Rock Stock Channel

Arnab Datta (Employ America) and Alex Turnbull (investor and long-time critical minerals practitioner) sit down with Howard Klein to unpack the policy shift now underway in Washington on critical minerals, rare earths, and battery materials. Chapters (00:00) The Market Stabilization Gap (03:08) Prioritizing Key Minerals (05:14) Guests and Their Focus (10:31) Why Volatility Blocks Investment (15:44) Project Vault and Forge Overview (21:04) Processing Limits and Stockpiling (26:46) SECURE Minerals Act Explained (30:09) Why a New Corporation Model (35:39) Path to Passing the Bill (39:36) What to Include and Why Lithium (44:02) How the Reserve Would Intervene (47:56) China-U.S. Supply Chain Strategy (54:30) Demand Challenges and Oversupply (58:24) Wrap-Up Over the past several weeks, the U.S. conversation has moved from whether government should intervene to how—with new tools emerging across trade, finance, permitting reform, allied supply chains, and stockpiling. We discuss the rollout of Project Vault and the broader Forge effort, alongside recent congressional momentum on supply-side legislation. The focus of this interview is the “missing layer” in the U.S. toolkit: market stabilization. Long-cycle mineral supply chains don’t fail only because of permitting delays—they fail because extreme price volatility can crush investment in downturns and create affordability and security risks in upswings. Arnab and Alex explain why China’s influence isn’t just about overcapacity, but also about control of pricing benchmarks and market infrastructure. We then dive into the SECURE Minerals Act and its proposal for a Strategic Resiliency Reserve—a standing institution designed to stabilize critical minerals markets across cycles, rather than reacting after disruptions occur. We explore how a resiliency reserve could complement (not compete with) initiatives like Project Vault, and why lithium may be the most practical first test case. If you’re tracking U.S. industrial policy, supply chain security, battery metals, and the evolving U.S.–China dynamic in critical minerals, this discussion is a useful framework for understanding what’s changing—and what still needs to be built. Topics covered • Project Vault, FORGE, and the expanding U.S. critical minerals toolkit • Why price volatility is a core bottleneck for investment and supply growth • China’s role in supply, processing, and benchmark pricing infrastructure • SECURE Minerals Act and the Strategic Resiliency Reserve concept • Why lithium and magnet materials are central to electrification and defense • The demand question: EV incentives, AI energy demand, and commercial scale 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

In February 2026’s Recharge podcast, co-presenters Matt Fernley (Battery Materials Review) and Cormac O’Laoire (Electrios Energy) discuss key developments across battery materials and EV markets, including: • China EV pricing dynamics around Chinese New Year, destocking, and continued price competition • Shifts in EV and PHEV mix, subsidy effects, and market-share gains by smaller Chinese automakers • Sodium-ion positioning versus lithium-ion, with focus on energy density, cold-weather use cases, and supply-chain constraints • Europe and US demand divergence, including affordable model availability in Europe and weak US momentum post tax-credit removal • Lithium price volatility driven by speculative positioning, GFX dynamics, inventory context, and implications for project feasibility and ESS costs Chapters (00:00) Intro (02:00) China: EV Price War (06:17) Sodium-Ion Reality Check (09:52) China EV Mix Shifts (19:16) Europe: EV Growth (24:56) US: EV Slowdown (27:08) Lithium Price Swing (35:13) ESS Demand Outlook (38:01) ESS Logistics And Tariffs (46:04) Wrap-Up Links - Read Matt's research blog: https://blog.rkequity.com/ 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 Have a question? Drop us an email: [email protected] _________________________________________________ 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

Lithium Universe CEO Iggy Tan provides a timely update on the company’s lithium refinery strategy, project financing path, and new technology initiatives as lithium markets recover. Chapters (00:00) Introduction (03:23) Norah Offtake Agreement (07:26) Financing And Lithium Price Recovery (10:10) Brownsville U.S. Refinery Plan (13:52) Quebec Project Priority (15:31) Solar Recycling And Silver Tech (18:30) Demo Plant Strategy (20:28) Silver Demand And Government Support (23:14) Near-Term Catalysts (24:36) Nigeria Feedstock Supply (28:34) CapEx And Funding Path (30:59) Outlook And Closing We (Howard and Rodney) discuss Lithium Universe’s binding 10-year (plus 5-year evergreen) feedstock agreement with Norah Mining Limited, securing 80,000 tonnes per annum of spodumene concentrate with a partner discount that could materially strengthen refinery margins and improve financing discussions. For merchant lithium converters, feedstock security is often the critical hurdle — this agreement directly addresses that risk. We also review the company’s plan to replicate its Quebec refinery model in Brownsville, Texas, positioning the project within the U.S. critical minerals supply chain with port access, established infrastructure, and permitting advantages. Beyond lithium conversion, we examine Lithium Universe’s photovoltaic (solar panel) recycling and silver extraction technology, which uses microwave separation and electrochemical recovery to produce high-purity silver while reducing reagent consumption. With silver now recognized as a critical metal, this adds a potential second value stream to the business. Finally, we talk through the lithium price rebound, how current carbonate prices compare to the company’s DFS assumptions, and what that means for project economics, partnerships, and next milestones. Topics covered: • Lithium refinery development in Quebec and Texas • Long-term spodumene supply agreements • Lithium price recovery and project economics • Battery metals and critical minerals strategy • Solar panel recycling and silver recovery technology • Financing, JV partners, and near-term catalysts As always, our aim is to provide a clear, balanced discussion of the strategy, risks, and opportunities shaping Lithium Universe’s next phase. 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

In this week’s Rock Stock recap, we (Howard, Matt, and Rodney) review one of the most consequential weeks for global critical minerals, lithium, EV demand, and commodity markets, and discuss what it means for investors, operators, and supply chains across mining, batteries, and electrification. Chapters (00:00) Intro (02:27) Project Vault And Policy Tools (04:27) Lithium, Batteries, Strategic Reserve (08:02) EV Market Review And 2026 Outlook (12:34) U.S. EV Demand And Auto Pullbacks (15:14) GM Supply Chain And Phosphate Gap (17:55) Commodity Selloff And Deleveraging (27:24) AI Buildout And Mining Opportunity (30:41) Lithium Earnings And Deal Updates (34:57) Wrap-Up (36:59) JD Vance (41:16) Marco Rubio (42:05) David Copley (42:23) Trump (42:40) Howard Lutnick (42:56) John Jovanovic (43:40) Doug Burgum (44:10) Robert Friedland Podcast ft. Robert Friedland & Jeff Currie: https://www.podbean.com/ew/pb-kff6t-1a30bfa We begin with the latest developments in U.S. and allied critical minerals policy, including Project Vault, permitting reform, and new trade frameworks aimed at stabilizing long-cycle investment in mining, processing, and downstream manufacturing. While policy momentum is increasing, we focus equally on the practical questions: where demand growth comes from and how markets actually clear. Matt then walks through a detailed electric vehicle (EV) market outlook by region. Europe and the rest of the world remain strong, while the U.S. market is slowing following tax credit changes, and China shows a clear second-half deceleration as subsidies fade. We discuss 2026 growth expectations and what these trends imply for lithium and battery materials demand. We also examine several important supply chain risks, including GM’s procurement strategy and the underappreciated phosphate/LFP bottleneck, which could become the next constraint after lithium and graphite. On the markets side, we break down the recent selloff in gold, copper, lithium, uranium, and Bitcoin, attributing much of the volatility to leveraged positioning and broad deleveraging, rather than a change in long-term fundamentals. Rodney adds perspective on macro conditions, the new Fed chair, debt markets, and the continued institutional preference for hard assets over paper assets. Finally, we cover copper fundamentals, inventories vs. price signals, lithium pricing levels, earnings season (including Albemarle), M&A headlines, and select developments across the battery metals and mining equities space. Our goal is to provide clear, grounded analysis of lithium, EVs, copper, mining stocks, and commodity markets without hype—focusing on what the data and market structure are actually telling us. Topics covered: • Critical minerals policy & supply chains • Lithium and battery materials outlook • EV sales trends: U.S., China, Europe • Phosphate/LFP risks • Commodity selloff & deleveraging • Copper inventories and fundamentals • Fed policy & macro backdrop • Lithium earnings and sector news If you follow lithium stocks, mining equities, battery metals, EV demand, or commodity investing, this weekly review will keep you up to date with the key drivers shaping the market. 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

Ana Cabral, CEO of Sigma Lithium (NASDAQ/TSXV: SGML) discusses the company’s restart of mining operations at its flagship hard-rock lithium project in Minas Gerais, Brazil, and what that means for production, costs, cash flow, and growth. Chapters (00:00) Introduction (02:14) Restart Timeline (03:05) Cash Flow And Costs (05:45) Fines Sales Strategy (10:18) Plant Recovery Performance (11:35) Move To Owner Mining (13:51) Expansion Plans (16:45) Funding And Loans (19:23) Team And Operations (27:22) Prepay And Offtakes (31:56) Closing Remarks Sigma has remobilized to site and expects to reach steady-state production within approximately three months, with updated production guidance to follow shortly thereafter. We review the company’s operating profile, including all-in sustaining costs near $600 per tonne, historical production levels of 220–270kt per year, and management’s view that the operation remains profitable across a wide range of lithium price scenarios. We also examine several key developments: • Transition from contract mining to owner-operated mining and the potential impact on safety, productivity, and margins • Plant performance and recoveries (~70% DMS) • Monetization of high-purity fines inventory as an incremental revenue stream • Status of Phase 2 expansion, with most civil works completed and remaining equipment capex outlined • Funding strategy, including cash flow, development bank financing, and customer prepayments/offtakes • The depth of Sigma’s technical and operational team as it scales production Our goal in this discussion is to clarify what has changed operationally, what risks remain, and how management is approaching capital discipline and growth in the current lithium market. If you follow lithium stocks, battery metals, EV supply chains, or hard-rock spodumene producers, this interview provides a detailed operational update directly from management. 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

In today’s update on The Metals Company (NASDAQ: TMC), Howard and Rodney sit down with CFO Craig Shesky to review the company’s latest regulatory and permitting developments and what they mean for the path to commercial production. Chapters (00:00) Introduction (03:37) New NOAA Rules (06:38) Larger Mining Area (10:29) Metal Prices And Outlook (12:59) CEO House Hearing TMC has filed what it describes as the first consolidated U.S. application with NOAA, combining both exploration and commercial recovery into a single process. Management views this updated framework as a way to streamline permitting, reduce duplication, and potentially shorten timelines — effectively de-risking the project from a regulatory standpoint. At the same time, the company has expanded its initial commercial recovery area from ~25,000 km² to ~65,000 km², increasing the defined and anticipated nodule resource from roughly 360 million tonnes to more than 800 million tonnes across a contiguous zone. We discuss what this larger footprint means in practical terms — not just headline scale, but operational sequencing, environmental data requirements, and how management is thinking about ramp-up. Topics covered include: • NOAA’s updated deep-seabed mining rules and consolidated application pathway • What “de-risking through permitting” actually means • Expansion of the commercial recovery area (25,000 → 65,000 km²) • Resource growth (360Mt → 800+ Mt nodules) • Pre-feasibility study assumptions and economics • Metal price sensitivity (nickel, copper, cobalt, manganese) • The broader U.S. mineral security and supply chain context For viewers new to the story, The Metals Company is a deep-sea minerals developer focused on collecting and processing polymetallic nodules containing nickel, copper, cobalt, and manganese — materials used in electrification and battery supply chains. At the end of the video, we’ve appended recent clips of CEO Gerard Barron’s testimony before the U.S. House, where he outlines the strategic role deep-sea nodules may play in domestic critical mineral supply. 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 _________________________________________________ If you follow critical minerals, battery metals, deep-sea mining, or U.S. permitting policy, this conversation provides a straightforward look at where the project stands today. #TheMetalsCompany #TMC #DeepSeaMining #CriticalMinerals #BatteryMetals #Nickel #Copper #Cobalt #ResourceInvesting #MiningStocks

After processing the World Economic Forum (Davos) and the Future Minerals Forum (Riyadh), we sat down to unpack what we’re seeing in markets as commodities move from cyclical to strategic. In this Rock Stock Recap, Howard, Matt and Rodney discuss how geopolitics—choke points, export controls, reserves, and policy alignment—are increasingly shaping price formation in critical minerals, and why that shift changes how investors should think about valuation, project selection, and long-duration assets in strong jurisdictions. Chapters (00:00) Intro (00:57) Commodities Become Strategic Assets (04:17) Davos And Rising Geopolitical Risk (07:23) Gold Repatriation And China's Role (09:26) Precious Metals And Fiat Skepticism (11:05) Silver Prices Hit Demand Limits (16:27) Capital Flows: Gold, Bitcoin, And Hard Assets (20:20) Platinum And Palladium Outlook (22:08) Lithium Costs And Demand Risk (24:15) Copper, Aluminum, And Nickel Update (29:11) Lithium Producers Performance Review (34:10) Closing Remarks (35:48) Howard Lutnick & Champagne (40:21) Robert Friedland (41:02) Mark Carney (Canada) (43:55) Friedrich Merz (Germany) (45:28) Elon Musk (Tesla) They also cover early signals from lithium reporting season and what improving spot pricing could mean for producers and developers, alongside broader commodity moves across precious metals and industrial metals. Rodney and Matt dig into the silver rally—why equities haven’t tracked the metal, how solar economics may drive “thrifting,” and what happens if demand transitions from industrial use toward investment-led dynamics. We compare the current setup in gold versus silver, and touch on platinum and palladium in a world where ICE longevity, changing EV regulations, and competing technologies all matter. On the macro side, we talk through Europe’s evolving posture after Davos, potential supply chain redirection, currency and reserve diversification, and how a weaker dollar can pressure global cost curves. We close with a measured look at the broader economy: AI’s productivity upside versus uneven distribution, a more K-shaped consumption landscape, and what a shifting global order could mean for commodities and real assets in 2026. Topics include: geopolitics and critical minerals, Davos takeaways, strategic commodities, lithium earnings season, silver and gold dynamics, solar panel cost pressure, platinum/palladium outlook, copper and industrial metals, nickel and Indonesia regulation, inflation pass-through, and AI’s impact on growth and jobs. 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

In this episode, I (Howard Klein) connect fast-moving signals across critical minerals, power markets, and U.S. industrial policy coming out of Saudi Arabia’s Future Minerals Forum, Davos/DERVOS, and Washington, DC. Chapters (00:00) Introduction (08:31) Tesla Refinery (10:26) Policy signals from Washington (15:04) DERVOS panel highlights (17:41) Chamath Palahapitiya on Power (19:16) Albemarle (19:28) Sigma Lithium DERVOS 2025 Panel: https://open.spotify.com/episode/4XnNN8QmghJsUZd7tDcccR?si=kM0uILyBR3ymguUFQ6B2GQ Washington looks increasingly like it’s moved from policy papers to capital allocation: the SECURE Minerals Act, renewed focus on stockpiling and protecting mining returns, and references to deals/platforms involving MP Materials, Lithium Americas, Korea Zinc, Orion Mine Finance, and TechMet. At the same time, power markets are getting political. A joint letter tied to the National Energy Dominance Council and governors to PJM Interconnection pushed for capacity market reform—price certainty for new generation, clearer cost allocation to data centers, and consumer protections—fueling broader debate about grid strain, AI load growth, and investment needs. The connective tissue: batteries and materials are now central to mineral policy, grid design, AI infrastructure, and capital markets. With Tesla’s 50,000 tpa lithium hydroxide refinery now operating and the U.S. likely needing many more plants, I argue lithium price stability is the missing link—and why a Strategic Lithium Reserve (SLR) matters. Clips included from DERVOS (a “Davos for DERs”) featuring Drew Baglino (Heron Power/ ex-Tesla), LG Energy Solution, and Ember Energy on scaling storage and the shift from petrostates to electrostates. 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

