Nickel, cobalt and graphite stocks

Syrah’s relevant exposure is production of active anode material and battery-grade graphite.

Syrah Resources Limited, along with its subsidiaries, specializes in the exploration, evaluation, and development of mineral deposits located in Mozambique. The company operates through two distinct segments: Balama and Vidalia. Its most significant venture is the Balama project, situated in Mozambique's Cabo Delgado Province, which extracts both graphite and vanadium. Furthermore, Syrah Resources is actively engaged in the Vidalia segment, concentrating on the assessment and advancement of downstream initiatives to produce active anode material from natural flake graphite. The natural graphite it mines is distributed worldwide to various markets, including China, Europe, India, and the Americas. The company was founded in 2007 and its corporate headquarters are located in Melbourne, Australia.

Talga’s core asset is natural graphite anode products (Talnode®-C) which benefit from shifting battery strategies.

Securing a Letter of Intent with a major Japanese trading house (Hanwa) for offtake and strategic investment validates Talga's Vittangi graphite anode project in Sweden, de-risking future project financing and commercial execution.

NOVONIX supplies synthetic graphite anode material to battery manufacturers and automotive-linked customers.

Escalation and possible Chinese graphite controls improve the commercial rationale for North American synthetic-graphite production. NOVONIX could benefit from customer qualification and localization demand as battery manufacturers seek alternatives to Chinese anode materials.

Graphite India has signed an MoU for a synthetic-graphite anode project in Maharashtra, placing it in a component category explicitly targeted by the prospective scheme. Incentive support could reduce project capital burden and improve the commercial viability of Indian anode production.

Electra is developing cobalt and nickel refining and processing capabilities, including recovery from black mass.

Electra Battery Materials Corporation, established in 2011 and headquartered in Toronto, Canada, specializes in the acquisition and exploration of mineral properties across the United States and Canada. The company's primary focus is on uncovering deposits rich in cobalt and silver. A significant asset for the company is its Iron Creek cobalt-copper project, an expansive site spanning roughly 5,900 acres within Lemhi County, Idaho. Beyond its exploration activities, Electra also manages a cobalt refinery dedicated to producing materials essential for the electric vehicle battery supply chain. The company officially adopted its current name, Electra Battery Materials Corporation, in December 2021, having previously been known as First Cobalt Corp.

ABAT operates an integrated Nevada lithium-ion battery recycling facility and produces black mass and other recovered materials for battery supply chains.

ABAT’s identified funded project is a commercial-scale lithium-ion battery recycling facility producing recovered battery minerals.

American Battery Technology Company (ABTC) specializes in the field of battery materials. The firm's activities include discovering and securing resources of critical battery metals like lithium, nickel, cobalt, and manganese. Furthermore, ABTC develops and introduces innovative technologies for extracting these essential metals, and it also commercializes holistic systems for the recycling of depleted lithium-ion batteries. Established in 2011, the company was formerly identified as American Battery Metals Corporation and currently bases its main operations in Reno, Nevada.

Nouveau Monde's Canadian battery-grade spherical-graphite production is strongly aligned with regional anode-material localization.

Nouveau Monde owns the specifically identified Matawinie graphite project and has multiple offtake arrangements relevant to the battery-material pathway.

Nouveau Monde Graphite is developing Canadian battery-grade spherical graphite capacity, an anode input for lithium-ion cells. A larger Canadian cell-manufacturing base improves the potential addressable market for its regional anode materials, but no NextStar supply agreement is disclosed.

Zentek is the direct Canadian developer proposing an integrated mine-to-purification source of ultra-high-purity graphite for strategic markets.

The PEA materially strengthens Zentek’s development case by defining a large integrated mine-to-purification project with US$817 million of initial capital, 30,000 tonnes per year of ultra-high-purity graphite output, and a 27.4% after-tax IRR. Advancement to a PFS could improve access to financing, government support, strategic partners, and eventual offtake, although construction, permitting, scale-up, and customer qualification remain unresolved.

