Rock Stock Channel

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).

(00:00) Introduction

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.

- Lithium Royalty Corp (TSX: LIRC) - diversified lithium royalty portfolio.

- USCF Investments - commodity-focused ETFs (e.g., CPER copper, ZSB battery metals, USG gold, SDCI diversified commodities).

- Read Matt's research blog: https://blog.rkequity.com/

Have a question? Drop us an email: [email protected]

_________________________________________________

DISCLAIMER

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

Strategic Lithium Reserve (SLR) White Paper: https://blog.rkequity.com/2025/12/08/strategic-lithium-reserve/

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.

- Lithium Royalty Corp (TSX: LIRC) - diversified lithium royalty portfolio.

- USCF Investments - commodity-focused ETFs (e.g., CPER copper, ZSB battery metals, USG gold, SDCI diversified commodities).

- Read Matt's research blog: https://blog.rkequity.com/

Have a question? Drop us an email: [email protected]

_________________________________________________

DISCLAIMER

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

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:

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,

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.

(00:37:14) 121: NOA Lithium Brines

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.

- USCF Investments - commodity-focused ETFs (e.g., CPER copper, ZSB battery metals, USG gold, SDCI diversified commodities).

Have a question? Drop us an email: [email protected]

_________________________________________________

DISCLAIMER

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.

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.

- USCF Investments - commodity-focused ETFs (e.g., CPER copper, ZSB battery metals, USG gold, SDCI diversified commodities).

Have a question? Drop us an email: [email protected]

_________________________________________________

DISCLAIMER

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, Howard and Rodney sit down with Keith Coughlan, Managing Director of European Metals Holdings (EMH), for a detailed discussion following a major development in Europe's lithium sector. The Czech Republic has approved up to €360M in grant funding for the Cinovec lithium project, Europe's largest hard-rock lithium resource. This funding follows the earlier $36M Just Transition Fund grant and reinforces Cinovec's designation as a strategic project under both the Czech government and the EU's Critical Raw Materials Act (CRMA).

With geopolitical urgency surrounding critical minerals supply, the EU is preparing to unveil its new Resource EU plan, aimed at strengthening regional access to lithium and other essential raw materials. Europe's reliance on Asian supply chains, China's recent export controls, and accelerating U.S.–EU competition for strategic projects all form the backdrop for this conversation.

Keith provides updates on:

- The scope and significance of the €360M grant

We also explore market sentiment around EMH, valuation gaps across the lithium sector, and the broader implications of utility involvement, energy storage demand, and Europe's evolving industrial policy.

- USCF Investments - commodity-focused ETFs (e.g., CPER copper, ZSB battery metals, USG gold, SDCI diversified commodities).

Have a question? Drop us an email: [email protected]

_________________________________________________

DISCLAIMER

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, Howard, Matt and Rodney dig into the state of the lithium market, energy storage demand, and the broader critical minerals landscape against a rapidly changing macro and geopolitical backdrop. They unpack why there is still no agreed historical lithium supply dataset, how a 20% spread in 2024 supply estimates can distort every long-term forecast, and why Chinese and China-controlled supply (especially in Africa) is likely being underestimated by many Western brokers. In the second part of the video, Howard speaks with Washington, DC lobbyist Ben Steinberg of Venn Strategies and the Battery Materials & Technology Coalition about how U.S. critical minerals and battery policy is evolving one year into the new administration.

(00:35:20) Interview with Ben Steinberg

They also touch on Exxon's Smackover lithium ambitions, slower-than-hyped timelines for U.S. brine and geothermal projects, and what Rio Tinto's likely focus on low-cost brine assets could mean for hard-rock projects in Quebec. The conversation broadens into U.S.-China relations, tariffs, rare earths, and why recent equity market weakness in critical minerals may be over-discounting a "kumbaya" scenario rather than the continued strategic competition that policy still implies. 

In the second part of the video, Ben & Howard discuss the "one big beautiful bill," the role of the 45X production tax credit, DOE reorganization around critical minerals and batteries, the growing focus on energy and AI dominance, and how agencies like the Department of War, DOE, Commerce, EXIM and DFC are coordinating on mineral-by-mineral strategies and dealmaking. 

