High Voltage: Lithium rebound could be on the cards and these North American players are getting ready
Analysts predict lithium supply deficit next year will see aggressive turnaround in price
PLS CEO says pricing will move upwards, but the question is when
These North American developers could be poised to catch the upswing
Our High Voltage column wraps all the news driving ASX stocks with exposure to lithium, cobalt, graphite, nickel, rare earths, and vanadium.
Analysts from Fastmarkets and Argonaut are predicting a possible lithium supply deficit much sooner than others have anticipated.
Argonaut's head of research Hayden Bairstow is among the voices tipping an earlier return to balance in the oversupplied lithium market, saying the risk of a big run up in spodumene concentrate prices next year was emerging.
'It's actually largely demand related. I think that you're seeing EV sales running at 20% growth all of the last year,' he told Stockhead's Josh Chiat earlier this month.
'They've popped back up to ~35% for the first two months on average, so there's a stronger EV sales growth rate already.
'Battery storage is just growing in importance. It was up 60% last year, it's still running at 40% this year, albeit off a much higher base.
'When you've got those sort of demand numbers running, it won't be long before a) the market swings from surplus to deficit, but b) then gets into a panic again, and you'll see an aggressive move in pricing.'
Argonaut is not alone in seeing the lithium supply-demand nexus shift back into balance around the end of 2025.
Price agency Fastmarkets thinks a 154,000t LCE surplus in 2024 will swing to a 10,000t surplus this year and 1500t deficit in 2026.
If that happens, a supply shock could leave lithium prices susceptible to a volatile price spike.
Pilbara Minerals (ASX:PLS) managing director and CEO Dale Henderson said in the company's results call on Thursday that it's reasonable to assume pricing will move upwards, but the big question is when.
'Historically, the lithium market has tended to respond rapidly and catch the market by surprise,' he said.
Despite producing less spodumene in the March quarter (due to the Ngungaju plant being on care and maintenance and the impact of tropical cyclone Zelia) the company reported a 7% increase in prices to approximately US$747/t (CIF China) on a ~SC5.3 basis with sales of ~125,500t.
And on the demand side, Henderson remains bullish, pointing to EV sales which have started the year very strongly, with sales for March up an estimated 29% year-on-year – along with strong demand for battery storage.
'Forecasts indicate demand is expected to grow by 89% between now and the end of the decade, a compelling signal of the sector's underlying strength,' Henderson said.
These North American developers could be ready to run
The future recovery of the lithium market is set to throw the spotlight on new and emerging markets as supply runs short of future demand.
One of those is in North America, where the fall in lithium prices a couple of years ago halted momentum in Canada becoming a major supplier.
But the next cycle could usher in the full arrival of the country's lithium sector. And these companies which have worked tirelessly through the downturn could be in line to enjoy the fruits of their labour.
Lithium Universe (ASX:LU7)
In Feb, the company revealed the results on its definitive feasibility study for the proposed Bécancour lithium carbonate refinery in Quebec, Canada, which reflected a cautious price forecast of US$1170 per tonne (AUD$1840) for spodumene concentrate and $20,970/t for battery-grade lithium carbonate equivalent.
That's not that far above current, suppressed, lithium prices.
At full production capacity, the project is expected to generate $383m in annual revenue with costs totalling ~$236m leading to an annual EBITDA of ~$148m and a gross margin of 39%.
The capital cost for the project, which boasts an annual capacity of up to 18,270t, is estimated at $549m with the latest update including a zero liquid discharge system to enable the recycling and reuse of all process water on site.
A full-rate payback period of 3.9 years has also been estimated along with a post-tax NPV at an 8% discount of US$449m (AUD$706.9m), IRR of 21% and expected revenue of $383m.
Lithium Universe said the project's economics demonstrate the viability of a strong lithium conversion refinery, even within a below-average pricing environment.
The project is now proceeding to the funding stage, with encouraging discussions taking place with various banks and debt providers.
Green Technology Metals (ASX:GT1)
Also in Canada, the company's Root project is shaping up as another key player, with an optimised Preliminary Economic Assessment (PEA) highlighting stronger economics despite recent market dynamics.
Given fluctuating price predictions and volatile market analysis, the company looked at several different forecasts to assess an average price over the production period – settling on an average annual spodumene concentrate price of US $1977/t FOB Thunder Bay for a 5.5% Li2O spodumene concentrate (SC5.5) product.
In addition, GT1 evaluated Root as a standalone project for this PEA as opposed to the December 2023 PEA which combined the Root project with the Seymour project and considered the recently updated resource of 20.1Mt at 1.24% Li2O.
The study updated pit optimisations for the Root, Root Bay and McCombe deposits to US$400-2000, below the US$2500/t pit shells in the 2023 PEA.
Open pit and underground development options were considered for Root Bay and McCombe to reduce waste movements and mining costs, whilst preserving opportunities for future growth.
The company also increased mining and processing inventories adding eight months to the operational life of the project.
The next steps will be advancing permitting in parallel with a pre-feasibility study. A definitive feasibility study is slated to follow in 2026.
Jindalee Lithium (ASX:JLL)
The company's McDermitt project is neighbours with the Thacker Pass lithium mine, also in Nevada, which reached a final investment decision (FID) for the first phase of construction in recent weeks.
It is a joint venture between Lithium Americas Corporation and US automaker General Motors and is set to exploit a large lithium resource to produce battery grade lithium carbonate, becoming the largest US producer by an order of magnitude when Phase 1 is completed in late 2027.
ioneer (ASX:INR)
INR owns the Rhyolite Ridge lithium-boron project in Nevada and secured approval from the US Bureau of Land Management on the Final Environmental Impact Statement (EIS) last year, marking the final hurdle in the federal permitting process.
