Top 3 ASX emerging lithium companies for FY24

TEAM VEYE | 14 Sept 2023 



Patriot Battery Metals Inc. is a Canadian mineral exploration company focused on acquiring and developing mineral properties that contain battery metals, base metals, and precious metals. The company holds a diverse portfolio of properties, including the Corvette Property, Pontax Property, Lac Du Beryl Property, Eastmain Property, Hidden Lake Property, and Freeman Creek Property. The Corvette Property is the largest in the portfolio, consisting of over 417 CDC mineral claims covering an extensive area of approximately 21,357 hectares. It is located in Canada and holds potential for various types of metals. The Pontax Lithium-Gold Property, situated near Eastmain, Quebec, encompasses more than 80 claims totaling 4,257.2 hectares. This property specifically targets lithium and gold resources. The Lac du Beryl Property comprises the original 18 claim blocks. The Eastmain Property consists of two claims blocks, with a total of 13 claims covering an area of 686.5 hectares. The Hidden Lake Property is located in the Northwest Territories, approximately 45 kilometers east of Yellowknife. It encompasses five contiguous claims spanning over 1,660 hectares. Proximal to Highway 4, this property holds potential for various metals.

Stock Performance Profile:

(Source: Trading View) One -year Performance of PMT compared with the Australian -All Ordinaries Index (XAO) and Basic Materials Index (XMJ)

From the Company Reports:

On July 5, 2023, Patriot Battery Metals Inc. (the “Company” or “Patriot”) (TSX-V: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) reported a successful heavy liquid separation (HLS) test work on CV13 Pegmatite core samples, which are located 3.8 km west of the CV5 Pegmatite cluster, where massive spodumene concentrate bodies have been recognized. The test work outcome has produced very positive results, with lithium recoveries ranging from 67% to 77% at an interpolated spodumene concentrate grade of 6.00% Li2O, reflecting a potential for Joint Processing with CV5. HLS testing incurred relatively lower CAPEX and OPEX and was a path to rapidly assess the applicability of larger-scale Dense Media Separation (“DMS”).

On June 30, 2023, Patriot Battery Metals Inc. in its annual information form, provided an update on its one material subsidiary Metals Nevada Corp. (100% equity interest) incorporated on March 2, 2021, under the laws of Nevada for NI 51-102.

As of June 28, 2023, Company updated that 102,706,123 common shares were issued. Focused on the CV5 Pegmatite and its development, the Company continued drilling in the winter of 2023 and had completed 89 drill holes totaling 32,366.7m, through April 17, 2023. The drilling also outlined a high-grade lithium zone called the ‘Nova Zone’ which has been traced over a strike length of ~1,100 m.

On June 25, 2023, Patriot provided an update on the Company’s operations with wildfires impact on the work programs at the Corvette Property, Quebec, Canada. The company is equipped with a winter snow road permitted for conversion to an all-weather exploration road. The upgrading of this road will enable the drill program to be conducted through October, November, and December when fog negatively impacts transportation by helicopters.

On 15 June 2023, Company provided an update on its work programs. The fire ban on its operations was lifted with effect from 14 June 2023. It was noted that the fires were at a distance exceeding 80 kilometers from the Company’s properties. It caused no impact on the properties.

The company has again started mobilizing field exploration activities. It is expected to complete this and resume the site activities by the end of the month.

Cash and cash equivalents of $56,724,000 were reported on March 31, 2023, compared to $11,698,000 for the corresponding period of the previous year. The reserves were reported at $14,922,000 as of March 31, 2023, while the previous years were $3,460,000. Basic and diluted EPS reported a (0.11) Loss per common share on March 31, 2023, while the same reported a (0.10) Loss per common share on March 31, 2022. Cash used in operating activities was reported (7,207,000) and Exploration and evaluation property expenditures were $27,084,000. $73,821,000 was financed through proceeds from the issuance of common shares recorded on March 31, 2023.

