Rock Stock Channel

Dmitry Silversteyn, Senior Research Analyst of Water Tower Research joins in discussion with Howard Klein and Matt Fernley to break down the latest lithium market trends, rare earths outlook, critical minerals investing, and the geopolitical forces shaping commodity stocks. They cover spodumene prices, rare earth supply chains, China dependency, US and Western reshoring, energy security, and why critical minerals equities are lagging underlying commodity prices. Follow Water Tower Research: X - https://x.com/WTR_Research LinkedIn - https://www.linkedin.com/company/water-tower-research/ This episode is essential viewing for anyone following lithium stocks, rare earth stocks, battery metals, energy transition investing, and global macro trends affecting mining and resource markets. Chapters (00:00) Intro (06:29) PHOS & TMC Update (11:03) Market Volatility Drivers (14:57) Rising Capital Costs (16:56) Producers Vs Developers (21:18) Lithium Buying Opportunity? (22:49) Commodity Price Psychology (24:33) Regional Investment Shifts (26:45) Rare Earth Demand Debate (37:12) US-China REE Geopolitics (40:31) US-Europe Relations Debate (44:13) Brexit And Economic Impact (46:34) Energy Transition Paradox (51:41) Closing Remarks Sponsors Lithium Royalty Corp (TSX: LIRC) Diversified lithium royalty portfolio Website: https://www.lithiumroyaltycorp.com/ X: https://x.com/Lithium_Royalty USCF Investments Commodity-focused ETFs, including CPER (copper), ZSB (battery metals), USG (gold), and SDCI (diversified commodities) Website: https://www.uscfinvestments.com/ X: https://x.com/USCFInvestments Links Sign up for the Lithium-Ion Bull newsletter / Matt’s blogs: https://rkequity.com/ Questions: [email protected] Patreon: https://www.patreon.com/rockstockchannel Podcast Apple Podcasts: https://podcasts.apple.com/us/podcast/lithium-ion-rocks/id1457969172 Spotify: https://open.spotify.com/show/0KiMIZOPaDg8ENfPJMSINq Follow us on X (Twitter): Howard: https://x.com/LithiumIonBull Matt: https://x.com/matt_fernley Rodney: https://x.com/RodneyHooper13 _________________________________________________ DISCLAIMER NOT INVESTMENT ADVICE. DO YOUR OWN RESEARCH. Howard, Matt, and Rodney are not financial advisors or broker-dealers. This video is provided for informational purposes only and should not be considered investment or financial advice. Please conduct your own independent research and read the disclaimer at the end of the video or on RK Equity’s website: https://www.rkequity.com Intro and outro audio credit: Jamie Klein

Howard Klein and Matt Fernley interview Bruce Richardson, Executive Chairman and CEO of Anson Resources, for an update on the company’s Green River Lithium Project in Utah. The conversation covers direct lithium extraction (DLE), PFS timing, funding options, and Anson’s position within the developing US critical minerals supply chain. Bruce also discusses recent DLE test work, the significance of low-impurity brine, potential cost advantages at Green River, Utah permitting progress, DOE funding opportunities, and relationships with POSCO and Aquatech. The interview also includes updates on the Paradox Lithium Project and Yellow Cat. Chapters (00:00) Introduction (03:55) Company Overview (05:28) Utah Advantages (07:41) Paradox Lithium Project Overview (10:07) Green River Progress (12:23) Importance Of Low Impurities (16:16) DLE Test Work Results (17:38) Scaling And Pilot Plans (18:19) Financial Position (18:47) Yellow Cat Project (21:26) Australian Projects (22:09) Funding Strategy (24:40) Upcoming Catalysts (26:15) Closing Remarks Sponsors Lithium Royalty Corp (TSX: LIRC) Diversified lithium royalty portfolio Website: https://www.lithiumroyaltycorp.com/ X: https://x.com/Lithium_Royalty USCF Investments Commodity-focused ETFs, including CPER (copper), ZSB (battery metals), USG (gold), and SDCI (diversified commodities) Website: https://www.uscfinvestments.com/ X: https://x.com/USCFInvestments Links Sign up for the Lithium-Ion Bull newsletter / Matt’s blogs: https://rkequity.com/ Questions: [email protected] Patreon: https://www.patreon.com/rockstockchannel Podcast Apple Podcasts: https://podcasts.apple.com/us/podcast/lithium-ion-rocks/id1457969172 Spotify: https://open.spotify.com/show/0KiMIZOPaDg8ENfPJMSINq Follow us on X (Twitter): Howard: https://x.com/LithiumIonBull Matt: https://x.com/matt_fernley Rodney: https://x.com/RodneyHooper13 _________________________________________________ DISCLAIMER NOT INVESTMENT ADVICE. DO YOUR OWN RESEARCH. Howard, Matt, and Rodney are not financial advisors or broker-dealers. This video is provided for informational purposes only and should not be considered investment or financial advice. Please conduct your own independent research and read the disclaimer at the end of the video or on RK Equity’s website: https://www.rkequity.com Intro and outro audio credit: Jamie Klein

