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Top 10 Lithium Stocks on ASX [2022]

With the rise of electric vehicles, demand for lithium skyrocketed. Here are the 10 biggest ASX lithium stocks to take advantage of soaring lithium prices.

Key highlights:

  • Demand for lithium has more than doubled from 2016, and it's supposed to triple till 2025
  • The biggest growth drivers should be an increase in electric vehicles and e-bikes
  • Surging more than +124% in 2022 alone, lithium prices might make miners be even more profitable

As traditional combustion engine cars are replaced by electric vehicles, the demand for lithium explodes worldwide. In 2022 alone, lithium prices soared over +124%, and with Australia holding the lion’s share of the metal’s production, these ASX lithium stocks might be worth considering if you’re looking to invest in the rise of the electric vehicle using lithium-ion batteries. Dive into the Australian stocks below listed by market cap.

Top lithium stocks on ASX

Ticker

Company Name

Stock Price

YTD

Market Capitalisation

RIO

Rio Tinto Limited

$94.64

8.23%

$35.13b

PLS

Pilbara Minerals Limited

$4.98

45.90%

$14.86b

MIN

Mineral Resources Limited

$70.20

26.48

$13.32b

AKE

Allkem Limited

$15.02

37.92%

$9.58b

LTR

Liontown Resources Limited

$1.79

5.00%

$3.92b

AVZ

AVZ Minerals Limited

$0.78

-1.27%

$2.75b

CXO

Core Lithium Ltd

$1.26

112.50%

$2.32b

SYA

Sayona Mining Limited

$0.223

69.23%

$1.85b

DEG

De Grey Mining Limited

$0.985

-14.64%

$1.52b

LKE

Lake Resources NL

$1.05

5.31%

$1.45b

Data as of 18/10/2022

It's not too late to invest in lithium, start trading today.

Here are the most traded lithium stocks on the Australian Securities Exchange

1. Rio Tinto Limited (RIO)

Market Capitalisation: $35.13b

Stock price (as of 18/10/2022): $94.64 

Stake Platform Bought / Sold (1 Jan 2022 - 7 Oct 2022): 72% / 28%

The second-biggest mining company in the world, Rio Tinto has lithium mining facilities both in California and Serbia, which should soon be able to produce over 63,000 tons of lithium every year. Despite lithium not being one of the company’s core products, the RIO stock might be a good call for those who want to get some exposure to the metal, while also gaining exposure to other minerals.

2. Pilbara Minerals Limited (PLS)

Market Capitalisation: $14.86b

Stock price (as of 18/10/2022): $4.98 

Stake Platform Bought / Sold (1 Jan 2022 - 7 Oct 2022): 62% / 38%

Australia’s biggest lithium miner, Pilbara Minerals owns the Pilgangoora Project in Western Australia, which has an estimated mine life of 26 years and a maximum production capacity of 580,000 tonnes per annum. Being a globally significant lithium producer, the rise of this commodity has sent the PLS share price upwards, soaring +45.9% YTD.

3. Mineral Resources Limited (MIN)

Market Capitalisation: $13.32b

Stock price (as of 18/10/2022): $70.20

Stake Platform Bought / Sold (1 Jan 2022 - 7 Oct 2022): 58% / 42%

With two hard rock lithium mines located in Western Australia, Mineral Resources (MIN) is one of the world’s largest holders of hard rock lithium reserves. By the end of 2022, their two mines combined are expected to be able to produce over 1.5m tonnes for their lithium projects. Even though lithium makes up for a big share of the company’s revenue, Mineral Resources also produces iron ore, natural gas and has a corporate shared mining service, allowing it to have some B2B customers.

4. Allkem Limited (AKE)

Market Capitalisation: $9.58b

Stock price (as of 18/10/2022): $15.02

Stake Platform Bought / Sold (1 Jan 2022 - 7 Oct 2022): 59% / 41%

The biggest lithium pure-play company in the ASX, Allkem delivers end-to-end solutions for all lithium needs. The company has a hard-rock lithium operation in Canada and Australia, a lithium brine project in Argentina and a lithium hydroxide conversion facility in Japan, holding more than 10% of the world’s lithium production. With record revenues and net profits quadrupling in the second quarter of 2022, the AKE share price climbed over +37% YTD.

5. Liontown Resources Limited (LTR)

Market Capitalisation: $3.92b

Stock price (as of 18/10/2022): $1.79

Stake Platform Bought / Sold (1 Jan 2022 - 7 Oct 2022): 66% / 34%

Still preoperational, Liontown Resources holds two lithium reserves in Western Australia, in the Kathleen Valley and Buldania. By 2024, the company expects to be able to produce over 500,000 tons of lithium per year, just in time for what Liontown forecasts will be when the lithium deficit worldwide will be hitting new highs. Since it’s still preoperational and thus considered somewhat risky by investors, the LTR stock price is up only a meager +5.00% in 2022, despite the lithium market rallying during the year.