Industry Analysis:

Australia is a significant contributor of materials and metals to the country’s economy since it is rich in mineral resources and other base metals. Major players in the industry driving the mining activities are BHP, Rio Tinto, and Fortescue operating large-scale operations. Patriot benefits from its projects being in Canada and USA, which have thriving basic materials and metals industries. Mining and extraction activities are prominent in Canada with major companies such as Barrick Gold, Teck Resources, and Suncor Energy. The CV Lithium Trend is an upcoming spodumene district. Spodumene pegmatites are the main pathway to lithium. Major exploration companies are seeking to achieve lithium mineralisation. While discovering the high grades at depth could also be feasible, such locations could result in underground operations. Companies like Patriot, remain in pursuit of accessing high-grade lithium mineralisation at shallow depths, which may necessitate only open pit operations, leading to reduced expenses and better economics.

Risk Analysis:

Capital requirements

Mineral Resource estimation risk

Exploration, development and operating risks and related escalation of costs Permits and licenses

Environmental and safety regulation, occupational Health and Safety

Access to sufficient equipment and risk associated with their maintenance Shortage of key personnel

Technological advancements

Litigation, tax, and unforeseen expenses


The Company’s wholly-owned Corvette Property located in the Eeyou Istchee James Bay region of Quebec, was impacted by wildfires resulting in the suspension of all site-based work activities. All personnel have been demobilized until the situation improves. Helicopters were assigned to the project by the government for the fire-fighting activities in the province even though wildfires are having minimal direct impact. Patriot Battery Metals had begun the 2023 summer-fall drill and surface exploration programs in late May at its fully-owned Corvette Property. It is on track to release the initial mineral resource estimate at CV5 in July 2023. The estimate will include all drill holes completed through April 17, 2023. The multi-rig drill program is focusing on further description of the CV5 and CV13 pegmatites, as well as drill testing of other earlier identified spodumene pegmatite clusters like CV4, CV8-12, CV9, and CV10. The surface program includes mapping of the known spodumene pegmatite clusters and local trends as well as prospecting and rock sampling across a large portion of the remaining 20+ km of prospective lithium pegmatite trend.

Technical Analysis:

The positive price action and signals on both the monthly and weekly charts indicate a potential bullish trend. Here is a breakdown of the observations:

Monthly Chart:

  • The stock has maintained its long-term trend, suggesting that the upward movement has been consistent over an extended period.
  • The stock has rejected the downside, indicating that it has consistently avoided significant declines.
  • The current month’s price has engulfed the previous month’s close, which can be interpreted as a bullish signal, potentially indicating a reversal or continuation of the uptrend.

Weekly Chart:

  • The stock has formed a “double bottom” pattern at $1.7, which is considered a bullish reversal pattern.
  • The current week’s price has engulfed the main body of the previous week’s candle, indicating strong buying pressure.
  • The stock is trading above the middle Bollinger Band, which suggests that it is currently in an uptrend and potentially gaining momentum.
  • The indicator’s positioning upside further supports the bullish trend, indicating that the technical indicators are aligning with the upward movement of the stock.

These observations collectively suggest that there are positive indications of a bullish trend in both the monthly and weekly charts of the stock.

Veye’s Take:

Patriot is focused on advancing its district-scale 100% owned Corvette Property in Quebec, Canada. In late May, Patriot Battery Metals started the 2023 summer-fall drill and surface exploration programs, at its 100% owned Corvette Property. This exploration program comprises a drill as well as a surface exploration program. Patriot has drilled 127.7 m at 1.78% Li2O and 95.3 m at 1.62% Li2O at its CV5 Pegmatite, which is on Corvette Property. While its core sample assay results for 12 drill holes, which were completed during the 2023 winter drill program, are yet to be reported, the additional high-grade intersection at the Nova Zone validates the interpreted 1.1 km strike length. The final assay results for the recently completed winter drill hole program are gradually coming, with 12 holes now remaining to be reported. The results, so far have been impressive as the company positions for the release of its initial mineral resource estimate at CV5. Veye recommends a “Buy” on “Patriot Battery Metals Inc.” at the closing price of $1.405 (As of 14 Sep 2023).

*All Data has been sourced from Company announcements and Refinitiv, Thomson Reuters.



