What are the largest hard rock lithium deposits on the ASX?
Equities Club covers the largest hard rock lithium assets on the ASX, who owns them, their location and appeal.
Much like the memorable chant about Roy Kent from Ted Lasso ("He's there... he's there... he's every-f**king-where"), lithium, or white gold as some call it, seems everywhere in our modern lives. It's a critical component in the batteries that power everything from smartphones to electric vehicles (EVs) and is at the forefront of the renewable energy revolution.
As such, we wanted to look at the ASX companies holding some of the world's largest hard rock lithium deposits. As we all know, the world is shifting towards cleaner energy and transportation solutions, and the demand for lithium has surged in lockstep, making lithium companies increasingly valuable.
A recent report from Fortune Business Insights said the global lithium market size, which was valued at $34.06 billion AUD in 2023, is projected to reach $137.96 billion AUD by 2032. That’s a compound annual growth rate of 22.1%. Big numbers.
It’s why we thought it important to look at the key players on the ASX and what makes them stand out in the lithium market. Here's the ones that have caught our team's eye:
AVZ Minerals Limited: AVZ
AVZ Minerals stands out due to its Manono Project in the Democratic Republic of Congo. The Manono Project contains two deposits; the first is Roche Dure, the largest and highest-grade untapped lithium-rich tantalum deposit globally, 669mt at 1.61%. The second is the Carriere de l'Este project, 173mt at 1.58%, the seventh largest deposit in the world. The sheer size and grade of the Manono project mean that it is a globally significant asset. AVZ, who are looking to finance this deposit, are having their ownership rights of Manono contested; this has resulted in a lengthy process going through the international court system, with AVZ having been suspended from trading for nearly two years.
Pilbara Minerals: PLS
Pilbara Minerals operates the Pilgangoora mine in Western Australia; it is the industry benchmark. This operation is expanding to be the world's largest hard rock lithium mine. PLS is renowned for its size, 414mt at 1.15% Li2O, proximity to port, experienced management team, and low-cost profile producing high-quality lithium. Strategic partnerships with some of the largest lithium chemicals companies globally and further expansion plans are poised to see PLS continue to elevate itself as one of the best-run lithium projects globally. Or as one of our analysts said: “It’s the best producer of the lot”.
IGO Limited: IGO
IGO has made significant investments in lithium in recent years, focusing on the Greenbushes Lithium Mining operation in Western Australia and the downstream processing facility at Kwinana. At 360mt and 1.50% Li2O, Greenbushes is an asset that demands global attention. Through a joint venture, IGO's strategic stake in this operation underscores the company's significant role in the lithium supply chain and highlights the critical importance of companies gaining access to tier 1 assets in a tier 1 location.
Mineral Resources: MIN
Mineral Resources, previously a mining services company, is now a significant player in the lithium mining sector, holding interests in two lithium projects in production, notably the Wodgina and Mount Marion Lithium Mines in Western Australia. Wodgina is one of the world's largest hard rock lithium deposits, 181mt at 1.14% Li2O, and is in a joint venture with global lithium producer Albemarle Corporation. Mount Marion, 65mt at 1.43% Li2O, is a JV with the world's largest lithium chemical company in Ganfeng. MIN has been a dominant force in the lithium industry in recent years, which is unlikely to change any time soon.
Leo Lithium: LLL
Leo Lithium stands at the forefront of the African lithium sector with its flagship Goulamina Project in Mali. Goulamina, the African lion at 211mt at 1.37% Li2O, is distinguished by its low capital expenditure (cost to build the mine) and low operational cost. LLL secured Ganfeng as a JV partner, helping with financing and construction of the mine, with production to begin in 2024. The Goulamina project could dominate West African lithium with further mining and downstream expansions. It has been suspended from trading since mid-2023 due to a legacy issue relating to a gold mine in Mali.
Wesfarmers: WES
Wesfarmers entered the lithium market in 2019 by investing in the Mt Holland Lithium Project in Western Australia in partnership with Sociedad Química y Minera de Chile (SQM), the world's second-largest lithium producer. This project is set to be a substantial mining operation with its large size and grade, at 186mt at 1.53% Li2O. It is now going through commissioning, and production is due to start in 2024. With the backing of WES and SQM, the Mt Holland project has the financial support to ride the ups and downs of the lithium market.
Liontown: LTR
Liontown has the Kathleen Valley Lithium Project in Western Australia, a significant high-grade resource at 156mt at 1.40% Li2O. With construction nearly complete, production is due to start in 2024. Recognisable names as offtake partners, such as Tesla, Ford and LG Energy Solution, allow LTR to have names that the everyday investor can recognise. The strategic location in Western Australia has meant LTR has attracted takeover interest from Iron Ore billionaire Gina Rinehart and Albemarle; even though the takeover offers were never finalised, it shows the interest that a deposit of this size can garner.
Arcadium Lithium: LTM
LTM may be a new ticker, but the asset at play will be familiar: the James Bay Lithium deposit in Quebec, Canada. This deposit is notable for its significant size and grade, 110mt at 1.30% Li2O. James Bay is North America's largest hard rock lithium asset with considerable upside exploration potential. With recent environmental approval, James Bay is now nearing completion of its engineering phase before financing and construction get underway, positioning LTM in the box seat for North American lithium supply.
Patriot Battery Metals: PMT
PMT is the North American darling of the lithium world thanks to its Corvette Lithium Deposit located in Quebec, Canada. Corvette, currently at 109mt at 1.42%, has yet to be fully explored and will most likely become North America's largest hard rock lithium asset. PMT's exploration and development efforts at Corvette are keenly watched by industry observers; heavyweight Albemarle has already taken a strategic position in the company. With former PLS CEO Ken Brinsden now CEO of PMT, there is no lack of lithium mining experience and industry connections; PMT could become a strategic asset in North America.
Sayona Mining: SYA
SYA is making significant strides in the lithium sector by acquiring the Moblan Lithium Project in Quebec, Canada. The Moblan deposit, 71mt at 1.15%, recently completed its studies and is now moving to project financing and construction with large-scale production as the end goal for SYA. While its management team is reviewing other operating assets in a challenging operating environment, Moblan stands out as a potential beacon of hope for SYA holders.
Latin Resources: LRS
Latin Resources has the largest South American hard rock lithium deposit of any ASX-listed company, with its Colina deposit at 63mt at 1.31% Li2O. In the study phase, LRS will look to complete its studies this year to progress towards financing and first production in mid-2026. With a staged approach to production and strong financial metrics, LRS can supply South American, North American, and European markets with lithium once it is in production, giving it a competitive advantage with a broad customer base over other lithium companies.
It's not just electric cars and renewable energy — lithium is being used in our portable tech, in your mate's home battery, in devices used to build Australia's grid storage solutions. So when you're picking where to invest, it's not just numbers: you're tapping into a market that's shaping our day-to-day tech and energy use.
Remember, lithium is just like Roy Kent…