Rock Stock Channel

In this Rock Stock Recap, we (Howard Klein and Matt Fernley) are joined by Keith Phillips—former CEO of Piedmont Lithium and now Executive Chairman of Q2 Metals—to discuss the latest developments across lithium and select rare earth themes. Including an interview with Lithium Ionic (TSXV: LTH) COO Mike Westendorf on the Bandeira project. Chapters (00:00:00) Intro (00:03:13) Keith's New Role At Q2 (00:05:10) BMO And PDAC Preview (00:07:12) Rare Earths Americas Update (00:08:39) Pilbara Restart And Supply (00:12:45) Quebec Infrastructure Edge (00:17:10) Albemarle Kemerton Shutdown (00:19:14) Conversion Location Debate (00:21:19) Consolidation And Priorities (00:29:36) Mangrove And Processing Plans (00:34:44) Manono Supply And Logistics (00:38:43) US-Canada Outlook (00:43:18) Lithium Ionic (00:44:39) Bandeira Project Location (00:46:04) Underground Mining Strategy (00:47:00) Feasibility Study And CapEx Reduction (00:49:32) Production Targets And Mine Life (00:50:09) Operating Costs And Advantages (00:53:31) Processing And Revenue Upside (00:55:56) Permitting Status And Progress (00:59:34) Construction Timeline (01:00:06) Financing And Funding Interest (01:01:28) Key Catalysts Ahead (01:02:08) Cash Position (01:02:40) Closing Remarks We start with our recent work on critical minerals policy, including a framework for prioritizing USGS-designated critical minerals, current Washington signals (including Project Vault and related announcements), and the upcoming House hearings for the Secure Minerals Act (Feb 24). From there, we turn to market-moving supply and project updates across the global lithium chain. Key discussion points include: • Q2 Metals and the Cisco spodumene discovery in James Bay, Quebec—resource timing, scale, grade, and infrastructure advantages • Mining conference season preview (BMO and PDAC) and what investor and strategic conversations tend to focus on • Rare Earths Americas—early-stage assets in the US and Brazil and the broader “Americas critical minerals” backdrop • Pilbara’s restart activity and what it signals about near-term latent capacity, plus broader supply visibility questions (including Africa) • Albemarle’s Kemerton decision and what it implies about conversion economics, capex risk, and where conversion can be competitive • Why infrastructure, logistics, and transport costs matter most when spodumene pricing is low—and how that shapes project selection and consolidation In the second half, we provide an update interview with Lithium Ionic (TSXV: LTH) COO Mike Westendorf on the Bandeira project in Brazil’s “Lithium Valley,” adjacent to operating peers. We cover: • Updated feasibility study highlights, including capex reduction and design changes to improve robustness through price cycles • Operating cost drivers (processing route, power, local supply chain, and logistics) and the role of ore sorting / DMS • Permitting status, recent regulatory developments, and the expected pathway to FID and production timelines • Current financing environment, potential funding structures, and near-term catalysts through 2026 Sponsors - Lithium Royalty Corp (TSX: LIRC) - diversified lithium royalty portfolio. (Website: https://www.lithiumroyaltycorp.com/ | X: https://x.com/Lithium_Royalty) - USCF Investments - commodity-focused ETFs (e.g., CPER copper, ZSB battery metals, USG gold, SDCI diversified commodities). (Website: https://www.uscfinvestments.com/ | X: https://x.com/USCFInvestments) Links - Strategic Lithium Reserve (SLR) White Paper: https://blog.rkequity.com/2025/12/08/strategic-lithium-reserve/ - Read Matt's research blog: https://blog.rkequity.com/ - Sign up for the Lithium-Ion Bull newsletter/Matt's Blogs: https://rkequity.com/ Have a question? Drop us an email: 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

Howard Klein of RK Equity discusses the Trump administration's Project Vault initiative and explains how a strategic lithium reserve could help boost the country's efforts to create secure supply chains.  “The goal of a strategic lithium reserve is to stabilize prices and allow the industry to develop,” he explained. “If prices fall too low, the reserve would step in as a buyer. If prices spike too high, it could sell into the market.” This interview was filmed on February 13, 2026. Chapters (00:00) Intro (00:30) What is Project Vault? (09:02) Ranking critical minerals (21:43) China's lithium influence (25:40) What about midstream? (30:35) Western skills shortage  (36:13) Strategic Lithium Reserve (44:06) Energy storage outlook (50:57) Phosphate's key role (57:49) Outro Sponsors - Lithium Royalty Corp (TSX: LIRC) - diversified lithium royalty portfolio. (Website: https://www.lithiumroyaltycorp.com/ | X: https://x.com/Lithium_Royalty) - USCF Investments - commodity-focused ETFs (e.g., CPER copper, ZSB battery metals, USG gold, SDCI diversified commodities). (Website: https://www.uscfinvestments.com/ | X: https://x.com/USCFInvestments) Links - Strategic Lithium Reserve (SLR) White Paper: https://blog.rkequity.com/2025/12/08/strategic-lithium-reserve/ - Read Matt's research blog: https://blog.rkequity.com/ - Sign up for the Lithium-Ion Bull newsletter/Matt's Blogs: https://rkequity.com/ Have a question? Drop us an email: 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