In a record-setting deal for an Australian company, ioneer received a $US996m ($1.6b) 20-year loan from the US Department of Energy to develop an on-site processing facility at the project.
The company lifted resources at the asset by 45% in March to 510Mt containing 3.97Mt of lithium carbonate equivalent and 14.66Mt of boric acid equivalent, which will be the first new lithium mine in the US in almost 60 years and the first new boron mine in almost 100.
Ioneer copped a hit however, when its proposed partner Sibanye-Stillwater decided not to proceed with a JV and project equity funding agreement.
American explorers also well placed for price upswing
On the exploration side, Chariot Corporation (ASX:CC9) has stakes in both hard rock and clay-hosted lithium assets in Wyoming, Nevada and Oregon.
The company is focused on its Black Mountain mine, exploring for a large-scale resource and testing the viability of a pilot mine.
The pilot's proposed modular plant design would reduce upfront costs, offer flexibility to scale up rapidly, and provide short-term cash flow.
A second phase RC drilling program kicked off back in November with the objective of defining a small-scale lithium resource that may support the establishment of the pilot mine.
There's also Anson Resources (ASX:ASN) with its Paradox Basin lithium asset, situated on 2,34 federal placer mineral claims which recently received approval from the USA Department of the Interior, Bureau of Land Management to begin western expansion resource drilling.
The company plans to enter the Mineral Canyon Fed 1-3 and Sunburst 1 wells to expand its current 1Mt lithium carbonate equivalent (LCE) resource.
Meanwhile, work is progressing at the DLE Green River pilot plant in Utah, 50km from Paradox, which reached a >99% average rejection rate of impurities including sodium, calcium, magnesium and potassium.
Rejecting more than 99% of impurities paves the way for a higher purity lithium carbonate product for use in electric vehicle batteries, which translates to low purification costs.
Battery Metals Winners and Losers
Here's how a basket of ASX stocks with exposure to lithium, cobalt, graphite, nickel, rare earths, magnesium, manganese and vanadium is performing >>>
Code Company Price % Week % Month % Six Month % Year Market Cap
XTC XTC Lithium Limited 0.2 19900% 19900% 19900% 19900% $17,528,272
SRL Sunrise 0.71 163% 209% 97% -3% $64,061,524
ASM Ausstratmaterials 0.635 81% 72% 3% -56% $115,151,333
REE Rarex Limited 0.036 80% 300% 177% 125% $28,830,450
MEI Meteoric Resources 0.11 72% 55% 16% -51% $257,054,906
MTM MTM Critical Metals 0.23 70% 64% 132% 379% $105,495,923
ENV Enova Mining Limited 0.008 60% 0% 0% -53% $11,308,006
AR3 Austrare 0.115 60% 52% -19% -10% $18,283,819
AUZ Australian Mines Ltd 0.011 57% 22% 22% -8% $15,383,633
NTU Northern Min Ltd 0.037 54% 95% 85% 9% $309,214,765
WMG Western Mines 0.175 52% 82% -20% -45% $15,811,835
LRV Larvottoresources 0.905 52% 8% 141% 928% $372,162,365
EMN Euromanganese 0.31 51% 72% 29% -28% $12,707,404
PSC Prospect Res Ltd 0.15 50% 43% 67% 7% $85,899,447
SGQ St George Min Ltd 0.025 47% 25% -7% 39% $66,695,561
WCN White Cliff Min Ltd 0.019 46% 19% -17% 19% $36,013,944
ARN Aldoro Resources 0.52 44% 63% 632% 550% $92,254,336
M24 Mamba Exploration 0.013 44% 8% 8% -52% $3,837,153
ETM Energy Transition 0.075 42% -9% 226% 92% $116,265,651
TKM Trek Metals Ltd 0.065 41% 141% 117% 41% $33,911,986
PEK Peak Rare Earths Ltd 0.14 40% 33% -24% -33% $49,293,176
AKN Auking Mining Ltd 0.007 40% 17% 40% -63% $4,023,451
NWM Norwest Minerals 0.014 40% 17% -22% -73% $6,791,673
PEK Peak Rare Earths Ltd 0.14 40% 33% -24% -33% $49,293,176
WIN WIN Metals 0.018 38% -10% -61% -57% $9,901,046
NVA Nova Minerals Ltd 0.335 37% 14% 68% 14% $108,103,635
DRE Dreadnought Resources Ltd 0.015 36% 7% -17% -17% $70,047,500
PBL Parabellumresources 0.05 35% 28% 0% -7% $3,115,000
COB Cobalt Blue Ltd 0.07 35% 1% -20% -50% $30,763,131
FLG Flagship Min Ltd 0.059 34% 34% -6% -63% $12,012,059
SLZ Sultan Resources Ltd 0.008 33% 14% 33% -27% $1,851,759
AX8 Accelerate Resources 0.008 33% 14% 0% -80% $6,297,510
KGD Kula Gold Limited 0.008 33% 100% 21% -6% $7,370,029
