Hello friends, Today in our blog, we will talk about the Top 5 ASX Lithium Stocks for 2024. Read the blog carefully.
The ASX 2024 has the best lithium stocks. The need for batteries is increasing. That’s why people often refer to them as “the new gasoline” and “the new petroleum.” This could revolutionize how we fuel things in the future.
Many investors like Tesla and Panasonic, which are popular electric car companies.
What is lithium in Australia?
Lithium Australia NL is an Australian company. They explore, develop, and recycle lithium resources. The company has projects in Australia and Argentina. These include the Dingo Lithium Project and the SQM Lithium Brine Project. Lithium Australia also owns 90% of Envirostream Australia, an onshore, mixed-battery recycling company.
Here are the Top 5 ASX Lithium Stocks for 2024
Let’s talk about the 5 Best ASX Lithium Stocks in Australia to Buy in 2024.
1. Pilbara Minerals Ltd (PLS)
Pilbara Minerals Limited (PLS) is an Australian lithium company that owns 100% of the Pilgangoora Project, the world’s largest independent hard-rock lithium operation. The company is headquartered in West Perth, Western Australia.
Pilbara Minerals’ flagship Pilgangoora Project is located in the Pilbara region of Western Australia. The project has a JORC-compliant resource of 1.82 billion metric tons of spodumene ore, with an average grade of 1.7% lithium oxide (Li2O). The project also has 5.8 million metric tons per year (Mtpa) of spodumene concentrate (SC) production capacity.
Pilbara Minerals produces a high-quality SC that is in demand by lithium battery manufacturers. The company SC is used to produce lithium hydroxide monohydrate (LHM), which is a key ingredient in lithium-ion batteries.
Pilbara Minerals is a leading player in the rapidly growing lithium industry. The company is well-positioned to benefit from the strong demand for lithium, which is expected to grow as the world transitions to electric vehicles (EVs).
Pilbara Minerals share price
PLS’s share price has been volatile in recent years, reflecting the lithium price cycle. However, the company’s share price has trended upwards in recent months, reflecting strong demand for lithium and the company’s positive outlook.
| Rank | Company | ASX Code | Current Share Price (AUD) |
|---|---|---|---|
| 1 | Pilbara Minerals Ltd | PLS | $4.62 |
2. Allkem Ltd (AKE)
Allkem Limited (AKE) is a global lithium chemicals company with a diverse portfolio of high-quality lithium chemicals production assets. The company is headquartered in Buenos Aires, Argentina, with operations in Australia, Argentina, and Japan.
Allkem Share Price
The AKE share price has been volatile in recent years, reflecting the overall volatility of the lithium market. However, the company share price has trended upwards in recent months, reflecting strong demand for lithium and the company’s positive outlook.
| Rank | Company | ASX Code | Current Share Price (AUD) |
|---|---|---|---|
| 2 | Allkem Ltd | AKE | $10.20 |
3. Core Lithium Ltd (CXO)
Core Lithium Ltd. (CXO) is an Australian lithium company that owns 100% of the Finniss Lithium Operation, the Northern Territory’s first and only lithium mine, and Australia’s only lithium mine outside of Western Australia. The company is focused on delivering high-quality lithium spodumene concentrate (SC) to market through its Finniss Lithium Operation.
Core Lithium Share Price
The CXO share price has been volatile in recent years, reflecting the overall volatility of the lithium market. However, the company share price has trended upwards in recent months, reflecting strong demand for lithium and the company’s positive outlook.
| Rank | Company | ASX Code | Current Share Price (AUD) |
|---|---|---|---|
| 3 | Core Lithium Ltd | CXO | $0.72 |
4. IGO Ltd (IGO)
IGO Limited (IGO) is an Australian diversified mining and exploration company with a focus on creating a better planet for future generations by discovering, developing, and delivering products critical to clean energy. The company owns and operates three nickel-copper-cobalt mines in Western Australia: Nova Operation, Forrestania Nickel Operation, and Cosmos Nickel Operation. IGO also has a significant exploration portfolio in Western Australia, South Australia, and the Northern Territory.
