Top 8 Lithium Stocks

Year-to-date gain: 358.8 percent; market cap: US$356.72 million; current share price: US$32.07

Atlas Lithium is a strategic minerals company with a portfolio of Brazilian battery metals projects. The company is currently focused on advancing and developing the Neves project area within its wholly owned Minas Gerais hard-rock lithium project. Last February, Atlas discovered the Anitta pegmatite target at Neves, and the company has been working since then to delineate a resource in and around the pegmatite. The State of Minas Gerais granted the Neves project priority review status for its environmental permitting and licensing in June, and Atlas intends to expedite it to Phase 1 production by Q4 2024.

In addition to developing Neves, Atlas plans to build a lithium processing plant that can produce up to 300,000 metric tons (MT) of lithium concentrate per year. In January, the company signed a memorandum of understanding with Mitsui (TSE:8031) for US$65 million of funding in tranches; in return, Mitsui will obtain the right to purchase 100 percent of the plant’s output. In a June update, Atlas announced it had purchased land for the plant and engaged consultants for planning and design.

Atlas’ share price peaked on May 2 at US$41.46, the day the company announced a royalty transaction with Lithium Royalty (TSX:LIRC,OTC Pink:LITRF); through the deal, Atlas received an immediate US$20 million for a 3 percent gross overriding revenue royalty. However, company shares plummeted to US$16.93 on May 4 before leveling out to trade around US$20 through the remainder of Q2.

In July, Atlas discovered a new zone at Anitta containing a new high mark for lithium mineralization: an interval between 9.2 and 10.3 meters from the surface grading 5.23 percent. On July 31, the company expanded the Anitta pegmatite trend and separated the trend into three zones — Anitta 1, Anitta 2 and the new Anitta 3. Atlas announced another discovery on September 20, a new spodumene pegmatite bearing “coarse, large crystals” it dubbed Anitta 4.

Atlas added industry veterans to a variety of positions in the second half of 2023, including Nick Rowley as vice president of business development on August 21, Martin Rowley as lead strategic advisor on September 26 and James Abson as chief geology officer on October 2. After gradually climbing through the quarter, its share price hit a Q3 high of US$30.64 on September 29.

In mid-October, the company released a new exploration strategy designed by Abson that will see Atlas’ technical team use a series of tests and surveys to identify, define and test additional LCT pegmatites at Neves, and a specialized exploration geology team perform reconnaissance work on the larger Minas Gerais lithium project. On November 8, the company completed a US$20 million investment round led by Martin Rowley.

Atlas announced in December that it was fully funded to expedite first production from an open pit at Anitta 2 to Q4 2024 thanks to a combined US$50 million in direct investment and offtake agreements for Phase 1 spodumene concentrate production from lithium chemicals companies Chengxin Lithium Group (SZSE:002240) and Yahua Industrial Group (SZSE:002497). To accomplish the earlier production, Atlas plans to use modular dense media separation plants, a first in Brazil. Phase 1 will have nameplate capacity of 150,000 MT, 80 percent of which has been claimed in the offtake agreements, and Phase 2 in 2025 will raise production to 300,000 MT.

Atlas ended 2023 with a share price of US$27.31, and its first news of the new year came in the form of positive exploration results for Anitta 3 and 4, which the company stated “showcase the potential for significant lithium mineralized zones close to surface with attractive widths for open pit mining.”

Year-to-date gain: 14.11 percent; market cap: US$3.21 million; current share price: US$29.27

Sigma Lithium, through its wholly owned subsidiary Sigma Brazil, brought its Grota do Cirilo hard-rock lithium project in Minas Gerais to Phase 1 production at 75 percent nameplate capacity on April 17, 2023. As part of Phase 1, the company commissioned a greentech dense media separation production plant, and as of December, the plant is sustaining full capacity of 270,000 MT per year. If Phase 2 and Phase 3 proceed, the final target is 766,000 MT.

Sigma refers to its battery-grade sustainable lithium concentrate product as Quintuple Zero Green Lithium, because it is net zero carbon and uses zero coal power, hazardous chemicals, tailings dams or potable water, instead using 100 percent clean energy, dry-stacked tailings and fully recycled water. At COP28, it was declared the “most sustainable lithium in the world.”

The company’s share price trended upwards throughout much of H1. On April 10, Sigma Lithium announced that COPAM, the Minas Gerais state environmental regulator, had awarded Sigma its environmental operating license for Grota do Cirilo, which allows the company to sell all of its lithium from current and future operations.

Sigma announced the signings of a 300,000 MT green tailings offtake agreement and a 15,000 MT green lithium sale on May 3, both of which were with Yahua. The company’s share price climbed over the following two weeks to reach a 2023 high of US$42.50 on May 17. In September, it reported a partnership with Glencore (LSE:GLEN,OTC Pink:GLCNF) in which Glencore will purchase its green lithium at a premium, with 50 percent paid ahead of shipment at a price 9 percent above the LME.

