardain explained to INN.
Although the market didn’t perform to expectations in 2024, he sees promise in the months ahead.
“I think that the market is currently bottoming out. I believe that we are very close to the stabilization of the property market in China. Whether it's going to happen in Q1 or Q2 I don't know, but maybe (there will be) some kind of very, very, very mild recovery in the second half (of the year),” he said.
Highlighting the market’s positive fundamentals, CRU’s Goel said he sees a price rebound in 2025.
“We are estimating a global supply deficit in 2025 due to change in rebar standards and rise in vanadium battery demand, causing vanadium prices to rise,” said Goel. “As more supply comes online in 2026 and 2027, by 2027 vanadium prices will come down when compared to 2025 prices, but crucially remain higher than the pricing in the last 12 months.”
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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.
Manganese Market Forecast: Top Trends for Manganese in 2025
The manganese market was impacted by various factors in 2024, including growing demand for battery applications, geopolitical risk, production disruptions and strategic investments.
Positive demand from the electric vehicle (EV) sector offered support as automakers increasingly turned to manganese-rich chemistries like lithium-manganese-iron-phosphate (LMFP) to cut costs and reduce reliance on nickel and cobalt.
Meanwhile, supply chain vulnerabilities emerged due to political instability in major producing regions and heightened environmental scrutiny. In response, nations such as the US and Australia accelerated investments in refining facilities to reduce dependence on China and secure their EV battery supply chains.
Later in the year, oversupply from weaker-than-expected Chinese steel demand muted price growth in the space.
“Manganese sulphate prices turned bearish in Q4 … with slow spot buying in China and the effects of weather-related mine supply disruptions in Australia,” a Fastmarkets report from December reads.
Despite these challenges, the firm foresees a recovery in the manganese market in the years ahead.
“We expect demand to grow from now and into the 2030s, driven in part by new chemistries like LMFP,” Fastmarkets notes. In the short to mid-term, China’s supply base looks set to fulfil global needs of high purity manganese, though there is likely to be a long-term need for a greater high purity manganese capacity.”
Oversupply dampens manganese prices
Clare Hanna, senior steel analyst at CRU Group, recounted the most impactful 2024 trends for manganese.
“The key drivers in 2024 were the outage at South32’s (ASX:S32,OTC Pink:SHTLF)Groote Eylandt mine, the surge in alternative supplies and the weak state of Chinese demand,” she said.
“This led prices to first rise very sharply and then plummet as the market oversupply became apparent.”
South32 — the world’s largest manganese producer — saw operations suspended at its Australia-based Groote Eylandt mine in March due to a tropical cyclone. A phased return to mining began in June of last year; however, the severity of flooding due to the cyclone has impacted a wharf and the company’s ability to export.
In a statement, South32 said it expects exports to resume in its fiscal Q3 2025 ending March 31.
Some of this reduced 2024 output was offset by purchase declines in China. As Hanna explained, Chinese demand was weak due to lower demand for steel rebar, which was driven by weakness in the Chinese real estate sector.
Prices for manganese ore could face headwinds in the year ahead as South32 continues to ramp up Groote Eylandt.
“The return of South32 to the market and the increase in high-grade supply could be a challenge, given the Chinese real estate market is not expected to improve significantly. Steel demand and production in other markets is forecast to improve,” Hanna explained to INN.
Key manganese demand drivers for 2025
Prized for their high energy density, automakers are increasingly turning to manganese-based batteries for their cost-effectiveness and reduced reliance on expensive metals like nickel and cobalt.
That said, as Hanna pointed out, the majority of manganese demand is still attributed to the steel sector.
“There is a lot of noise in the market about manganese usage in EV batteries, driven in part by companies looking for finance, and also because downstream, the processing of manganese ore for battery-grade manganese products is heavily concentrated in China at the moment," she said. “However, it is worth recognizing that in terms of manganese ore demand, the share that is going into EV supply chains is very small.”
The senior analyst went on to note that those dynamics are likely to shift in the coming years.
“While (EV sector) volume is growing and the demand from the steel sector is likely to decline over time, demand from steel supply chains will remain the dominant source of manganese ore demand, and therefore the biggest demand-side influence on manganese ore prices,” said Hanna.
She went on to explain why EV market usage has come to dominate the manganese narrative.
“When looking for investment, companies like to align their projects with growing market sectors, so when companies are talking about new mine investments, they often reference the EV supply chain — even if in practice, most of the ore will likely go to ferroalloy producers for consumption in steel production.”
New manganese sources outside of China
Like so many of the battery metals, the manganese supply chain is dominated by China, a factor many western nations are grappling with. In an effort to bolster supply outside of China, significant investments were made in 2024.