CRR Critical Resources 0.004 33% 0% -43% -67% $9,856,885
EUR European Lithium Ltd 0.053 33% 13% 43% -16% $76,594,618
ESR Estrella Res Ltd 0.029 32% 4% 107% 427% $59,506,169
TOR Torque Met 0.097 31% -2% 24% -31% $26,157,401
IPX Iperionx Limited 2.82 29% -11% -18% 33% $900,034,048
RXL Rox Resources 0.42 29% 25% 211% 111% $255,837,055
IXR Ionic Rare Earths 0.009 29% 29% -10% -50% $47,145,855
WC8 Wildcat Resources 0.18 29% -3% -52% -64% $242,022,319
ASO Aston Minerals Ltd 0.018 29% 0% 80% 50% $23,311,157
SRI Sipa Resources Ltd 0.014 27% 17% -13% -30% $5,829,577
EV1 Evolutionenergy 0.014 27% -13% -71% -82% $5,077,107
CHN Chalice Mining Ltd 1.045 26% -24% -36% -20% $406,532,993
DVP Develop Global Ltd 2.59 26% -12% 5% 26% $706,150,237
BC8 Black Cat Syndicate 1.03 26% 26% 84% 296% $710,263,011
VRC Volt Resources Ltd 0.005 25% 11% 0% 0% $23,423,890
IPT Impact Minerals 0.005 25% -29% -56% -71% $18,513,316
MQR Marquee Resource Ltd 0.01 25% -9% -38% -33% $4,854,805
BYH Bryah Resources Ltd 0.005 25% 0% 25% -50% $4,349,768
CTN Catalina Resources 0.0025 25% -33% -33% -33% $4,159,399
LNR Lanthanein Resources 0.0025 25% 0% -17% -38% $6,109,090
LNR Lanthanein Resources 0.0025 25% 0% -17% -38% $6,109,090
ARU Arafura Rare Earths 0.19 23% 15% 12% 3% $468,222,451
INR Ioneer Ltd 0.14 22% -13% -40% -32% $329,794,152
GBR Greatbould Resources 0.09 22% 25% 80% 36% $68,429,557
PMT Patriotbatterymetals 0.235 21% -22% -46% -69% $130,330,086
LLI Loyal Lithium Ltd 0.074 19% -13% -41% -75% $7,454,247
SUM Summitminerals 0.05 19% -21% -73% -44% $4,356,399
NIC Nickel Industries 0.505 19% -23% -47% -42% $2,191,667,617
CAE Cannindah Resources 0.057 19% -21% 24% 6% $41,500,557
NH3 Nh3Cleanenergyltd 0.026 18% 30% 18% 37% $14,679,724
HAS Hastings Tech Met 0.325 18% 3% 12% -12% $61,381,494
CTM Centaurus Metals Ltd 0.39 18% 3% -21% 3% $193,713,473
SYR Syrah Resources 0.23 18% -18% -16% -51% $239,716,307
SYR Syrah Resources 0.23 18% -18% -16% -51% $239,716,307
MEK Meeka Metals Limited 0.165 18% 14% 162% 371% $414,936,666
MAN Mandrake Res Ltd 0.02 18% 5% -26% -41% $12,545,198
WR1 Winsome Resources 0.2 18% -26% -63% -84% $48,778,690
CNB Carnaby Resource Ltd 0.27 17% -13% -24% -52% $61,664,992
ARL Ardea Resources Ltd 0.44 17% 10% 0% -41% $87,860,483
NVX Novonix Limited 0.38 17% -16% -53% -61% $241,701,157
RNU Renascor Res Ltd 0.056 17% 27% -28% -33% $142,414,469
BNR Bulletin Res Ltd 0.063 17% 50% 50% 19% $18,497,639
ODE Odessa Minerals Ltd 0.007 17% 17% 40% 40% $11,196,728
REC Rechargemetals 0.014 17% -7% -60% -68% $3,590,860
FRB Firebird Metals 0.092 16% 0% -16% -32% $13,097,249
RAG Ragnar Metals Ltd 0.022 16% 22% 5% 16% $10,427,692
ASL Andean Silver 0.965 16% -13% -16% 117% $153,216,674
MIN Mineral Resources. 16.61 15% -24% -66% -76% $3,264,174,012
FRS Forrestaniaresources 0.039 15% 44% 225% 117% $10,235,724
PLL Piedmont Lithium Inc 0.096 14% -17% -53% -56% $59,698,349
MRR Minrex Resources Ltd 0.008 14% 14% -6% -38% $8,678,940
GSM Golden State Mining 0.008 14% -11% -20% -27% $2,234,965
SRZ Stellar Resources 0.016 14% -6% -11% -20% $33,276,009
TLG Talga Group Ltd 0.445 14% 2% 24% -41% $191,274,387
DYM Dynamicmetalslimited 0.33 14% -11% 65% 83% $16,197,832
STK Strickland Metals 0.091 14% 1% 21% -24% $200,874,742
MHK Metalhawk. 0.415 14% -1% 144% 538% $50,357,164
ILU Iluka Resources 3.57 14% -13% -44% -50% $1,533,893,529
SYA Sayona Mining Ltd 0.017 13% -15% -53% -51% $196,236,032
AM7 Arcadia Minerals 0.017 13% -15% -53% -83% $1,995,518
ARR American Rare Earths 0.305 13% 11% 7% 9% $154,764,106
AQD Ausquest Limited 0.053 13% 26% 563% 398% $71,412,526
LML Lincoln Minerals 0.0045 13% -10% -25% -44% $9,253,168
G88 Golden Mile Res Ltd 0.009 13% 0% -31% -31% $4,898,231
RR1 Reach Resources Ltd 0.009 13% 13% -18% -10% $7,869,882
OCN Oceanalithiumlimited 0.027 13% 13% -24% -42% $3,712,402
TAR Taruga Minerals 0.009 13% 0% -18% 29% $6,354,241
RR1 Reach Resources Ltd 0.009 13% 13% -18% -10% $7,869,882
KTA Krakatoa Resources 0.009 13% 13% -10% -31% $5,581,206
1AE Auroraenergymetals 0.045 13% 5% 15% -52% $8,057,868
MHC Manhattan Corp Ltd 0.018 13% 0% -55% -46% $4,228,180
PAT Patriot Lithium 0.057 12% 36% 10% -43% $7,205,824
CY5 Cygnus Metals Ltd 0.087 12% -24% 9% 6% $73,909,255