Pilbara Minerals Limited is an Australian lithium company that specializes in mineral exploration, development, and mining. The company’s primary asset is the Pilgangoora hard-rock lithium operation, located in the Pilbara region of Western Australia. This flagship operation is fully owned by Pilbara Minerals and is situated around 120 kilometers from Port Hedland. The Pilgangoora operation consists of two processing plants: the Pilgan Plant, which produces spodumene and tantalite concentrates, and the Ngungaju Plant, which focuses on spodumene concentrate production. In addition to the Pilgangoora Project, Pilbara Minerals holds a 70% stake in the Mt Francisco project. This project is positioned 50 kilometers southwest of the Pilgangoora Project and is known for its significant outcropping pegmatites, located in close proximity to Port Hedland. Furthermore, Pilbara Minerals is actively pursuing a proposed joint venture for a downstream project in South Korea. The aim of this venture is to establish a lithium chemical conversion facility with a capacity of approximately 43,000 tons per annum of lithium carbonate equivalent (LCE). The facility will be dedicated to converting lithium concentrates into higher-value lithium chemical products.

Stock Performance Profile:

(Source: Trading View) One-Year Performance of PLS compared with ASX-300 Index (XKO) and Basic Materials Index (XMJ)

From the Company Reports:

Pilbara Minerals Limited (ASX: PLS) and environmental technology company Calix Limited (ASX: CXL) have made significant progress in the development of their joint venture’s mid-stream demonstration plant. The detailed front-end engineering and design (FEED) work is nearing completion, with a final investment decision (FID) expected by the end of July. The project, supported by a $20 million grant from the Australian Government, has the potential for future commercial-scale operations and licensing of the technology to the global spodumene processing industry.

Quarter Highlights:

During the quarter ending on March 31, 2023, Pilbara Minerals achieved several notable milestones.

(Source: Company Reports) Quarterly spodumene concentrate production and shipments (dmt)

The total material mined across the Pilgangoora Project increased to 7,798,250 wet metric tonnes, including 6,572,687 wet metric tonnes of waste material. Ore mining also saw a positive trend, with 1,225,563 wet metric tonnes mined at an average grade of 1.39% Li2O. However, there was a slight decrease in the total production of spodumene concentrate, which amounted to 148,131 dry metric tonnes, down 9% from the previous quarter. Shipments of spodumene concentrate also experienced a decline of 3%, reaching 144,312 dry metric tonnes. Despite the decrease in production and shipments, Pilbara Minerals achieved strong sales performance, resulting in a significant increase in the cash balance. The cash balance grew by $457 million to reach $2.683 billion, reflecting a substantial 21% increase compared to the previous quarter. Moreover, the company announced its inaugural fully franked interim dividend payment of 11 cents per share. These results highlight Pilbara Minerals’ positive performance and financial strength during the quarter.

During the quarter, Pilbara Minerals secured multiple debt facilities to support its projects. They executed a KRW600 billion (US$460 million) loan agreement with POSCO Pilbara Lithium Solution Co Ltd for the construction of a Lithium Hydroxide Monohydrate Chemical Facility in South Korea. They also obtained a $250 million debt facility from the Australian Government and a $113 million secured debt facility with BNP Paribas, Societe Generale, HSBC Bank Australia Limited, and National Australia Bank. These debt facilities provide financial support for Pilbara Minerals’ ongoing projects and expansion initiatives.

Fully-Year (FY22) results with commentary:

(Data Source: Refinitiv, Thomson Reuters) (Graphic: Veye Research)

Pilbara Minerals has witnessed a remarkable surge in sales revenue, soaring to $2.18 billion in FY22, a substantial 647% growth compared to the previous financial year’s first half (1H FY22). This robust increase in sales revenue has paved the way for a remarkable rise in gross margin, reaching $1.85 billion, a significant improvement from $174.3 million in 1H FY22, reflecting a surge of 959%. Moreover, the company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) have soared to $1.81 billion, excluding depreciation and amortization costs of $47.7 million, a tax expense of $533.0 million, and net financing income of $11.0 million. This represents a substantial increase of 1091% from 1H FY22 when the EBITDA was $152.1 million. Pilbara Minerals has also achieved a significant rise in its statutory net profit after tax, reaching $1.24 billion, compared to a statutory profit of $114.0 million in 1H FY22, showcasing an impressive increase of 989% from the previous year. The company has also witnessed significant growth in earnings per share (EPS), which rose from 3.87 cents per share to 41.59 cents per share, representing a substantial growth of 975%.