“What we are seeing is a number of projects aimed at producing high-purity manganese sulfate monohydrate (HPMSM) outside of China (in order to) reduce OEM EV battery supply chain risk, or take advantage of the benefits of the Inflation Reduction Act. Some of these are aligned with new or existing upstream mines,” said Hanna.
Although the plan looks good on paper, the CRU steel specialist pointed out the challenges of building HPMSM supply independent of China. She noted that operational plants are a couple of years off at minimum.
“Production of HPMSM is a chemical process, so existing producers of manganese metal or other manganese chemicals would be able to move into this product area more easily than ferroalloy producers, although there are still a lot of technical challenges. There are no ferroalloy producers outside of China moving to produce HPMSM," Hanna added.
Some of the projects in the pipeline include the Manganese Metal Company’s HPMSM Metal to Crystal project in South Africa. Described as a more sustainable process, the Metal to Crystal production method will start with a 5,000 metric ton per annum plant in 2028, followed by a 30,000 metric ton per annum plant, targeted beyond 2030.
In addition to that, Hanna spoke about South32’s Arizona-based Hermosa manganese-zinc project, which received a US$20 million grant from the US Department of Defense in May 2024. The monies have been earmarked for the acceleration of domestic production of battery-grade manganese.
"The key drivers in 2024 were the outage at South32’s Groote Eylandt mine, the surge in alternative supplies and the weak state of Chinese demand" — Clare Hanna, CRU Group
Manganese processing plants have also attracted US government funding.
In September, Element 25 (ASX:E25:OTCQX:ELMT) secured a US$166 million grant from the US Department of Energy under the Battery Materials Processing Grant Program.
The funding will support the construction of the firm’s HPMSM facility in Louisiana. The grant is in addition to US$115 million already secured from offtake partners General Motors (NYSE:GM) and Stellantis (NYSE:STLA).
The feedstock for the Louisiana plant will originate from Element 25’s Butcherbird mine in Australia. In November, the company released a new resource estimate for the planned expansion at Butcherbird.
According to the company, the new estimate registers a 142 percent increase in measured and indicated resources, which now total 130 million metric tons at 10.23 percent manganese.
Additionally, the site hosts a total resource of 274 million metric tons at 10 percent manganese.
Hanna also referenced Euro Manganese (TSXV:EMN,OTCQB:EUMNF), which is developing a project in the Czech Republic using manganese from old mine tailings, as well as looking at plans for a plant in Québec, Canada.
“Firebird Metals (ASX:FRB,OTC Pink:FRBMF) (in) Australia, has adopted an alternative approach,” she said. “They are partnering with a Chinese group to build an HPMSM plant in China, which could eventually be supplied with ore from an Australian mine.”
What trends will drive manganese in 2025?
While these supply chain diversification efforts aim to secure and steady output, Hanna warned of trends to watch in 2025. Top of mind is South32’s Groote Eylandt mine and its ability to restart shipments.
In South Africa, she highlighted national rail operator Transnet's plans for expansion.
“Transnet’s plans for the new port and rail infrastructure at Coega in South Africa are still some way off,” said Hanna. “The company’s performance on the existing rail network and ability to open up the routes beyond traditional miners will influence how much ore needs to be moved via the higher cost rail route.”
Plans remain distant, while inefficiencies in the existing rail network could raise transport costs.
Meanwhile, manganese producer Eramet (EPA:ERA), has faced challenges to its production expansion plans at the Moanda project in Gabon. Hanna noted that Gabon’s production expansion in Moanda faces delays due to weak demand, compounded by past disruptions from railway landslides.
“These (plans) were slowed in Q4 by weak demand,” she said. “Work continues on improvements to the Trans Gabon Railway. Landslides and derailments in the past have disrupted supply causing ore price volatility.”
A resolution to the war in Ukraine could also serve as a catalyst to the 2025 supply and demand story.
“Historically, Ukraine was a significant producer and consumer of manganese alloys. Both have been slowed by the war. In the event of a ceasefire this year, supply is likely to return faster than demand as the large Mauripol steel plant was destroyed during the Russian invasion,” she added.
According to Hanna, key areas to watch as the year progresses are trade actions and carbon taxes.
These include the US investigation into ferrosilicon imports from several countries, as well as potential broad tariffs from the incoming Trump administration.
Elsewhere, the EU’s probe into manganese alloys and ferrosilicon may raise regional prices
“The EU Carbon Border Adjustment Mechanism is due to come in at the beginning of 2026. Ferromanganese is covered, silicomanganese is not," said Hanna. “There is a lot of uncertainty about the impact of this.”
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.
Metals Australia
Company Highlights
- Metals Australia is rapidly advancing its flag ship Lac Carheil Graphite Project in Quebec, Canada. In addition, the company has a suite of high-quality exploration projects – including Lithium, Gold and Silver in Quebec, Canada and Lithium, Gold, Copper & Vanadium in Western Australia (WA) and the Northern Territory (NT).
