15 Top Lithium Stocks To Buy in 2023
More and more car manufacturers are switching from manufacturing cars with internal combustion engines (ICE) to all-electric vehicles (EV), especially as EVs become more prevalent in society. One of the main components of EVs is the battery, which is made using lithium, an element that is mined only in certain parts of the world.
Due to lithium being an essential part of EVs, demand is expected to grow significantly in the coming years and decades as the demand for EVs continues to grow. The best way to invest in lithium mining is through stocks and below is a list of the best lithium stocks investors can invest in.
Best Lithium Stocks To Add to Your Portfolio in 2022
1. Albemarle Corp
Market Cap:$25.16 billion
2021 Return: 38.84%
Albemarle Corp (NYSE: ALB) is one of the largest lithium mining companies in the world, with mining operations in Australia and Chile. The company’s revenue for 2021 was $3.31 billion, of which, about 38% was directly from lithium mining. Over the past year, the company’s stock has increased to $215.06 from $156.90, representing an increase of 38.84%. The company currently has a market cap of $25.16 billion and a P/E ratio of 113.76.
2. Sociedad Química y Minera
Market Cap:$16.11 billion
2021 Return: 6.12%
Sociedad Química y Minera (NYSE: SQM) is a Chileanbased lithium mining company that also supplies chemicals, iodine, and fertilizers. The company was originally founded in 1968 and is one of the oldest, most successful, and stable lithium mining companies operating in the industry. The company’s revenue was $2.29 billion in 2021. The stock has increased 6.12% since a year ago, trading at $52.73, with a market cap of $16.11 billion.
3. Lithium Americas Corp.
Market Cap: $3.38 billion
2021 Return: 25.58%
Lithium Americas Corp. (NYSE: LAC) is one of the smaller companies on the list and is based in Vancouver, Canada. Currently, the company’s main focus is on growing lithium projects that are located in Argentina with the Caucharí-Olaroz mine and in the United States with their Thacker pass mine.
Despite not having established mines and revenues totaling about $3 million, the company has been steadily advancing operations, with the Caucharí-Olaroz mine to commence operations in mid-2022. The company’s stock is trading at $25.28 per share, an increase of 25.58% since a year ago, with a market cap of $3.38 billion.
Market Cap: $3.56 billion
2021 Return: 10.31%
livent (NYSE: LTHM) is relatively new to the industry, having been founded in 2018 and is based in Philadelphia, PA. The company is heavily involved in the lithium industry and is vertically integrated, producing many chemicals and compounds used in lithium processing and mining. The company projects revenue of about $400 million and an earnings before income, tax, depreciation, and amortization (EBITDA) of $67 million.
The company has 7 manufacturing facilities and 10 offices spread around the world in cities such as Zhangjiagang, China, Fenix, Argentina, Bromborough, England, and Bessemer City, North Carolina The company’s stock is trading at $22.05 per share, has increased 10.31% in the past year with a market cap of $3.56 billion.
5. Allkem Ltd
Market Cap: $4.3 billion
2021 Return: 66.59%
Allkem Ltd (OTCMKTS: OROCF) is the result of two mergers, Orocobre Ltd and Galaxy Resources. The outcome is a vertically integrated mining company that mines lithium and iron ore, with operations taking place in Australia. The company has revenues of $3.7 billion.
Due to the company’s vertical integration, they are able to take advantage of economies of scale for their own operations, thus increasing the company’s profit margins, which is not available to other lithium mining companies. The stock has increased significantly in the past year, has increased by 66.59% to $6.41 with a market cap of $4.2 billion.
6. Rock Tech Lithium
Market Cap: $295 million
2021 Return: -0.7%
Rock Tech Lithium (OTCMKTS: RCKTF) does not mine for lithium, instead, they are in the business of lithium development by providing the market with lithium hydroxide. The company currently does not have operations, but they do project to have an annual production of 120,000 tonnes of lithium hydroxide by 2029 from their operations. The company’s stock has declined by 0.7%, to a share price of $4.14, with a market cap of about $295 million.
7. Westwater Resources, Inc
Market Cap: $68.78 million
2021 Return: –76.28%
Westwater Resources, Inc (NYSE: WWR) is an American company that explores and develops resources that are vital to clean energy, one of which is lithium with other minerals being Graphite and vanadium. The company’s main operations location is in east Alabama, with its lithium operations being located in western Nevada and northwestern Utah. The company’s stock has declined 76.28% in the past year, down to $1.95 per share, with a market cap of $68.78 million.
