Elevra May Signal Start of New Lithium Upcycle
Is Elevra the first in this cycle? The last upcycle was marked by a hot period of three or four months where producers realised that the worst was over and they now needed to invest in supply. In a short period at the start of 2021 (after Li prices had bottomed in 2020), ALB, Livent, SQM and Ganfeng all announced major equity raisings to fix their balance sheets and reorientate towards growth. Is this the beginning of that cycle again?
CATL's Woes Don't Reflect Jiangxi Lepidolite Standards
Dangerous to assume that, just because the CATL mine has bad environmental management, all lepidolite mines in Jiangxi do. CATL is very much the johnny-come-lately in Jiangxi. It moved late to secure resources and only managed to get low grade...
Lithium Poised for Breakout Amid Seasonal Demand Surge
Lithium has been trading in a range for most of this year. Is this finally a breakout on the GFEX? It's a seasonally strong time of the year for lithium demand so it could very well be the next leg...
Avenir's Rare Phosphate Grab Signals New LFP Push
This is an interesting move by Avenir/AEM. Is this a move to lock up a potential source for the LFP supply chain or of phosphate rock for the fertiliser and chemical industry? These high purity igneous phosphate projects are quite...
Anson's Green River Upgrade Unlocks >1Mt LCE Upside
Great to see this substantial resource upgrade out for Anson's Green River project. Management indicates that there's considerable further upside potential to above 1Mt LCE. https://t.co/U2HJQQsSPG https://t.co/ZbUwzZ5dmf
Quebec Poised as Spodumene Hub with Cheap Power
Excellent map showing Quebec's potential as a spodumene province. Lower power costs and all that's needed is a bit more investment in transport infrastructure.
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Aluminum Replaces Copper, BESS Powers Fast EV Charging
I visited Solar & Storage Live in London today. Two major takeaways: (1) We are starting to see substantial substitution from Cu->Al in med voltage cables; (2) There are some really interesting solutions coming to market. One that caught my...
ELVR Posts 206% Cash Margin Surge, Outpacing PLS
Interesting takeaway from the SpodCon producers that have reported so far - $ELVR , $PLS , $IGO - although PLS has the highest cash margin, ELV has seen the biggest increase in cash margin q/q: 206% vs 88% for PLS...
PLS Beats IGO with Strong Margins Despite Sales Dip
$PLS results in contrast to IGO were strong with good recoveries and prodn although sales were down q/q, I assume on timing. FOB costs showed good progression although CFR costs were up, I assume on higher royalties related to price....
IGO Q1 Results Flat Despite Higher Lithium Prices
$IGO Mar qtr results unenthusing - stable Greenbushes prodn on maintenance, low recovery but this raised costs although ops benefited from higher lithium prices. Kwinana prodn and costs improved though not into profitable territory and it announced a major outage...
ELV Cash Margin Triples as Prices Surge, Costs Stay Steady
$ELV reported good CQ1/26 with output up on higher recoveries. Inventories down on higher sales but what stands out for me is the cash margin which rises from US$186/t for the last quarter to US$569/t for this quarter as costs...
LYC Posts 115% Revenue Surge on Strong Ex‑China Demand
$LYC pretty reasonable quarter with A$ revenues up 115% y/y on continued high pricing and first production of Dy/TB and Sm. Op margin looks good. The company cites continued strong ex-China demand for its products. During the qtr it extended...
USA Rare Earths' Overvalued Deal Boosts
More thoughts on the USA RE/Serra Verde deal. USA Rare Earths is using its massively overvalued paper to buy Brazil's only operating REE mine which should supply 50% of the HREE produced outside China by 2027. But this also puts a...
North America Gains Urea Cost Edge Amid Global Gas Divergence
This chart underpins my positioning in North American nitrogen fertiliser producers. Urea supply has tightened following a sharp drop in exports from the Gulf. As urea production is highly sensitive to NatGas costs, the divergence in regional gas prices is...