After a tumultuous 2023 that saw prices for lithium carbonate shed 80 percent from its January start value, Q1 2024 was much less volatile. Starting the year at US$13,377.44 per ton, lithium carbonate prices ended the three-month period in the US$14,874,31 price range, representing an 11 percent increase.
Strong electric vehicle sales numbers in January helped sustain lithium prices through January and February. Prices began to climb higher at the end of the month and through March when values reached a quarterly high of US$16,109 per metric ton (MT). The rally was attributed to news out of China that noted that lithium demand for batteries and energy storage was locked in an “irreversible” growth trend.
Against that backdrop several Canada-listed lithium companies saw share price growth during the first quarter of the year. This list was created on April 10, 2024, using TradingView‘s stock screener, and all data was current at that time. Only companies with market caps above C$10 million for TSX and TSXV and above C$5 million for CSE are included.
Year-to-date gain: 78 percent; market cap: C$131.49 million; current share price C$0.89
US-focused Century Lithium is currently advancing its Clayton Valley lithium project in West-central Nevada. The company is also engaged in the pilot testing phase at its lithium extraction facility in Amargosa Valley, Nevada, which will process material from the lithium-bearing claystone deposit.
Shares of Century Lithium began the year trading at C$0.48 range and rose to a quarterly high of C$0.80 on March 27.
While the company made no announcements during Q1, some of the positive price momentum likely resulted from two press releases from December 2023. The first provided an update on the company’s ongoing feasibility study for the Clayton Valley project.
“This increase in concentration was attributed to the integration of Koch Technology Solutions Li-ProTM equipment into the direct lithium extraction (DLE) area,” the company said
Year-to-date gain: 50.94 percent; market cap: C$164.97 million; current share price: C$0.80
South America-focused Lithium Chile owns several lithium land packages in Chile and Argentina. Presently, the explorer is working to delineate the deposit at its Salar de Arizaro property in Argentina.
Following price volatility in January and early February, shares of Lithium Chile made a 32 percent climb between January 1, 2024, and the end of February.
Hole ARDDH-08 was drilled to a depth of 606 meters, encountering a brine-rich, sandy formation at 200 meters. Samples were sent to Alex Stewart Laboratory in Jujuy, Argentina, revealing lithium grades of 180 mg/l at 50 meters and 690 mg/l at 200 meters, the statement read.
Year-to-date gain: 24 percent; market cap: C$55.22 million; current share price: C$0.35
Exploration company Power Metals holds a portfolio of diversified assets in Ontario and Quebec, Canada.
Company shares traded flatly for most of Q1 locked in the C$0.27 range. Prices began to rise in mid-March and hit a three-month high of C$0.43 on March 31.
The 59 percent uptick coincided with news that Power Metals was
According to the company, the project features lithium/cesium/tantalum (LCT) potential, with peraluminous S-type pegmatitic granites intruding into metasedimentary and amphibolite formations.
Year-to-date gain: 24 percent; market cap: C$27.71 million; current share price: C$0.31
Mineral exploration firm Q2 Metals is actively exploring its flagship Mia lithium property in the Eeyou Istchee James Bay Territory of Quebec, Canada. The property contains the Mia Trend, spanning over 10 kilometers.
Included in the Q2 portfolio is the Stellar lithium property, comprising 77 claims and located six kilometers north of the Mia property.
Company shares were trading below C$0.20 for most of January and February. On February 27, the price rose rapidly climbing from C$0.19 on February 26 to C$0.45 to end the month.
The growth corresponds with the company announcement that a winter drill property was complete.
Days later Q2 reported the acquisition of the 11,374-hectare Cisco lithium property also located in the Eeyou Istchee James Bay region.
The upward trend continued, and shares reached a Q1 high of C$0.51 on March 4, 2024.
Year-to-date gain: 23.91 percent; market cap: C$37.14 million; current share price: C$0.28
Volt is a lithium development and technology company aiming to become a premier North American lithium producer utilizing its unique technology to extract lithium from oilfield brine.
In late January Volt made its first announcement of 2024, highlighting the company’s success producing 99.5 percent battery-grade lithium carbonate. The achievement was made at the company’s demonstration plant in Calgary, Alberta.
“The Volt team continues to advance our DLE capabilities at our demonstration plant and showcased our ability to transform oilfield brine into a commercially saleable grade of lithium carbonate,” he said. “Bringing the full-cycle process in-house greatly reduces the cost to produce lithium carbonate, which is expected to enhance margins and position Volt as a low-cost operator.”
Shares marked a Q1 high of C$0.27 on March 12.
Year-to-date gain: 18.69 percent; market cap: C$19.17 million; current share price: C$4
Foremost Lithium is an exploration company with hard rock lithium properties in Snow Lake, Manitoba, and Lac Simard South, Quebec. Included in the company’s portfolio is the Winston gold/silver property in New Mexico, US.
Shares of the company hit a Q1 high of C$4.51 in late February when the company released some promising intercepts from the Zoro property drill program.
“As drilling progresses, the focus will continue to build resource to the south of Dyke 1, a promising new uncharted area, which has confirmed spodumene pegmatite as drilling progresses.”
Year-to-date gain: 5.56 percent; market cap: C$6.9 million; current share price: C$0.19
Mineral exploration company Quantum Battery Metals is focused on identifying lithium and cobalt deposits in Canada.
The statement continued: “There is an increasing demand for metals as the world is transitioning to a low-carbon economy and global conflicts continue to arise that require massive amounts of metals for producing batteries, clean energy technologies, and national defense applications.”
Company shares reached a first quarter high of C$0.20 on March 17, and ended the three-month session in the same range.
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
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