Ben also explains the new emphasis on foreign direct investment from allies (Japan, Australia, South Korea, the Middle East) into U.S. critical mineral and processing projects, and what companies need in place—offtake, private capital, strategic partners—to be taken seriously in Washington. 

- USCF Investments - commodity-focused ETFs (e.g., CPER copper, ZSB battery metals, USG gold, SDCI diversified commodities).

Have a question? Drop us an email: [email protected]

_________________________________________________

DISCLAIMER

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 Craig Shesky, CFO of The Metals Company (TMC), following his participation at Benchmark Minerals Week in Los Angeles. With growing global interest in critical minerals, deep-sea resources, and U.S. strategic supply chains, we discuss what investors should understand about the evolving regulatory landscape, funding outlook, and TMC's path toward its target of commercial production in Q4 2027.

From Benchmark Week, Craig shares observations on industry sentiment, increased attendance at deep-sea mining sessions, and the level of interest from battery manufacturers, automakers, and institutional investors. We also discuss the role of the International Seabed Authority, emerging U.S. regulatory approaches, and the implications of NOAA's draft rule aimed at streamlining seabed exploration and commercial recovery permits.

Our conversation explores a number of themes important to investors:

- U.S. and allied government coordination on critical minerals

We also touch on recent geopolitical developments, major capital commitments into minerals and metals globally, and what these signals mean for deep-sea mining as an emerging industry.

- USCF Investments - commodity-focused ETFs (e.g., CPER copper, ZSB battery metals, USG gold, SDCI diversified commodities).

Have a question? Drop us an email: [email protected]

_________________________________________________

DISCLAIMER

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

A major focus of this week's Rock Stock Recap is the shifting supply-demand outlook for lithium. We examine commentary from Albemarle, SQM, Pilbara Minerals, Lithium Argentina, and others speaking at the Deutsche Bank conference. Themes include: accelerating ESS demand, underinvestment outside China, tightening carbonate/hydroxide inventories, and updated price forecasts from analysts now acknowledging materially stronger near-term fundamentals. We also unpack the implications of Ganfeng's chairman suggesting lithium prices could rise back toward RMB 150,000-200,000/ton if battery demand grows above 30%.

We discuss recent updates from Q2 Metals, NOA Lithium Brines, and Atlantic Lithium - three developers with meaningful corporate news. We also address heightened market attention on IperionX and Sigma Lithium after recent short-seller activity, and what company responses tell us about sentiment and positioning.

We explore U.S. policy momentum as congressional hearings increasingly spotlight China's role in lithium price formation and potential market manipulation. With major U.S. and Australian policymakers pushing for new supply-chain tools, including infrastructure support and bilateral task forces, we discuss timelines and what investors should watch through 2026.

Beyond lithium, Rodney provides macro context around liquidity, quantitative tightening, equity volatility, and signals from Bitcoin and other hard assets. We also touch on new U.S. policy ideas being floated—from 50-year mortgages to auto-loan interest deductibility—and how these proposals may influence consumer behavior and EV demand.

To close the episode, we revisit auction signals from Liontown, PLS's strategic positioning, and early indications of a potential market inflection as some developers consider selling lower-grade material such as middlings - historically a sign of improving underlying conditions.

Stay tuned after the discussion for short interview excerpts with Q2 Metals, NOA Lithium Brines and Atlantic Lithium.

- USCF Investments - commodity-focused ETFs (e.g., CPER copper, ZSB battery metals, USG gold, SDCI diversified commodities).

Have a question? Drop us an email: [email protected]

_________________________________________________

DISCLAIMER

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 our "Getting to Know You" series, we sit down with Grid Metals' CEO Robin Dunbar and cesium market veteran Austin Devaney to explore one of the rarest and least understood critical minerals: cesium. Grid Metals (TSXV: GRDM) is advancing its newly financed cesium-lithium project in southeast Manitoba, alongside ongoing nickel-copper-PGM exploration in partnership with Teck Resources.

- USCF Investments - commodity-focused ETFs (e.g., CPER copper, ZSB battery metals, USG gold, SDCI diversified commodities).

Have a question? Drop us an email: [email protected]

_________________________________________________

DISCLAIMER

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