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Lithium Market Update – A Guide to Hard-Rock Lithium

2022 saw lithium prices soar to new all-time highs. On average, lithium chemicals (carbonate and hydroxide) were up >150%, while spodumene concentrate (i.e. the primary output from most hard-rock Li mines) prices rose >280% during the year. Despite a price pullback for lithium carbonate and hydroxide this year, spodumene concentrate prices have remained near record levels. To no surprise, these heightened prices have continued to incentivize new investment into the space. Investors have been quick to pile into lithium stories, at varying stages of development, from established producers to grassroots explorers, across the full spectrum of Li deposits: hard-rock, brines, and sedimentary/clays, but hard-rock players seem to be emerging at a more rapid rate. In terms of valuation, one of these sources has stood out above the others, with hard-rock lithium resource developers also fetching the highest trading multiples.

With this report, we list reasons why investors tend to favour hard-rock Li resources and provide a guide as to what to look out for when evaluating a hard-rock Li asset. We name our top three picks in the hard-rock lithium space, and provide our updated lithium price forecasts. We are also initiating coverage on Latin Resources Ltd. (ASX:LRS, BUY, A$0.30 target, Koby Kushner) and Foremost Lithium Resource & Technology Ltd. (CSE:FAT, BUY (S), Koby Kushner). Finally, we  provide summaries of the following companies with hard-rock Li exposure: Sigma Lithium Corp. (TSXV:SGML, BUY, C$56.00 target, David A. Talbot), Critical Elements Lithium Corp. (TSXV:CRE, BUY, C$6.00 target, David A. Talbot), Bradda Head Lithium Ltd. (AIM:BHL, BUY, £0.40 target, Koby Kushner), Grid Metals Corp. (TSXV:GRDM, BUY, C$0.40 target, Taylor Combaluzier), ACME Lithium Inc. (CSE:ACME, Not Rated, Koby Kushner), Brunswick Exploration Inc. (TSXV:BRW, Not Rated, Koby Kushner), Li-FT Power Ltd. (CSE:LIFT, Not Rated, Koby Kushner), Patriot Battery Metals Inc. (TSXV:PMET, BUY, C$18.30 target, David A. Talbot), Winsome Resources Ltd. (ASX:WR1, Not Rated, Koby Kushner), ALX Resources Corp. (TSXV:AL, Not Rated, David A. Talbot), Green Shift Commodities Ltd. (TSXV:GCOM, Not Rated, David A. Talbot), Ophir Gold Corp. (TSXV:OPHR, Not Rated, Koby Kushner), and Snow Lake Resources Ltd. (NASDAQ:LITM, Not Rated, Koby Kushner). Within our Latin Resources and Sigma Lithium reports, we respectively discuss our recent site visits to the Salinas and Grota do Cirilo Li-pegmatite projects in Brazil.

