US hydrogen stocks

The US hydrogen market is well established, accounting for “more than half the world’s fuel cell vehicles, 25,000 fuel cell material handling vehicles, more than 8,000 small scale fuel systems in 40 states, and more than 550 MW of large-scale fuel cell power installed or planned,” according to the Fuel Cell and Hydrogen Energy Association.

The US was also the top exporter of hydrogen in 2023 with US$2.15 billion in exports based on data from the Observatory of Economic Complexity (OEC).

Looking at the medium to long term, the picture has become a little more opaque after the new Trump administration targeted some of the strong government incentives.

In July 2025, Congress cut the window for Section 45V hydrogen tax credits by five years, requiring green hydrogen projects to begin construction before 2028 to be eligible. The move comes alongside the Trump administration’s decision to delay hydrogen loans and cancel emissions-reduction grants.

These changes prompted Commodity Insights analysts to halve their forecast for 2050 US green hydrogen production to 4.7 million metric tons compared to their 2024 prediction of 9.3 million. The firm also reduced its 2030 forecast for US electrolyzer installations by 60 percent to 2.5 million gigawatts.

While green hydrogen faces setbacks, blue hydrogen remains supported by Section 45Q carbon capture credits and demand from Japan and South Korea.

1. Linde (NYSE:LIN)

Market cap: US$222.58 billion
Share price: US$474.69

Leading global industrial gases and engineering company Linde has been producing hydrogen for more than a century and is a pioneer in new hydrogen production technologies. Linde’s operations cover each step of the hydrogen value chain, from production and processing through distribution and storage. The company also uses its gases for industrial and consumer applications.

Globally, the company has more than 500 hydrogen production plants. Through its ITM Linde Electrolysis joint venture, Linde has become one of the world’s leading suppliers of green hydrogen produced using proton exchange membrane (PEM) electrolyzer technologies. This also makes it one of the few green hydrogen stocks.

In August 2024, Linde signed a US$2 billion long-term supply agreement to supply clean hydrogen to Dow (NYSE:DOW) subsidiary Dow Canada’s Path2Zero project in Fort Saskatchewan, Alberta.

In response to the regulatory uncertainties under the Trump Administration, Linde announced in its Q4 2024 earnings call that 90 percent of its US clean hydrogen projects will be focused on blue hydrogen, which is created by reforming natural gas with carbon capture storage. Blue hydrogen is more cost effective to produce, and although it is not zero emission like green hydrogen, it is more environmentally friendly than grey hydrogen produced with coal.

While Linde does not report separated data for its hydrogen segment, the company’s Q2 2025 results reported a 3 percent year-over-year uptick in overall sales to US$8.5 billion.

2. Air Products & Chemicals (NYSE:APD)

Market cap: US$64.83 billion
Share price: US$291.32

Founded in 1940, Air Products & Chemicals sells industrial gases and chemicals and provides related equipment and expertise to a wide range of industries, including the refining, chemical, metals, electronics, manufacturing, and food and beverage segments.

In addition to producing oxygen, nitrogen, argon and helium, the company operates more than 100 hydrogen plants and maintains the world’s largest hydrogen distribution network. Air Products has an extensive hydrogen-dispensing technology patent portfolio and has been involved in more than 250 hydrogen-fueling projects worldwide.

Air Products also has a joint venture project now under construction with ACWA Power (SR:2082) and NEOM Company in Saudi Arabia. Called the NEOM Green Hydrogen Complex, the operation will be powered by 4 gigawatts of renewable power from solar and wind to produce 600 metric tons per day of carbon-free hydrogen, which it says will be delivered in the form of green ammonia. Once production begins at the complex in 2026, Air Products will be the sole off-taker and plans to deliver the green ammonia to Europe’s transport sector.

Air Products’ Louisiana Clean Energy Complex, its largest US investment, is also making headway, with first production expected in 2028. The complex will produce blue hydrogen for power mobility and industrial markets in the Gulf Coast region and other markets.

