10 Cheap Lithium Stocks to Buy According to Hedge Funds

4. Rio Tinto Group (NYSE:RIO)  

Forward Price-to-Earnings: 10.13

Upside Potential: 14.04%

Number of Hedge Funds: 36

Rio Tinto Group (NYSE:RIO) is included in our list of the 10 Cheap Lithium Stocks to Buy According to Hedge Funds.

On July 24, 2025, Rio Tinto Group (NYSE:RIO) finalized a binding agreement with Chile’s ENABI to jointly develop the Salares Altoandinos lithium project in the Atacama region. This deal secures Rio a 51% controlling stake, in return for which, it will contribute up to $425 million in financial and technological contributions, particularly its Direct Lithium Extraction (DLE) technology.

This deal was finalized just a week after the company’s strong Q2 production results that were announced on July 16, 2025. Rio Tinto Group (NYSE:RIO) reported a 13% YoY increase in copper-equivalent production and record output from its bauxite segment. Furthermore, Pilbara iron ore recorded its highest Q2 volumes since 2018. Meanwhile, the Oyu Tolgoi site recorded strong growth, set to become the world’s fourth-largest copper mine before the end of the decade.

As Rio Tinto Group (NYSE:RIO) advances with lithium integration from Arcadium, and as the Simandou iron ore project in Guinea ramps up for its first shipment by November, it is well placed within the mining and metals markets.

With its Iron Ore, Aluminum, Copper, and Minerals segments, Rio Tinto Group (NYSE:RIO) supplies materials essential for the energy transition and sustainable development. It is included in our list of cheap lithium stocks.