Iran War shocks commodities—lithium deals surge while supply risks grow. Is stagflation coming? Oil, sulfur, and EV supply chains explained. In this Rock Stock Recap, Howard Klein, Matt Fernley and Rodney Hooper break down how Middle East tensions are impacting global commodities, from sulfur bottlenecks to delayed oil supply recovery. We also dive into major lithium deals, China vs West supply dynamics, and what it all means for EVs, inflation, and future markets. At the end of our discussion, we've attached an update chat with Q2 Metals following their most recent press release including new spodumene hits and an extended MRE delivery date. Chapters (00:00) Intro (06:12) Sulfur Supply Importance (08:19) Supply Restart Delays (10:24) Inflation And Fertilizers (12:04) Stagflation And Gold (14:17) Market Outlook Debate (17:55) Oil Products Inflation (19:46) Energy Transition Challenges (24:10) Lithium Offtake Strategies (25:27) China Supply Dominance (28:54) Lithium Cost Curve Evolution (31:53) Conversion Capacity Issues (33:44) Global EV Supply Chain (35:42) Market Maturity And Financing (39:27) Cost Of Capital (42:51) Exploration And New Projects (46:03) Future Lithium Supply Gap (47:34) Q2 Metals Update Sponsors - Lithium Royalty Corp (TSX: LIRC) - diversified lithium royalty portfolio. (Website: https://www.lithiumroyaltycorp.com/ | X: https://x.com/Lithium_Royalty) - USCF Investments - commodity-focused ETFs (e.g., CPER copper, ZSB battery metals, USG gold, SDCI diversified commodities). (Website: https://www.uscfinvestments.com/ | X: https://x.com/USCFInvestments) Links - Strategic Lithium Reserve (SLR) White Paper: https://blog.rkequity.com/2025/12/08/strategic-lithium-reserve/ - Read Matt's research blog: https://blog.rkequity.com/ - Sign up for the Lithium-Ion Bull newsletter/Matt's Blogs: https://rkequity.com/ Have a question? Drop us an email: [email protected] Patreon: https://www.patreon.com/rockstockchannel Podcast: Apple Podcast: https://podcasts.apple.com/us/podcast/lithium-ion-rocks/id1457969172 Spotify: https://open.spotify.com/show/0KiMIZOPaDg8ENfPJMSINq X (Twitter): Howard: https://x.com/LithiumIonBull Matt: https://x.com/matt_fernley Rodney: https://x.com/RodneyHooper13 _________________________________________________ DISCLAIMER NOT INVESTMENT ADVICE. DO YOUR OWN RESEARCH Howard, Matt and Rodney are not financial advisors nor broker-dealers, this video is for information purposes only and should not be considered investment or financial advice. Please do your own independent research and read the disclaimer at the end of the video or on RK Equity's website https://www.rkequity.com Intro and outro audio credit: Jamie Klein

Jonathan Evans, CEO of Lithium Americas, discusses the development of Thacker Pass — one of the most significant lithium projects under construction in North America. Howard Klein and Jonathan walk through the economics, financing, and execution strategy behind Thacker Pass, including the role of strategic partners such as General Motors and the U.S. Department of Energy loan facility supporting the project. Jonathan explains how Lithium Americas plans to scale production of battery-grade lithium carbonate, why the company chose carbonate rather than hydroxide as its initial product, and how the project’s process technology has been validated over multiple engineering and pilot stages. We also discuss the broader context shaping the lithium market today — including EV demand, grid-scale batteries, supply chain security, and the growing role of batteries in supporting power demand from data centers and AI infrastructure. Topics covered include: - The construction timeline and ramp-up plan for Thacker Pass - How the GM partnership and offtake agreement is structured - Details around the DOE loan and project financing - The economics of clay-based lithium versus hard-rock and brine deposits - Lithium pricing dynamics and how producers think about long-term contracts - Why battery demand is expanding beyond electric vehicles into grid storage - The geopolitical implications of the battery supply chain For investors and industry observers, Thacker Pass represents a case study in building large-scale critical mineral supply in the United States — from permitting and engineering to financing and construction. Chapters (00:00:00) Thacker Pass Overview (00:09:59) Evan's Career Path To CEO (00:13:06) Valuation, Capex, And Key Catalysts (00:23:31) Why Clay Should Work (00:30:36) Deposit Quality And Processing Advantages (00:39:27) De-Risking Construction And Execution (00:47:49) Batteries, AI, And Grid Stability (00:57:09) Lithium vs Rare Earth Leverage (00:59:51) Policy, Pricing, And Reserves (01:04:25) Expansion To Phase Two And Beyond Sponsors - Lithium Royalty Corp (TSX: LIRC) - diversified lithium royalty portfolio. (Website: https://www.lithiumroyaltycorp.com/ | X: https://x.com/Lithium_Royalty) - USCF Investments - commodity-focused ETFs (e.g., CPER copper, ZSB battery metals, USG gold, SDCI diversified commodities). (Website: https://www.uscfinvestments.com/ | X: https://x.com/USCFInvestments) Links - Strategic Lithium Reserve (SLR) White Paper: https://blog.rkequity.com/2025/12/08/strategic-lithium-reserve/ - Read Matt's research blog: https://blog.rkequity.com/ - Sign up for the Lithium-Ion Bull newsletter/Matt's Blogs: https://rkequity.com/ Have a question? Drop us an email: [email protected] Patreon: https://www.patreon.com/rockstockchannel Podcast: Apple Podcast: https://podcasts.apple.com/us/podcast/lithium-ion-rocks/id1457969172 Spotify: https://open.spotify.com/show/0KiMIZOPaDg8ENfPJMSINq X (Twitter): Howard: https://x.com/LithiumIonBull Matt: https://x.com/matt_fernley Rodney: https://x.com/RodneyHooper13 _________________________________________________ DISCLAIMER NOT INVESTMENT ADVICE. DO YOUR OWN RESEARCH Howard, Matt and Rodney are not financial advisors nor broker-dealers, this video is for information purposes only and should not be considered investment or financial advice. Please do your own independent research and read the disclaimer at the end of the video or on RK Equity's website https://www.rkequity.com Intro and outro audio credit: Jamie Klein