VMC Venus Metals Cor Ltd 0.1 11% -17% 79% 3% $19,612,868
AS2 Askarimetalslimited 0.01 11% 0% -64% -80% $2,776,340
SCN Scorpion Minerals 0.02 11% 5% 54% -13% $10,234,124
GT1 Greentechnology 0.04 11% 0% -56% -67% $15,550,084
GRL Godolphin Resources 0.01 11% -23% -33% -67% $4,488,733
LCY Legacy Iron Ore 0.01 11% 0% -20% -35% $97,620,426
LTR Liontown Resources 0.515 11% -20% -38% -56% $1,250,146,397
LOT Lotus Resources Ltd 0.155 11% -9% -43% -63% $366,211,051
SMX Strata Minerals 0.031 11% -37% 24% 29% $7,568,604
NWC New World Resources 0.021 11% 5% 0% -45% $74,366,916
WA1 Wa1Resourcesltd 10.83 10% -19% -22% -32% $733,361,854
AXN Alliance Nickel Ltd 0.032 10% 0% -18% -11% $23,226,868
VUL Vulcan Energy 4.28 10% 2% -14% 41% $931,220,230
LKE Lake Resources 0.033 10% -3% -40% -43% $59,503,943
STM Sunstone Metals Ltd 0.011 10% 57% 57% -27% $65,501,190
IDA Indiana Resources 0.08 10% 8% 53% 82% $51,418,597
KNG Kingsland Minerals 0.115 10% -4% -43% -48% $8,344,505
TVN Tivan Limited 0.105 9% 19% 119% 110% $210,808,386
KFM Kingfisher Mining 0.048 9% -11% -26% -38% $2,578,320
IGO IGO Limited 3.4 9% -15% -37% -53% $2,574,710,564
PLS Pilbara Min Ltd 1.37 9% -25% -49% -64% $4,408,564,108
LYC Lynas Rare Earths 8.36 9% 13% 8% 37% $7,814,244,027
FTL Firetail Resources 0.05 9% -17% -60% 54% $19,001,399
CXO Core Lithium 0.065 8% -14% -41% -54% $139,296,010
LM1 Leeuwin Metals Ltd 0.195 8% 63% 141% 175% $19,657,245
OMH OM Holdings Limited 0.34 8% 8% -11% -28% $260,527,312
PNN Power Minerals Ltd 0.07 8% -7% -33% -46% $7,969,841
EMC Everest Metals Corp 0.145 7% -6% 4% 32% $32,448,656
PTR Petratherm Ltd 0.225 7% -14% 350% 800% $77,763,323
PFE Pantera Lithium 0.015 7% -17% -46% -59% $7,106,755
JLL Jindalee Lithium Ltd 0.235 7% 15% 2% -64% $17,294,085
PUR Pursuit Minerals 0.047 7% -36% -69% -81% $4,687,496
BSX Blackstone Ltd 0.064 7% 12% 105% 9% $43,298,789
VR8 Vanadium Resources 0.016 7% -11% -66% -64% $9,028,670
ITM Itech Minerals Ltd 0.048 7% 0% -31% -35% $8,200,099
FBM Future Battery 0.017 6% -11% -6% -69% $11,369,701
LSR Lodestar Minerals 0.017 6% 55% -15% -47% $5,413,205
RAS Ragusa Minerals Ltd 0.017 6% -19% 6% -23% $2,424,179
S32 South32 Limited 2.67 6% -24% -27% -19% $12,048,995,756
AGY Argosy Minerals Ltd 0.018 6% -22% -53% -86% $26,206,577
GED Golden Deeps 0.018 6% -14% -42% -60% $3,188,263
GCM Green Critical Min 0.009 6% -18% 200% 125% $17,655,105
QPM QPM Energy Limited 0.037 6% -23% 0% 6% $93,435,731
BHP BHP Group Limited 36.07 6% -7% -17% -20% $183,091,039,916
AAJ Aruma Resources Ltd 0.0095 6% -14% -44% -50% $2,109,553
EGR Ecograf Limited 0.295 5% 90% 251% 64% $133,968,887
BKT Black Rock Mining 0.02 5% 0% -57% -69% $29,388,798
MLS Metals Australia 0.02 5% -5% -17% -13% $14,574,390
LIN Lindian Resources 0.1 5% 4% 1% -33% $115,317,224
ABX ABX Group Limited 0.04 5% 14% -2% -38% $10,011,738
DM1 Desert Metals 0.02 5% -5% -38% -23% $6,516,412
KZR Kalamazoo Resources 0.081 5% 4% -4% -18% $16,960,875
VTM Victory Metals Ltd 0.415 5% 1% 22% 60% $45,443,626
HAW Hawthorn Resources 0.044 5% 2% -24% -38% $14,740,687
KM1 Kalimetalslimited 0.09 5% 15% -47% -78% $7,140,706
A8G Australasian Metals 0.069 5% -8% -43% 8% $3,994,391
S2R S2 Resources 0.096 4% 43% 25% -29% $43,474,367
VHM Vhmlimited 0.24 4% -6% -47% -52% $52,115,988
SLM Solismineralsltd 0.081 4% 0% 0% -26% $7,980,975
TMB Tambourahmetals 0.028 4% -15% -7% -57% $3,292,521
ADV Ardiden Ltd 0.145 4% 0% 7% -6% $9,065,038
JMS Jupiter Mines. 0.145 4% -12% -15% -44% $284,351,055
RVT Richmond Vanadium 0.15 3% -3% -55% -55% $33,275,000
DLI Delta Lithium 0.16 3% -3% -35% -41% $114,646,687
PGD Peregrine Gold 0.175 3% 46% 3% -19% $14,848,355
KAI Kairos Minerals Ltd 0.0195 3% 3% 50% 50% $51,302,788
CHR Charger Metals 0.041 3% -9% -51% -61% $3,174,230
E25 Element 25 Ltd 0.215 2% -12% -33% -9% $49,151,666
ZNC Zenith Minerals Ltd 0.05 2% 4% 4% -48% $20,372,071
NMT Neometals Ltd 0.055 2% -17% -41% -56% $42,318,380
QXR Qx Resources Limited 0.003 0% -25% -40% -80% $3,930,987
AZL Arizona Lithium Ltd 0.006 0% -33% -65% -75% $27,370,887
RIL Redivium Limited 0.004 0% 0% 0% 33% $13,609,422
LPD Lepidico Ltd 0.002 0% 0% -33% -20% $17,178,371
MRD Mount Ridley Mines 0.0025 0% -17% -75% -75% $1,946,223