Westwater is developing a U.S. facility to convert natural flake graphite into coated spherical purified graphite for lithium-ion batteries.

Westwater is developing U.S. coated spherical purified graphite and competes for North American battery-material customers, project financing, and qualification. Shareholder approval strengthens the likelihood that GBM will develop an additional Canadian platform competing for those scarce commercial resources, although localized-supply validation is a partial offset.

HEG is setting up a graphite-anode facility, directly matching the targeted anode-active-material category.

HEG is establishing a graphite-anode facility, directly matching the proposed incentive’s anode-active-material scope. Approval would improve project economics, accelerate capacity buildout, and create potential domestic sales to Indian cell manufacturers, supporting revenue and utilization.

Nickel Industries directly operates Indonesian mining, RKEF and HPAL assets and is expanding its Indonesian MHP, nickel sulphate and cathode footprint.

Nickel Industries Limited, headquartered in Sydney, Australia, operates in Singapore and Indonesia, focusing on nickel ore extraction and nickel pig iron production. The company possesses an 80% ownership stake in the extensive 5,983-hectare Hengjaya Mine, located within Central Sulawesi's Morowali Regency. Its portfolio also includes an 80% interest in the Ranger Nickel project and a 70% share in the Angel Nickel project. Additionally, Nickel Industries holds an option to acquire a 70% interest in the Oracle Nickel project. Founded in 2007, the company was formerly known as Nickel Mines Limited until its name was officially changed in June 2022.

Sumitomo operates nickel refining and nickel-sulfate capacity serving battery materials, giving it strong allied supply-chain alignment.

Umicore has an established battery-material recovery process producing recovered nickel and cobalt for circular supply chains.

Umicore SA operates as a materials technology and recycling company in Belgium, Europe, the Asia-Pacific, North America, South America, and Africa. It operates through Battery Material, Catalysis, Recycling, and Specialty Materials segments. The Battery Material segment develops, manufactures, and markets cathode materials and its precursors for lithium-ion batteries, as well as related refining activities of cobalt and nickel chemical refining activities; and offers integrated, circular and sustainable battery materials. Its Catalysis segment provides automotive catalysts for light-duty gasoline and diesel light, and heavy-duty diesel applications, including on-road and off-road vehicles; stationary catalysts for industrial emissions control; and produces precious metals-based compounds and catalysts for use in the pharmaceutical and fine chemicals industries, as well as fuel cell applications. The Recyling segment is involved in precious metals refining and management, jewelry and industrial metals; and treating complex waste streams containing precious and other specialty metals. This segment also produces precious metals-based materials for high-tech glass production and electronics; and offers products for chemical, electric, electronic, automotive and special glass applications. Its Specialty Materials segments offers cobalt and specialty materials, electro-optic materials, and metal deposition solutions; produces and distributes cobalt and nickel products; and supplies products for precious and non-precious metal-based electroplating and PVD coating, as well as germanium-based material solutions for the space, optics and electronics sectors. The company was formerly known as Union Minière du Haut Katanga and changed its name to Umicore SA in 2001. Umicore SA was founded in 1805 and is headquartered in Brussels, Belgium.

Fortum operates an established European hydrometallurgical recycling platform, creating direct exposure to secondary-material recovery economics.

Fortum recovers critical metals from end-of-life batteries and production waste for reuse in new lithium-ion battery chemicals, giving it positive exposure to secondary-material demand.

Recyclus receives battery gate fees and sells black mass and other recovered materials, making Technology Minerals’ subsidiary directly exposed to secondary-material economics.

SungEel HiTech Co., Ltd., based in South Korea, operates as a specialized firm dedicated to the reclamation of secondary batteries. Its primary functions involve the reprocessing of both industrial scrap and spent battery units. Leveraging an advanced process, the company extracts and produces crucial battery constituents from the resulting battery powder. These vital materials encompass nickel sulfate, cobalt sulfate, lithium carbonate, manganese sulfate, electrolytic nickel, and electrolytic copper, along with other related components. Established in 2000, SungEel HiTech maintains its main offices in Gunsan-si, South Korea.