In March 2026's Recharge podcast, co-presenters Matt Fernley (RK Equity/Battery Materials Review) and Cormac O'Laoire (Electrios Energy) discuss key developments along the battery supply chain, including: • Sodium-ion scaling and hybrid pack strategies emerging from Battery Show Asia • Graphite AAM dynamics, including synthetic cost pressure and natural graphite upside • China EV demand weakness driven by subsidy changes and macro conditions • Indonesian nickel supply risks from HPAL exposure, quotas, and environmental constraints • Rising battery costs linked to oil, sulphur shortages, and broader supply chain inflation • VRFB competitiveness versus lithium-ion in long-duration storage, with LCOS and duration economics in focus Chapters (00:00) Intro (05:15) Sodium Market Potential (07:27) Lithium Metal Breakthroughs (09:04) Silicon-carbon Batteries (10:21) China EV Sales Weakness (13:18) Oil Prices And EV Demand (18:56) Supply Chain Cost Pressures (22:15) Graphite Market Shifts (26:38) Battery Price Impact (30:58) China BESS Market Dynamics (33:22) Indonesian Nickel Challenges (37:00) Nickel Supply Outlook (40:40) Long Duration Storage Debate (46:30) Closing Remarks Links - Read Matt's research blog: https://blog.rkequity.com/ Have a question? Drop us an email: [email protected] Podcast: Apple Podcast: https://podcasts.apple.com/us/podcast/lithium-ion-rocks/id1457969172 Spotify: https://open.spotify.com/show/0KiMIZOPaDg8ENfPJMSINq X (Twitter): Matt: https://x.com/matt_fernley _________________________________________________ DISCLAIMER NOT INVESTMENT ADVICE. DO YOUR OWN RESEARCH Matt and Cormac are not financial advisors nor broker-dealers, this video is for information purposes only and should not be considered investment or financial advice. Please do your own independent research and read the disclaimer at the end of the video or on RK Equity's website https://www.rkequity.com

Iola Hughes, Head of Research at Benchmark Minerals Intelligence, discusses the 2026 EV and battery energy storage system (BESS) outlook. Register for Benchmark GigaUSA 2026: https://www.benchmarkminerals.com/events/giga-usa From our perspective, this was a timely conversation. Iola recently published Benchmark’s latest outlook, forecasting overall battery demand growth of roughly 16.5% in 2026 to more than 2 terawatt-hours, following strong growth in the prior year. We wanted to dig into what is driving that forecast, where the differences are between EV and BESS demand, and how current market conditions are shaping the battery materials landscape. Matt Fernley focuses on Benchmark’s methodology, including the distinction between battery installations and shipments, the impact of inventory build in the BESS market, and how lithium prices affect storage economics across China, the US and Europe. Rodney Hooper examines China EV demand, export pressure on western automakers, the outlook for plug-in hybrids and range extenders, and the competitive position of European OEMs. Howard Klein frames the broader discussion around geopolitics, power prices, energy security and how crises can accelerate solar and storage adoption. We also cover: - 2026 battery demand forecast - EV market slowdown vs BESS growth - Battery storage inventories and pricing - US battery policy and domestic sourcing - Lithium prices and energy storage economics - Sodium-ion batteries vs LFP - China EV exports and global competition - LFP supply chain challenges outside China - Tesla energy storage and Megapack sourcing - Humanoid robots, autonomy and future battery demand This interview should be useful for investors, battery materials developers, EV supply chain participants and anyone following lithium, LFP, battery storage, critical minerals and the future of electrification. Chapters (00:00) Intro (03:26) Forecast Methodology (08:40) BESS Inventories And Pricing (11:50) Regional Storage Economics (15:05) US Battery Policy (17:21) Winter Grid Performance (20:55) Sodium-Ion Outlook (24:22) Bigger Storage Systems (27:01) Plug-In Hybrid Growth (30:30) China EV Slowdown (34:34) China Exports And Europe (38:32) Robotaxis And Autonomy (40:02) LFP Supply Chain (44:53) Humanoid Robot Demand (47:13) Energy Crises And Storage (49:12) Tesla And US Sourcing (51:50) EV Recovery Outlook Sponsors - Lithium Royalty Corp (TSX: LIRC) - diversified lithium royalty portfolio. (Website: https://www.lithiumroyaltycorp.com/ | X: https://x.com/Lithium_Royalty) - USCF Investments - commodity-focused ETFs (e.g., CPER copper, ZSB battery metals, USG gold, SDCI diversified commodities). (Website: https://www.uscfinvestments.com/ | X: https://x.com/USCFInvestments) Links - Sign up for the Lithium-Ion Bull newsletter/Matt's Blogs: https://rkequity.com/ Have a question? Drop us an email: [email protected] Patreon: https://www.patreon.com/rockstockchannel Podcast: Apple Podcast: https://podcasts.apple.com/us/podcast/lithium-ion-rocks/id1457969172 Spotify: https://open.spotify.com/show/0KiMIZOPaDg8ENfPJMSINq X (Twitter): Howard: https://x.com/LithiumIonBull Matt: https://x.com/matt_fernley Rodney: https://x.com/RodneyHooper13 _________________________________________________ DISCLAIMER NOT INVESTMENT ADVICE. DO YOUR OWN RESEARCH Howard, Matt and Rodney are not financial advisors nor broker-dealers, this video is for information purposes only and should not be considered investment or financial advice. Please do your own independent research and read the disclaimer at the end of the video or on RK Equity's website https://www.rkequity.com Intro and outro audio credit: Jamie Klein

