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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

Wednesday Nov 26, 2025

TMC on U.S. Permitting, Funding Outlook & 2027 Production Path | Craig Shesky

Wednesday Nov 26, 2025

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: 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

Saturday Nov 22, 2025

Lithium 2026: Producer Outlook & Supply, Policy & China

Saturday Nov 22, 2025

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)

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

Monday Nov 17, 2025

Critical Minerals at Warp Speed: Where Cesium Fits In | Grid Metals

Monday Nov 17, 2025

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)

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

Saturday Nov 15, 2025

POSCO-MinRes JV, ESS Boom, Lithium Forecast, US Policy | Surge Battery Metals Update

Saturday Nov 15, 2025

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/

_________________________________________________

DISCLAIMER

NOT INVESTMENT ADVICE. DO YOUR OWN RESEARCH

Intro and outro audio credit: Jamie Klein

Thursday Nov 13, 2025

Building America’s Geothermal Lithium Supply | Controlled Thermal Resources’ Rod Colwell

Thursday Nov 13, 2025

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)

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

Wednesday Nov 12, 2025

Iola Hughes: ESS, EVs & Policy: Benchmark’s Battery Outlook

Wednesday Nov 12, 2025

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)

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

Monday Nov 10, 2025

America’s Uninterruptible Battery Storage Boom | Jigar Shah

Monday Nov 10, 2025

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)

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

Monday Oct 27, 2025

Lithium Royalty Corp & Libra Energy Materials: Outlook for 2026

Monday Oct 27, 2025

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)

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

Saturday Oct 25, 2025

TSXV Cycle Recovery, Lithium Supply vs Demand, Gold & Silver Valuations, BESS Growth | Q2 Metals

Saturday Oct 25, 2025

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)

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/

_________________________________________________

DISCLAIMER

NOT INVESTMENT ADVICE. DO YOUR OWN RESEARCH

Intro and outro audio credit: Jamie Klein

#TSX #TSXV #Gold #Silver #Lithium #CriticalElements #GRSilverMining #Quebec #BESS #EnergyStorage #Solar #Pilbara #POSCO #Q2Metals #QTWO

Friday Oct 24, 2025

LME Week, lithium debate, China controls, NMC vs LFP, sodium-ion, ESS boom | Cormac O'Laoire

Friday Oct 24, 2025

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)

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/

_________________________________________________

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