In August 2025, Air Products completed the first fill of NASA’s new liquid hydrogen sphere, the largest of its kind in the world, delivering over 730,000 gallons of hydrogen. Standing 90 feet tall and 83 feet wide, the sphere will supply fuel for NASA’s Artemis missions, which aim to return humans to the Moon and establish a sustained lunar presence. The company has been working with NASA since 1957.

3. Cummins (NYSE:CMI)

Market cap: US$53.97 billion
Share price: US$391.69

Indianapolis-based Cummins designs, manufactures and distributes engines, filtration and power-generation products with a specialization in diesel and alternative fuel engines and generators.

In March 2023, the company announced the launch of a new brand, Accelera, which features “a diverse portfolio of zero-emissions solutions, includ(ing) battery systems, fuel cells, ePowertrain systems and electrolyzers.” The brand encompasses Cummins’ established battery electric and hydrogen fuel cell systems, as well as electrolyzers for hydrogen refueling stations. Shortly after, Accelera began production at its first US electrolyzer facility, located in the state of Minnesota.

The hydrogen fuel cell company showcased its next generation B6.7H hydrogen engine at the April 2024 Intermat Sustainable Construction Solutions and Technology Exhibition in Paris. The following month heralded the launch of Accelera’s next-gen hydrogen fuel cell technology for commercial vehicles, specifically the FCE300 and FCE150 fuel cell engines.

Accelera inked a deal in February 2025 to supply a 100 megawatt PEM electrolyzer system for BP’s (LSE:BP,NYSE:BP) Lingen green hydrogen project in Germany. The system is Accelera’s largest to date and uses its HyLYZER PEM electrolyzer technology.

In March 2025, Cummins joined academics, energy leaders and transportation experts as a founding member of the Hydrogen Engine Alliance of North America, which aims to advance hydrogen internal combustion engines (H2-ICE) alongside zero-emission technologies to support sectors where electrification isn’t possible yet. Cummins is preparing to launch its X15H hydrogen engine under its HELM platform.

Canadian hydrogen stocks

Like its neighbor to the south, Canada is a world leader in hydrogen and fuel cell technologies, especially when it comes to innovation, research and development. The country reportedly generates C$200 million in hydrogen technology exports according to data from January 2023. In terms of the global hydrogen market, the country exported $385 million worth of hydrogen in 2023, ranking ninth overall according to the OEC.

The federal government is heavily invested in the sector both in terms of funding and the implementation of clean energy policies. “The Hydrogen Strategy for Canada laid out a framework that focuses low-carbon hydrogen as a tool to achieve our goal of net-zero emissions by 2050, while creating jobs, growing our economy, expanding exports and protecting our environment,’ Natural Resources Canada states.

In British Columbia, the Government of Canada invested C$9.4 billion to launch a new Clean Hydrogen Hub that will use electrolyzer technology and hydroelectricity to generate hydrogen that can be sold to industry users.

On the global stage, Canada and its trading partner Germany have agreed to each commit C$300 million for a total of C$600 million to launch Atlantic Canada’s hydrogen export industry, which will send hydrogen to Germany. However, delays due to factors including high hydrogen prices and inflation as well as lack of infrastructure have pushed the expected start of exports back from 2025.

1. Ballard Power Systems (TSX:BLDP)

Market cap: C$775.49 million
Share price: C$2.64

Ballard Power Systems is a global leader in hydrogen fuel cell technology and is working to accelerate the adoption of this technology. The company develops and manufactures PEM fuel cell products that create electrical energy from the combination of hydrogen and air. Ballard’s products are designed for heavy-duty trucks, buses, trains and marine applications, as well as backup power storage.

Two of Ballard’s 200 kilowatt fuel cell modules are located on the world’s first hydrogen-powered ferry, operated by Norwegian company Norled. The company also supplied its FCmove-HD hydrogen fuel cell modules to global carbon-reduction company First Mode, now owned by Cummins, which used them to power retrofits for several hybrid hydrogen and battery ultra-class mining haul trucks.

