If you are looking for exposure to the lithium industry, then it could be worth listening to what Bell Potter is saying about a number of stocks.
Here are a few that it currently rates as buys:
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Delta Lithium Ltd (ASX: DLI)
Bell Potter is bullish on this small-cap ASX lithium stock and has a speculative buy rating and 41 cents price target on its shares.
Commenting on the lithium developer, the broker said:
DLI's core assets provide exposure to essential minerals including lithium, tantalum and rubidium; its 41% shareholding in advanced gold explorer Ballard Mining (BM1, Speculative Buy, Valuation $1.05/sh) adds material gold price leverage.
Our DLI valuation is based on conservative EV/Resource multiples at Mt Ida and Yinnetharra and a market value of DLI's BM1 shareholding. If we incorporate our BM1 valuation, our DLI valuation would lift to $0.47/sh. DLI is an asset development company with prospective operations and cash flows. Our Speculative risk rating recognises this higher level of risk and volatility of returns.
Ioneer Ltd (ASX: INR)
Another ASX lithium stock that gets the speculative thumbs up is Ioneer. The broker is feeling very upbeat on the US-based Rhyolite Ridge project, especially given the government support it has received.
Bell Potter has a speculative buy rating and 46 cents price target on its shares. It said:
INR's Rhyolite Ridge sell-down process should de-risk the project's equity funding requirements. We expect the USA DoE to remain supportive; Lithium America's (NYSE:LAC, not rated) recent US$2.3b DoE Thacker Pass (also in Nevada) debt support is a positive analogue. INR's Rhyolite Ridge project is strategic because of its US location, large scale, low cost, boric acid co-product and expansion potential. INR is an asset development company with forecast cash flows only; our Speculative risk rating recognises this higher level of investment risk and share price volatility.
Liontown Ltd (ASX: LTR)
Lithium miner Liontown has been given a buy rating and $2.48 price target. The broker likes the company due to its Kathleen Valley Lithium Project, which it notes is highly strategic. Commenting on the ASX lithium stock, it said:
LTR's 100% owned Kathleen Valley lithium project is highly strategic in terms of scale, long project life and location in a tier-one mining jurisdiction. LTR has offtake contracts with top-tier EV and battery OEMs. Over FY26, LTR will de-risk the ramp up of Kathleen Valley. LTR has a strong balance sheet with long tenor debt finance.
Vulcan Energy Resources Ltd (ASX: VUL)
A final ASX lithium stock that is rated highly by Bell Potter is Vulcan Energy. It has a speculative buy rating and $6.10 price target on the lithium developer's shares.
Bell Potter believes Vulcan Energy could be highly profitable when its Lionheart Lithium Project is operating at full capacity. It said:
VUL's Lionheart Lithium Project location (Germany), near-term production and novel technology, position VUL to benefit as lithium markets rebalance over the medium term. On our lithium price outlook (long term LH US$20,000/t), average annual EBITDA is €290m (real).
