12 Best Lithium Stocks to Buy in 2024

Lithium stocks are in widespread demand thanks to the commodity’s integral role in the process of manufacturing electric vehicles. Companies that deal with the discovery and development of lithium resources are therefore thought to have major upside potential over the coming decades, as lithium is an essential component in EV batteries.

For investors seeking to uncover which lithium stocks to buy in 2024, this article will dive into some of the market’s leading companies and discuss why they could be a great addition to an investment portfolio.

How we selected the top lithium stocks in 2024

This list has been selected by considering current market leaders in the lithium mining industry, with a special focus placed on companies that have the infrastructure and expertise in place to take advantage of the fast-growing EV market.

Here are the three main considerations for the top lithium stocks to buy in 2024:

1. Active investment in new mining technologies
2. Active investment in exploration to discover new lithium resources
3. Potential for upside in the company’s stock price

The 12 best lithium stocks: Discover the top investment opportunities for 2024

1. Albermarle Corporation (ALB)

Albermarle Corporation (ALB) is a leading lithium producer that consistently invests in the improvement of mining technologies. The company has a strong presence in key lithium-rich regions around the world, including the Americas, Europe, and Asia.

Albermarle places a special focus on lithium, but the company also produces a range of chemicals owing to its internal expertise and established infrastructure. Despite a poor year in terms of price action for ALB stock during 2023, the company reported growth in its quarterly earnings reports.

Key highlights:

• Leading lithium producer
• Diversified product portfolio
• Commitment to technological advancement

2. SQM (SQM)

Sociedad Química y Minera de Chile (SQM) is a leading lithium company in South America, which is considered to be home to some of the purest lithium deposits in the world. The company places a focus on sustainable mining practices, which could help it to maintain growth over multiple decades due to the trend towards greater environmental awareness.

Key highlights:

• Diversified product portfolio
• Sustainable mining practices
• Healthy financial performance

3. Livent Corporation (LTHM)

Livent Corporation (LTHM) is known for the quality and purity of its lithium production, which has helped it to establish business partnerships with EV companies such as General Motors (GM) to aid in battery manufacturing. The company invests heavily in technological research and development and has had a strong financial performance in 2023.

Key highlights:

• Quality and purity of lithium production
• Technological R&D
• Strategic partnerships with EV companies

4. Ganfeng Lithium (1772.HK)

Ganfeng Lithium (1772.HK) is recognized as one of the world’s leading producers of lithium products. The company is actively involved in the exploration, production, and processing of lithium resources. The company is strongly backed by the government in China and has a global presence, including established lithium mining infrastructure in Latin America.

Key highlights:

• Leading lithium producer
• Global presence
• Support from Chinese government

5. Tianqi Lithium Corporation (002466.SZ)

Tinaqi Lithium Corporation (002466.SZ) is involved in business activity at all levels of the lithium supply chain, from mining to processing and manufacturing. The company invests heavily in technological research and development, aiming to enhance productive efficiency in the lithium mining industry.

Key highlights:

• Strategic partnerships with EV companies
• Global presence
• Technological R&D

6. Galaxy Resources Limited (GXY.AX)

Galaxy Resources Limited (GXY.AX) is an Australian company that is prominent in the exploration of the discovery of new lithium deposits in Oceania. The company is committed to sustainable mining, which once again could serve it well over a multi-decade time frame thanks to the global trend towards environmentalism. As of 2023, Galaxy has been performing strongly in terms of its financials.

Key highlights:

• Actively invests in discovering new lithium deposits
• Sustainable mining practices
• Healthy financial performance

7. Allkem Limited (AKE.AX)

Allkem Limited (AKE.AX) is an Australian mineral resource company that is primarily known for its involvement in lithium production. The company has launched several mergers and acquisitions deals in recent years and its Salar de Olaroz project in Argentina means that it has a global presence in the lithium production market. Additionally, the price-to-earnings ratio (P/E ratio) of AKE stock is considered to be undervalued when compared against other companies on the Australian Stock Exchange.

Key highlights:

• Salar de Olaroz project in Argentina
• Global presence
• Actively invests in technological R&D

8. Pilbara Minerals Limited (PLS.AX)

Pilbara Minerals Limited (PLS.AX) has a global presence, with lithium mining projects in Australia and established shipping lines to economies around the world. The company offers tantalum processing in addition to lithium and has a significant asset via its Pilgangoora Project in Western Australia that provides plentiful deposits of each commodity.

Key highlights:

• Pilgangoora Project in Australia
• Diversified production of resources
• Sustainable mining processes

9. Lithium Americas Corporation (LAC)

Lithium Americas Corporation (LAC) is known for its involvement in the Cauchari-Olaroz lithium project in Argentina. The lithium mine is jointly run by Lithium Americas and Ganfeng Lithium, offering a deposit that is rich with high-quality lithium. Lithium Americas is actively investing in resource expansion and aims to discover more lithium deposits in South America.

Key highlights:

• Key mining projects in Argentina and the U.S.
• Sustainable mining processes
• Investing in resource expansion

10. Zijin Mining Group Co., Ltd. (2899.HK)

Zijin Mining Group Co., Ltd. (2899.HK) has a diverse portfolio of mining assets, and the company recently acquired Neo Lithium Corp. (NLC.V) to gain control of an important lithium mining project in Argentina. The buy-out was worth $737.14 million, with Neo’s 3Q project — located in ‘The Lithium Triangle’ — then becoming a significant asset to the company and giving Zijin a competitive edge in the global lithium market.

Key highlights:

• High-quality lithium production
• Active investment in R&D
• Strategic location in ‘The Lithium Triangle’

11. Piedmont Lithium Inc. (PLL)

Piedmont Lithium Inc. (PLL) is an American lithium exploration and development company that primarily focuses on lithium deposits located in the Carolina Tin-Spodumene Belt in North Carolina, USA. The company is actively seeking to expand its operations via an integrated lithium project that will deal with mining, concentration, and refining. 

Key highlights:

• Investing in resource expansion
• Supply chain integration
• Global presence

12. Sigma Lithium Resources Corporation (SGMA.V)

Sigma Lithium Resources Corporation (SGMA.V) is a leading lithium company in Brazil. Sigma has an effective monopoly over lithium processing in the southern half of the State of Bahia in Brazil, owing to strong support from the Brazilian government for resource exploration in the area. Sigma is set to be released on the NASDAQ stock exchange in the coming months.

Key highlights:

• Investing in resource expansion
• Support from Brazilian government
• Healthy financial performance

The bottom line: What is the best lithium stock to buy this year?

To recap, the top three lithium stocks to buy right now are:

1. Albermarle Corporation (ALB)
2. Livent Corporation (LTHM)
3. Ganfeng Lithium (1772.HK)

There are some great picks for lithium stocks to buy in 2024, and it could be a great time to buy. Generally speaking, lithium stock prices have dipped across the board since the beginning of 2023, and Fortune Business Insights predicted that the global lithium market will more than double between 2022 and 2030, rising from a total market cap of $37.8 billion to hit $89.9 billion by the end of the decade.

For more investment ideas about companies dealing with essential building blocks for batteries, check our selection of the best nickel stocks.