CMOC Group

CMOC is the world's largest cobalt producer, accounting for approximately 40% of global mined supply in 2024 through its two DRC operations — Tenke Fungurume and Kisanfu — which together produced 114,165 tonnes of cobalt in 2024, a 106% year-on-year increase and 31% above stated nameplate capacity. The surge in output was a primary driver of cobalt prices falling to nine-year lows. CMOC's 2025 guidance of 100,000–120,000 tonnes was complicated by the DRC export ban, with approximately 48,600 tonnes of cobalt inventory accumulated in-country during Q1 2025 alone.

Unlike Glencore, CMOC publicly opposed the export ban, reflecting the more acute impact of the quota regime — CMOC's 2024 exports of approximately 96,000 tonnes essentially equalled the entire annual quota cap introduced for 2026 onwards. Cobalt is produced as a by-product of copper operations, meaning CMOC has limited economic incentive to curtail production even at depressed cobalt prices.

Ganfeng Lithium

Ganfeng Lithium Group Co., Ltd. is an integrated lithium conversion specialist with a vertically broad footprint spanning resource development, refining and processing, battery materials and recycling, selling lithium compounds and metals into electric vehicle, energy storage and electronics supply chains. While its core strength lies in converting raw lithium into high-value chemical products — ranking among the largest lithium compound producers globally — the company also secures upstream resources to support its feedstock needs, including a majority position in the Goulamina spodumene project in Mali, one of Africa’s significant hard-rock lithium deposits, and multiple brine and hard-rock holdings in Argentina. Ganfeng operates the Cauchari-Olaroz brine project and the Mariana and Pozuelos-Pastos Grandes basins in Argentina, demonstrating a dual focus on spodumene and brine resources that can underpin long-term supply.

In August 2025, Ganfeng and Lithium Argentina AG agreed to form a joint venture combining contiguous brine assets in Argentina to target up to 150,000 tpa of lithium carbonate equivalent production, leveraging hybrid direct lithium extraction and solar evaporation to enhance efficiency and scale. Ganfeng’s integrated conversion capabilities and upstream exposure help it capture value across the lithium value chain, supporting relationships with major EV and battery manufacturers and differentiating it from pure upstream miners.

SQM

Sociedad Química y Minera de Chile is a Chile-based diversified chemicals and mining company with a global portfolio spanning lithium, specialty plant nutrition, iodine and industrial chemicals. While lithium and its derivatives have become a dominant revenue and growth engine — underpinned by brine extraction in the Salar de Atacama and expanding carbonate and hydroxide capacity — SQM’s business also generates meaningful earnings from potassium and nitrate fertilizers and iodine products used across pharmaceutical, electronics and other industrial markets, which help stabilise profitability through commodity cycles. A central development shaping the company’s lithium trajectory is its long-term partnership with Chile’s state-owned copper giant CODELCO, formed under the government’s National Lithium Strategy that mandated greater state participation in lithium resources; CODELCO will hold a controlling interest in the vehicle operating Atacama lithium assets, embedding significant state influence in future development of SQM’s core lithium business.

In pursuit of diversified supply exposure, SQM has also expanded in Australia through participation in the Mt Holland hard-rock lithium project with Wesfarmers and strategic investments and earn-in arrangements with junior explorers such as Azure Minerals and Tambourah, extending its reach into Western Australian spodumene and downstream opportunities. Competitive positioning rests on integrated brine extraction and processing, global distribution networks across energy transition and agricultural chemicals, and a broad product portfolio that cushions volatility in any single commodity.

Albemarle

Albemarle Corporation is a diversified specialty chemicals producer with leading positions in lithium, bromine specialties and refining catalysts, supplying critical inputs for mobility, energy storage, electronics and industrial applications. Lithium is housed within its Energy Storage segment and represents the company’s primary growth engine and earnings driver, with FY2026 Energy Storage net sales expected at $2.5–$4.2 billion depending on lithium price scenarios, compared with $1.2–$1.4 billion in Specialties and immaterial post-divestiture contributions from Ketjen. For FY2025, Albemarle generated $1.28 billion in operating cash flow and $692 million in free cash flow, reflecting aggressive cost reductions (~$450 million run-rate improvements) and sharply reduced capital expenditures of $590 million. The company’s lithium platform spans brine resources in Chile and the U.S., conversion assets in China and Australia, and an equity stake with offtake rights at the Greenbushes mine in Western Australia, which supplies spodumene to its downstream hydroxide facilities. In February 2026, Albemarle placed the remaining Train 1 line at its Kemerton lithium hydroxide plant in Western Australia into care and maintenance, having previously idled Train 2 and halted expansion plans for Trains 3 and 4, citing persistent market volatility and cost pressures in hard-rock processing.

Management framed the decision as a measure to preserve financial flexibility and align conversion capacity with market conditions, underscoring the cyclical sensitivity of its integrated hard-rock exposure. While lithium drives the bulk of long-term value and earnings volatility, Albemarle retains meaningful diversification through bromine-based Specialties and refining catalysts (Ketjen, currently being divested), which provide cash flow resilience across commodity cycles. As of December 31, 2025, the company reported $3.2 billion of liquidity and net debt to adjusted EBITDA of approximately 2.0x, positioning it to manage price cyclicality while selectively investing in high-return resource and productivity projects. Competitive positioning rests on its vertically integrated resource base, global conversion footprint, technology portfolio in lithium salts and bromine derivatives, and an explicit focus on cost control and capital discipline through the cycle.