Alex Wylie, CEO of LibertyStream Infrastructure Partners (TSXV: LIB | OTCQB: VLTLF), discusses the company’s evolving strategy to produce lithium carbonate from existing oil and gas infrastructure in the United States. Chapters (00:00) Introduction (03:34) Rebranding And Permian Basin Strategy (04:55) Production Progress And Key Milestones (07:33) Funding And Select Water Partnership (08:42) North Dakota Expansion And Military Supply (11:18) Offtake Progress And Grant Support (13:18) Select Water Partnership Benefits (15:12) Modular Growth And Scaling Strategy (17:32) Upcoming Milestones And Offtake Plans (18:46) Investor Support And Leadership Hire (20:46) U.S. Listing And Redomicile Plans (21:49) Government Support And U.S. Strategy (25:25) Production Roadmap And Expansion Timeline (27:49) Technical Vs Battery Grade Strategy (30:32) Long-Term Scaling Strategy (31:41) Closing And Future Outlook Liberty Stream, formerly Volt Lithium, is focused on extracting lithium from oilfield brines in major basins such as the Permian Basin and North Dakota, converting what has traditionally been considered a waste stream into a source of critical minerals. We cover Liberty Stream’s transition from pilot-scale operations to commercial readiness, including its in-field refining unit, progress toward its first 1,000-ton-per-year lithium carbonate production target, and its differentiated strategy of serving industrial and technical-grade lithium markets initially. This approach may enable faster commercialization compared to conventional lithium development projects, while leveraging existing infrastructure to reduce capital intensity and accelerate time to market. Alex explains the rationale behind the company’s rebranding and relocation to Texas, its partnership with Select Water Solutions for pretreatment infrastructure, and ongoing offtake discussions with prospective customers. We also discuss Liberty Stream’s capital raises totaling approximately $25 million, grant support from North Dakota, and its roadmap to scale production through modular expansion across multiple basins. From our perspective, Liberty Stream’s strategy represents an alternative approach to lithium supply development in North America, particularly as demand for domestically sourced critical minerals continues to grow. We examine key milestones achieved over the past year, the company’s commercial production timeline, and what investors and industry participants should watch for in 2026, including potential offtake agreements, expansion plans, and a possible future U.S. listing. Topics covered in this interview include: • Liberty Stream Infrastructure Partners overview and strategy • Direct lithium extraction (DLE) from oilfield brines • Permian Basin lithium production and infrastructure partnerships • Industrial vs battery-grade lithium carbonate markets • Commercial production targets and modular scaling strategy • Capital raises, grant funding, and investor support • U.S. critical minerals supply chain and domestic lithium production • Potential U.S. listing and corporate redomicile to Texas • Lithium market outlook and key milestones ahead Sponsors - Lithium Royalty Corp (TSX: LIRC) - diversified lithium royalty portfolio. (Website: https://www.lithiumroyaltycorp.com/ | X: https://x.com/Lithium_Royalty) - USCF Investments - commodity-focused ETFs (e.g., CPER copper, ZSB battery metals, USG gold, SDCI diversified commodities). (Website: https://www.uscfinvestments.com/ | X: https://x.com/USCFInvestments ) Links - Strategic Lithium Reserve (SLR) White Paper: https://blog.rkequity.com/2025/12/08/strategic-lithium-reserve/ - Read Matt's research blog: https://blog.rkequity.com/ - Sign up for the Lithium-Ion Bull newsletter/Matt's Blogs: https://rkequity.com/ Have a question? Drop us an email: 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

Arnab Datta (Employ America) and Alex Turnbull (investor and long-time critical minerals practitioner) sit down with Howard Klein to unpack the policy shift now underway in Washington on critical minerals, rare earths, and battery materials. Chapters (00:00) The Market Stabilization Gap (03:08) Prioritizing Key Minerals (05:14) Guests and Their Focus (10:31) Why Volatility Blocks Investment (15:44) Project Vault and Forge Overview (21:04) Processing Limits and Stockpiling (26:46) SECURE Minerals Act Explained (30:09) Why a New Corporation Model (35:39) Path to Passing the Bill (39:36) What to Include and Why Lithium (44:02) How the Reserve Would Intervene (47:56) China-U.S. Supply Chain Strategy (54:30) Demand Challenges and Oversupply (58:24) Wrap-Up Over the past several weeks, the U.S. conversation has moved from whether government should intervene to how—with new tools emerging across trade, finance, permitting reform, allied supply chains, and stockpiling. We discuss the rollout of Project Vault and the broader Forge effort, alongside recent congressional momentum on supply-side legislation. The focus of this interview is the “missing layer” in the U.S. toolkit: market stabilization. Long-cycle mineral supply chains don’t fail only because of permitting delays—they fail because extreme price volatility can crush investment in downturns and create affordability and security risks in upswings. Arnab and Alex explain why China’s influence isn’t just about overcapacity, but also about control of pricing benchmarks and market infrastructure. We then dive into the SECURE Minerals Act and its proposal for a Strategic Resiliency Reserve—a standing institution designed to stabilize critical minerals markets across cycles, rather than reacting after disruptions occur. We explore how a resiliency reserve could complement (not compete with) initiatives like Project Vault, and why lithium may be the most practical first test case. If you’re tracking U.S. industrial policy, supply chain security, battery metals, and the evolving U.S.–China dynamic in critical minerals, this discussion is a useful framework for understanding what’s changing—and what still needs to be built. Topics covered • Project Vault, FORGE, and the expanding U.S. critical minerals toolkit • Why price volatility is a core bottleneck for investment and supply growth • China’s role in supply, processing, and benchmark pricing infrastructure • SECURE Minerals Act and the Strategic Resiliency Reserve concept • Why lithium and magnet materials are central to electrification and defense • The demand question: EV incentives, AI energy demand, and commercial scale Sponsors - Lithium Royalty Corp (TSX: LIRC) - diversified lithium royalty portfolio. (Website: https://www.lithiumroyaltycorp.com/ | X: https://x.com/Lithium_Royalty) - USCF Investments - commodity-focused ETFs (e.g., CPER copper, ZSB battery metals, USG gold, SDCI diversified commodities). (Website: https://www.uscfinvestments.com/ | X: https://x.com/USCFInvestments) Links - Strategic Lithium Reserve (SLR) White Paper: https://blog.rkequity.com/2025/12/08/strategic-lithium-reserve/ - Read Matt's research blog: https://blog.rkequity.com/ - Sign up for the Lithium-Ion Bull newsletter/Matt's Blogs: https://rkequity.com/ Have a question? Drop us an email: 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

In February 2026’s Recharge podcast, co-presenters Matt Fernley (Battery Materials Review) and Cormac O’Laoire (Electrios Energy) discuss key developments across battery materials and EV markets, including:   • China EV pricing dynamics around Chinese New Year, destocking, and continued price competition • Shifts in EV and PHEV mix, subsidy effects, and market-share gains by smaller Chinese automakers • Sodium-ion positioning versus lithium-ion, with focus on energy density, cold-weather use cases, and supply-chain constraints • Europe and US demand divergence, including affordable model availability in Europe and weak US momentum post tax-credit removal • Lithium price volatility driven by speculative positioning, GFX dynamics, inventory context, and implications for project feasibility and ESS costs   Chapters (00:00) Intro (02:00) China: EV Price War (06:17) Sodium-Ion Reality Check (09:52) China EV Mix Shifts (19:16) Europe: EV Growth (24:56) US: EV Slowdown (27:08) Lithium Price Swing (35:13) ESS Demand Outlook (38:01) ESS Logistics And Tariffs (46:04) Wrap-Up   Links - Read Matt's research blog: https://blog.rkequity.com/   Podcast:   Apple Podcast: https://podcasts.apple.com/us/podcast/lithium-ion-rocks/id1457969172   Spotify: https://open.spotify.com/show/0KiMIZOPaDg8ENfPJMSINq X (Twitter):   Matt: https://x.com/matt_fernley   Have a question? Drop us an email: rockstockchannel@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

