Battery Metals Stocks List

Glencore plc is a diversified mining and commodity-marketing group with businesses in metals, minerals and coal. It produces commodities from its own operations and sources, transports and markets material from other producers to industrial customers.

Its cobalt production comes mainly from the Kamoto Copper Company and Mutanda copper-cobalt operations in the Democratic Republic of Congo. Glencore owns 75% of KCC and 100% of Mutanda. It also produces cobalt alongside nickel at Murrin Murrin in Australia and through its Canadian nickel operations. Cobalt is a by-product within a much broader business that includes copper, zinc, nickel and energy commodities.

DRC export quotas affect the timing of cobalt shipments and cash receipts. The mines can continue producing copper while adjusting cobalt recovery and storing cobalt-bearing material for later processing or export. Glencore's cobalt exposure therefore depends on operating and export decisions as well as metal prices.

Vale S.A. is a Brazilian mining company whose principal businesses include iron ore and pellets, copper and nickel. Its cobalt exposure is a relatively small part of the group and arises alongside nickel production.

The base-metals portfolio is managed through Vale Base Metals, which is owned 90% by Vale and 10% by Manara Minerals. Canadian operations include the Voisey's Bay mine and Long Harbour processing plant in Newfoundland and Labrador. The group also has an interest in PT Vale Indonesia, a separately listed nickel producer, and participates in Indonesian growth projects that use high-pressure acid leaching to recover nickel and cobalt.

The Indonesian development projects add potential future cobalt supply, while the established Canadian operations provide current by-product exposure. Vale's consolidated earnings and equity value remain dominated by its wider iron-ore and base-metals businesses.

CMOC Group Limited is a Chinese mining and metals-trading company. Its portfolio includes copper and cobalt operations in the Democratic Republic of Congo, molybdenum and tungsten production in China, and niobium, phosphate and gold businesses in Brazil. Its IXM subsidiary trades metals sourced from producers around the world.

CMOC's cobalt comes from the Tenke Fungurume and Kisanfu copper-cobalt mines in the DRC. It owns 80% of Tenke Fungurume and holds a 71.25% effective interest in Kisanfu. Both operations recover cobalt alongside copper, making CMOC one of the largest sources of mined cobalt.

DRC export restrictions affect when cobalt production can be shipped and converted into sales. Mine output can therefore differ substantially from export volumes and cash receipts. The company also expanded its Brazilian portfolio by completing the acquisition of Equinox Gold's Brazilian operations in January 2026.

SQM produces lithium chemicals, iodine, specialty plant nutrients and industrial chemicals. Its Chilean lithium business extracts brine from the Salar de Atacama and processes it into carbonate and hydroxide near Antofagasta. In December 2025, SQM and Codelco formed Nova Andino Litio to operate their long-term Atacama partnership. SQM also holds 50% of the Mt Holland mine and associated Kwinana lithium-hydroxide refinery in Australia alongside Wesfarmers. Lithium is a major business, while iodine and fertilizer products provide substantial exposure to other markets.

Qinghai Salt Lake Industry is a Shenzhen-listed resources company centered on the Qarhan Salt Lake in Qinghai, China. Potassium chloride fertilizer is its largest business, while lithium carbonate recovered from salt-lake brines provides a material but secondary source of revenue. The company reported that potash accounted for roughly two-thirds of FY2024 revenue and lithium carbonate for about 30%, making it a diversified producer rather than a lithium pure-play.

Its lithium operations use brines associated with the Qarhan potash resource and include production through subsidiaries and a venture involving BYD. Following a state-led reorganization completed in December 2024, the company is controlled through the China Minmetals-led China Salt Lake Industrial Group.

Sumitomo Metal Mining operates mines, smelters and materials businesses across several metals. Its Philippine nickel interests include wholly owned Coral Bay Nickel and a 75% interest in Taganito HPAL. These plants turn laterite ore into a mixed nickel-cobalt sulfide intermediate for refining in Japan into products including nickel metal and nickel sulfate. The group also has copper, gold and battery-materials businesses and participates with Mitsubishi Corporation in the consortium supporting Ardea’s Goongarrie Hub development study.

Albemarle is a US specialty-chemicals company with lithium and bromine businesses. Its lithium operations combine brine extraction in Chile and the United States, interests in Australian hard-rock mines, and chemical-conversion facilities. The company holds 49% of Greenbushes through Talison and 50% of Wodgina. In February 2026 it announced that the remaining operating train at its Kemerton lithium-hydroxide plant would be idled. Its Salar de Atacama and La Negra facilities form its Chilean lithium platform. The bromine-based Specialties business provides a substantial source of non-lithium revenue.

POSCO Future M is a Korea Exchange-listed producer of battery and industrial materials within the POSCO group. Its graphite business supplies natural and synthetic anode materials to battery manufacturers, alongside a separate cathode-material business. It operates natural-graphite anode plants at Sejong and an artificial-graphite plant at Pohang in South Korea. The company approved a phased synthetic-graphite anode plant in northern Vietnam in March 2026, with mass production targeted for 2028. That project expands its planned overseas manufacturing footprint; its operating Korean plants remain the basis of current anode production.

Zhejiang Huayou Cobalt Co., Ltd. is a Chinese battery-materials group with businesses spanning mineral resources, metal refining, cathode precursors, cathode materials and recycling. Its industrial footprint connects copper-cobalt operations in the Democratic Republic of Congo with nickel-cobalt processing in Indonesia and materials manufacturing in China and overseas.

The group's Indonesian interests include the Huayue and Huafei high-pressure acid leach projects, which produce nickel-cobalt intermediates for further refining. Its cobalt business supplies chemicals and materials used in rechargeable batteries and other industrial applications. Nickel products and battery materials account for a much larger part of reported revenue than its separately disclosed cobalt-products category.

Huayou has also invested in overseas cathode-material capacity. In its March 30, 2026 update, Huayou reported that production-line commissioning at its Hungarian project was nearing completion, ahead of customer sampling and full production. The group's earnings reflect its combined mining, refining and manufacturing activities, rather than cobalt prices alone.

PLS Group, formerly Pilbara Minerals, produces spodumene concentrate at its wholly owned Pilgangoora operation in Western Australia. It produced approximately 879,500 dry tonnes in FY2026 and began restarting the Ngungaju plant in July 2026. Sales include a long-term Canmax offtake arrangement carrying a US$1,000-per-tonne floor on an SC6 basis. PLS holds an 18% interest in the POSCO Pilbara Lithium Solution hydroxide venture in South Korea. Its Brazilian portfolio includes the Colina development project acquired with Latin Resources and the Salinas-group properties purchased from Lithium Ionic in August 2026.

Ganfeng Lithium is an integrated Chinese lithium group with resource interests, chemical-conversion operations, battery manufacturing and recycling. It produces carbonate, hydroxide, lithium metal and other compounds for battery and industrial customers. Its upstream interests include 65% of Goulamina in Mali and 46.67% of Cauchari-Olaroz in Argentina. In August 2026 Ganfeng and Lithium Argentina signed definitive agreements for the PPG brine-development venture, with proposed ownership of 67% and 33%, respectively, following the Pozuelos-Pastos Grandes scoping study the partners released in November 2025. Closing was expected in September 2026. Ganfeng's portfolio contains both producing operations and projects under development.