CZN Corazon Ltd 0.002 0% -20% -50% -80% $2,369,145
RLC Reedy Lagoon Corp. 0.002 0% 0% 0% -50% $1,553,413
CLA Celsius Resource Ltd 0.007 0% -13% -42% -42% $20,352,998
MNS Magnis Energy Tech 0.042 0% 0% 0% 0% $50,378,922
QEM QEM Limited 0.051 0% -22% -48% -65% $9,732,518
SBR Sabre Resources 0.006 0% -14% -54% -67% $2,357,772
EVG Evion Group NL 0.018 0% 0% -40% -28% $7,828,559
TKL Traka Resources 0.001 0% 0% 0% -50% $2,125,790
JRV Jervois Global Ltd 0.011 0% 0% -21% -52% $29,730,402
ADD Adavale Resource Ltd 0.002 0% 0% 0% -67% $4,574,558
VML Vital Metals Limited 0.003 0% 50% 50% -40% $17,685,201
AVL Aust Vanadium Ltd 0.011 0% -8% -31% -31% $94,981,239
GL1 Globallith 0.175 0% -3% -27% -61% $45,803,122
LEL Lithenergy 0.37 0% 0% -8% -31% $41,440,581
RMX Red Mount Min Ltd 0.007 0% -22% -22% -53% $3,254,705
1MC Morella Corporation 0.02 0% 5% -35% -80% $6,605,310
MRC Mineral Commodities 0.026 0% 0% 0% 0% $25,596,288
BMM Bayanminingandmin 0.036 0% -14% -23% -38% $3,462,820
AML Aeon Metals Ltd. 0.005 0% 0% 0% 0% $5,482,003
WKT Walkabout Resources 0.095 0% 0% -4% -17% $63,769,838
TON Triton Min Ltd 0.005 0% 0% -50% -58% $7,841,944
CNJ Conico Ltd 0.007 0% 0% -30% -53% $1,662,411
BOA BOA Resources Ltd 0.018 0% 6% -14% -40% $2,220,351
EVR Ev Resources Ltd 0.005 0% 11% 36% -32% $9,929,183
EFE Eastern Resources 0.026 0% -12% -48% -68% $3,278,339
EMS Eastern Metals 0.01 0% 0% -57% -71% $1,136,762
IMI Infinitymining 0.013 0% 8% -48% -81% $5,499,205
TEM Tempest Minerals 0.005 0% 0% -38% -42% $3,172,649
OB1 Orbminco Limited 0.001 0% -33% -60% -73% $2,166,590
KOR Korab Resources 0.008 0% 0% 0% -20% $2,936,400
CMX Chemxmaterials 0.026 0% 0% -32% -38% $3,354,580
NC1 Nicoresourceslimited 0.075 0% -9% -35% -42% $8,227,543
ENT Enterprise Metals 0.002 0% -33% -50% -33% $2,356,635
RBX Resource B 0.028 0% -22% -20% -30% $3,225,166
EMT Emetals Limited 0.003 0% 0% -25% -40% $2,550,000
PNT Panthermetalsltd 0.015 0% -6% -53% -37% $4,513,568
RGL Riversgold 0.0045 0% 0% 50% -36% $7,576,707
THR Thor Energy PLC 0.01 0% -17% -38% -52% $7,107,898
YAR Yari Minerals Ltd 0.004 0% -20% 14% -33% $1,929,431
LPM Lithium Plus 0.057 0% -7% -58% -56% $7,571,880
CLZ Classic Min Ltd 0.001 0% 0% 0% -89% $1,544,026
CRI Criticalim 0.013 0% -24% 8% -52% $34,949,832
AOA Ausmon Resorces 0.002 0% 0% -20% -33% $2,622,427
BCA Black Canyon Limited 0.06 0% -2% -10% -40% $7,779,042
BUR Burleyminerals 0.044 0% -24% -37% -6% $6,616,322
L1M Lightning Minerals 0.06 0% -18% -13% -20% $6,199,699
OM1 Omnia Metals Group 0.009 0% -88% -88% -88% $1,953,825
LLL Leolithiumlimited 0.332997 0% 0% 0% 0% $401,204,047
SRN Surefire Rescs NL 0.003 0% 0% -45% -70% $7,248,923
WSR Westar Resources 0.005 0% -50% -44% -65% $1,993,624
LU7 Lithium Universe Ltd 0.006 0% -25% -68% -79% $4,715,878
TMX Terrain Minerals 0.003 0% -25% -14% -25% $6,010,670
FIN FIN Resources Ltd 0.005 0% -17% -17% -72% $3,246,344
RON Roninresourcesltd 0.17 0% -13% 42% 55% $6,863,752
ASR Asra Minerals Ltd 0.003 0% 0% -33% -57% $7,119,380
ATM Aneka Tambang 0.98 -2% -2% 1% -11% $1,277,576
ASN Anson Resources Ltd 0.059 -2% 11% -22% -49% $81,817,456
AXE Archer Materials 0.26 -2% -10% 8% -45% $66,260,223
GW1 Greenwing Resources 0.04 -2% 33% -29% -40% $9,626,059
INF Infinity Lithium 0.0195 -3% -15% -43% -70% $9,215,546
DEV Devex Resources Ltd 0.07 -3% -15% -50% -76% $30,918,347
KOB Kobaresourceslimited 0.048 -4% -17% -56% -60% $7,610,957
GAL Galileo Mining Ltd 0.115 -4% -15% -18% -57% $22,726,867
AZI Altamin Limited 0.023 -4% -8% -30% -48% $13,213,567
FGR First Graphene Ltd 0.04 -5% -13% -9% -34% $29,966,850
PGM Platina Resources 0.02 -5% 0% -9% -26% $12,463,607
BUX Buxton Resources Ltd 0.0235 -6% -6% -64% -80% $6,272,367
LEG Legend Mining 0.0075 -6% -25% -42% -46% $21,821,079
IG6 Internationalgraphit 0.045 -6% -8% -30% -71% $8,710,125
MLX Metals X Limited 0.5 -7% -25% 16% 11% $443,195,769
KNI Kunikolimited 0.135 -7% 0% -16% -47% $11,734,776
CMO Cosmometalslimited 0.013 -7% -13% -34% -69% $3,627,030
CWX Carawine Resources 0.09 -7% -14% -8% -18% $21,251,290
WC1 Westcobarmetals 0.012 -8% -25% -47% -75% $2,149,878
HRE Heavy Rare Earths 0.023 -8% 0% -35% -31% $4,784,779
FG1 Flynngold 0.022 -8% 0% -24% -51% $7,066,868
