Corazon Mining (CZN:AU) has announced Completes Two Pools Gold acquisition
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Carbonxt Group (CG1:AU) has announced Convertible Note and Placement
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It’s been yet another historic week for gold and silver, with both setting new price records.
The yellow metal broke through US$4,200 per ounce and then continued on past US$4,300. It rose as high as US$4,374.43 on Thursday (October 16), putting its year-to-date gain at about 67 percent.
Meanwhile, silver passed US$54 per ounce and is now up around 84 percent since 2025’s start.
Gold’s underlying price drivers are no secret — factors like central bank buying and waning trust in fiat currencies have been major themes in recent years, and they continue to provide support.
But it’s worth looking at a number of other elements currently in play.
Among them are a resurgence in the US-China trade war, which has ramped up geopolitical tensions, and the ongoing American government shutdown. The closure has stalled the release of key economic data ahead of the Federal Reserve’s next meeting later this month.
There have also been troubles at two regional banks in the US — they say they were the victims of fraud on loans to funds that invest in distressed commercial mortgages. Aside from that, Rich Checkan of Asset Strategies International sees western investors entering the market.
‘We don’t have a tidal wave or a tsunami by any stretch of the imagination, but the western investor is getting back into this,’ he said, noting that for the past few years his company has mostly been selling to high-net-worth individuals and people looking for deals. ‘Now we’re having flat-out sales.’
Checkan also weighed in on where gold is at in the current cycle, saying the indicators he tracks — including the gold-silver ratio, interest rates and the US dollar — don’t point to a top.
‘They can take a breather, there’s no question about that — you almost kind of want them to. But the reality is, there’s no top in sight,’ he said. ‘I’ve got about, I don’t know, seven, eight, nine different indicators I look at for the top in a bull market for gold. None of them are firing.’
When it comes to silver, the situation is a little more complicated.
Vince Lanci of Echobay Partners explained that the London silver market is facing a liquidity crisis — while there’s not a shortage of the metal, it isn’t in the right place, and that’s creating a squeeze.
Here’s what he said:
‘London, when it needs metal, is having a hard time getting it from Asia, because China is not cooperating with the west — for good reason in their mind. And for some reason, the US is not making its metal available as robustly as it used to, to help fill refill London’s coffers. And so that creates a short squeeze.
‘There’s enough metal in the world for current needs — let’s say for today’s needs. But it’s not where it should be. So it’s a dislocation.’
Lanci, who is also a professor at the University of Connecticut and publisher of the GoldFix newsletter on Substack, also made the point that although these circumstances are front and center now, they’re just one part of the larger ongoing bull market for silver. In his view, its growing status as a critical mineral will have major implications, and a triple-digit price is realistic.
Arcadia Economics interview
As a final point, I was recently interviewed by Chris Marcus of Arcadia Economics.
It was fun being on the other side of the camera for a change, and I have a new appreciation for everyone who sits down to answer my questions. Check out the interview below.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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Pope Leo XIV, the head of the Catholic Church and a native of Chicago, is renowned as the most famous Chicago White Sox fan in the world. During a parade in Vatican City, he seized the opportunity to humorously tease a Chicago Cubs fan.
A person in the crowd was heard yelling, ‘Go Cubs!’ as Pope Leo XIV rode in the Popemobile, greeting the crowd. The first American-born Pope quickly responded, ‘Han perdido! They lost!’
The Cubs’ postseason journey came to an end after a 3-2 series loss to the Milwaukee Brewers in the NL Divisional Series. This marked the Brewers’ first postseason series win since 2018.
It was confirmed by his brother, John Prevost, following his election to the highest position in the Catholic Church in May, that Pope Leo is indeed not a Cubs fan but an avid Chicago White Sox fan.
Pope addresses Chicago Cubs fan
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It’s been a little over one year since 23XI Racing and Front Row Motorsports filed a federal lawsuit against NASCAR and its chairman, Jim France. The suit accuses the series of restraining fair competition and violating the Sherman Antitrust Act, preventing teams from competing ‘without accepting the anticompetitive terms’ it dictates.
The teams filed the lawsuit Oct. 2, 2024, in the Western District of North Carolina and claimed the ‘France family and NASCAR are monopolistic bullies.’
NASCAR has pushed back hard on the suit, filing numerous counterclaims in front of U.S. District Court Judge Kenneth Bell. The two race teams have in turn submitted numerous motions, as hearings and appeals pile up before the scheduled December 2025 trial date.
Here’s a recap and timeline of all the developments since the lawsuit was first filed:
Who owns 23XI Racing, and who are the drivers?
Basketball Hall of Famer Michael Jordan and Joe Gibbs Racing driver Denny Hamlin own 23XI Racing along with longtime Jordan advisor, Curtis Polk. The race team fields three cars in the NASCAR Cup Series. Bubba Wallace drives the No. 23 Toyota, Riley Herbst the No. 35 Toyota, and Tyler Reddick the No. 45 Toyota. Wallace and Reddick qualified for the 2025 NASCAR Cup Series playoffs but were eliminated from championship contention following the Oct. 5 race at Charlotte Motor Speedway that concluded the second round.
Who owns Front Row Motorsports, and who are the drivers?
Tennessee-based businessman Bob Jenkins, who owns a number of restaurant franchises belonging to Yum! Brands, including many KFC and Taco Bell locations, is the owner of Front Row Motorsports. FRM fields three cars in the NASCAR Cup Series: the No. 4 Ford, driven by Noah Gragson; the No. 34 Ford, driven by Todd Gilliland; and the No. 38 Ford, driven by Zane Smith.
NASCAR lawsuit timeline
Oct. 2, 2024
23XI Racing and Front Row Motorsports file antitrust lawsuit against NASCAR’s sanctioning body and CEO Jim France. The lawsuit argues that NASCAR presented a take-it-or-leave-it deal to the teams on Sept. 6, 2024, giving them until 6 p.m. to sign or risk not having a charter for the 2025 Cup Series season.
Both teams say in a statement that NASCAR operates without transparency and unfairly benefits from the sport at the expense of fans, drivers, owners and sponsors.
