Best Lithium Stocks in the Canadian Market This Year

In 2022, lithium saw remarkable growth, but in 2023, prices for lithium carbonate and hydroxide declined significantly due to reduced consumer spending in China and scaled-back purchases by battery manufacturers. However, Joe Lowry of Global Lithium emphasized a long-term perspective on pricing instead, noting seasonal trends in China’s lithium market. Hopefully, the trend will pick up again, and investors can start checking out lithium stocks once more.

For investors interested in lithium, the Investing News Network compiled a list of the top Canadian lithium stocks across various exchanges, curated in January 2024.

TSXV and TSX Lithium Stocks

Portofino Resources

Portofino Resources, a lithium exploration company operating in Argentina and Canada, faced legal disputes regarding its Yergo project in Argentina in 2023 but secured an injunction against the claim owner.

The company also formed a partnership with Lithium Chile for the Arizaro Area IV concession. Despite challenges, its stock saw an upward trend, peaking at C$0.075 in March and reaching C$0.10 in August. Portofino closed several financings and acquired full ownership of the Yergo project.

In 2024, it announced a strategic partnership with Lithium Chile to advance drilling activities at the Arizaro project.

Solis Minerals (TSXV:SLMN)

Solis Minerals focuses on battery metals properties in South America. The company experienced a surge in its share price earlier in the year following the announcement of its agreement to acquire the Jaguar hard-rock project. However, this surge was short-lived, and the share price declined significantly after trading resumed.

Despite setbacks with the Jaguar project, Solis Minerals announced an option agreement for the Mina Verhelma project and initiated drilling programs at both Estrela and Mina Verhelma in the fourth quarter. The company’s share price trended downward for most of 2023, closing the year at C$0.14.

Volt Lithium

Volt Lithium, previously known as Allied Copper, underwent a strategic rebranding in April 2023 to focus on lithium production. Leveraging its proprietary direct lithium extraction (DLE) technology, Volt Lithium aims to become a prominent producer of lithium hydroxide and lithium carbonate sourced from oilfield brines, with its flagship Rainbow Lake project in Alberta leading the endeavor.

Despite fluctuations, the company experienced significant growth in its share price, reaching a peak of C$0.52 in May. Volt Lithium achieved key milestones throughout the year, including the commissioning of a permanent demonstration plant in October and the release of a preliminary economic assessment for Rainbow Lake in December. Despite fluctuations, the company’s share price ended the year at C$0.225.

CSE Lithium Stocks

Beyond Lithium

Beyond Lithium explores 63 greenfield lithium projects across Ontario, Canada. In 2023, it conducted Phase 1 exploration at each property and advanced promising candidates to Phase 2. Notable acquisitions included the Victory project in October.

The company saw a surge in its share price in June and July, peaking at C$0.52. By July 18, Phase 1 exploration was completed at 39 properties, with 10 selected for further advancement.

Noteworthy discoveries included a new LCT pegmatite intrusive stock at Cosgrave Lake and a spodumene-bearing pegmatite zone at Ear Falls. Exploration continued with promising grab sampling results from Cosgrave Lake and extended zones at Ear Falls in November and December.

The company applied for exploration permits for Victory and Ear Falls in late December, concluding the year with a share price of C$0.305.

Eureka Lithium

Eureka Lithium, with a significant year-to-date increase of 420 percent, holds promising lithium and cesium exploration properties in Northern Quebéc’s Nunavik region.

Phase 1 exploration, supported by a private placement, commenced in July, identifying numerous pegmatites at the New Leaf Camp. The company’s share price peaked at C$1.14 on July 19 due to acquisition news and exploration updates.

Phase 2 exploration prioritized the Raglan West property, with initial drill program approval announced in October. In late December, Eureka disclosed a letter of intent to option the Lac La Motte lithium project in Abitibi, Quebéc. The company concluded 2023 with a share price of C$0.51.

Nevada Lithium Resources

Nevada Lithium experienced a substantial year-to-date increase of 91.67 percent, focusing on advancing its Bonnie Claire lithium project in Nevada throughout 2023. The consolidation of project ownership under Nevada Lithium, finalized in July, marked a significant development.

In February, the company achieved a milestone by producing marketable battery-grade lithium carbonate from Bonnie Claire’s core material, boosting its share price.

Exploration efforts intensified in the latter half of the year, including diamond drilling, seismic reflection surveys, and sonic drilling, aimed at preparing for a pre-feasibility study scheduled for 2024. Initial drilling results revealed extensions of high-grade mineralization, while the seismic survey identified a new target zone. The company concluded 2023 with a share price of C$0.235.

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