Lithium Energy

What Lithium Energy does

Lithium Energy, now operating as LE Minerals Limited (ASX: LEL), is an Australia-domiciled minerals exploration and development company targeting battery and precious/base metals. Originally founded and listed in 2021 as a single-commodity lithium vehicle centred on the Solaroz Lithium Project in Argentina, the company underwent a fundamental restructuring between 2024 and 2026: it divested Solaroz to CNGR for approximately A$63-97 million, was suspended from ASX quotation from October 2024 to March 2026, and was reinstated and renamed LE Minerals Limited on 29 May 2026 to reflect a diversified portfolio. The company's current asset base comprises the White Plains Lithium Brine Project in Utah (6,180 hectares, final permits secured), three Queensland graphite deposits (Burke, Mt Dromedary and Corella, totalling over 4Mt contained graphite), the Capricorn Gold-Copper Belt Project in Central Queensland spanning over 30km of the Mt Morgan Intrusive Complex, and a wholly-owned subsidiary, Axon Graphite Limited, designed to verticalise into battery anode material (BAM) production. The Mt Dromedary asset was acquired from NOVONIX in September 2025 for A$2 million, while the broader Queensland graphite portfolio was subsequently agreed to be sold to M Battery Materials Pty Ltd for A$20 million (A$5M cash plus A$15M equity) in June 2026.

The company's core technical differentiator is a non-hydrofluoric acid purification process that has achieved >99.95% TGC purity for spheronised purified graphite (SPG), with testwork demonstrating >60% overall spheronising recovery and electrical capacities of 344-356 mAh/g. White Plains targets direct lithium extraction (DLE) from brine, with geophysical surveys confirming two aquifers to ~600m depth and auger sampling returning up to 100 mg/L lithium across all 22 samples. The business model is currently asset-monetisation led rather than production-led: revenue to date has come entirely from project sales (Solaroz, planned Queensland graphite) with future revenue intended to flow from long-term offtake agreements for battery-grade lithium and graphite, supplemented by vertically integrated BAM sales via Axon Graphite targeting export markets in USA, Japan, EU, India and Korea through the Townsville port. The company employs 1-10 staff, is headquartered in Perth, Western Australia, and has not yet commenced commercial mineral production or recognised operating revenue.

Management is dominated by a tightly interlocked directorate drawn from Strike Resources, Bentley Capital, Queste Communications and Orion Equities — Executive Chairman William Johnson (MA Oxon, Oxford) brings 40+ years of resources and investment experience, Executive Director Farooq Khan is a qualified lawyer with capital markets expertise across the same group, and Executive Director and Company Secretary Victor Ho (also CFO) handles capital management and ASX compliance. Strike Resources Limited remains the largest shareholder at 27.69% as of 13 March 2026.

Name

Lithium Energy

Legal name

LE Minerals Limited

Website

https://lithiumenergy.com.au

Company type

Public

Founded year

2021

Operating status

Operating

Headcount range

1–10 employees

Short description

LE Minerals Limited (ASX: LEL, formerly Lithium Energy) is a Perth-based, pre-revenue minerals explorer developing battery and precious/base metals assets including the White Plains lithium brine project in Utah, Queensland graphite deposits, and the Capricorn Gold-Copper Belt Project, with a planned Axon Graphite subsidiary for battery anode material production.

Ownership category

akta.pro rank

Product category

Battery Minerals Exploration and Development

NAICS

Carbon and Graphite Product Manufacturing (335991)

SIC

Metal Mining (1000)

akta.pro primary industry

Battery Raw Materials Mining & Refining (Lithium, Nickel, Cobalt, Manganese, Graphite) (EUAFABAA)

akta.pro secondary industries

Exploration & Resource Development (Critical Minerals) (IMAKAFAL), Lithium Mining & Brine Extraction (IMAKAFAA)

Keywords

• Battery minerals exploration
• Lithium brine projects
• Graphite mining development
• Battery anode materials
• Gold copper exploration

Headquarters

HQ city

Perth

HQ country

Australia

HQ region

Oceania

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Technology or R&D, Personnel, Marketing or Sales, Supply Chain