In terms of the company’s financial position, Pilbara Minerals has experienced a significant improvement in its cash balance, which currently stands at $2.23 billion, marking a $1.63 billion increase compared to the cash balance of $591.7 million as of June 30, 2022. Additionally, the net cash position as of December 31, 2022, was $2.08 billion after considering secured debt of $147.8 million, reflecting a substantial improvement since June 2022 with a notable increase of $1.63 billion.

Furthermore, the company has witnessed improvements in key profitability ratios. The return on equity (ROE) has increased from 60.2% as of June 30, 2022, to 99.2%, indicating enhanced profitability generated from shareholders’ equity. The return on assets (ROA) has also shown improvement, rising to 67.5% from 38.3% in the previous corresponding period (pcp). Moreover, the return on invested capital (ROIC) stands at 86.2%, showcasing the efficiency of capital utilization by the company. Additionally, Pilbara Minerals has experienced an increase in free cash flow (FCF) yield, reaching 18.3% compared to 7.2% in the pcp, demonstrating the company’s ability to generate cash flow from its operations. These improved profitability metrics, including significant growth in EPS, net profit after tax (NPAT), and various return ratios, highlight the strong growth and enhanced financial performance of Pilbara Minerals in FY22.

Peers Analysis:

(Source: Refinitiv, Thomson Reuters)

Pilbara Minerals (PLS) stands out in terms of valuation compared to its industry peers, with a lower price-to-earnings (PE) multiple, except for S32. This suggests that PLS may offer good value. Furthermore, PLS demonstrates a relatively low debt-to-equity (D/E) ratio, indicating stronger financial stability and lower risk compared to its peers. Additionally, PLS boasts a significantly higher return on equity (ROE) than its industry counterparts, indicating superior profitability and efficient capital utilization. Considering these factors, PLS appears to present favorable valuation, financial stability, and profitability when compared to its peers.

Industry Analysis:

The future of the Australian lithium sector looks promising due to the projected surge in global demand driven by the goals of the Paris Agreement and the growing adoption of electric vehicles (EVs) and energy storage systems. The International Energy Agency predicts a more than 40-fold increase in lithium demand by 2040, with China leading the way as the largest EV market and an estimated lithium consumption of 180,000 metric tons by 2030. However, other regions like Asia, Europe, North America, and India are also expected to witness significant growth in lithium demand as battery supply chains develop.

Australia currently holds the position of the largest producer of hard-rock lithium, with the Greenbushes mine contributing 40% of the global supply. The Australian lithium industry is poised for further expansion, including the production of lithium chemicals. Western Australia and the Northern Territory are witnessing the growth of hard-rock lithium operations, which will contribute to increased lithium output. In 2023, Australia’s projected global lithium carbonate production is expected to reach 915,000 tonnes, representing a 3% increase from the previous year.

Australia also has the potential to add value to its lithium resources before export. By 2024, Australia is projected to account for 10% of global lithium hydroxide monohydrate (LHM) production. This presents a strategic opportunity for Australia to process and refine lithium within the country before exporting it. Currently, China dominates the processing of LHM, much of which comes from Australian lithium spodumene mines.

The Australian lithium sector is experiencing a notable investment boom, with the top five ASX-listed lithium firms collectively having a market capitalization exceeding $50 billion. This reflects the growing interest and potential in the Australian lithium industry.

Overall, with the increasing global demand, Australia’s position as a major producer, and the opportunity for value-addition within the country, the future of the Australian lithium sector appears promising.

Risk Analysis:

Pilbara Minerals faces several risks that can impact its operations and financial performance, including:

Commodity Price Volatility: Fluctuations in lithium prices and other commodities can significantly affect revenue and profitability.

Foreign Exchange Risk: Changes in exchange rates can impact financial results due to global market operations.

Production and Operating Costs: Factors like labor costs, energy prices, and equipment availability can affect the company’s cost structure and profitability. Climate Change and Regulatory Changes: New regulations related to climate change and sustainability can increase compliance costs and impact operations.

Ore Reserve Depletion: Changes in ore reserves can impact production capacity and future growth prospects.

Geopolitical Uncertainty: Political instability and government policy changes can disrupt operations.