In early 2024, Ballard struck a deal to supply 100 FCmove-HD+ modules to NFI Group, which the pair raised to 200 in November. The fuel cells will be used in the latter’s New Flyer next generation Xcelsior CHARGE FC hydrogen fuel cell buses, which will be deployed across the US and Canada. The company also announced in April of that year that it had secured its largest order ever — 1,000 hydrogen fuel cell engines to be supplied to European bus manufacturer Solaris between 2024 and 2027.

Ballard signed another multi-year supply agreement with an Egypt-based company named Manufacturing Commercial Vehicles, in which Ballard will supply 50 FCmove-HD+ fuel cell engines to support projects in the European Union with deliveries expected between 2025 and 2026.

In July 2025, the company initiated a restructuring strategy to reduce operating costs by 30 percent and achieve positive cash flow by the end of 2027. Ballard also penned a deal with eCap Marine to supply 6.4 MW fuel cells to be installed on two Samskip marine vessels.

During its Q2 2025 period, Ballard reported total revenue of US$17.8 million, up 11 percent year-on-year, while revenue from its heavy-duty mobility segment increased by 22 percent to US$16.1 million.

2. Tidewater Renewables (TSX:LCFS)

Market cap: C$126.35 million
Share price: C$3.55

Tidewater Renewables produces renewable diesel and hydrogen at its facilities located near Prince George in British Columbia, Canada. The plant has a nameplate capacity of 3,000 barrels per day of renewable diesel and 23.7 metric tons per day of hydrogen. It began production during Q4 2023 using feedstock that included soybean and canola oil.

Tidewater is now focused on expanding operations at the site to produce sustainable aviation fuel, targeting 2028 for first production.

For Q2 2025, Tidewater reported that its renewable diesel and renewable hydrogen (HDRD) complex operated at 72 percent capacity, down from 98 percent a year earlier, after a minor April 1 fire temporarily halted production. Operations resumed mid-April, with utilization improving steadily.

The company secured offtake contracts for more than 70 percent of its H2 2025 production in, planning to sell the remainder on the spot market.

3. Westport Fuel Systems (TSX:WPRT)

Market cap: C$66.28 million
Share price: C$3.80

Headquartered in Vancouver, British Columbia, Westport Fuel Systems supplies advanced alternative fuel delivery components and systems to the transportation industry worldwide. This includes its high pressure direct injection (HPDI) fuel system for commercial vehicles, which can run on biogas, liquified natural gas (LNG), hydrogen and other alternative fuel products.

The company has operations in partnership with leading global transportation brands across more than 70 countries across Europe, Asia, North America and South America.

One of those partners is Swedish automaker Volvo Group (STO:VOLV-B). Under the Cespira joint venture, the pair has commercialized Westport’s HPDI fuel system technology for long-haul and off-road applications. As of mid-2025, the company reported there were 9,000 trucks on the road using the platform fueled by LNG.

In March 2025, Westport announced a binding deal to sell its Italian light-duty business, Westport Fuel Systems Italia, to Netherlands-based Heliaca Investments for US$73.1 million, with potential earnouts of up to US$6.5 million. The deal closed in July.

With a leaner focus, Westport announced its plans going forward, including opening a Hydrogen Innovation Center and manufacturing facility in China in late 2025, aiming to tap into the country’s rapidly growing hydrogen market. The site will focus on research, development and collaboration to support local demand and advance clean transportation solutions.

The company will also move its European manufacturing operations to its existing technology center in Canada, uniting its manufacturing capacity with its North American innovation hub. It also plans to increase its focus on expanding Cespira’s market presence to North America.

Australian hydrogen stocks

Australia is another important hotspot for investing in hydrogen. The Australian Government says that ‘over AU$200 billion is currently in the investment pipeline for hydrogen and derivatives,’ accounting for 20 percent of announced renewable hydrogen projects worldwide.