Lithium Universe CEO Iggy Tan provides a timely update on the company’s lithium refinery strategy, project financing path, and new technology initiatives as lithium markets recover. Chapters (00:00) Introduction (03:23) Norah Offtake Agreement (07:26) Financing And Lithium Price Recovery (10:10) Brownsville U.S. Refinery Plan (13:52) Quebec Project Priority (15:31) Solar Recycling And Silver Tech (18:30) Demo Plant Strategy (20:28) Silver Demand And Government Support (23:14) Near-Term Catalysts (24:36) Nigeria Feedstock Supply (28:34) CapEx And Funding Path (30:59) Outlook And Closing   We (Howard and Rodney) discuss Lithium Universe’s binding 10-year (plus 5-year evergreen) feedstock agreement with Norah Mining Limited, securing 80,000 tonnes per annum of spodumene concentrate with a partner discount that could materially strengthen refinery margins and improve financing discussions. For merchant lithium converters, feedstock security is often the critical hurdle — this agreement directly addresses that risk. We also review the company’s plan to replicate its Quebec refinery model in Brownsville, Texas, positioning the project within the U.S. critical minerals supply chain with port access, established infrastructure, and permitting advantages. Beyond lithium conversion, we examine Lithium Universe’s photovoltaic (solar panel) recycling and silver extraction technology, which uses microwave separation and electrochemical recovery to produce high-purity silver while reducing reagent consumption. With silver now recognized as a critical metal, this adds a potential second value stream to the business. Finally, we talk through the lithium price rebound, how current carbonate prices compare to the company’s DFS assumptions, and what that means for project economics, partnerships, and next milestones. Topics covered: • Lithium refinery development in Quebec and Texas • Long-term spodumene supply agreements • Lithium price recovery and project economics • Battery metals and critical minerals strategy • Solar panel recycling and silver recovery technology • Financing, JV partners, and near-term catalysts As always, our aim is to provide a clear, balanced discussion of the strategy, risks, and opportunities shaping Lithium Universe’s next phase.   Sponsors - Lithium Royalty Corp (TSX: LIRC) - diversified lithium royalty portfolio. (Website: https://www.lithiumroyaltycorp.com/ | X: https://x.com/Lithium_Royalty) - USCF Investments - commodity-focused ETFs (e.g., CPER copper, ZSB battery metals, USG gold, SDCI diversified commodities). (Website: https://www.uscfinvestments.com/ | X: https://x.com/USCFInvestments)   Links - Strategic Lithium Reserve (SLR) White Paper: https://blog.rkequity.com/2025/12/08/strategic-lithium-reserve/ - Read Matt's research blog: https://blog.rkequity.com/ - Sign up for the Lithium-Ion Bull newsletter/Matt's Blogs: https://rkequity.com/ Have a question? Drop us an email: 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

In this week’s Rock Stock recap, we (Howard, Matt, and Rodney) review one of the most consequential weeks for global critical minerals, lithium, EV demand, and commodity markets, and discuss what it means for investors, operators, and supply chains across mining, batteries, and electrification. Chapters (00:00) Intro (02:27) Project Vault And Policy Tools (04:27) Lithium, Batteries, Strategic Reserve (08:02) EV Market Review And 2026 Outlook (12:34) U.S. EV Demand And Auto Pullbacks (15:14) GM Supply Chain And Phosphate Gap (17:55) Commodity Selloff And Deleveraging (27:24) AI Buildout And Mining Opportunity (30:41) Lithium Earnings And Deal Updates (34:57) Wrap-Up (36:59) JD Vance (41:16) Marco Rubio (42:05) David Copley (42:23) Trump (42:40) Howard Lutnick (42:56) John Jovanovic (43:40) Doug Burgum (44:10) Robert Friedland   Podcast ft. Robert Friedland & Jeff Currie: https://www.podbean.com/ew/pb-kff6t-1a30bfa   We begin with the latest developments in U.S. and allied critical minerals policy, including Project Vault, permitting reform, and new trade frameworks aimed at stabilizing long-cycle investment in mining, processing, and downstream manufacturing. While policy momentum is increasing, we focus equally on the practical questions: where demand growth comes from and how markets actually clear. Matt then walks through a detailed electric vehicle (EV) market outlook by region. Europe and the rest of the world remain strong, while the U.S. market is slowing following tax credit changes, and China shows a clear second-half deceleration as subsidies fade. We discuss 2026 growth expectations and what these trends imply for lithium and battery materials demand. We also examine several important supply chain risks, including GM’s procurement strategy and the underappreciated phosphate/LFP bottleneck, which could become the next constraint after lithium and graphite. On the markets side, we break down the recent selloff in gold, copper, lithium, uranium, and Bitcoin, attributing much of the volatility to leveraged positioning and broad deleveraging, rather than a change in long-term fundamentals. Rodney adds perspective on macro conditions, the new Fed chair, debt markets, and the continued institutional preference for hard assets over paper assets. Finally, we cover copper fundamentals, inventories vs. price signals, lithium pricing levels, earnings season (including Albemarle), M&A headlines, and select developments across the battery metals and mining equities space. Our goal is to provide clear, grounded analysis of lithium, EVs, copper, mining stocks, and commodity markets without hype—focusing on what the data and market structure are actually telling us. Topics covered: • Critical minerals policy & supply chains • Lithium and battery materials outlook • EV sales trends: U.S., China, Europe • Phosphate/LFP risks • Commodity selloff & deleveraging • Copper inventories and fundamentals • Fed policy & macro backdrop • Lithium earnings and sector news If you follow lithium stocks, mining equities, battery metals, EV demand, or commodity investing, this weekly review will keep you up to date with the key drivers shaping the market.   Sponsors - Lithium Royalty Corp (TSX: LIRC) - diversified lithium royalty portfolio. (Website: https://www.lithiumroyaltycorp.com/ | X: https://x.com/Lithium_Royalty) - USCF Investments - commodity-focused ETFs (e.g., CPER copper, ZSB battery metals, USG gold, SDCI diversified commodities). (Website: https://www.uscfinvestments.com/ | X: https://x.com/USCFInvestments)   Links - Strategic Lithium Reserve (SLR) White Paper: https://blog.rkequity.com/2025/12/08/strategic-lithium-reserve/ - Read Matt's research blog: https://blog.rkequity.com/ - Sign up for the Lithium-Ion Bull newsletter/Matt's Blogs: https://rkequity.com/ Have a question? Drop us an email: 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

