“Lithium market situations — significantly throughout the latter a part of 2024 – led to rising producer restraint, each in China and elsewhere,” wrote Fastmarkets’ head of battery uncooked materials analytics Paul Lusty. “Australian manufacturing cuts began in January 2024 however constructed momentum throughout the yr, with a number of miners saying manufacturing cuts, plans to put crops on care and upkeep and the suspension of deliberate expansions owing to market situations.”
The worldwide commodities agency is forecasting a shift in market dynamics, with analysts projecting a a lot tighter steadiness forward. Preliminary estimates peg 2025’s surplus at 10,000 metric tons earlier than the market strikes right into a deficit place in 2026.
How are Canadian lithium shares performing in opposition to this backdrop?
The Investing Information Community has created an summary of the top-performing Canadian lithium shares. Whereas corporations on the TSX, TSXV and CSE had been thought of, solely shares on the TSXV made the listing this time.
This listing was created on March 25, 2025, utilizing TradingView’s inventory screener, and all knowledge was present at the moment. Solely corporations with market caps above C$10 million for the TSX and TSXV and above C$5 million for the CSE are included.
Year-to-date achieve: 163.04 %
Market cap: C$196.57 million
Share value: C$1.21
Exploration firm Energy Metals holds a portfolio of diversified property in Ontario and Québec, Canada. The corporate’s flagship Case Lake mission in Ontario hosts spodumene-bearing lithium-cesium-tantalum pegmatites.
In November 2024, Energy Metals recognized a brand new pegmatite zone at Case Lake by way of soil sampling. The samples from the zone, positioned north-northwest of its West Joe prospect, revealed elevated ranges of cesium, tantalum, lithium and rubidium, which the corporate mentioned “affirmed potential drill targets” for its winter program.
On February 10, Energy Metals introduced the start of labor related to the maiden mineral useful resource estimate and preliminary financial evaluation for Case Lake, which it plans to launch in Q1 and Q2 of 2025 respectively. Days afterward February 14, the corporate adopted that announcement by releasing the ultimate assays from its Part 3 drilling at Case Lake, together with “distinctive cesium oxide and tantalum intercepts” from the West Joe prospect.
The corporate’s share value rose within the weeks following the pair of bulletins to achieve a Q1 excessive of C$1.46 on February 25.
2. NOA Lithium Brines (TSXV:NOAL)
Yr-to-date achieve: 41.18 %
Market cap: C$46.99 million
Share value: C$0.36
NOA is a lithium exploration and growth firm with three initiatives in Argentina’s Lithium Triangle area. The corporate’s flagship Rio Grande mission and potential Arizaro and Salinas Grandes land packages complete greater than 140,000 hectares.
In late January, NOA reported its completion of 28 vertical electrical sounding geophysics checks on the Rio Grande mission as a part of its 2025 exploration program.
The current testing expands on previous research and can help NOA’s water exploration program, refining considered one of three recognized potential water sources.
In a subsequent company replace on February 7, NOA outlined its plans for Q1 2025, which largely centered on the development of the Rio Grande mission by way of geophysical analysis and water exploration drilling. The corporate additionally plans to evaluate engineering proposals for preliminary financial evaluation work.
The corporate’s share value started climbing in early February and reached a Q1 excessive of C$0.37 on March 13.
The excessive got here days after a Merely Wall Avenue report highlighted insider shopping for on the firm, a sign of sturdy inside confidence. In response to the report, NOA insiders invested C$862,600 over the prior six months, with C$358,000 of that coming in a single transaction by CEO and Director Gabriel Rubacha. Moreover, that they had not bought any shares within the prior 12 months.
Yr-to-date achieve: 35.56 %
Market cap: C$141.38 million
Share value: C$0.61
Pre-production mining firm Frontier Lithium goals to be a strategic and built-in provider of premium spodumene concentrates in addition to battery-grade lithium salts in North America.
The Firm’s flagship PAK lithium mission, which is a three way partnership with Mitsubishi (TSE:8058), holds the “largest land place and useful resource” in a premium lithium mineral district positioned within the Nice Lakes area of Ontario, Canada. Frontier additionally owns the Spark deposit, positioned northwest of the PAK mission.
Shares of Frontier Lithium reached a Q1 excessive of C$0.79 on March 4. After already trending upwards by way of February, its share value peaked alongside information that the Authorities of Canada and the Ontario Authorities supported the corporate’s plans to construct a important minerals refinery in Northern Ontario.
As soon as full the proposed lithium conversion facility will course of lithium from PAK into round 20,000 metric tons of lithium salts per yr. “This anticipated capability would help the manufacturing of batteries for about 500,000 electrical autos per yr,” Frontier’s assertion reads.
Yr-to-date achieve: 30.77 %
Market cap: C$144.59 million
Share value: C$1.02
Exploration agency Q2 Metals is exploring three lithium properties — Cisco, Mia and Stellar — within the Eeyou Istchee James Bay area of Québec, Canada. Its Mia mission hosts the Mia pattern, which spans over 10 kilometers, and its Stellar lithium property includes 77 claims 6 kilometers north of the Mia property.
In 2024, Q2 Metals acquired the Cisco lithium property and spent a lot of the yr exploring the world. In December, Q2 acquired a 100% curiosity in 545 extra mineral claims, tripling its land place on the Cisco lithium property. A February 12 replace reported that metallurgical testing on 2024 drill core confirmed that the first lithium-bearing mineral in Cisco pegmatite is spodumene.
On February 26, Q2 introduced that traders exercised 12.8 million share buy warrants at C$0.60 every, producing C$7.68 million in proceeds for the corporate. The warrants had been issued by way of a personal placement in February 2023.
Shares of Q2 jumped to a Q1 excessive value of C$1.08 on March 18. The next day, later the corporate launched some early outcomes from its ongoing winter drill program, which is focusing on 6,000 to eight,000 meters of drilling utilizing two diamond drill rigs. The primary 4 holes intersected “a number of vast intercepts of spodumene pegmatite, increasing beforehand recognized mineralization.” The longest steady interval of spodumene mineralization is 179.6 meters.
Yr-to-date achieve: 20 %
Market cap: C$18.47 million
Share value: C$0.06
Lithium exploration firm Wealth Minerals owns three exploration-stage initiatives — Kuska, Pabellón and Yapuckuta— all positioned in Chile.
On February 3, Wealth Minerals launched its first information of the yr, saying it penned a three way partnership growth cope with the Quechua Indigenous Group of Ollagüe for the event of the Kuska mission.
Below the deal the Quechua group will maintain a 5 % free-carried curiosity and a board seat within the JV, guaranteeing group participation. The partnership can also discover extra initiatives within the area.
On February 6, Wealth Minerals acquired the Pabellón lithium mission, consisting of a portfolio of 26 mineral exploration licenses with an space of seven,600 hectares positioned in Northern Chile close to the Chile-Bolivia border. The mission could function an extra supply of fabric to Kuska.
The floor of Pabellón hosts South America’s solely geothermal energy plant, Cerro Pabellón, which is majority owned by electrical energy firm ENEL (MIL:ENEL). Wealth Minerals said it’s contemplating putting in a direct lithium extraction unit subsequent to the plant.
The corporate’s share value spiked in mid-January, and touched a Q1 excessive of C$0.095 on January 31, February 7 and February 10.
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Securities Disclosure: I, Georgia Williams, maintain no direct funding curiosity in any firm talked about on this article.
