Rock Stock Channel

In this episode, we sit down with Gabriel Rubacha, CEO of NOA Lithium Brines (TSXV: NOAL), to discuss the Preliminary Economic Assessment (PEA) for NOA’s Rio Grande project in Argentina and what it may mean for investors following lithium brines, cost curves, and capital pathways.

We cover:

- PEA headline items: ~4.7 Mt LCE resource at ~520 mg/L, a two-train development (20kt + 20kt LCE), conservative use of proven evaporation with DLE optionality to be re-evaluated at PFS, and a first-phase pre-production CapEx of ~$706M.

- Route selection & flexibility: Base case carbonate; evaluating lithium chloride as a staged approach that could trim CapEx/OpEx by ~30–35% and potentially fund a downstream carbonate plant at lower elevation.

- Operating profile: Blended grade approach; north/northeast zones 600+ mg/L, central salar ~400–500 mg/L. Management frames costs as mid-pack for Argentina today, targeting a first/second quartile global position as the project matures.

- Scaling & timelines: Phase 1 infrastructure helps scheduling more than headline CapEx; PFS targeted before end-2026 with workstreams in pumping wells, freshwater, southern drilling, lab testwork, and DLE options.

- Funding & partnerships: Intention to advance toward PFS, then consider strategics/operators to bring the asset into production. Clean Elements (major shareholder) as a contrarian backer of Argentine brines; discussion of tight share register and recent placements.

- Regional context: Proximity to Mariana (Ganfeng); broader Argentina investment climate and how policy signals and elections intersect with mining capital.

- Market discussion: Why Aussie lithium equities often move earlier than North American names; U.S. policy signals around Lithium Americas and knock-on effects; China supply narratives (mine licensing cadence) and our inventory read (~35–40 days) into year-end with typical restocking after Chinese New Year.

Guest:

- Gabriel Rubacha — CEO, NOA Lithium Brines; prior roles include board/operating positions at Lithium Americas and leadership at Minera Exar JV with Ganfeng in Argentina.

Tickers Mentioned (context only): TSXV: NOAL, TSE: LIRC (Lithium Royalty Corp), plus references to producers/developers in Argentina and Australia.

Sponsors (thanks for supporting investor education):

- 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).

Chapters: See the chapter list in this video for quick navigation to PEA details, cost/CapEx discussion, chloride vs. carbonate, PFS roadmap, funding options, regional comps, and the broader lithium market segment.

(00:00) Introduction

For investor resources and Matt’s blog on valuation gaps in Argentine brines, visit https://blog.rkequity.com/. For inquiries or meeting requests (including the upcoming London 121 dates mentioned), contact [email protected]

Patreon: https://www.patreon.com/rockstockchannel

_________________________________________________

DISCLAIMER

NOT INVESTMENT ADVICE. DO YOUR OWN RESEARCH

Rodney and Howard are not financial advisors nor broker-dealers, this video is for information purposes only and should not be considered investment or financial advice. Please do your own independent research and read the disclaimer at the end of the video or on RK Equity’s website https://www.rkequity.com

Intro and outro audio credit: Jamie Klein

In this episode, we (Howard & Rodney) sit down again with Graham Harris, Chairman of Surge Battery Metals (TSXV: NILI | OTC: NILIF), for a focused update on the Nevada North Lithium Project (NNLP) and recent corporate developments relevant to retail investors.

We cover:

🌍 Links

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

Patreon: https://www.patreon.com/rockstockchannel

_________________________________________________

DISCLAIMER

NOT INVESTMENT ADVICE. DO YOUR OWN RESEARCH

Rodney and Howard are not financial advisors nor broker-dealers, this video is for information purposes only and should not be considered investment or financial advice. Please do your own independent research and read the disclaimer at the end of the video or on RK Equity’s website https://www.rkequity.com

Intro and outro audio credit: Jamie Klein

In this Rock Stock Recap, we break down what retail investors need to know across lithium, copper, and broader commodities as of September 26. We discuss why lithium equities rallied despite "lower-for-longer" price calls, how China's evolving policies on strategic minerals (and growing recycled supply) may limit oversupply, and what shrinking market surpluses could mean for pricing once inventories normalize. We also cover the knock-on effects from Freeport's Grasberg disruption on copper balances, and practical ways to gain exposure via commodity ETFs versus single-name miners.