Ana Cabral, CEO of Sigma Lithium (NASDAQ/TSXV: SGML) discusses the company’s restart of mining operations at its flagship hard-rock lithium project in Minas Gerais, Brazil, and what that means for production, costs, cash flow, and growth. Chapters (00:00) Introduction (02:14) Restart Timeline (03:05) Cash Flow And Costs (05:45) Fines Sales Strategy (10:18) Plant Recovery Performance (11:35) Move To Owner Mining (13:51) Expansion Plans (16:45) Funding And Loans (19:23) Team And Operations (27:22) Prepay And Offtakes (31:56) Closing Remarks   Sigma has remobilized to site and expects to reach steady-state production within approximately three months, with updated production guidance to follow shortly thereafter. We review the company’s operating profile, including all-in sustaining costs near $600 per tonne, historical production levels of 220–270kt per year, and management’s view that the operation remains profitable across a wide range of lithium price scenarios. We also examine several key developments: • Transition from contract mining to owner-operated mining and the potential impact on safety, productivity, and margins • Plant performance and recoveries (~70% DMS) • Monetization of high-purity fines inventory as an incremental revenue stream • Status of Phase 2 expansion, with most civil works completed and remaining equipment capex outlined • Funding strategy, including cash flow, development bank financing, and customer prepayments/offtakes • The depth of Sigma’s technical and operational team as it scales production Our goal in this discussion is to clarify what has changed operationally, what risks remain, and how management is approaching capital discipline and growth in the current lithium market. If you follow lithium stocks, battery metals, EV supply chains, or hard-rock spodumene producers, this interview provides a detailed operational update directly from management.   Sponsors - Lithium Royalty Corp (TSX: LIRC) - diversified lithium royalty portfolio. (Website: https://www.lithiumroyaltycorp.com/ | X: https://x.com/Lithium_Royalty) - USCF Investments - commodity-focused ETFs (e.g., CPER copper, ZSB battery metals, USG gold, SDCI diversified commodities). (Website: https://www.uscfinvestments.com/ | X: https://x.com/USCFInvestments)   Links - Strategic Lithium Reserve (SLR) White Paper: https://blog.rkequity.com/2025/12/08/strategic-lithium-reserve/ - Read Matt's research blog: https://blog.rkequity.com/ - Sign up for the Lithium-Ion Bull newsletter/Matt's Blogs: https://rkequity.com/ Have a question? Drop us an email: 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

In today’s update on The Metals Company (NASDAQ: TMC), Howard and Rodney sit down with CFO Craig Shesky to review the company’s latest regulatory and permitting developments and what they mean for the path to commercial production. Chapters (00:00) Introduction (03:37) New NOAA Rules (06:38) Larger Mining Area (10:29) Metal Prices And Outlook (12:59) CEO House Hearing TMC has filed what it describes as the first consolidated U.S. application with NOAA, combining both exploration and commercial recovery into a single process. Management views this updated framework as a way to streamline permitting, reduce duplication, and potentially shorten timelines — effectively de-risking the project from a regulatory standpoint. At the same time, the company has expanded its initial commercial recovery area from ~25,000 km² to ~65,000 km², increasing the defined and anticipated nodule resource from roughly 360 million tonnes to more than 800 million tonnes across a contiguous zone. We discuss what this larger footprint means in practical terms — not just headline scale, but operational sequencing, environmental data requirements, and how management is thinking about ramp-up. Topics covered include: • NOAA’s updated deep-seabed mining rules and consolidated application pathway • What “de-risking through permitting” actually means • Expansion of the commercial recovery area (25,000 → 65,000 km²) • Resource growth (360Mt → 800+ Mt nodules) • Pre-feasibility study assumptions and economics • Metal price sensitivity (nickel, copper, cobalt, manganese) • The broader U.S. mineral security and supply chain context For viewers new to the story, The Metals Company is a deep-sea minerals developer focused on collecting and processing polymetallic nodules containing nickel, copper, cobalt, and manganese — materials used in electrification and battery supply chains. At the end of the video, we’ve appended recent clips of CEO Gerard Barron’s testimony before the U.S. House, where he outlines the strategic role deep-sea nodules may play in domestic critical mineral supply. Sponsors - Lithium Royalty Corp (TSX: LIRC) - diversified lithium royalty portfolio. (Website: https://www.lithiumroyaltycorp.com/ | X: https://x.com/Lithium_Royalty) - USCF Investments - commodity-focused ETFs (e.g., CPER copper, ZSB battery metals, USG gold, SDCI diversified commodities). (Website: https://www.uscfinvestments.com/ | X: https://x.com/USCFInvestments) Links - Strategic Lithium Reserve (SLR) White Paper: https://blog.rkequity.com/2025/12/08/strategic-lithium-reserve/ - Read Matt's research blog: https://blog.rkequity.com/ - Sign up for the Lithium-Ion Bull newsletter/Matt's Blogs: https://rkequity.com/ Have a question? Drop us an email: 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 _________________________________________________ If you follow critical minerals, battery metals, deep-sea mining, or U.S. permitting policy, this conversation provides a straightforward look at where the project stands today. #TheMetalsCompany #TMC #DeepSeaMining #CriticalMinerals #BatteryMetals #Nickel #Copper #Cobalt #ResourceInvesting #MiningStocks

