Rock Stock Channel

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

In this Rock Stock Recap episode, Howard, Matt, and Rodney sit down with Ernie Ortiz (CEO, Lithium Royalty Corp) and Ofer Amir (Clean Elements family office) to discuss why sentiment and pricing changed so sharply in 2025, and why the next leg of the lithium cycle may be driven less by EV headlines and more by battery energy storage systems (BESS). Chapters (00:00) Intro (04:26) Why Argentine Brines (08:18) Galan Brine Case (16:06) DLE vs Traditional Projects (18:01) Winsome & Power Metals Updates (23:26) Quebec Outlook & M&A (28:09) Lithium Pricing Setup (30:24) US Minerals Policy (33:02) Middle East Storage (36:23) 2026 Watchlist (40:26) Risks, Upside & Wrap We cover: - Why energy storage demand is becoming a primary driver for lithium (and why carbonate/LFP matters) - How major banks and industry players are framing the 2026 lithium outlook - Why Argentine brines are viewed as strategic — including valuation comparisons and past takeout benchmarks - What to watch in Argentina’s policy and investment environment, and why it may matter for project development - Brines vs hard rock vs DLE: how institutional investors and royalty companies think about risk, cost, and timelines - Key royalty and deal updates (including Winsome/Li-FT and Power Metals/Albemarle) - The Quebec lithium pipeline and what consolidation could look like in North America - Macro watchpoints: US critical minerals policy, supply chain buildout, and the pace of ex-China conversion capacity Sponsors - Lithium Royalty Corp (TSX: LIRC) - diversified lithium royalty portfolio. (Website: https://www.lithiumroyaltycorp.com/ | X: https://x.com/Lithium_Royalty) - USCF Investments - commodity-focused ETFs (e.g., CPER copper, ZSB battery metals, USG gold, SDCI diversified commodities). (Website: https://www.uscfinvestments.com/ | X: https://x.com/USCFInvestments) Links - Strategic Lithium Reserve (SLR) White Paper: https://blog.rkequity.com/2025/12/08/strategic-lithium-reserve/ - Read Matt's research blog: https://blog.rkequity.com/ - Sign up for the Lithium-Ion Bull newsletter/Matt's Blogs: https://rkequity.com/ Have a question? Drop us an email: 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 December 2025 episode of the Recharge Podcast, we (Matt Fernley, editor of Battery Materials Review, and Cormac O’Laoire, MD of Electrios Energy) break down the key developments shaping the battery supply chain as we head into 2026. Chapters (00:00) Introduction (01:21) Overstated Lithium Demand Forecasts (02:44) EV Battery Size Trends (06:25) Lithium Market Risks (08:40) CATL and China Supply (13:01) NIO Semi-Solid Battery (15:13) Solid-State Reality Check (17:06) Battery Costs Turning Point (19:25) China Pricing Reset (22:16) Gigafactory Challenges (25:24) BESS Growth vs Inventories (34:29) BESS Becomes Strategic (38:51) Lithium Prices and Alternatives (41:48) Closing We start with why we think parts of the market may be overstating future lithium demand—particularly assumptions around lithium intensity per kWh and average EV pack size. We discuss how consumer preferences for SUVs and crossovers intersect with affordability, and why that matters for long-term demand modelling across Europe and China. We also look at near-term supply dynamics in China, including the situation around CATL’s lithium asset and what low-grade resources mean for cost and production decisions. On technology, we use NIO’s 150 kWh semi-solid pack as a real-world case study for the current economics of semi-solid and solid-state batteries, and where those technologies may find early adoption (including aviation and low-altitude electric flight). Finally, we review the latest signals on battery costs—including pack prices around $108/kWh and recent indications of cell price increases tied to lithium carbonate and cobalt. We then shift to BESS (battery energy storage systems): strong shipment momentum, project delays, inventory build concerns, and why we see energy storage becoming increasingly strategic infrastructure—especially as utilities, grids, and data center demand accelerate. We close with what we’re watching for 2026: lithium price sensitivity, the economics of longer-duration storage, and when alternatives like sodium-ion and flow batteries could become more competitive. Topics covered: Lithium demand forecasts • EV battery size trends • China lithium supply • CATL • Semi-solid & solid-state batteries • Battery pack pricing • LFP • Gigafactory competitiveness • BESS installations vs shipments • Grid storage economics • Long-duration storage • Sodium-ion • Flow batteries Sponsors - Lithium Royalty Corp (TSX: LIRC) — diversified lithium royalty portfolio. (Website: https://www.lithiumroyaltycorp.com/ | X: https://x.com/Lithium_Royalty) - USCF Investments — commodity-focused ETFs (e.g., CPER copper, ZSB battery metals, USG gold, SDCI diversified commodities). (Website: https://www.uscfinvestments.com/ | X: https://x.com/USCFInvestments) Links - Read Matt's research blog: https://blog.rkequity.com/ - Sign up for the Lithium-Ion Bull newsletter: https://rkequity.com/ Have a question? Drop us an email: 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 Matt and Cormac are not financial advisors nor broker-dealers, this video is for information purposes only and should not be considered investment or financial advice. Please do your own independent research and read the disclaimer at the end of the video or on RK Equity’s website https://www.rkequity.com Intro and outro audio credit: Jamie Klein