Mineral Resources operates mining services, iron ore, lithium and energy businesses in Western Australia. Its lithium assets include 50% interests in Wodgina and Mt Marion and the wholly owned Bald Hill operation. Bald Hill restarted mining in May 2026 and made its first post-restart shipment in July. The proposed POSCO transaction would sell 30% of MinRes' existing interests in Wodgina and Mt Marion, equivalent to 15% of each project. MinRes' August 2026 results continued to describe completion as expected in the first half of FY2027. Mining services and iron ore remain substantial parts of the group.

Tianqi Lithium combines lithium mining interests with chemical conversion in China and Australia. Its indirect interest in Greenbushes is held through the Tianqi Lithium Energy Australia and Talison ownership chain. It also owns a strategic shareholding in SQM, providing indirect exposure to Chilean brines, and the Yajiang Cuola hard-rock development in Sichuan. Tianqi's conversion operations include the Kwinana lithium-hydroxide refinery in Western Australia. These investments have different ownership percentages, so their gross production cannot be treated as wholly attributable to Tianqi.

Canmax Technologies is a Shenzhen-listed manufacturer of lithium chemicals, cleanroom products and medical devices. Lithium materials generated approximately 94% of group revenue in the first half of 2026. Its lithium operations produce battery materials through subsidiaries including Yibin Tianyi and Sichuan Tianhua, using concentrate secured through supply agreements and upstream investments. The business therefore depends on both lithium-chemical selling prices and feedstock costs. Its other manufacturing activities remain part of the listed group.

Umicore is a Belgian materials-technology and recycling group. Its businesses include automotive catalysts, battery materials, specialty materials and precious-metals recycling. It purchases and processes metal-bearing feedstocks rather than operating cobalt mines.

Its Cobalt and Specialty Materials activities refine and manufacture cobalt and nickel products for rechargeable batteries and industrial uses. The operating network includes Kokkola in Finland and Olen in Belgium. Umicore also produces cathode materials and develops battery-recycling services that recover valuable metals from battery scrap and spent batteries.

The company's cobalt exposure comes through feedstock procurement, refining and materials margins, customer demand and metal recovery. Cobalt-related earnings sit within a wider group whose other businesses respond to automotive production, precious-metals markets and industrial demand.

ANTAM, listed in Indonesia as PT Aneka Tambang Tbk, mines nickel ore and produces ferronickel at Pomalaa. Nickel sits alongside gold and bauxite in its diversified mining business. Its nickel ore and ferronickel serve different processing and customer markets, so ore volumes and tonnes of nickel in ferronickel measure different outputs. ANTAM provides exposure to Indonesian nickel operations through a separately listed company, while its earnings also depend on its other commodity businesses.

IGO’s remaining operating nickel mine is Nova in Western Australia, which also produces copper and cobalt. IGO agreed in July 2026 to sell Nova to Global Lithium Resources, with completion subject to transaction conditions and the end of mining. Cosmos remains in care and maintenance. IGO retained nickel and lithium rights following the sale of Forrestania and also owns 49% of Tianqi Lithium Energy Australia, giving it substantial lithium exposure.

Chengxin Lithium Group is a Shenzhen-listed producer of lithium carbonate, lithium hydroxide and lithium metal. Its core business is chemical conversion, with production capacity in China and Indonesia supplying cathode and battery-material customers.

The group has pursued upstream feedstock security through resource interests and operating subsidiaries in China and Zimbabwe, including the Sabi Star hard-rock operation, alongside external concentrate purchases. Ownership and development status vary across the portfolio, so the company combines direct resource exposure with a substantial conversion business rather than relying on a single mine. Its earnings remain sensitive to both finished lithium prices and the cost and availability of raw material.

Harita Nickel is the operating brand of PT Trimegah Bangun Persada Tbk, an Indonesian company with nickel mining and processing interests on Obi Island in North Maluku. Its operations use electric-furnace processing for ferronickel and high-pressure acid leaching for nickel-cobalt intermediates and downstream chemicals. Its June 2026 presentation showed KPS phase 3 still under construction and commissioning. The full KPS development has a stated design capacity of 185,000 tonnes of contained nickel per year across 12 lines, measured on a gross project basis.

PT Vale Indonesia produces nickel in matte at its Sorowako complex and sells nickel ore from its Indonesian mining portfolio. It reported 72,027 tonnes of nickel in matte and 2.316 million wet metric tonnes of saprolite ore sales for 2025. Its growth portfolio includes Bahodopi and Pomalaa. At the end of 2025, MIND ID held 34%, Vale Canada 33.88% and Sumitomo Metal Mining 11.48%; public shareholders held the remaining 20.64%. These growth projects have separate development and commissioning schedules.

Sunrise Energy Metals is prioritizing the Syerston scandium project in New South Wales while retaining the separate Sunrise nickel-cobalt development project. Sunrise’s nickel-cobalt development decision remains deferred pending more favorable market conditions. In August 2026, the company announced a conditional, non-binding commitment for up to US$400 million of financing for Syerston and preparations for a possible US listing. Those developments relate to its scandium strategy. They do not establish committed finance or a construction decision for the nickel-cobalt project.

Sichuan Yahua Industrial Group is a Shenzhen-listed Chinese company with two principal businesses: lithium chemicals and civil explosives. Its lithium operations produce battery-grade hydroxide and carbonate for battery manufacturers, supported by contracted hard-rock feedstock and resource interests in several jurisdictions.

Lithium represented about 53% of FY2024 revenue, while civil explosives contributed roughly 42% and remained an important source of profit, making Yahua a diversified group rather than a lithium pure-play. Feedstock comes from supply arrangements in Australia and other markets as well as exposure to the Kamativi mine in Zimbabwe. Yahua controls the Kamativi operation through subsidiaries and also relies on third-party supply contracts.

Nickel Industries owns Indonesian nickel-mining and processing interests, including the Hengjaya, Ranger, Oracle and Angel RKEF projects. These operations produce nickel pig iron or matte, while its HPAL investments provide exposure to nickel-cobalt intermediates and refined products. The company holds 46% of Excelsior Nickel Cobalt, which began commissioning in May 2026, produced first mixed hydroxide precipitate in July and reported first nickel cathode in August. ENC’s stated 72,000-tonne annual nickel-equivalent capacity is a gross design figure; the plant is still ramping up.

YOUNGY is a Shenzhen-listed Chinese lithium company with activities spanning hard-rock mining, beneficiation, lithium chemicals and battery-related equipment. Its flagship upstream exposure is in the Jiajika pegmatite district near Kangding in Sichuan, where the company operates through subsidiaries and associated project interests.

The business sells lithium concentrate and participates in downstream processing, giving it exposure to more than one stage of the supply chain. Operating capacity, expansion projects and resource figures belong to different subsidiaries and are not all wholly attributable at group level. YOUNGY remains substantially lithium-focused, although its equipment activities provide a separate industrial revenue stream.