Rock Stock Recap breaks down the biggest market-moving trends in critical minerals, battery materials, and global supply chains. In this episode, Howard Klein, Matt Fernley, and Rodney Hooper discuss how the Iran war and Strait of Hormuz disruptions could impact sulfur, sulfuric acid, aluminum, bauxite, graphite, rare earths, EVs, and lithium markets. The conversation covers why sulfur may be the most overlooked supply chain risk, how aluminum smelters could face major disruption, and why bauxite could become a more interesting investment theme. The team also explores China’s latest five-year plan, the outlook for rare earth demand driven by robotics, drones, and defense, and what slowing Chinese EV sales could mean for global battery materials demand. The episode closes with a lithium market update, including spodumene pricing, upstream shortages, and recent strategic offtake activity. If you follow lithium stocks, rare earth stocks, aluminum markets, EV supply chains, battery metals, or China industrial policy, this episode is packed with timely insights. Topics covered: - Iran war supply chain disruptions - Sulfur and sulfuric acid market risks - Aluminum price outlook - Bauxite market and Guinea exports - Graphite demand and oil price links - Rare earth supply chain challenges - China five-year plan analysis - Chinese EV sales and exports - Lithium market update - Battery materials investing trends Chapters (00:00) Intro (04:24) Sulfur Supply Risk (11:21) Aluminum Squeeze Risk (15:59) Bauxite Market Outlook (21:27) Graphite And Rare Earths (26:43) Rare Earth Supply Limits (30:43) China’s Five-Year Plan (38:55) China EV Sales (42:40) Lithium Market Update (45:11) Closing Remarks Sponsors - Lithium Royalty Corp (TSX: LIRC) - diversified lithium royalty portfolio. (Website: https://www.lithiumroyaltycorp.com/ | X: https://x.com/Lithium_Royalty) - USCF Investments - commodity-focused ETFs (e.g., CPER copper, ZSB battery metals, USG gold, SDCI diversified commodities). (Website: https://www.uscfinvestments.com/ | X: https://x.com/USCFInvestments) Links - Strategic Lithium Reserve (SLR) White Paper: https://blog.rkequity.com/2025/12/08/strategic-lithium-reserve/ - Read Matt's research blog: https://blog.rkequity.com/ - Sign up for the Lithium-Ion Bull newsletter/Matt's Blogs: https://rkequity.com/ Have a question? Drop us an email: [email protected] Patreon: https://www.patreon.com/rockstockchannel Podcast: Apple Podcast: https://podcasts.apple.com/us/podcast/lithium-ion-rocks/id1457969172 Spotify: https://open.spotify.com/show/0KiMIZOPaDg8ENfPJMSINq X (Twitter): Howard: https://x.com/LithiumIonBull Matt: https://x.com/matt_fernley Rodney: https://x.com/RodneyHooper13 _________________________________________________ DISCLAIMER NOT INVESTMENT ADVICE. DO YOUR OWN RESEARCH Howard, Matt and Rodney are not financial advisors nor broker-dealers, this video is for information purposes only and should not be considered investment or financial advice. Please do your own independent research and read the disclaimer at the end of the video or on RK Equity's website https://www.rkequity.com Intro and outro audio credit: Jamie Klein

Alex Grant (Big Lithium) discusses direct lithium extraction (DLE), US lithium project financing, and the growing strategic importance of magnesium in Western supply chains. Alex Interview on HyperChange: https://www.youtube.com/watch?v=_2Aa1BD7a9s Alex was an early advocate of DLE through his work with Lilac Solutions, Vulcan Energy and other advanced lithium projects. Howard Klein and Matt Fernley ask him where DLE stands today as projects in Arkansas, Argentina and Europe move closer to final investment decisions, and whether the next few years will prove the commercial case for unconventional brine resources. We also examine the key issues shaping lithium markets and critical minerals policy: How lithium price volatility affects project finance, why large companies still struggle to move projects forward, the role of China in setting global pricing, and whether Western governments will need to provide stronger industrial policy support for domestic lithium supply. A major part of the conversation focuses on the shift in critical minerals narratives from decarbonization toward national security, defense manufacturing and AI infrastructure. Alex explains why he believes many large-scale lithium and processing projects are effectively becoming state-backed strategic assets rather than purely market-driven developments. In the second half, we discuss Alex’s current venture, Magrathea, and why magnesium may be one of the most underappreciated critical materials in the Western industrial base. He outlines the company’s technology, funding history, Pentagon support, Arkansas joint venture plans, and the broader case for rebuilding domestic magnesium production in the US. Topics covered include: - DLE and lithium brine projects - Arkansas Smackover lithium and bromine region - Standard Lithium, Vulcan Energy and Rio Tinto - Lithium pricing, CapEx and project finance - Critical minerals policy under Trump - China’s influence on lithium and magnesium markets - US industrial policy and strategic materials - Magnesium supply chain risks - Magrathea’s commercialization strategy This conversation is intended for investors, operators and policymakers following lithium, battery materials, critical minerals, energy security and US industrial strategy. Chapters (00:00) Alex Grant And DLE (03:44) DLE's Make-Or-Break Phase (09:15) Rising DLE Costs (11:50) Financing Lithium Projects (15:09) China's Pricing Power (24:13) State-Backed Critical Minerals (30:09) Defense And AI Narrative Shift (39:54) Why Magnesium (43:56) Magnesium And National Security (48:53) Magrathea's Scale-Up Plan (59:53) Saudi Arabia And Arkansas Support Sponsors - Lithium Royalty Corp (TSX: LIRC) - diversified lithium royalty portfolio. (Website: https://www.lithiumroyaltycorp.com/ | X: https://x.com/Lithium_Royalty) - USCF Investments - commodity-focused ETFs (e.g., CPER copper, ZSB battery metals, USG gold, SDCI diversified commodities). (Website: https://www.uscfinvestments.com/ | X: https://x.com/USCFInvestments) Links - Strategic Lithium Reserve (SLR) White Paper: https://blog.rkequity.com/2025/12/08/strategic-lithium-reserve/ - Read Matt's research blog: https://blog.rkequity.com/ - Sign up for the Lithium-Ion Bull newsletter/Matt's Blogs: https://rkequity.com/ Have a question? Drop us an email: [email protected] Patreon: https://www.patreon.com/rockstockchannel Podcast: Apple Podcast: https://podcasts.apple.com/us/podcast/lithium-ion-rocks/id1457969172 Spotify: https://open.spotify.com/show/0KiMIZOPaDg8ENfPJMSINq X (Twitter): Howard: https://x.com/LithiumIonBull Matt: https://x.com/matt_fernley Rodney: https://x.com/RodneyHooper13 _________________________________________________ DISCLAIMER NOT INVESTMENT ADVICE. DO YOUR OWN RESEARCH Howard, Matt and Rodney are not financial advisors nor broker-dealers, this video is for information purposes only and should not be considered investment or financial advice. Please do your own independent research and read the disclaimer at the end of the video or on RK Equity's website https://www.rkequity.com Intro and outro audio credit: Jamie Klein