- All projects are in Tier-1 mining jurisdictions (Canada and Australia) with world-class prospectivity and stable geo-politically.
- The company has six key exploration and development projects:
- two in Canada: the Lac Carheil high-grade flake graphite project and the Corvette River lithium and gold-silver-copper exploration project, and,
- four in Australia: Warrambie (lithium, nickel-copper, gold), Murchison (gold) and Manindi (lithium, vanadium-titanium, zinc-silver) in WA, and Tennant Creek (Warrego East copper-gold) in the NT.
- The focus is to rapidly advance its flagship Lac Carheil Graphite Project towards development. A drilling program is already contracted to substantially increase the existing JORC 2012 Mineral Resource of 13.3 Mt @ 11.5 percent graphitic carbon (Cg) and test the potential of the many other identified high-grade graphite trends.
- The 2020 Scoping Study on Lac Carheil based on the existing resource, representing only 1km of drilling out of the total 36kms of identified graphite trends, indicates a 14-year mine life with a production of 100,000 tons per annum and a pre-tax NPV @ 8 percent of US$123 million (~AUD$190 million).
- There are multiple catalysts at Lac Carheil in the near term including a pre-feasibility study (PFS) (underway), a scoping study on downstream battery (anode) - grade graphite production, and planned drilling aiming to at least double the resource as well as test other identified high-grade graphite trends.
- Furthermore, other projects in Canada including the Corvette River lithium and gold targets, and exploration in Australia at Manindi, Warrambie, Murchison and Warrego – are all seeing active progress.
- The company is well-funded to complete all its planned exploration and project studies. The cash position at the end of Q1 2024 was AU$17.86 million.
- Metals Australia is led by a seasoned board and management team possessing extensive mining sector experience and a proven track record of successful discoveries and project developments. With funding in place, the company is well-positioned to capitalise on growth prospects.
Figure 1 – Location of Metals Australia’s projects in the Tier 1 Mining Jurisdictions in Quebec, Canada and Australia’s Western Australia and the Northern Territory.
Overview
Metals Australia (ASX:MLS) is a mineral exploration company with a high-quality portfolio of advanced battery minerals and metals projects in Tier 1 mining jurisdictions of Western Australia and Canada. The portfolio comprises two critical minerals projects in Quebec, Canada — the Lac Carheil flake graphite project and the Corvette River lithium (and gold) project. The Australian portfolio comprises four projects: Tennant Creek (copper-gold) in the Northern Territory and Warrambie (lithium, nickel-copper, gold), Murchison (gold) and Manindi (lithium, vanadium-titanium, zinc) – all in Western Australia.
The push for net zero targets and the call from policymakers to transition to cleaner energy has intensified the focus on electric vehicles (EVs) and battery storage. The EV automakers and battery manufacturers, rely on essential materials such as graphite and metals, including lithium, nickel, copper and cobalt, to manufacture the batteries that are used in these vehicles and storage batteries generally. This has driven carmakers and battery manufacturers to partner with battery material suppliers under direct off-take agreements. Further, some automakers/battery manufacturers are buying equity stakes in miners, involving them directly in financing decisions for the development of mining projects. This is encouraging for companies such as Metals Australia as it actively advances its projects towards development.
Figure 2 – Graphite is a Critical Mineral required for the mass electrification of auto transportation.
Metals Australia is focused on progressing its flagship Lac Carheil flake graphite project in Quebec, Canada. The project is well-positioned to supply high quality graphite products, including battery-grade graphite to the North American market – including for lithium-ion and EV battery production in the future. The company announced positive sampling results across a 36-km strike length of identified graphite trends at Lac Carheil, including many values over 20% Cg and an exceptionally high-grade sample containing over 63% Cg. The company has planned a drilling program to test new high-grade zones identified from the sampling program, which will form the basis for upgrading the existing Lac Carheil Mineral Resource. An application for the drilling program is progressing with the Quebec regulator. Additionally, the company has recently commenced a Flake Graphite concentrate prefeasibility study with Lycopodium in Ontario and a downstream battery anode plant design with ANZAPLAN in Germany.
Metals Australia is also advancing its lithium, gold and silver exploration project at Corvette River, which is adjacent to Patriot Battery Metals’ world-class lithium project. Further, the company carries out aggressive exploration programs at its other projects, including Manindi, Warrambie & the Murchison in Western Australia and Tennant Creek in the Northern Territory region of Australia.
Metals Australia is well-funded to complete all its planned exploration and project studies. The cash position at the end of Q1 2024 was AU$17.86 million, which we note was higher than the company’s market capital at current share price. Metals Australia benefits from a team of professionals boasting extensive expertise in geology and mining. The appointment of experienced mining executive Paul Ferguson as the CEO is positive for the company. Since joining in January 2024, he has significantly advanced planning and preparation for the exploration, metallurgical test work programs, and design studies required to move its flagship Lac Carheil high-grade graphite project towards development. The Corvette Project has also completed exploration planning and is now fully permitted for drilling and trenching work during the northern hemisphere summer.
