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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

Saturday Jan 24, 2026

Processing Trump’s Minerals Policy

Saturday Jan 24, 2026

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: 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

Tuesday Jan 20, 2026

Putting The ‘P’ In LFP | First Phosphate

Tuesday Jan 20, 2026

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)

Links

_________________________________________________

DISCLAIMER

NOT INVESTMENT ADVICE. DO YOUR OWN RESEARCH

Intro and outro audio credit: Jamie Klein

#FirstPhosphate #PHOS #LFP #LithiumIronPhosphate #BatteryMetals #CriticalMinerals #EnergyStorage #Phosphate #EVBatteries #MiningStocks #QuebecMining

Sunday Jan 18, 2026

2026 Lithium & Rare Earths LIVE DISCUSSION | X Spaces

Sunday Jan 18, 2026

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)

Links

_________________________________________________

DISCLAIMER

NOT INVESTMENT ADVICE. DO YOUR OWN RESEARCH

Intro and outro audio credit: Jamie Klein

Friday Jan 16, 2026

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

Friday Jan 16, 2026

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)

Links

_________________________________________________

DISCLAIMER

NOT INVESTMENT ADVICE. DO YOUR OWN RESEARCH

Intro and outro audio credit: Jamie Klein

Tuesday Jan 13, 2026

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

Tuesday Jan 13, 2026

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

Monday Jan 12, 2026

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

Monday Jan 12, 2026

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