Liontown is an Australian lithium producer whose principal asset is the wholly owned Kathleen Valley spodumene operation in Western Australia. Production began in July 2024, with the mine moving toward an underground-led operating plan. Liontown also owns Buldania. In September 2026 it announced a staged farm-in to the Centenario brine project in Argentina, providing a route to earn up to 100% subject to the agreement's expenditure and payment conditions. Kathleen Valley remains the company's producing asset; Centenario adds a separate development opportunity.

The Metals Company is developing a proposed business collecting polymetallic nodules from the Clarion-Clipperton Zone of the Pacific Ocean. The nodules contain nickel, copper, cobalt and manganese. Its NORI-D pre-feasibility study reported probable mineral reserves in August 2025. Separately, TMC USA is pursuing US exploration and commercial-recovery authorisations, alongside international pathways through sponsored subsidiaries. Commercial-scale collection has not begun. Project development depends on regulatory decisions, environmental assessment, financing and the performance of the proposed collection and processing system.

Eramet is a diversified mining group with manganese, nickel, mineral-sands and lithium businesses. Its nickel interests include a 38.7% indirect stake in Indonesia’s Weda Bay operation and 56% of SLN in New Caledonia. Weda Bay’s ore sales depend partly on Indonesian production quotas. Eramet’s July 2026 update retained a 9-million-wet-tonne external-sales target for the year while an increased quota was being sought. SLN remains financially stressed, and Eramet excludes it from adjusted group performance indicators despite retaining its equity interest.

Sigma Lithium produces spodumene concentrate at Grota do Cirilo in Minas Gerais, Brazil. The operation combines mining with dense-media-separation processing for export. On 21 August 2026 the company announced full resumption of mining and industrial operations after signing a compliance-adjustment agreement with the state of Minas Gerais, following a partial suspension. Planned additional processing plants are separate from existing output.

Nickel Asia operates nickel-ore mines in the Philippines and holds a 10% interest in Taganito HPAL, which processes laterite ore into a nickel-cobalt intermediate. Its mines sold 18.56 million wet metric tonnes of ore in 2025. The company has exited Coral Bay Nickel and also invests in renewable power through Emerging Power. That business includes the Jobin-SQM solar project, reported at 172MWp in its FY2025 presentation. Nickel Asia’s earnings therefore combine nickel mining, processing investments and a separate power-development business.

Talon Metals owns the producing Eagle nickel-copper mine and Humboldt mill in Michigan, acquired from Lundin Mining in January 2026. It also holds 51% of the Tamarack nickel-copper-cobalt project in Minnesota, with a contractual pathway to increase that interest. The US Department of Energy awarded up to US$114.8 million toward a proposed North Dakota processing facility. That development project is separate from the operating Michigan assets, and its funding and construction depend on the award terms and other project milestones.

Lithium Americas is developing the Thacker Pass sedimentary lithium project in Humboldt County, Nevada. The planned operation would mine lithium-bearing claystone and process it on site into battery-grade lithium carbonate. Construction is under way, but the project has not begun commercial production.

Thacker Pass is held through a joint-venture structure in which Lithium Americas retains the controlling interest and General Motors owns a minority stake. Project funding also includes a US Department of Energy loan facility, with drawdowns tied to agreed conditions and construction progress; our Thacker Pass construction and capex update covers the drawdown conditions and the 2026 spending plan. Lithium Americas is a concentrated, single-project development exposure until Thacker Pass enters production.

Lithium Argentina holds 44.8% of the producing Cauchari-Olaroz brine operation in Jujuy, alongside Ganfeng and provincial company JEMSE. Its development interests include salar assets in Salta, among them the Pozuelos-Pastos Grandes district covered in the scoping study released with Ganfeng in November 2025. In August 2026 it signed definitive agreements with Ganfeng for the PPG venture, with Lithium Argentina expected to hold 33% after closing. Completion was expected in September 2026. The parties also announced a US$180 million convertible financing facility subject to approvals. These development and financing arrangements are separate from current Cauchari-Olaroz production.

Elevra Lithium was formed through the combination of Sayona Mining and Piedmont Lithium. Its producing asset is the North American Lithium mine and concentrator in Québec, where the company raised A$421 million in May 2026 to fund an expansion, alongside Canadian development projects and Carolina Lithium in the United States. Elevra completed the sale of its Tabba Tabba rights to Wildcat in August 2026. Its proposed sale of Ewoyaa interests to Huayou remained pending in its FY2026 disclosure. The group trades as ELV on the ASX and ELVR on Nasdaq, where the security is an American depositary share.

Core Lithium owns Finniss near Darwin in Australia's Northern Territory. It approved a staged restart in March 2026 after a period in care and maintenance, supported by an A$290 million funding package. Mining at the Grants open pit resumed in May, alongside work on BP33 underground and processing-plant upgrades. The restart plan uses Grants ore before BP33 becomes the longer-term underground source. Core's near-term activity is the return of Finniss to concentrate production and sales, rather than the development of a greenfield mine.

Vulcan Energy is developing Lionheart in Germany's Upper Rhine Valley, combining geothermal-brine production, direct lithium extraction and conversion into lithium hydroxide. The company also has an existing geothermal energy business. Its €2.2 billion Lionheart financing package reached financial close in May 2026, and its July quarterly report described initial strategic equity funding and the start of civil works at the geothermal power-plant site. Commercial lithium production remains a future milestone, separate from existing energy sales and demonstration activities.

PMET Resources is developing the wholly owned Shaakichiuwaanaan project in Québec. The CV5 spodumene deposit was the subject of a lithium-only feasibility study completed in October 2025. The wider property also contains tantalum and cesium mineralization, including the CV13 area. In May 2026 PMET outlined further studies covering these additional products, targeted for the fourth quarter. The project remains in development, with permitting, financing and a construction decision required before commercial mining.

Magna Mining is a TSX-listed copper and nickel producer and developer in Ontario’s Sudbury Basin. Its operating McCreedy West mine sells ore for processing at Vale’s Clarabelle mill. Development assets include Crean Hill, acquired through Lonmin Canada in 2022, and Shakespeare, as well as other Sudbury properties. In August 2026, Magna completed a roughly C$140 million strategic investment from Alpayana to support its development plans. Copper is a substantial part of current production, alongside nickel and precious metals.

Standard Lithium is developing brine projects in the Smackover Formation through Smackover Lithium, its 55%-owned venture with Equinor. The portfolio includes South West Arkansas and Franklin in East Texas. Development plans combine direct lithium extraction with downstream processing into battery-quality lithium products. In August 2026 the venture announced a binding ten-year offtake agreement with LG Energy Solution for 8,000 tonnes a year. The agreement supports a proposed operation; it does not represent current commercial output.

Nouveau Monde Graphite is a Canadian developer building the Matawinie natural-graphite mine in Québec and planning a downstream battery-material plant at Bécancour. The company is listed on the Toronto and New York stock exchanges. Matawinie construction was underway in the second quarter of 2026 after the company assembled an equity financing package and confirmed its mine investment decision. The proposed first commercial stage at Bécancour would produce 13,000 tonnes of battery material annually. It remains subject to a separate investment decision, targeted for the second half of 2026, and its own funding process. The mine and downstream plant are at different stages of development.