The Australian government’s National Hydrogen Strategy, which it updated in 2023, highlights its intention to position the country as a “major player” in the global hydrogen market by 2030. To this end, Australia has partnered with a number of other nations on hydrogen technology.

Australia and Germany are working together on a hydrogen technology development program that will help Australia build out its capacity to export hydrogen to Germany as it seeks to reduce its reliance on fossil fuels. Through a partnership with Japan, Australia is developing new hydrogen fuel cell technology and looking to establish the world’s first clean liquefied hydrogen export pilot project, and its government has invested more than AU$500 million in the development of regional hydrogen hubs across the country.

In May 2024, the Australian government announced an AU$22.7 billion package to bolster the country’s domestic manufacturing and renewable energy sector, including AU$6.7 billion for renewable hydrogen production starting in mid-year 2028 through the 2039/2040 fiscal year.

1. Hazer Group (ASX:HZR)

Market cap: AU$91.62 million
Share price: AU$0.34

Technology development company Hazer Group is working to commercialize the HAZER Process, a low-emission hydrogen and graphite production process initially developed at the University of Western Australia. It uses iron ore as a process catalyst to convert natural gas and similar feedstocks into hydrogen for use as an industrial chemical and in fuel cells, as well as into high-quality synthetic graphite for use in lithium-ion batteries.

Hazer started operations at its commercial demonstration plant in early 2024 and it is now producing hydrogen and graphitic carbon.

In May 2024, the company inked an agreement with Canadian utility company FortisBC for the development of a hydrogen production facility in British Columbia that will use Hazer’s proprietary technology. The proposed commercial production facility will have a design capacity of up to 2,500 metric tons per year of clean hydrogen and approximately 9,500 metric tons per year of Hazer graphite.

The company announced in March 2025 that it had successfully completed its commercial reactor test program, validating a commercial scale-up reactor design. ‘The equipment was designed to mimic key aspects of the Hazer Process for producing hydrogen and graphite at commercial scale, and the completion of this testing is a major milestone for the government support from CleanBC,’ the press release states.

In June, Hazer entered a non-binding MOU with UK-based EnergyPathways to explore a hydrogen production facility within the Marram energy storage hub in Northwest England. The proposed plant would produce up to 20,000 metric tons of hydrogen annually, alongside ammonia and graphite using feedstock from Marram. Both parties plan to move toward a binding agreement following concept engineering studies.

In a July update, Hazer Group said its strategic alliance with Kellogg Brown and Root (NYSE:KBR) is advancing the global commercial rollout of the Hazer Process. Now in full execution, the partnership has deployed teams across Australia, the UK and the US.

2. Gold Hydrogen (ASX:GHY)

Market cap: AU$82.11 million
Share price: AU$0.45

Gold Hydrogen is a natural hydrogen exploration and development company with a focus on making new hydrogen and helium discoveries in South Australia using recorded government data with modern exploration techniques.

Through exploration at its wholly owned Ramsay project in 2024, Gold Hydrogen has demonstrated air-corrected hydrogen purity levels of up to 95.8 percent, as well as helium purity levels of 20 to 25 percent in groundwater and up to 36.9 percent at surface.

“To have an initial world first to see Hydrogen and Helium to surface is very exciting for our further ongoing exploration and drilling programs in even better locations,” Gold Hydrogen Managing Director Neil McDonald stated in an August 2024 interview.

Gold Hydrogen announced in February 2025 that it had received a AU$6.45 million research and development tax refund associated with its natural hydrogen and helium exploration activities for the fiscal year ended June 30, 2024. The refund will help fund the company’s 2025 work to delineate the hydrogen and helium accumulation at Ramsay with further drilling at its Ramsay-1 and Ramsay-2 wells.

In July, Gold Hydrogen received binding commitments for a AU$14.5 million strategic investment from Toyota Motor (NYSE:TM,TSE:7203), Mitsubishi Gas Chemical (TSE:4182) and ENEOS Xplora. The proceeds will support its Q4 drill program, and also be used towards advancing commercialization opportunities through the strategic collaboration.