In this interview, we (Howard and Matt) speak with John Passalacqua, CEO of First Phosphate (CSE: PHOS) about the rapidly evolving lithium iron phosphate (LFP) battery supply chain and why phosphate remains one of the least understood — yet most important — inputs in LFP cathodes. Chapters (00:00) Introduction (04:24) LFP Demand Shift (05:59) Offtake Prepayment (06:46) 2026 Feasibility Path (07:45) Why High-Purity Phosphate (10:47) LFP-First Strategy (13:32) China Vs. The West (15:54) Western Buildout Gaps (18:30) Iron Phosphate Bottleneck (22:21) Policy And Supply Chains (24:55) Production Timeline (25:48) Cash And Runway (26:52) Macro And Stockpiling (28:11) Wrap-Up First Phosphate Website: https://firstphosphate.com/ We cover what’s changed since our December conversation, including a payment tied to an offtake arrangement, the company’s Quebec-focused, vertically integrated phosphate strategy, and what investors should watch over the next several quarters. John walks through the company’s 30,000-meter drill program (targeted to complete by April) and how results could support a 10–20% resource upgrade, alongside the stated goal of completing a feasibility study by the end of 2026. We also discuss the broader market context: accelerating energy storage demand, the push to localize LFP supply chains outside China, and the often-overlooked role of purified phosphoric acid and iron phosphate in downstream battery production. John explains why First Phosphate is positioned differently from fertilizer-oriented phosphate producers and outlines key development timelines and capital position referenced in the discussion. Topics include: - LFP batteries and energy storage demand (data centers, robotics) - Phosphate’s role in LFP cathode materials - Offtake prepayment and what it signals for bankability - Drill program progress and upcoming technical milestones - Feasibility study timeline and investor-relevant catalysts - Localization of North American LFP and iron phosphate supply chains 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 #FirstPhosphate #PHOS #LFP #LithiumIronPhosphate #BatteryMetals #CriticalMinerals #EnergyStorage #Phosphate #EVBatteries #MiningStocks #QuebecMining

In this first RK Equity X Spaces of 2026, we (Howard Klein, Matt Fernley, and Rodney Hooper) pull together the key threads shaping the battery materials and critical minerals landscape as the year begins. The discussion focuses on how lithium is moving back toward fundamentals, why energy storage is increasingly driving marginal demand, and what that means for investors across the supply chain. Chapters (00:00:00) Introduction (00:08:19) Macro And Silver (00:10:55) Lithium: Demand And Supply (00:13:26) 5 Lithium Themes For 2026 (00:15:24) Sodium-Ion Substitution (00:19:51) Pricing And Inventories (00:27:51) Buy-Side Outlook (00:37:18) EVs And ESS Growth (00:54:02) Silver: Demand Debate (00:59:45) Rare Earths And Minor Metals (01:11:11) U.S. Policy And Geopolitics (01:22:24) Defense Batteries And Constraints (01:26:35) Wrap-Up We review recent signals from the market and the sell side—including tightening inventories, stronger-than-expected energy storage demand, and shifting bank sentiment—and then pressure-test the outlook with a mix of independent research and buy-side perspectives. A key theme is whether this cycle differs from prior EV-led lithium cycles, and how supply response, capital discipline, and policy decisions may influence price behavior through 2026–2027. Rodney provides macro context around the “debasement trade” and the case for hard assets, using silver as an example of where industrial demand and investment demand can intersect. Matt outlines the core questions for 2026: demand durability, potential substitution risks (including sodium-ion in stationary storage), and how quickly supply can respond to higher prices. We’re joined by guests across the ecosystem, including: - Andy Leyland (SC Insights) on “five things to watch” for lithium in 2026—forecast revisions, ESS demand, feasibility study activity, capex inflation, and evolving product pathways. - Tomasz Nadrowski (Amvest Terraden Critical Materials Fund) with a cautious buy-side lens on cycle positioning, China-driven dynamics, and capital allocation challenges. - Tom Woolrych (Deutsche Rohstoff) on equity sentiment, lithium cycle behavior, and where risk/reward may be most attractive. - Chris Berry (House Mountain Partners) on U.S. policy, supply chain security, defense and data-center demand, and why lesser-known critical minerals may see more institutional attention. Topics covered include lithium inventories and restocking cycles, ESS vs. EV demand, supply elasticity, capex and project economics, sodium-ion substitution risk, silver’s demand drivers and potential substitution in solar, and how geopolitics is influencing critical minerals strategy. 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

In this week’s Rock Stock Recap, we (Howard, Matt, and Rodney) discuss the key cross-currents shaping battery materials and the broader commodities complex—what’s driving recent price action, what’s changing in investor positioning, and where fundamentals are reasserting themselves. Chapters (00:00) Intro (04:54) Macro: Shift To Hard Assets (06:37) Silver And Gold Outlook (08:42) Dollar And Commodity Currencies (14:01) Lithium: Demand And Pricing (16:52) Analyst Upgrades And Market Sentiment (19:35) High-Purity Alumina Spotlight (24:33) Other Materials To Watch (25:13) Outro (26:12) Q2 Metals (29:52) Surge Battery Metals (34:49) NOA Lithium Brines We start with policy and market structure: the latest White House fact sheet on critical minerals processing, the increasing focus on allied and domestic refining capacity, and why price volatility—not just permitting or supply chains—is emerging as a central problem. We also touch on signals of potential bipartisan legislation that may address market stability, aligning with the strategic lithium reserve concept that frames lithium more like infrastructure than a typical commodity. Rodney then outlines his macro view on the renewed preference for physical hard assets over paper claims, with implications for precious metals, sovereign reserves, and commodity-linked currencies. We discuss how investor behavior is shifting across gold and silver, and what that could mean for real assets in an environment of heavy refinancing needs and persistent fiscal pressure. From there, Matt digs into lithium: the strength of the recent move, whether current prices are sustainable, and how higher prices may bring parts of the incentive curve back into play—especially projects that were delayed during the downturn and may require updated feasibility work at today’s pricing assumptions. We also reference the tone shift from sell-side research, including recent sector upgrades, and the risks that come with “this time is different” narratives even as market depth and demand mix evolve. We close with a discussion on high-purity alumina (HPA) as an example of a niche, processing-led material with growing relevance in semiconductors and batteries—why identifying the right materials matters as much as identifying the right companies, and why “chokepoint” processing capacity is becoming a recurring theme across critical minerals. Company Updates (Additional Videos): - Alicia Milne, CEO of Q2 Metals Corp - Graham Harris, Chairman of Surge Battery Metals (including the company’s upsized $25M financing update) - Gabriel Rubacha, CEO of NOA Lithium Brines 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

In the January 2026 episode of the Recharge Podcast, we (Matt from RK Equity / Battery Materials Review and Cormac O'Laoire, Managing Director at Electrios Energy) review the key battery and EV market signals coming out of 2025 and what they imply for 2026. Chapters (00:00) Intro (01:34) 2025 EV Demand Shift (06:36) China: BYD And New Rivals (10:02) China: Subsidies And Growth (12:26) US Vs Europe EV Trends (18:32) Europe Targets And Supply Chain (22:13) China Export Rebate Changes (24:26) Energy Storage Boom (27:57) Materials And Cell Prices (33:14) Next-Gen Storage Options (42:41) New Demand Drivers (48:01) Outro We cover how China’s EV market is shifting toward PHEVs and EREVs, including policy-driven changes to minimum electric-only range and the resulting push toward larger battery packs. We also discuss the changing competitive landscape in China—where smaller EVs can still top sales charts even as OEMs compete aggressively in higher-end segments. Outside China, we compare the 2025 outcomes in the US and Europe, including the US slowdown late in the year, Europe’s stronger-than-expected growth, and what Chinese OEM and battery supply chain investment could mean for European market structure. On the supply chain side, we unpack China’s export rebate changes and how they may affect Tier 2 battery makers, near-term energy storage battery availability, and the balance between domestic Chinese demand and export flows. We then turn to raw materials and cell pricing—why lithium, nickel, cobalt and manganese trends matter, how inventories and contracting can delay price pass-through, and where higher-duration energy storage systems may feel cost pressure first. Finally, we look at potential demand drivers that may be underappreciated—including Class 8 electric trucking, marine electrification, higher energy density chemistries, and longer-term battery demand from robotics and automation. Topics covered: - China EV market: PHEVs/EREVs, policy shifts, and competitive dynamics - US vs Europe EV demand trends and market structure implications - China export rebate changes and impacts on battery supply and pricing - Lithium and broader raw material pricing pass-through into cells and ESS - Energy storage duration economics, hybrid chemistries, and long-duration alternatives 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

In this episode of Rock Stock Channel, we (Howard and Matt) sit down with Advanced Energy Minerals (ASX: AEM) for a detailed follow-up discussion following the company’s recent IPO. We are joined by Executive Chairman Richard Seville and CEO Michael (Mick) Adams to explore how the company is positioning itself in the global high purity alumina (HPA) market. Chapters (00:00) Introduction (06:14) HPA Grades Explained (08:23) Alpha Vs Gamma Products (11:03) Low-Uranium For Semiconductors (13:43) Specs That Matter (14:42) Pipeline, Qualification, Pricing (20:00) Supply Chains And China (24:10) Consistency And Morphology (24:37) How The Process Works (26:59) Fixing The Original Plant (28:29) Quebec Power Advantage (28:53) Phased Expansion Plan (30:53) Funding (32:50) Market Size And Parallels (34:18) Listing Takeaways (36:18) How New Materials Markets Mature (38:01) Closing Remarks We discuss AEM’s transition from private ownership to a publicly listed company, its brownfield restart strategy in Quebec, and the delivery of commercial-scale HPA production. The conversation focuses on the fundamentals of the HPA market, including demand drivers across semiconductors, advanced ceramics, LEDs, batteries, and emerging AI-related applications. A key part of the discussion is devoted to explaining HPA purity grades, including the differences between 3N, 4N, and 5N material, as well as alpha versus gamma alumina. Mick provides insight into why impurity profiles, particle morphology, and consistency matter as much as headline purity levels, particularly for semiconductor and thermal management applications. We also examine Advanced Energy Minerals’ customer qualification process, pricing dynamics, and growing commercial pipeline, including progress with ultra-low uranium products. The discussion covers global supply chains, China’s role in the HPA market, and why reliable, non-Chinese supply is increasingly important for high-end applications. Finally, we walk through AEM’s processing route, lessons learned from the asset’s original development, the advantages of low-cost hydroelectric power in Quebec, and the company’s phased growth strategy. We conclude with a broader discussion on how emerging materials markets evolve, drawing on lessons from earlier stages of other critical materials markets. This video is intended for investors seeking a clearer understanding of high purity alumina, its applications, and how Advanced Energy Minerals is approaching execution, scale-up, and customer engagement. 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

In this Rock Stock Recap, we (Howard and Matt) sit down with YJ Lee (Arcane Capital) in Singapore to assess what’s changed in the lithium market—and why this rally looks different from the false starts investors have seen before. Chapters (00:00:00) Intro (00:05:42) Shorting Lithium? Quick View (00:06:00) Why Lithium Spiked In China (00:06:48) CATL Closure And Seasonality (00:10:28) ESS Demand: Shipments vs Installs (00:12:06) ESS Economics And Price Sensitivity (00:17:30) Storage Needs In The Big Picture (00:20:28) EV Demand Outlook By Region (00:24:57) Why Broker Forecasts Miss (00:28:09) Why ESS Demand Could Stay Strong (00:30:56) Next Demand Drivers Beyond EVs (00:36:26) Supply Outlook By Region (00:41:17) Deficit Scenarios And Sodium Risk (01:02:50) Macro Risk And Recession Talk (01:07:26) Silver: Solar-Driven Deficit (01:13:15) Closing Thoughts We cover the key drivers behind the sharp move in China lithium prices, including tightening inventories and the growing influence of battery energy storage systems (ESS). A major theme is the “shipments vs installations” debate in grid storage: strong ESS cell output has pushed through normal EV seasonality, helping draw down lithium inventories across the system. We also discuss whether higher lithium and cell prices could eventually pressure ESS economics, and how project duration (4-hour vs 6–8-hour systems) affects overall demand. On the demand side, YJ outlines a more aggressive view of lithium consumption growth—driven by ESS, electrified trucking, and a widening set of electrification use cases—while Matt frames the near-term through a fundamentals lens and highlights where market expectations can get ahead of reality. We then turn to supply: what “latent supply” really means, the pace of growth in Chile (including SQM), Argentina, China, Africa, and Australia, and why conversion capacity is unlikely to be the primary bottleneck versus mined supply over time. We close with a focused discussion on silver: the structural deficit driven by solar demand, the tension between physical and paper markets, and why this may be a useful analog for how deficit commodities can behave over longer periods. Topics covered include: lithium price, lithium inventories, lithium carbonate, lithium hydroxide, China lithium market, battery energy storage (BESS/ESS), grid storage, EV battery demand, electric trucks, critical minerals, supply/demand balance, conversion capacity, SQM, Argentina lithium, Africa lithium, and silver market deficits. 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

In this panel discussion, I (Howard Klein) moderate a conversation on how Nevada is positioning itself as a leading U.S. hub for domestic lithium supply—linking mining, refining, battery production, and recycling into a more integrated “closed-loop” ecosystem. Chapters (00:00) Introduction (01:20) Nevada's Closed-Loop Supply Chain (04:07) Panelist Introductions (06:57) Lithium Market Cycles (13:27) Rhyolite Ridge Advantage (18:29) Recycling And Mining Strategy (23:09) Nevada Support And Permitting (25:58) Federal Policy And Critical Minerals (32:01) China And EV Outlook (36:05) Why Few New EV Makers (38:57) Defense Support And Stockpiles (42:57) Wrap-Up Joining me are: - Melanie Sheldon (Nevada Governor’s Office of Economic Development) on why Nevada is uniquely active across the full lithium value chain, and how the state supports projects through workforce development, incentives, and a mature permitting environment. - John Evans (Lithium Americas) on Thacker Pass—construction status, the GM joint venture, financing realities, and what it takes to build large-scale lithium projects through commodity cycles. - James Calaway (Ioneer) on Rhyolite Ridge—project readiness, the role of DOE financing, and how co-producing boric acid can materially improve the project’s cost position. - Ryan Melsert (American Battery Technology Company) on pairing battery recycling with primary lithium production—why both are needed, how recycling can support earlier cash flow, and the pathway from demonstration to commercial scale. We also cover the broader market and policy context: lithium’s boom-bust dynamics, the scale of North American battery buildout versus available domestic supply, and how U.S. industrial policy is evolving across administrations—especially around permitting, DOE programs, and the competitive landscape with China. Topics include: Nevada lithium, Thacker Pass, Rhyolite Ridge, lithium carbonate, lithium hydroxide, battery recycling, critical minerals policy, DOE Loan Programs Office, EV supply chain, U.S. battery manufacturing, and China competition. #Lithium #Nevada #CriticalMinerals #BatteryRecycling #EVSupplyChain #ThackerPass #RhyoliteRidge #LithiumAmericas #Ioneer #ABTC 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