Huayou Cobalt

Huayou Cobalt is China's most vertically integrated battery materials company, spanning cobalt and copper mining in the DRC, nickel-cobalt HPAL processing in Indonesia, and cathode active material manufacturing in China, South Korea and Hungary. Cobalt, though historically the company's founding business, now accounts for only approximately 6% of revenue as nickel has grown to dominate the earnings mix; in H1 2025 the company reported record half-year net profit of RMB 2.71 billion — up 62% year-on-year — driven primarily by the continued ramp-up of the Huayue and Huafei HPAL projects in Indonesia rather than cobalt directly. The DRC cobalt business supplies crude cobalt hydroxide to Huayou's Chinese refineries, where it is processed into cobalt sulphate and other battery-grade intermediates for cathode material production.

Huayou's Bamo subsidiary is among the leading producers of high-voltage mid-nickel cathode materials — a chemistry that retains meaningful cobalt content — positioning the company to benefit from any demand recovery as NMC regains share from LFP in premium EV segments. The DRC export quota regime introduced in late 2025 has tightened feedstock availability for Chinese refiners and supported cobalt sulphate prices, providing a tailwind to Huayou's downstream margins.

Sumitomo Metal Mining

Sumitomo Metal Mining is a Tokyo-listed diversified metals company and one of the world's most technically sophisticated nickel producers, with a focus on HPAL technology and battery supply chain integration. Its nickel operations are anchored in the Philippines: Coral Bay Nickel (100% owned following acquisition of Nickel Asia's stake in early 2025) and Taganito HPAL (75% SMM).

Both plants produce mixed sulphides shipped to Japanese refineries for conversion to Class 1 nickel and cobalt. SMM is also the co-funder of the Ardea Resources Kalgoorlie Nickel Project DFS. SMM is among the few non-Chinese companies with an end-to-end HPAL-to-refinery nickel supply chain at commercial scale.

Tianqi Lithium

Tianqi Lithium Corporation is a China-based, globally integrated lithium producer with operations spanning upstream hard-rock resources, lithium chemical conversion and strategic equity investments. The company holds a minority interest in the Greenbushes mine in Western Australia — one of the world’s highest-grade and lowest-cost spodumene deposits — through its stake in Talison Lithium, and operates lithium carbonate and hydroxide conversion facilities in China and Australia. Tianqi also owns a strategic equity stake in Chile’s SQM, providing exposure to large-scale brine production in the Salar de Atacama.

Lithium chemicals represent the core earnings driver, with the company supplying battery-grade carbonate and hydroxide to global cathode and battery manufacturers. Tianqi’s competitive positioning rests on its access to Tier 1 hard-rock feedstock, scale in chemical conversion and strategic portfolio exposure across both brine and spodumene resources, though earnings remain highly sensitive to lithium price cycles and capital structure management.

Pilbara Minerals

Pilbara Minerals is a leading independent hard-rock lithium producer, owning 100% of the Pilgangoora Operation in Western Australia — one of the world’s largest spodumene deposits — and, following the completed acquisition of Latin Resources, the Colina Lithium Project in Brazil. The company’s business model centres on mining and processing spodumene concentrate for sale to global battery materials customers under a mix of long-term offtake contracts and spot sales, supplemented by downstream exposure through its joint venture with POSCO in South Korea. In FY25, Pilgangoora produced 754.6kt of spodumene concentrate and sold 760.1kt, with revenue of $769m reflecting materially lower realised prices, though the company maintained positive EBITDA and a strong liquidity position of $1.6bn at year end.

Pilbara completed its P680 and P1000 expansion projects during the year and is embedding its P850 operating model to drive cost reductions and capital discipline, while keeping the Ngungaju plant in care and maintenance to preserve restart optionality. The group is widely regarded for disciplined, cycle-aware management and was a pioneer of lithium spot price discovery through its Battery Material Exchange (BMX) digital auction platform, which in 2021 established a transparent market benchmark via its inaugural online spodumene auction.

Mineral Resources

Mineral Resources Limited is a diversified Western Australian mining and services group with an integrated business model spanning mining services, iron ore, lithium and energy operations. The company generates revenue not only from commodity production — including iron ore and hard-rock lithium — but also from its proprietary mining services division (CSI Mining Services) and engineering and construction capabilities, which provide contract mining, processing, transport and logistics solutions across the resources sector, helping to smooth earnings through commodity cycles. MinRes operates several significant hard-rock lithium assets in partnership with global players, including Wodgina and Mt Marion in Western Australia, where it retains operator status and commercial exposure, and sells spodumene concentrate into battery supply chains; quarterly reporting shows robust production and sales volumes, with guidance upgraded for FY26 volumes relative to prior guidance.