Lifezone Metals Limited (LZM) is a company specializing in the comprehensive lifecycle of battery metals, from their initial extraction and processing to their eventual recycling. The firm delivers environmentally responsible metals, noted for their low carbon and sulfur dioxide emissions, to the burgeoning electric vehicle (EV) and battery manufacturing industries. Its primary metal offerings include nickel, copper, and cobalt. Central to its operations is the Kabanga nickel project, located in North-West Tanzania. The company's corporate headquarters are situated in Ramsey, Isle of Man.

Nickel 28 Capital Corp. is a Toronto, Canada-based enterprise, incorporated in 2019, specializing in base metals. The company maintains an 8.56% joint venture interest in the Ramu Nickel-Cobalt operation, located in Papua New Guinea. Furthermore, its assets include a collection of 13 royalty agreements pertaining to nickel and cobalt exploration and development ventures across Canada, Australia, and Papua New Guinea. Looking ahead, Nickel 28 aims to strategically expand its holdings by acquiring streams, royalties, and direct interests in mineral properties focused on battery metals. The firm adopted its current name in March 2021, having formerly been recognized as Conic Metals Corp.

International Graphite Limited produces and distributes refined graphite products. The company supplies high and ultra-high purity micronized graphite, along with battery anode materials, primarily for the lithium-ion battery market. Furthermore, it is dedicated to exploring and developing its Springdale Graphite Project, located in Hopetoun, Western Australia, which consists of two granted exploration licenses, one prospecting license, and one pending exploration license application. The company is also developing commercial downstream processing facilities in Collie, Western Australia. Incorporated in 2018, its main office is situated in North Perth, Australia.

EcoGraf Limited engages in the exploration and production of graphite products for the lithium-ion battery and advanced manufacturing markets in Tanzania and Australia. It is also involved in the recycle and manufacture of battery anode materials offered to electric vehicle, battery, and anode manufacturers. The company was formerly known as Kibaran Resources Limited and changed its name to EcoGraf Limited in December 2019. EcoGraf Limited was incorporated in 2005 and is headquartered in West Perth, Australia.

RecycLiCo Battery Materials Inc. focuses on securing, exploring, and developing mineral resource projects throughout Canada and the United States. Its exploration efforts target deposits of manganese, gold, silver, copper, cobalt, tungsten, and niobium. A significant part of the company's operations includes dedicated research and development for recycling cathode waste found in lithium-ion batteries. The firm fully owns (100% interest) two properties in British Columbia: the Rocher Deboule property, which spans approximately 1,441 hectares, and the Lonnie property, covering around 674 hectares. Furthermore, RecycLiCo holds interests in Arizona's Artillery Peak project, comprising 30 unpatented mineral claims across approximately 600 acres, along with 13 patented surface estates. Originally incorporated in 1987, the company, based in Surrey, Canada, operated as American Manganese Inc. until it adopted its current name in October 2022.

Northern Graphite is the identified current North American natural-graphite producer and plans a Canadian battery-materials facility, providing a strong allied-supply position despite its natural-graphite product focus.

Northern Graphite has a planned Canadian battery-materials pathway and therefore faces battery-grade qualification requirements, but no direct PowerCo qualification or offtake relationship is disclosed.

FPX is developing an allied refinery pathway intended to produce battery-grade nickel sulfate for EV cathode and battery supply chains.

FPX is developing a North American nickel project with a potential refinery route to battery-grade nickel sulfate. Westwin's announcement validates demand for domestic Class 1 processing and could improve the strategic value of FPX's future feedstock, although Westwin also adds a competing refining outlet and FPX remains at the study stage.

Graphite One Inc. functions as a mineral exploration enterprise with its operations centered in the United States. The company holds a significant interest in the Graphite Creek property, a vast area spanning 9,583 hectares and comprising 176 mining claims, located on Alaska's Seward Peninsula. Founded in 2006, the firm maintains its principal place of business in Vancouver, Canada. It was formerly known as Graphite One Resources Inc. until its rebranding to Graphite One Inc. in February 2019.