Q2 Metals is exploring the Cisco hard-rock lithium project in Québec. Its April 2026 maiden estimate contained approximately 295 million tonnes at 1.36% lithium oxide, all in the inferred category, combining open-pit and underground-constrained material. Drilling is intended to improve resource confidence and support an initial preliminary economic assessment targeted for 2027. Cisco has no mineral reserve or operating mine. The separately reported exploration target is conceptual and is not part of the mineral resource.

Lifezone Metals is developing the Kabanga nickel-copper-cobalt project in Tanzania. It owns all of Kabanga Nickel Limited, which holds 84% of the local operating company; the Tanzanian government holds 16%. The mine-and-concentrator feasibility case is separate from the proposed downstream Hydromet refinery. Lifezone is pursuing project financing and government agreements, with a final investment decision targeted for the first quarter of 2027 in its H1 2026 update. It also develops hydrometallurgical technology and related commercial opportunities.

Chalice Mining is developing the wholly owned Gonneville palladium-nickel-copper project in Western Australia. A December 2025 pre-feasibility study assessed a staged open-pit operation producing precious metals, nickel, copper and cobalt. The company is carrying out feasibility work, metallurgical testing and environmental approvals, with the feasibility study targeted for the second half of 2027. Financing and a final investment decision remain ahead. Gonneville is a polymetallic development project whose economics depend on several metals, including palladium and nickel.

Galan Lithium is developing the Hombre Muerto West brine project in Catamarca, Argentina, alongside the earlier-stage Candelas project in the same salar district. Hombre Muerto West is being developed in stages, beginning with a smaller initial operation intended to produce lithium-chloride concentrate before later expansion.

Wet-plant commissioning was completed and first processed lithium chloride was produced in the June 2026 quarter, with brine concentrating in the evaporation ponds. First sales of 6% lithium-chloride concentrate under Phase 1 offtake were targeted for the second half of 2026; no saleable output had been shipped as of August 2026. The longer-term production profile and subsequent phases remain subject to successful commissioning, financing and execution. Galan also owns the Greenbushes South hard-rock exploration project in Western Australia, although its Argentine brine assets are the company’s principal focus.

Wildcat Resources is developing Tabba Tabba, a spodumene project 80km by road from Port Hedland in Western Australia, near the Pilgangoora and Wodgina mines. A maiden Ore Reserve supports the planned open-pit and underground operation, and a definitive feasibility study is in progress. In August 2026 it bought Elevra's pegmatite rights over the adjoining E45/2364 licence. In September 2026 it raised A$60 million in an institutional placement, announced 21 September, to fund early works including process plant front-end engineering, roads and village development, alongside work to convert the Bolt Cutter exploration ground into a resource. The project is not a producing mine. The company also holds the Mt Adrah gold project.

GrafTech International is a New York Stock Exchange-listed manufacturer of synthetic-graphite electrodes used in electric-arc-furnace steelmaking. Its Seadrift operation in Texas supplies petroleum needle coke, a key electrode feedstock. The group manufactures electrodes in France, Spain and Mexico. On August 31, 2026, it announced plans to close the Monterrey plant, with production expected to conclude early in the second quarter of 2027 and customer supply moving to Calais and Pamplona. St. Marys in Pennsylvania provides machining and distribution services while its electrode production remains idle. GrafTech’s established business serves metallurgical customers; battery-related carbon applications are a separate area of development.

Ioneer is developing the wholly owned Rhyolite Ridge lithium-boron project in Nevada. The planned operation would mine a sedimentary deposit and produce both lithium chemicals and boron products. Rhyolite Ridge has progressed through technical studies and permitting, but it is not in commercial production. Boron is an integral part of the project's proposed product mix, so its economics are not based on lithium alone.

Canada Nickel Company is developing the wholly owned Crawford nickel-cobalt sulfide project near Timmins, Ontario. Crawford has completed a feasibility study and received a Canadian federal approval decision in July 2026, while further project requirements and financing remain to be completed. The company closed a C$21 million private placement in August 2026 to support permitting, engineering, debt repayment and working capital. Its proposed NetZero Metals processing facilities are separate development plans; neither those facilities nor Crawford is producing nickel commercially.

Sovereign Metals is an ASX- and AIM-listed developer of the Kasiya rutile and graphite project in Malawi. It plans to recover natural rutile and flake graphite from the same near-surface deposit. The March 2026 ore reserve estimate, published with the definitive feasibility study on 16 April 2026, totals 536 million tonnes of proved and probable ore at 0.95% rutile and 1.56% total graphitic carbon, on a gross project basis.

Kasiya remains a proposed mine, with development dependent on approvals, financing and execution. Sovereign owns the project through its Malawi subsidiaries. The April 2026 study identified the government's right to a negotiated equity interest under the mining legislation; it did not set a final state-ownership percentage. Graphite would be a co-product alongside rutile.

Savannah Resources is the owner and developer of the Barroso hard-rock lithium project in northern Portugal. The project contains several spodumene deposits within two adjacent mining-lease areas and has received a positive environmental-impact decision and designation as an EU Strategic Project under the Critical Raw Materials Act.

A Phase 1 definitive feasibility study released in July 2026 outlined average production of approximately 191,000 tonnes a year of 5.5% spodumene concentrate, equivalent to roughly 25,000 tonnes of lithium carbonate equivalent. A Portuguese state grant of up to about €110 million supports the development plan, while final permitting, financing, a final investment decision and construction remain necessary before the project can produce.

Global Lithium Resources is developing Manna near Kalgoorlie in Western Australia. The spodumene project has a granted mining lease and a definitive feasibility study completed in December 2025. The company also agreed to sell Marble Bar to Jiangsu Lopal, concentrating its development plans on Manna. Completion of that sale is separate from the agreement itself. Manna has no commercial production and still requires financing and a final investment decision before construction.

NanoXplore is a Toronto Stock Exchange-listed manufacturer of graphene and advanced materials based in Montréal. Its operating business produces graphene powder, graphene-enhanced plastics and composite components for transportation and other industrial customers. Its wholly owned VoltaXplore business develops silicon-graphene-enhanced lithium-ion battery cells. Battery development is separate from the group’s established industrial manufacturing revenue. NanoXplore offers exposure to graphene products and their commercial adoption, with additional battery-technology development, rather than ownership of a graphite mine.

Centaurus Metals is developing the Jaguar nickel-sulfide project in Brazil. Its published reserve totals about 52 million tonnes containing 406,100 tonnes of nickel, distinct from the larger mineral resource. The company is completing engineering and financing work; its July 2026 update described non-binding debt proposals and a final investment decision targeted toward the end of the third quarter. Jaguar is not yet producing. Centaurus also holds Brazilian copper-gold exploration interests and the Jambreiro iron-ore project.

Surge Battery Metals is developing Nevada North, a sedimentary lithium project in Elko County, Nevada. Following completion of Evolution Mining's earn-in in August 2026, Surge holds 67.5% and Evolution holds 32.5%. The project has a mineral resource and preliminary economic assessment, with further drilling intended to support feasibility work. A pre-feasibility study was targeted for the fourth quarter of 2026. Nevada North remains a development project, with no commercial lithium production.