In this episode, we (Howard and Matt) step outside Washington to examine how China approaches batteries, critical minerals, and supply chain strategy from the inside. Our guest is Henry Sanderson—former China-based journalist (including at the Financial Times) and author of Volt Rush—who brings on-the-ground perspective on how Chinese industrial policy, corporate competition, and capital allocation actually work in practice. Chapters (00:00:00) Intro (00:03:35) Henry's China Background (00:04:23) China Strategy Myths (00:07:09) Competition And Price Wars (00:12:38) Can The U.S. Catch Up? (00:20:53) Tech: Copy Or Reinvent? (00:28:59) Price Manipulation Debate (00:32:22) Overcapacity Crackdown (00:34:44) Jobs And Consumption (00:39:33) Securing Lithium Supply (00:42:33) China Cost Edge (00:46:44) U.S.-China Rivalry (00:50:46) China Investment In U.S.? (00:54:38) China Consumption Problem (01:00:13) 5-10 Year Outlook (01:06:22) U.S.-Europe Dynamics (01:08:13) Closing Remarks We discuss why many Western observers overestimate how “centrally coordinated” China is, and why intense competition and price wars—especially in LFP cathodes and parts of the midstream—have created a mixed picture: CATL generating strong profits while much of the broader ecosystem (midstream processing, lithium producers, and many EV makers) operates under margin pressure. Henry explains how local government incentives, credit availability, and overcapacity can drive rapid buildouts, and why Beijing is now signaling a more serious push to address “excessive competition.” From the U.S. perspective, we explore what is realistically achievable in critical minerals processing, cathodes, anodes, batteries, graphite, and rare earth magnets over the next few years, and where timelines are likely to extend toward the end of the decade. We also look at why the demand narrative is shifting from “EV-only” toward grid reliability, energy storage (ESS), data centers, and AI infrastructure, and what that means for lithium and battery supply chain resilience. Key themes covered: - China’s industrial strategy: coordination vs. competition - Overcapacity and consolidation: what changes, and why now - LFP cathodes: profitability, technology cycles, and global expansion - U.S. supply chain rebuilding: feasibility, bottlenecks, and timelines - Minerals vs. midstream: where China’s advantages are hardest to replicate - Cost structure realities: industrial clusters, policy tools, and VAT rebates - Geopolitics and trade-offs: de-risking, investment, and the “G2” question - The long view: energy, electricity costs, and the next phase of competition 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

In this episode of Rock Stock Channel, we (Howard and Rodney) sit down with Chris Evans (CEO, Winsome Resources) and Francis MacDonald (CEO, Li-FT Power) to walk through the recently announced scheme of arrangement to merge Winsome and Li-FT. Chapters (00:00) Introduction (05:41) Why Merge (07:17) Winsome Constraints (09:31) Agnico/Avenir Support (10:57) $40M Financing (13:58) Pro Forma Cash (17:12) Rework Economics (20:20) Renard Optionality (24:34) Leadership Shift (26:50) Permitting Edge (28:42) Near-Term Milestones (30:41) Yellowknife Asset (34:24) Alberta Downstream (39:07) Cycle And Valuation (43:05) Closing Remarks Rather than rehashing the press release, we focus on what shareholders and lithium investors are debating most: the strategic logic for full consolidation, what changes when Adina and the adjoining ground are brought together, and why capital certainty, permitting execution, and governance matter at this point in the lithium cycle—especially for high-quality Quebec spodumene development projects. Key topics we cover: - Why a merger (vs. JV): Francis explains the technical rationale for consolidating the land package and removing boundary constraints to potentially unlock greater pit scale and development flexibility. - What Winsome gains: Chris outlines the core constraints Winsome faced as a standalone developer—funding the next study phase, permitting de-risking, TSX connectivity, and optionality around the Renard infrastructure—and how the combination addresses them. - Avenir / Agnico Eagle backdrop: We discuss how Li-FT’s strategic relationship with Avenir (a subsidiary of Agnico Eagle) could influence permitting, stakeholder engagement, and project development credibility in Quebec. - Financing structure: Francis breaks down the $40M bought deal (subscription receipts plus sidecar financing), including the mix of hard dollars and flow-through, and how that capital is intended to fund drilling and studies across the portfolio. - Balance sheet and optionality: We review expected cash and equity positions at close (including the referenced equity holdings) and how a stronger balance sheet can change development sequencing and negotiation posture. - Work plan and milestones: We outline what we’ll be watching over the coming months—trade-off studies, resource integration planning, drilling cadence, and how management intends to integrate teams “with continuity and without duplication.” - What Li-FT shareholders bring to the table: Francis summarizes Li-FT’s Yellowknife Lithium Project (infrastructure advantages and planned drilling) and discusses the early look at a potential downstream refining concept in Alberta. 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

In this Rock Stock Recap episode, Howard, Matt, and Rodney sit down with Ernie Ortiz (CEO, Lithium Royalty Corp) and Ofer Amir (Clean Elements family office) to discuss why sentiment and pricing changed so sharply in 2025, and why the next leg of the lithium cycle may be driven less by EV headlines and more by battery energy storage systems (BESS). Chapters (00:00) Intro (04:26) Why Argentine Brines (08:18) Galan Brine Case (16:06) DLE vs Traditional Projects (18:01) Winsome & Power Metals Updates (23:26) Quebec Outlook & M&A (28:09) Lithium Pricing Setup (30:24) US Minerals Policy (33:02) Middle East Storage (36:23) 2026 Watchlist (40:26) Risks, Upside & Wrap We cover: - Why energy storage demand is becoming a primary driver for lithium (and why carbonate/LFP matters) - How major banks and industry players are framing the 2026 lithium outlook - Why Argentine brines are viewed as strategic — including valuation comparisons and past takeout benchmarks - What to watch in Argentina’s policy and investment environment, and why it may matter for project development - Brines vs hard rock vs DLE: how institutional investors and royalty companies think about risk, cost, and timelines - Key royalty and deal updates (including Winsome/Li-FT and Power Metals/Albemarle) - The Quebec lithium pipeline and what consolidation could look like in North America - Macro watchpoints: US critical minerals policy, supply chain buildout, and the pace of ex-China conversion capacity 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

In this December 2025 episode of the Recharge Podcast, we (Matt Fernley, editor of Battery Materials Review, and Cormac O’Laoire, MD of Electrios Energy) break down the key developments shaping the battery supply chain as we head into 2026. Chapters (00:00) Introduction (01:21) Overstated Lithium Demand Forecasts (02:44) EV Battery Size Trends (06:25) Lithium Market Risks (08:40) CATL and China Supply (13:01) NIO Semi-Solid Battery (15:13) Solid-State Reality Check (17:06) Battery Costs Turning Point (19:25) China Pricing Reset (22:16) Gigafactory Challenges (25:24) BESS Growth vs Inventories (34:29) BESS Becomes Strategic (38:51) Lithium Prices and Alternatives (41:48) Closing We start with why we think parts of the market may be overstating future lithium demand—particularly assumptions around lithium intensity per kWh and average EV pack size. We discuss how consumer preferences for SUVs and crossovers intersect with affordability, and why that matters for long-term demand modelling across Europe and China. We also look at near-term supply dynamics in China, including the situation around CATL’s lithium asset and what low-grade resources mean for cost and production decisions. On technology, we use NIO’s 150 kWh semi-solid pack as a real-world case study for the current economics of semi-solid and solid-state batteries, and where those technologies may find early adoption (including aviation and low-altitude electric flight). Finally, we review the latest signals on battery costs—including pack prices around $108/kWh and recent indications of cell price increases tied to lithium carbonate and cobalt. We then shift to BESS (battery energy storage systems): strong shipment momentum, project delays, inventory build concerns, and why we see energy storage becoming increasingly strategic infrastructure—especially as utilities, grids, and data center demand accelerate. We close with what we’re watching for 2026: lithium price sensitivity, the economics of longer-duration storage, and when alternatives like sodium-ion and flow batteries could become more competitive. Topics covered: Lithium demand forecasts • EV battery size trends • China lithium supply • CATL • Semi-solid & solid-state batteries • Battery pack pricing • LFP • Gigafactory competitiveness • BESS installations vs shipments • Grid storage economics • Long-duration storage • Sodium-ion • Flow batteries 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 - Read Matt's research blog: https://blog.rkequity.com/ - Sign up for the Lithium-Ion Bull newsletter: 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 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 Intro and outro audio credit: Jamie Klein

In this episode, Howard and Matt speak with Richard Seville, Executive Chairman of Advanced Energy Minerals (AEM), ahead of the company’s planned ASX listing (ticker: AEM). Chapters (00:00) Introduction (05:31) Richard's Path to AEM (08:18) What HPA Is & Main Uses (10:42) HPA Market Size & Growth (13:07) AEM Expansion Plans (14:48) Customer Qualification Process (18:11) Manufacturing Process Overview (21:54) Cost Curve Positioning (23:21) Low-Carbon Advantage (25:22) IPO, Capital Structure & Funding (30:27) Comparing AEM to Alpha HPA (35:40) Closing Remarks AEM IPO Prospectus: Drop us an email at [email protected] and we'll send it over. Strategic Lithium Reserve (SLR) White Paper: https://blog.rkequity.com/2025/12/08/strategic-lithium-reserve/ Richard is best known in the lithium industry for founding and leading Orocobre, taking it from a sub–$25m market cap IPO through project build-out, major corporate combinations, and ultimately to a transaction involving a global major. In this interview, we focus on AEM’s strategy in high purity alumina (HPA)—a niche but important industrial material used in sapphire/LED substrates, semiconductors, and emerging battery applications. We cover: - What HPA (4N / 5N purity) is and where it is used in the modern economy - Market size and growth expectations, including supply dynamics and China’s role - AEM’s Québec-based brownfield turnaround of an HPA plant acquired out of insolvency - The company’s current operating status and capacity expansion roadmap (Stage 1 and Stage 2) - How customer qualification works in HPA markets (including typical timelines) - AEM’s process overview (hydrometallurgy + calcining steps) and key cost inputs - The company’s positioning on the global cost curve, including access to low-cost hydro power - The role of low-carbon intensity in customer decision-making and procurement - IPO timing, funding history, balance sheet position, and views on future dilution risk - How AEM compares with other ASX-listed HPA peers, including differences in project stage and financing approach 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 - 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

In this episode, we’re joined by Keith Phillips for a wide-ranging, data-driven discussion on lithium markets, battery economics, and critical minerals strategy as 2026 approaches. Chapters (00:00:00) Intro (00:05:24) CATL Restart And Lithium Prices (00:07:45) Solid-State Battery Reality Check (00:12:02) Battery Costs: What's Next (00:15:02) Lithium Demand Forecast Pitfalls (00:17:56) EV Battery Size And Mass Market (00:22:52) Autonomy And Battery Demand (00:24:17) Power Metals Deal Update (00:25:29) Q2 Metals And Cisco Overview (00:27:59) Rio Tinto Quebec Strategy (00:30:09) Faster Permitting In Canada (00:31:18) Picking Winners In Lithium Projects (00:35:29) Offtakes Vs. Traders (00:38:53) US Critical Minerals Funding (00:45:09) What's Truly "Critical" (00:47:35) Where To List A Lithium Company (00:55:02) Surge-Evolution JV And 2026 Plans (01:03:43) SLR Breakdown Strategic Lithium Reserve (SLR) White Paper: https://blog.rkequity.com/2025/12/08/strategic-lithium-reserve/ We begin with a deep dive into the Strategic Lithium Reserve (SLR), explaining why price volatility—not geology—is the biggest constraint on Western lithium investment, and how China’s pricing power via CATL, BYD, and the G-FEX exchange has reshaped the global market. We discuss price floors, market stabilization, and why lithium sits at the center of energy security, industrial policy, and the emerging “electrostate” economy. From there, we analyze near-term lithium price drivers, including delays to Chinese supply restarts, seasonal demand patterns, and the growing role of energy storage systems (ESS). We examine battery technology trends, including semi-solid and solid-state batteries, falling battery costs, and what consumer price sensitivity means for EV adoption, battery size, and lithium intensity. The conversation also tackles a critical forecasting issue: whether lithium demand is being overstated due to unrealistic assumptions around battery chemistry and average EV battery size. We compare LFP, mid-nickel, and high-nickel batteries, and discuss how China’s mass-market EV model differs from Western assumptions. Keith shares insights from his experience as a former lithium CEO, including how to evaluate lithium projects, the importance of location and permitting timelines, the realities of offtake agreements versus spot sales, and how government funding and capital markets shape project outcomes. We also discuss Quebec’s growing role in hard-rock lithium, Q2 Metals’ Cisco project, Rio Tinto’s conversion strategy, and the outlook for permitting reform in Canada. We close with a market update on recent deals, including Power Metals and Surge Battery Materials, and discuss where institutional interest in lithium may return as prices stabilize and policy priorities shift. This episode is designed for investors, industry professionals, and policymakers looking for a clear, grounded view of lithium markets, battery economics, and the strategic decisions shaping the next phase of the energy transition. 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 - 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

We've released a major new RK Equity policy white paper: The USA Strategic Lithium Reserve A Modern SPR for the Lithium Age Read the full white paper here: https://blog.rkequity.com/2025/12/08/strategic-lithium-reserve/ Lithium prices have swung 10–15× in the past two cycles, driven largely by China’s dominance of chemical conversion. This volatility makes it extremely difficult for Western projects—no matter the geology or management—to reach Final Investment Decision. After the House critical minerals hearings this fall, one important idea was missing from the policy conversation: A Strategic Lithium Reserve — an SPR-style buffer for lithium. The SLR is simple and market-driven: • Buy carbonate when prices fall below sustainable incentive levels • Release during spikes, disruptions, or export threats • Stabilize the chemical margin without price floors or technology favoritism • Enable private capital to finance new Western supply And critically: This can begin within months at today’s low prices. The white paper outlines the cost model ($3–7B) and how a three-phase implementation could stabilize the market and diversify supply chains across the Western Hemisphere. If you find the analysis valuable, please share it with colleagues in policy, industry, or the investment community. Your support helps bring this idea into the national conversation. Thanks for reading, Howard Klein RK Equity