Nov. 4, 2024
The two sides meet in a courtroom to decide whether or not the two teams can race in 2025 without signing the charter.
Front Row Motorsports and 23XI Racing wanted a clause in the new charter agreement that prevented signees from bringing antitrust action against NASCAR waived so they could race in 2025. NASCAR argued that the charter was no longer available to 23XI Racing and Front Row Motorsports because they brought a lawsuit.
Nov. 8, 2024
23XI Racing and Front Row Motorsports’ injunction request is denied. Judge Frank Whitney ruled that it was too soon for both teams to meet the standards of harm that would justify the request.
Nov. 26, 2024
23XI Racing and Front Row Motorsports file a new preliminary injunction request, providing examples of how both teams could lose their drivers and sponsors without being guaranteed a charter for the 2025 season. Both teams were in the process of gaining a third charter from the downsizing Stewart-Haas Racing team for the 2025 season. The new request included those acquisitions as potential harm done without the injunction.
Dec. 2, 2024
NASCAR motions to dismiss the lawsuit. The sanctioning body argued it is not a monopoly in stock car racing and that NASCAR does not want to work with the two teams because of the suit. NASCAR also indicated it would not allow the two teams to acquire a charter from Stewart-Haas Racing without accepting the new charter agreement.
Dec. 12, 2024
Both teams argue NASCAR backtracked on initial approval for acquiring a charter from Stewart-Haas Racing. NASCAR reiterated its original request to dismiss the lawsuit and stated both teams were now seeking more than what was in previous filings. As such, it should be viewed as a new motion.
Dec. 16, 2024
The teams and NASCAR agree on a Jan. 10 deadline for initial disclosures. NASCAR asked for discovery to be completed by Oct. 17, the two teams asked for that to be completed by July 18.
Dec. 18, 2024
Judge Bell grants 23XI Racing and Front Row Motorsports their preliminary injunction request.
Bell, who took over on the case in early December from Judge Whitney, rules that both teams can race with their original two charters in 2025 as the lawsuit continues. He cites the possibility of losing drivers as a clear reason to grant the request. Bell also found that NASCAR holds monopoly power in stock car racing.
Dec. 23, 2024
Judge Bell rules that both Front Row Motorsports and 23XI Racing be approved for a third charter acquired from Stewart-Haas Racing but in different ways. NASCAR had to approve Front Row Motorsports’ acquisition, but 23XI Racing had to ask the court specifically for the charter purchase to be approved by NASCAR in a separate motion.
Jan. 10, 2025
Judge Bell denies NASCAR’s motion to dismiss the lawsuit, stating, ‘this case is going to be tried this year, and deserves to be tried this year.’
Bell also denied NASCAR’s motion to have both teams post bond in excess of $10 million for each of their cars. NASCAR had argued for that in case it won the lawsuit and was entitled to damages, but Bell reasoned the sanctioning body could ask for damages at a later date.
Feb. 12, 2025
NASCAR files its appellate brief to the injunction that allows 23XI Racing and Front Row Motorsports to operate as charter teams while suing NASCAR for antitrust violations.
NASCAR argued that the two teams are not likely to succeed on the merits of the case, reiterating that 13 of 15 teams signed the charter agreement, there are other racing options 23XI Racing and Front Row Motorsports could join and the NASCAR Cup Series can’t be the defined ‘market’ when it comes to antitrust issues.
March 5, 2025
NASCAR files counterclaim, stating 23XI Racing and Front Row Motorsports violated antitrust laws during negotiations for a new charter agreement. These claims include that the teams colluded to get better terms, and 23XI Racing co-owner Curtis Polk tried to boycott a qualifying event.
Chris Yates, lead attorney for NASCAR in this case, stated that they believe the two teams misused antitrust laws to force a renegotiation.
March 14, 2025
23XI Racing and Front Row Motorsports file response to NASCAR’s brief to appellate court on Feb. 12, which opposed the judge allowing the teams to operate charters while suing NASCAR for antitrust violations.
March 26, 2025
23XI Racing and Front Row Motorsports motion to dismiss NASCAR’s March 5 counterclaim, arguing there’s no evidence of an attempted boycott and that teams work together in negotiations, just like in other sports.
April 9, 2025
23XI Racing and Front Row Motorsports subpoena Formula 1 as well as NFL, NBA and NHL teams to provide evidence on how other sporting bodies and their teams operate.
May 9, 2025
A three-judge panel hears the appeal by NASCAR to an injunction ruling on Dec. 18, 2024 allowing 23XI Racing and Front Row Motorsports to race as chartered teams in 2025 while this legal battle plays out.
June 5, 2025
The U.S. Court of Appeals for the Fourth Circuit rules in favor of NASCAR and revokes the Dec. 18 injunction. The judges note in their ruling that there is no precedent for this case and the teams’ antitrust argument ‘is not supported by any case of which we are aware.’
They also reason that there’s no indication that the teams will likely be successful in their lawsuit.
June 17, 2025
In a hearing for a motion to throw out NASCAR’s counterclaim of collusion, the teams’ attorney, Jeffrey Kessler, outlines the teams are looking for:
- NASCAR divestment of racetracks it also owns, currently 20 on the Cup Series calendar
- NASCAR to no longer prohibit Cup tracks to run similar stock car races
- NASCAR to no longer prohibit Next Gen cars to be used in non-NASCAR events
- Insure two teams can compete as chartered teams going forward
- Financial damages to be tripled
June 18, 2025
In a new filing for NASCAR’s March 5 counterclaim, NASCAR asks for chartered teams in the Cup Series grid to turn over financial documents, calling some of these ‘critical to NASCAR’s defense.’
June 20, 2025
23XI Racing and Front Row Motorsports ask for a rehearing following the June 5 appeals court ruling overturning the injunction, which allowed them to compete as chartered teams during the 2025 season.
June 25, 2025
Judge Bell denies 23XI Racing and Front Row Motorsports’ motion to dismiss NASCAR’s counterclaim, stating that the sport had done enough to continue its counterclaim. But he also narrowed the amount of financial information other chartered teams had to provide NASCAR.