3. Pure Hydrogen (ASX:PH2)

Market cap: AU$36.23 million
Share price: AU$0.09

Pure Hydrogen is focused on becoming a leading producer and supplier of hydrogen and hydrogen-fuel-cell-powered vehicles such as buses and waste collection vehicles. The company has several partnerships with companies for its technology. Pure Hydrogen’s hydrogen-fuel-cell-powered Prime Mover truck was displayed at the Brisbane Truck Show in 2023.

Pure Hydrogen has a 40 percent stake in the Turquoise Group, an Australian clean energy company, as well as exclusive long-term acquisition rights for the company’s future hydrogen production. Turquoise Group announced in May 2024 that it had produced the first graphene powder and hydrogen during testing at its commercial demonstration plant in Brisbane, Queensland.

In August 2024, Pure Hydrogen registered Australia’s first hydrogen-powered semi-truck, the Hydrogen Fuel Cell 110kW 6×4 Prime Mover.

Pure Hydrogen’s majority-owned subsidiary HDrive confirmed in January 2025 that it had sold two Taurus 70 metric ton hydrogen fuel cell prime movers to Australian logistics services provider TOLL Transport as part of a broader AU$2 million package. The vehicles are slated for delivery in the fourth quarter of the calendar year.

In April, Pure Hydrogen executed a commercial agreement with hydrogen technology provider Hydrexia, granting access to Hydrexia’s mobile hydrogen refueling stations and related service support through a phased delivery. Hydrexia specializes in hydrogen solutions for production, storage, transport and end-use applications.

As noted in the statement, the rollout marks the first stage of broader cooperation between the companies to support hydrogen development in Australia and internationally.

Pure Hydrogen signed a strategic distribution deal for the South American market with an Argentinian renewable energy company in July.

The company has also made multiple significant sales of its hydrogen fuel cell trucks in Q3, including its first North American sale of a hydrogen cell refuse truck as part of a term sheet with California-based Riverview International Trucks. In the Australian market, it sold two Prime Mover trucks to one company and a second concrete agitator truck to another, worth over AU$3 million combined.

Pure Hydrogen proposed a rebranding and company name change to Pure One in July, which shareholders will vote on at its annual general meeting later this year.

FAQS for hydrogen investing

Investor Insight

International Lithium offers investors exposure to the growing critical metals sector through its advanced-stage Raleigh Lake lithium-rubidium project in Ontario, early-stage copper-cobalt exploration at Firesteel in Ontario, and strategic focus on Southern Africa, all supported by strong infrastructure and a seasoned leadership team.

With strategic divestments, a robust financial position, and a focused growth strategy, International Lithium is well-positioned to meet the rising demand for lithium and other critical metals

Overview

International Lithium (TSXV:ILC,OTC:ILHMF,FRA:IAH,OTCQB:ILHMF) is a Canada-based mineral exploration company focused on the discovery and development of lithium and other critical metals essential for the transition to a cleaner, greener planet. With a portfolio of projects located in mining-friendly jurisdictions, the company’s primary objective is to build shareholder value by advancing its key assets towards production while expanding its presence in emerging critical metals regions.

International Lithium’s flagship asset is the 100 percent owned Raleigh Lake lithium and rubidium project in Ontario. A preliminary economic assessment (PEA) for the Raleigh Lake project, completed in December 2023, demonstrated strong project economics and significant resource growth potential, including an annual after-tax cash flow of C$634 million, NPV of C$342.9 million and IRR of 44.3 percent, with a nine-year mine life and project duration of 11 years. This assessment did not yet include rubidium, which represents significant additional potential pending further market analysis.

Complementing its lithium focus, the company is advancing the Firesteel copper-cobalt project in northwestern Ontario, targeting high-grade base metal mineralization to further diversify its critical metals exposure.