Sigma has also continued to explore Grota do Cirilo to build out the property’s resource. In November, the company shared the results of its Phase 4 drill campaign, which it expects to increase Grota do Cirilo’s mineral resource estimate by 25 percent to 110 million MT, and it also shared plans for an accelerated Phase 5 campaign.

As Sigma Lithium, Sigma Brazil and the project became acquisition targets in 2023, Sigma’s board of directors began performing a strategic review to assess its options. Its latest update came on December 18, when Sigma announced it had “entered contractual and detailed structural negotiations with finalists,” which were still ongoing. At the time, it also shared its intentions to list Sigma Brazil on the NASDAQ and Singapore Stock Exchange in order to maximize shareholder value, which it later initiated on January 1.

On December 27, Sigma wrapped up the year with an update covering many aspects of the business. Its share price as of the close of trading for the year was US$31.53.

Year-to-date gain: 150 percent; market cap: C$12.94 million; current share price: C$0.075

Portofino Resources is a lithium exploration company operating in Argentina and Canada. In Argentina, the company now wholly owns the Yergo project in Catamarca and just announced a 50/50 partnership with Lithium Chile (TSXV:LITH,OTCQB:LTMCF) for the 8,445 hectare Arizaro Area IV concession in Salta. Its Canadian lithium property is the Allison Lake North project in Northern Ontario, for which it filed a technical report at the beginning of 2023, and it also holds a portfolio of gold properties in the country.

Portofino was in a state of flux coming into 2023. The company was facing a legal dispute at the Yergo project, for which it had an earn-in agreement, after the claim owner and optioner filed a notice of termination in September 2022. Portofino rejected the termination as it claimed it did not breach the agreements and was granted an injunction against the owner the following month as it assessed its options. Additionally, Portofino had been performing due diligence at on concessions at the Arizaro Salar, for which it had a memorandum of understanding with state mining company REMSA, and in February shared that it had filed a joint venture proposal for Arizaro IV.

Its shares began climbing from their opening price of C$0.03 when the company released its 2023 plans on February 1, and moved higher on the completion of a C$735,000 private placement on February 27, reaching an H1 high of C$0.075 on March 3 before falling down to trade around C$0.04 in much of Q2 and early Q3.

However, Portofino’s share price took off in earnest in August following a series of announcements, such as the closing of a C$538,000 financing on August 1 and the creation of an advisory board that includes Alexander Molyneux and Blake Steele on August 4. The biggest jump came from a major update on August 14, when Portofino announced that it was executing its option to buy out its option agreements and acquire 100 percent of the Yergo project.

Its final news for the month came on August 23, when the company announced it submitted proposals for the Arizaro III and IV concessions through a public tender process. Its share price hit a year-to-date high of C$0.10 on August 30 and touched that peak again on September 21 when it closed an upsized C$965,000 financing.

Following the official closing of the Yergo acquisiton on September 26, the company shared on November 1 its pre-drilling exploration plans for the project, including expanded surface and subsurface sampling, which it said it would commence that month. Portofino’s share price ended 2023 at C$0.075.

The company’s only news so far in 2024 was the aforementioned ultimate result of the Arizaro tender: a partnership with Lithium Chile, which had also submitted an offer for the concession. The company brings exploration success and infrastructure from its nearby work to the partnership. The partners are aiming to begin drilling soon and quickly advance the project.

Year-to-date gain: 122.73 percent; market cap: C$29.97 million; current share price: C$0.245

Volt Lithium is focused on becoming a producer of lithium hydroxide and lithium carbonate from oilfield brines at its Rainbow Lake project in Alberta and from brines across North America using its proprietary direct lithium extraction (DLE) technology. On April 27, the company changed its name from Allied Copper to Volt Lithium, which was previously the name of the company’s lithium division.

The company started 2023 with a share price of C$0.11 and has trended up significantly throughout the year. On April 6, Volt Lithium announced a breakthrough with its DLE technology. The new version, IES-300, maintains IES-200’s 93 percent lithium recoveries and reduces the amount of reagent required, lowering operating costs. The company’s share price spiked significantly on the news and stayed elevated, reaching a year-to-date high of C$0.52 on May 15.

On May 18, Volt Lithium shared its initial mineral resource report for Rainbow Lake, reporting an inferred mineral resource of 4.3 million metric tons (MT) of lithium carbonate equivalent. The property has an estimated 99 billion barrels of brine with concentrations of up to 121 milligrams per liter. A week later, the company released the final results of its DLE pilot project, which included 97 percent lithium recovery from 120 mg/L and 90 percent recovery from concentrations as low as 34 mg/L.

Volt Lithium’s share price fell at the end of May and trended downwards through August, but saw a big upswing in mid-August after the company announced on August 17 it had terminated its option agreements for its two copper assets, finishing its full transition to a pure-play lithium company. It ultimately reached an H2 high of C$0.38 on September 11 following the company appointing director Lt. General Andrew Leslie as the new chair of the board.