July 9, 2025
The U.S. Court of Appeals for the Fourth Circuit hears the two teams’ argument for reversing the June 5 decision, which would revoke their charters during the 2025 season, and denies their request.
July 14, 2025
Ahead of the NASCAR Cup Series race at Dover Motor Speedway, the two teams looked for a potential way to remain chartered and decided on filing for a restraining order and new preliminary injunction.
The teams argued NASCAR informed them they’d ‘immediately move to sell or issue Plaintiffs’ charters to other entities,’ which could keep the teams from getting their charters back.
July 17, 2025
23XI Racing and Front Row Motorsports are denied a temporary restraining order to keep NASCAR from revoking their chartered status and are forced to compete as open teams for upcoming races at Dover and Indianapolis. The teams each have had three cars with chartered status this season, but that status expired after the U.S. Court of Appeals reversed an earlier injunction.
July 22, 2025
Judge Bell sets an Aug. 28 hearing on a new motion from 23XI Racing and Front Row Motorsport for an injunction to keep them chartered for 2025. Bell writes in his order that NASCAR has represented to the court that the teams will be guaranteed spots in races and that NASCAR will not sell nor transfer the charters in question until a ruling on the injunction.
Aug. 19, 2025
NASCAR files response to the teams’ motion that they return to chartered status for the rest of the 2025 season. NASCAR states in its filing that it must start the process of selling those charters immediately, and 23XI Racing and Front Row Motorsports should be forced to return the money awarded to them as chartered teams for the first half of the 2025 season.
Aug. 25, 2025
In filings in advance of an Aug. 28 hearing for a new injunction requested by 23XI Racing and Front Row Motorsports to retain their charters, NASCAR says it plans to issue a charter to an unnamed team for the 2026 season. The teams said in their own filing that if the charters they had earlier this year are sold, they would shut down ‘following the 2025 Cup Series season.’
The teams’ filing also alludes to ‘smoking-gun documents that admit NASCAR viewed competitive entry as a threat’ and ‘internal NASCAR documents with top executives describing how NASCAR used its monopoly power to impose a one-sided’ charter agreement.
Sept. 3, 2025
Judge Bell denies the preliminary injunction request from 23XI Racing and Front Row Motorsports seeking to remain chartered teams following an Aug. 28 hearing, ruling they would not suffer irreparable harm.
NASCAR tells the court it won’t change any rules that would keep 23XI Racing and Front Row Motorsports from missing the final nine races of 2025 and it would leave at least six charters available in case it loses at trial.
Oct. 3, 2025
NASCAR files a motion for summary judgment, making a final attempt to get the case dismissed before the scheduled December 2025 trial. In its motion, NASCAR submits statements from several NASCAR team owners and executives supporting the charter system and urging the litigation be resolved in a way that ‘does not put the sport at risk’ and ‘before any real damage is done to the sport.’
23XI Racing and Front Row Motorsports attorney Jeffrey Kessler issues a statement saying the teams are willing to have settlement talks and that the owners’ statements support their case.
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Rodman and Monterrey’s Daniela Monroy competed over a ball along the touchline in the 37th minute, with the California native appearing to suffer the injury as she attempted to poke the ball loose.
Rodman stayed down before signaling that she needed help from the trainers, and looked to be in serious pain as she was attended to. Spirit staff carried her off the pitch at Audi Field, with Rodman placing no weight on her right leg. Washington would eventually substitute her, sending Brittany Ratcliffe on in the 41st minute.
During the halftime break, Rodman headed from the Spirit bench to the locker room on crutches.
‘We need to wait until tomorrow,’ Spirit coach Adrián González told reporters after the match. ‘She’s going to get scanned tomorrow, and we will have more information.’
The injury comes at a difficult time for Rodman and the USWNT. Earlier on Wednesday, she received her first call-up since April, having overcome a long-term battle with a persistent back injury over the summer.
Since returning to the pitch for the Spirit, Rodman has been in imperious form. The 23-year-old was named the NWSL Player of the Month in September after scoring three times and adding two assists across four games. Rodman scored again for Washington this past Saturday in a 1-1 road draw against the North Carolina Courage.
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Miami Dolphins quarterback Tua Tagovailoa opened up his scheduled press conference on Wednesday with a public apology to his teammates.
“As a leader of this team, of the Miami Dolphins. The comments that had been said, I would say I’ve made a mistake, and I’m owning up to that right now,” Tagovailoa said to reporters. “I’ve talked to guys on the team about it, talked to the leaders about it. They know my heart. They know that the intent was right, but no matter the intent, the intent can be right, but when things get misconstrued or however the media wants to portray it that leaves a void of silence and a lot of questions for the guys on our team.
“For myself, I got to look at myself as, as the leader, protecting the team. I don’t feel like I did that to the best of my abilities. I felt like I let the emotions of the game get to me after the game. That’s something that I can learn from as a leader on this team. And what happens in house should be protected, and none of that should have gotten out. And so want to publicly apologize about that.”
Tagovailoa’s apology came in the aftermath of the 29-27 Week 6 loss to the Los Angeles Chargers. The quarterback called out his teammates during the postgame press conference for being late or skipping team meetings.
Many people around the league have criticized Tagovailoa for airing out the team’s dirty laundry.
“I think regardless of intent and what was on Tua’s mind after a loss as the franchise quarterback, that’s not the forum to displace that. I think he knows that now. I do honestly believe there was no ill intention,” Dolphins coach Mike McDaniel said earlier this week. “What I do know is that he’s directly communicated with a lot of guys…That’s what teammates do and you live and you learn.”
Tagovailoa and the Dolphins are in the midst of a frustrating season. The quarterback’s seven interceptions are the third most in the NFL entering Week 7.
The 1-5 Dolphins are off to their worst start since the 2021 season. Three of their five losses have been within one score. McDaniel and Dolphins general manager Chris Grier are both rumored to be on the hot seat.
Miami’s on the road this week against the Cleveland Browns.
‘I want to move forward,’ Tagovailoa said. ‘Now I want to focus on the Cleveland Browns.’
Follow USA TODAY Sports’ Tyler Dragon on X @TheTylerDragon.
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New York Knicks guard Malcolm Brogdon announced his retirement from the NBA on Wednesday, Oct. 15.