The company has also taken strategic steps to monetise part of its lithium position, including a 30 % joint venture stake sale to POSCO that provides liquidity while retaining operational control of its core mining interests. In iron ore, MinRes is advancing the Onslow Iron project to nameplate capacity with industry-competitive FOB costs, while its energy segment explores lower-emission power solutions to support operations. Competitive positioning rests on the breadth of its asset base, an integrated pit-to-port service infrastructure and a balance between cyclical commodity exposure and recurring mining services demand, though volatility in lithium prices and elevated leverage have pressured recent earnings and resulted in operational adjustments such as care-and-maintenance at select lithium mines.

Harita Nickel

Harita Nickel is an Indonesia Stock Exchange-listed company and one of the country's most vertically integrated nickel producers, built on Obi Island in North Maluku. It operates two RKEF smelters (~120,000 tpa combined capacity), two HPAL plants producing MHP and downstream products (PT Obi Nickel Cobalt at full commercial capacity since August 2024), and a developing third RKEF associate targeting up to 185,000 tpa capacity by early 2026.

Harita also produces nickel sulphate and electrolytic cobalt — the broadest downstream product suite of any Indonesian-listed nickel company. Q1 2025 net profit rose 19.4% year-on-year despite the lowest nickel prices since 2020.

Umicore

Umicore occupies a unique position in the cobalt value chain as a downstream refiner, cathode material producer and battery recycler rather than a miner. Its Cobalt & Specialty Materials business unit refines and markets cobalt chemicals and specialty products from refineries in Belgium, the US, the Philippines and China, with cobalt serving as a key input for its Battery Cathode Materials business and for a range of industrial applications. Umicore's battery recycling platform — rebranded Battery Recycling Solutions under its March 2025 CORE strategy reorganisation — recovers cobalt, nickel, lithium and copper from end-of-life batteries with recovery yields exceeding 95%, positioning the company as a key enabler of cobalt circularity.

The Cobalt & Specialty Materials business has faced significant margin pressure from falling cobalt prices in 2023–2024, though a cobalt price recovery in H2 2025 supported improved contributions. Umicore's cobalt business is structurally differentiated from miners by its technology, refining expertise and recycling capabilities rather than resource ownership.

IGO Limited

IGO is an ASX-listed critical minerals company with a dual focus on nickel and lithium. Its nickel business centres on Nova, a high-grade underground nickel-copper-cobalt sulphide mine in Western Australia's Great Western Woodlands (100% owned), in its final phase of mine life with production guidance of 15,000–18,000 tonnes of nickel through December 2026.

H1 FY2026 delivered improved EBITDA (up 15%) and lower cash costs (~A$5.62/lb). Forrestania reached end of mine life in September 2024 and has been sold; Cosmos remains on care and maintenance. IGO's lithium exposure comes via a 49% stake in TLEA, which holds a 51% interest in the world-class Greenbushes lithium mine.

Liontown Resources

Liontown Resources is an Australia-based lithium developer and producer focused on hard-rock spodumene concentrate, principally through its flagship Kathleen Valley Lithium Operation in Western Australia, one of the largest and highest-grade lithium projects globally with a multi-decade mine life and commercial production declared in mid-2024. The company’s business model centres on bringing Kathleen Valley to steady-state underground production — transitioning from open-pit to underground mining to optimise grades and reduce dilution — and selling spodumene concentrate under long-term offtake contracts with major battery and EV manufacturers while exploring downstream upgrading opportunities. Liontown also controls the prospective Buldania lithium project in WA, adding near-mine exploration optionality and potential growth beyond the core Kathleen Valley asset.

The project’s cost structure and strategic location underpin its competitive position in global lithium supply chains, though Liontown has faced market headwinds from cyclical lithium price weakness and funding challenges that have necessitated amendments to offtake and financing arrangements to support operations and liquidity. Supported by institutional and strategic investment — including a recent A$50 million commitment from the National Reconstruction Fund Corporation to aid the underground transition and capital programme — Liontown is positioning Kathleen Valley as a long-term, low-cost hard-rock lithium supplier with the potential to integrate further into downstream conversion over time.

Nickel Industries Ltd

Nickel Industries is an ASX-listed company with one of the most extensive nickel processing portfolios of any Western-listed company, built entirely in Indonesia. Its core operations comprise four RKEF lines (Hengjaya, Ranger, Oracle, and Angel Nickel) with combined nameplate capacity of ~120,000 tpa of nickel in NPI/matte, plus a 10% stake in the Huayue Nickel Cobalt HPAL project.

The Excelsior Nickel Cobalt (ENC) HPAL project (44% interest) is commissioning through early 2026, targeting 67,000 tpa of nickel equivalent capacity — the only HPAL globally designed to simultaneously produce Class 1 nickel, MHP, and nickel sulphate. The company delivered ~US$87M in Adjusted EBITDA in Q3 2025, maintaining profitability through the nickel price downturn.

Sigma Lithium

Sigma Lithium Corporation is a Brazil-focused hard-rock lithium producer operating the Grota do Cirilo spodumene mine and Greentech lithium beneficiation complex in the Vale do Jequitinhonha region of Minas Gerais, producing high-purity lithium oxide concentrate for EV and battery supply chains. The company’s vertically integrated model combines mining and processing on a single site, with Phase 1 producing ~270,000 tpa of “Quintuple Zero” sustainable lithium concentrate — characterised by low carbon footprint and environmentally conscious processes — and Phase 2 expansion underway to roughly double capacity through additional Greentech Industrial Plant infrastructure. Sigma’s operations benefit from robust resource and reserve growth, with significant mineral resources and extended mine life underpinned by consistent geological exploration and technical reporting.