6. AVZ Minerals Limited (AVZ)

Market Capitalisation: $2.75b

Stock price (as of 18/10/2022): $0.78

Stake Platform Bought / Sold (1 Jan 2022 - 7 Oct 2022): 62% / 38%

Another preoperational miner, AVZ Minerals currently holds 75% of the Manono lithium project, located in the Democratic Republic of Congo (DRC). Covering over 188km² of the DRC, it is estimated that the Manono project should be able to produce over 400 million tons of lithium during its lifetime, making it one of the biggest lithium reserves in the world. As the operation is not live yet, the AVZ Minerals stock price didn’t rally along with other lithium shares, dropping -1.27% in 2022.

7. Core Lithium Ltd (CXO)

Market Capitalisation: $2.32b

Stock price (as of 18/10/2022): $1.26

Stake Platform Bought / Sold (1 Jan 2022 - 7 Oct 2022): 65% / 35%

This year’s biggest gainer in the lithium industry, Core Lithium strives to become one of Australia’s leading lithium producers through its Finniss project in the Northern Territory. The project is expected to go live before 2023 and should be able to produce over 15 million tonnes of lithium. Don’t be fooled by the company’s name though: Core Lithium is not just a lithium company but also has stakes in other rare earths such as uranium, with one mine in South Australia and another one in the Northern Territory. The CXO share price is up over 100% YTD.

Find out more about uranium: Top Uranium Stocks on ASX [2022]

8. Sayona Mining Limited (SYA)

Market Capitalisation: $1.85b

Stock price (as of 18/10/2022): $0.223

Stake Platform Bought / Sold (1 Jan 2022 - 7 Oct 2022): 65% / 35%

With mining facilities in Quebec and in Western Australia, Sayona Mining aims to become one of the leading players in the North American lithium market, as it now holds the region’s biggest lithium reserves. In Australia, its mining sites go beyond mining just lithium deposits, focusing also on gold production. Its yearly lithium production is over 160,000 tons, which helped Sayona’s stock price climb over +69% as lithium prices soared in 2022.

9. De Grey Mining Limited (DEG)

Market Capitalisation: $1.52b

Stock price (as of 18/10/2022): $0.985

Stake Platform Bought / Sold (1 Jan 2022 - 7 Oct 2022): 63% / 37% Another lithium and gold mining company, De Grey is also another preoperational mining company, holding reserves in West Australia. Once live, their mines should be able to produce over 15 tons of gold yearly. Despite being focused on gold production, the company has also confirmed through some drilling tests that its reserves also hold substantial quantities of high-grade lithium. Being more exposed to gold prices than lithium prices, De Grey Mining shares fell -14.64% YTD as gold dropped due to rising interest rates worldwide.

10. Lake Resources NL (LKE)

Market Capitalisation: $1.45b

Stock price (as of 18/10/2022): $1.05

Stake Platform Bought / Sold (1 Jan 2022 - 7 Oct 2022): 61% / 39%

Lake Resources is also another preoperational lithium mining company. Its mining facilities are located in the lithium triangle in South America, where 40% of the global lithium production is made and production tends to be cheaper than anywhere else in the world. All of their assets are located within Argentinian boundaries and are estimated to contain over 4.4Mt of high quality lithium. The company also strives to be one of the cleanest mining companies in the planet, trying to work according to ESG standards. The LKE share price is up +5.13% in 2022.

Lithium stocks FAQs

Who is the biggest lithium producer in Australia

Pilbara Minerals (PLS) is by far the biggest lithium mining company in Australia. Owning the world’s largest hard-rock lithium operations, Pilbara produces over 377,000 metric tons of lithium every year.

Is lithium a good long term investment?

As demand for batteries continues to rise worldwide, lithium prices are expected to follow along. However, investors should keep in mind that like any other metal, new reserves can be discovered and explored, potentially making the commodity’s price collapse.

What are some good lithium ETFs to invest in?

Despite being a growing market with plenty of lithium stock to choose from, there aren’t many lithium ETFs available yet. If looking for a fund, investors can only opt for the Global X Battery Tech & Lithium ETF (ACDC). Find out more about other Australian ETFs.

This does not constitute financial product advice nor a recommendation to invest in the securities listed. Past performance is not a reliable indicator of future performance. As always, do your own research and consider seeking appropriate financial or taxation advice before investing.