Brogdon played for five teams over his nine years in the league and was expected to play his 10th season as a member of the New York Knicks before announcing his decision to retire.
He was the 2016-17 Rookie of the Year and the 2022-23 Sixth Man of the Year. While he had still shown an ability to compete at a high level in recent years, Brogdon was expected to be a backcourt depth piece and reserve playmaker.
Here’s what Brogdon’s announcement means for him and the New York Knicks:
Why did Malcolm Brogdon retire?
Brogdon released a statement on his decision to retire.
“I have proudly given my mind, body and spirit to the game over the last few decades,” Brogdon said. “… I am deeply grateful to have arrived at this point on my own terms. …”
What does this mean for Knicks’ roster?
With Brogdon’s decision to retire, New York is expected to have an open roster spot.
He had only been with the team for a month and would have had to compete for minutes on the floor with backup guards Jordan Clarkson, Miles McBride and Landry Shamet on the roster.
What does this mean for Knicks’ salary cap?
NBA teams had until Saturday to waive a player on a non-guaranteed contract and not incur a salary cap charge, according to SNYtv’s Ian Begley.
Brogdon was one of three veterans on the roster, along with Shamet and Garrison Mathews, to be on non-guaranteed deals with the Knicks.
Brogdon signed a 1-year deal worth $2.3 million with the Knicks on Sept. 15.
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For a long time, most of the world’s lithium was produced by an oligopoly of US-listed producers. However, the sector has transformed significantly in recent years.
Interested investors should cast a wider net to look at global companies — in particular those listed in Australia and China, as companies in both countries have become major players in the industry.
While Australia has long been a top-producing country when it comes to lithium, China has risen quickly to become not only the top lithium processor and refiner, but also a major miner of the commodity. In fact, China was the third largest lithium-producing country in 2024 in terms of mine production, behind Australia and Chile.
Chinese companies are mining in other countries as well, including top producer Australia, where a few are part of major lithium joint ventures. For example, Australia’s largest lithium mine, Greenbushes, is owned and operated by Talison Lithium, which is 51 percent controlled by Tianqi Lithium Energy Australia, a joint venture between China’s Tianqi Lithium (SZSE:002466,HKEX:9696) and Australia’s IGO (ASX:IGO,OTC Pink:IPDGF). The remaining 49 percent stake in Talison is owned by Albemarle (NYSE:ALB). Joint ventures can offer investors different ways to get exposure to mines and jurisdictions.
Mergers and acquisitions are common in the lithium space, with the biggest news in the industry recently being Rio Tinto’s (ASX:RIO,NYSE:RIO,LSE:RIO) acquisition of Arcadium Lithium for US$6.7 billion in March of this year. The acquisition transforms Rio Tinto into a global leader in lithium production with one of the world’s largest lithium resource bases.
As for Chile, the country’s lithium landscape is changing following the December 2024 announcement that, as a part of its National Lithium Strategy toward public-private partnerships, the government opened up the process of assigning special lithium operation contracts to a total of 12 priority areas.
All in all, lithium investors have a lot to keep an eye on as the space continues to shift. Read on for an overview of the current top lithium-producing firms by market cap. Data was current as of October 1, 2025.
Biggest lithium-mining stocks
1. Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO)
Market cap: US$112.17 billion
Share price: AU$122.58
Rio Tinto, a global powerhouse in the resource sector for decades, is mostly known for its iron and copper production. However, in recent years, the mining giant has been expanding its position in the world’s lithium market.
In March 2025, the company cemented its position as one of the biggest lithium-producing companies in the world with the US$6.7 billion all-cash acquisition of Arcadium Lithium, the lithium giant formed after the US$10.6 billion merger of lithium majors Allkem and Livent.
Rio Tinto is consolidating Arcadium’s assets with its own under a new unit called Rio Tinto Lithium, adding brine operations at Salar del Hombre Muerto and Olaroz in Argentina, as well as the Mount Cattlin hard-rock mine in Australia, which entered care and maintenance in March of this year. Arcadium also brings lithium hydroxide capacity in the US, Japan and China.
At the time, Rio Tinto said the acquisition will increase its lithium carbonate equivalent production capacity to over 200,000 metric tons (MT) annually by 2028.
The move follows Rio Tinto’s 2022 acquisition of Argentina’s Rincon project, where a 3,000 MT per year pilot battery-grade carbonate plant entered production in November 2024. Construction for the 60,000 MT expanded plant begins in Q4 2025, with first production expected in 2028.
In May 2025, Rio Tinto strengthened its South American lithium portfolio through a joint venture deal with Chile’s state miner Codelco to develop the high-grade Salar de Maricunga lithium project in Chile’s Atacama Region.
The deal gives Rio Tinto a 49.99 percent stake in exchange for up to US$900 million in staged investments, including US$350 million for studies and development, US$500 million toward construction, and an additional US$50 million if production begins by 2030.
In another deal focused on the Atacama Region, in July Rio Tinto penned a binding agreement with state-owned Empresa Nacional de Minería (ENAMI) to form a joint venture for the Salares Altoandinos lithium project. Under the deal, Rio Tinto will take a 51 percent stake and invest up to US$425 million in cash and technology contributions, including its direct lithium extraction (DLE) technology.
2. Ganfeng Lithium (OTC Pink:GNENF,SZSE:002460,HKEX:1772)
Market cap: US$14.79 billion
Share price: US$5.47
Founded in 2000 and listed in 2010, Ganfeng Lithium has operations across the entire electric vehicle battery supply chain. Even though it is relatively new compared to some companies on the list, Ganfeng has become one of the world’s largest producers of both lithium metals and lithium hydroxide. This is due to its strategy of investing heavily in overseas projects to secure long-term lithium resources, with its first such investment in 2014.
Ganfeng Lithium holds a global lithium portfolio including operations in Argentina, Australia, China, Mexico and Mali.