Atlantic Lithium is developing the Ewoyaa hard-rock lithium project in Ghana with Elevra Lithium and Ghanaian stakeholders. Ewoyaa is designed as an open-pit mine and dense-media-separation operation producing spodumene concentrate, supported by nearby road, port and power infrastructure.

Ghana’s Parliament ratified the project’s mining lease in March 2026, the first lithium mining lease granted and ratified in Ghana, removing a major approval hurdle; our report on the Ewoyaa ratification sets out the lease terms and the 5% to 12% sliding-scale royalty. The partners were still reviewing the development pathway, and construction and commercial production had not begun. Atlantic’s economic exposure reflects its project interest after partner earn-ins and Ghanaian participation rather than 100% of Ewoyaa’s gross resource, study economics or planned capacity.

Li-FT Power is a Canadian hard-rock lithium developer with projects in Québec and the Northwest Territories. In May 2026 it completed the acquisition of Winsome Resources, adding the 100%-owned Adina project in Québec, and consolidated a 75% interest in the adjacent Galinée property, with SOQUEM retaining 25%.

Adina hosts an indicated resource of 61.4 million tonnes at 1.14% lithium oxide and an inferred resource of 16.5 million tonnes at 1.19%. Li-FT also owns the Yellowknife Lithium Project, where an initial inferred resource covers eight spodumene dykes, together with earlier-stage regional properties. The company is advancing drilling, environmental work and economic studies across the enlarged portfolio but has no operating mine or commercial lithium production.

Graphite One is a TSX Venture-listed developer of the Graphite Creek natural-graphite project near Nome, Alaska, and a proposed battery-material manufacturing site in Conneaut, Ohio. The Alaska project would supply natural graphite concentrate, while the Ohio development includes plans for synthetic graphite and subsequent natural-graphite products. The company secured the Ohio site and advanced engineering during 2026. In July, its air permit application passed administrative review and moved into technical assessment. Both projects remain under development, with further permitting, financing and construction required before commercial production.

Syrah Resources is an ASX-listed graphite company linking the Balama mine in Mozambique with the Vidalia anode-material facility in Louisiana. It owns 95% of Balama, whose concentrator has nameplate capacity of about 350,000 tonnes a year. Production has been organized in campaigns in response to customer demand and inventory levels. Vidalia is designed to process Balama concentrate into battery anode material, with initial nameplate capacity of 11,250 tonnes annually. In its July 2026 update, Syrah was still completing customer qualification and targeting commercial sales. Financing proposals involving US agencies and AustralianSuper remained subject to further agreement and conditions.

Sherritt International Corporation historically produced nickel and cobalt through its 50% interest in the Moa Joint Venture, with mixed sulfides produced in Cuba and refined at Fort Saskatchewan in Alberta. The Moa JV produced 2,728 tonnes of finished cobalt in 2025 on a 100% basis, down from 3,206 tonnes in 2024, as fuel shortages, power outages, maintenance and other operating disruptions constrained output.

In February 2026, Moa operations were reduced and then paused because scheduled fuel deliveries were not fulfilled. After a United States executive order expanded sanctions against Cuba, Sherritt suspended its direct participation in Cuban joint-venture activities on 7 May and began pursuing a separation from its Cuban interests, with no certainty about the outcome. The Fort Saskatchewan refinery transitioned to shutdown in June after available feed was exhausted. On 13 July, Sherritt said operations remained stopped, liquidity was constrained, significant new capital would be required for a restart, and material uncertainty may cast doubt on its ability to continue as a going concern. Its TSX-listed shares resumed trading on 10 July after the failure-to-file cease-trade order was revoked. Because its future ownership and operating exposure remain unresolved, Sherritt remains excluded from this cobalt table.

Falcon Energy Materials is a TSX Venture-listed developer based in Abu Dhabi, formerly known as SRG Mining. It is pursuing a graphite anode-material plant at Jorf Lasfar in Morocco, with plans to use third-party concentrate as well as potential future feed from the Lola project in Guinea. Lola is subject to a title dispute following a Guinean revocation decree in May 2025. Falcon commenced international arbitration in March 2026 seeking compensation for alleged expropriation. On 9 July 2026, Falcon opened its pilot plant near Casablanca, with commissioning underway to produce customer-qualification samples. The separate commercial anode plant remains a development project.

Renascor Resources is an ASX-listed developer of the Siviour graphite project in South Australia. It plans to combine a mine and concentrator on the Eyre Peninsula with a downstream purified spherical graphite facility at Bolivar, near Adelaide. The ore reserve estimate announced on 24 August 2023 included a proven component of 16.8 million tonnes at 8.2% total graphitic carbon; that component is not the total proven and probable reserve. A separate demonstration facility began processing graphite in June 2026 and opened in July. Its role is to test and demonstrate the purification process and supply material for customer evaluation. The planned commercial mine and downstream operation remain development projects, supported by a conditional Australian government loan facility.

Talga Group is an ASX-listed developer of an integrated graphite mine and anode-material project in northern Sweden. Its plan links the Nunasvaara South mine near Vittangi with a refinery at Luleå producing its Talnode-C battery material. The proposed first commercial refinery line would produce 5,000 tonnes annually, with staged expansion toward 24,500 tonnes. Talga’s July 2026 update targeted an investment decision in early 2027. A non-binding letter of intent with Hanwa and public funding commitments support the development process, while commercial production remains prospective.

EcoGraf is an ASX-listed developer combining the Epanko natural-graphite project in Tanzania with graphite shaping, purification and recycling technology. It holds 84% of Epanko through its Tanzanian project structure, with the government holding 16%. Epanko’s mineral resource estimate announced on 11 March 2024 totals 290.8 million tonnes at 7.2% total graphitic carbon, including inferred material. The company is arranging development financing and advancing its HFfree purification process and customer qualification work. Commercial mine and downstream capacity remain planned, with the financing process and a September 2026 share purchase plan supporting further development.

Delta Lithium holds the Mt Ida and Yinnetharra lithium projects in Western Australia. It retained lithium rights at Mt Ida after separating the principal gold assets into Ballard Mining in 2025. Delta's approximately 34.4% Ballard shareholding is an equity investment in a separate listed company. Yinnetharra provides a broader spodumene exploration and resource-development position. Delta has no commercial lithium production.

Atlas Lithium is developing the Neves spodumene project in Minas Gerais, Brazil. A feasibility study was completed in 2025, and the company received an expansion permit in June 2026. Modular processing equipment has been delivered to Brazil, with assembly and development work preceding commissioning. Neves has not entered commercial production. Atlas also holds other mineral interests, including a stake in Atlas Critical Minerals, alongside its principal lithium development.

American Lithium is developing TLC in Nevada and Falchani in Peru. TLC is a sedimentary lithium project, while Falchani targets lithium-bearing volcanic rock. Both have resources and technical studies but no commercial production. The company also owns the Macusani uranium project in Peru. Its proposed projects follow separate permitting and development pathways, and the uranium asset adds non-lithium exposure.

Frontier Lithium is developing the PAK lithium district in northwestern Ontario through a venture owned 92.5% by Frontier and 7.5% by Mitsubishi. The district includes the PAK and Spark spodumene deposits. Development plans combine a mine and concentrator with a proposed lithium-conversion facility in Thunder Bay. Both remain development projects, with technical work, infrastructure, environmental assessment and financing preceding commercial production.