The discussion opens with a detailed assessment of Rio Tinto's Lithium Strategy Day—its updated demand outlook, cost assumptions, expansion plans in Argentina and Canada, and the organizational shift aligning lithium with the aluminum division. Howard and Matt examine implications for hard-rock supply, brine dominance, and potential M&A in Quebec. Chapters (00:00:00) Intro (00:01:46) Rio Tinto Strategy Overview (00:15:19) Q2 Metals Drill Results (00:18:03) NOA Lithium and Brine Scarcity (00:20:12) Europe: EMH and Vulcan News (00:27:02) Rare Earth Supply Risks (00:31:00) Solar Growth and Silver Demand (00:32:40) Physical Silver Squeeze (00:35:47) Closing Remarks (00:37:14) 121: NOA Lithium Brines (00:40:42) Q2 Metals in Quebec (00:42:39) Geopolitics & Critical Minerals (00:43:49) Permitting Challenges (00:45:08) Argentina's Mining Climate (00:47:17) U.S. Battery Strategy (00:49:18) Canada's Role (00:50:51) Importance of Copper (00:53:51) Hawke's Point Investment Approach (00:55:24) NOA PEA Highlights (00:57:52) Q2 Resource Growth (00:59:06) Hawke's Commodity Picks (01:03:34) Lithium Market Outlook (01:05:38) M&A Environment (01:10:39) Market Sentiment The conversation then turns to Q2 Metals and its standout drill results at the Cisco Project, which we see as one of the strongest hard-rock intercepts in recent years. Matt explains why the geology, scale, metallurgy, and infrastructure advantages could differentiate Cisco from other Canadian projects. We also discuss lithium brine dynamics—especially in Argentina—highlighting growing interest from major producers and why standalone brine assets may be increasingly scarce and undervalued. We also analyze Europe's shifting approach to critical minerals, including recent EU-backed financing for lithium projects and the continent's push to secure its own battery materials supply chain despite limited upstream resources. We close with a broader view across critical minerals: tightening physical silver markets, the strategic significance of heavy rare earths, and copper's central role in electrification, AI infrastructure, and energy transition technologies. At the end of the video, viewers will also find a separate 121 panel discussion featuring NOA Lithium Brines, Q2 Metals, and Hawke's Point Capital, where the panel explores lithium brine development in Argentina, early-stage discovery value in Quebec, permitting pathways, jurisdictional dynamics, and investor perspectives on project economics and global critical minerals supply chains. 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 - 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

In this episode, we sit down with John Passalacqua, CEO of First Phosphate (CSE: PHOS), to discuss one of the most overlooked segments of the energy transition: the phosphate supply chain for LFP batteries. As investors increasingly focus on lithium, nickel, and cobalt, phosphate has quietly emerged as a potential bottleneck for lithium iron phosphate (LFP) battery production outside of China. Chapters (00:00) Intro (05:39) John's Background (06:56) LFP Supply Chain Steps (09:34) Igneous vs. Sedimentary Phosphate (12:59) Project Infrastructure (15:08) Studies and Development Timeline (16:39) Offtake Strategy (19:33) Competitive Landscape (20:37) Permitting Process (23:07) Government Support (24:37) Strategic Partnerships (27:00) Project Economics (29:45) 2026 Milestones (30:35) Closing Remarks First Phosphate's Investor Presentation: https://firstphosphate.com/FirstPhosphateDeck_english.pdf Drawing on our research and recent work in the battery materials sector, we explore why igneous phosphate resources—such as First Phosphate's Bégin-Lamarche project in Quebec—may play a critical role in supplying purified phosphoric acid (PPA), a key precursor for LFP cathode materials. John walks us through the six-step integrated mine-to-cathode value chain, the distinctions between igneous and sedimentary phosphate, and why high-purity phosphate is essential for battery-grade chemistry. We also examine the company's business model, drilling progress, feasibility timeline, offtake strategy, infrastructure advantages, and how First Phosphate is positioning itself to support North America's growing demand for LFP-based battery energy storage systems (BESS). The conversation includes a detailed look at the company's PEA economics, permitting pathway, government engagement, and strategic partnerships across the supply chain. For investors tracking the electrification trend, critical minerals, and the rapid shift toward LFP chemistry in stationary storage and EVs, this discussion provides context on a market segment that has received limited attention but may prove strategically important over the coming years. Topics Covered - Why phosphate may become a bottleneck in the LFP supply chain - Differences between igneous and sedimentary phosphate and why purity matters - North America's opportunity to onshore the LFP value chain - First Phosphate's development timeline and project economics - Offtake agreements, partnerships, and financing considerations - Policy and permitting environment in Quebec - How LFP growth ties into broader electrification and grid storage trends About First Phosphate (CSE: PHOS) First Phosphate is advancing a vertically integrated LFP materials supply chain in North America, focused exclusively on high-purity igneous phosphate for battery-grade applications. The company has raised approximately C$44M to date and continues to advance its flagship project toward feasibility. 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 - 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

In this episode, Howard and Rodney sit down with Keith Coughlan, Managing Director of European Metals Holdings (EMH), for a detailed discussion following a major development in Europe's lithium sector. The Czech Republic has approved up to €360M in grant funding for the Cinovec lithium project, Europe's largest hard-rock lithium resource. This funding follows the earlier $36M Just Transition Fund grant and reinforces Cinovec's designation as a strategic project under both the Czech government and the EU's Critical Raw Materials Act (CRMA). Chapters (00:00) Intro (03:11) EMH Market Context (08:39) Cinovec Overview (11:19) Permitting & EIA Timeline (12:44) DFS & Project Funding (13:29) €360M Grant Breakdown (15:16) Determining Final Grant Amount (16:30) Project Comparisons (18:24) Offtake & OEM Interest (21:32) Funding Options (23:27) Valuation & Ownership (26:56) Potential Partners (29:44) Market Perspective (31:16) Project Execution & Staffing (35:21) Utilities & Energy Storage Demand (36:24) Closing Remarks With geopolitical urgency surrounding critical minerals supply, the EU is preparing to unveil its new Resource EU plan, aimed at strengthening regional access to lithium and other essential raw materials. Europe's reliance on Asian supply chains, China's recent export controls, and accelerating U.S.–EU competition for strategic projects all form the backdrop for this conversation. Keith provides updates on: - The scope and significance of the €360M grant - Progress toward the Definitive Feasibility Study (DFS) - Recent advances in permitting, including preliminary mining permits across the full ore reserve - The timing and process for the Environmental Impact Assessment (EIA) - Project funding pathways involving the EIB, EU critical minerals financing, export credit agencies, and potential offtake partners - Comparisons to peer projects such as Thacker Pass, Vulcan, Standard Lithium, and others - The role of EMH's 51% partner ČEZ, one of Europe's largest utilities We also explore market sentiment around EMH, valuation gaps across the lithium sector, and the broader implications of utility involvement, energy storage demand, and Europe's evolving industrial policy. 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 - 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

In this Rock Stock Recap, Howard, Matt and Rodney dig into the state of the lithium market, energy storage demand, and the broader critical minerals landscape against a rapidly changing macro and geopolitical backdrop. They unpack why there is still no agreed historical lithium supply dataset, how a 20% spread in 2024 supply estimates can distort every long-term forecast, and why Chinese and China-controlled supply (especially in Africa) is likely being underestimated by many Western brokers. In the second part of the video, Howard speaks with Washington, DC lobbyist Ben Steinberg of Venn Strategies and the Battery Materials & Technology Coalition about how U.S. critical minerals and battery policy is evolving one year into the new administration. Chapters (00:00:00) Intro (00:03:30) Lithium Data Inconsistencies (00:05:55) Supply Models and Inventory Issues (00:10:08) Supply Outlook to 2027 (00:10:50) China's Lithium Supply Impact (00:11:30) Inventory Trends and Prices (00:13:40) Analyst BESS Forecast Critiques (00:18:27) Growth of Energy Storage (00:20:40) Exxon and U.S. Brine Projects (00:22:21) Rio Tinto's Lithium Strategy (00:25:44) U.S.-China Relations (00:31:54) Critical Minerals Market Outlook (00:35:20) Interview with Ben Steinberg (00:37:37) Clean Energy Policy Overview (00:39:16) Understanding 45X Incentives (00:40:34) Solar, Wind, and Battery Role (00:42:22) Shifts in Federal Energy Leadership (00:46:21) Pentagon Deal-Making and Leadership (00:50:48) Battery Policy Silence on EVs (00:52:43) DOE Reorganization and New Leadership (00:55:22) Musk, Grid Capacity, and Policy (00:58:20) Autonomy and Upcoming Legislation (01:00:01) Tariffs, FDI, and Trade Strategy (01:04:07) How Projects Get Federal Attention (01:07:30) Vulcan Deal Context (01:09:45) Nuclear Strategy and Minerals (01:11:26) What's Coming in Year Two (01:12:20) Closing Remarks Also Discussed The besties walk through Matt's latest supply models out to 2027, seasonality and inventories in China, and how lithium prices have been tracking inventory moves rather than trading "randomly." They critique recent analyst work from Goldman Sachs and Canaccord on EV and BESS (battery energy storage system) demand, highlighting why flatlining BESS growth after a couple of strong years looks unrealistic given grid needs, AI-driven power demand, and booming ESS build-outs. They also touch on Exxon's Smackover lithium ambitions, slower-than-hyped timelines for U.S. brine and geothermal projects, and what Rio Tinto's likely focus on low-cost brine assets could mean for hard-rock projects in Quebec. The conversation broadens into U.S.-China relations, tariffs, rare earths, and why recent equity market weakness in critical minerals may be over-discounting a "kumbaya" scenario rather than the continued strategic competition that policy still implies. In the second part of the video, Ben & Howard discuss the "one big beautiful bill," the role of the 45X production tax credit, DOE reorganization around critical minerals and batteries, the growing focus on energy and AI dominance, and how agencies like the Department of War, DOE, Commerce, EXIM and DFC are coordinating on mineral-by-mineral strategies and dealmaking. Ben also explains the new emphasis on foreign direct investment from allies (Japan, Australia, South Korea, the Middle East) into U.S. critical mineral and processing projects, and what companies need in place—offtake, private capital, strategic partners—to be taken seriously in Washington. 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 - 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

In this episode we sit down with Craig Shesky, CFO of The Metals Company (TMC), following his participation at Benchmark Minerals Week in Los Angeles. With growing global interest in critical minerals, deep-sea resources, and U.S. strategic supply chains, we discuss what investors should understand about the evolving regulatory landscape, funding outlook, and TMC's path toward its target of commercial production in Q4 2027. Chapters (00:00) Introduction (02:26) TMC Update Overview (03:25) Benchmark Week Insights (06:29) NOAA Rule & Permitting (08:37) US-Japan Rare Earth Partnership (09:58) Copper Added to US Mineral List (11:08) Cash Position & Funding (12:51) Path to 2027 Production (16:32) Government Coordination on Minerals (18:54) Industry Funding Landscape (20:18) Closing Remarks Episode Summary We begin with the latest insights from Dmitry Silversteyn of Water Tower Research, whose updated note on TMC highlights the company's current cash position, warrant structure, and capital requirements for upgrading the Hidden Gem vessel alongside Allseas. Craig provides additional context on how TMC views funding needs, potential warrant proceeds, and the company's confidence in maintaining its development timeline. From Benchmark Week, Craig shares observations on industry sentiment, increased attendance at deep-sea mining sessions, and the level of interest from battery manufacturers, automakers, and institutional investors. We also discuss the role of the International Seabed Authority, emerging U.S. regulatory approaches, and the implications of NOAA's draft rule aimed at streamlining seabed exploration and commercial recovery permits. Our conversation explores a number of themes important to investors: - U.S. and allied government coordination on critical minerals - The growing strategic interest in seabed resources - TMC's position within the broader EV and energy-transition supply chain - Copper's inclusion on the U.S. Critical Minerals List - Funding pathways from federal agencies and potential strategic partners - Key milestones to watch as TMC progresses toward 2027 We also touch on recent geopolitical developments, major capital commitments into minerals and metals globally, and what these signals mean for deep-sea mining as an emerging industry. 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 - 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

A major focus of this week's Rock Stock Recap is the shifting supply-demand outlook for lithium. We examine commentary from Albemarle, SQM, Pilbara Minerals, Lithium Argentina, and others speaking at the Deutsche Bank conference. Themes include: accelerating ESS demand, underinvestment outside China, tightening carbonate/hydroxide inventories, and updated price forecasts from analysts now acknowledging materially stronger near-term fundamentals. We also unpack the implications of Ganfeng's chairman suggesting lithium prices could rise back toward RMB 150,000-200,000/ton if battery demand grows above 30%. Chapters (00:00) Intro (02:56) IperionX Update (03:39) Sigma Lithium Overview (06:06) CATL & Price Movements (07:11) Lithium Demand Drivers (08:20) Analyst Price Forecasts (09:17) Macro Environment Impact (10:41) Project Economics & Costs (11:34) Producer Commentary (16:10) China Market Manipulation (19:12) PLS & Supply Strategy (23:59) ESS & Battery Growth (25:10) 2026 Lithium Outlook (28:51) Bitcoin & Liquidity (31:30) Closing Remarks (33:07) Q2 Metals (37:14) NOA Lithium Brines (44:27) Atlantic Lithium Quick Links - Sigma Lithium Earnings Call: https://vimeo.com/1138183087?share=copy&fl=sv&fe=ci - China Market Manipulation Report: https://www.congress.gov/119/meeting/house/118668/documents/HHRG-119-ZS00-20251119-SD001.pdf Episode Summary After a busy week meeting more than 25 companies at the 121 Mining Conference in London and participating in Deutsche Bank's 10th Annual Lithium Supply Conference, we share fresh insights from developers, producers, and policymakers shaping the sector. We discuss recent updates from Q2 Metals, NOA Lithium Brines, and Atlantic Lithium - three developers with meaningful corporate news. We also address heightened market attention on IperionX and Sigma Lithium after recent short-seller activity, and what company responses tell us about sentiment and positioning. We explore U.S. policy momentum as congressional hearings increasingly spotlight China's role in lithium price formation and potential market manipulation. With major U.S. and Australian policymakers pushing for new supply-chain tools, including infrastructure support and bilateral task forces, we discuss timelines and what investors should watch through 2026. Beyond lithium, Rodney provides macro context around liquidity, quantitative tightening, equity volatility, and signals from Bitcoin and other hard assets. We also touch on new U.S. policy ideas being floated—from 50-year mortgages to auto-loan interest deductibility—and how these proposals may influence consumer behavior and EV demand. To close the episode, we revisit auction signals from Liontown, PLS's strategic positioning, and early indications of a potential market inflection as some developers consider selling lower-grade material such as middlings - historically a sign of improving underlying conditions. Stay tuned after the discussion for short interview excerpts with Q2 Metals, NOA Lithium Brines and Atlantic Lithium. 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 - 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

In this episode of our "Getting to Know You" series, we sit down with Grid Metals' CEO Robin Dunbar and cesium market veteran Austin Devaney to explore one of the rarest and least understood critical minerals: cesium. Grid Metals (TSXV: GRDM) is advancing its newly financed cesium-lithium project in southeast Manitoba, alongside ongoing nickel-copper-PGM exploration in partnership with Teck Resources. Chapters (00:00) Intro (03:13) Robin's Background (03:57) Austin's Background (05:32) How Cesium Is Mined (07:48) Rarity of Cesium (08:27) Cesium Demand & Uses (10:40) Fast-Growing Applications (11:50) Global Supply & Critical Status (13:46) Evaluating Cesium Resources (15:37) Cesium Pricing (17:41) Grid Financing (18:20) Falcon West Drill Plan (19:10) Historic Results (20:47) Project Infrastructure (21:46) Supply Constraints (23:15) Cesium in Solar Tech (24:27) Exploration Potential (25:44) Low CapEx Advantages (27:41) Other Grid Projects (29:09) Closing Remarks As some of you may know, our channel was among the first to highlight the renewed interest in cesium following last year's discovery success at Power Metals' Case Lake project. Since then, the market narrative has been evolving - with fresh attention from PMET Resources and the newly announced critical mineral designation for cesium in both Canada and the United States. In this interview, we speak with Robin about Grid's recent $4M financing, drill permits, and the upcoming program targeting high-grade pollucite at Falcon West - located just off the Trans-Canada Highway with proximity to the operating Tanco cesium processing plant. Austin brings decades of experience in the alkaline earth metals sector, including leadership of Albemarle's cesium business, and provides valuable insight into how cesium is mined, processed, priced, and used across drilling fluids, catalysts, x-ray systems, defense technologies, and emerging photovoltaic applications. We also discuss the scarcity of global cesium resources, the structure of a market historically controlled by only a few producers, and what investors should look for when evaluating early-stage cesium opportunities. Robin provides updates on Grid's other assets, including its lithium resource in Manitoba and the Makwa nickel-copper-PGM project currently being drilled under a joint venture with Teck. 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 - 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

