A rising tide lifts all ships and that's exactly what's been happening with global lithium prices and ASX lithium stocks.
In the last 12 months:
- Liontown Ltd (ASX: LTR) shares have risen over 230%
- Mineral Resources Ltd (ASX: MIN) have climbed over 200%.
Liontown and Mineral Resources both focus on the development of high-quality lithium projects in Western Australia.
Image source: Getty Images
Lithium lift off
According to Trading Economics, the lithium price has risen by more than 180% in the last 12 months.
The main reason lithium prices have risen sharply over the past year is that the market has swung from oversupply toward a much tighter balance between supply and demand.
A few years ago, lithium prices collapsed because mines expanded rapidly while EV growth slowed. By mid-2025, prices had fallen roughly 90% from their 2022 peak.
While electric vehicle growth has moderated compared with the boom years, lithium demand continues to expand because of:
- EV production
- Grid-scale battery storage systems
- Renewable energy deployment
- Growing electricity-storage needs for power grids and data centers.
The rise can continue for Mineral Resources
New analysis from Bell Potter has pointed towards a continued rise for these ASX lithium stocks.
Both have received buy recommendations from the broker.
The broker has increased its price target on Mineral Resources shares to $83.00 (previously $80.50).
Bell Potter expects the company to deliver a solid quarter, driven primarily by much higher lithium prices.
Lithium production guidance implies lower sales volumes at Wodgina and Mt Marion versus the previous quarter.
However, Bell Potter believes actual production and sales could exceed guidance due to strong operating momentum and favourable market conditions.
Iron ore sales from Onslow are expected to rebound after cyclone disruptions affected the previous quarter.
Although diesel costs have increased, Bell Potter expects higher commodity prices to more than offset the cost pressure.
MIN's mining services platform delivers a stable earnings stream that is expected to expand with internal and third-party volume growth. The company is well positioned to execute its next phase of growth with potential to reinstate fully franked dividends.
From yesterday's closing price, the updated target from Bell Potter indicates a 16% upside for this ASX lithium stock.
Liontown also set to continue
Bell Potter has also increased its price target on Liontown shares to $2.90 (previously $2.65).
The broker said its Kathleen Valley lithium operations exited the last quarter with strong momentum as increased underground clean ore production led to improving recoveries.
This trend should continue as the underground mine incrementally scales to mid-2027.
Over FY26-27, LTR will continue to ramp up and de-risk Kathleen Valley. With current lithium price strength, LTR can rapidly generate cash to support incremental production expansions and shareholder returns. Kathleen Valley is highly strategic in terms of scale, long project life and location in a tier-one mining jurisdiction.
From yesterday's closing price, the updated target from Bell Potter indicates a 29% upside for this ASX lithium stock.