In Argentina, the company has a 51 percent stake in the Caucharí-Olaroz lithium brine operation with Lithium Argentina (TSX:LAR,NYSE:LAR). Additionally, Ganfeng brought its US$790 million Mariana project in Argentina into production in February of this year. The Mariana mine is situated on the Llullaillaco salt flat, and has the capacity to produce 20,000 MT of lithium chloride per year. The company also owns LitheA, which controls two lithium salt lakes in Argentina’s Salta province.
Ganfeng executed a 67/33 joint venture with Lithium Argentina in August 2025 that will consolidate Ganfeng’s Pozuelos-Pastos Grandes project with Lithium Argentina’s Pastos Grandes and Sal de la Puna projects. The merged operation, representing US$1.8 billion in existing investments, aims to produce up to 150,000 MT per year of lithium carbonate equivalent through a three phase development approach that will employ DLE and solar evaporation.
In Mali, Ganfeng operates the Goulamina lithium mine, which entered production in December 2024. Goulamina has a mine capacity of 506,000 MT of spodumene per year, and Ganfeng’s goal is to double that capacity to 1 million MT per year. The Malian government holds a 35 percent stake in Goulamina and Ganfeng holds the remaining 65 percent after purchasing joint venture partner Leo Lithium’s (ASX:LLL,OTC Pink:LLLAF) interest.
Ganfeng has a controlling interest in Mexico-focused Bacanora Lithium and its Sonora lithium project, as well as a 49 percent stake in a salt lake project in China owned by China Minmetals. It also holds a non-operating 50 percent interest in the Mount Marion mine in Western Australia through its 50/50 joint venture with Mineral Resources.
On the sales side, Ganfeng has supply deals with companies such as Tesla (NASDAQ:TSLA), BMW (OTC Pink:BMWYY,ETR:BMW), Korean battery maker LG Chem (KRX:051910), Volkswagen (OTC Pink:VLKAF,FWB:VOW) and Hyundai (KRX:005380).
3. SQM (NYSE:SQM)
Market cap: US$12.05 billion
Share price: US$44.20
SQM has five business areas, ranging from lithium to potassium to specialty plant nutrition. Its primary lithium operations are in Chile, where it is a longtime producer, and it is now also producing lithium in Australia.
In Chile, SQM sources brine from the Salar de Atacama; it then processes lithium chloride from the brine into lithium carbonate and hydroxide at its Salar del Carmen lithium plants located near Antofagasta.
Chile’s aforementioned National Lithium Strategy has created some uncertainty for SQM, but the government has stated that it will respect its current contracts, which run through 2030.
In May 2024, state-owned Codelco and SQM formed a joint venture in which Codelco will hold a 50 percent stake plus one share to give it majority control. As of 2031, the state will begin receiving 85 percent of the operating margin of the new production from SQM’s operations.
Outside South America, SQM operates the Mount Holland lithium mine and concentrator in Australia through Covalent Lithium, a 50/50 joint venture with Wesfarmers (ASX:WES,OTC Pink:WFAFF). In July 2025, Covalent Lithium produced its first battery-grade lithium hydroxide at its Kwinana refinery, and expects to reach nameplate capacity of 50,000 metric tons per year by the end of 2026.
SQM has a long-term supply deal with Hyundai (KRX:005380) and Kia (KRX:000270) to provide lithium hydroxide for electric vehicle batteries from its future lithium hydroxide supply. SQM also has supply agreements with Ford Motor Company (NYSE:F) and LG Energy (KRX:373220).
4. Tianqi Lithium (OTC Pink:TQLCF,SZSE:002466,HKEX:9696)
Market cap: US$10.8 billion
Share price: 47.57 Chinese yuan
Tianqi Lithium, a subsidiary of Chengdu Tianqi Industry Group, is the world’s largest hard-rock lithium producer. The company has assets in Australia, Chile and China. It holds a significant stake in SQM.
In Australia, Tianqi holds a 51 percent stake of the Tianqi Lithium Energy Australia joint venture with IGO. The joint venture has a 51 percent interest in the Greenbushes mine and wholly owns the Kwinana lithium hydroxide plant.
The world’s largest hard rock lithium mine, Greenbushes entered production in 1985 and now has spodumene concentrate production capacity of 1.5 million MT per year. The joint venture updated the total mineral resources at Greenbushes in February to 440 million MT at an average grade of 1.5 percent lithium oxide, and its total ore reserve estimate to 172 million MT grading 1.9 percent lithium oxide.
The Kwinana lithium hydroxide plant processes lithium spodumene feedstock from Greenbushes. The refinery has struggled to reach its nameplate capacity of 24,000 MT due to technical issues, high costs and more.
Construction work for the Phase 2 expansion at Kwinana, which would have doubled its capacity, was terminated in January 2025 due to the current low-price environment for lithium making it economically unviable.
As of late August, the partners are in discussions about a path forward for the refinery, and Tianqi signaled it is open to renegotiating partner IGO’s 49 percent stake.
Earlier in the year, Tianqi Lithium announced collaborations with a number of academic research institutions including the Institute for Advanced Materials and Technology of the University of Science and Technology Beijing on the research and development of next-generation solid-state battery materials and technology.
5. Albemarle (NYSE:ALB)
Market cap: US$10.5 billion
Share price: US$85.42
North Carolina-based Albemarle is dividing into two primary business units, one of which — the Albemarle Energy Storage unit — is focused wholly on the lithium-ion battery and energy transition markets. It includes the firm’s lithium carbonate, hydroxide and metal production.
Albemarle has a broad portfolio of lithium mines and facilities, with extraction in Chile, Australia and the US, as well as lithium carbonate and hydroxide facilities in China and Taiwan.
Looking first at Chile, Albemarle produces lithium carbonate at its La Negra lithium conversion plants, which process brine from the Salar de Atacama, the country’s largest salt flat. Albemarle is aiming to implement direct lithium extraction technology at the salt flat to reduce water usage.
Albemarle’s Australian assets includes the MARBL joint venture with Mineral Resources (ASX:MIN,OTC Pink:MALRF). The 50/50 JV owns and operates the Wodgina hard-rock lithium mine in Western Australia. Albemarle wholly owns the on-site Kemerton lithium hydroxide facility. The company’s other Australian joint venture is the aforementioned Greenbushes mine, in which it holds a 49 percent interest alongside Tianqi and IGO.