The company’s cost-competitive production, aided by automation and dense medium separation technology, enables it to compete on global cost curves while maintaining ESG credentials that resonate with end-markets. Sigma has also navigated operational and regulatory challenges, including mine remobilisation efforts and waste pile safety scrutiny by Brazilian authorities, which have intermittently affected near-term output and stock volatility. Competitive positioning rests on proximity to end-markets, a single large-scale asset with expansion optionality, and a sustainability-oriented value proposition tailored to environmentally and socially conscious supply chain investors.

Lithium Americas

Lithium Americas Corp. is a Canada-based lithium developer advancing one of the most significant new hard-rock lithium projects in the United States — Thacker Pass in Humboldt County, Nevada — while historically holding interests in Argentine brine assets before spinning out that business into a separate entity. The company’s business model is anchored on developing Thacker Pass through a joint venture with General Motors (LAC 62%, GM 38%), supported by strategic funding from the U.S. Department of Energy and private partners, with first commercial production of battery-quality lithium carbonate targeted in late 2027 and staged ramp-up through 2028 that underscores its role in bolstering North American supply chains. Thacker Pass hosts the largest known measured and indicated lithium resource and reserve in North America, designed to deliver 40,000 tpa of lithium carbonate in Phase 1 and to scale further in subsequent phases, reflecting a long-life, high-impact project in the context of global electrification demand.

In February 2026, Lithium Americas provided 2026 capital expenditure guidance of $1.3 billion to $1.6 billion for Phase 1 construction of Thacker Pass, with the bulk directed at processing plant build-out and associated infrastructure, signalling continued heavy investment into completing the mine and processing facilities amid strengthening lithium market conditions and prioritised delivery milestones. While its legacy Argentine brine interest has been carved out into a separate company, the strategic nature of holding a large U.S. hard-rock resource positions the company as a foundational producer for the North American EV and energy storage value chain, reducing reliance on imports and aligning with governmental energy security priorities. Competitive positioning derives from its scale, strategic partnerships with GM and DOE support, the geological quality of Thacker Pass and the projected multi-decade supply outlook, balanced against execution risk inherent in large-scale capital projects and permitting.

Vulcan Energy Resources

Vulcan Energy Resources is a Europe-focused integrated lithium and renewable energy developer advancing the Zero Carbon Lithium™ Project in the Upper Rhine Valley straddling Germany and France. The company’s model combines geothermal energy production with direct lithium extraction (DLE) from naturally lithium-rich brines, aiming to produce battery-grade lithium hydroxide with a low carbon footprint powered by on-site renewable heat and electricity. The primary asset, the Upper Rhine brine licences, hosts multi-zone lithium-bearing geothermal reservoirs with defined resources capable of supporting phased development; Vulcan has progressed pilot DLE operations and is securing offtake and strategic partnerships to underpin commercialisation.

Short-cycle project execution and its unique integration of renewable energy with lithium extraction distinguish Vulcan from traditional brine and hard-rock producers, while permitting and financing remain key catalysts and risks as it moves toward first production and scaling.

Nickel Asia Corporation

Nickel Asia Corporation is the Philippines' largest nickel ore producer, listed on the Philippine Stock Exchange, with six operating mines. In 2025, attributable net income tripled to ₱6.27 billion (up 312% year-on-year) driven by a 9% increase in ore volumes to 18.56 million WMT and a 28% surge in weighted average ore prices, as Indonesian supply restrictions redirected demand toward Philippine ore.

The company divested its 15.625% stake in Coral Bay to Sumitomo in early 2025, retaining a 10% stake in Taganito. Nickel Asia is also diversifying into renewable energy through Emerging Power Inc. (172 MW capacity).

Lithium Argentina

Lithium Argentina AG is a Switzerland-domiciled lithium developer and producer focused on low-cost brine operations in Argentina, best known as a principal partner and co-operator of the Cauchari-Olaroz lithium brine project in Jujuy Province, one of the largest producing lithium carbonate operations globally with nameplate capacity of roughly 40,000 tpa of battery-grade product. The company emerged from a strategic corporate separation initiated by Lithium Americas Announces Intention to Separate into Two Leading Lithium Companies, November 2022, which carved out the Argentine asset base — including its stake in Cauchari-Olaroz — into an independent public entity listed on the TSX and NYSE under the ticker LAR, distinct from the North American-focused Lithium Americas. T hrough its long-standing partnership with Ganfeng Lithium Group at Cauchari-Olaroz, Lithium Argentina benefits from shared technical expertise, capital and offtake integration, and, as part of a framework agreement, is consolidating contiguous brine projects (Pastos Grandes and Pozuelos) with Ganfeng into a new joint venture targeting up to 150,000 tpa of lithium carbonate equivalent using hybrid direct lithium extraction and solar evaporation technologies.