In addition to its Canadian projects, International Lithium is positioning for further international growth with a strategic focus on Southern Africa. It has applied for exclusive prospecting orders (EPOs) in Zimbabwe, one of the world’s most prospective regions for hard rock lithium exploration.

Recent strategic divestments, including the sale of the Avalonia project stake, have strengthened ILC’s financial position, enabling focused investment in its core projects.

In 2025, International Lithium acquired an option from Lepidico (Canada) Inc. to purchase 100 percent of Lepidico (Mauritius) for C$975,000. Lepidico Mauritius holds an 80 percent stake in Lepidico Chemicals Namibia (Pty) Ltd., which owns the Karibib Lithium, Rubidium and Cesium Project in Namibia.

The project comprises two areas with fully permitted mining licences, known as Rubicon and Helikon. It also hosts one of the largest disclosed rubidium resources in Africa, along with significant lithium and cesium mineralization.

Exercising the Karibib option would position International Lithium to capitalize on an upswing in the lithium market while also cementing its role as one of the leading global players in rubidium. The project would expand its portfolio of some of the most significant cesium resources held by any non-Chinese company, strengthening its standing in three critical minerals that are increasingly vital to global supply chains.

The company is led by an experienced management team with a strong technical background in mineral exploration, project development and corporate finance. Supported by access to established infrastructure, a commitment to sustainable development practices, and a clear strategic focus, International Lithium is well-positioned to capitalize on the increasing global demand for lithium and other essential materials critical to the clean energy transition.

Company Highlights

• International Lithium is focused on developing lithium and critical metals projects in Canada and Southern Africa, aiming to deliver shareholder value through project development, strategic partnerships and project sales.
• Raleigh Lake is ILC’s wholly owned flagship lithium-rubidium project in Ontario, Canada, with a positive PEA completed in December 2023.
• ILC holds a 90 percent interest in the Firesteel copper and cobalt project in Northwestern Ontario, with exploration permits filed and drilling programs planned.
• The company has applied for exclusive prospecting orders (EPOs) in Zimbabwe and is continuing to review further exploration opportunities in Southern Africa.
• ILC is debt-free with a robust financial position. It has monetized its non-core assets, including the sale of its stake in the Avalonia project in Ireland, resulting in a C$2.5 million payment and a 2 percent net smelter royalty.
• ILC secured an option to acquire 100 percent of Lepidico (Mauritius), which owns an 80 percent interest in Lepidico Chemicals Namibia, the owner of the Karibib Lithium, Rubidium and Cesium Project in Namibia.
• The company is led by an experienced management team with a proven track record in advancing mineral exploration projects.

Key Projects

Raleigh Lake

The Raleigh Lake project is ILC’s flagship asset, located approximately 25 kilometres west of Ignace, Ontario. The project covers a contiguous land package of 32,900 hectares and is 100 percent owned by the company. Raleigh Lake benefits from excellent infrastructure access, situated near the Trans-Canada Highway, a Canadian Pacific Railway line, and existing natural gas and hydroelectric infrastructure.

Major public infrastructure relative to the Raleigh Lake project

Raleigh Lake is notable for its dual potential to host both lithium and rubidium mineralization. The lithium is found primarily in spodumene-bearing pegmatites, while rubidium is associated with microcline-rich zones of the same lithium-cesium-tantalum pegmatite system. In 2023, International Lithium published a maiden mineral resource estimate (MRE) that delineated significant resources for both lithium and rubidium using separate cutoff criteria.

For lithium (Li₂O), the project hosts a measured and indicated resource of 5.88 Mt grading 0.79 percent Li₂O, and an inferred resource of 2.07 Mt grading 0.77 percent Li₂O, primarily within pegmatite #1. This lithium resource forms the basis of the company’s PEA, which demonstrated robust project economics with an after-tax NPV (8 percent) of C$342.9 million and an IRR of 44.3 percent.