As for the US, Albemarle owns the Silver Peak lithium brine operations in Nevada’s Clayton Valley, which is currently the country’s only source of lithium production. In its home state of North Carolina, Albemarle is planning to bring its past-producing Kings Mountain lithium mine back online, subject to permitting approval and a final investment decision. The mine is expected to produce around 420,000 MT of lithium-bearing spodumene concentrate annually.
Albemarle has received US$150 million in funding from the US government to support the building of a commercial-scale lithium concentrator facility on site. The US Department of Defense has given the company a US$90 million critical materials award to boost its domestic lithium production and support the country’s burgeoning EV battery supply chain.
6. PLS (ASX:PLS,OTC Pink:PILBF)
Market cap: US$5.36 billion
Share price: AU$2.36
PLS, formerly named Pilbara Minerals, operates its 100 percent owned Pilgangoora lithium-tantalum asset in Western Australia. The operation entered commercial production in 2019 and consists of two processing plants: the Pilgan plant, located on the northern side of the Pilgangoora area, which produces a spodumene concentrate and a tantalite concentrate; and the Ngungaju plant, located to the south, which produces a spodumene concentrate.
PLS has recently completed a few critical expansion projects at Pilgangoora. Its P680 expansion, for a primary rejection facility and a crushing and ore-sorting facility, was completed in August 2024. The P1000 expansion, targeting a spodumene production increase at the site to 1 million MT per year, was completed in January 2025 ahead of schedule and within budget. The company says the ramp-up to full capacity is expected to be completed in the third quarter of 2025.
PLS and its joint venture partner Calix are developing a midstream demonstration plant at Pilgangoora using Calix’s electric kiln technology to reduce the carbon footprint of spodumene processing, decreasing transport volumes and improving value-add processing at the mine. After garnering a AU$15 million grant from the Western Australian Government, construction of the project is expected to be completed in the fourth quarter of 2025.
The company made a move to expand its footprint in Brazil in August 2024 with the acquisition of Latin Resources (ASX:LRS,OTC Pink:LRSRF) and its Salinas lithium project. The project’s resource estimate, which covers the Colina and Fog’s Block deposits, stands at 77.7 million MT at 1.24 percent lithium oxide. The AU$560 million deal was approved by the Western Australia Government in January 2025.
PLS and joint venture partner POSCO (NYSE:PKX) launched South Korea’s first lithium hydroxide processing plant in late 2024, which will be supplied with spodumene from Pilgangoora. PLS also has offtake agreements with companies such as Ganfeng, Chengxin Lithium Group and Yibin Tianyi Lithium Industry.
In May 2025, PLS powered up a new lithium battery energy storage system at its Pilgangoora operation, completing Stage 1 of its power strategy. The system is designed to boost power stability and reliability while reducing intensity of emissions related to power at the site.
7. Mineral Resources (ASX:MIN,OTC Pink:MALRF)
Market cap: US$5.33 billion
Share price: AU$39.58
Australia-based Mineral Resources (MinRes) is a commodities company that mines lithium and iron ore in the country.
Two of MinRes’ lithium mines are joint ventures with other companies on this list. MinRes’s Wodgina mine in Western Australia is operated by the 50/50 MARBL joint venture with Albemarle. MinRes also owns 50 percent of the Mount Marion lithium operation through a joint venture with Ganfeng Lithium.
Production of lithium concentrate began at Mount Marion in 2017, and all mining is managed by MinRes, which also has a 51 percent share of the output from the spodumene concentrator at the site. MinRes completed the expansion of Mount Marion’s spodumene processing plant in 2023. Currently, the plant has an annual production capacity of 600,000 MT spodumene concentrate equivalent.
In August 2024, in light of lithium’s low price environment, MinRes decided to lower production at Mount Marion and Wodgina for the fiscal 2025 year, focusing on improving performance and reducing stripping ratios. Production at Mount Marion ultimately decreased by 21 percent to 514,000 dry MT of spodumene concentrate in its FY2025. On the other hand, it increased by 18 percent to 502,000 dry MT at Wodgina.
MinRes acquired the Bald Hill lithium mine, which is also located in Western Australia, in 2023. The company released an updated mineral resource estimate in November 2024 of 58.1 MT at 0.94 percent lithium oxide, up 168 percent from the prior June 2018 estimate.
In the same news release, MinRes announced that it would have to place the mine on care and maintenance until global lithium prices improve. The final shipment of Bald Hill spodumene concentrate was made in December 2024.
More large lithium mining companies to watch
Aside from the world’s top lithium producers profiled above, a number of other large lithium companies are producing this key electric vehicle raw material, including:
FAQs for investing in lithium
Is lithium a metal?
Lithium is a soft, silver-white metal used in pharmaceuticals, ceramics, grease, lubricants and heat-resistant glass. It’s also used in lithium-ion batteries, which power everything from cell phones to laptops to electric vehicles.
How much lithium is there on Earth?
Lithium is the 33rd most abundant element in nature. According to the US Geological Survey, due to continuing exploration, identified lithium resources have increased to about 115 million metric tons worldwide. Global lithium reserves stand at 30 million MT, with production reaching 240,000 MT in 2024.
How is lithium produced?
Lithium is found in hard-rock deposits, evaporated brines and clay deposits. The largest hard-rock mine is Greenbushes in Australia, and most lithium brine output comes from salars in Chile and Argentina.
There are various types of lithium products, and many different applications for the mineral. After lithium is extracted from a deposit, it is often processed into lithium carbonate, lithium hydroxide or lithium metal. Battery-grade lithium carbonate and lithium hydroxide can be used to make cathode material for lithium-ion batteries.
What country produces the most lithium?
The latest data from the US Geological Survey shows that the world’s top lithium-producing countries are Australia, Chile and China, with production reaching 88,000 metric tons, 49,000 metric tons and 41,000 metric tons, respectively.
Global lithium production reached 240,000 metric tons of lithium in 2024, up from 204,000 MT in 2023, according to the US Geological Survey. About 87 percent of the lithium produced currently goes toward battery production, but other industries also consume the metal. For example, 5 percent is used in ceramics and glass, while 2 percent goes to lubricating greases.