Revenue model

1. Mineral project sales: Sale of exploration and development projects to strategic buyers. Completed US$63m Solaroz sale. $20m graphite assets sale to M Battery Materials.
2. Offtake agreements: Future revenue from long-term offtake agreements for battery-grade lithium and graphite products
3. Battery anode material (BAM) sales: Vertical integration through Axon Graphite subsidiary producing and selling spheronised purified graphite (SPG) to battery manufacturers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Lithium Energy (LE Minerals Limited) is a minerals exploration and development company focused on battery minerals, with key assets including the White Plains Lithium Brine Project in Utah, USA, and high-grade graphite deposits in Queensland (Burke, Mt Dromedary, Corella) feeding its vertically integrated Battery Anode Material (BAM) business through subsidiary Axon Graphite. The company targets the global lithium-ion battery and electric vehicle supply chain with sustainably produced lithium and graphite products, complemented by gold-copper exploration at the Capricorn Gold-Copper Belt Project in Central Queensland.

Product overview

Lithium Energy (LE Minerals Limited, ASX: LEL) is a minerals exploration and development company with battery minerals projects spanning four key areas: (1) Lithium brine projects including White Plains in Utah, USA (primary focus) and the now-divested Solaroz project in Argentina; (2) Graphite assets in Queensland including Burke, Mt Dromedary and Corella deposits with combined inventory exceeding 4Mt contained graphite, being developed through subsidiary Axon Graphite for vertically integrated Battery Anode Material (BAM) production; (3) Capricorn Gold-Copper Belt Project for gold, copper, molybdenum and zinc exploration in Central Queensland. The company operates a modular portfolio approach with each asset at different development stages.

Differentiator

Problem solved

Functional benefit

Brands

• Axon Graphite: Vertically integrated Battery Anode Material (BAM) business in Queensland, Australia, consisting of a BAM Manufacturing Facility and multiple high-grade graphite deposits including Burke/Mt Dromedary and Corella.

Products and services

• White Plains Lithium Brine Project Strategic lithium brine asset in Utah, USA, covering 6,180 hectares (768 mineral claims). Geophysical surveys confirm two aquifers with depth to basement up to 600 metres and auger sampling returned up to 100 mg/L lithium across all 22 samples. Targeted at supplying lithium to the US battery and EV supply chain.
• Burke Graphite Project JORC-compliant graphite deposit in North Central Queensland (~130km from Cloncurry) with Total Mineral Resource of 9.1Mt at 14.4% TGC for 1.3Mt contained graphite. Includes Indicated Resource of 4.5Mt at 14.7% TGC and Inferred Resource of 4.5Mt at 14.2% TGC. Confirmed suitable as feedstock for Li-ion battery anode production with electrical capacities of 344-356 mAh/g achieved.
• Mt Dromedary Graphite Project JORC-compliant graphite deposit with Total Mineral Resource of 12.7Mt at 14.5% TGC for 1.83Mt contained graphite, comprising Indicated Resource of 8.3Mt at 15.2% TGC and Inferred Resource of 4.3Mt at 13.2% TGC. Higher-grade zone of 8.5Mt at 18.4% TGC at 10% cut-off grade. Located in North Central Queensland approximately 30km from Cloncurry. Acquired from NOVONIX in September 2025.
• Corella Graphite Project Inferred Mineral Resource of 13.5Mt at 9.5% TGC for 1.3Mt contained graphite (5% TGC cut-off). Higher-grade zone of 4.5Mt at 12.7% TGC for 0.57Mt contained graphite at 10% cut-off. Located 30km from Cloncurry, Queensland. Part of the combined graphite inventory exceeding 4Mt contained graphite feeding into Axon Graphite's BAM production.
• Axon Graphite Battery Anode Material (BAM) Production Vertically integrated Battery Anode Material (BAM) business through wholly-owned subsidiary Axon Graphite Limited, processing graphite from Burke, Mt Dromedary and Corella deposits into spheronised purified graphite (SPG) for lithium-ion battery anode manufacturing. Uses a proprietary non-hydrofluoric acid purification process achieving >99.95% TGC purity. Target export markets: USA, Japan, EU, India and Korea via Townsville port.
• Capricorn Gold-Copper Belt Project Exploration tenements in Central Queensland surrounding the historic Mt Morgan gold mine, spanning over 30km of the Mt Morgan Intrusive Complex. Prospective for gold, porphyry copper, VMS, molybdenum and zinc mineralisation, targeting repeats of Mt Morgan-style mineralisation (which produced ~50Mt ore at 4.99 g/t Au and 0.72% Cu). Government funding secured for exploration.