After processing the World Economic Forum (Davos) and the Future Minerals Forum (Riyadh), we sat down to unpack what we’re seeing in markets as commodities move from cyclical to strategic. In this Rock Stock Recap, Howard, Matt and Rodney discuss how geopolitics—choke points, export controls, reserves, and policy alignment—are increasingly shaping price formation in critical minerals, and why that shift changes how investors should think about valuation, project selection, and long-duration assets in strong jurisdictions. Chapters (00:00) Intro (00:57) Commodities Become Strategic Assets (04:17) Davos And Rising Geopolitical Risk (07:23) Gold Repatriation And China's Role (09:26) Precious Metals And Fiat Skepticism (11:05) Silver Prices Hit Demand Limits (16:27) Capital Flows: Gold, Bitcoin, And Hard Assets (20:20) Platinum And Palladium Outlook (22:08) Lithium Costs And Demand Risk (24:15) Copper, Aluminum, And Nickel Update (29:11) Lithium Producers Performance Review (34:10) Closing Remarks (35:48) Howard Lutnick & Champagne (40:21) Robert Friedland (41:02) Mark Carney (Canada) (43:55) Friedrich Merz (Germany) (45:28) Elon Musk (Tesla)   They also cover early signals from lithium reporting season and what improving spot pricing could mean for producers and developers, alongside broader commodity moves across precious metals and industrial metals. Rodney and Matt dig into the silver rally—why equities haven’t tracked the metal, how solar economics may drive “thrifting,” and what happens if demand transitions from industrial use toward investment-led dynamics. We compare the current setup in gold versus silver, and touch on platinum and palladium in a world where ICE longevity, changing EV regulations, and competing technologies all matter. On the macro side, we talk through Europe’s evolving posture after Davos, potential supply chain redirection, currency and reserve diversification, and how a weaker dollar can pressure global cost curves. We close with a measured look at the broader economy: AI’s productivity upside versus uneven distribution, a more K-shaped consumption landscape, and what a shifting global order could mean for commodities and real assets in 2026. Topics include: geopolitics and critical minerals, Davos takeaways, strategic commodities, lithium earnings season, silver and gold dynamics, solar panel cost pressure, platinum/palladium outlook, copper and industrial metals, nickel and Indonesia regulation, inflation pass-through, and AI’s impact on growth and jobs.   Sponsors - Lithium Royalty Corp (TSX: LIRC) - diversified lithium royalty portfolio. (Website: https://www.lithiumroyaltycorp.com/ | X: https://x.com/Lithium_Royalty) - USCF Investments - commodity-focused ETFs (e.g., CPER copper, ZSB battery metals, USG gold, SDCI diversified commodities). (Website: https://www.uscfinvestments.com/ | X: https://x.com/USCFInvestments)   Links - Strategic Lithium Reserve (SLR) White Paper: https://blog.rkequity.com/2025/12/08/strategic-lithium-reserve/ - Read Matt's research blog: https://blog.rkequity.com/ - Sign up for the Lithium-Ion Bull newsletter/Matt's Blogs: https://rkequity.com/ Have a question? Drop us an email: 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

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

In this interview, we (Howard and Matt) speak with John Passalacqua, CEO of First Phosphate (CSE: PHOS) about the rapidly evolving lithium iron phosphate (LFP) battery supply chain and why phosphate remains one of the least understood — yet most important — inputs in LFP cathodes. Chapters (00:00) Introduction (04:24) LFP Demand Shift (05:59) Offtake Prepayment (06:46) 2026 Feasibility Path (07:45) Why High-Purity Phosphate (10:47) LFP-First Strategy (13:32) China Vs. The West (15:54) Western Buildout Gaps (18:30) Iron Phosphate Bottleneck (22:21) Policy And Supply Chains (24:55) Production Timeline (25:48) Cash And Runway (26:52) Macro And Stockpiling (28:11) Wrap-Up First Phosphate Website: https://firstphosphate.com/   We cover what’s changed since our December conversation, including a payment tied to an offtake arrangement, the company’s Quebec-focused, vertically integrated phosphate strategy, and what investors should watch over the next several quarters. John walks through the company’s 30,000-meter drill program (targeted to complete by April) and how results could support a 10–20% resource upgrade, alongside the stated goal of completing a feasibility study by the end of 2026. We also discuss the broader market context: accelerating energy storage demand, the push to localize LFP supply chains outside China, and the often-overlooked role of purified phosphoric acid and iron phosphate in downstream battery production. John explains why First Phosphate is positioned differently from fertilizer-oriented phosphate producers and outlines key development timelines and capital position referenced in the discussion. Topics include: - LFP batteries and energy storage demand (data centers, robotics) - Phosphate’s role in LFP cathode materials - Offtake prepayment and what it signals for bankability - Drill program progress and upcoming technical milestones - Feasibility study timeline and investor-relevant catalysts - Localization of North American LFP and iron phosphate supply chains   Sponsors - Lithium Royalty Corp (TSX: LIRC) - diversified lithium royalty portfolio. (Website: https://www.lithiumroyaltycorp.com/ | X: https://x.com/Lithium_Royalty) - USCF Investments - commodity-focused ETFs (e.g., CPER copper, ZSB battery metals, USG gold, SDCI diversified commodities). (Website: https://www.uscfinvestments.com/ | X: https://x.com/USCFInvestments)   Links - Strategic Lithium Reserve (SLR) White Paper: https://blog.rkequity.com/2025/12/08/strategic-lithium-reserve/ - Read Matt's research blog: https://blog.rkequity.com/ - Sign up for the Lithium-Ion Bull newsletter/Matt's Blogs: https://rkequity.com/ Have a question? Drop us an email: 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   #FirstPhosphate #PHOS #LFP #LithiumIronPhosphate #BatteryMetals #CriticalMinerals #EnergyStorage #Phosphate #EVBatteries #MiningStocks #QuebecMining

In this first RK Equity X Spaces of 2026, we (Howard Klein, Matt Fernley, and Rodney Hooper) pull together the key threads shaping the battery materials and critical minerals landscape as the year begins. The discussion focuses on how lithium is moving back toward fundamentals, why energy storage is increasingly driving marginal demand, and what that means for investors across the supply chain. Chapters (00:00:00) Introduction (00:08:19) Macro And Silver (00:10:55) Lithium: Demand And Supply (00:13:26) 5 Lithium Themes For 2026 (00:15:24) Sodium-Ion Substitution (00:19:51) Pricing And Inventories (00:27:51) Buy-Side Outlook (00:37:18) EVs And ESS Growth (00:54:02) Silver: Demand Debate (00:59:45) Rare Earths And Minor Metals (01:11:11) U.S. Policy And Geopolitics (01:22:24) Defense Batteries And Constraints (01:26:35) Wrap-Up We review recent signals from the market and the sell side—including tightening inventories, stronger-than-expected energy storage demand, and shifting bank sentiment—and then pressure-test the outlook with a mix of independent research and buy-side perspectives. A key theme is whether this cycle differs from prior EV-led lithium cycles, and how supply response, capital discipline, and policy decisions may influence price behavior through 2026–2027. Rodney provides macro context around the “debasement trade” and the case for hard assets, using silver as an example of where industrial demand and investment demand can intersect. Matt outlines the core questions for 2026: demand durability, potential substitution risks (including sodium-ion in stationary storage), and how quickly supply can respond to higher prices. We’re joined by guests across the ecosystem, including: - Andy Leyland (SC Insights) on “five things to watch” for lithium in 2026—forecast revisions, ESS demand, feasibility study activity, capex inflation, and evolving product pathways. - Tomasz Nadrowski (Amvest Terraden Critical Materials Fund) with a cautious buy-side lens on cycle positioning, China-driven dynamics, and capital allocation challenges. - Tom Woolrych (Deutsche Rohstoff) on equity sentiment, lithium cycle behavior, and where risk/reward may be most attractive. - Chris Berry (House Mountain Partners) on U.S. policy, supply chain security, defense and data-center demand, and why lesser-known critical minerals may see more institutional attention. Topics covered include lithium inventories and restocking cycles, ESS vs. EV demand, supply elasticity, capex and project economics, sodium-ion substitution risk, silver’s demand drivers and potential substitution in solar, and how geopolitics is influencing critical minerals strategy. Sponsors - Lithium Royalty Corp (TSX: LIRC) - diversified lithium royalty portfolio. (Website: https://www.lithiumroyaltycorp.com/ | X: https://x.com/Lithium_Royalty) - USCF Investments - commodity-focused ETFs (e.g., CPER copper, ZSB battery metals, USG gold, SDCI diversified commodities). (Website: https://www.uscfinvestments.com/ | X: https://x.com/USCFInvestments) Links - Strategic Lithium Reserve (SLR) White Paper: https://blog.rkequity.com/2025/12/08/strategic-lithium-reserve/ - Read Matt's research blog: https://blog.rkequity.com/ - Sign up for the Lithium-Ion Bull newsletter/Matt's Blogs: https://rkequity.com/ Have a question? Drop us an email: 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