Quantum Graphite is an ASX-listed developer of the Uley graphite assets on South Australia’s Eyre Peninsula. Its July 2026 quarterly report reaffirmed a November 2019 Uley 2 ore reserve of approximately 4.0 million tonnes at 11.89% total graphitic carbon.

A binding agreement announced on 12 June 2026 makes Sunlands Pure Group the exclusive buyer of Uley mine production for an initial 20-year term. The structure places downstream processing and refining within Sunlands Pure, with a proposed processing plant near Uley and refinery at Al Buraimi in Oman. Those facilities are development plans, not operating capacity owned outright by Quantum.

The 30 July 2026 report said front-end engineering had begun and Oman environmental authorisations had been granted. The site-management agreement remained under negotiation and project financing was being structured. Uley remains a development project.

Kodal Minerals has a 49% interest in Kodal Mining UK, which holds 65% of the Bougouni project company in Mali. This gives Kodal a 31.85% indirect economic interest in Bougouni. The operation began producing spodumene concentrate in February 2025. Corrected full-year 2025 output was 41,916 dry tonnes at an average 5.33% lithium oxide, reported on a gross project basis. Hainan Mining controls the remaining 51% of Kodal Mining UK. Kodal also has gold-related interests and disputes outside its lithium operation.

Lithium Ionic is developing Bandeira, a proposed underground spodumene mine in Minas Gerais, Brazil. On 25 August 2026 it completed the sale of its Salinas-group properties to PLS for US$37.5 million. It received US$30 million at closing; the balance is due at the earlier of a positive final investment decision on Colina and 31 December 2029. Lithium Ionic retains a 2% royalty on future spodumene sales from the sold properties. Bandeira remains its flagship development asset.

Lake Resources holds 80% of Kachi in Catamarca, Argentina, with technology partner Lilac holding 20%. The proposed brine operation combines direct lithium extraction with conversion into lithium carbonate. Kachi has a definitive feasibility study and a subsequent development-plan update, supported by pilot testing. It remains pre-production, with permitting, financing and the investment decision determining whether construction proceeds.

NOVONIX is an ASX- and Nasdaq-listed battery-materials company developing synthetic graphite production at Riverside in Chattanooga, Tennessee. It manufactures graphite from carbon feedstocks for use in lithium-ion battery anodes and also operates a battery-testing technology business. Riverside is producing qualification material for battery customers, with commercial mass production targeted for the second half of 2027. Proposed expansion and government financing arrangements remain subject to their respective conditions. The Nasdaq security is an American depositary share representing 40 ordinary shares following an August 2026 ratio change; the selected ASX line represents ordinary shares.

Nickel 28 Capital holds an 8.56% non-operated interest in the Ramu nickel-cobalt operation in Papua New Guinea and a separate portfolio of royalties. Ramu produces mixed hydroxide precipitate under an operation managed by Metallurgical Corporation of China. The project produced 8,234 tonnes of contained nickel in the second quarter of 2026 on a 100% basis. Nickel 28’s joint-venture interest is due to increase to 11.3% after the relevant partner loans are repaid; the increase remains conditional on loan repayment.

Westwater Resources is a NYSE American-listed developer of the Kellyton graphite-processing plant and Coosa graphite deposit in Alabama. Kellyton is designed to make battery anode material, initially using purchased feedstock, with Coosa intended as a future domestic source. Coosa’s indicated mineral resource estimate, effective 30 November 2022, is approximately 26 million short tons at 2.89% graphitic carbon. A qualification line supplies material for customer trials while the main plant remains under development. In August 2026, the US Export-Import Bank approved a US$25 million loan, subject to final documentation and conditions. FCA US, part of Stellantis, terminated its offtake agreement on 3 November 2025, and SK On terminated its procurement agreement on 31 March 2026. Westwater is pursuing other customers and supplying qualification samples. Commercial plant completion still depends on financing and execution.

Zentek is a TSX Venture-listed technology company developing graphene-based coatings and materials, alongside aptamer-based therapeutic technology through Triera Biosciences. Its graphene applications include antimicrobial and corrosion-resistant products. The company also owns the Albany hydrothermal graphite project in Ontario through Albany Graphite Corp. Albany remains undeveloped; an August 2026 preliminary economic assessment examined ultra-high-purity graphite for specialty markets. Its June 2026 US joint venture is 90% owned by Zentek USA and focuses on commercial development of Albany graphite. The Albany deposit remains in the wholly owned Albany Graphite Corp. Zentek’s exposure combines technology commercialization with a graphite development asset; it is not an operating graphite miner. Nasdaq trading was suspended on 2 September 2026; US quotation moved to OTCQX under ZTEKF, while TSXV:ZEN continued.

Lithium Chile is a Calgary-based, TSX Venture Exchange-listed lithium developer with a salar-brine portfolio covering about 106,000 hectares across Chile plus roughly 29,000 hectares on the Salar de Arizaro in Salta, Argentina, its most advanced asset. In April 2025 it was awarded a CEOL exclusive lithium exploitation contract over the Salar de Coipasa in Chile, and in December 2024 it spun its non-lithium copper-gold-silver assets into a separate company, Kairos Gold.

In December 2025 the company signed a definitive agreement to sell its approximately 80% interest in the Arizaro project to China Union Holdings for US$175 million; the sale received 96% shareholder approval in May 2026 and, with its completion deadline extended during 2026, remained subject to review under Canada's Investment Canada Act and had not closed as of August 2026. If completed, the transaction would leave Lithium Chile focused on its Chilean salar portfolio, funded by the sale proceeds.

Ardea Resources is developing nickel laterite assets in Western Australia. Its Goongarrie Hub is held through Kalgoorlie Nickel Pty Ltd, in which Ardea owns 65% and a Sumitomo Metal Mining–Mitsubishi Corporation consortium owns 35%. The consortium is funding the definitive feasibility study and could increase its interest to 50% following a positive final investment decision. Ardea’s June 2026 update deferred the study’s final-report timing. Other assets, including Kalpini, have a different ownership scope.

FPX Nickel is developing the Baptiste project in British Columbia, where nickel occurs in awaruite, a naturally occurring nickel-iron alloy in ultramafic rock. A 2023 pre-feasibility study assessed a mine and concentrator, followed by further test work and project development. FPX is also studying a separate refinery concept for awaruite feed. Baptiste is not an operating mine, and the refinery remains a proposed downstream facility. The company’s development case depends on recovery performance, approvals and financing.

Critical Elements Lithium owns Rose, a proposed lithium-tantalum mine and concentrator in Québec. The project has a feasibility study, environmental authorizations and a mining lease. Its planned products are spodumene concentrate and tantalum by-product. Public infrastructure assistance and debt support are conditional, and do not amount to completed project financing or a construction decision. Rose has no commercial production.

Electra Battery Materials Corporation is a Canadian battery-materials developer listed on Nasdaq and the TSX Venture Exchange. Its principal project is a cobalt-sulfate refinery under construction at Temiskaming Shores, Ontario, designed initially to produce about 5,120 tonnes of contained cobalt a year for battery-material customers.