The company’s business model centres on operating and expanding these brine assets in Argentina while leveraging cost-efficient geology and scalable processing to capture value in lithium’s downstream markets. Cauchari-Olaroz’s established production and prospective regional projects together underpin a low-cost supply footprint within a jurisdiction attractive to global battery supply chains, positioning Lithium Argentina as both a significant producer and potential consolidator of Argentine brine resources.

Standard Lithium

Standard Lithium Ltd. is a Canadian-listed lithium development company advancing sustainable brine-based lithium production in the United States, primarily through its flagship Lanxess project in the Smackover Formation of southern Arkansas, where it aims to deploy direct lithium extraction (DLE) technologies to produce lithium carbonate with lower water use and emissions compared with conventional evaporation. The company’s business model emphasises early-cycle de-risking of resource and process technology through phased pilot testing and demonstration plants, de-risking scale-up while securing strategic offtake and offtake-linked funding, and partnering with industry players to accelerate commercialisation. A key strategic partnership with Equinor — formed through a joint venture at the Lanxess project — aligns on engineering, technology development and co-investment to advance DLE deployment, reflecting both parties’ focus on low-carbon lithium production.

Standard Lithium also holds additional brine licences in the region that can support future expansion beyond the core project footprint, targeting a multi-phase build-out that could see substantial lithium output into North American supply chains. Competitive positioning rests on its DLE expertise, low-carbon favourability in offtake discussions and North American resource location, though commercial scaling and financing remain principal execution milestones.

Talon Metals

Talon Metals is a TSX-listed company that completed the acquisition of Lundin Mining's Eagle Mine and Humboldt Mill in Michigan's Upper Peninsula in January 2026 — the only operating primary nickel mine in the United States. Its portfolio spans: Eagle Mine (100%, producing), Tamarack Nickel-Copper-Cobalt Project in Minnesota (51% JV with Rio Tinto, 8.6Mt at 1.73% Ni indicated), and over 400,000 acres of exploration tenure in Michigan.

Talon holds a DOE-backed US$114.8M grant for a Battery Minerals Processing Facility in North Dakota. Lundin Mining retains a ~19.86% stake in Talon following the share-based transaction.

Elevra Lithium

Elevra Lithium is a newly formed, dual-listed lithium company created through the completed merger of Australia’s Piedmont Lithium Inc. and Sayona Mining Limited, combining complementary hard-rock lithium assets and development projects across North America, Australia and West Africa into a single platform. The combined entity brings together Piedmont’s integrated North American portfolio — including the North American Lithium (NAL) concentrator in Québec and the Carolina Lithium hydroxide facility in North Carolina — with Sayona’s resource base in Québec, its Western Australian leases and interests such as the Ewoyaa spodumene project in Ghana, underpinning a diversified hard-rock supply footprint. Following shareholder and regulatory approvals in mid-2025, the merged company was renamed Elevra Lithium and trades on the ASX (ELV) and Nasdaq (ELVR), with Piedmont’s legacy listings delisted as part of the transaction, and governance structured with balanced representation from both predecessor businesses.

Elevra’s business model focuses on advancing development-stage resources toward production and scaling value through operational synergies, shared infrastructure and capital discipline to compete in the global EV and energy storage supply chain. The merger created one of the largest hard-rock lithium platforms outside China, aiming to address supply chain security and cost efficiency through consolidated project execution, streamlined permitting and enhanced access to markets.

PMET Resources

PMET Resources is a Canada-based exploration and development company advancing its 100%-owned Shaakichiuwaanaan Project in the James Bay region of Québec. This asset is recognised as the largest lithium pegmatite discovery in the Americas and hosts a substantial hard-rock spodumene resource alongside significant caesium and tantalum mineralisation, offering multi-commodity optionality within a single district. The company’s business model centres on systematic resource expansion, metallurgical optimisation and advancement through staged technical studies toward development, targeting a future low-cost spodumene concentrate operation positioned to supply North American and European battery material demand.

Located in a supportive mining jurisdiction with access to hydroelectric power and emerging regional infrastructure, Shaakichiuwaanaan provides strategic exposure to critical lithium supply while broader resource growth remains a key value driver. As a pre-production developer, PMET’s valuation and execution hinges on continued drilling success, resource conversion to reserves and progression toward feasibility and financing milestones.

Chalice Mining

Chalice Mining is an ASX-listed explorer-developer with one of the most significant new mineral discoveries in Australia in recent decades. Its flagship Gonneville PGE-Ni-Cu discovery in the Julimar region of Western Australia — found in 2020 — hosts a resource of ~10 million tonnes of contained nickel equivalent across palladium, platinum, nickel, copper, and cobalt. The deposit is notable for its shallow, large-scale nature and amenability to conventional open-pit and flotation processing.

Chalice released a Preliminary Feasibility Study in 2024 and is progressing toward a Definitive Feasibility Study. PGEs are the dominant value driver, with nickel as a significant contributor, making this a rare large-scale Western PGE-nickel-copper asset in a tier-one jurisdiction.

Magna Mining

Magna Mining is a TSX-Venture-listed developer focused on building a near-term nickel-copper producer in the Sudbury Basin of Ontario. Its portfolio centres on the Shakespeare Nickel-Copper-PGM project (100%, Feasibility Study complete) and the Crean Hill mine (100%), a past-producing underground nickel-copper-cobalt mine acquired from Glencore in 2023.

