Australia is in the midst of a new mining boom, largely driven by the green energy transition and the artificial intelligence (AI) build-out.
This is generating significantly higher demand for critical minerals, such as lithium, and batteries to power new infrastructure and EVs.
Lithium prices slumped in 2023-2025 due to an oversupply, but supply/demand finally rebalanced at the start of FY26.
Lithium went on to top the charts of best-performing commodities in FY26 by a long way.
The lithium spodumene price rose about 280%, and carbonate soared 160% in FY26.
So, it's no surprise that ASX 200 lithium shares did well in terms of capital growth last year.
In fact, they shot the lights out.
Here are the top five of FY26.
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1. Elevra Lithium Ltd (ASX: ELV)
This ASX 200 lithium share roared 327% higher to $9.60 apiece in FY26.
Elevra has a diversified portfolio of mines and development projects across Québec, North Carolina, Ghana, and Western Australia.
Formed through the merger of Piedmont Lithium and Sayona Mining, Elevra's flagship is the North American Lithium Project (NAL).
In 3Q FY26, NAL generated record revenue of US$81 million, up 22% on 2Q FY26.
Year-to-date revenue was US$167 million, up 68% on the prior corresponding period.
Elevra is undertaking an accelerated expansion at NAL to bring additional production online earlier than planned.
2. PLS Group Ltd (ASX: PLS)
Formerly known as Pilbara Minerals, PLS Group shares rocketed 275% to finish FY26 at $5.02.
PLS Group is the largest lithium miner on the ASX 200 by market capitalisation.
The company's flagship is the Pilgangoora Operation, the world's largest independent hard-rock lithium mine.
PLS reported record quarterly production of 232.4kt in 3Q FY26, along with an 11% decline in unit operating costs.
The average estimated realised price for its lithium spodumene increased 61% over the quarter.
Management said the result reflected strong execution, improved plant reliability, increased run times, and consistently high lithium recovery.
3. Mineral Resources Ltd (ASX: MIN)
The Mineral Resources share price recovered 188% to finish the year at $62.65.
Value investors returned to Mineral Resources after corporate governance issues and financial concerns plagued the company in FY25.
Founder Chris Ellison faced board-imposed financial penalties of $8.8 million and loss of remuneration of up to $9.6 million for reputational damage to the company.
The board decided to stop paying dividends in order to improve the balance sheet, and the company delivered its strongest half-year result ever in 1H FY26.
The miner reported record revenue of $3.1 billion and earnings before interest, taxes, depreciation, and amortisation (EBITDA) of $1.2 billion.
Soaring lithium commodity prices and the ramp-up of MinRes' Onslow iron ore project contributed to the result.
4. Liontown Ltd (ASX: LTR)
The Liontown share price jumped 197% to $1.58 in FY26.
Liontown owns one of Australia's newest lithium operations, the Kathleen Valley Project, which only began production in early FY25.
The company sought to ramp up production in FY26 and achieved a 70% increase in 1H FY26.
This, along with soaring lithium commodity prices, resulted in a doubling of revenue year over year to $207.5 million.
In 3Q FY26, Liontown became cash flow positive and achieved its 1.5Mtpa annualised underground run-rate early.
5. IGO Ltd (ASX: IGO)
This ASX 200 lithium share ascended 77% in FY26 to close out the year at $7.37.
The highlights of FY26 for IGO included a material improvement at the Kwinana Lithium Hydroxide Refinery.
Production increased to 3,047t in 3Q FY26 vs. 2,120t in 2Q FY26, representing 51% of nameplate capacity.
Also in 3Q, nickel production at Nova increased 11%, and the mine generated $52 million of free cash flow.
Greenbushes delivered a 75% EBITDA margin in the quarter.
For 3Q FY26, the lithium and nickel producer reported group underlying EBITDA of $119 million, up from $30 million in 2Q FY26.
Net cash increased to $327 million as at 31 March.