Key Projects
Canada
Lac Carheil Flake Graphite Project (MLS 100%)
Conceptual 3D Mining layout from February 2021 Scoping Study (Lac Carheil Project formerly named Lac Rainy Project)
The Lac Carheil Graphite Project is located in eastern Quebec, Canada, a tier 1 mining jurisdiction with access to excellent infrastructure, including hydroelectric power facilities. The project hosts an existing JORC 2012 mineral resource of 13.3 million tons (Mt) @ 11.5 percent graphitic carbon, which was announced in 2020 and a scoping study was completed and reported on in early 2021. Battery test work followed, in Germany, and this demonstrated the Lac Carheil Graphite concentrate could be shaped, purified, coated and used in battery applications with excellent results. Given the above work, the company carried out further field work, recently announcing exceptionally high-grade sampling results from 80 samples on 10 identified graphitic trends across the property. This included a sample containing 63 percent graphitic carbon, and 10 samples containing over 20% Cg. The average grade of the sampling was 11% Cg, which is comparable to the current high-grade resource. The combined strike length of the identified high-grade graphitic zones is over 36 kms. This compares to just 1 km of drilling on 1.6 kms of graphite trend that was utilised to obtain the existing resource. The potential for expanding and upgrading the existing resource remains enormous.
Figure 4 –Lac Carheil Graphite Project - Electromagnetic imagery outlining graphite trends and the resource
Additional drilling and development studies are either planned or are already underway, including a pre-feasibility study for a high grade Flake graphite concentrate product – which has commenced and a downstream purification options assessment and a scoping study for a battery anode facility in North America, which has been contracted. The company also announced it is contract ready for its planned drilling program and will fast-track the program as soon as permits are received from the Quebec regulator.
Corvette River Lithium Project (MLS 100%)
Corvette River Lithium, gold and silver Project is located in Quebec’s James Bay region Metals Australia recently announced that it is fully permitted to advance an extensive field exploration program across its holdings which include the wholly owned East Pontois, Felicie and West Pontois projects, situated within Patriot Battery Metals' (ASX:PMT) CV Lithium Trend, as well as tenements at West and East Eade in the company's parallel Corvette River South Trend. A field mapping and sampling program concluded last year and identified large, potentially lithium-bearing pegmatites immediately along strike from Patriot Battery Metals’ world-class lithium pegmatite discoveries. Additionally, the company has flagged significant gold and silver samples from its review of work previously completed across the field as is illustrated in the diagram below.
Figure 5 – The Corvette Projects in the James Bay region of Canada. Prospective for Lithium, Gold & Silver
Australian Projects
Warrambie Project (MLS 80%)
The Warrambie project is located in the Pilbara region of Western Australia. It is 20 kms west of the Andover Lithium discovery (Azure Minerals (ASX:AZS). Metals Australia has completed geophysical surveys across the area and is identifying targets for further field exploration and drilling.
Warrego East Project (MLS 80%)
Metals Australia acquired the tenements as part of a package purchased from Payne Gully Gold in 2022. The company’s tenements include a granted exploration license (E32725) directly along strike to the east of the Warrego copper-gold deposit, which has a production of 1.45 Million Ounces of gold at 8 grams per tonne and over 90,000 tonnes of Copper at 2%. The Warrego mine operated from the late 1950’s through until 1989. It was found under sedimentary cover. The area and this land package is under detailed review utilizing available geophysical surveys. The company aims to identify further targets hidden under shallow sediment cover.
Big Bell North Project (MLS 80%)
The Murchison tenements were also acquired as part of the Payne Gully Gold transaction. Metals Australia owns exploration licenses at the Murchison gold project, which is adjacent to the >5 million ounces (Moz) Big Bell gold deposit. The company plans to conduct detailed magnetics and gravity surveys to test for extensions and repeats of high-grade gold deposits.
Manindi Project (MLS 80%)
The Manindi project is located in the Murchison District, approximately 500 kms northeast of Perth in Western Australia. The project comprises three mining leases and has an established high-grade zinc mineral resource. The metallurgical test work has located spodumene in samples from a high-grade lithium intersection of 12m @ 1.38 percent lithium oxide, including 3m @ 2.12 percent lithium oxide. The company also made a new vanadium-titanium discovery at the Manindi project.
Management Team
Paul Ferguson – Chief Executive Officer
A Mining Engineer, Paul Ferguson has over three decades of experience in the resources and energy sectors across North America, Asia and Australia. He has extensive project development and operational experience working in Canada. He has worked in oil & gas major ExxonMobil across project stages, including feasibility, design, construction, and operation. He has worked in Executive level roles within Australia, including at GMA Garnet and held increasingly more senior roles with BHP (Iron Ore & Coking Coal) and then with Exxon Coal Minerals and Mobil Oil Australia during the early stages of his career.