The refinery will process purchased cobalt hydroxide. Electra has extended a feedstock agreement with Glencore through 2031, covering commissioning and ramp-up requirements through 2027. Its commercial arrangements also include a binding term sheet with LG Energy Solution for a majority of planned production through 2029.

In its August 26, 2026 update, Electra targeted commercial production in the fourth quarter of 2027, following commissioning and ramp-up. Its broader portfolio includes the Iron Creek cobalt-copper exploration project in Idaho, battery-recycling development and prospective nickel-refining projects. Government funding and its 2025 recapitalization support construction, while commissioning, operating liquidity and delivery of saleable product remain necessary steps toward revenue.

Lunnon Metals holds nickel and gold assets in Western Australia’s Kambalda district. Its nickel portfolio includes Baker and Foster, which have been studied but lack a confirmed current processing route following the suspension of BHP’s Kambalda concentrator. Lunnon withdrew Baker’s ore reserve while retaining its nickel mineral resources. The company completed mining at its short-life Lady Herial gold open pit in early August 2026, with rehabilitation and final commercial settlement remaining at the time of the August 13 update. Further gold and nickel developments have separate approval and processing requirements.

Leading Edge Materials is a Canadian-listed developer of European mineral assets. Its graphite exposure is the Woxna mine and concentrator in Sweden, an existing facility currently on care and maintenance while the company considers restart and downstream processing options.

The portfolio also includes the Norra Kärr rare-earth project in Sweden and exploration at Bihor Sud in Romania. These projects make the company diversified across critical minerals. Woxna’s infrastructure provides a potential route back to production, but a restart remains dependent on an executable operating and financing plan.

Anson Resources is an Australian-listed developer of the Paradox and Green River lithium-brine projects in Utah’s Paradox Basin. The projects target subsurface brines and are intended to combine direct lithium extraction with conventional chemical processing to produce battery-grade lithium carbonate, with potential bromine by-products.

Paradox has feasibility-level work, while Green River is being advanced through resource definition, engineering and permitting. Anson has also worked with technology and industrial partners on pilot and demonstration programs. Both projects still require final engineering, financing, construction decisions and successful scale-up before sustained lithium sales.

E3 Lithium is developing Clearwater in Alberta's Leduc Formation. Its planned process combines oilfield-style brine production, direct lithium extraction, carbonate conversion and reinjection of depleted brine. Pilot and demonstration facilities have produced battery-grade material for qualification work. These activities do not constitute commercial production. Clearwater remains in engineering, regulatory and financing work ahead of a final investment decision.

NextSource Materials is a TSX-listed graphite producer operating the Molo mine in Madagascar and developing an anode-material facility in Abu Dhabi. Molo produces natural-flake concentrate through periodic campaigns; the proposed larger mine expansion is separate from current operations. In May 2026, NextSource approved the first UAE facility stage subject to financing conditions and staged funding gates. A July feasibility study assessed expansion of Molo to 150,000 tonnes annually, but no production decision for that expansion had been made. The study also disclosed potential Malagasy state participation, whose project-specific percentage remained undetermined.

Blencowe Resources is a London Stock Exchange Main Market-listed developer of the Orom-Cross natural-flake graphite project in northern Uganda. It owns the project and holds a mining licence covering its planned development. A May 2026 update reported a mineral resource of 64.3 million tonnes at 6.03% total graphitic carbon. The company completed a definitive feasibility study in December 2025 and updated its commercial model in May 2026. It is advancing project financing, processing testwork and customer evaluation for concentrate and downstream products. Orom-Cross remains a pre-production development.

NOA Lithium Brines is developing the wholly owned Rio Grande salar project in Salta, Argentina. An October 2025 preliminary economic assessment outlined a phased lithium-brine development. The company is advancing drilling and technical studies, with no mineral reserve or commercial production established by that assessment. NOA also holds interests at Arizaro and Salinas Grandes, giving it a broader Argentine exploration portfolio.

Greenwing Resources is an ASX-listed explorer and developer with graphite exposure through the Graphmada complex in Madagascar. Graphmada has produced natural-flake concentrate in the past and is on care and maintenance while the company evaluates further development.

Its June 2026 tenement schedule records a 45% interest in the San Jorge lithium-brine permits in Argentina, with options to acquire up to 100%. Greenwing also holds the Que River polymetallic project in Tasmania. The portfolio combines several commodities, with a future Graphmada restart dependent on technical work, financing and a development decision.

European Metals Holdings is a lithium developer whose principal asset is a 49% interest in the Cinovec lithium-tin project in the Czech Republic. The project is held through the Geomet joint venture, with Czech state-controlled utility ČEZ owning the remaining 51%, so resources, study economics and planned production are gross project figures unless stated on an attributable basis.

A definitive feasibility study completed in December 2025 outlined annual production of about 37,500 tonnes of battery-grade lithium carbonate, alongside tin by-products. The Czech government has approved a grant of up to €360 million toward development. Cinovec remains in permitting and financing and has not reached construction or commercial production; the grant and completed study support the development pathway but do not replace a final investment decision.

Jindalee Lithium is an Australian-listed developer of the 100%-owned McDermitt sedimentary lithium project in Malheur County, Oregon. The project contains a large lithium-carbonate-equivalent resource within clay-rich volcanic sediments near the Nevada border.

A November 2024 pre-feasibility study defined a probable reserve of approximately 2.34 million tonnes of lithium carbonate equivalent and modeled production of about 44,300 tonnes of lithium carbonate a year. McDermitt has received FAST-41 permitting status and federal research support, but it remains pre-construction and requires environmental review, engineering, financing and a final investment decision. In April 2026 Jindalee's wholly owned US subsidiary HiTech Minerals signed a business combination agreement with Constellation Acquisition Corp I to list the McDermitt assets on NASDAQ as US Elemental Inc., at an implied equity value of US$500 million, with Jindalee retaining more than 80% of the combined company and closing subject to shareholder and regulatory approvals. We covered the terms in our US Elemental IPO preview.

Century Lithium is developing Angel Island in Nevada, a sedimentary lithium project using hydrochloric-acid leaching, lithium extraction and an integrated chlor-alkali circuit. The 2026 feasibility study models lithium carbonate production together with sodium hydroxide sales. Its initial 40-year economic schedule averages approximately 26,500 tonnes of lithium carbonate annually. The extraction step treats leach solution from mined material. Pilot production supports process development, while commercial construction remains subject to engineering, permits, financing and an investment decision.

Focus Graphite is a TSX Venture-listed developer of the Lac Knife and Lac Tétépisca graphite projects in Québec. Work at Lac Knife focuses on environmental assessment, permitting and infrastructure planning for a proposed natural-flake graphite mine. A May 2026 update enlarged the reported resource at Lac Tétépisca, which is a separate development asset. The company also carries out graphite processing and qualification work for prospective customers. Neither project is an operating commercial mine.

Cobalt Blue Holdings Limited is an Australian minerals-processing developer listed on the ASX. Its main cobalt projects are the Kwinana refinery development in Western Australia and the wholly owned Broken Hill Cobalt Project in New South Wales. It also operates a technology centre for processing testwork and demonstration activities.