Dependency on the Chinese Market: Shifts in Chinese government policies or domestic demand can significantly impact sales volumes and pricing.

Licenses, Permits, and Approvals: Delays or difficulties in obtaining necessary permits can disrupt operations and delay project development.

These risks are inherent in the industry and require appropriate risk management strategies to mitigate potential impacts.


(Source: Company Reports)

Pilbara Minerals is progressing according to plan for its P680 Project, with the Primary Rejection facility targeted for commissioning in the September Quarter 2023 and full capacity expected by the December Quarter 2023. The company’s Crushing and Ore Sorting facility is set to commence commissioning in the December Quarter 2023, followed by ramp-up in the March Quarter 2024. The approval of capital investment for the P1000 Expansion Project demonstrates Pilbara Minerals’ commitment to increasing spodumene concentrate production capacity. This self-managed project aims to add approximately 320,000 tpa, ultimately achieving an annual production run rate of 1,000,000 dmt by September 2025. The funding for the project will be sourced from the company’s robust balance sheet and existing operations, aligning with Pilbara Minerals’ long-term growth strategy and leveraging previous investments in primary rejection and crushing/ore sorting capacity.

Progress is being made in the construction of the Lithium Hydroxide Monohydrate Chemical Facility in South Korea, a joint venture between Pilbara Minerals and POSCO. Pilbara Minerals holds an 18% interest in the project, which is on track for commissioning. The first train is expected to commence operations in late CY2023, followed by the second train in the March Quarter of 2024. These milestones indicate the company’s advancement toward achieving its operational targets.

Furthermore, Pilbara Minerals and Calix Limited have achieved significant progress in the development of their joint venture’s mid-stream demonstration plant. The detailed front-end engineering and design work is nearing completion, and a final investment decision is anticipated by the end of July. These developments highlight the company’s dedication to exploring new opportunities and driving innovation in the lithium sector.

Guidance FY23:

Due to recent cost increases, the FY2023 guidance for unit operating costs has been revised. The new guidance range is set at $600-$640 per dry metric ton (FOB Port Hedland, excluding royalties), compared to the previous guidance range of $580-$610 per dry metric ton (FOB Port Hedland, excluding royalties). This adjustment reflects the updated cost outlook for the fiscal year.

Key Catalyst: The main catalyst for Pilbara Minerals’ growth lies in the surging global demand for lithium, primarily driven by the electrification of transportation and the growing need for energy storage solutions. As countries strive to reduce carbon emissions and transition to sustainable energy sources, the demand for lithium-ion batteries is expected to skyrocket. Pilbara Minerals, being a prominent lithium producer, is well-positioned to capitalize on this demand and leverage its existing resources and expertise to meet the market needs. The company’s expansion projects, such as the P680 and P1000, will significantly enhance its production capacity, allowing it to capture a larger share of the growing market and generate substantial revenues. Furthermore, Pilbara Minerals’ strategic partnerships and joint ventures enable it to access new markets, enhance its technological capabilities, and strengthen its position in the lithium industry. By effectively executing its growth strategies and successfully navigating market dynamics, Pilbara Minerals has the potential to experience remarkable growth and deliver substantial value to its shareholders

Technical Analysis:

The stock of Pilbara Minerals is exhibiting a bullish trend both on the monthly and weekly charts.

The formation of “Higher Highs” on the monthly chart, along with the price consistently trading above the 14-day EMA, indicates upward momentum in the stock. The rejection of downside moves and the positioning of indicators further support the bullish sentiment.

On the weekly chart, although there has been some minor selling pressure, the stock has managed to maintain support at the 14-day EMA and is trading at higher levels. If the stock breaks through resistance levels at $5.04 and $5.43, it could trigger further upward movement.

The consistent position of the price pattern above the EMA in both the monthly and weekly time frames, along with support from various indicators, suggests that the bullish momentum is likely to continue.