Canada Nickel Company Inc., along with its subsidiary, focuses on the exploration, identification, and development of nickel sulphide resources. The company holds full ownership of the Crawford Nickel-Cobalt Sulphide project, strategically located in northern Ontario, Canada. Its operations are geared towards supplying the electric vehicle, green energy, and stainless steel sectors. Established in 2019, the firm's headquarters are situated in Toronto, Canada.

Ecora Resources PLC operates as a natural resource royalty and streaming company across Australia, North and South America, Europe, and various international markets. It maintains a diversified portfolio of royalties and investments in mining and exploration interests, encompassing commodities such as cobalt, steelmaking coal, iron ore, copper, nickel, vanadium, uranium, coking coal, calcium carbonate, chromite, gold, and silver. Established in 1967 and headquartered in London, United Kingdom, the company rebranded as Ecora Resources PLC in October 2022, having formerly operated under the name Anglo Pacific Group plc.

Based in Vancouver, Canada, Electric Royalties Ltd. is dedicated to obtaining royalty interests in mining ventures and future developments. The firm primarily concentrates its efforts on a range of essential commodities, including lithium, vanadium, manganese, tin, graphite, cobalt, nickel, and copper.

Zhejiang Huayou Cobalt Co., Ltd, established in 2002 and based in Tongxiang, China, is an international enterprise focused on the development, manufacturing, and global distribution of materials essential for lithium batteries and various cobalt-based products. The company's extensive product range includes battery-grade cobalt tetroxide, cobalt sulfate, and cobalt hydroxide, alongside iron phosphate, ferric phosphate, lithium carbonate, and ternary precursors crucial for battery production. Beyond these, their offerings extend to electrodeposited copper, copper oxide, and different forms of cobalt, such as cobalt trioxide and cobalt cathodes. These materials are indispensable across diverse sectors, being integral to Li-ion battery cathodes, high-temperature alloys used in aviation and aerospace, cemented carbides, and as coloring agents and glazes. Moreover, their products play a vital role in rubber adhesives, petrochemical catalysts, magnetic materials, glass manufacturing, and the production of dyes, paints, anti-wrinkle agents, and fireworks.

GEM operates recycling and manufacturing plants that recover nickel, cobalt and other battery materials.

GEM Co., Ltd. is a key player in the recycling sector, serving both the domestic Chinese market and international clients. Founded in Shenzhen, People's Republic of China, in 2001, the company transitioned to its current name in April 2015, having previously operated as Shenzhen Green Eco-manufacture Hi-tech Co., Ltd. The company's diverse portfolio includes materials for power batteries, such as nickel-cobalt-manganese and nickel-cobalt-aluminum ternary compounds. Furthermore, GEM supplies a variety of specialized metal products, encompassing ultrafine cobalt-nickel powders, fine cobalt-nickel chemical compounds, sodium paratungstate, tungsten powders, tungsten carbide, and other rare metals, alongside cemented carbide items. Its operations also involve precious and common metals like gold, silver, palladium, copper, and rhodium. Beyond metals, GEM manufactures wood products suitable for outdoor landscaping, gardens, and municipal projects. It also produces an array of sustainable plastic goods, including recycled plastic items, plastic lumber, and logistical tools. The firm's offerings extend to various battery solutions, such as energy storage stations, uninterruptible power supplies (UPS), and batteries designed for forklifts, tricycles, aerial vehicles, and vehicle air conditioning systems. Eco-friendly bricks constitute another product line. Additionally, GEM Co., Ltd. plays a significant role in waste management through its dedicated facilities for processing electronic waste and end-of-life automobiles.

Metso is an enabling mineral-processing equipment supplier and therefore benefits from domestic refinery buildout without owning nickel supply.

Metso is a mineral-processing technology and equipment supplier that can enable new domestic black-mass refining capacity.