Tanya Newby – CFO and Joint Company Secretary
Tanya Newby is a finance and governance professional with over 20 years experience in various corporate and commercial roles. She has a strong background in the resources sector and has provided financial advice and assistance to a number of publicly listed entities through exploration, project development through to the production stage. Tanya is a member of the Institute of Chartered Accountants, Member of the Governance Institute of Australia and a Graduate Member of the Institute of Company Directors.
Michael Muhling – Joint Company Secretary
Michael Muhling has over two decades of experience in the resources, including 15 years in senior roles with ASX-listed companies. He is a fellow of CPA Australia, The Chartered Governance Institute, and the Governance Institute of Australia.
John Dugdale – Technical Advisor
John Dugdale is a geologist with over 35 years of experience in the discovery and development of graphite, lithium, gold, nickel and copper projects. His corporate experience includes serving as a director and CEO of several junior resource companies focused on nickel-cobalt, graphite and copper-gold projects. Additionally, he has experience in funds management with Lion Selection Group.
Chris Ramsay – General Manager Geology
Chris Ramsay is a geologist and project manager with over 25 years of experience in the global mining industry. He has been involved in exploration, mine development and operations for mining projects in Australasia, Southeast Asia, and parts of Africa and North America.
Board
Michael Scivolo – Non-executive Chairman
Michael Scivolo has extensive accounting and taxation experience for corporate and non-corporate entities. He was a partner/director at a CPA firm until 2011 and has since been consulting in accounting and taxation. Scivolo is on the boards of several ASX-listed mining companies, including Sabre Resources, Golden Deeps and Tennant Minerals Ltd.
Alexander Biggs – Non-executive Director
Alexander Biggs has over 20 years of experience in the mining and engineering sector. During his career, he has been involved in various activities, including operations, consulting, finance and capital raising. He is currently the managing director of Lightning Minerals (ASX) and was previously the managing director of Critical Resources (ASX:CRR). Biggs is a member of the Australian Institute of Mining and Metallurgy and a graduate of the Western Australian School of Mines.
Rachelle Domansky – Non-executive Director
Rachelle Domansky is an ESG specialist and a consulting psychologist for businesses, governments and educational institutions in the Asia-Pacific region. In addition to Metals Australia, Rachelle holds non-executive board positions at Quebec Lithium and Access Plus WA Deaf.
Basil Conti – Non-executive Director
Basil Conti has been associated with the mining industry for over 25 years. He is a fellow of the Institute of Chartered Accountants Australia & NZ and was a partner/director of a chartered accounting firm in West Perth until 2015.
Investor Insight
Atlantic Lithium is advancing Ghana’s first lithium mine at Ewoyaa, a fully permitted, strategically located project ready to supply global battery markets. With strong local support and a clear path to production, the company is positioned for near-term growth and long-term impact in the energy transition.
Company Highlights
- A lithium exploration and development company operating in West Africa, Atlantic Lithium is set to deliver its flagship Ewoyaa Lithium Project as Ghana’s first lithium-producing mine.
- The June 2023 definitive feasibility study for the Ewoyaa Lithium Project indicates the production of 3.6 Mt of spodumene concentrate over a 12-year mine life (steady state production of 365,000 tonnes per annum), making it one of the largest mines by production capacity globally.
- The project was awarded a Mining Lease in October 2023, an EPA Permit in September 2024, and a Mine Operating Permit in October 2024. The project is funded under a co-development agreement with Piedmont Lithium.
- The DFS confirms Ewoyaa’s robust commercial viability and profitability potential, driven by the project’s low capital and operating cost profile.
- The project has an updated mineral resource estimate of 36.8 Mt at 1.24 percent lithium oxide.
- Atlantic Lithium holds a portfolio of lithium projects within 509 sq km and 774 sq km of granted and under-application tenure across Ghana and Côte d'Ivoire respectively.
Overview
Atlantic Lithium (AIM:ALL,ASX: A11,GSE:ALLGH,OTCQX: ALLIF) is an Africa-focused lithium exploration and development company advancing its flagship Ewoyaa Lithium project through to production as Ghana’s first lithium mine.
Despite its long mining history, favourable regulatory climate and stable political backdrop, Ghana remains largely overlooked as an investment jurisdiction for battery metals. Situated on the West African coast, the country boasts a strong strategic location, between Europe, the Americas and Asia, to serve the global battery metals market. Ghana is also home to an abundance of mineral wealth, with c. 180,000 tonnes of estimated lithium resources.
Atlantic Lithium intends to produce spodumene concentrate capable of conversion to lithium chemicals for use in electric vehicle batteries and energy storage, aiming to support global decarbonisation.