In this Rock Stock Recap, we (Howard, Matt and Rodney) break down POSCO's joint venture with Mineral Resources at Wodgina and Mt Marion, and what that valuation is telling us about where lithium equities may be mispriced. Chapters (00:00) Intro (02:59) POSCO-Mineral Resources JV (05:46) POSCO's Conversion & Upstream Strategy (07:44) POSCO's Global Lithium Buying Spree (09:49) ESS Outlook & Benchmark Debate (12:04) Solar Growth & Lithium Demand (14:00) ESS to the rESScue - New Lithium Forecast (17:39) Midstream Funding, Policy & Project Cancellations (20:13) Batteries, National Security & the AI Race (24:26) Lithium Price Rally & Seasonality (27:27) China Costs, Lepidolite & Raw Material Tightness (31:12) Brines, DLE Progress & AME as Bellwether (34:02) Rare Earths & Critical Minerals Opportunities (35:22) London 121 Conference & Meetings (36:27) Critical Minerals Supercycle & Wrap-Up (38:04) Surge Battery Metals (38:16) Hiring Cassidy & Associates (39:07) Meetings in Washington (40:09) Funding Discussions (40:53) U.S. Critical Minerals Deficit (41:37) China Trade Concerns (42:18) Loan Programs Office Insights & Permitting (45:00) Australia Partnership & JV Update (46:08) Expanding Critical Minerals List (47:12) Battery Policy Priorities (48:26) Greg's Background (49:13) Lithium Market Sentiment (50:08) Closing Remarks We walk through: - Why POSCO is paying a substantial premium to current market valuations for upstream lithium assets - How this deal fits into POSCO's broader hydroxide, cathode and ex-China conversion strategy - What it could imply for hard-rock vs brine valuations and for names like Lithium Argentina, NOA and other brine developers From there, we revisit our recent conversations with Iola Hughes (Benchmark) and Jigar Shah, and debate energy storage system (ESS) demand versus consensus. We compare installations vs shipments, discuss inventory build-up, and why we remain structurally bullish on battery energy storage alongside EVs. We also cover: - The latest "ESS to the rESScue" style forecasts and what higher ESS numbers could mean for lithium balances in 2025-2027 - U.S. policy shifts: DOE loan cancellations, the midstream funding gap, and how batteries are increasingly being framed as a national security and AI/datacenter issue - Recent lithium price action, Chinese raw material tightness, CATL's supply situation and what we're seeing in the cost curve - DLE progress at key South American brine projects and why some assets are emerging as bellwethers for the technology - How producers and select developers (including Q2 Metals and other critical minerals names) are trading against this backdrop We also flag our upcoming participation at the 121 mining conference in London, where we'll be meeting a range of lithium, copper, graphite, silver, tin and other critical mineral companies as part of our broader "critical minerals supercycle" work. The episode concludes with a short update from Greg Reimer of Surge Battery Metals, focused on: - Surge's recent PEA and pending JV with Evolution Mining - His meetings in Washington, D.C. with senators' offices, congressional staff and agencies - How U.S. policymakers are thinking about lithium, Nevada claystone, Fast-41 permitting, and potential funding tools (DOE Loan Programs Office, Department of Defense, Commerce, etc.) - Why U.S. critical mineral policy and trade tensions with China matter for early-stage lithium developers like Surge 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 - 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

Here's our (Howard, Matt, and Rodney) summary of today's conversation with Rod Colwell, CEO of Controlled Thermal Resources (CTR), about the new subsidiary American Critical Resources (ACR) and the path to U.S. lithium and critical-minerals supply from California's Salton Sea (aka "Lithium Valley"). Chapters (00:00) CTR Salton Sea News & Listing (02:26) Rod's Background & Project History (04:51) Salton Sea vs. Other Brine Plays (07:03) Handling Complex Brine & DLE Setup (11:45) Why Spin Out American Critical Resources (13:41) Market Shift, Lithium & AI Demand (16:11) CapEx, Multi-Mineral Potential (18:12) FID, Equipment & 2027-2029 Timeline (20:07) Studies, Permitting & OEM Offtake (24:57) Funding Strategy for $2B Build (27:13) U.S. Policy, Geothermal & Security Angle (35:37) Data Centers, Power & DLE Flow (43:47) Closing Remarks What we cover - ACR formation & listing plan: Board-approved, targeting a U.S. public listing (NASDAQ/NYSE) in mid-2026 to house CTR's critical-minerals platform. - Why a separate listing? Distinct investor bases for geothermal power and minerals; clearer value proposition for each. - Resource & flowsheet: Super-heated geothermal brine (~600°F wellhead) provides power and process heat. CTR emphasizes pretreatment (iron/silica removal) and polymetallic recovery (zinc, manganese, silver, others) before DLE. Rod cites 700+ hours of steady-state DLE runs at 70–80°C and focus on a single, integrated flowsheet. - Scale & footprint: ~6,000 acres under control; high brine flow rates; plan to scale from tens of MW to gigawatt-class geothermal over time. - Permitting status: Local permits in hand; FAST-41 track with one remaining Clean Water Act federal item outstanding. - Commercial partners & markets: Strategic relationships with GM and Stellantis (flexible offtake pathways). Separate CTR deal framework with Baker Hughes for ~560 MW of geothermal targeted at data centers/AI; active PPA discussions. - Products beyond lithium: Pathways for zinc & manganese (incl. sulfate micronutrients), silica (cement/hardscape uses), potash, plus investigation of cesium/rubidium and rare earths. Rod cites a target ~108 kt/yr combined stream for certain metal products as part of the initial scope. - Process chemistry shift: Re-optimizing toward lithium carbonate (lower capex vs. hydroxide), removing ~$110m from capex vs. prior design assumptions. - Capex, timing & volumes: Approx. $2.0B total for Stage 1 (includes power, pretreatment, polymetallics and lithium). Stage 1 target: ~25 ktpa LCE + ~50 MW power; COD mid-2027 (power) and 2028 (lithium & polymetallics); potash in 2029. FID ~12 months from financing completion. - Financing: CTR has ~$285m raised to date from ~260 accredited/sophisticated investors. Current private raise $150–200m; overall equity stack ~ $600m alongside 60–70% project debt contemplated. Key investor angles we probe: - Salton Sea vs. Smackover and other brines: different chemistries; CTR's edge is process integration, temperature management, and pretreatment quality. - Execution focus: Long-lead equipment already staged (e.g., steam turbine/generator, separators, switchgear) to accelerate the power-first schedule. - AI/datacenter pull-through: Baseload geothermal plus stationary storage demand could become a second growth engine beside EVs. - Domestic supply & national interest: FAST-41 status, White House engagement, and broader U.S. critical-minerals onshoring themes. 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 - 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

Battery economics are changing fast - and with them, the balance of power across EVs, storage, and supply chains. In this episode, we (Howard, Matt, and Rodney) sit down with Iola Hughes (Benchmark Minerals Intelligence) to unpack what matters most for investors across batteries, energy storage, and EVs. Chapters (00:00) Intro (05:01) ESS Demand to ~20%+ Share (07:19) Giga-Scale Projects Driving Growth (10:09) Iterative Storage Tech, LFP Prices (12:38) Sodium-Ion's Limited Role (15:43) Global EV Update (China, EU, U.S.) (18:15) Policy Headwinds, U.S. EV Reset (21:16) China EVs Led by Cost Parity (24:13) U.S. Cell Plants Pivot to Storage (28:39) Investment Flow Into Storage (30:05) OEM Pullbacks, Storage as Outlet (30:55) Robo-Taxis (33:12) Lithium Price (34:34) Drones, Commercial Vehicles (37:53) Batteries Near "Good Enough" (42:08) AI/Data Centers, Supply Chain Gaps (47:33) Wrap-Up What we cover - BESS vs. EV demand outlook: Benchmark's latest view puts energy storage at ~20% of battery demand today, peaking near the high-20s % before stabilizing around ~25% by 2030 as EV adoption re-accelerates in select markets. - Giga-scale storage projects: Rapid shift to 1–4+ GWh sites is moving the needle far more than residential/UPS use cases; 2024 saw a sharp jump in the number and size of grid-scale deployments. - Technology trajectory: Expect iterative (not "moonshot") gains—container/system engineering, thermal management, and faster charging—while LFP cell pricing shows a recent uptick. - Sodium-ion reality check: Interesting for extreme temperatures and pilot hybrids in China, but LFP remains the benchmark for most projects due to cost/scale advantages. - Global EV snapshot: China leads on cost parity and volumes; Europe benefits from policy support; the U.S. trend is mixed with lower 2030 penetration forecasts vs. a year ago. - Policy & incentives: U.S. storage demand benefits from ITC and the domestic content adder; however, midstream bottlenecks (cathode/anode) challenge IRA 45X qualification for LFP. - Korean pivot to storage: LG Energy Solution, Samsung SDI, and SK are redirecting U.S. capacity toward ESS as EV forecasts moderate—supplying integrators (e.g., Tesla, Fluence) and direct utility/data-center demand. - AI/data-center load: Batteries increasingly support grid access and reliability; near-term examples point to ESS bridging power needs while generation/transmission catch up. - Commercial vehicles & niches: China's battery-swap heavy-duty model is scaling; elsewhere adoption is policy-led and gradual. Drones/humanoid robots are monitored but not yet demand drivers. - Lithium price context: Benchmark's team remains constructive on ESS/EV volumes while seeing supply dynamics cap near-term price upside; potential recovery timelines are discussed. Why it matters for investors - Storage is becoming a core asset class: Bigger projects, faster build times, and improving system economics expand the investable universe across developers, integrators, component suppliers, and upstream materials. - Follow the midstream: Cathode/anode localization is the key swing factor for IRA-eligible economics and margins in North America. - Watch China cost parity & exports: Cost leadership shapes global pricing, product mix (LFP), and the competitive position of ex-China players. - Policy risk & opportunity: European CO₂ rules, U.S. incentive design/eligibility, and potential U.S.–China arrangements could meaningfully alter supply chains and valuation frameworks. 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 - 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

What does America's new "warp speed" push on critical minerals and batteries actually mean for investors trying to pick winners? In this episode, we (Howard and Matt) sit down again with Jigar Shah - former head of the U.S. Department of Energy's Loan Programs Office, co-founder of Generate Capital, and one of the clearest voices on how policy, capital and technology come together in clean energy - to unpack what we're calling America's "Belt and Road" moment for critical minerals and energy infrastructure. Chapters (00:00:00) Intro (00:02:39) U.S. "Warp Speed" Industrial Policy vs China (00:05:21) Jigar's New Work & Demand Flexibility (00:06:53) Grid Peak Problem & Storage Economics (00:08:54) Batteries, Politics & "Don't Poke the Bear" (00:14:18) IRA vs "One Big Beautiful Bill" (00:24:49) Juniors, DoD Offtake & Stockpiles (00:26:39) China's Rare Earths Overreach (00:31:41) U.S. Battery/Cathode Innovation Path (00:36:26) Tariffs, Timelines & Capital Formation (00:42:52) Partnering with China (or Not) (00:48:38) Price Floors, CFDs & Infrastructure (00:52:51) MP, Vulcan & Deal Transparency (00:55:55) U.S. Lithium Export Vision (01:05:12) DOE Deal Cancellations (01:07:09) Canada's Role in Friend-Shoring (01:10:32) Outro Read my Lithium-ion Bull Issue 108: Critical Minerals at Warp Speed: https://x.com/LithiumIonBull/status/1986116081086308431 For retail investors trying to make sense of the sudden U.S. push on lithium, rare earths, battery materials, transmission, and reshoring, this is a useful reality check. Jigar walks through how the DOE model under Biden is evolving under the current administration - with the Department of Defense/War and the new Office of Strategic Capital now taking a bigger role - and why that's changing the offtake, financing and exit environment for both large miners and juniors. What we cover: - Why Washington is moving at "warp speed" to friend-shore supply chains for lithium, rare earths, magnets, and advanced manufacturing. - How U.S. industrial policy has shifted from pure decarbonization to energy security and economic resiliency - and what that means for project selection. - Why batteries and demand flexibility are, in Jigar's view, still the cheapest way to meet new AI/data-center load, even when some commentators avoid saying "batteries" out loud. - The tension between big OEMs wanting to deal with large, de-risked miners and the reality that many critical mineral markets are still junior-heavy and thinly traded. - The emerging U.S. playbook around strategic stockpiles / government offtake as an alternative to IRA-style demand credits. - How China may have overplayed its hand on rare earths, creating more political room for North America, Australia and Europe to build parallel supply chains. - The difficult but investable timeline: this is not a 1-2 year fix - it looks more like a 5-10+ year buildout - but public capital is now signaling in the right direction. - Why project stability, rule clarity and transparent selection criteria still matter for capital formation in mining and midstream processing. We also probe Jigar on the canceled DOE-linked deals, the sudden $1.4B "VC-style" critical minerals announcement, and how investors should think about price floors, contracts-for-difference, and socialized infrastructure versus preserving mining upside. If you follow U.S.-China minerals competition, EV/battery supply chains, or the politics behind U.S. loan and grant decisions, this episode gives you context that's hard to find. 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 - 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