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

In the January 2026 episode of the Recharge Podcast, we (Matt from RK Equity / Battery Materials Review and Cormac O'Laoire, Managing Director at Electrios Energy) review the key battery and EV market signals coming out of 2025 and what they imply for 2026. Chapters (00:00) Intro (01:34) 2025 EV Demand Shift (06:36) China: BYD And New Rivals (10:02) China: Subsidies And Growth (12:26) US Vs Europe EV Trends (18:32) Europe Targets And Supply Chain (22:13) China Export Rebate Changes (24:26) Energy Storage Boom (27:57) Materials And Cell Prices (33:14) Next-Gen Storage Options (42:41) New Demand Drivers (48:01) Outro   We cover how China’s EV market is shifting toward PHEVs and EREVs, including policy-driven changes to minimum electric-only range and the resulting push toward larger battery packs. We also discuss the changing competitive landscape in China—where smaller EVs can still top sales charts even as OEMs compete aggressively in higher-end segments. Outside China, we compare the 2025 outcomes in the US and Europe, including the US slowdown late in the year, Europe’s stronger-than-expected growth, and what Chinese OEM and battery supply chain investment could mean for European market structure. On the supply chain side, we unpack China’s export rebate changes and how they may affect Tier 2 battery makers, near-term energy storage battery availability, and the balance between domestic Chinese demand and export flows. We then turn to raw materials and cell pricing—why lithium, nickel, cobalt and manganese trends matter, how inventories and contracting can delay price pass-through, and where higher-duration energy storage systems may feel cost pressure first. Finally, we look at potential demand drivers that may be underappreciated—including Class 8 electric trucking, marine electrification, higher energy density chemistries, and longer-term battery demand from robotics and automation. Topics covered: - China EV market: PHEVs/EREVs, policy shifts, and competitive dynamics - US vs Europe EV demand trends and market structure implications - China export rebate changes and impacts on battery supply and pricing - Lithium and broader raw material pricing pass-through into cells and ESS - Energy storage duration economics, hybrid chemistries, and long-duration alternatives   Sponsors - Lithium Royalty Corp (TSX: LIRC) - diversified lithium royalty portfolio. (Website: https://www.lithiumroyaltycorp.com/ | X: https://x.com/Lithium_Royalty) - USCF Investments - commodity-focused ETFs (e.g., CPER copper, ZSB battery metals, USG gold, SDCI diversified commodities). (Website: https://www.uscfinvestments.com/ | X: https://x.com/USCFInvestments)   Links - Strategic Lithium Reserve (SLR) White Paper: https://blog.rkequity.com/2025/12/08/strategic-lithium-reserve/ - Read Matt's research blog: https://blog.rkequity.com/ - Sign up for the Lithium-Ion Bull newsletter/Matt's Blogs: https://rkequity.com/ Have a question? Drop us an email: 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

In this episode of Rock Stock Channel, we (Howard and Matt) sit down with Advanced Energy Minerals (ASX: AEM) for a detailed follow-up discussion following the company’s recent IPO. We are joined by Executive Chairman Richard Seville and CEO Michael (Mick) Adams to explore how the company is positioning itself in the global high purity alumina (HPA) market. Chapters (00:00) Introduction (06:14) HPA Grades Explained (08:23) Alpha Vs Gamma Products (11:03) Low-Uranium For Semiconductors (13:43) Specs That Matter (14:42) Pipeline, Qualification, Pricing (20:00) Supply Chains And China (24:10) Consistency And Morphology (24:37) How The Process Works (26:59) Fixing The Original Plant (28:29) Quebec Power Advantage (28:53) Phased Expansion Plan (30:53) Funding (32:50) Market Size And Parallels (34:18) Listing Takeaways (36:18) How New Materials Markets Mature (38:01) Closing Remarks We discuss AEM’s transition from private ownership to a publicly listed company, its brownfield restart strategy in Quebec, and the delivery of commercial-scale HPA production. The conversation focuses on the fundamentals of the HPA market, including demand drivers across semiconductors, advanced ceramics, LEDs, batteries, and emerging AI-related applications. A key part of the discussion is devoted to explaining HPA purity grades, including the differences between 3N, 4N, and 5N material, as well as alpha versus gamma alumina. Mick provides insight into why impurity profiles, particle morphology, and consistency matter as much as headline purity levels, particularly for semiconductor and thermal management applications. We also examine Advanced Energy Minerals’ customer qualification process, pricing dynamics, and growing commercial pipeline, including progress with ultra-low uranium products. The discussion covers global supply chains, China’s role in the HPA market, and why reliable, non-Chinese supply is increasingly important for high-end applications. Finally, we walk through AEM’s processing route, lessons learned from the asset’s original development, the advantages of low-cost hydroelectric power in Quebec, and the company’s phased growth strategy. We conclude with a broader discussion on how emerging materials markets evolve, drawing on lessons from earlier stages of other critical materials markets. This video is intended for investors seeking a clearer understanding of high purity alumina, its applications, and how Advanced Energy Minerals is approaching execution, scale-up, and customer engagement. Sponsors - Lithium Royalty Corp (TSX: LIRC) - diversified lithium royalty portfolio. (Website: https://www.lithiumroyaltycorp.com/ | X: https://x.com/Lithium_Royalty) - USCF Investments - commodity-focused ETFs (e.g., CPER copper, ZSB battery metals, USG gold, SDCI diversified commodities). (Website: https://www.uscfinvestments.com/ | X: https://x.com/USCFInvestments) Links - Strategic Lithium Reserve (SLR) White Paper: https://blog.rkequity.com/2025/12/08/strategic-lithium-reserve/ - Read Matt's research blog: https://blog.rkequity.com/ - Sign up for the Lithium-Ion Bull newsletter/Matt's Blogs: https://rkequity.com/ Have a question? Drop us an email: 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