Who is the largest miner of lithium?
The world’s largest lithium-producing mine is Talison Lithium and Albemarle’s Greenbushes hard-rock mine in Australia, which produced 1.38 million metric tons of spodumene concentrate in its fiscal year 2024. The top-producing lithium brine operation was SQM’s Salar de Atacama operations in Chile, with 2024 production of 201,000 metric tons of lithium carbonate equivalent.
Who are the top lithium consumers?
The top lithium-importing country is China by a long shot, and second place South Korea is another significant importer. China is also the top country for lithium processing, and both are home to many companies producing lithium-ion batteries.
Why is lithium so hard to mine?
The different types of lithium deposits come with their own challenges.
For example, mining pegmatite lithium from hard-rock ore is known for being expensive, while extracting lithium from brines requires vast amounts of water and processing times that can sometimes be as long as 12 months. Lithium mining also comes with the difficulties associated with mining other minerals, such as long exploration and permitting periods.
What are the negative effects of lithium?
Both major forms of lithium mining can have negative effects on the environment. When it comes to hard-rock lithium mining, there have been incidents of chemicals leaking into the water supply and damaging the local ecosystems; in addition, these operations tend to have a large environmental footprint.
As mentioned, lithium brine extraction requires a lot of water for the evaporation process, but it’s hard to understand the scope without numbers. It’s estimated that approximately 2.2 million liters of water are required to produce 1 metric ton of lithium, and that can sometimes mean diverting water from communities that are experiencing drought conditions. This form of lithium extraction also affects the condition of the soil and air.
Will lithium run out?
Although future demand for lithium is expected to keep rising due to its role in green energy, the metal shouldn’t run out any time soon, as companies are continuing to discover new lithium reserves and are developing more advanced extraction technologies. Additionally, there are companies working on technology to recycle battery metals, which will eventually allow lithium from lithium-ion batteries to re-enter the supply chain.
What technology will replace lithium?
Researchers have been working on developing and testing a variety of lithium alternatives for batteries. Some of these options include hydrogen batteries, liquid batteries that could be pumped into vehicles, batteries that replace lithium with sodium or magnesium and even batteries powered by sea water. While nothing looks ready to replace lithium-ion batteries right now, there is potential for more efficient or more environmentally friendly options to grow in popularity in the future.
How to buy a lithium stock?
Investors are starting to pay attention to the green energy transition and the raw materials that will enable it.
When it comes to choosing a stock to invest in, understanding lithium supply and demand dynamics is key, as there are unique factors to watch for in lithium stocks. The main demand driver for lithium is what happens in the electric vehicle industry, which is expected to keep growing, and also the energy storage space. Analysts remain optimistic about the future of lithium, with many predicting the market will be tight for some time.
Investors interested in lithium stocks could consider companies listed on US, Canadian and Australian stock exchanges. They can also check out our guide on what to look for in lithium stocks today.
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
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The gold price rose to repeated record highs during the third quarter of the year, breaking through significant milestones of US$3,700 and US$3,800 per ounce.
The price rises were fueled by several factors, including safe haven demand led by economic uncertainty as US tariffs continued to impact the broader economy, as well as falling interest rates following the US Federal Reserve’s 25-basis-point cut to its benchmark rate in September.
Additionally, a government shutdown provided even more momentum on September 29, as Democrats and Republicans failed to reach a funding agreement. It marked the first time in seven years that lawmakers were not able to close funding gaps, forcing a shutdown of most federal government offices.
The gold bull market has been a boon for gold producers following several years of increasing costs and smaller margins, and has also lifted gold exploration and development companies.
Data for this article was retrieved on October 1, 2025, using TradingView’s stock screener, and only companies with market capitalizations greater than C$10 million are included.
1. Talisker Resources (TSX:TSK)
Year-to-date gain: 390.63 percent
Market cap: C$204.34 million
Share price: C$1.57
Talisker Resources is a gold exploration and development company focused on advancing its flagship Bralorne gold project in British Columbia, Canada, towards production from the Mustang underground mine.
The brownfield project consists of the historic Bralorne mine complex, which hosts three past-producing mines: Bralorne, Pioneer and King. Throughout their lifetimes, these mines produced 4.2 million ounces of gold, but operations were halted in 1971 due to low gold prices.
A January 2023 resource estimate outlines an indicated resource of 33,000 ounces of gold from 117,000 metric tons of ore with an average grade of 8.9 grams per metric ton (g/t) gold, along with an inferred resource of 1.63 million ounces from 8 million metric tons of ore at 6.3 g/t.
On January 8, Talisker announced that its 2025 Mustang mine plan had been reviewed by inspectors from the BC Ministry of Mines and Critical Minerals, and on February 11, the company indicated that early-stage work at the site had begun and was on schedule. Further updates throughout the first and second quarters indicated that development was continuing, noting the blasting of a diamond drill bay on March 26 and the lateral development toward the Alhambra vein on April 9.
On July 30, Talisker reported that it entered into three definitive agreements with metals trader Ocean Partners, including two sales agreements, under which Ocean Partners will buy 100 percent of gravity and sulfide gold concentrates produced under Talisker’s current milling agreement. The third agreement makes Ocean Partners the exclusive agent for end-to-end transport of concentrates from the mill to international buyers.
The most recent update from the mine came on September 8, when Talisker announced that it had completed its first sale, selling 707 ounces of gold from Bralorne for US$2.3 million. The company stated that the sale marked a key milestone as it transitions from developer to active producer.
After climbing through Q3, shares of Talisker reached a year-to-date high of C$1.66 on October 6.
2. Troilus Gold (TSX:TLG)
Year-to-date gain: 347.46 percent
Market cap: C$504.70 million
Share price: C$1.32
Troilus Gold is advancing its namesake property in Northern Québec, Canada. The project is situated within the region covered by Plan Nord, a 25 year, C$80 billion development initiative focused on mining launched by the Government of Québec.
A May 2024 feasibility study for the Troilus project revealed financials with a post-tax net present value of US$884.5 million, an internal rate of return of 14 percent and a payback period of 5.7 years based on a gold price of US$1,975 per ounce.
