Rock Stock Channel

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The Age of Electricity is creating enormous opportunities in the critical minerals investment thematic. Howard, Rodney and Matt provide in-depth discussions with major developers and analysts covering lithium battery metals, rare earths, and many other specialty commodities.

Episodes

2 days ago

“This Time Is Different” In Lithium? (+ $QTWO $NILI $NOAL)

2 days ago

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: rockstockchannel@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

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

6 days ago

Battery prices, China EV shift, US vs Europe, Energy storage | Cormac O'Laoire

6 days ago

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)

Links

_________________________________________________

DISCLAIMER

NOT INVESTMENT ADVICE. DO YOUR OWN RESEARCH

Intro and outro audio credit: Jamie Klein

7 days ago

Is High Purity Alumina the Next Lithium? (Advanced Energy Minerals)

7 days ago

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)

Links

_________________________________________________

DISCLAIMER

NOT INVESTMENT ADVICE. DO YOUR OWN RESEARCH

Intro and outro audio credit: Jamie Klein

Friday Jan 09, 2026

Is Lithium’s Mr. Right Still Hyper Bullish? (YJ Lee)

Friday Jan 09, 2026

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)

Links

_________________________________________________

DISCLAIMER

NOT INVESTMENT ADVICE. DO YOUR OWN RESEARCH

Intro and outro audio credit: Jamie Klein

Tuesday Dec 30, 2025

Fastmarkets Lithium Panel: Nevada Supply Chain, Thacker Pass, Rhyolite Ridge & Recycling

Tuesday Dec 30, 2025

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)

Links

_________________________________________________

DISCLAIMER

NOT INVESTMENT ADVICE. DO YOUR OWN RESEARCH

Intro and outro audio credit: Jamie Klein

Saturday Dec 27, 2025

China Strategy vs U.S. Supply Chain Reality | Henry Sanderson

Saturday Dec 27, 2025

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)

Links

_________________________________________________

DISCLAIMER

NOT INVESTMENT ADVICE. DO YOUR OWN RESEARCH

Intro and outro audio credit: Jamie Klein

Monday Dec 22, 2025

Winsome–Li-FT Merger Explained: Adina, Financing, Next Steps | Chris Evans & Francis MacDonald

Monday Dec 22, 2025

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)

Links

_________________________________________________

DISCLAIMER

NOT INVESTMENT ADVICE. DO YOUR OWN RESEARCH

Intro and outro audio credit: Jamie Klein

Friday Dec 19, 2025

Lithium Recap 2025, 2026 Watchlist, Ford EV Write-Down, Argentine Brines, Supply Outlook

Friday Dec 19, 2025

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)

Links

_________________________________________________

DISCLAIMER

NOT INVESTMENT ADVICE. DO YOUR OWN RESEARCH

Intro and outro audio credit: Jamie Klein

Thursday Dec 18, 2025

Overstated Lithium Forecasts, CATL, Semi-Solid Batteries, Battery Costs, BESS | Cormac O'Laoire

Thursday Dec 18, 2025

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/

_________________________________________________

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

Monday Dec 15, 2025

This HPA Company Could Be the Lowest-Cost Producer Outside China | Advanced Energy Minerals

Monday Dec 15, 2025

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 rockstockchannel@rkequity.com 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)

Links

- Read Matt's research blog: https://blog.rkequity.com/
- Sign up for the Lithium-Ion Bull newsletter/Matt's Blogs: https://rkequity.com/

_________________________________________________

DISCLAIMER

NOT INVESTMENT ADVICE. DO YOUR OWN RESEARCH

Intro and outro audio credit: Jamie Klein