NEW YORK, Feb 20, 2026, 14:08 EST — Regular session
- Benchmark lithium hydroxide pricing edged higher, but U.S.-listed lithium names were mixed in midday trade.
- Sibanye Stillwater booked a fresh impairment on its Keliber lithium project, while Lithium Americas laid out a higher 2026 spend range for Thacker Pass.
- Investors are weighing whether policy-backed financing and supply-chain incentives can offset still-choppy lithium economics.
Sibanye Stillwater’s latest writedown on a key lithium bet jolted sentiment around the sector on Friday, even as benchmark lithium prices firmed.
It matters because lithium project economics still swing hard on price assumptions, and companies are now drawing a sharper line between near-term cash and long-dated growth. For investors, the question is less “demand” and more “who can build, and at what cost.”
The tape is also picking up a policy angle again. U.S. and European efforts to secure battery metals supply are helping some projects get funded, but they do not fix the price cycle by themselves.
On the London Metal Exchange, the LME Lithium Hydroxide CIF (Fastmarkets MB) month-2 closing price was $16,850 a metric ton, up 0.3%. Lithium hydroxide is a processed chemical used to make battery materials, including for electric vehicles. (Lme)
In U.S. trade, Lithium Americas was down about 2% at $4.52. Sibanye’s U.S.-listed shares were up about 3.4% at $15.79, while larger lithium producers Albemarle and SQM were little changed, down about 0.2% and 0.1% respectively.
Sibanye said it took a further 2.46 billion rand ($152.6 million) impairment on its Keliber lithium project in Finland, and CEO Richard Stewart said the company was sticking with battery metals despite weaker long-term pricing assumptions. “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 said on a results call. (Reuters)
A day earlier, Lithium Americas said capital expenditures for Phase 1 of its Thacker Pass project would range between $1.3 billion and $1.6 billion in 2026 as it accelerates construction toward a late-2027 completion target. The company said its estimate includes projected tariff exposure for equipment and materials sourced from several jurisdictions, including Canada and China. (Reuters)
The split reaction in shares underlined a familiar pattern in lithium: prices can stabilize, but equity moves still hinge on balance sheets, permitting risk, and the credibility of build schedules. Traders have also been quick to reward near-term cash returns and penalize cost creep.
But there are risks to the rebound narrative. If lithium prices stall or slip, high-cost projects can be forced back into redesign, delays, or further write-downs; if costs rise faster than expected, even well-financed builds can struggle to hit return targets.
Next up, investors will be watching for fresh lithium price prints after the weekend and for any new guidance on construction timelines and financing conditions at major projects when markets reopen on Monday, Feb. 23.