In this Rock Stock Recap, Howard Klein and Matt Fernley share their key takeaways from PDAC 2026 in Toronto, the world’s largest mining conference and one of the most important annual gatherings for the global mining, lithium, and critical minerals industry. After several days meeting with mining companies, investors, policymakers, and analysts, we discuss the major themes emerging from the conference - including the growing geopolitical importance of critical minerals, government policy support for new projects, and the evolving outlook for the lithium market and battery supply chain. We examine recent announcements from the Canadian government aimed at accelerating investment in critical minerals development, as well as the role Canada could play in strengthening Western supply chains for lithium, phosphate, graphite, and other battery metals. We also discuss the disconnect between strong long-term demand expectations and recent volatility in lithium equities, including market reactions to EV demand data and broader geopolitical developments. From a market perspective, we cover several key issues currently shaping the sector: - The outlook for lithium demand and supply over the coming decades - Funding challenges and talent shortages in mining project development - Differences emerging between lithium carbonate and spodumene markets - The need for midstream processing and conversion capacity outside China - The often overlooked role of phosphate in the LFP battery supply chain - New lithium product pathways such as lithium chloride and lithium sulfate - Valuation opportunities in Argentine lithium brine assets We also discuss how governments - particularly in North America - are increasingly viewing battery supply chains as strategic infrastructure, with implications for defense, energy security, and the global technology race. Following our discussion, the video includes a series of short interviews recorded at PDAC with several companies active in the critical minerals and battery metals sector, including: - Q2 Metals - PMET Resources / Elevra Lithium - The Metals Company - Galan Lithium - NOA Lithium Brines - Lithium Africa - E3 Lithium - First Phosphate - Surge Battery Metals - Libra Energy Materials These interviews provide additional insights directly from companies developing projects across the lithium, battery metals, and critical minerals ecosystem. Chapters (00:00:00) Intro (00:02:13) PDAC 2026 Takeaways (00:03:20) Recent Lithium Market Volatility (00:04:58) Funding And Talent Challenges (00:06:38) Lithium Demand Outlook (00:07:42) Strategic Interest In Lithium (00:08:45) Canada Policy Support (00:11:38) Lithium Raw Material Deficit (00:13:43) Battery Supply Chain Strategy (00:15:34) Midstream Processing Gap (00:16:12) Phosphate In LFP Batteries (00:17:21) Lithium Cost Curve Debate (00:19:34) Lithium Chloride Market (00:24:11) Argentina Lithium Opportunity (00:26:38) EV Demand Concerns (00:28:31) Closing And PDAC Interviews (00:29:10) The Metals Company (00:38:46) First Phosphate (00:43:21) E3 Lithium (00:46:23) Surge Battery Metals (00:48:18) NOA Lithium Brines (00:50:57) Galan Lithium (00:52:49) Lithium Africa (00:58:24) Q2 Metals (00:59:58) Libra Energy Materials (01:04:02) PMET & Elevra Sponsors - Lithium Royalty Corp (TSX: LIRC) - diversified lithium royalty portfolio. (Website: https://www.lithiumroyaltycorp.com/ | X: https://x.com/Lithium_Royalty) - USCF Investments - commodity-focused ETFs (e.g., CPER copper, ZSB battery metals, USG gold, SDCI diversified commodities). (Website: https://www.uscfinvestments.com/ | X: https://x.com/USCFInvestments) Links - Strategic Lithium Reserve (SLR) White Paper: https://blog.rkequity.com/2025/12/08/strategic-lithium-reserve/ - Read Matt's research blog: https://blog.rkequity.com/ - Sign up for the Lithium-Ion Bull newsletter/Matt's Blogs: https://rkequity.com/ Have a question? Drop us an email: [email protected] Patreon: https://www.patreon.com/rockstockchannel Podcast: Apple Podcast: https://podcasts.apple.com/us/podcast/lithium-ion-rocks/id1457969172 Spotify: https://open.spotify.com/show/0KiMIZOPaDg8ENfPJMSINq X (Twitter): Howard: https://x.com/LithiumIonBull Matt: https://x.com/matt_fernley Rodney: https://x.com/RodneyHooper13 _________________________________________________ DISCLAIMER NOT INVESTMENT ADVICE. DO YOUR OWN RESEARCH Howard, Matt and Rodney are not financial advisors nor broker-dealers, this video is for information purposes only and should not be considered investment or financial advice. Please do your own independent research and read the disclaimer at the end of the video or on RK Equity's website https://www.rkequity.com Intro and outro audio credit: Jamie Klein

High Purity Alumina (HPA) Explained: Uses, Market Growth, Supply, and Investment Opportunities High Purity Alumina (HPA) is one of the most critical materials powering modern technology—from LEDs and semiconductors to lithium-ion batteries and AI infrastructure. Yet, it remains widely misunderstood by investors. In this episode of Rock Stock University, commodity strategist Matt Fernley and investor Ben Hammond explain what HPA is, why purity matters, how it's made, and why demand could surge in the coming decade. Learn how China dominates supply, why Western markets may face shortages, and what this means for future prices and investment opportunities. Whether you're an investor, student, or interested in critical minerals, battery materials, or semiconductor supply chains, this video provides a clear and practical introduction to High Purity Alumina. CHAPTERS (00:00) New Initiative: Rock Stock University (01:48) Introduction (02:43) HPA vs Regular Alumina (04:29) End Markets (06:34) Global Demand Growth (09:04) Supply Structure (10:13) Supply/Demand Balance (11:55) Modified Bayer Process (12:22) Aluminium Isopropoxide Hydrolysis (13:27) Hydrothermal Crystallization (13:46) Aluminum Solvent Extraction (14:22) Chlorine Leach (CLCP) (15:07) Summary WHAT YOU’LL LEARN IN THIS VIDEO • What High Purity Alumina (HPA) is • Why 4N and 5N purity levels matter • How HPA is used in semiconductors, LEDs, and batteries • Global HPA supply and demand trends • Why China dominates production • How HPA is manufactured • Why HPA demand could grow significantly • What investors should know about the HPA market FEATURED HOSTS Matt Fernley Commodity Strategist | Partner, RK Equity LinkedIn: https://www.linkedin.com/in/matt-fernley-8a755a3/ Twitter/X: https://x.com/matt_fernley Ben Hammond Investor | Rock Stock University LinkedIn: https://www.linkedin.com/in/ben-hammond-o/ Twitter/X: https://x.com/benjihammond LEARN MORE RK Equity: https://rkequity.com/