IGO Share Price
IGO share price has been volatile in recent years, reflecting the overall volatility of the nickel, copper, and cobalt markets. However, the company share price has trended upwards in recent months, reflecting strong demand for these metals and the company’s positive outlook.
| Rank | Company | ASX Code | Current Share Price (AUD) |
|---|---|---|---|
| 4 | IGO Ltd | IGO | $13.45 |
5. Liontown Resources Ltd (LTR)
Liontown Resources Ltd (LTR) is an Australian lithium company that owns 100% of the Kathleen Valley Lithium Project, the largest undeveloped lithium hard-rock project in Australia. The company is headquartered in West Perth, Western Australia.
Liontown Share Price
LTR share price has been volatile in recent years, reflecting the overall volatility of the lithium market. However, the company’s share price has trended upwards in recent months, reflecting strong demand for lithium and the company positive outlook.
| Rank | Company | ASX Code | Current Share Price (AUD) |
|---|---|---|---|
| 5 | Liontown Resources Ltd | LTR | $1.67 |
A list of lithium mining companies in Australia
| Company Name | ASX Code | Location | Production Capacity |
|---|---|---|---|
| Mineral Resources | MIN | Western Australia | 80,000 tonnes spodumene concentrate (SC) per annum (2023) |
| Pilbara Minerals | PLS | Western Australia | 600,000 tonnes SC per annum (2027) |
| Allkem | AKE | Western Australia | 180,000 tonnes SC per annum (2023) |
| Liontown Resources | LTR | Western Australia | 1.8 million tonnes SC per annum (2027) |
| Sayona Mining | SYA | Western Australia | 40,000 tonnes SC per annum (2027) |
| Core Lithium | CXO | Northern Territory | 190,000 tonnes SC per annum (2027) |
| Orocobre | ORE | Western Australia | 110,000 tonnes lithium hydroxide monohydrate (LHM) per annum (2023) |
| Altura Mining | ALU | Western Australia | 450,000 tonnes SC per annum (2027) |
| Galaxy Resources | GXY | Western Australia | 20,000 tonnes SC per annum (2023) |
| Kidman Resources | KDR | Western Australia | 1,750,000 tonnes SC per annum (2026) |
Should I invest in lithium stocks?
Investing in lithium stocks could be a strategic move considering the increasing demand for lithium-ion batteries in various industries, particularly electric vehicles (EVs). However, it’s important to note that investing in stocks always comes with risks, and lithium stocks can be volatile.
Here are some lithium stocks that have been identified as potentially good investments:
- Albemarle Corporation (ALB)
- Sociedad Quimica y Minera de Chile (SQM)
- Mineral Resources Limited (MALRY)
- Livent Corporation (LTHM)
- Lithium Americas Corp. (LAC)
- Sigma Lithium Corporation (SGML)
- Ganfeng Lithium Group Co., Ltd. (GNENF)
- Pilbara Minerals Limited (PILBF)
You could also consider investing in a lithium-focused ETF like the Amplify Lithium & Battery Technology ETF (BATT) for more diversification.
Remember, it’s crucial to do your research and consider your financial situation and risk tolerance before making any investment decisions. Consulting with a financial advisor could also be beneficial. Please note that this information is based on the data available as of December 2023 and may change over time.
Also Read: Happiest Minds Share Price Prediction for 2024, 2025, 2030, and 2040
FAQs: ASX Lithium Stocks
How do I buy shares on ASX?
Buying shares on the ASX involves choosing a broker, opening an account, depositing funds, researching shares, placing an order, and monitoring your investments. Start with a small amount, diversify your portfolio, and seek professional advice if needed.
Who is the biggest lithium producer in Australia?
Pilbara Minerals is the biggest lithium producer in Australia.
Which country is no 1 in lithium?
Australia is the world’s largest lithium producer, with an output of 56,000 tonnes in 2022. This is followed by Chile with 26,000 tonnes, Argentina with 6,300 tonnes, China with 4,000 tonnes, and the United States with 3,800 tonnes.