The Sudbury location provides direct access to Vale's Copper Cliff smelter under a tolling arrangement, significantly de-risking the processing pathway. Magna's strategy is to become an intermediate nickel-copper producer in a jurisdiction benefiting from renewed Western supply chain interest.

Lithium Royalty Corp

Lithium Royalty Corp. is a Canada-based royalty and streaming company focused exclusively on lithium and battery materials assets globally. The company provides upfront capital to developers and producers in exchange for revenue-based royalties or stream interests, offering diversified exposure across hard-rock and brine projects without direct operating risk. Its portfolio spans producing, construction-stage and development assets in Australia, North America and South America, providing leverage to lithium price cycles through top-line exposure.

The business model emphasises capital discipline, counterparty quality and long-life resource assets, with cash flow growth tied to project ramp-ups and new royalty acquisitions.

Nouveau Monde Graphite

Nouveau Monde Graphite (NMG) is a NYSE and TSX-listed integrated graphite company developing what is intended to become North America's largest, fully integrated ore-to-battery-material natural graphite production operation, located entirely within a 150-kilometre radius of Montréal, Québec. NMG's Phase 2 development encompasses the Matawinie Mine and the Bécancour Battery Material Plant, which will process Matawinie graphite concentrate into battery-grade active anode material (AAM). An updated feasibility study released in March 2025 confirmed Phase 2 viability with an after-tax IRR of 17.5% and NPV of US$1.053 billion.

NMG restructured its offtake position significantly in October–November 2025: it terminated supply agreements with General Motors, retained a revised binding offtake with Panasonic Energy for 13,000 tpa of AAM, and secured a take-or-pay marketing agreement with Traxys for up to 20,000 tpa of graphite concentrate. The company completed acquisition of a brownfield Bécancour facility in February 2026 and is targeting FID in H2 2026. Cash of approximately US$61.7 million at end Q3 2025.

Core Lithium

Core Lithium Ltd is an Australian lithium developer whose principal asset is the Finniss Lithium Project in the Northern Territory, centred on the Grants open pit and BP33 underground deposit. The company commenced spodumene concentrate production in 2023, supplying Asian battery materials customers, but suspended open-pit mining at Grants in January 2024 and halted processing activities in mid-2024 amid weaker lithium prices. All site infrastructure has since been placed on care and maintenance to preserve restart optionality should market conditions improve.

Core retains a defined resource base across the broader Finniss tenure and has completed development work at BP33, providing operational flexibility in a recovery scenario. As a small, single-asset producer, its investment case is closely tied to lithium price recovery, balance sheet management and the timing and economics of any potential restart.

Sovereign Metals

Sovereign Metals is an ASX, AIM, and OTCQX-listed critical minerals developer whose flagship Kasiya Rutile-Graphite Project in Malawi is simultaneously the world's second-largest known flake graphite deposit and the world's largest known natural rutile deposit. Kasiya's graphite is extracted as a co-product of rutile mining, compressing the incremental graphite production cost to just US$241 per tonne — below the China weighted average C1 cost. The deposit hosts 538 Mt of probable reserves at 1.03% rutile and 1.66% TGC, with a proposed steady-state operation producing approximately 245,000 tpa of rutile and 288,000 tpa of graphite across a 25-year mine life.

The optimised PFS (January 2025), prepared with technical oversight from 19.9% strategic shareholder Rio Tinto, outlined pre-tax NPV of US$2.3 billion and IRR of 27% with revised capex of US$1.1 billion. Rio Tinto has a 180-day window following DFS delivery to elect to become project operator and secure exclusive marketing rights for 40% of production. In January 2026 Sovereign confirmed recovery of heavy rare earth monazite concentrate from Kasiya rutile tailings — adding a potential third critical mineral stream.

Lifezone Metals

Lifezone Metals is a NYSE-listed company developing the Kabanga Nickel Project in northwestern Tanzania — one of the world's largest and highest-grade undeveloped nickel sulphide deposits (~58Mt at ~2.6% Ni), in partnership with the Government of Tanzania. Lifezone's proprietary Hydromet technology is a low-temperature, low-pressure leaching process designed to produce battery-grade nickel, cobalt, and copper directly at or near the mine site, bypassing conventional smelting.

BHP's involvement provides both technical credibility and financial support. Lifezone also explores licensing Hydromet technology to third parties. The company listed on the NYSE via a SPAC merger in 2023.

Galan

Galan Lithium Limited is an Australia-listed lithium developer advancing brine projects in Argentina and Australia. Its primary asset is the Hombre Muerto West Project in Catamarca Province, targeting staged production of lithium chloride concentrate and, longer term, lithium carbonate from high-grade brines within the Hombre Muerto salar basin. The company is progressing permitting and phased development plans, with execution dependent on financing, construction timelines and lithium market conditions.

Canada Nickel Co

Canada Nickel Company is a TSX-Venture-listed developer advancing the Crawford Nickel-Cobalt Sulphide Project near Timmins, Ontario — one of the largest new nickel sulphide discoveries globally, with a resource exceeding 1.2 billion tonnes and over 4 million tonnes of contained nickel. Crawford is notable for its scale and naturally occurring serpentinite host rock, which has the potential to permanently sequester significant volumes of CO₂, offering a pathway to carbon-neutral or carbon-negative nickel production.