In this Rock Stock Recap, we (Howard and Matt) sit down with YJ Lee (Arcane Capital) in Singapore to assess what’s changed in the lithium market—and why this rally looks different from the false starts investors have seen before. Chapters (00:00:00) Intro (00:05:42) Shorting Lithium? Quick View (00:06:00) Why Lithium Spiked In China (00:06:48) CATL Closure And Seasonality (00:10:28) ESS Demand: Shipments vs Installs (00:12:06) ESS Economics And Price Sensitivity (00:17:30) Storage Needs In The Big Picture (00:20:28) EV Demand Outlook By Region (00:24:57) Why Broker Forecasts Miss (00:28:09) Why ESS Demand Could Stay Strong (00:30:56) Next Demand Drivers Beyond EVs (00:36:26) Supply Outlook By Region (00:41:17) Deficit Scenarios And Sodium Risk (01:02:50) Macro Risk And Recession Talk (01:07:26) Silver: Solar-Driven Deficit (01:13:15) Closing Thoughts We cover the key drivers behind the sharp move in China lithium prices, including tightening inventories and the growing influence of battery energy storage systems (ESS). A major theme is the “shipments vs installations” debate in grid storage: strong ESS cell output has pushed through normal EV seasonality, helping draw down lithium inventories across the system. We also discuss whether higher lithium and cell prices could eventually pressure ESS economics, and how project duration (4-hour vs 6–8-hour systems) affects overall demand. On the demand side, YJ outlines a more aggressive view of lithium consumption growth—driven by ESS, electrified trucking, and a widening set of electrification use cases—while Matt frames the near-term through a fundamentals lens and highlights where market expectations can get ahead of reality. We then turn to supply: what “latent supply” really means, the pace of growth in Chile (including SQM), Argentina, China, Africa, and Australia, and why conversion capacity is unlikely to be the primary bottleneck versus mined supply over time. We close with a focused discussion on silver: the structural deficit driven by solar demand, the tension between physical and paper markets, and why this may be a useful analog for how deficit commodities can behave over longer periods. Topics covered include: lithium price, lithium inventories, lithium carbonate, lithium hydroxide, China lithium market, battery energy storage (BESS/ESS), grid storage, EV battery demand, electric trucks, critical minerals, supply/demand balance, conversion capacity, SQM, Argentina lithium, Africa lithium, and silver market deficits. Sponsors - Lithium Royalty Corp (TSX: LIRC) - diversified lithium royalty portfolio. (Website: https://www.lithiumroyaltycorp.com/ | X: https://x.com/Lithium_Royalty) - USCF Investments - commodity-focused ETFs (e.g., CPER copper, ZSB battery metals, USG gold, SDCI diversified commodities). (Website: https://www.uscfinvestments.com/ | X: https://x.com/USCFInvestments) Links - Strategic Lithium Reserve (SLR) White Paper: https://blog.rkequity.com/2025/12/08/strategic-lithium-reserve/ - Read Matt's research blog: https://blog.rkequity.com/ - Sign up for the Lithium-Ion Bull newsletter/Matt's Blogs: https://rkequity.com/ Have a question? Drop us an email: 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

In this panel discussion, I (Howard Klein) moderate a conversation on how Nevada is positioning itself as a leading U.S. hub for domestic lithium supply—linking mining, refining, battery production, and recycling into a more integrated “closed-loop” ecosystem. Chapters (00:00) Introduction (01:20) Nevada's Closed-Loop Supply Chain (04:07) Panelist Introductions (06:57) Lithium Market Cycles (13:27) Rhyolite Ridge Advantage (18:29) Recycling And Mining Strategy (23:09) Nevada Support And Permitting (25:58) Federal Policy And Critical Minerals (32:01) China And EV Outlook (36:05) Why Few New EV Makers (38:57) Defense Support And Stockpiles (42:57) Wrap-Up Joining me are: - Melanie Sheldon (Nevada Governor’s Office of Economic Development) on why Nevada is uniquely active across the full lithium value chain, and how the state supports projects through workforce development, incentives, and a mature permitting environment. - John Evans (Lithium Americas) on Thacker Pass—construction status, the GM joint venture, financing realities, and what it takes to build large-scale lithium projects through commodity cycles. - James Calaway (Ioneer) on Rhyolite Ridge—project readiness, the role of DOE financing, and how co-producing boric acid can materially improve the project’s cost position. - Ryan Melsert (American Battery Technology Company) on pairing battery recycling with primary lithium production—why both are needed, how recycling can support earlier cash flow, and the pathway from demonstration to commercial scale. We also cover the broader market and policy context: lithium’s boom-bust dynamics, the scale of North American battery buildout versus available domestic supply, and how U.S. industrial policy is evolving across administrations—especially around permitting, DOE programs, and the competitive landscape with China. Topics include: Nevada lithium, Thacker Pass, Rhyolite Ridge, lithium carbonate, lithium hydroxide, battery recycling, critical minerals policy, DOE Loan Programs Office, EV supply chain, U.S. battery manufacturing, and China competition. #Lithium #Nevada #CriticalMinerals #BatteryRecycling #EVSupplyChain #ThackerPass #RhyoliteRidge #LithiumAmericas #Ioneer #ABTC Sponsors - Lithium Royalty Corp (TSX: LIRC) - diversified lithium royalty portfolio. (Website: https://www.lithiumroyaltycorp.com/ | X: https://x.com/Lithium_Royalty) - USCF Investments - commodity-focused ETFs (e.g., CPER copper, ZSB battery metals, USG gold, SDCI diversified commodities). (Website: https://www.uscfinvestments.com/ | X: https://x.com/USCFInvestments) Links - Strategic Lithium Reserve (SLR) White Paper: https://blog.rkequity.com/2025/12/08/strategic-lithium-reserve/ - Read Matt's research blog: https://blog.rkequity.com/ - Sign up for the Lithium-Ion Bull newsletter/Matt's Blogs: https://rkequity.com/ Have a question? Drop us an email: 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