The included mineral resource estimate reports a probable mineral reserve of 6.02 million ounces of gold from 380 million metric tons of ore at an average grade of 0.49 g/t gold. It also hosts probable copper and silver reserves of 484 million pounds and 12.15 million ounces respectively.
Troilus has spent much of 2025 raising funds for the project’s development. The most significant came on March 13, when the company executed a mandate letter for a non-binding term sheet to arrange a debt financing package of up to US$700 million. The package is underpinned by four letters of intent from global export credit agencies in late 2024 for up to US$1.3 billion in combined potential financing.
On June 18, the company entered into an offtake agreement for gold-copper concentrate with German smelting company Aurubis (OTC Pink:AIAGF,XETRA:NDA), and the two companies signed a memorandum of agreement on August 26, establishing terms for the long-term offtake deal.
On July 10, Troilus entered into another commercial offtake agreement for copper and gold concentrates, this time with global metals company Boliden.
According to Troilus, these offtake agreements will be executed in connection with the previously announced US$700 million in debt financing.
Shares of Troilus reached a year-to-date high of C$1.42 on October 6.
3. Euro Sun Mining (TSX:ESM)
Year-to-date gain: 300 percent
Market cap: C$72.47 million
Share price: C$0.18
Euro Sun Mining is a development-stage company advancing its Rovina Valley copper-gold project in Romania. The project’s mining license received full approval for 20 years in 2018, with the option to renew it in five year increments.
An updated feasibility study from March 2022 shows a post-tax net present value of US$512 million and an internal rate of return of 20.5 percent, assuming a base case gold price of US$1,675 and a copper price of US$3.75 per pound.
Proven and probable mineral reserve estimates for the site include 1.84 million ounces of gold and 197,522 metric tons of copper from 123.3 million metric tons of ore with an average grade of 0.47 g/t gold and 0.16 percent copper.
Shares of Euro Sun saw significant gains around the same time as a March 25 announcement that the EU included Rovina Valley on its first list of strategic assets. The inclusion, which Euro Sun applied for in May 2024, will enable the company to expedite permitting at Rovina Valley and shorten the development timeline.
On May 7, Euro Sun reported it met with Romania’s Minister of the Environment to discuss the advancement of the project. Both parties agreed that a single point of contact was needed to ensure compliance and fulfill requirements under the CRMA framework. The company plans to submit an updated environmental act in the near future.
On June 20, Euro Sun signed a copper concentrate prepayment facility for up to US$200 million with private metals trader Trafigura, with the funding going toward permitting and investment to advance Rovina over the next 18 months.
Then, on July 11, the companies entered into a definitive pre-development facility agreement, with Trafigura making a facility of up to US$2.5 million available to Euro Sun for general corporate purposes while negotiating the terms of the US$200 million prepayment facility.
Euro Sun and Trafigura also agreed to a binding offtake agreement for up to 100 percent of commercial production for nine years or until a specified quantity of metals is delivered.
Shares of Euro Sun reached a year-to-date high of C$0.235 on August 14.
4. Vista Gold (TSX:VGZ)
Year-to-date gain: 282.5 percent
Market cap: C$369.28 million
Share price: C$3.06
Vista Gold is a development company advancing its flagship Mount Todd project in the Northern Territory, Australia, to production. The site covers an area of 153,700 hectares and hosts two significant gold deposits, Batman and Quigley.
Vista Gold has invested more than US$110 million since it acquired the property in 2006, with expenses including more than 60,000 meters of drilling along with metallurgical testing. The company has also received environmental and operating permits to begin development at Mount Todd.
On July 29, Vista Gold released its feasibility study for Mount Todd evaluating near-term development of a smaller, 15,000 metric ton per day operation compared to the option in 2024’s feasibility study. The new report demonstrated strong project economics, indicating an after-tax net present value of US$1.1 billion, with an internal rate of return of 27.8 percent and a payback period of 2.7 years, assuming a gold price of US$2,500 per ounce.
Once complete, the mine is expected to produce an average of 146,000 ounces of gold per year over a 30 year mine life, with an average of 153,000 ounces of gold over the first 15 years.
Additionally, an included updated mineral resource estimate reports a measured and indicated resource of 9.12 million ounces of contained gold from the property, with an average grade of 0.83 g/t, derived from 340.43 million metric tons of ore.
Shares in Vista Gold spiked in September, reaching a year-to-date high of C$3.08 on September 19.
5. International Tower Hill Mines (TSX:ITH)
Year-to-date gain: 250 percent
Market cap: C$473.98 million
Share price: C$2.45
International Tower Hill Mines is an exploration and development company focused on advancing its Livengood gold property in Alaska, US.
The property, situated in the Tolovana Mining District, comprises multiple patented, state, and federal mining claims spanning an area of 19,546 hectares. Extensive gold exploration has been conducted at the site since the early 1900s, resulting in the production of more than 500,000 ounces of gold in the area.
A 2021 pre-feasibility study demonstrated a significant resource: The site hosts proven and probable reserves of 9 million ounces of gold with an average grade of 0.65 g/t gold from 430.1 million metric tons of ore.
The economic case suggested an after-tax net present value of US$45 million, with an internal rate of return of 5.3 percent and a payback period of 10.4 years, assuming a gold price of US$1,680 per ounce.
International Tower Hill Mines announced on March 4 that it had completed a non-brokered private placement for gross proceeds of US$3.9 million.
The funds were largely earmarked for a US$3.7 million work plan announced on March 12, with a significant focus on the metallurgical study of antimony mineralization in the stibnite at the Livengood gold project. The plan also includes advancing baseline environmental data collection and waste rock geochemical analysis to support permitting efforts, as well as community engagement.
Results from the metallurgical tests, released on September 4, indicated that the stibnite at Livengood also carried significant grades of antimony, with one assay sample submitted for revaluation returning a grade of 4.19 g/t gold and 2.75 percent antimony.
The company stated that the results warrant a further phase of test work to assess how the samples respond to flotation and determine the characteristics of any resulting concentrates.
Shares in International Tower Hill Mines reached a year-to-date high of C$2.60 on October 3.
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
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