CDT Castle Minerals 0.055 -8% -8% -54% -69% $6,380,526
LMG Latrobe Magnesium 0.01 -9% -23% -69% -80% $25,485,374
EMH European Metals Hldg 0.205 -11% 8% -7% -38% $42,526,165
LIT Livium Ltd 0.008 -11% -11% -64% -72% $13,428,627
PVT Pivotal Metals Ltd 0.008 -11% 14% -20% -60% $7,257,807
DTM Dart Mining NL 0.004 -11% 0% -71% -88% $2,751,056
EG1 Evergreenlithium 0.053 -12% -34% -24% -47% $10,312,650
GRE Greentechmetals 0.06 -12% 3% -56% -76% $6,728,549
A11 Atlantic Lithium 0.15 -12% -12% -51% -58% $103,972,097
GLN Galan Lithium Ltd 0.105 -13% -5% -22% -72% $88,200,977
ICL Iceni Gold 0.06 -13% -24% 46% 131% $18,473,129
OD6 Od6Metalsltd 0.026 -13% -7% -24% -64% $4,140,389
BM8 Battery Age Minerals 0.051 -14% -16% -56% -49% $6,075,673
MOH Moho Resources 0.003 -14% -40% -57% -40% $2,192,624
M2R Miramar 0.003 -14% 0% -57% -74% $2,990,470
ANX Anax Metals Ltd 0.006 -14% -25% -57% -78% $5,296,845
ALY Alchemy Resource Ltd 0.005 -17% -29% -38% -29% $5,890,381
PVW PVW Res Ltd 0.013 -19% -13% -43% -46% $2,585,762
AVW Avira Resources Ltd 0.006 -25% -33% -70% -70% $1,098,676
PRL Province Resources 0 -100% -100% -100% -100% $0
POS Poseidon Nick Ltd 0 -100% -100% -100% -100% $23,380,727
LRS Latin Resources Ltd 0 -100% -100% -100% -100% $477,661,711
CAI Calidus Resources 0 -100% -100% -100% -100% $93,678,206
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ABC News
3 hours ago
- ABC News
Aldi is known for drawing inspiration from big brands. Here's how experts say the retailer does it
It's no secret that Aldi, the supermarket chain that once had the slogan "like brands, only cheaper", sells products visually similar to well-established competitors. In the cereal aisle of each store, brown boxes of Power Grain are reminiscent of their Kellogg's counterpart, and in the snack aisle packets of Blackstone chips appear to draw inspiration from Red Rock Deli. In the US, blue boxes of Aldi-brand cream-filled biscuits are so similar to Oreos that the company behind the snack giant is suing the supermarket for "blatant copying". It's not the first time the chain has landed in legal trouble over its cheaper, duplicated private-label brands. In Australia, there have been several legal cases against Aldi. But intellectual property and consumer experts are not worried about this case creating legal implications for Australian consumers, who they say are largely unphased by Aldi's "phantom labels". "Ultimately the key reason they [Aldi] do this is about visual congruence," retail expert Gary Mortimer said. "So, when we're shopping in a supermarket, it's historically a mundane, habitual, low-involvement decision-making context. 'You walk down an aisle and you think Cadbury is purple. They [consumers] are influenced by pack colour, brand name or packaging shape." Professor Mortimer said when a consumer saw a product similar to another brand's, they might infer it was the same. "What the danger is, is a customer goes, 'Well, actually, their cereal is just as good as the Kellogg's version,'" he said. "Brands themselves spend a lot of money ensuring their brand is high quality. "Then a new player enters with a private label that looks very similar and, therefore, all of that positioning you've done with that product, the private label takes advantage of that position. "Brands would be concerned about that." Professor Mortimer said the private Aldi label was perceived as higher value than, say, the Coles or Woolworths generic-brands. "You won't get Aldi-brand biscuits, you'll get Belmont." In fact, they are so popular, other chains are taking a leaf out of the Aldi playbook, creating their own, cheaper, private brands. He said Woolworths and Coles had created private labels that sold cleaning products and pet food. "To some point, supermarkets understand we won't feed our dog Woolworths pet food but we might feed them a cheaper brand like Baxter's, which is actually Woolworths owned." With Choice ranking Aldi as the cheapest supermarket in Australia in its past five surveys, legal experts say the occasional legal challenges Aldi faces for sailing "close to the wind" with its packaging and branding are largely justified. While Aldi has faced legal