We (Howard, Matt & Rodney) sit down with Lithium Royalty Corp (TSX: LIRC) CEO Ernie Ortiz and Libra Energy Materials (CSE: LIBR) CEO Koby Kushner for an update on lithium royalties and early-stage exploration. Chapters 📖 (00:00) Introduction (03:45) Zijin Production & LRC Impact (06:27) Cesium Upside (Power Metals) (08:37) Finniss Restart: Site Visit (12:02) BP33 Underground Focus (13:10) WA: Capex Pullback & Ramps (14:42) Share Buybacks Overview (17:10) Valuing Royalties (P/NAV, IRR) (21:06) Pipeline: Cash-Flowing Deals (23:27) Thacker Pass Litigation (25:29) Supply, Inventories, Prices (28:12) ESS Demand Surge (30:49) Policy Tailwinds (US/AU/AR/CA/BR) (33:26) Price Floors & Data Centers (36:58) Closing: Diversified LRC Exposure (38:00) Libra Energy Materials: New Advisors (40:06) OTCQB Listing (40:48) Brion Brazil Acquisition (42:37) Brazil Exploration (45:15) Brazil Timeline (45:40) Quebec Program (47:59) Ontario Update (50:13) Athena Gold Plan Lithium Royalty Corp Highlights 🔑 • LRC near-term catalysts: 3Q (Catamarca, Argentina) has commenced Phase 1 (~20ktpa), with a potential Phase 2 adding ~40ktpa. LRC holds a ~0.9% gross royalty. Management expects 2026 to be the first meaningful revenue year as production ramps. • Cesium exposure: Through a 2% gross revenue royalty on Power Metals, LRC has upside to cesium—an emerging battery and grid material—with a 2026 start targeted. • Core Lithium restart: Site visit validated the shift to the BP33 underground plan aimed at lower operating costs. Recent financing (~$50M) plus ~205kt of unencumbered offtake could support a restart when prices recover. • Royalty valuation & buybacks: Following a royalty sale to Triple Flag (US$28M), LRC repurchased ~9% of its float at attractive levels. Ernie discusses P/NAV and IRR as core valuation frameworks, noting LRC trades at a discount to mature royalty peers as its assets advance toward cash flow. • Optionality: Thacker Pass royalty litigation continues, with potential outcomes not yet included in analyst models. Timing for next legal step expected H2’26/’27. • Market signals: Lithium inventories are drawing down, spodumene appears to be stabilizing, and ESS demand remains robust. Management sees improving fundamentals heading into 2026. LIBR Snapshot 🔑 • Brazil expansion underway: LIBR acquired a private Brazilian portfolio (~30 projects, majority lithium-focused). Early prospecting has begun, including in Minas Gerais near established producers. • Targeting methods tailored to Brazil: Due to weathering that removes lithium at surface, LIBR is using geochemical indicators and historic workings to refine drill targets. • Quebec fieldwork launched: Two James Bay–area projects (including “Wegucci”) are being evaluated via helicopter-supported reconnaissance to confirm pegmatite scale. • Ontario earn-in advancing: A major partner is funding a staged C$33M earn-in across three projects. Initial commitments have been met; assays pending. • Athena Gold holding: LIBR holds ~44M shares and plans a measured approach to any future monetization aligned with drill milestones. 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 - 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

In this episode, we (Howard, Matt & Rodney) sit down with former Canaccord metals & mining analyst turned operator Eric Zaunscherb - now Chair of Critical Elements Lithium and Executive Chair at GR Silver Mining (GRSL) - to assess where we are in the cycle for TSX/TSXV juniors, gold, silver, and lithium, and what that means for retail investors. What we cover (for investors) 🔍: Cycle context: Eric’s slide deck tracks seven prior junior-mining recoveries over 43 years. The average up-cycle ran ~38 months with ~+180% magnitude; by his math, today’s move (which started in Q4-2023) still screens mid-cycle on both duration and magnitude. Gold & silver dynamics: Why precious metals typically lead; how currency debasement and cleared inventories intersect with silver’s dual role (precious + industrial). We discuss silver’s by-product supply, recent volatility, and why it tends to outperform late in the move - and underperform on reversals. Valuations you rarely see: EV per P&P reserves, M&I, and global resources across silver developers vs. gold peers - why silver reserves aren’t getting a premium yet (capital scarcity for build-outs), while gold developers have started to be rewarded. Lithium reality check: Identified resources have doubled since 2022 (mostly DLE/clays), but commercial output remains anchored in hard-rock and salar brine. Developer multiples haven’t re-rated alongside gold/silver - creating scarcity value for conventional, financeable assets. Quebec focus: Critical Elements’ Rose project optionality, the Nisk/Lion area (optioned to Power Metallic), and why Quebec’s clean grid + jurisdiction matter to Japan/Korea offtakers. Energy storage (BESS) is the swing factor: Matt explains why most forecasts underestimate solar + storage, how grid constraints and fast-build lead times pull storage demand forward, and what that implies for lithium incentive pricing. Policy & capital flows: AUS-US cooperation, potential shared infrastructure, and growing private/DFI capital for critical minerals. Mini-segment: Alicia Mil(lne) - Q2 Metals update (Korea/Japan roadshow, assays pending incl. Hole 44: 457 m pegmatite intercept). Guidance: Q1 inferred resource, PEA work to follow; four rigs currently turning. Why this matters (our take) 🤝: - Know where we are in the cycle to size risk across producers vs. developers. - See how capital availability is shaping valuation spreads (especially silver). - Distinguish conventional, buildable lithium from higher-tech-risk stories. - Treat BESS as a second demand engine (alongside EVs) with policy and grid tailwinds. 🔔 If you find this useful, subscribe for our weekly(ish) Rock Stock Recaps and interviews. ✉️ Join the list for Matt’s blogs/Lithium-ion Bull: https://rkequity.com/ 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) Chapters (00:00) Intro (04:25) About Guest (05:34) TSXV Recovery Cycles (07:57) Cycle Drivers (09:30) Silver's Dual Role (11:05) Inventories & Volatility (13:10) Silver Supply Constraints (15:07) Silver's Bigger Swings (15:46) Valuing Silver Developers (18:36) Gold vs. Silver Valuations (19:33) Gold Macro Setup (22:45) Lithium Valuation Reset (24:55) Resources vs. Supply (26:52) Quebec Lithium Snapshot (30:56) Strategics: Korea & Japan (34:29) Trump/Australia Agreement (37:42) ESS Demand Drivers (43:58) Distributed Energy Resources (48:28) Transmission Bottlenecks (51:37) Wrap-Up (51:57) Q2 Metals Update (54:13) Drilling Highlights (Hole 44) (54:55) Upcoming Milestones (56:28) Financing Snapshot Links - 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 #TSX #TSXV #Gold #Silver #Lithium #CriticalElements #GRSilverMining #Quebec #BESS #EnergyStorage #Solar #Pilbara #POSCO #Q2Metals #Q