We examine energy storage as a structural demand driver - highlighting rapid unit-size and cost shifts (e.g., large-format ESS builds and BYD leaks), the importance of BMS and safety regulations, and scenarios for 2030 storage demand and lithium requirements (LCE). We compare the U.S. and China policy backdrop, note Argentina's improving signals for lithium names, and discuss why passive under-allocation to commodities and rising global liquidity (M2) can fuel fund flows into hard assets.

Key topics we cover:

- Lithium: sector rally, Lithium Americas sentiment, Goldman Sachs supply/demand vs price path, inventory overhangs, recycling growth, China's supply curbs.

Tickers mentioned: LAC, LTHM, SQM, ALB, SGML, TMC, USCF (commodities ETFs), CPER, COPX, FCX, BYD, CATL, Anglo, IVN, INR, SLI, ASN.

Commodities & themes: lithium, copper, uranium, rare earths, ESS, AI power demand, China policy, Argentina lithium, recycling, inventories, cost curves, tariffs.

🔔 If you found this content valuable, don't forget to subscribe, like and comment!

📖 Chapters

🌍 Links

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

Patreon: https://www.patreon.com/rockstockchannel

_________________________________________________

DISCLAIMER

NOT INVESTMENT ADVICE. DO YOUR OWN RESEARCH

Rodney and Howard are not financial advisors nor broker-dealers, this video is for information purposes only and should not be considered investment or financial advice. Please do your own independent research and read the disclaimer at the end of the video or on RK Equity's website https://www.rkequity.com

Intro and outro audio credit: Jamie Klein

Lithium Americas: Could This Be Their "MP Materials Moment"?

We also dive into Matt’s latest RK Equity blogs, covering two key topics for investors:

🔔 If you found this content valuable, don't forget to subscribe, like and comment!

🌍 Links

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

Patreon: https://www.patreon.com/rockstockchannel

_________________________________________________

DISCLAIMER

NOT INVESTMENT ADVICE. DO YOUR OWN RESEARCH

Rodney and Howard are not financial advisors nor broker-dealers, this video is for information purposes only and should not be considered investment or financial advice. Please do your own independent research and read the disclaimer at the end of the video or on RK Equity’s website https://www.rkequity.com

Intro and outro audio credit: Jamie Klein

In this episode, we sit down with John Love, CEO of USCF Investments, the newest sponsor of Rock Stock Channel, to explore how investors can use commodity ETFs to diversify their portfolios and gain direct exposure to key market trends. USCF is best known for the United States Oil Fund (USO) but also offers funds focused on copper (CPER), sustainable battery metals (ZSB), gold with income (USG), and broad commodities (SDCI).

John walks us through the history of USCF, its role as a pioneer in the commodity ETF space, and how it differentiates itself through innovation and a focus on futures-based strategies. We discuss why investors might prefer commodity exposure over equity proxies, the benefits of diversification, and how USCF’s systematic approach helps simplify futures investing for everyday investors.

We cover four funds we believe retail investors should have on their radar:

We also talk about current investor sentiment, the role of commodities in portfolio construction, and whether we may be entering a new commodity supercycle driven by electrification, AI infrastructure, and global demand growth.

Learn more about USCF:

If you found this content valuable, don't forget to like, subscribe and comment!

📖 Chapters

Links 🌍

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

Patreon: https://www.patreon.com/rockstockchannel

_________________________________________________

DISCLAIMER

NOT INVESTMENT ADVICE. DO YOUR OWN RESEARCH

Rodney and Howard are not financial advisors nor broker-dealers, this video is for information purposes only and should not be considered investment or financial advice. Please do your own independent research and read the disclaimer at the end of the video or on RK Equity’s website https://www.rkequity.com

Intro and outro audio credit: Jamie Klein

In this episode, we broadcast from Rockefeller Center and dig into three areas retail investors are asking about: rare earths valuation, titanium & advanced manufacturing (IperionX: IPX), and lithium market volatility—with updates from The Metals Company (TMC) and Lithium Royalty Corp (LIRC).