challenges in Australia in the past over its packaging and the likeness of its products to rivals, the University of Sydney's Fady Aoun says it is far more challenging to take Aldi to court here. The senior lecturer in intellectual property law said this was because Australia's legal systems were vastly different to those in the US, for instance. "In the realm of trademark law and other forms of forms of policing commercial practices, American law is vastly different to Australian law," he said. "And, in addition to trademark infringement, they have something called unfair competition, which Australian law doesn't adopt "Their trademark law is far more protective of arguably trading interests and goes further than the Australian law in this respect." But there are several ways legal action can be pursued. Last year in Australia the company Hampden Holdings and Lacorium Health Australia successfully sued Aldi Foods for breach of copyright in relation to children's food products. Hampden licenses intellectual property to Every Bite Counts, which sells children's food products under Baby Bellies, Little Bellies and Mighty Bellies, which are sold in Australia. In 2018 and 2019, Aldi engaged the company Motor Design to re-design the packaging for its baby food and product range. The case found that in April 2019, Aldi instructed Motor Design to reuse the Little Bellies brand as the "benchmark" for the re-design of the packaging for its Mamia dry food range. The packaging and labelling were put side by side in court documents to highlight how similar each looked. "Aldi, they sail close to the wind," Dr Aoun said. "They sometimes overstep the mark. Other times they're just short of what is impermissible. "I suspect there is a strong legal department there and that's their business mode." The court found Hampden and Lacorium's owned the packaging designs. Aldi is currently appealing against the court decision. It was approached for comment. "The typical claims in Australia here are trademark infringement, misleading and deceptive conduct and — much more difficult — the common law action of 'passing off'," Dr Aoun said. "Hampden is just a company that holds IP rights and they are the holder of the copyright," Jane Rawlings, an intellectual property barrister said. "So they weren't suing on the trademark; they were suing on the look of the packaging, how it presents itself to consumers. "That was successful because the court had found Aldi had deliberately modelled their snacks on the Baby Bellies." Separately, Aldi won a federal court appeal in 2018 against a deceptive conduct ruling over hair care products brought against the supermarket chain by Moroccanoil Israel. Dr Rawlings said this was harder to prove. "You have to show there is reputational goodwill in the brand, and in this purpose it is by using a similar name, brand or look that misleads consumers and that damages the goodwill of the brand because they're being diverted to a cheaper alternative or because the brand owner is losing sales," she said. "You have to still prove the conduct has been deceptive and what Aldi do is tread a fine line where they've got a lookalike brand but it's not enough to argue consumers are being misled." In the UK in 2023, Cider producer Thatcher's successfully won a legal battle against Aldi, claiming it "copycatted" its Cloudy Lemon Cider in "taste and appearance". This was a lookalike trademark case that argued Aldi's Taurus drink had been "deliberately riding on the coat-tails" of the cider company's reputation as a brand. Dr Rawlings said she believed registering a brand as a trademark was one of the best ways to protect it. "To be honest, and if I were a brand owner trying to protect the look of packaging, I'd be looking very seriously at trademarking registration because it's relatively cheap and then you can basically sue on the trademark registration." Ultimately, experts agree the impact on consumers is relatively low. "What Aldi will typically say is our consumers are not confused [and that] while they may draw inspiration from leading brands there's no confusion people know what they're getting," Dr Aoun said.