In this episode, I (Matt Fernley, Battery Materials Review) sit down with Cormac O’Laoire (Electrios Energy) to dissect what LME Week signals for battery materials and how policy, supply chains and technology choices could shape returns for investors over the next 12–24 months. We compare the sharply divided lithium outlooks we heard in London with on-the-ground demand indicators in China, Europe and the Rest of World, and outline the datapoints I’m watching (especially inventories) before turning more constructive. Key topics discussed - LME Week takeaways: why analyst views on lithium are further apart than I’ve ever seen, and the inventory declines I need to see before calling a turn. - EV demand mix: China’s scrappage scheme dynamics, BEV vs PHEV trends, and the importance of ROW growth and Chinese exports (e.g., BYD). - China export controls: implications of restrictions on advanced LFP and graphite; Western exposure to Chinese anode material and the case for building an NMC-led supply chain outside China. - Funding gap: why lithium, graphite/anode, high-purity manganese and parts of nickel struggle to get financed at current China-linked prices—and where policy tools (e.g., floors) might help. - Chemistry choices in the West: NMC/MCA vs LFP, and the emerging use of mixed-chemistry packs for performance and cost. - Sodium-ion reality check: cost/performance hurdles, hard-carbon anode bottlenecks and why SIB scale is likely to stay niche near term vs LFP. - Graphite spotlight: ExxonMobil’s move into synthetic graphite via Superior Graphite—what it could mean for non-Chinese anode supply if capex and feedstock line up. - ESS momentum: China’s aggressive multi-year targets, Middle East mega-projects, and the risk of near-term tightness in cells as grid storage scales. Who should watch: retail investors following lithium, graphite/anode materials, nickel/manganese, cell makers, EV OEMs and grid-scale storage. Expect an even-handed discussion focused on fundamentals, policy and investability rather than hype. Further reading: Detailed data, charts and monthly commentary are in Battery Materials Review: https://www.batterymaterialsreview.com/ #lithium #graphite #batteryMaterials #EVs #energystorage #LFP #NMC #sodiumion #BYD #China #LMEWeek #commodities #investing 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) Chapters (00:00) Introduction (01:24) LME Week: What Stood Out (03:08) Lithium Outlook Split & Inventory Watch (07:23) EV Demand: China vs Rest of World (09:59) China Export Controls (LFP & Graphite) (13:00) The Funding Gap in Battery Materials (17:31) Chemistry Choices: NMC/NCA vs LFP (20:32) Sodium-Ion Reality Check (24:59) Graphite Spotlight: ExxonMobil's Superior (27:49) China Market: Scrappage, Inventories, BEV vs PHEV (32:11) ESS Boom: China Targets & Global Impact (36:43) Closing Remarks Links - Read Matt's research blog: https://blog.rkequity.com/ - Sign up for the Lithium-Ion Bull newsletter: 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 Rodney and Howard 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 episode, we sit down with Ajanth (Aj) Saverimutto, Managing Director of Wildcat Resources (ASX: WC8), to discuss the company’s Tabba Tabba lithium project in Western Australia, recent exploration at Bolt Cutter Central, and what the latest pre-feasibility study (PFS) implies for costs, scale, and timelines. What we cover - Project overview: Why Tabba Tabba’s location near Port Hedland and tier-one Pilbara lithium mines matters for logistics and costs. - Acquisition story: How Wildcat secured the asset and accelerated drilling to reach resource, reserve and PFS milestones. - PFS takeaways: Base-case design, contingencies, strip assumptions, and the rationale for a staged ramp-up. - Costs & scale: Headline Capex/Opex, targeted 5.5% spodumene concentrate, recoveries, and throughput steps (2.2Mtpa → 4.5Mtpa). - Mining plan: Predominantly open pit with later underground; implications for mine life and cash flow sequencing. - Exploration upside: Early results at Bolt Cutter Central (stacked pegmatites) and potential additions from Chewy/Han/Hutt and tantalum. - Funding pathways: Debt, offtake/prepay, strategic and government options—and what counterparties are engaging. - Market context: How Pilbara cost curves, sentiment, and recent moves by majors frame risk and opportunity. Key numbers discussed (from the interview) - Capex (incl. pre-strip): ~A$680m (base case). - Unit costs: ~US$541/t C1 and ~US$650/t AISC (FOB basis discussed). - Production profile: Stage 1 ~300kt/y SC5.5 ramping to ~600kt/y in Stage 2. - Recoveries: ~70–80% (with conservative haircut in PFS). - Mine life: ~17 years initial plan (with potential extensions). - Mining mix: ~79% open pit / 21% underground over life. - Balance sheet & history: Last equity raise Nov 2023 (~A$100m @ A$0.76); cash balance discussed at ~A$55m at time of interview. About the guest AJ is a mining engineer and accountant with senior ops experience at Freeport-McMoRan’s Grasberg and BHP. He previously restarted and sold the Beta Hunt nickel-gold mine before joining Wildcat. 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 ) Chapters (00:00) Introduction (03:25) AJ's Background (05:35) Tabba Tabba Acquisition (07:30) Bolt Cutter Discovery (09:40) PFS Highlights (11:51) Capex, Opex & Output (13:17) Resource Upside (14:27) Mining Plan (15:23) Metallurgy & Recoveries (17:58) Funding Pathways (19:01) Near-Term Catalysts (20:23) Competitive Edge (23:11) Market Context (25:47) Investor & Offtake Interest (29:42) Global Counterparties (30:48) Government Support (31:39) Closing Remarks Links - Read Matt's research blog: https://blog.rkequity.com/ - Sign up for the Lithium-Ion Bull newsletter: 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 Rodney and Howard 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 episode, we (Howard & Rodney) sit down with Water Tower Research (WTR) equity analyst Dmitry Silversteyn to unpack the critical minerals landscape for retail investors—what matters now in lithium, nickel, rare earths, and where U.S. policy could steer capital next. We discuss China’s latest export restrictions, the growing focus on onshoring/friend-shoring and processing capacity, and why permitting and downstream infrastructure may be more decisive than simply finding ore in the ground. We also take a measured look at The Metals Company (TMC): what the new PFS implies, execution and permitting risks (including the NOAA pathway), and how partnerships with Allseas, PAMCO (Japan) and Korea Zinc fit into a potential nickel supply solution that avoids high-impact terrestrial mining. Finally, we revisit the lithium market—inventory overhang, price stabilization, and where U.S. dollars may flow across clay, DLE/geothermal, brine, and hard-rock projects—plus the role of government grants, loans, and potential equity stakes in catalyzing private investment. What we cover - China’s export curbs and implications for MP Materials, Lithium Americas, and U.S./Five Eyes supply chains - Why processing capacity (hydroxide/sulfate, magnet materials, etc.) is the bottleneck—and a policy priority - TMC strategy: resource scale, pilot results, PFS assumptions, partnerships, and competitive lead - Key risks: scale-up, offshore uptime/weather, market acceptance, and regulatory timelines - Lithium outlook: demand normalization, pricing, and comparative risk across clay vs. DLE vs. brine vs. hard-rock - How U.S. funding signals (grants/loans/equity) can de-risk first-of-a-kind projects and crowd in private capital Guest Dmitry Silversteyn, Equity Analyst, Water Tower Research — chemical/process engineering background and two decades in equity research (coverage across TMC, Albemarle, SQM/FMC/Livent, and broader battery materials). Mentions & tickers (non-exhaustive) LAC, ALB, SQM, MP, TMC, ABAT, PLL, SGML, LIRC (TSX), plus references to Korea Zinc, Allseas, PAMCO and various U.S./Canadian/Australian lithium and graphite names. 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) Chapters (00:00) Introduction (02:40) Dmitry's Background & WTR (05:49) China Export Curbs & Processing (09:06) Onshoring vs. Friend-Shoring (14:28) Government Role: Permits & Funding (15:59) First-Of-A-Kind & Equity (18:23) TMC Overview & Offshore Analogy (19:06) TMC PFS: Key Takeaways (22:31) Nickel Outlook & Indonesia (24:37) Processing: PAMCO & Korea Zinc (27:06) Policy Tailwinds & Backers (28:43) TMC's Lead Over Rivals (31:20) Key Risks & Acceptance (34:20) Permitting & Timeline (37:45) TMCs Funding Path (41:28) Lithium Market Reset (47:29) U.S. Lithium: Paths & Capital Links - Read Matt's research blog: https://blog.rkequity.com/ - Sign up for the Lithium-Ion Bull newsletter: 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 Rodney and Howard 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 episode, we discuss key trends in the commodities and critical minerals markets, focusing on lithium, copper, silver, and emerging investment opportunities. Joined by guest Tom Woolrych from Deutsche Rohstoff, we delve into topics like the evolution of lithium markets, the potential of new discoveries in Quebec (Q2 Metals), and why certain lithium equities have lagged despite strong market signals. They also explore the strategic importance of graphite, niobium, and other niche metals, as well as the ongoing developments in global geopolitics affecting commodity prices. Tom shares his expertise on "geo-alpha" investing, discussing how to identify early-stage discoveries and capitalize on underexplored opportunities. The conversation also covers the challenges and opportunities in the copper and silver markets, with a focus on supply disruptions and the evolving demand for these metals. Additionally, we highlight key insights into Argentina’s lithium brine assets, the impact of China’s export curbs on critical materials (rare earths, graphite), and the role of government-backed funding for junior companies in scaling niche metals projects. This episode is a must-watch for retail investors interested in understanding the complexities of the commodities market, particularly in the context of the ongoing energy transition and the global race for critical minerals. 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) Chapters (00:00:00) Intro (00:04:08) About Tom Woolrych (00:08:18) Patriot vs. Q2: Known vs. Early Discovery (00:10:01) Modeling Q2: Pegmatite and Maiden Resource (00:16:55) Lithium Market: Lagging Equities & Q2 Upside (00:18:29) Patriot's Cesium Hype vs. Reality (00:19:58) Wildcat Update: Logistics & Fast-Track Potential (00:21:12) Deutsche Rohstoff's Strategy: Almonty's Success (00:24:07) Copper & Silver: Shifting Focus from Gold (00:29:52) Niobium & Rare Metals: Strategic Importance (00:31:23) Iron Ore: West Africa & Market Trends (00:32:21) Gold vs. Bitcoin: Central Bank Influence (00:35:18) Dollar's Role: Geopolitics & Hedging (00:37:10) Big Miners: Undervalued & Poised to Rerate (00:41:20) Supercycle: Different Commodities This Time (00:44:04) Argentina: Brines, Macro Trends, & Mispricing (00:49:54) China Export Curbs: Rare Earths & Graphite (00:55:10) Geopolitics: Negotiations & Supply Security (01:03:30) Closing Remarks Links - Read Matt's research blog: https://blog.rkequity.com/ - Sign up for the Lithium-Ion Bull newsletter: 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 Rodney and Howard 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 episode, we sit down with Gabriel Rubacha, CEO of NOA Lithium Brines (TSXV: NOAL), to discuss the Preliminary Economic Assessment (PEA) for NOA’s Rio Grande project in Argentina and what it may mean for investors following lithium brines, cost curves, and capital pathways. We cover: - PEA headline items: ~4.7 Mt LCE resource at ~520 mg/L, a two-train development (20kt + 20kt LCE), conservative use of proven evaporation with DLE optionality to be re-evaluated at PFS, and a first-phase pre-production CapEx of ~$706M. - Route selection & flexibility: Base case carbonate; evaluating lithium chloride as a staged approach that could trim CapEx/OpEx by ~30–35% and potentially fund a downstream carbonate plant at lower elevation. - Operating profile: Blended grade approach; north/northeast zones 600+ mg/L, central salar ~400–500 mg/L. Management frames costs as mid-pack for Argentina today, targeting a first/second quartile global position as the project matures. - Scaling & timelines: Phase 1 infrastructure helps scheduling more than headline CapEx; PFS targeted before end-2026 with workstreams in pumping wells, freshwater, southern drilling, lab testwork, and DLE options. - Funding & partnerships: Intention to advance toward PFS, then consider strategics/operators to bring the asset into production. Clean Elements (major shareholder) as a contrarian backer of Argentine brines; discussion of tight share register and recent placements. - Regional context: Proximity to Mariana (Ganfeng); broader Argentina investment climate and how policy signals and elections intersect with mining capital. - Market discussion: Why Aussie lithium equities often move earlier than North American names; U.S. policy signals around Lithium Americas and knock-on effects; China supply narratives (mine licensing cadence) and our inventory read (~35–40 days) into year-end with typical restocking after Chinese New Year. Guest: - Gabriel Rubacha — CEO, NOA Lithium Brines; prior roles include board/operating positions at Lithium Americas and leadership at Minera Exar JV with Ganfeng in Argentina. Tickers Mentioned (context only): TSXV: NOAL, TSE: LIRC (Lithium Royalty Corp), plus references to producers/developers in Argentina and Australia. Sponsors (thanks for supporting investor education): - 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 Chapters: See the chapter list in this video for quick navigation to PEA details, cost/CapEx discussion, chloride vs. carbonate, PFS roadmap, funding options, regional comps, and the broader lithium market segment. (00:00) Introduction (04:00) PEA Summary & Design (06:26) CapEx, OpEx & Timeline (07:23) Chloride vs. Carbonate (09:47) Phase 2 & Infrastructure (11:03) Grades & Geology (12:08) Cost Curve Position (13:50) Funding & Partners (16:45) PFS Plan & Milestones (18:26) Nearby Projects (19:17) Shift to Market Talk (19:59) U.S. Backing Impact (22:00) China/Australia Equity Dynamics (25:13) Brine vs. Hard Rock Valuation Gaps (27:51) Clean Elements' Bet (29:23) Argentine Brines Value (30:51) Argentina Investment Climate (32:48) Politics & Reforms (34:30) Uncertainty & Sentiment (35:08) China Supply & Licenses (37:13) Inventories & Demand (38:07) Closing Remarks For investor resources and Matt’s blog on valuation gaps in Argentine brines, visit https://blog.rkequity.com/. For inquiries or meeting requests (including the upcoming London 121 dates mentioned), contact [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 Rodney and Howard 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 episode, we (Howard & Rodney) sit down again with Graham Harris, Chairman of Surge Battery Metals (TSXV: NILI | OTC: NILIF), for a focused update on the Nevada North Lithium Project (NNLP) and recent corporate developments relevant to retail investors. We cover: - Project Update & PEA Context: A brief recap of the June PEA and how the current workstream is geared toward the upcoming Pre-Feasibility Study (PFS). - Exploration & By-Products: Why the team is now assaying for rubidium and cesium, how those tests fit into the 9-hole fall drill program, and what would be required for any by-product economics to matter. - Drill Program & Timeline: The fall infill program (targeting high-grade zones, ~600 ft depths) aimed at upgrading resources for the PFS, with drilling expected to wrap late Oct/early Nov (weather permitting). - Land & Water Access: New LOI/MOU elements around private land access and water rights with Salmon River, plus ongoing collaboration to balance hydrology, grazing, and project needs. - Consolidation of Ground: Closing the remaining Texas Spring claims to improve siting options for future infrastructure. - Evolution Mining LOI: A non-binding JV framework to consolidate mineral interests and fund PFS activities, subject to final structure/tax work and definitive agreements. - Balance Sheet & Funding: A C$5M financing (closing Oct 5, no JV close condition), ~C$7M cash balance, and expectations that PFS costs are funded by the prospective JV partner. - Sector Backdrop: Market reaction to recent Lithium Americas headlines and broader U.S. policy signals around domestic critical minerals—and what that could mean for Nevada sedimentary lithium projects. Why watch: If you follow early-stage lithium developers, this conversation provides clear milestones to track—assay scope expansion, infill drilling results, permitting/de-risking steps, JV finalization, and the path to PFS. Tickers Mentioned: Surge Battery Metals — TSXV: NILI | OTC: NILIF Lithium Americas — NYSE/TSX: LAC (context) Key Topics for Search & Discovery: lithium stocks, Nevada lithium, clay-hosted lithium, Surge Battery Metals NILI NILIF, Evolution Mining JV, lithium PEA vs PFS, rubidium cesium by-products, mining water rights Nevada, retail investor lithium, critical minerals policy USA Chapters: See timestamps in the video for: company update, by-product assays, drill program, land & water agreements, Evolution LOI, financing, and sector context. Learn more about Surge Battery Metals (NILI): - Website: https://surgebatterymetals.com/ - X (Twitter): https://x.com/SurgeBattery - LinkedIn: https://www.linkedin.com/company/surge-battery-metals-inc/ If you found this content valuable, don't forget to like, subscribe and comment! 📖 Chapters (00:00) Introduction (03:07) Rubidium and Cesium Results (04:16) Byproduct Potential (04:54) Texas Spring Claims Acquisition (05:56) Land and Water Agreements (08:55) Drill Program & PFS Timeline (10:44) Evolution JV Terms (13:15) Evolution Partnership Benefits (15:20) Capital Raise & Funding Status (17:09) U.S. Critical Minerals Support (20:40) Surge's Positioning & PFS Goals 🌍 Links - Read Matt’s research blog: https://blog.rkequity.com/ - Sign up for the Lithium-Ion Bull newsletter: https://rkequity.com/ - Learn more about USCF: https://www.uscfinvestments.com/ - Learn more about Lithium Royalty Corp: https://www.lithiumroyaltycorp.com/ 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 Rodney and Howard 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 break down what retail investors need to know across lithium, copper, and broader commodities as of September 26. We discuss why lithium equities rallied despite "lower-for-longer" price calls, how China's evolving policies on strategic minerals (and growing recycled supply) may limit oversupply, and what shrinking market surpluses could mean for pricing once inventories normalize. We also cover the knock-on effects from Freeport's Grasberg disruption on copper balances, and practical ways to gain exposure via commodity ETFs versus single-name miners. We examine energy storage as a structural demand driver - highlighting rapid unit-size and cost shifts (e.g., large-format ESS builds and BYD leaks), the importance of BMS and safety regulations, and scenarios for 2030 storage demand and lithium requirements (LCE). We compare the U.S. and China policy backdrop, note Argentina's improving signals for lithium names, and discuss why passive under-allocation to commodities and rising global liquidity (M2) can fuel fund flows into hard assets. Key topics we cover: - Lithium: sector rally, Lithium Americas sentiment, Goldman Sachs supply/demand vs price path, inventory overhangs, recycling growth, China's supply curbs. - Copper: Grasberg outage, inventories, smelting capacity, tariffs/flows, and using CPER/COPX versus producer risk. - ESS & Renewables: AI-driven power needs, solar-plus-storage momentum, unit scaling, safety/BMS/regulatory catch-up, 2030 LCE implications. - Macro & Flows: passive underweight to commodities, U.S. retail dynamics, site-visit takeaways, Argentina tailwinds, liquidity and hard-asset rotation. Tickers mentioned: LAC, LTHM, SQM, ALB, SGML, TMC, USCF (commodities ETFs), CPER, COPX, FCX, BYD, CATL, Anglo, IVN, INR, SLI, ASN. Commodities & themes: lithium, copper, uranium, rare earths, ESS, AI power demand, China policy, Argentina lithium, recycling, inventories, cost curves, tariffs. 🔔 If you found this content valuable, don't forget to subscribe, like and comment! 📖 Chapters (00:00) Intro (05:53) Goldman Lithium View (08:01) Prices, Inventories, Risks (11:23) Demand, Cost Curve (12:18) China Oversupply Controls (14:43) Copper Shock: Grasberg (19:36) Copper: ETFs vs Miners (21:58) Secular Commodities Case (25:44) U.S. Flows & Site Visits (28:24) MinRes, Steel/Iron Ore Check (31:16) AI Power: Solar + Storage (34:28) ESS Demand, Safety, Rules (38:58) US-China & Transition (43:26) Liquidity & Hard Assets (46:15) Closing Remarks 🌍 Links - Read Matt's research blog: https://blog.rkequity.com/ - Sign up for the Lithium-Ion Bull newsletter: https://rkequity.com/ - Learn more about USCF: https://www.uscfinvestments.com/ - Learn more about Lithium Royalty Corp: https://www.lithiumroyaltycorp.com/ 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 Rodney and Howard 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

Lithium Americas: Could This Be Their "MP Materials Moment"? Howard and Matt break down the latest news on Lithium Americas (LAC), which is up over 100% on speculation that the U.S. government (DOE Loan) may take an equity stake in its Thacker Pass project. We explore what a potential public-private partnership could mean for lithium prices, investor sentiment, and valuations across the U.S. lithium sector — including names like Ioneer (ASX: INR) and Anson Resources (ASX: ASN). We also dive into Matt’s latest RK Equity blogs, covering two key topics for investors: 🔹 Aluminum Market Outlook: Matt explains why aluminum may have already turned the corner structurally, despite 20 years of underperformance. We discuss how China’s production cap could reshape supply dynamics, how solar, EVs, and grid buildouts are driving secular demand, and why aluminum inventories are critically low. Matt shares ideas on ways retail investors might gain exposure — from producers like Alcoa (AA) and Norsk Hydro (NHYDY) to upstream bauxite plays and ETFs like USCF’s Sustainable Battery Metals Fund (ZSB). 🔹 China Policy Shifts: We unpack recent legislative and regulatory changes in China, including the Mineral Resources Law and new competition rules, and what they mean for critical minerals like lithium and rare earths. These moves could tighten global supply and support higher prices — a key theme for investors focused on EV supply chains and energy transition commodities. 🔔 If you found this content valuable, don't forget to subscribe, like and comment! 📖 Chapters (00:00) Introduction (00:50) Lithium Americas & DOE Loan (02:29) Aluminum Market Outlook (03:36) China's Aluminum Supply Shift (05:26) Production Caps & Supply Crunch (06:42) Aluminum Demand From EVs & Solar (07:18) Aluminum vs. Copper Price Forecast (08:10) Top Aluminum Stock Ideas (09:58) USCF ZSB ETF for Aluminum Exposure (11:23) China Policy & Critical Minerals (14:38) Rare Earth Quotas & Price Impact (16:30) Closing Remarks 🌍 Links - Read Matt’s research blog: https://blog.rkequity.com/ - Sign up for the Lithium-Ion Bull newsletter: https://rkequity.com/ - Learn more about USCF: https://www.uscfinvestments.com/ 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 Rodney and Howard 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 episode, we sit down with John Love, CEO of USCF Investments, the newest sponsor of Rock Stock Channel, to explore how investors can use commodity ETFs to diversify their portfolios and gain direct exposure to key market trends. USCF is best known for the United States Oil Fund (USO) but also offers funds focused on copper (CPER), sustainable battery metals (ZSB), gold with income (USG), and broad commodities (SDCI). John walks us through the history of USCF, its role as a pioneer in the commodity ETF space, and how it differentiates itself through innovation and a focus on futures-based strategies. We discuss why investors might prefer commodity exposure over equity proxies, the benefits of diversification, and how USCF’s systematic approach helps simplify futures investing for everyday investors. We cover four funds we believe retail investors should have on their radar: - CPER (United States Copper Index Fund) – for direct exposure to copper prices - USG (Gold Income Fund) – gold plus an options overlay for potential income - ZSB (Sustainable Battery Metals Strategy Fund) – targeting the metals powering electrification - SDCI (Broad Commodity Fund) – a rules-based, diversified commodity index strategy We also talk about current investor sentiment, the role of commodities in portfolio construction, and whether we may be entering a new commodity supercycle driven by electrification, AI infrastructure, and global demand growth. Learn more about USCF: - Website: https://www.uscfinvestments.com/ - X (Twitter): https://x.com/uscfinvestments If you found this content valuable, don't forget to like, subscribe and comment! 📖 Chapters (00:00) Introduction (03:49) USCF Edge & Strategy (06:24) Why Commodity ETFs (08:38) CPER: Copper Exposure (12:57) USG: Gold + Income (15:22) ZSB: Battery Metals (19:45) SDCI: Broad Commodities (24:14) Backwardation vs. Contango (29:54) Sentiment & Flows (34:21) Closing Remarks Links 🌍 - Read Matt’s research blog: https://blog.rkequity.com/ - Sign up for the Lithium-Ion Bull newsletter: https://rkequity.com/ 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 Rodney and Howard 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 episode, we broadcast from Rockefeller Center and dig into three areas retail investors are asking about: rare earths valuation, titanium & advanced manufacturing (IperionX: IPX), and lithium market volatility—with updates from The Metals Company (TMC) and Lithium Royalty Corp (LIRC). 🔍 What we cover: - Rare earths—how to value early-stage names: Matt explains why NdPr-equivalent (neodymium–praseodymium) is a better lens than Total REO, and how we compare companies using market cap per contained NdPr-equivalent rather than headline grades alone. - IperionX site visit takeaways: Scrap-to-titanium, additive manufacturing and fasteners opportunity; why execution risk is falling; and how a “Bessemer moment” for titanium could reset costs versus aluminum/stainless. - TMC regulatory progress: NOAA confirms application compliance and priority rights; we discuss timelines, executive-order context, and what “big needle-mover” funding could look like in the U.S. framework. - Battery chemistry mix: Where nickel chemistries sit versus LFP as autonomy and energy density needs rise; manganese’s role (LMR) and the potential to produce manganese sulfate from nodules. - Lithium market now: CATL lepidolite restart chatter, demand growth still tracking ~high-20s % y/y, Chinese capex decelerating, and why restarts and cost curves matter for price formation through 2026–27. - Direct Lithium Extraction (DLE): Asset-by-asset reality check—costs and capex can be higher than conventional routes; not automatically first-quartile on the cost curve. - Royalty model for retail investors: LIRC’s portfolio (e.g., Sigma Lithium) and why royalties can provide exposure to Argentine brines and production growth while reducing operating cost risk. Learn more about IperionX (IPX): - Website: https://iperionx.com/ - X (Twitter): https://x.com/iperionx Learn more about The Metals Company (TMC): - Website: https://metals.co/ - X (Twitter): https://x.com/themetalsco Learn more about Lithium Royalty Corp (LIRC): - Website: https://www.lithiumroyaltycorp.com/ - X (Twitter): https://x.com/Lithium_Royalty If you found this content valuable, don't forget to like, subscribe and comment! 📖 Chapters (00:00) Introduction (03:15) Rare Earths: NdPr Valuation (08:20) IperionX: Scrap-to-Titanium (18:03) Heavy Rare Earth by-products (23:41) TMC: NOAA Compliance & Timeline (26:19) TMC: Priority Rights & Scale (27:47) Manganese & LMR Batteries (30:42) Industry Signals: Lockheed & Partners (33:01) Nickel vs LFP; Autonomy (35:55) U.S. Funding Paths & Structure (43:05) Lithium Royalty Corp Overview (45:09) Exposure to Argentine Brines (46:53) Volatility: CATL, Demand, China CapEx (50:56) DLE: Costs, CapEx, Fit (56:18) Restarts & Cost Curve (58:56) Price Recovery Outlook 🌍 Links - Read Matt’s research blog: https://blog.rkequity.com/ - Sign up for the Lithium Ion Bull newsletter: https://rkequity.com/ 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 Rodney and Howard 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