A definitive feasibility study (DFS) released in June 2023 shows that Ewoyaa has demonstrable economic viability, low capital intensity and excellent profitability.
Through simple open-pit mining, three-stage crushing and conventional Dense Medium Separation (DMS) processing, the DFS outlines the production of 3.6 Mt of spodumene concentrate over a 12-year mine life, which will make it one of the largest spodumene mines by production capacity globally.
The Ewoyaa Lithium Project was awarded a Mining Lease in October 2023, an EPA Permit in September 2024, and a Mine Operating Permit in October 2024.
Having secured all of the permits required to begin construction, Atlantic Lithium currently awaits parliamentary ratification of the Ewoyaa Mining Lease, which was issued by the Ministry of Lands and Natural Resources in October 2023.
The JORC mineral resource estimate at Ewoyaa now stands at 36.8 million tons (Mt) at 1.24 percent lithium oxide, 81 of which is now in the higher confidence measured and indicated categories (3.7 Mt at 1.37 percent lithium oxide in the measured category, 26.1 Mt at 1.24 percent lithium oxide in the indicated category, and 7 Mt at 1.15 percent lithium oxide in the Inferred category).
The residents of the project-affected communities in Ghana’s Central Region have voiced their strong support from the advancement of the project towards production.
Atlantic Lithium’s Ewoyaa Lithium Project site
Project Funding
The development of the project is co-funded under an agreement with NASDAQ and ASX-listed Piedmont Lithium (ASX: PLL), under which Piedmont is required to contribute the first US$70m of Development Costs, as defined in the agreement, as sole funding to complete its earn-in to 50% of Atlantic Lithium's ownership of the project, with all Development Costs and other project expenditure equally shared by both Atlantic Lithium and Piedmont thereafter.
In accordance with the agreement, which is intended to result in the construction of the project and the achievement of initial spodumene production, Piedmont will earn the rights to 50 percent of all spodumene concentrate produced at Ewoyaa at market rates, providing a route to consumers through several major battery manufacturers, including Tesla.
The Minerals Income Investment Fund (MIIF), Ghana’s minerals sovereign wealth fund, has also agreed to invest US$27.9 million at project-level to acquire a 6% contributing interest in the project and Atlantic Lithium’s Ghana Portfolio. The project-level investment represents Stage 2 of its Strategic Investment in the company.
This follows Stage 1 of its Strategic Investment, comprising MIIF’s Subscription for US$5 million Atlantic Lithium shares, which was completed in January 2024, resulting in MIIF becoming a major strategic shareholder in the company.
MIIF’s Strategic Investment is intended to expedite the development of the project towards production.
In addition, noting that Ewoyaa is one of the most advanced undeveloped hard rock lithium projects globally, Atlantic Lithium continues to engage with parties across the battery metals supply chain who express inbound interest in lithium products from Ewoyaa.
In doing so, Atlantic Lithium aims to expedite and de-risk the development of the Project, realise attractive terms for any offtake contracted and secure well-credentialled partners that will support the company's and Ghana's objectives of supplying lithium into the global market.
Ghana
Ghana is a well-established mining region with access to reliable, existing infrastructure and a significant mining workforce. There are currently 16 operating mines in the country.
Already the largest taxpayer and employer in Ghana’s Central Region, Atlantic Lithium is expected to provide direct employment to over 900 personnel at Ewoyaa and, through its community development fund, whereby 1 percent of revenues will be allocated to local initiatives, will deliver long-lasting benefits to the region and Ghana.
Through its proven lithium discovery, exploration and evaluation methodologies, Atlantic Lithium has the potential to capitalise on its extensive exploration portfolio and deliver upon its objectives of becoming a leading producer of lithium in West Africa.
Key Assets
Ewoyaa
Atlantic Lithium's flagship Ewoyaa Lithium Project is situated within 110 kilometres of Takoradi Port and 100 kilometres of Accra, with access to excellent infrastructure and a skilled local workforce.
Atlantic Lithium has been granted a Mining Lease, an EPA Permit and a Mine Operating Permit in respect of the project in October 2023, September 2024 and October 2024, respectively. The company is currently advancing the project towards production.
Highlights:
- Promising DFS Results: Atlantic Lithium's DFS reaffirmed Ewoyaa’s low capital and operating profile and robust profitability. Highlights include:
- Estimated 12-year life of mine, producing 3.6 Mt spodumene concentrate.
- 365 ktpa steady state production
- Robust US$675/t All in sustaining cost and US$377 C1 cash cost.
- Favourable Location: The project's starter pits are positioned within one kilometre of its processing plant. Additionally, Ewoyaa has access to reliable existing infrastructure, located within 800 metres from the N1 highway and adjacent to grid power.