Kwinana is intended to process third-party feedstock into cobalt sulfate and cobalt metal. In its August 24, 2026 presentation, Cobalt Blue described a proposed project structure with Iwatani Australia, subject to final agreement, and targeted first production in 2028. A final investment decision is still required. Broken Hill is advancing an updated pre-feasibility study as a potential later source of refinery feed and contains cobalt with sulfur and nickel by-products.

The August 24, 2026 presentation also described work with AuKing Mining at Halls Creek and a consortium with Glomar Minerals on Project Infinity, a proposed US facility to process polymetallic nodules. These commercial developments depend on studies, financing and construction before production can begin.

South Star Battery Metals is a TSX Venture-listed company operating the first modular phase of the Santa Cruz graphite project in Bahia, Brazil. The plant produces natural-flake concentrate and the company announced its first commercial purchase order after customer qualification on 7 August 2026. The order followed sample shipments and covered 36 tonnes, with dispatch still being arranged at that announcement date. South Star plans further Santa Cruz expansion and also has a graphite development interest at BamaStar in Alabama. The initial Santa Cruz operation is much smaller than its proposed expanded capacity, with later stages dependent on development execution and financing.

Prairie Lithium is developing its wholly owned brine project in Saskatchewan. The project has an indicated resource of approximately 4.6 million tonnes of lithium carbonate equivalent. Its first stage is a permitted Pad 1 facility using direct lithium extraction, with an initial unit designed for approximately 150 tonnes of LCE a year. Construction is progressing toward targeted first output in the fourth quarter of 2026. Larger-scale output would require additional units and capital; design capacity is not current production.

LE Minerals, formerly Lithium Energy, is an ASX-listed exploration company with graphite exposure through the Burke, Mt Dromedary and Corella projects in Queensland. The projects are held through Axon Graphite. On 26 May 2026, it agreed to sell the graphite projects to M Battery Materials for A$5 million in cash and A$15 million in buyer shares. The 29 July 2026 update continued to describe the proposed sale, which remains conditional on the buyer’s proposed ASX flotation and relevant shareholder approvals, including distribution of the consideration shares. LE Minerals also pursues exploration outside graphite.

Wealth Minerals holds 95% of the Kuska lithium-brine project at Salar de Ollagüe in Chile, with the Quechua Indigenous Community of Ollagüe holding 5%. A 2024 preliminary economic assessment examined a lithium-carbonate operation using direct lithium extraction. In January 2026 the company announced acceptance of its application for a Special Lithium Operating Contract; final terms and the required decree remained subsequent steps. Kuska is a development project and has no commercial production. Wealth also pursues interests outside lithium.

Lincoln Minerals is an ASX-listed explorer focused on South Australia’s Eyre Peninsula. Its current exploration program emphasizes copper and base metals at Minbrie, including the Eagle Ridge prospect.

The company also retains the Kookaburra graphite development project. Kookaburra has been the subject of a pre-feasibility study and purification testwork, and Lincoln has entered a collaboration to assess potential graphite uses in reactor moderator materials. Kookaburra remains undeveloped. Lincoln reported no work on the project during the June 2026 quarter; the collaboration has not established a commercial reactor-material supply business.

Black Rock Mining is an ASX-listed developer with an 84% interest in the Mahenge natural-flake graphite project in Tanzania. The Tanzanian government holds the remaining 16% through the project structure. As at 30 June 2025, Mahenge had a reported mineral resource of 213.1 million tonnes at 7.8% total graphitic carbon and a probable ore reserve of 70.5 million tonnes at 8.5%. These are gross project estimates; Black Rock holds 84%. Mahenge is planned as a staged mine and concentrator development. The company has progressed preparatory work and financing discussions, including a July 2026 extension of the financial-close deadline to 30 November 2026. Main project construction remains dependent on completing funding arrangements and an investment decision.

GreenRoc Strategic Materials is an AIM-quoted developer of the Amitsoq natural-graphite project in southern Greenland. A 30-year exploitation licence was awarded on 8 December 2025. Mine studies, environmental and social assessments, and a downstream anode-material processing strategy remain in development. The company also operates a pilot facility in Denmark for graphite shaping and process development. Pilot material supports technical work and customer evaluation, while the proposed mine and commercial anode facility remain development projects.

Lithium Africa explores hard-rock lithium properties across several African countries, with much of its portfolio held through a 50:50 venture with Ganfeng. Its principal programs include Springbok in South Africa and Adzopé in Côte d'Ivoire. In July 2026 it received regulatory consent for the proposed acquisition of 70% of Springbok's mineral-rights holder, with legal transfer formalities still under way. Exploration and technical reporting have not established a mineral reserve or commercial production.

GCM Corporation, formerly Green Critical Minerals, is an ASX-listed developer of graphite products and mineral assets. Its 31 July 2026 quarterly report records an 80% earn-in stake in the McIntosh graphite project in Western Australia. The 9 March 2026 interim report disclosed that litigation with NH3 Clean Energy had prevented execution of the formal joint venture agreement.

GCM also manufactures very high density graphite products for thermal management in electronics and data centres. It reported initial DigiKey product revenue in the June 2026 quarter, although sales were not yet financially material. A June 2026 joint development agreement with ALVC covers combining GCM heat sinks with ALVC vapour chambers. Customer qualification and product development continue alongside the undeveloped mineral project.

E-Power Inc., formerly Sunrise New Energy, is a Nasdaq-listed holding company with interests in Chinese graphite anode-material operations. Its businesses manufacture synthetic graphite material for lithium-ion battery customers in Guizhou and Anhui. Its 2025 annual report lists approximately 39.35% company equity interests in Sunrise Guizhou and Sunrise Anhui, plus 1.45% held through its variable-interest entity. That contractual interest is distinct from direct equity ownership. Consolidated plant and revenue figures are therefore not wholly attributable to the listed company’s shareholders. Graphite anode materials generated almost all reported revenue in 2025. The annual report disclosed substantial doubt about the group’s ability to continue as a going concern. The company announced a move toward AI data-centre microgrid solutions in 2026, while graphite remained its established revenue business.

Sarytogan Graphite is an ASX-listed developer of the Sarytogan microcrystalline graphite deposit in Kazakhstan. The mineral resource update announced on 16 February 2026 reported 225 million tonnes at 29.2% total graphitic carbon. Its mineral texture differs from the flake deposits held by most natural-graphite developers. A 2024 pre-feasibility study assessed a staged operation producing industrial graphite and higher-purity products. The company is advancing further drilling, process development and a definitive feasibility study. Mining and commercial processing remain prospective.

Green Technology Metals is an ASX-listed lithium developer with hard-rock projects in northwestern Ontario, Canada. Its principal assets are the Seymour and Root projects, supported by the Wisa regional exploration portfolio. Seymour and Root contain indicated and inferred spodumene resources and are being assessed as potential components of a regional mining hub.

The company is advancing drilling, technical studies, environmental work, permitting and engagement with local and Indigenous communities. Its strategy includes the possibility of downstream conversion in Ontario, but no converter is operating and the company has no commercial lithium production. Project sequencing, plant scale and any integrated development configuration remain subject to feasibility work, financing and construction decisions.