We are redistributing over latest discussion on X Spaces as a Rock Stock Channel episode, sharing where we think we are in the lithium & rare earths cycle, what’s changed, and how we’re positioning as RK Equity for a potential “risk-on” turn in mining equities. In this conversation, Howard, Matt and Rodney (with guests including YJ Lee, Chris Berry, Tom Woolrych, Jody Dahrouge, Christopher Williams and others) walk through what matters now for retail investors across lithium, rare earths and broader critical minerals. What we cover: - Macro & sentiment: Why risk appetite is re-emerging across gold, uranium, Bitcoin and critical minerals—and how policy (IRA, infrastructure/CHIPS, deregulation/reshoring) may shape capital flows and listings. - Lithium demand vs. supply: Normalized inventories, China supply-cut narratives, and why demand (EVs + grid-scale storage) is the swing factor. We discuss falling battery costs, global price competition, and EV penetration beyond China into emerging markets. - BESS is breaking out: How grid batteries could be the “next trillion-dollar business” and what multi-year storage growth implies for LCE demand. - Processing drives cost curves: A clear explainer on DMS vs. flotation for hard-rock—capex/opex, grind size, recoveries, and real-world lessons (e.g., Sigma’s DMS-only, whole-of-mine float cases). Jurisdictional deep-dives: - Quebec/Ontario hard-rock: Permitting realities, low-cost hydro power, conversion “missing middle,” and why project geometry (thickness, dip, heterogeneity) matters. - Brazil: Low-cost power, DMS suitability, and why the country has the raw materials stack to host more of the battery supply chain. - Conventional brines (Argentina/Chile): Why high-grade salar projects can be through-cycle low-cost—and why the market may be mispricing them relative to hard-rock. - DLE—promise vs. timeline: Where it fits (including boosting recovery on conventional brines), technical pitfalls (feed variability, oilfield impurities), and realistic scale-up expectations. - Rare earths primer: MP Materials’ U.S. push, magnet REEs (NdPr, Dy, Tb), ionic clay vs. hard-rock deposits, purity challenges, and the role of defense vs. broader tech/e-mobility demand. Companies & themes mentioned (not recommendations) MP Materials (NYSE: MP), Lynas Rare Earths (ASX: LYC), Sigma Lithium (NASDAQ/TSX-V: SGML), Pilbara Minerals (ASX: PLS), Core Lithium (ASX: CXO), Patriot Battery Metals (TSX: PMET | ASX: PMT), Winsome (ASX: WR1), Frontier Lithium (TSX-V: FL), Galan Lithium (ASX: GLN), Lithium Argentina (NYSE: LAR), NOA Lithium (TSX-V: NOAL), Wildcat (ASX: WC8), Lithium Ionic (TSX-V: LTH), Atlas Lithium (NASDAQ: ATLX), Talon Metals (TSX: TLO), Rio Tinto (NYSE: RIO), BYD, CATL—plus topics like SPACs, EV truck adoption, and restocking into year-end. Why it matters for retail investors: - Cost & flow-sheet choices (DMS vs. flotation) can make or break project economics. - BESS + EVs expand the addressable market faster than many models assume. - Jurisdictional power costs & permitting (e.g., Québec hydro) directly impact margin. - Conventional brines may offer mispriced, through-cycle optionality. - Rare earths remain strategically important—focus on magnet REEs and realistic ramp timelines. Stay connected: - Follow on X: Rock Stock Channel: https://x.com/rkequityrocks Howard: https://x.com/LithiumIonBull Rodney: https://x.com/RodneyHooper13 Matt: https://x.com/matt_fernley - Read Matt’s research blog: https://blog.rkequity.com/ - Sign up for our Lithium-ion Bull newsletter at https://rkequity.com/ - Subscribe on YouTube / Spotify / Apple Podcasts for Rock Stock Channel updates. 📖 Chapters (00:00:00) Market Backdrop (00:10:00) Lithium Inventories & China Restocking (00:15:00) EV Price War, BYD Exports & BESS Surge (00:19:00) Rare Earths Reset: MP Deal & Demand (00:32:00) Ionic Clay REEs: Brazil/Africa (00:52:20) Quebec Hard Rock: Q2 Metals, Patriot (01:08:20) Quebec Edge: Permitting, Power, By-Products (01:13:40) The “Missing Middle”: Bécancour Refining (01:36:20) Demand Outlook: EVs, Storage, Heavy Trucks (01:51:00) DLE Reality Check: China & Brines (02:05:00) Argentina Brines: Low Cost, Mispricing (02:09:20) Brazil DMS Edge & WA Developers (02:17:40) Closing Thoughts & Rio Watch-Items 🌍 Links 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 _________________________________________________ DISCLAIMER NOT INVESTMENT ADVICE. DO YOUR OWN RESEARCH Rodney, Matt and Howard 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 Klei

Lithium Market Reset? August Scoreboard, Price Drivers & Developers To Watch (with Howard, Rodney & Matt) After a bullish summer for mining equities, we break down the August 31 lithium scoreboard, the bounce in chemical producers and spodumene names, and what really matters next for lithium prices. We cover inventories in China, the impact of CapEx cuts, and why low-cost producers and DMS-only developers may be the best risk/reward right now. This episode also features a catchup interview with Q2 Metals' (TSXV: QTWO) CEO, Alicia Milne, and VP Exploration, Neil McCallum following their September 4th press release on the Cisco Lithium Project in Quebec, Canada. Topics include: Q2’s C$26M financing, increased drill activity with multiple rigs, upcoming assay results, infill drilling strategy, and the roadmap toward their first mineral resource estimate (targeted Q1 2026). Neil details the latest metallurgical testing (HLS/DMS), recovery rates, and next steps in bulk sampling, while Alicia outlines marketing and investor outreach plans across Hong Kong, Korea, Japan, New York, London, and Zurich. What You’ll Learn: - Market Check: Why the rally looks more like a technical correction than a new supercycle—so far. - Price Drivers: Why falling inventories (days of supply in China) matter more than headlines. - Strategy: Focus on low-cost brine & hard-rock producers and DMS-only developers (lower CapEx/opex). - CapEx Crunch: How investment slowdowns set up supply tightness 2–4 years out. - Energy Storage Boom: Solar + BESS economics improving fast; tech leaps from 2 MWh to 5–9 MWh containers. - Due Diligence: Watch cash flow vs. reported costs—reporting standards vary widely in lithium mining. - Q2 Metals Deep Dive: Financing, drill program ramp-up, Cisco exploration update, metallurgical test results, and global investor roadshow plans. Companies & Themes Mentioned: Producers/Developers: Lithium Argentina, Sigma Lithium, Atlantic Lithium, Q2 Metals, Lithium Ionic, Atlas Lithium, Core Lithium, Sayona–Piedmont (NAL), Vulcan, Standard Lithium, POSCO. Topics: DMS vs. flotation, DLE brine, spodumene, inventories in China, incentive prices, CapEx cuts, EV batteries, BESS, solar + storage, rare earths (MP Materials, Lynas). 👍 If you value independent lithium analysis, hit Like, subscribe, and turn on notifications. 💬 Tell us which developer you think is most undervalued—and why. 📖 Chapters (00:00) Introduction (03:18) Bottom Call & Scoreboard (04:26) YTD Leaders & Equity Signals (05:10) Strategy: Low-Cost Producers & DMS (07:40) Price Outlook: Inventories & Incentives (09:38) Capex Cuts & 2-4 Year Setup (11:06) Solar Boom & Storage Demand (14:45) Mining Margins & Reporting (16:37) Scoreboard Segments, Raises & M&A (20:38) Vetting Developers & Key Names (24:31) Quebec: Sayona-Piedmont & NAL (27:11) Q2 Metals (30:16) Assay Results and Exploration Strategy (33:25) Winter Drill Program and Resource Estimate Goals (34:35) Assays Beyond Lithium (35:39) Metallurgical Testing and Results (37:41) Next Steps in Metallurgy and Bulk Sampling (41:57) Exploration Focus and Upcoming News Flow (43:31) Permitting, Camp Development, and Operations Update (44:14) Marketing and Global Investor Outreach (45:30) MRE Timeline (45:46) Closing Remarks 🌍 Links - Read Matt’s research blog: https://blog.rkequity.com/ - Sign up for the Lithium Ion Bull newsletter: https://rkequity.com/ - Catch our 2.5-hour Spaces replay with 1,500+ listeners: https://x.com/i/spaces/1kvJpMDgAyLxE - For Q2 Metals research coverage (Canaccord, Argonaut), email: [email protected] - Q2 Metals Website: https://www.q2metals.com/ - Follow Q2 Metals on X: https://x.com/Q2Metals | LinkedIn: https://ca.linkedin.com/company/q2-metals-corp 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 Rodney and Howard 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 and Rodney return with another Rock Stock Channel update, speaking with Lithium Universe (ASX: LU7) Chairman Iggy Tan. In this interview, we cover the company’s evolving strategy as it balances long-term lithium ambitions with a new entry into solar panel recycling and silver recovery. Lithium Universe began with the goal of building a lithium carbonate refinery in Bécancour, Quebec, supported by a completed DFS. While awaiting a lithium market recovery, the company has diversified through the acquisition of global rights to a PV cell recycling technology developed at Macquarie University. This innovation could unlock value by separating solar panel materials efficiently and recovering silver at scale. Key topics discussed: - Lithium Universe’s counter-cyclical approach to lithium refining in Canada - Why margins in lithium conversion remain robust despite market volatility - The scale of end-of-life solar panel waste and silver recovery potential - Details of Macquarie University’s microwave and electrochemical recycling process - Outlook for silver demand, supply deficits, and pricing trends - Upcoming milestones: pilot work, potential partnerships, and grant applications - Broader lithium supply-demand dynamics in North America, Europe, and China With a market cap of ~A$16 million and a share price up nearly 3x from its June placement, Lithium Universe offers investors exposure to both critical battery metals and emerging recycling opportunities. 📖 Chapters (00:00) Introduction (01:48) Iggy Tan's Lithium Background (02:59) Lithium Universe Strategy and Refinery Plans (05:13) Economics of Lithium Conversion Outside China (07:30) Global Push for Renewable Energy and PV Adoption (09:03) Solar Panel Waste and Recycling Opportunities (10:57) Macquarie University Recycling Technology (16:05) Commercialization and Global Expansion Plans (16:57) Next Steps: Pilot Plant and Partnerships (17:43) Milestones for Investors (6-12 Months) (19:40) Lithium Market Dynamics: Supply, Demand, and Recovery (23:23) Closing Remarks 🌍 Links LU7 Website: https://www.lithiumuniverse.com/ Follow on X: https://x.com/lithiumuniverse | https://x.com/TanIggy RK Equity Website: https://rkequity.com/ 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 Rodney and Howard 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 August 2025's Recharge podcast, co-presenters Matt Fernley (Battery Materials Review) and Cormac O'Laoire (Electrios Energy) discuss some of the recent key talking points in the battery industry, including: - The China lithium shutdowns, their impact on the industry and outlook - Development on US tariffs and anti-dumping duties in the battery supply chain, with a particular focus on graphite and anode materials - The MP Materials/DoD deal and potential impacts on the battery chain - What do price floors mean for materials markets and projects? - EV sales update and discussion - Discussion on commercial vehicle sales CHAPTERS 📖 (00:00) Introduction (02:01) Lithium Prices and Chinese Regulations (06:55) Impact on Supply and China's Strategy Shift (12:33) US Tariffs on Graphite and Anode Materials (18:00) Graphite Industry Outlook & Silicon Anodes (23:53) US Defense, Rare Earths, and Price Floors (36:50) Global EV Market Trends & BYD Expansion (42:58) Commercial EV Growth and Battery Swapping _________________________________________________ Links 🌍 RK Equity Website: https://rkequity.com/ 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 Rodney and Howard 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 episode, I attended The Metals Company Strategy Day to gain a first-hand look at the company’s progress, leadership, and investor perspectives. Over the course of the event, I heard from a diverse group of board members, early backers, and strategic advisors—many of whom have deep backgrounds in energy transition, large-scale infrastructure, and venture capital. Their insights underscored why TMC is pursuing a unique opportunity in deep-sea polymetallic nodule collection and processing, and how the company is positioning itself as a pioneer in a new resource industry. Management and board members discussed the long-term need for critical minerals, the regulatory path ahead, and the steps taken to de-risk the project both offshore and onshore. Several speakers noted that TMC has moved from capital-heavy to capital-light strategies, with partnerships, careful cost management, and targeted debt financing helping to weather challenging market conditions. Importantly, the company recently announced a $23.6 billion net present value across its Nori-D and U.S. seabed mining areas—marking a major milestone in its journey toward production. Throughout the day, it was clear that retail investors remain a vital part of TMC’s shareholder base. Many attendees have been supporting the company for years, through both market highs and lows, and their conviction was evident. The management team made a point of recognizing this group’s role in spreading awareness, countering misconceptions, and keeping the conversation active in investor communities. If you’re a retail investor following the critical minerals space—or simply interested in how an emerging industry can reshape global supply chains—this Strategy Day offered valuable insight into both the opportunities and the challenges ahead for The Metals Company. If you found this discussion valuable, please subscribe, like, and comment. CHAPTERS 📖 (00:00) Introduction (01:56) Board of Directors (16:13) OG Investors (29:02) Retail Investors Award Ceremony (31:16) Brian Paes-Braga (33:22) Andrei Karkar (41:23) Gerard Barron (43:47) Nasdaq _________________________________________________ Links 🌍 RK Equity Website: https://rkequity.com/ 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 Rodney and Howard 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