On October 24, Volt shared that it has commissioned its permanent demonstration plant, which it says is “capable of testing oilfield brines from multiple basins across North America in real-time.” The permanent plant, which is located in Calgary, Alberta, features improvements on the pilot plant based on nanotech and water processing technology collaborations announced during the summer that allow it to process oilfield brines from across North America.

Its final news of the year came on December 14, when it released the preliminary economic assessment for Rainbow Lake, highlighting an expected operating life of 19 years with annual battery-grade lithium- hydroxide production of 1,000 MT in Phase 1, 5,000 MT in Phase 2 and 23,000 MT in Phase 3. Its share price ended the year at C$0.225.

Year-to-date gain: 87.5 percent; market cap: C$12.74 million; current share price: C$0.15

Solis Minerals is an exploration company focused on battery metals properties in South America. The company is focused on its Estrela and recently acquired Mina Verhelma lithium projects in the Borborema province in Northeastern Brazil.

Earlier this year, news of its agreement to acquire the Jaguar hard-rock project, which has confirmed spodumene grades of up to 4.95 percent in oxidized pegmatite, resulted in a stratospheric share price jump. Trading was suspended from May 29 to June 8, during which time Solis announced the binding agreement and an AU$8.16 million funding package. When trading resumed, the company’s share price shot up to C$0.65. The first tranche of the placement, totaling AU$3,050,000, was closed on June 19, and the company began drilling at Jaguar on June 23. Its share price reached a 2023 high of C$1.04 on July 4.

However, these highs didn’t last long. The company’s trading was paused again on July 17 pending maiden drill results from Jaguar, and when trading resumed later that morning, its price plummeted by over 50 percent to close at C$0.37. In a September exploration update, Solis stated it was renegotiating its binding agreement for Jaguar to extend the due diligence period so it could better evaluate the project, but in October the company announced the negotiations failed and it had elected to withdraw from Jaguar.

That news was shared as part of its October 12 announcement that it had entered into an option agreement for the Mina Verhelma project, which includes a 12 month due diligence period. Solis began its maiden drilling programs at Estrela and Mina Verhelma in Q4. In its latest update on the exploration, the company’s executive director stated that several target areas contained visible spodumene-bearing pegmatites, and the initial holes at Mina Verhelma contained significant widths.

After the initial run in the middle of the year, Solis’ share price spent much of 2023 trending downwards, and ultimately ended the year at C$0.14.

Year-to-date gain: 113.64 percent; market cap: AU$698.45 million; current share price: AU$0.24

Latin Resources is focused on exploring its Salinas pegmatite project in Brazil’s Aracuai lithium province, which hosts the Colina, Colina West and Fog’s Block targets. Latin Resources expanded the project by over 350 percent in February, when it acquired tenements covering 29,940 hectares in the region. It also owns the Catamarca pegmatite project in Argentina and an 18 percent interest in Solis Minerals (TSXV:SLMN,OTCQB:SLMFF), a battery metals company in South America.

At the end of March, Latin Resources signed a memorandum of understanding with two Minas Gerais state government entities that will help the company as it develops Salinas and support building a lithium battery sector in the state. The government has designated Salinas a priority project. In April, the company completed a private placement of AU$37.1 million.

On June 20, Latin Resources released an updated resource estimate for the Colina deposit that increased its previous resource by 241 percent, which sent the company’s share price flying upward from AU$0.20 to AU$0.28 over the following days. On June 28, it announced discoveries of two spodumene-rich pegmatites, indicating a “‘district scale’ lithium corridor within Latin’s tenements” that extends up to 26 kilometers southwest of the Colina deposit. Latin Resources’ share price continued climbing over the following month and hit a year-to-date high of AU$0.42 on August 3.

That month, the company released further high-grade assays as well as the results of metallurgical testing of Colina ore using dense media separation, which yielded spodumene concentrate grading 5.5 percent lithium oxide at a 93.1 percent recovery rate. Latin Resources ended Q3 by releasing a preliminary economic assessment for Colina, which it is now referring to as the Colina project. According to the document, the mine would have a two stage plan with anticipated Phase 1 annual production of 405,000 MT of 5.5 percent lithium spodumene concentrate with first production in 2026.

On October 29, the company announced that it had received a significant amount of interest in offtake partnerships for its future lithium since the release of its PEA, and was now beginning an offtake partner process to assess proposals.

In the second half of November, the company announced a new major spodumene discovery at Salinas, dubbed Planalto, and shared further high-grade results from Colina. Although its share price fell through much of that month, it turned around in December with the release of its updated mineral resource estimate for Colina and a maiden inferred estimate for Fog’s Block. The former’s resource is up 41 percent over June’s estimate, now reaching 63.5 million MT grading 1.3 percent lithium oxide, and the latter’s resource measured 6.8 million MT grading 0.9 percent.

Latin Resources ended 2023 with a share price of AU$0.285. The company plans to begin diamond drilling Colina and Fog’s Block in January and work towards another resource estimate update and its definitive feasibility study expected in mid-2024.