Vale has made a strategic equity investment in the company. Canada Nickel has proposed a CAD$1B+ nickel processing facility in Ontario — NetZero Metals — to refine Crawford ore into battery-grade nickel sulphate.

Ioneer

Ioneer Ltd is an Australia-listed resources company advancing the Rhyolite Ridge lithium-boron project in Nevada, United States, toward commercial production of lithium carbonate and boric acid from a single sedimentary brine resource. The company’s business model is built on delivering a dual-commodity operation that produces battery-grade lithium alongside boron products used in industrial and agricultural markets, aiming to capture value from commodity diversification as well as integrated processing. Rhyolite Ridge is designed as a low-strip, near-surface deposit with first production historically targeted in the mid-2020s; the project has navigated permitting, financing and engineering optimisation phases with offtake and strategic engagement from downstream partners, reflecting its strategic location within the US and potential contribution to North American supply security.

Ioneer’s emphasis on environmentally responsible development has driven efforts to mitigate water-use and habitat impacts in the Great Basin, while boron co-products provide a hedge against lithium price cyclicality. Competitive positioning derives from combined lithium and boron revenues, an early mover advantage in US domestic supply, and the potential for integrated carbonate production that aligns with regional energy transition objectives.

NanoXplore

NanoXplore is one of the world's largest producers of graphene powder and the only vertically integrated graphene company of scale in North America. Headquartered in Montreal, the company operates two business segments: Advanced Materials, Plastics and Composite Products — which generates the large majority of revenue through the manufacture of graphene-enhanced polymers, pellets, and composite products sold primarily to the transportation and industrial sectors — and Battery Cells and Materials, which is developing silicon-graphene enhanced lithium-ion cells targeting the EV and grid storage markets through its VoltaXplore subsidiary. Revenues of approximately C$126 million in fiscal 2025 (year ended June 30, 2025) reflected modest softness driven by weaker commercial vehicle demand, while adjusted EBITDA in the core materials segment more than doubled year-over-year to roughly C$6.8 million.

The company's proprietary continuous graphene production technology is protected by a significant patent portfolio, with NanoXplore characterising its process as capable of producing graphene at industrial scale at costs competitive with carbon-black additives. Near-term catalysts include the commissioning of a new dry-process graphene line at its Thimens facility with 500–1,000 tpa capacity expected in 2026, and growing commercial traction in drilling fluids and insulation foam. Analyst consensus forecasts revenue growth to roughly C$300 million by fiscal 2028.

Centaurus Metals

Centaurus Metals is an ASX-listed developer focused exclusively on the Jaguar Nickel Sulphide Project in the Carajás Mineral Province of northern Brazil. Jaguar hosts a global resource of 109.2Mt at 0.87% Ni (948,900 tonnes contained nickel). A full Feasibility Study was completed in July 2024 and updated in May 2025: updated ore reserve of 52Mt at 0.78% Ni, 15-year open pit mine life, average annual production of ~22,600 tpa over the first seven years, first-quartile C1 cash cost of US$2.67/lb, and pre-production capex of US$380M.

An Installation Licence was granted in March 2025. Strategic partnering and financing are the current critical path to a Final Investment Decision.

Syrah Resources

Syrah Resources is an ASX-listed industrial minerals and battery materials company operating the world's largest integrated natural graphite mine and processing facility at Balama, Mozambique, and a downstream Active Anode Material (AAM) facility in Vidalia, Louisiana — the first vertically integrated natural graphite AAM operation outside China. Balama holds nameplate capacity of approximately 350,000 tonnes per annum and a reserve life exceeding 50 years at a high-grade 16% TGC. The Vidalia facility has a current nameplate of 11.25 ktpa AAM, with a feasibility study completed for an expansion to 45 ktpa subject to offtake and financing commitments.

Balama was suspended in mid-2024 due to weak graphite prices, disrupted by civil unrest in Mozambique in late 2024 — triggering a force majeure declaration — and only restarted in June 2025. Balama produced 26,000 tonnes in Q3 2025 and is operating in campaign mode. Vidalia delivered its first commercial AAM in 2025 and holds a binding offtake with Tesla for 8 ktpa; a seven-year offtake with NextSource was signed in March 2026. Syrah has filed anti-dumping and countervailing duty petitions against Chinese graphite AAM imports in the United States.

NOVONIX Ltd

NOVONIX is a NASDAQ and ASX-listed battery materials and technology company building what is expected to be North America's first large-scale commercial synthetic graphite anode material facility. Its principal asset is the Riverside facility in Chattanooga, Tennessee, which uses NOVONIX's proprietary continuous graphitization furnace technology to produce high-performance synthetic graphite for battery, defence, and industrial applications. Riverside is targeting 20,000 tpa at full capacity for Panasonic, Stellantis, and PowerCo, with commercial production slated to commence in early 2026.

US government backing includes a US$100 million DOE grant, US$103 million investment tax credit, and a conditional US$754.8 million DOE loan commitment for a planned second plant targeting 31,500 tpa by 2028. In February 2026 NOVONIX divested its Battery Technology Solutions testing equipment division, sharpening its focus exclusively on synthetic graphite manufacturing. A new CEO, Mike O'Kronley, was appointed in mid-2025. The company has also filed anti-dumping and countervailing duty petitions against Chinese graphite anode material imports.