In this episode, we (Howard and Matt) step outside Washington to examine how China approaches batteries, critical minerals, and supply chain strategy from the inside. Our guest is Henry Sanderson—former China-based journalist (including at the Financial Times) and author of Volt Rush—who brings on-the-ground perspective on how Chinese industrial policy, corporate competition, and capital allocation actually work in practice. Chapters (00:00:00) Intro (00:03:35) Henry's China Background (00:04:23) China Strategy Myths (00:07:09) Competition And Price Wars (00:12:38) Can The U.S. Catch Up? (00:20:53) Tech: Copy Or Reinvent? (00:28:59) Price Manipulation Debate (00:32:22) Overcapacity Crackdown (00:34:44) Jobs And Consumption (00:39:33) Securing Lithium Supply (00:42:33) China Cost Edge (00:46:44) U.S.-China Rivalry (00:50:46) China Investment In U.S.? (00:54:38) China Consumption Problem (01:00:13) 5-10 Year Outlook (01:06:22) U.S.-Europe Dynamics (01:08:13) Closing Remarks We discuss why many Western observers overestimate how “centrally coordinated” China is, and why intense competition and price wars—especially in LFP cathodes and parts of the midstream—have created a mixed picture: CATL generating strong profits while much of the broader ecosystem (midstream processing, lithium producers, and many EV makers) operates under margin pressure. Henry explains how local government incentives, credit availability, and overcapacity can drive rapid buildouts, and why Beijing is now signaling a more serious push to address “excessive competition.” From the U.S. perspective, we explore what is realistically achievable in critical minerals processing, cathodes, anodes, batteries, graphite, and rare earth magnets over the next few years, and where timelines are likely to extend toward the end of the decade. We also look at why the demand narrative is shifting from “EV-only” toward grid reliability, energy storage (ESS), data centers, and AI infrastructure, and what that means for lithium and battery supply chain resilience. Key themes covered: - China’s industrial strategy: coordination vs. competition - Overcapacity and consolidation: what changes, and why now - LFP cathodes: profitability, technology cycles, and global expansion - U.S. supply chain rebuilding: feasibility, bottlenecks, and timelines - Minerals vs. midstream: where China’s advantages are hardest to replicate - Cost structure realities: industrial clusters, policy tools, and VAT rebates - Geopolitics and trade-offs: de-risking, investment, and the “G2” question - The long view: energy, electricity costs, and the next phase of competition Sponsors - Lithium Royalty Corp (TSX: LIRC) - diversified lithium royalty portfolio. (Website: https://www.lithiumroyaltycorp.com/ | X: https://x.com/Lithium_Royalty) - USCF Investments - commodity-focused ETFs (e.g., CPER copper, ZSB battery metals, USG gold, SDCI diversified commodities). (Website: https://www.uscfinvestments.com/ | X: https://x.com/USCFInvestments) Links - Strategic Lithium Reserve (SLR) White Paper: https://blog.rkequity.com/2025/12/08/strategic-lithium-reserve/ - Read Matt's research blog: https://blog.rkequity.com/ - Sign up for the Lithium-Ion Bull newsletter/Matt's Blogs: https://rkequity.com/ Have a question? Drop us an email: 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

In this episode of Rock Stock Channel, we (Howard and Rodney) sit down with Chris Evans (CEO, Winsome Resources) and Francis MacDonald (CEO, Li-FT Power) to walk through the recently announced scheme of arrangement to merge Winsome and Li-FT. Chapters (00:00) Introduction (05:41) Why Merge (07:17) Winsome Constraints (09:31) Agnico/Avenir Support (10:57) $40M Financing (13:58) Pro Forma Cash (17:12) Rework Economics (20:20) Renard Optionality (24:34) Leadership Shift (26:50) Permitting Edge (28:42) Near-Term Milestones (30:41) Yellowknife Asset (34:24) Alberta Downstream (39:07) Cycle And Valuation (43:05) Closing Remarks   Rather than rehashing the press release, we focus on what shareholders and lithium investors are debating most: the strategic logic for full consolidation, what changes when Adina and the adjoining ground are brought together, and why capital certainty, permitting execution, and governance matter at this point in the lithium cycle—especially for high-quality Quebec spodumene development projects.   Key topics we cover: - Why a merger (vs. JV): Francis explains the technical rationale for consolidating the land package and removing boundary constraints to potentially unlock greater pit scale and development flexibility. - What Winsome gains: Chris outlines the core constraints Winsome faced as a standalone developer—funding the next study phase, permitting de-risking, TSX connectivity, and optionality around the Renard infrastructure—and how the combination addresses them. - Avenir / Agnico Eagle backdrop: We discuss how Li-FT’s strategic relationship with Avenir (a subsidiary of Agnico Eagle) could influence permitting, stakeholder engagement, and project development credibility in Quebec. - Financing structure: Francis breaks down the $40M bought deal (subscription receipts plus sidecar financing), including the mix of hard dollars and flow-through, and how that capital is intended to fund drilling and studies across the portfolio. - Balance sheet and optionality: We review expected cash and equity positions at close (including the referenced equity holdings) and how a stronger balance sheet can change development sequencing and negotiation posture. - Work plan and milestones: We outline what we’ll be watching over the coming months—trade-off studies, resource integration planning, drilling cadence, and how management intends to integrate teams “with continuity and without duplication.” - What Li-FT shareholders bring to the table: Francis summarizes Li-FT’s Yellowknife Lithium Project (infrastructure advantages and planned drilling) and discusses the early look at a potential downstream refining concept in Alberta. Sponsors - Lithium Royalty Corp (TSX: LIRC) - diversified lithium royalty portfolio. (Website: https://www.lithiumroyaltycorp.com/ | X: https://x.com/Lithium_Royalty) - USCF Investments - commodity-focused ETFs (e.g., CPER copper, ZSB battery metals, USG gold, SDCI diversified commodities). (Website: https://www.uscfinvestments.com/ | X: https://x.com/USCFInvestments) Links - Strategic Lithium Reserve (SLR) White Paper: https://blog.rkequity.com/2025/12/08/strategic-lithium-reserve/ - Read Matt's research blog: https://blog.rkequity.com/ - Sign up for the Lithium-Ion Bull newsletter/Matt's Blogs: https://rkequity.com/ Have a question? Drop us an email: 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