Top Stories


Abcourt Mines Inc.
ACME Lithium Inc.
Adyton Resources Corp.
Aeris Resources Limited.
African Energy Metals Inc.
Alianza Minerals Ltd.
American Eagle Gold Corp.
Anfield Energy Inc.
Angold Resources Ltd.
Appia Energy Corp.
Aquila Resources Inc.
Arianne Phosphate Inc.
Aris Gold Corp.
Aris Mining Corp.
Aston Minerals Ltd.
Atico Mining Corp.
Atomic Minerals Corp.
ALX Resources Corp.
Aura Minerals Inc.
Aurion Resources
Awalé Resources Ltd.
Azincourt Energy Corp.
Barton Gold Holdings Limited
Baselode Energy Corp.
Basin Uranium Corp.
Benz Mining Corp.
Blackstone Minerals Ltd.
Blackrock Silver Corp.
Blackwolf Copper and Gold Ltd.
Blue Sky Uranium Corp.
Blue Star Gold Corp.
Bradda Head Lithium Ltd.
Brixton Metals Corp.
Brunswick Exploration Inc.
Canada Nickel Company Inc.
Canadian Palladium Resources Inc.
Canagold Resources Ltd.
CanAlaska Uranium Ltd.
Capitan Mining Inc.
Cassiar Gold Corp.
CAVU Energy Metals Corp.
Chalice Mining Ltd.
Churchill Resources Inc.
Cerrado Gold Inc.
CMC Metals Ltd.
Compass Gold Corp.
Contact Gold Corp.
Consolidated Uranium Inc.
Consolidated Woodjam Copper Corp.
CopperBank Resources Corp.
Cordoba Minerals Corp.
Critical Elements Lithium Corp.
Cross River Ventures Corp.
Culpeo Minerals Ltd.
Currie Rose Resources Inc.
De Grey Mining Ltd.
Deep-South Resources Inc.
Defiance Silver Corp.
Denarius Metals Corp.
Doré Copper Mining Corp.
Doubleview Gold Corp.
EDM Resources Inc.
Electra Battery Materials Corp.
Emgold Mining Corp.
Emmerson Resources Ltd.
Empress Royalty Corp.
enCore Energy Corp.
Energy Fuels Inc.
ENRG Elements Limited
EnviroGold Global Ltd.
E-Power Resources Inc.
Equity Metals Corp.
Eskay Mining Corp.
EV Nickel Inc.
E3 Lithium Ltd.
E79 Resources Corp.
Fidelity Minerals Corp.
Fiore Gold Ltd.
FireFox Gold Corp.
Fission Uranium Corp.
F3 Uranium Corp.
Flying Nickel Mining Corp.
Foremost Lithium Resource & Technology Ltd.
Forsys Metals Corp.
FPX Nickel Corp.
Galleon Gold Corp.
Genesis Metals Corp.
Getchell Gold Corp.
Giyani Metals Corp.
Global Atomic Corp.
Gold’n Futures Mineral Corp.
Gold79 Mines Ltd.
Gold Bull Resources Corp.
Goldplay Mining Inc.
Goldstorm Metals Corp
GoviEx Uranium Inc.
GR Silver Mining Ltd.
Graycliff Exploration Ltd.
Great Bear Royalties Corp.
Green Shift Commodities Ltd.
Grid Metals Corp.
Group Ten Metals Inc.
Grounded Lithium Corp.
GT Gold Corp.
G6 Materials Corp.
HeliosX Lithium & Technologies Corp..
Heritage Mining Ltd.
ION Energy Ltd.
Japan Gold Corp.
Karora Resources Inc.
Kesselrun Resources Ltd.
Klondike Gold Corp.
Kootenay Silver Inc.
Kutcho Copper Corp.
Lake Resources NL
Labrador Uranium Inc.
Laramide Resources Ltd.
Latin Resources Ltd.
Libero Copper & Gold Corp.
Lion One Metals
LithiumBank Resources Corp.
Li-FT Power Ltd.
Lotus Resources Ltd.
Luca Mining Corp.
Lumina Gold Corp.
Luminex Resources Corp.
Mako Mining Corp.
Manitou Gold Inc.
Marimaca Copper Corp.
MAS Gold Corp.
Mawson Gold Ltd.
Megawatt Lithium and Battery Metals Corp.
Metallum Resources Inc.
MineHub Technologies Inc.
Minera Alamos Inc.
Monarca Minerals Inc.
MTB Metals Corp.
NexGen Energy Ltd.
New Placer Dome Gold Corp.
Nevada Exploration Inc.
NevGold Corp.
Nexus Gold Corp.
Noram Lithium Corp.
North American Palladium Ltd.
Northern Shield Resources Inc.
NorthIsle Copper & Gold Inc.
NorZinc Ltd.
Novo Resources Corp.
NV Gold Corp.
NXGold Ltd.
O3 Mining Inc.
Omai Gold Mines Corp.
Ophir Gold Corp.
Orford Mining Corp.
Orex Minerals Inc.
Pacton Gold Inc.
Pancontinental Resources Corp.
Paramount Gold Nevada Corp.
Pasofino Gold Ltd.
Patriot Battery Metals Inc.
Phenom Resources Corp.
Pilar Gold Inc.
Pivotal Metals Ltd.
Platinum Group Metals Ltd.
Power Nickel Inc.
Prospector Metals Corp.
Purepoint Uranium Group Inc.
Quebec Precious Metals Corp.
Red Pine Exploration Inc.
Renforth Resources Inc.
Reyna Silver Corp.
RNC Minerals Corp.
Rockcliff Metals Corp.
Sailfish Royalty Corp.
Seabridge Gold Inc.
Sigma Lithium Corp.
Silver Tiger Metals Inc.
Silver Viper Minerals Corp.
Silver X Mining Corp.
Sierra Nevada Gold Inc.
Sixth Wave Innovations Inc.
SKRR Exploration Inc.
Skyharbour Resources Ltd.
SolGold Plc.
Southern Gold Ltd.
Southern Silver Exploration Corp.
South Atlantic Gold Inc.
South Star Battery Metals Corp.
Spark Energy Minerals Inc.
Standard Lithium Ltd.
Standard Uranium Ltd.
Star Diamond Corp.
Stratabound Minerals Corp.
Strathmore Plus Uranium Corp.
Strategic Metals Ltd.
Sterling Metals Corp.
Sun Summit Minerals Inc.
Talisker Resources Ltd.
Tanzanian Gold Corp.
Tarachi Gold Corp..
Tectonic Metals Inc.
Tempus Resources Ltd.
Thunderstruck Resources Ltd.
Titan Minerals Ltd.
Tonogold Resources Inc.
Torq Resources Inc.
Traction Uranium Corp.
Trillium Gold Mines Inc.
Troilus Gold Corp.
UEX Corp.
Ultra Lithium
Ur-Energy Inc.
US Gold Corp.
ValOre Metals Corp.
Vanadium One Iron Corp.
Visionary Gold Corp.
Vista Gold Corp.
Vox Royalty Corp.
Wallbridge Mining Company Ltd.
Wealth Minerals Ltd.
Western Atlas Resources Inc.
Western Metallica Resources Corp.
Westhaven Gold Corp.
West Mining Corp.
Whitehorse Gold Corp.
Winsome Resources Ltd.
World Copper Ltd.


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