Commodities are entering a new era — and most investors aren’t prepared. In this episode, Kevin Baum of USCF Investments explains why smart investors are increasingly allocating to commodities as electrification, geopolitics, and resource security reshape global markets. USCF website: https://linkly.link/2bXNd Chapters (00:00) Intro (01:36) What Drives Commodities in 2026 (04:07) Why Commodities Diversify Portfolios (06:17) How SDCI Works (11:00) Who Buys SDCI and Why (12:54) Copper Outlook for 2026 (17:04) Copper Futures vs Miners (19:57) Battery Metals Basket Explained (24:04) Gold's Role Today (29:12) Key Takeaway: Resource Security (30:46) Wrap-Up This conversation breaks down the structural forces driving demand for copper, lithium, gold, and other critical minerals — and why commodities are becoming essential portfolio diversifiers in today’s concentrated equity environment. We also explore how commodity ETFs work, how futures-based exposure differs from mining stocks, and how investors can gain direct exposure to commodity prices through USCF’s ETF platform. Whether you’re interested in copper, battery metals, gold, or broad commodity exposure, this discussion provides a clear framework for understanding the next major investment cycle. Topics covered include: • Why commodities are no longer just an inflation hedge • How electrification and AI are driving long-term commodity demand • Copper outlook and supply constraints heading into 2026 • Lithium, battery metals, and critical minerals exposure • Gold, central bank buying, and geopolitical drivers • Why governments and investors are focusing on resource security • How commodity ETFs provide direct exposure to commodity prices • Portfolio diversification using commodities About USCF Investments USCF is one of the most established commodity ETF providers, offering futures-based funds that provide direct exposure to commodities including oil, copper, gold, and battery metals. Why commodities matter now With global electrification accelerating, central banks diversifying into hard assets, and supply constraints emerging across critical minerals, commodities are becoming increasingly important for investors seeking diversification, inflation protection, and exposure to structural megatrends. _________________________________________________ Have a question? Drop us an email: [email protected] Patreon: https://www.patreon.com/rockstockchannel Podcast: Apple Podcast: https://podcasts.apple.com/us/podcast/lithium-ion-rocks/id1457969172 Spotify: https://open.spotify.com/show/0KiMIZOPaDg8ENfPJMSINq X (Twitter): Howard: https://x.com/LithiumIonBull Rodney: https://x.com/RodneyHooper13 Matt: https://x.com/matt_fernley _________________________________________________ DISCLAIMER NOT INVESTMENT ADVICE. DO YOUR OWN RESEARCH Howard, Matt and Rodney are not financial advisors nor broker-dealers, this video is for information purposes only and should not be considered investment or financial advice. Please do your own independent research and read the disclaimer at the end of the video or on RK Equity's website https://www.rkequity.com Intro and outro audio credit: Jamie Klein

Zimbabwe Halts Lithium Exports | 6–7% Global Supply Shock? | Q2 Metals High-Grade Hits & Maiden MRE Coming In this episode of Rock Stock Recap, we (Howard Klein, Matt Fernley, and Rodney Hooper) break down what could be one of the most important lithium policy developments of the year: Zimbabwe’s sudden suspension of lithium concentrate exports — including cargo already in transit. Zimbabwe represents ~6–7% of expected global lithium supply in 2026, and the language from the Ministry of Mines was unambiguous. Is this a short-term negotiating tactic tied to transfer pricing and royalties, or the start of a structural shift toward in-country beneficiation like Indonesia’s nickel strategy? Chapters (00:00) Intro (05:12) Zimbabwe Suspends Lithium Exports (07:12) Transfer Pricing Dispute (10:18) Duration of Export Halt (13:37) Rise of Lithium Sulfate? (17:07) Indonesia Nickel Comparison (23:31) Supply and Price Impact (25:20) Sodium-Ion Competition (26:49) China Lepidolite Context (29:49) Lithium Stocks Rally (30:54) Rare Earths and Minor Metals (32:36) PDAC and Policy Outlook (34:17) Q2 Metals: Drill Highlights (35:36) Open Pit Potential (36:58) Maiden Resource Update (38:05) Exploration Upside (39:11) Drilling And PEA Plans (40:09) Metallurgy And Consistency (41:04) Expansion Potential (42:25) Infrastructure Advantages (42:57) Upcoming Catalysts We discuss: - Lithium market impact — Is this a true supply shock? - What it means for spodumene prices, spot markets, and lithium stocks - Zimbabwe vs 🇮🇩 Indonesia — can midstream capacity be built first? - U.S. policy shift: DOE’s $27B loan package, battery storage & grid reliability - Record U.S. energy storage installations (57.6 GWh) — batteries as infrastructure - Rare earths, copper inventories & the broader hard-asset rotation - What to watch at PDAC and evolving Canada–U.S.–China critical minerals policy We also interview Neil McCallum of Q2 Metals, who discusses: - Long, high-grade lithium intercepts in Quebec - A potentially “open pittable” central zone - Four drill rigs currently turning - Maiden MRE targeted for end of quarter - PEA expected later this year - Exploration upside across a 20km greenstone belt If you’re following lithium prices, spodumene concentrate, energy storage demand, battery metals investing, rare earths, critical minerals policy, or junior mining exploration, this episode connects the macro supply story to real company-level catalysts. Sponsors - Lithium Royalty Corp (TSX: LIRC) - diversified lithium royalty portfolio. (Website: https://www.lithiumroyaltycorp.com/ | X: https://x.com/Lithium_Royalty) - USCF Investments - commodity-focused ETFs (e.g., CPER copper, ZSB battery metals, USG gold, SDCI diversified commodities). (Website: https://www.uscfinvestments.com/ | X: https://x.com/USCFInvestments) Links - Strategic Lithium Reserve (SLR) White Paper: https://blog.rkequity.com/2025/12/08/strategic-lithium-reserve/ - Read Matt's research blog: https://blog.rkequity.com/ - Sign up for the Lithium-Ion Bull newsletter/Matt's Blogs: https://rkequity.com/ Have a question? Drop us an email: [email protected] Patreon: https://www.patreon.com/rockstockchannel Podcast: Apple Podcast: https://podcasts.apple.com/us/podcast/lithium-ion-rocks/id1457969172 Spotify: https://open.spotify.com/show/0KiMIZOPaDg8ENfPJMSINq X (Twitter): Howard: https://x.com/LithiumIonBull Matt: https://x.com/matt_fernley Rodney: https://x.com/RodneyHooper13 _________________________________________________ DISCLAIMER NOT INVESTMENT ADVICE. DO YOUR OWN RESEARCH Howard, Matt and Rodney are not financial advisors nor broker-dealers, this video is for information purposes only and should not be considered investment or financial advice. Please do your own independent research and read the disclaimer at the end of the video or on RK Equity's website https://www.rkequity.com Intro and outro audio credit: Jamie Klein