- Promising Reserves: Ewoyaa's current mineral resource estimate (as of July 2024) at is 36.8 Mt at 1.24 percent lithium oxide, of which 81 percent is now in the higher confidence measured and indicated categories (3.7 Mt at 1.37 percent lithium oxide in the measured category, and 26.1 Mt at 1.24 percent lithium oxide in the indicated category, and 7 Mt at 1.15 percent lithium in the inferred category).
- Potential for Further Exploration: There remains significant exploration potential within the company’s 509km2 tenure in Ghana.
- Strong Partnerships: Atlantic Lithium has an offtake deal with Piedmont Lithium, which itself has offtake agreements with both Tesla and LG Chem. Ghana’s Minerals Income Investment Fund has also agreed a Strategic Investment in the company to expedite the development of the project.
- Positive Presence: Atlantic Lithium will generate significant economic benefits for the region. Once operational, the project is expected to employ over 900 personnel and deliver significant value to Ghana, including through taxes, royalties, employment and local procurement.
Côte d'Ivoire
Atlantic Lithium wholly owns two contiguous exploration licences covering an area of c. 771 square kilometres in the mining-friendly jurisdiction of Côte d'Ivoire, which borders Ghana on the West African coast. The two licences offer the company with exclusive rights to apply its proven lithium exploration expertise over new, untested and highly prospective tenure, where the company considers there to be significant lithium discovery potential. The licences, which are located within 100 kilometres of the country's economic capital, Abidjan, are incredibly well-served, with extensive road infrastructure, well-established cellular network and high-voltage transmission lines.
Management Team
Neil Herbert - Executive Chairman
Neil Herbert is a fellow of the Association of Chartered Certified Accountants and has over 30 years of experience in finance. He has been involved in growing mining and oil and gas companies, both as an executive and as an investor, for over 25 years.
Until May 2013, he was co-chairman and managing director of AIM-quoted Polo Resources, a natural resources investment company. Prior to this, Herbert was a director of resource investment company Galahad Gold, from which he became finance director of its most successful investment, the start-up uranium company UraMin, from 2005 to 2007. During this period, he worked to float the company on AIM and the Toronto Stock Exchange in 2006, raised US$400 million in equity financing and subsequently negotiated the sale of the group for US$2.5 billion.
Herbert has held board positions at a number of resource companies where he has been involved in managing numerous acquisitions, disposals, stock market listings and fundraisings. He holds a joint honours degree in economics and economic history from the University of Leicester.
Keith Muller - Chief Executive Officer
Keith Muller is a mining engineer with over 20 years of operational and leadership experience across domestic and international mining, including in the lithium sector. He has a strong operational background in hard rock lithium mining and processing, particularly in DMS spodumene processing.
Before joining Atlantic Lithium, he held roles as both a business leader and general manager at Allkem, where he worked on the Mt Cattlin lithium mine in Western Australia and, prior to that, Muller served as operations manager and senior mining engineer at Simec.
Muller holds a Master of Mining Engineering from the University of New South Wales and a Bachelor of Engineering from the University of Pretoria. He is also a member of the Australian Institute of Mining and Metallurgy, the Board of Professional Engineers of Queensland, and the Engineering Council of South Africa.
Amanda Harsas - Finance Director and Company Secretary
Amanda Harsas is a senior finance executive with a demonstrable track record and over 25 years’ experience in strategic finance, business transformation, commercial finance, customer and supplier negotiations and capital management. Before joining Atlantic Lithium, she worked in several sectors, including healthcare, insurance, retail and professional services, across Asia, Europe and the U.S. Harsas holds a Bachelor of Business from the University of Technology, Sydney and is a member of Chartered Accountants Australia and New Zealand and the Australian Institute of Company Directors.
Kieran Daly - Non-executive Director
Kieran Daly is the executive of Growth and Strategic Development at Assore. He holds a BSc Mining Engineering from Camborne School of Mines (1991) and an MBA from Wits Business School (2001) and worked in investment banking/equity research for more than 10 years at UBS, Macquarie and Investec, prior to joining Assore in 2018.
Daly spent the first 15 years of his mining career at Anglo American’s coal division (Anglo Coal) in a number of international roles including operations, sales and marketing, strategy and business development. Among his key roles were leading and developing Anglo Coal's marketing efforts in Asia and to steel industry customers globally. He was also the Global Head of Strategy for Anglo Coal immediately prior to leaving Anglo in 2007.
Christelle Van Der Merwe - Non-executive Director
Christelle Van Der Merwe is a senior manager in the growth & strategic development team at Assore. She has been a geologist for Assore since 2013 and is involved with the strategic and resource investment decisions of the company. Van Der Merwe is a member of SACNASP, the GSSA and AUSIMM.