Quantifiable outcome

• Spheronising recovery >60% achieved
• +3 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered minor and core.

• NOVONIXminorStrategic or Co-development Partner · 25 September 2025Acquisition of Mt Dromedary Natural Graphite Project from NOVONIX for AUD $2 million, expanding graphite asset portfolio. NOVONIX retained focus on synthetic graphite manufacturing in Chattanooga, Tennessee.
• LanshencoreStrategic or Co-development Partner · 20 June 2023Lanshen committed to build and fund a 3,000 tonne per annum (3,000tpa) lithium plant at Solaroz, representing a strategic partnership for downstream processing capability development.

Scale indicators6 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Syrah Resources: ASX-listed natural graphite developer (Balama project in Mozambique, Vidalia BAM facility in Louisiana) with a vertically integrated battery anode material strategy; the most direct comparability to LE Minerals' Axon Graphite subsidiary given its natural-graphite-to-SPG value chain targeting US/EU battery customers.
• Renascor Resources: ASX-listed developer of the Siviour natural graphite project in South Australia with planned BAM production in Australia; competes directly with LE Minerals for downstream Li-ion anode offtake and shares the natural graphite-to-purified SPG processing pathway.
• Talga Group: ASX-listed vertically integrated graphite anode producer developing the Vittangi project in Sweden; comparable as a natural graphite miner pursuing proprietary purification and BAM production targeting European EV customers.
• Lake Resources: ASX-listed lithium brine developer (Kachi project in Argentina) that previously explored direct lithium extraction; comparable to LE Minerals' White Plains brine asset and Lithium Energy's prior Solaroz exposure as a small-cap lithium brine story with similar execution risk profile.
• Vulcan Energy Resources: ASX/Frankfurt-listed developer of geothermal lithium brine in Germany's Upper Rhine Valley using DLE technology; closest comparable to White Plains on lithium-from-brine-with-DLE economics and EU-centric offtake strategy.
• International Graphite: ASX-listed (IG6) developer of the Springdale graphite project in Western Australia with planned downstream BAM micronising and purification facilities in Collie; competes with LE Minerals/Axon for the same Australian natural graphite-to-anode value chain and downstream customer relationships.

Broad incumbents

• Liontown Resources: ASX-listed hard-rock lithium developer (Kathleen Valley project, now in production); serves as a comparable for the Australian lithium development peer set with substantial resource base, though operates a larger, more advanced hard-rock asset rather than brine.
• Piedmont Lithium: US-listed (NASDAQ:PLL) lithium developer with spodumene and lithium hydroxide projects in North Carolina and Quebec; comparable for the vertically integrated lithium-to-battery-chemicals strategy and US offtake focus that complements LE Minerals' White Plains ambitions.

Emerging players

• NOVONIX: ASX/NYSE-listed synthetic graphite and battery materials company; previously held Mt Dromedary natural graphite (sold to Lithium Energy for AUD $2m) and partnered on the Axon Graphite spin-out, so is both a former asset partner and a competing anode-material business model.

Regional players

• Strike Resources: ASX-listed (SRK) iron ore and battery minerals company with 27.69% ownership of LE Minerals; shares William Johnson and Farooq Khan as overlapping directors and pursues adjacent critical minerals exposure in Peru/Australia, making it both a strategic shareholder and a related comparable.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xmobile.twitter.com/LithiumEnergy_
• LinkedInlinkedin.com/company/lithium-energy-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Lithium Energy