The rubidium component, though not included in the PEA due to current market constraints, represents an additional potential value stream. The company has reported a measured and indicated resource of 133,000 tons at 6,163 ppm rubidium (0.67 percent Rb₂O) and an inferred resource of 123,000 tons at 4,224 ppm rubidium (0.46 percent Rb₂O), using a 4,000 ppm cutoff. The rubidium zones are found in association with potassic feldspar, offering a potentially recoverable byproduct pending further market and technical evaluation.

Given the project’s strong infrastructure position, mineral endowment, and defined development path, Raleigh Lake represents a compelling advanced-stage opportunity in North America’s lithium supply chain. International Lithium is continuing infill and expansion drilling, environmental baseline studies, and metallurgical testing to support project advancement toward pre-feasibility.

Firesteel Project

The Firesteel project is an early-stage copper-cobalt exploration property located in northwestern Ontario, approximately 10 km west of Upsala along Highway 17. Spanning a 16-km corridor to the Firesteel River, the property lies within a geologically favorable region characterized by Archean metavolcanic and metasedimentary rocks, which are prospective for volcanogenic massive sulphide (VMS) and sedimentary copper systems.

International Lithium completed the acquisition of a 90 percent interest in the Firesteel project in May 2024, aiming to diversify its critical metals portfolio beyond lithium. Historical sampling on the property has returned encouraging results, including copper assays up to 2.6 percent and cobalt values reaching 309 ppm. Notably, the ‘Roadside 1’ occurrence features semi-massive sulphide mineralization comprising pyrite, pyrrhotite, chalcopyrite and bornite. These findings suggest the presence of a highly metamorphosed VMS or sedimentary copper system, potentially up to 20 meters wide and extending over a kilometer in length.

The project’s proximity to major infrastructure, including highways and railways, coupled with its strategic location near the company’s Raleigh Lake project, enhances its development potential. International Lithium plans to conduct systematic exploration, including geochemical sampling and geophysical surveys, to refine targets for future drilling campaigns.

Wolf Ridge Project

Wolf Ridge is a 5,700-hectare grassroots lithium project located 20 km southwest of Upsala and near ILC’s Firesteel copper claims. The area benefits from excellent infrastructure, including proximity to Highway 17, power, and road access.

The project was highlighted by the Ontario Geological Survey (2021–2022) for its standout lake sediment anomalies – among the highest lithium values in the region – indicating strong potential for LCT pegmatite mineralization.

Read more on page 54 of the report here.

Southern Africa Exploration Initiative

Southern Africa is recognized as a prospective region for hard rock lithium, and International Lithium’s strategic focus reflects a proactive move to establish a presence in this emerging jurisdiction.

As part of its strategy to expand its critical metals footprint, International Lithium has applied for Exclusive Prospecting Orders (EPOs) over several prospective areas in Zimbabwe. The targeted regions are known for hosting spodumene, lepidolite and petalite-bearing pegmatites, indicating potential for significant lithium resources.

Although the EPO applications are still pending approval, the company has already conducted initial due diligence, including geological reviews and desktop studies, to prioritize exploration targets once access is granted. Zimbabwe’s growing importance as a global lithium supplier, combined with favorable mining policies, offers a compelling backdrop for the company’s expansion efforts. International Lithium intends to leverage its technical expertise and exploration experience to quickly evaluate and develop these opportunities upon receiving the necessary permits

Management Team

John Wisbey – Chairman and CEO

John Wisbey joined International Lithium in 2017, initially serving as deputy chairman before being appointed chairman and CEO in March 2018. Under his leadership, the company has undergone a significant transformation, including achieving 100 percent ownership of the Raleigh Lake project, divesting non-core assets, and expanding into new jurisdictions such as Zimbabwe. He founded two London AIM-listed companies: IDOX, which provides software for the UK local government; and Lombard Risk Management, which specializes in software for bank risk management and regulation. He also established CONVENDIA, a private company that specializes in software for cash flow forecasting, project valuation and M&A financial analysis. With a background in banking and financial technology entrepreneurship, Wisbey brings extensive experience in corporate leadership and strategic development. He is also the company’s largest shareholder.