Jonathan Henry - Independent Non-executive Director
Jonathan Henry is an experienced non-executive director, having held various leadership and board roles for nearly two decades. Henry has significant expertise working across capital markets, business development, project financing, key stakeholder engagement, and the reporting and implementation of ESG-focused initiatives. Henry has a wealth of experience projects towards production and commercialisation to deliver shareholder value.
Henry previously served as non-executive chair and executive chair of Giyani Metals Corporation, a battery development company advancing its portfolio of manganese oxide projects in Botswana, executive chair and non-executive director at Ormonde Mining, non-executive director at Ashanti Gold Corporation, president, director and chief executive officer at Gabriel Resources and various roles, including chief executive officer and managing director, at Avocet Mining. He holds a BA (Hons) in Natural Sciences from Trinity College, Dublin.
Michael Bourguignon – Head of Capital Projects
Michael Bourguignon is a distinguished project management professional with a rich history of leading significant initiatives in the mining and energy sectors. Most recently, he served as the COO at Evolution Energy Minerals in Tanzania, where he managed the optimisation and update of the Definitive Feasibility Study, managed the Front-End Engineering Design package, and oversaw the completion of the Relocation Action Plan and other community-related works.
Prior to this, Bourguignon worked with Rio Tinto in Australia as a consulting construction manager, as well as Glencore’s Mopani Copper Mines in Zambia, where he was the project director for the Mopani Synclinorium Concentrator, and Syrah’s Balama Graphite Mine in Mozambique, where he was project director. He has also previously worked in Ghana and Cote d’Ivoire with Perseus Mining. Bourguignon holds an MBA from Murdoch University and is a member of the Australian Institute of Project Management.
Andrew Henry – General Manager, Commercial and Finance
Andrew Henry is an accomplished general manager with over a decade’s experience in the operational mining sector, specialising in strategy, planning and analysis, contracts, large-scale project development and site operations.
Before joining Atlantic Lithium, Henry held the role of commercial manager at global lithium chemicals company Allkem and, prior to that, he spent over four years with major gold mining company Newcrest Mining.
Henry holds a Bachelor of Commerce from the University of South Australia and is a member of CPA Australia.
Ahmed-Salim Adam – General Manager, Operations
Ahmed-Salim Adam is an experienced mining general manager with over 15 years of experience leading various large-scale projects in Ghana across all stages of mine development, production, and closure, with a focus on safety and sustainability.
Adam has previously held a number of leadership roles, including as senior consultant of Metallurgy at GEOMAN Consult Ltd, as a director for FGR Bogoso Prestea’s Refractory Project and as general manager at Golden Star Resources.
He holds a MPhil Minerals Engineering and a Bachelor of Science (Hons) in Mineral Engineering, both from the University of Mines and Technology, Ghana. He is also a member of The Institute of Materials, Minerals and Mining (IOM3) in the United Kingdom and the Australasian Institute of Mining and Metallurgy (AusIMM) in Australia.
Belinda Gethin – General Manager, Corporate Finance and Company Secretary
Belinda assumed the role of general manager, corporate - finance and company secretary in January 2024, having initially joined the company as financial reporting manager in June 2023. To her role at Atlantic Lithium, Gethin brings a wealth of experience in all aspects of statutory, financial and corporate reporting, including the preparation of financial statements and accounting for complex transactions. Before joining Atlantic Lithium, Gethin worked as the chief financial officer for Lumus Imaging and, prior to that, as the group reporting manager at Healius. Gethin is a chartered accountant and holds a Bachelor of Commerce from UNSW in Sydney, Australia.
Iwan Williams – General Manager, Exploration
Iwan Williams is an exploration geologist with over 20 years' experience across a broad range of commodities, principally iron ore, manganese, gold, copper (porphyry and sed. hosted), PGE's, nickel and other base metals, as well as chromitite, phosphates, coal and diamond.
Williams has extensive southern and West African experience and has worked in Central and South America. His experience includes all aspects of exploration management, project generation, opportunity reviews, due diligence and mine geology. He has extensive studies experience, having participated in the delivery of multiple project studies including resource, mine design criteria, baseline environmental and social studies and metallurgical test-work programmes. He is very familiar with working in Afric,a having spent 23 years of his 28-year geological career in Africa. Williams is a graduate of the University of Liverpool.
Abdul Razak – Exploration Manager, Ghana
Abdul Razak has extensive exploration, resource evaluation and project management experience throughout West Africa with a strong focus on data-rich environments. He has extensive gold experience, having worked throughout Ghana with AngloGold Ashanti, Goldfields Ghana, Perseus and Golden Star, as well as international exploration and resource evaluation experience in Burkina Faso, Liberia, Ivory Coast, Republic of Congo, Nigeria and Guinea.
Razak is an integral member of the team, managing all site activities including drilling, laboratory, local teams, geotech and hydro, community consultations and stakeholder engagements and was instrumental inthe establishment of the current development team and defining Ghana’s maiden lithium resource estimate.
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