In this Rock Stock Recap, we (Howard Klein and Matt Fernley) are joined by Keith Phillips—former CEO of Piedmont Lithium and now Executive Chairman of Q2 Metals—to discuss the latest developments across lithium and select rare earth themes. Including an interview with Lithium Ionic (TSXV: LTH) COO Mike Westendorf on the Bandeira project. Chapters (00:00:00) Intro (00:03:13) Keith's New Role At Q2 (00:05:10) BMO And PDAC Preview (00:07:12) Rare Earths Americas Update (00:08:39) Pilbara Restart And Supply (00:12:45) Quebec Infrastructure Edge (00:17:10) Albemarle Kemerton Shutdown (00:19:14) Conversion Location Debate (00:21:19) Consolidation And Priorities (00:29:36) Mangrove And Processing Plans (00:34:44) Manono Supply And Logistics (00:38:43) US-Canada Outlook (00:43:18) Lithium Ionic (00:44:39) Bandeira Project Location (00:46:04) Underground Mining Strategy (00:47:00) Feasibility Study And CapEx Reduction (00:49:32) Production Targets And Mine Life (00:50:09) Operating Costs And Advantages (00:53:31) Processing And Revenue Upside (00:55:56) Permitting Status And Progress (00:59:34) Construction Timeline (01:00:06) Financing And Funding Interest (01:01:28) Key Catalysts Ahead (01:02:08) Cash Position (01:02:40) Closing Remarks We start with our recent work on critical minerals policy, including a framework for prioritizing USGS-designated critical minerals, current Washington signals (including Project Vault and related announcements), and the upcoming House hearings for the Secure Minerals Act (Feb 24). From there, we turn to market-moving supply and project updates across the global lithium chain. Key discussion points include: • Q2 Metals and the Cisco spodumene discovery in James Bay, Quebec—resource timing, scale, grade, and infrastructure advantages • Mining conference season preview (BMO and PDAC) and what investor and strategic conversations tend to focus on • Rare Earths Americas—early-stage assets in the US and Brazil and the broader “Americas critical minerals” backdrop • Pilbara’s restart activity and what it signals about near-term latent capacity, plus broader supply visibility questions (including Africa) • Albemarle’s Kemerton decision and what it implies about conversion economics, capex risk, and where conversion can be competitive • Why infrastructure, logistics, and transport costs matter most when spodumene pricing is low—and how that shapes project selection and consolidation In the second half, we provide an update interview with Lithium Ionic (TSXV: LTH) COO Mike Westendorf on the Bandeira project in Brazil’s “Lithium Valley,” adjacent to operating peers. We cover: • Updated feasibility study highlights, including capex reduction and design changes to improve robustness through price cycles • Operating cost drivers (processing route, power, local supply chain, and logistics) and the role of ore sorting / DMS • Permitting status, recent regulatory developments, and the expected pathway to FID and production timelines • Current financing environment, potential funding structures, and near-term catalysts through 2026 Sponsors - Lithium Royalty Corp (TSX: LIRC) - diversified lithium royalty portfolio. (Website: https://www.lithiumroyaltycorp.com/ | X: https://x.com/Lithium_Royalty) - USCF Investments - commodity-focused ETFs (e.g., CPER copper, ZSB battery metals, USG gold, SDCI diversified commodities). (Website: https://www.uscfinvestments.com/ | X: https://x.com/USCFInvestments) Links - Strategic Lithium Reserve (SLR) White Paper: https://blog.rkequity.com/2025/12/08/strategic-lithium-reserve/ - Read Matt's research blog: https://blog.rkequity.com/ - Sign up for the Lithium-Ion Bull newsletter/Matt's Blogs: https://rkequity.com/ Have a question? Drop us an email: [email protected] Patreon: https://www.patreon.com/rockstockchannel Podcast: Apple Podcast: https://podcasts.apple.com/us/podcast/lithium-ion-rocks/id1457969172 Spotify: https://open.spotify.com/show/0KiMIZOPaDg8ENfPJMSINq X (Twitter): Howard: https://x.com/LithiumIonBull Rodney: https://x.com/RodneyHooper13 Matt: https://x.com/matt_fernley _________________________________________________ DISCLAIMER NOT INVESTMENT ADVICE. DO YOUR OWN RESEARCH Howard, Matt and Rodney are not financial advisors nor broker-dealers, this video is for information purposes only and should not be considered investment or financial advice. Please do your own independent research and read the disclaimer at the end of the video or on RK Equity's website https://www.rkequity.com Intro and outro audio credit: Jamie Klein