Maurice Brooks – Director and CFO

Maurice Brooks joined the board of ILC in 2017. He is a licensed senior statutory auditor in the UK. Since 2000, he has been a senior partner at Johnson Smith & Co. in Staines, Surrey. Before that, Brooks was a senior partner in Johnsons Chartered Accountants in the London Borough of Ealing. His commercial and investment experience includes executive directorships in manufacturing and an investment accountant role in the superannuation fund of the Western Australian state government. His early professional employment includes Ball Baker Leake LLP and LLC and Price Waterhouse Coopers-UK.

Anthony Kovacs – Director and COO

Anthony Kovacs joined the board of ILC in 2018 and has worked with the company since 2012. He has over 25 years of experience in mineral exploration and development. Before joining ILC, he held senior management roles in which he sourced and advanced iron ore and industrial minerals projects. Kovacs was involved in early-stage work at the Lac Otelnuk Iron Ore project in Quebec, Canada and the Mustavaara Vanadium Mine in Finland. Before that, Kovacs worked for Anglo American where he focused on Ni-Cu-PGE and IOCG projects. At Anglo-American, Kovacs was directly involved in several discoveries internationally. Kovacs has significant experience with industrial minerals, ferrous metals, non-ferrous metals and precious metals projects throughout the Americas, Europe and Africa.

Ross Thompson – Non-executive Director

Ross Thompson joined the board of ILC in 2017 and is the chair of the audit and remuneration committees. He is a speaker and expert in marketing behavioral science. In 1995, he founded Giftpoint Ltd. which is now one of the largest specialist promotional merchandise businesses in the UK. with offices in London and Shanghai. Giftpoint Ltd.’s clients include L’Oreal, Oracle, Ocado and Pernod Ricard among others. Thompson was president of IGC Global Promotions, one of the world’s oldest and largest global networks of premium resellers, for seven years. He is an active investor with a special interest and understanding of natural resources businesses.

Geoffrey Baker – Non-executive Director

Geoff Baker joined the board of ILC at the end of 2022 and is a member of the audit committee. He has a career in the natural resource and finance industries. He is a director of Tim Trading, a company offering consultancy services in the oil and gas industry. During his tenure as manager of Insch Black Gold Funds, Baker received the Investors’ Choice Swiss Fund Manager of the Year Award. He is a co-founder of a digital collectible non fungible token CryptoChronic and of Cannastore, a pilot e-commerce website. Baker holds a bachelor’s degree from the University of Windsor in Ontario.

Muhammad Memon – Corporate Secretary and Financial Controller

Muhammad Memon became corporate secretary of ILC in 2021. He has over 10 years of experience in managing finance and compliance functions of public companies in various sectors including mining exploration, investment management, real estate and technology. He assists companies with debt and equity financings, cash flow management and forecasting, legal and regulatory compliance, investor communications, stakeholder engagement and risk management. He is a member of the Chartered Professional Accountants of Canada and a fellow of the Association of Chartered Certified Accountants, United Kingdom.

What should investors know about the medical device market?

Before investing in medical device stocks, it helps to understand their goals. Medtech companies will often seek to show investors that their products are ready to enter the market and will be in demand right away — whether it be by serving a large demographic or by targeting a specific ailment in the population that has an unmet medical need.

Like firms pursuing drug approvals, medical device companies must conduct clinical trials to bring their products to market; they have to refine their technology and confirm efficacy and safety to get regulatory approvals.

Successfully completed clinical trials and product approvals are usually major catalysts for a company’s share price. A medical device stock can experience a large jump when announcing positive results from a recent trial or approval from a regulatory body such as Health Canada, the US Food and Drug Administration (FDA) or an equivalent agency in Europe or Asia. On the other hand, poor results can have a negative impact on the company’s performance.

Patentability also plays a big role in a medical device company’s value. Once a product has been patented, the company controls its every move and can choose to license it or make other deals to expand device reach.