NEW YORK, Feb 20, 2026, 14:08 EST — Regular session
- Benchmark lithium hydroxide prices ticked up, though shares of U.S.-listed lithium companies showed a mixed midday performance.
- Sibanye Stillwater took another impairment charge on its Keliber lithium project. Over at Lithium Americas, the company flagged a bigger 2026 spending range for Thacker Pass.
- Investors are debating if policy-driven financing, plus supply-chain incentives, are enough to counter what remain volatile lithium economics.
Sibanye Stillwater’s fresh writedown on a major lithium investment rattled the sector on Friday, despite firmer benchmark lithium prices.
Lithium project economics remain highly sensitive to price forecasts, which keeps companies focused on separating immediate cash flow from longer-term expansion plans. Investors, for their part, are zeroed in less on demand trends and more on which players can actually deliver—and at what price.
Policy themes are cropping up once more on the tape. Funding is flowing to certain projects as U.S. and European moves aim to shore up battery metals supply, yet those measures alone aren’t enough to smooth out the price cycle.
The LME Lithium Hydroxide CIF (Fastmarkets MB) month-2 contract finished at $16,850 per metric ton on the London Metal Exchange, a 0.3% gain. Lithium hydroxide, key for battery production—think electric vehicles—remains closely watched. 1
Lithium Americas slipped roughly 2% to $4.52 during U.S. trading. Shares of Sibanye listed in the U.S. edged up about 3.4%, last seen at $15.79. Not much action for bigger lithium names—Albemarle dipped 0.2%, SQM off 0.1%.
Sibanye reported another 2.46 billion rand ($152.6 million) writedown on its Keliber lithium project in Finland, but CEO Richard Stewart said the miner isn’t backing away from battery metals, despite more cautious long-term price forecasts. “Our long-term strategy as a company still remains to be able to supply metals that ultimately will support decarbonisation and an energy transition,” Stewart told analysts on a results call. 2
Just the previous day, Lithium Americas disclosed that it expects to spend between $1.3 billion and $1.6 billion on Phase 1 of the Thacker Pass project in 2026, ramping up construction in hopes of wrapping up by late 2027. The estimate factors in expected tariff costs tied to equipment and materials coming from a handful of countries, with Canada and China specifically mentioned. 3
Lithium stocks once again split, reflecting the usual dynamic—underlying prices may settle, but share action comes down to balance sheet strength, willingness to take on risk, and how believable the buildout timelines are. Fast moves to hand back cash get noticed; cost overruns, just as quickly, draw punishment from traders.
The rebound story isn’t without its pitfalls. Lithium prices that stall or fall can push higher-cost projects back to the drawing board, trigger delays, or prompt additional write-downs. And should costs outpace forecasts, even projects with solid funding may find it tough to meet their return goals.
Investors are eyeing updated lithium prices after the weekend, plus any hints on timelines or financing updates for big construction projects as markets open again Monday, Feb. 23.