Sky News AU
11 hours ago
- Sky News AU
Nationals Leader David Littleproud demand Prime Minister Anthony Albanese rules out kowtowing on US beef imports
Prime Minister Anthony Albanese 'needs to' immediately rule out kowtowing to Donald Trump on biosecurity laws on US beef imports, Nationals Leader David Littleproud has demanded. Government officials reportedly told The Sydney Morning Herald that Australia could alter its biosecurity laws to allow US beef exports without risks to local industry, in a move to appease Trump as he wages his trade war. Australia banned US beef in 2003 after a mad cow disease outbreak before undoing this in 2019 when the outbreak subsided. Cattle raised in Mexico and Canada but slaughtered in the US is still banned, however, this could be changed according to the report. Mr Littleproud raised concerns about Australia's cattle industry on Friday and urged the Prime Minister not to use the sector as a bargaining chip in negotiations with the US President. 'There needs to be certainty. The Prime Minister needs to rule it out immediately,' the Nationals Leader said on Sky News. 'He needs to make sure that he's very clear with Australian producers that our biosecurity standards will not be reduced and that … if we want to get imports that originated from Mexico or Canada, that there's some traceability on it like Australian producers have.' He called for the Prime Minister to be transparent with Australian beef producers as concerns fester about the nation's biosecurity following this report. 'I don't think Australian producers are asking for anything unfair here, they're just trying to protect their production systems, making sure that they can not only feed Australians but feed the world,' Mr Littleproud said. 'The Prime Minister and his department who are mooting these things need to be very, very clear with Australian beef producers that it's not on the table and it won't be on the table at all. 'But when you start getting these reports - you don't start seeing these reports unless there's smoke and when there's smoke, there's fire.' Australia exports more than $4b of beef to the US annually, making it the largest market for Aussie beef exports behind China. After Trump revealed his sweeping tariffs and invited impacted nations to negotiate, Prime Minister Anthony Albanese vowed to protect the nation's biosecurity laws, Pharmaceutical Benefits Scheme and news publishers against tech giants. 'We will not weaken the measures that protect our farmers and producers from the risks of disease or contamination,' he said in a statement. Cattle Australia chief executive Chris Parker issued a statement highlighting the importance of traceability for foreign-produced beef. 'Our position is that the US needs to be able to demonstrate it can either trace cattle born in Mexico and Canada, or has systems that are equivalent to Australia's traceability, before imports of meat could occur from non-US cattle,' Mr Parker said. 'Cattle Australia is in ongoing communication with the Federal Government regarding this issue and the vital importance that our science-based biosecurity system is not compromised as part of trade discussions with any country.' Mr Albanese is expected to have a meeting with Trump either on the sidelines of the G7 meeting in Canada or in the US later in June where the Prime Minister will make Australia's case for tariff exemptions. Australia faces 50 per cent tariffs on steel and aluminium alongside a broad 10 per cent levy on all goods, which is still paused by the Trump Administration.
Herald Sun
19 hours ago
- Herald Sun
The lessons from IDP Education's week from Hell
The student recruiter has been hit by the migration backlash not just here, but in Canada, the UK and the US Other listed colleges are tweaking their business models to focus on domestic students While there's no end of the pain in sight, some brokers reckon IDP Education is a buy at its marked-down valuation It's not unusual for a small cap stock to decline 50% in value or more in one day. But when the top 200 stock IDP Education (ASX:IEL) achieved that this week – erasing more than $1 billion of market value – it was a case of 'class, take note'. The dramatic plunge came after the overseas student wrangler's confession on Tuesday that full-year revenue and earnings would plummet on the back of visa crackdowns. The stock has lost an astonishing 75% over the last year. Arguably the downgrade was years in the making, given the quality issues besetting both the tertiary and vocational sectors for some years. Still, investors were shocked by the scale of the revision or maybe they just hadn't done their homework. IDP guided to a 28-30% decline in student placement volumes, with its language testing arm likely to fall by 18-20%. Adjusted earnings before interest and tax (ebit) are expected at $115-125 million, a circa 50% year-on-year decline and well shy of market expectations of $166 million. Trump-like 'regulation by fiat' The visa crackdown was contained in a bill that the old Parliament did not pass, but government went ahead via a Trump-style Ministerial Directive (MD107). The measure means visa applications are processed on the perceived risk of the education provider and the student's country of origin. Dubbed by college operator Academies Australasia (ASX:AKG) as 'regulation by fiat', the measure compounds the problems of providers with high visa rejection rates. The reasons for the knock-backs are likely to be beyond the colleges' control. Nowhere to hide as migration policies bite IDP's problems don't start and end at home. Half-owned by sandstone universities, the company started out as a local uni recruiter but now touts for colleges in the UK, Canada and the US. Half of the company's revenue deriving from English language testing and teaching. The UK is even more zealous on reducing migration, as is Canada given the backdrop of the recent close election. We'll simply call US a no-go zone, given Trump's order to block Harvard University from admitting international students. Heeding the lessons IDP is not the only ASX-listed, overseas student focused education play feeling the pinch. It's a case of accepting the new reality and adapting. The amalgam of Icollege and Redhill Education, NextEd Group (ASX:NXD) reported a $2.2 million first half loss, amid a 21% revenue decline (to $47 million). However Nexted offset some of the impact of a 52% English language services decline with increased international vocation enrolment. The aforementioned Academies managed to grow half year revenue by 2.8% (to $23.9 million). The company also narrowed a previous $7.5 million loss to a $958,000 deficit. Operator of the Ikon (tertiary) and ALG (vocational) colleges, EDU Holdings (ASX:EDU) gets a gold star by doubling calendar 2024 revenue to $42 million. The company also managed a $2.6 million profit after three years of losses. Gary Burg told last month's AGM the impact of the visa changes remained unclear and the company was focusing on the domestic student market. A free kick of the 'political football'? Despite the IDP sell down there's still a country mile between its $1 billion market cap and the circa $20-40 million valuation ascribed to the other providers. As with all harsh sell-offs, have investors have over-reacted? Broker UBS contends IDP's business model is unbroken and the company 'remains a high-quality business in challenging conditions'. The firm rates the stock a 'buy' with a price target of $4.95, implying around 40% of upside. IDP is undertaking a detailed business review, with an update promised at its August full-year results. At Academies' AGM last year, acting chairman Chiang Meng Heng decried the sector being turned into a political Sherrin. 'Certain comments being bandied about smack of populism, rather than carefully considered positions that are good for the country,' he said. 'The air may not clear until after the federal election.' More than a month after the poll, clarity awaits. Originally published as Criterion: IDP Education's share plunge is a harsh lesson for the overseas student industry