🔍 What we cover:

- Rare earths—how to value early-stage names: Matt explains why NdPr-equivalent (neodymium–praseodymium) is a better lens than Total REO, and how we compare companies using market cap per contained NdPr-equivalent rather than headline grades alone.

- IperionX site visit takeaways: Scrap-to-titanium, additive manufacturing and fasteners opportunity; why execution risk is falling; and how a “Bessemer moment” for titanium could reset costs versus aluminum/stainless.

- TMC regulatory progress: NOAA confirms application compliance and priority rights; we discuss timelines, executive-order context, and what “big needle-mover” funding could look like in the U.S. framework.

- Battery chemistry mix: Where nickel chemistries sit versus LFP as autonomy and energy density needs rise; manganese’s role (LMR) and the potential to produce manganese sulfate from nodules.

- Lithium market now: CATL lepidolite restart chatter, demand growth still tracking ~high-20s % y/y, Chinese capex decelerating, and why restarts and cost curves matter for price formation through 2026–27.

- Direct Lithium Extraction (DLE): Asset-by-asset reality check—costs and capex can be higher than conventional routes; not automatically first-quartile on the cost curve.

- Royalty model for retail investors: LIRC’s portfolio (e.g., Sigma Lithium) and why royalties can provide exposure to Argentine brines and production growth while reducing operating cost risk.

Learn more about Lithium Royalty Corp (LIRC):

If you found this content valuable, don't forget to like, subscribe and comment!

📖 Chapters

🌍 Links

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

Patreon: https://www.patreon.com/rockstockchannel

_________________________________________________

DISCLAIMER

NOT INVESTMENT ADVICE. DO YOUR OWN RESEARCH

Rodney and Howard are not financial advisors nor broker-dealers, this video is for information purposes only and should not be considered investment or financial advice. Please do your own independent research and read the disclaimer at the end of the video or on RK Equity’s website https://www.rkequity.com

Intro and outro audio credit: Jamie Klein

We are redistributing over latest discussion on X Spaces as a Rock Stock Channel episode, sharing where we think we are in the lithium & rare earths cycle, what’s changed, and how we’re positioning as RK Equity for a potential “risk-on” turn in mining equities.

In this conversation, Howard, Matt and Rodney (with guests including YJ Lee, Chris Berry, Tom Woolrych, Jody Dahrouge, Christopher Williams and others) walk through what matters now for retail investors across lithium, rare earths and broader critical minerals.

What we cover:

- Macro & sentiment: Why risk appetite is re-emerging across gold, uranium, Bitcoin and critical minerals—and how policy (IRA, infrastructure/CHIPS, deregulation/reshoring) may shape capital flows and listings.

Jurisdictional deep-dives:

- Quebec/Ontario hard-rock: Permitting realities, low-cost hydro power, conversion “missing middle,” and why project geometry (thickness, dip, heterogeneity) matters.

Companies & themes mentioned (not recommendations)

MP Materials (NYSE: MP), Lynas Rare Earths (ASX: LYC), Sigma Lithium (NASDAQ/TSX-V: SGML), Pilbara Minerals (ASX: PLS), Core Lithium (ASX: CXO), Patriot Battery Metals (TSX: PMET | ASX: PMT), Winsome (ASX: WR1), Frontier Lithium (TSX-V: FL), Galan Lithium (ASX: GLN), Lithium Argentina (NYSE: LAR), NOA Lithium (TSX-V: NOAL), Wildcat (ASX: WC8), Lithium Ionic (TSX-V: LTH), Atlas Lithium (NASDAQ: ATLX), Talon Metals (TSX: TLO), Rio Tinto (NYSE: RIO), BYD, CATL—plus topics like SPACs, EV truck adoption, and restocking into year-end.

Why it matters for retail investors:

- Cost & flow-sheet choices (DMS vs. flotation) can make or break project economics.