8. Ganfeng Lithium
Market Cap: $68.65 million
2021 Return: 0.76%
Ganfeng Lithium (OTCMKTS: GNENF) is the largest producer of lithium derivatives in China, with a planned 200,000 tonnes of lithium carbonate equivalent (LCE) by 2025. The company was founded in 2000 and has mine operations in austral, Argentina, Mexico, and China. The company’s stock has increased 0.76% over the past year and is priced at $15.62 per share with a market cap of $28.65 billion.
9. Global Lithium Resources
Market Cap: $144.54 million
2021 Return: 432.14%
Global Lithium Resources (ASX: GL1) is an Australian lithium exploration company that owns the marble bar lithium project, located in Western Australia along with an 80% interest stake in the manna lithium project. The company is still developing its operations and as a result, has no revenue. Over the past year, the company’s stock has increased 432.14%, to $1.06 per share with a market cap of $144.54 million.
10. Arizona Lithium
Market Cap: $220.27 million
2021 Return: 110.67%
Arizona Lithium (OTCMKTS: AZLAF) is an Australian company that focuses on the exploration and development of mines in two sites, Big Sandy Project and Lordsburg Lithium Project. The company is still in the process of exploring its two sites and has no revenue. Over the past year, the stock has increased 110.67% to $0.13 and the company has a market cap of $220.27 million.
11. Lake Resources
Market Cap: $1.14 billion
2021 Return: 229.63%
Lake Resources (ASX:LKE) main focus is providing manufacturers with high purity lithium that is still environmentally friendly and cost-competitive. The company focuses on processing materials using a company Bill Gates has backed, Lilac Solutions Inc. The company has proprietary technology which has recently emerged as efficient and clean. The stock has increased by 229.63% over the past year, with a market cap of $1.14 billion.
12. Sigma Lithium
Market Cap: $980 Million
2021 Return: 176.24%
Sigma Lithium (NASDAQ: SGML) was founded in 2011 with the goal of becoming the lowest-cost producer of lithium products. The company has 3 main lithium sites, Grota do Cirilo, Sao Jose, Santa Clara, and Genipapo projects. The stock has increased 176.24% over the past year, with the current share price being $10 and the market cap being $980 million.
13. Millennial Lithium
Market Cap: $311.41 Million
2021 Return: 11.65%
Millennial Lithium (TSX-V: ML) is one of the smallest companies on the list. The company specializes in lithium extraction at its main project, Pastos Grandes in the lithium triangle of Argentina. The company recently completed a feasibility study on its project and estimates it has 179,000 tonnes of LCE and possible reserves of 764,000 tonnes of LCE. The stock has declined by 11.65% in the past year and the company’s market cap is $311.41 million.
14. Piedmont Lithium Limited
Market Cap: $760 Million
2021 Return: 14.29%
Piedmont Lithium Limited (NYSE: PLL) is a company that does not mine lithium yet but is in the business of processing economic mineral recovery. The company dates back to 1983 and is based in North Carolina. The company has 3 main sites in Quebec, Canada, Gaston County, North Carolina, and Cape Coast, Ghana. Despite not yet mining lithium and not earning revenue, the company is poised for significant growth once the mines are fully operational.
During the past year, the stock has decreased 14.29% to $45.40 and the company’s market cap is about $760 million. Due to future demand, the company is building a second us lithium plant with a capacity of 30,000 metric tonnes s per year of hydroxide.
15. Ioneer Ltd
Market Cap: $970 Million
2021 Return: 52.90%
Ioneer Ltd (OTCMKTS: GSCCF) was founded in 2001 and is headquartered in New South Wales Australia. The company has one main site that is located in the state of Nevada, the Rhyolite Ridge project and is 100% owned by the company.
Ioneer is able to mine two elements on the site, lithium, and baron, which is made into boric acid. The mine is expected to produce 22,340 tonnes of lithium carbonate and 174,378 tonnes of boric acid. The stock has risen 52.90% in the past year with a market cap of about $970 million.
The information on this site is provided for discussion purposes only, and should not be construed as investment advice. Under no circumstances does this information represent a recommendation to buy or sell securities.
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