Howard Klein of RK Equity discusses the Trump administration's Project Vault initiative and explains how a strategic lithium reserve could help boost the country's efforts to create secure supply chains. “The goal of a strategic lithium reserve is to stabilize prices and allow the industry to develop,” he explained. “If prices fall too low, the reserve would step in as a buyer. If prices spike too high, it could sell into the market.” This interview was filmed on February 13, 2026. Chapters (00:00) Intro (00:30) What is Project Vault? (09:02) Ranking critical minerals (21:43) China's lithium influence (25:40) What about midstream? (30:35) Western skills shortage (36:13) Strategic Lithium Reserve (44:06) Energy storage outlook (50:57) Phosphate's key role (57:49) Outro Sponsors - Lithium Royalty Corp (TSX: LIRC) - diversified lithium royalty portfolio. (Website: https://www.lithiumroyaltycorp.com/ | X: https://x.com/Lithium_Royalty) - USCF Investments - commodity-focused ETFs (e.g., CPER copper, ZSB battery metals, USG gold, SDCI diversified commodities). (Website: https://www.uscfinvestments.com/ | X: https://x.com/USCFInvestments) Links - Strategic Lithium Reserve (SLR) White Paper: https://blog.rkequity.com/2025/12/08/strategic-lithium-reserve/ - Read Matt's research blog: https://blog.rkequity.com/ - Sign up for the Lithium-Ion Bull newsletter/Matt's Blogs: https://rkequity.com/ Have a question? Drop us an email: [email protected] Patreon: https://www.patreon.com/rockstockchannel Podcast: Apple Podcast: https://podcasts.apple.com/us/podcast/lithium-ion-rocks/id1457969172 Spotify: https://open.spotify.com/show/0KiMIZOPaDg8ENfPJMSINq X (Twitter): Howard: https://x.com/LithiumIonBull Rodney: https://x.com/RodneyHooper13 Matt: https://x.com/matt_fernley _________________________________________________ DISCLAIMER NOT INVESTMENT ADVICE. DO YOUR OWN RESEARCH Howard, Matt and Rodney are not financial advisors nor broker-dealers, this video is for information purposes only and should not be considered investment or financial advice. Please do your own independent research and read the disclaimer at the end of the video or on RK Equity's website https://www.rkequity.com Intro and outro audio credit: Jamie Klein

Alex Wylie, CEO of LibertyStream Infrastructure Partners (TSXV: LIB | OTCQB: VLTLF), discusses the company’s evolving strategy to produce lithium carbonate from existing oil and gas infrastructure in the United States. Chapters (00:00) Introduction (03:34) Rebranding And Permian Basin Strategy (04:55) Production Progress And Key Milestones (07:33) Funding And Select Water Partnership (08:42) North Dakota Expansion And Military Supply (11:18) Offtake Progress And Grant Support (13:18) Select Water Partnership Benefits (15:12) Modular Growth And Scaling Strategy (17:32) Upcoming Milestones And Offtake Plans (18:46) Investor Support And Leadership Hire (20:46) U.S. Listing And Redomicile Plans (21:49) Government Support And U.S. Strategy (25:25) Production Roadmap And Expansion Timeline (27:49) Technical Vs Battery Grade Strategy (30:32) Long-Term Scaling Strategy (31:41) Closing And Future Outlook Liberty Stream, formerly Volt Lithium, is focused on extracting lithium from oilfield brines in major basins such as the Permian Basin and North Dakota, converting what has traditionally been considered a waste stream into a source of critical minerals. We cover Liberty Stream’s transition from pilot-scale operations to commercial readiness, including its in-field refining unit, progress toward its first 1,000-ton-per-year lithium carbonate production target, and its differentiated strategy of serving industrial and technical-grade lithium markets initially. This approach may enable faster commercialization compared to conventional lithium development projects, while leveraging existing infrastructure to reduce capital intensity and accelerate time to market. Alex explains the rationale behind the company’s rebranding and relocation to Texas, its partnership with Select Water Solutions for pretreatment infrastructure, and ongoing offtake discussions with prospective customers. We also discuss Liberty Stream’s capital raises totaling approximately $25 million, grant support from North Dakota, and its roadmap to scale production through modular expansion across multiple basins. From our perspective, Liberty Stream’s strategy represents an alternative approach to lithium supply development in North America, particularly as demand for domestically sourced critical minerals continues to grow. We examine key milestones achieved over the past year, the company’s commercial production timeline, and what investors and industry participants should watch for in 2026, including potential offtake agreements, expansion plans, and a possible future U.S. listing. Topics covered in this interview include: • Liberty Stream Infrastructure Partners overview and strategy • Direct lithium extraction (DLE) from oilfield brines • Permian Basin lithium production and infrastructure partnerships • Industrial vs battery-grade lithium carbonate markets • Commercial production targets and modular scaling strategy • Capital raises, grant funding, and investor support • U.S. critical minerals supply chain and domestic lithium production • Potential U.S. listing and corporate redomicile to Texas • Lithium market outlook and key milestones ahead Sponsors - Lithium Royalty Corp (TSX: LIRC) - diversified lithium royalty portfolio. (Website: https://www.lithiumroyaltycorp.com/ | X: https://x.com/Lithium_Royalty) - USCF Investments - commodity-focused ETFs (e.g., CPER copper, ZSB battery metals, USG gold, SDCI diversified commodities). (Website: https://www.uscfinvestments.com/ | X: https://x.com/USCFInvestments ) Links - Strategic Lithium Reserve (SLR) White Paper: https://blog.rkequity.com/2025/12/08/strategic-lithium-reserve/ - Read Matt's research blog: https://blog.rkequity.com/ - Sign up for the Lithium-Ion Bull newsletter/Matt's Blogs: https://rkequity.com/ Have a question? Drop us an email: [email protected] Patreon: https://www.patreon.com/rockstockchannel Podcast: Apple Podcast: https://podcasts.apple.com/us/podcast/lithium-ion-rocks/id1457969172 Spotify: https://open.spotify.com/show/0KiMIZOPaDg8ENfPJMSINq X (Twitter): Howard: https://x.com/LithiumIonBull Rodney: https://x.com/RodneyHooper13 Matt: https://x.com/matt_fernley _________________________________________________ DISCLAIMER NOT INVESTMENT ADVICE. DO YOUR OWN RESEARCH Howard, Matt and Rodney are not financial advisors nor broker-dealers, this video is for information purposes only and should not be considered investment or financial advice. Please do your own independent research and read the disclaimer at the end of the video or on RK Equity's website https://www.rkequity.com Intro and outro audio credit: Jamie Klein