“Lithium market situations — notably 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 12 months, with a number of miners saying manufacturing cuts, plans to position vegetation 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 stability 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 towards this backdrop?
The Investing Information Community has created an summary of the top-performing Canadian lithium shares. Whereas firms on the TSX, TSXV and CSE have been thought of, solely shares on the TSXV made the record this time.
This record was created on March 25, 2025, utilizing TradingView’s inventory screener, and all knowledge was present at the moment. Solely firms with market caps above C$10 million for the TSX and TSXV and above C$5 million for the CSE are included.
1. Energy Metals (TSXV:PWM)
12 months-to-date achieve: 163.04 percentMarket cap: C$196.57 millionShare 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 stated “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 in a while 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)
12 months-to-date achieve: 41.18 percentMarket cap: C$46.99 millionShare value: C$0.36
NOA is a lithium exploration and improvement firm with three tasks 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 one in every 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 assessment 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 robust inside confidence. In accordance with 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, they’d not offered any shares within the prior 12 months.
3. Frontier Lithium (TSXV:FL)
12 months-to-date achieve: 35.56 percentMarket cap: C$141.38 millionShare 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 12 months. “This anticipated capability would help the manufacturing of batteries for about 500,000 electrical autos per 12 months,” Frontier’s assertion reads.
4. Q2 Metals (TSXV:QTWO)
12 months-to-date achieve: 30.77 percentMarket cap: C$144.59 millionShare 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 12 months 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 buyers exercised 12.8 million share buy warrants at C$0.60 every, producing C$7.68 million in proceeds for the corporate. The warrants have 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 large intercepts of spodumene pegmatite, increasing beforehand recognized mineralization.” The longest steady interval of spodumene mineralization is 179.6 meters.
5. Wealth Minerals (TSXV:WML)
12 months-to-date achieve: 20 percentMarket cap: C$18.47 millionShare value: C$0.06
Lithium exploration firm Wealth Minerals owns three exploration-stage tasks — Kuska, Pabellón and Yapuckuta— all positioned in Chile.
On February 3, Wealth Minerals launched its first information of the 12 months, saying it penned a three way partnership improvement cope with the Quechua Indigenous Group of Ollagüe for the event of the Kuska mission.
Beneath 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 tasks 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 might 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.
Don’t neglect to comply with us @INN_Resource for real-time information updates!
Securities Disclosure: I, Georgia Williams, maintain no direct funding curiosity in any firm talked about on this article.