Stay connected:

- Follow on X:

📖 Chapters

🌍 Links

_________________________________________________

DISCLAIMER

NOT INVESTMENT ADVICE. DO YOUR OWN RESEARCH

Rodney, Matt and Howard are not financial advisors nor broker-dealers, this video is for information purposes only and should not be considered investment or financial advice. Please do your own independent research and read the disclaimer at the end of the video or on RK Equity’s website https://www.rkequity.com

Intro and outro audio credit: Jamie Klein

Lithium Market Reset? August Scoreboard, Price Drivers & Developers To Watch (with Howard, Rodney & Matt)

After a bullish summer for mining equities, we break down the August 31 lithium scoreboard, the bounce in chemical producers and spodumene names, and what really matters next for lithium prices. We cover inventories in China, the impact of CapEx cuts, and why low-cost producers and DMS-only developers may be the best risk/reward right now.

This episode also features a catchup interview with Q2 Metals' (TSXV: QTWO) CEO, Alicia Milne, and VP Exploration, Neil McCallum following their September 4th press release on the Cisco Lithium Project in Quebec, Canada. Topics include: Q2’s C$26M financing, increased drill activity with multiple rigs, upcoming assay results, infill drilling strategy, and the roadmap toward their first mineral resource estimate (targeted Q1 2026). Neil details the latest metallurgical testing (HLS/DMS), recovery rates, and next steps in bulk sampling, while Alicia outlines marketing and investor outreach plans across Hong Kong, Korea, Japan, New York, London, and Zurich.

What You’ll Learn:

Companies & Themes Mentioned:

👍 If you value independent lithium analysis, hit Like, subscribe, and turn on notifications.

📖 Chapters

🌍 Links

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

- For Q2 Metals research coverage (Canaccord, Argonaut), email: [email protected]

Patreon: https://www.patreon.com/rockstockchannel

_________________________________________________

DISCLAIMER

NOT INVESTMENT ADVICE. DO YOUR OWN RESEARCH

Rodney and Howard are not financial advisors nor broker-dealers, this video is for information purposes only and should not be considered investment or financial advice. Please do your own independent research and read the disclaimer at the end of the video or on RK Equity’s website https://www.rkequity.com

Intro and outro audio credit: Jamie Klein

Howard and Rodney return with another Rock Stock Channel update, speaking with Lithium Universe (ASX: LU7) Chairman Iggy Tan. In this interview, we cover the company’s evolving strategy as it balances long-term lithium ambitions with a new entry into solar panel recycling and silver recovery.

Lithium Universe began with the goal of building a lithium carbonate refinery in Bécancour, Quebec, supported by a completed DFS. While awaiting a lithium market recovery, the company has diversified through the acquisition of global rights to a PV cell recycling technology developed at Macquarie University. This innovation could unlock value by separating solar panel materials efficiently and recovering silver at scale.

Key topics discussed:

With a market cap of ~A$16 million and a share price up nearly 3x from its June placement, Lithium Universe offers investors exposure to both critical battery metals and emerging recycling opportunities.

📖 Chapters

🌍 Links

RK Equity Website: https://rkequity.com/

_________________________________________________

DISCLAIMER

NOT INVESTMENT ADVICE. DO YOUR OWN RESEARCH

Rodney and Howard are not financial advisors nor broker-dealers, this video is for information purposes only and should not be considered investment or financial advice. Please do your own independent research and read the disclaimer at the end of the video or on RK Equity’s website https://www.rkequity.com

Intro and outro audio credit: Jamie Klein

In August 2025's Recharge podcast, co-presenters Matt Fernley (Battery Materials Review) and Cormac O'Laoire (Electrios Energy) discuss some of the recent key talking points in the battery industry, including:

- The China lithium shutdowns, their impact on the industry and outlook

CHAPTERS 📖

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Links 🌍

RK Equity Website: https://rkequity.com/

_________________________________________________

DISCLAIMER

NOT INVESTMENT ADVICE. DO YOUR OWN RESEARCH

Rodney and Howard are not financial advisors nor broker-dealers, this video is for information purposes only and should not be considered investment or financial advice. Please do your own independent research and read the disclaimer at the end of the video or on RK Equity’s website https://www.rkequity.com

Intro and outro audio credit: Jamie Klein