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

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

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

The discussion opens with a detailed assessment of Rio Tinto's Lithium Strategy Day—its updated demand outlook, cost assumptions, expansion plans in Argentina and Canada, and the organizational shift aligning lithium with the aluminum division. Howard and Matt examine implications for hard-rock supply, brine dominance, and potential M&A in Quebec. Chapters (00:00:00) Intro (00:01:46) Rio Tinto Strategy Overview (00:15:19) Q2 Metals Drill Results (00:18:03) NOA Lithium and Brine Scarcity (00:20:12) Europe: EMH and Vulcan News (00:27:02) Rare Earth Supply Risks (00:31:00) Solar Growth and Silver Demand (00:32:40) Physical Silver Squeeze (00:35:47) Closing Remarks (00:37:14) 121: NOA Lithium Brines (00:40:42) Q2 Metals in Quebec (00:42:39) Geopolitics & Critical Minerals (00:43:49) Permitting Challenges (00:45:08) Argentina's Mining Climate (00:47:17) U.S. Battery Strategy (00:49:18) Canada's Role (00:50:51) Importance of Copper (00:53:51) Hawke's Point Investment Approach (00:55:24) NOA PEA Highlights (00:57:52) Q2 Resource Growth (00:59:06) Hawke's Commodity Picks (01:03:34) Lithium Market Outlook (01:05:38) M&A Environment (01:10:39) Market Sentiment The conversation then turns to Q2 Metals and its standout drill results at the Cisco Project, which we see as one of the strongest hard-rock intercepts in recent years. Matt explains why the geology, scale, metallurgy, and infrastructure advantages could differentiate Cisco from other Canadian projects. We also discuss lithium brine dynamics—especially in Argentina—highlighting growing interest from major producers and why standalone brine assets may be increasingly scarce and undervalued. We also analyze Europe's shifting approach to critical minerals, including recent EU-backed financing for lithium projects and the continent's push to secure its own battery materials supply chain despite limited upstream resources. We close with a broader view across critical minerals: tightening physical silver markets, the strategic significance of heavy rare earths, and copper's central role in electrification, AI infrastructure, and energy transition technologies. At the end of the video, viewers will also find a separate 121 panel discussion featuring NOA Lithium Brines, Q2 Metals, and Hawke's Point Capital, where the panel explores lithium brine development in Argentina, early-stage discovery value in Quebec, permitting pathways, jurisdictional dynamics, and investor perspectives on project economics and global critical minerals supply chains. Sponsors - Lithium Royalty Corp (TSX: LIRC) - diversified lithium royalty portfolio. (Website: https://www.lithiumroyaltycorp.com/ | X: https://x.com/Lithium_Royalty) - USCF Investments - commodity-focused ETFs (e.g., CPER copper, ZSB battery metals, USG gold, SDCI diversified commodities). (Website: https://www.uscfinvestments.com/ | X: https://x.com/USCFInvestments) Links - Read Matt's research blog: https://blog.rkequity.com/ - Sign up for the Lithium-Ion Bull newsletter/Matt's Blogs: https://rkequity.com/ Have a question? Drop us an email: 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 sit down with John Passalacqua, CEO of First Phosphate (CSE: PHOS), to discuss one of the most overlooked segments of the energy transition: the phosphate supply chain for LFP batteries. As investors increasingly focus on lithium, nickel, and cobalt, phosphate has quietly emerged as a potential bottleneck for lithium iron phosphate (LFP) battery production outside of China. Chapters (00:00) Intro (05:39) John's Background (06:56) LFP Supply Chain Steps (09:34) Igneous vs. Sedimentary Phosphate (12:59) Project Infrastructure (15:08) Studies and Development Timeline (16:39) Offtake Strategy (19:33) Competitive Landscape (20:37) Permitting Process (23:07) Government Support (24:37) Strategic Partnerships (27:00) Project Economics (29:45) 2026 Milestones (30:35) Closing Remarks First Phosphate's Investor Presentation: https://firstphosphate.com/FirstPhosphateDeck_english.pdf Drawing on our research and recent work in the battery materials sector, we explore why igneous phosphate resources—such as First Phosphate's Bégin-Lamarche project in Quebec—may play a critical role in supplying purified phosphoric acid (PPA), a key precursor for LFP cathode materials. John walks us through the six-step integrated mine-to-cathode value chain, the distinctions between igneous and sedimentary phosphate, and why high-purity phosphate is essential for battery-grade chemistry. We also examine the company's business model, drilling progress, feasibility timeline, offtake strategy, infrastructure advantages, and how First Phosphate is positioning itself to support North America's growing demand for LFP-based battery energy storage systems (BESS). The conversation includes a detailed look at the company's PEA economics, permitting pathway, government engagement, and strategic partnerships across the supply chain. For investors tracking the electrification trend, critical minerals, and the rapid shift toward LFP chemistry in stationary storage and EVs, this discussion provides context on a market segment that has received limited attention but may prove strategically important over the coming years. Topics Covered - Why phosphate may become a bottleneck in the LFP supply chain - Differences between igneous and sedimentary phosphate and why purity matters - North America's opportunity to onshore the LFP value chain - First Phosphate's development timeline and project economics - Offtake agreements, partnerships, and financing considerations - Policy and permitting environment in Quebec - How LFP growth ties into broader electrification and grid storage trends About First Phosphate (CSE: PHOS) First Phosphate is advancing a vertically integrated LFP materials supply chain in North America, focused exclusively on high-purity igneous phosphate for battery-grade applications. The company has raised approximately C$44M to date and continues to advance its flagship project toward feasibility. Sponsors - Lithium Royalty Corp (TSX: LIRC) - diversified lithium royalty portfolio. (Website: https://www.lithiumroyaltycorp.com/ | X: https://x.com/Lithium_Royalty) - USCF Investments - commodity-focused ETFs (e.g., CPER copper, ZSB battery metals, USG gold, SDCI diversified commodities). (Website: https://www.uscfinvestments.com/ | X: https://x.com/USCFInvestments) Links - Read Matt's research blog: https://blog.rkequity.com/ - Sign up for the Lithium-Ion Bull newsletter/Matt's Blogs: https://rkequity.com/ Have a question? Drop us an email: 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