ACMLRRA
Research Coverage Areas
Our work is structured around three commodity segments that together account for the majority of Australia's critical mineral production and development pipeline. Each segment follows the same quarterly review cycle described in our methodology, but the number of companies tracked and the specific filing types we prioritise differ across segments.
Quarterly Lithium Sector Review
Australia produces roughly 47% of the world's lithium supply, almost entirely from hard-rock spodumene operations in Western Australia. The sector contains four major producers (Pilbara Minerals, Mineral Resources via Mt Marion, IGO via Greenbushes, and Allkem/Livent following the Arcadium Lithium merger) alongside a longer tail of developers at various feasibility stages. Our quarterly review tracks between 12 and 18 ASX-listed entities depending on the materiality filters applied that cycle.
For each entity, we document operating cash flow from Appendix 5B filings, capital expenditure commitments (both sustaining and growth capex), and any changes to JORC resource or reserve estimates. We also note new off-take agreements, amendments to existing contracts, and any related-party transactions that appear material. The output is a structured observation document, not a research report in the institutional broker sense.
Delivery: Published quarterly on this site, typically six to eight weeks after the relevant quarter's filing deadline. Free to access, no registration required.
What this does not include
- Lithium carbonate or hydroxide price forecasts
- Company valuations or fair value estimates
- Coverage of Chilean, Argentine, or Chinese lithium operations
- Analysis of lithium-ion battery technology or chemistry trends
Nickel and Cobalt Sector Observation
The Australian nickel sector experienced a structural shift in 2023-2024 that we believe warrants ongoing documentation. Indonesian NPI supply flooded the market, pushing LME nickel prices below US$16,000 per tonne for extended periods. Multiple Western Australian operations entered care-and-maintenance. First Quantum's Ravensthorpe operation and BHP's Nickel West division both faced margin compression that their quarterly filings reflected in different ways.
Our nickel coverage tracks production status changes, quarterly cash burn rates for suspended operations, and any disclosed restart conditions or timelines. For cobalt, our focus is narrower: we note Australian-listed entities with cobalt as a by-product credit (primarily from nickel operations) and document changes in cobalt recovery rates or offtake terms where disclosed. We do not attempt to cover the Democratic Republic of Congo supply chain, which dominates global cobalt production but falls outside our ASX-centric scope.
Delivery: Published quarterly alongside the lithium review. May include interim updates if a major production halt or restart announcement occurs between scheduled cycles.
What this does not include
- Indonesian nickel or cobalt mine coverage
- HPAL technology assessments for non-Australian projects
- Electric vehicle demand forecasting that would imply nickel consumption estimates
Rare Earth Element Project Tracking
Lynas Rare Earths remains the only significant Australian rare earth producer, operating Mt Weld in Western Australia and processing facilities in Malaysia and under construction in Kalgoorlie. Beyond Lynas, approximately 15 ASX-listed companies hold tenements with declared rare earth mineralisation at various stages from exploration through to definitive feasibility study. We track which of these projects advance through milestone stages and what capital commitments accompany each transition.
The rare earth supply chain carries particular relevance for defence applications and permanent magnet manufacturing. The US Department of Defense and Japan's JOGMEC have both expressed interest in non-Chinese rare earth supply, and Australian projects feature prominently in those discussions. Our tracking documents the capital expenditure and permitting progress that underpins those strategic conversations, without making claims about geopolitical outcomes or investment attractiveness.
Delivery: Published quarterly. Standalone articles may be published between cycles when a project reaches a significant milestone (DFS completion, financing announcement, or government grant award).
What this does not include
- Rare earth price forecasting or offtake term speculation
- Geological or metallurgical assessments of deposits
- Coverage of non-ASX-listed rare earth projects globally
Standalone Research Articles
Beyond the quarterly review cycle, we publish longer-form articles examining specific market developments, regulatory changes, or sector-wide trends. Recent examples include coverage of lithium price movements between 2022 and 2025, the Western Australian nickel care-and-maintenance wave, and rare earth project milestone progress. Each article follows the same citation standards as our quarterly reviews, referencing specific ASX announcements and linking to primary sources.
Articles are written by Kenneth Martinez and reviewed before publication for factual accuracy against the filings they reference. We do not publish opinion pieces that lack a filing-based evidentiary foundation.
Delivery: Published irregularly, typically one to two articles per month. Free to access on the Articles page.
What We Do Not Offer
To avoid any misunderstanding, the following services fall outside our scope and are not available from this association:
- Personalised investment advice or portfolio recommendations
- Custom research commissioned by or funded by any ASX-listed company
- Real-time market data feeds or trading alerts
- Conference presentations, podcast appearances, or media commentary on behalf of specific securities
- Access to unpublished data, pre-release drafts, or embargoed research