Veye’s Take:

Pilbara Minerals presents a compelling investment proposition in the thriving lithium sector. The company’s strategic projects, such as the P680 and P1000 expansions, are progressing well and set to significantly increase spodumene concentrate production. This positions Pilbara Minerals to meet the growing demand for lithium products. Additionally, its joint venture with Calix in the mid-stream demonstration plant showcases promising progress and highlights the company’s commitment to capitalizing on the rising global demand for lithium. With a strong balance sheet, ongoing cash flow, and a focus on operational efficiency, Pilbara Minerals is well-positioned to navigate the dynamic lithium industry and deliver long-term value to investors. Veye recommends a “Buy” on “ Pilbara Minerals Limited “ at the closing price of $4.390 (As of 14 Sep 2023).

*All Data has been sourced from Company announcements and Refinitiv, Thomson Reuters.

3. Argosy Minerals Limited (ASX: AGY)


On 1 May 2023, Argosy Minerals Limited (ASX: AGY) provided an update on the Rincon Lithium Project in Salta Province, Argentina. The 2,000tpa operation is progressing towards continuous production works, with batch production trials during commissioning and ramp-up works currently producing around 13.5 tonnes of battery-quality lithium carbonate product. The average product quality achieved to date during the 2,000tpa operations is 99.79%. The completion of all the chemical process and technology validation and verification works has confirmed its capability to produce battery-quality lithium carbonate products at a commercial scale. The 2,000tpa commissioning works are nearing completion, and continuous production operations are anticipated from the end of Q2-CY2023.

As on 31 March 2023, the company maintained cash of $30.7 million.

Investment Rationale:

The company’s fully funded 2,000tpa operation and nil debt position provide financial flexibility to assess strategic investment and off-take proposals, positioning the company well for future expansion beyond the 12,000tpa stage capacity. Argosy is also actively pursuing strategic funding and off-take arrangements for its 10,000tpa expansion, aiming to finalize these arrangements in conjunction with regulatory approval for the EIA. Overall, Argosy appears to be well-positioned to capitalize on the growing demand for lithium-ion batteries and drive significant growth in the future.


Argosy Minerals Limited’s progress towards becoming the 2nd ASX-listed commercial scale Li2CO3 producer is significant as it demonstrates its ability to meet the increasing demand for lithium-ion batteries. The successful completion of commissioning and ramp-up works, as well as the production of high-quality lithium carbonate products, confirms the company’s capability to produce battery-grade lithium carbonate at commercial scale. This is particularly important given the growing demand for electric vehicles and other battery-powered technologies, which has contributed to a surge in lithium prices. As Argosy targets continuous production operations from the end of Q2-CY2023, the company is well-positioned to generate significant revenue from lithium carbonate product sales, which will support its growth and expansion plans.

Technical Analysis:

The stock has finally formed a solid base at $0.370 after remaining in a negative zone consecutively for the past two months. The “Higher Highs” on a weekly chart and the price pattern engulfing the previous month’s bearish candle and trading above the 14-day EMA (Exponential Moving Average) indicates an upside potential to continue in the medium to long term.

Investment Risk:

Before investing in AGY, it is important to be aware of potential risks associated with the company. These include market volatility, industry fluctuations, operational challenges, financial uncertainties, regulatory and environmental factors, and project

development risks. Assessing these risks thoroughly is recommended before making any investment decisions.

Veye’s Take:

Argosy Minerals is well-positioned to take advantage of the expected increase in lithium prices, which is anticipated to result from cathode producers re-stocking in the coming months. The company’s fully funded 2,000tpa operation and nil debt position provide financial flexibility to assess strategic investment and off-take proposals, positioning it well for potential future project expansion beyond the 12,000tpa capacity stage. The expected growth in EV sales, especially in the USA, Europe, and Asian markets, is a significant driver for future lithium demand. As a result, the company’s progress towards production operations can potentially position them as a significant player in the market, generating cash flows from lithium carbonate product sales and driving future growth. Based on projections, earnings for the company are expected to grow by 227.5% in the next twelve months, which is significantly higher than the expected industry earnings growth of 126.5%. This growth is expected to significantly improve the company’s PE multiple to 0.8x in the next twelve months. In addition, the company’s EV/Sales multiple of 8.2x is lower than both the industry and sector multiples, which provides a favorable valuation for the company. Veye recommends a “Speculative Buy” on “Argosy Minerals Limited” at the current price of $0.190 (As of 14 Sep 2023).

*All Data has been sourced from Company announcements and Refinitiv, Thomson Reuters


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