Graphite One

Graphite One is a TSX-V listed development-stage company advancing what the US Geological Survey has identified as the largest known natural graphite deposit in the United States, at Graphite Creek, located approximately 60 kilometres north of Nome, Alaska. The company's strategic vision is a fully domestic mine-to-anode supply chain, with natural flake graphite mined at Graphite Creek processed and shipped to an advanced battery anode material (AAM) facility planned for Warren, Ohio. A bankable feasibility study completed in April 2025 — funded by a US$37.5 million Department of Defense grant — shows a post-tax IRR of 27% and NPV of approximately US$5 billion over a 20-year mine life.

The company received a US$325 million non-binding EXIM Letter of Interest for the Ohio facility in 2024, and a US$570 million EXIM Letter of Interest for the Graphite Creek mine in September 2025. Graphite Creek was accepted onto the federal FAST-41 permitting dashboard in June 2025 — the first Alaskan mining project with this status — and rare earth elements were confirmed at the deposit in November 2025. Graphite One intends to submit formal EXIM loan applications in 2026, targeting mine construction from 2027.

Frontier Lithium

Frontier Lithium Inc. is a Canada-based hard-rock lithium developer advancing its flagship PAK Lithium Project in northwestern Ontario, one of the most advanced spodumene pegmatite projects in the province with a defined mineral resource and ongoing expansion drilling. The company is progressing an integrated development strategy that contemplates both spodumene concentrate production and a downstream lithium salts conversion facility in Ontario, positioning the project within emerging North American battery supply chains.

The PAK deposit is characterised by relatively high grades and simple mineralogy, supporting favourable metallurgical recoveries and potential cost competitiveness. Located in a mining-friendly jurisdiction with access to hydroelectric power, the project benefits from infrastructure advantages relative to more remote developments. As a pre-construction developer, Frontier’s valuation remains tied to resource growth, feasibility study outcomes, permitting progress and financing execution.

Atlas Lithium

Atlas Lithium Corporation is a U.S.-listed lithium exploration company focused on developing a portfolio of hard-rock spodumene projects in Brazil’s Minas Gerais state, a region that has emerged as a significant lithium province. The company controls multiple exploration licences across the “Lithium Valley” district and is advancing resource definition drilling at its flagship Neves Project, targeting a scalable spodumene concentrate operation.

Atlas Lithium’s strategy centres on delineating economically viable pegmatite resources and progressing toward feasibility while leveraging Brazil’s established mining infrastructure and export logistics. As an early-stage explorer, the investment case is primarily driven by drilling results, resource growth and its ability to secure development funding or strategic partnerships.

FPX Nickel

FPX Nickel is a TSX-Venture-listed developer with a wholly distinct deposit type: awaruite, a naturally occurring nickel-iron alloy (Ni₃Fe) hosted in an ultramafic ophiolite complex in central British Columbia. The Baptiste Nickel Project — the most advanced awaruite deposit globally — has completed a 2023 Pre-Feasibility Study, with a Feasibility Study and Environmental Assessment underway following MYAB drilling programs in summer 2025.

The absence of sulphur in awaruite means no roasting or acid leaching is required; concentrate can be refined directly to battery-grade nickel sulphate, with significantly lower carbon intensity than conventional processing routes. NRCan awarded C$3.5M in non-repayable funding in September 2025, and Baptiste is the first project in BC's new Critical Minerals Office concierge programme.

American Lithium Corp

American Lithium Corp. is a North America-focused lithium developer advancing the TLC Lithium Project in Nevada, United States. TLC is a large sedimentary lithium deposit with a defined resource base and completed preliminary economic assessment, targeting production of battery-grade lithium carbonate for domestic supply chains.

The company’s strategy centres on progressing permitting, feasibility studies and metallurgical optimisation to position the project for development in a strategically important U.S. jurisdiction. As a pre-construction developer, valuation is closely tied to study outcomes, permitting progress and capital formation.

Lake Resources

Lake Resources NL is an Australian-listed lithium developer focused on direct lithium extraction (DLE) from brine assets in Argentina. Its flagship Kachi Project in Catamarca Province targets production of battery-grade lithium carbonate using proprietary DLE technology intended to reduce water usage and accelerate processing relative to conventional evaporation ponds.

The company’s strategy centres on proving commercial-scale DLE performance and securing financing and offtake to support staged development. As a pre-production brine developer, execution risk remains tied to technology validation, capital funding and lithium market conditions.

Renascor Resources

Renascor Resources is an ASX-listed developer advancing the Siviour Graphite Project on South Australia's Eyre Peninsula — the world's second-largest proven graphite reserve and the largest outside Africa — toward vertically integrated production of battery-grade purified spherical graphite (PSG). Siviour holds a proven reserve of 16.8 Mt at 8.2% TGC supporting a 40-year mine life. The company's downstream Battery Anode Material strategy uses a proprietary HF-free purification process achieving 99.98% purity, providing a cleaner alternative to the hydrofluoric acid purification standard in China.

The project holds Australian Federal Major Project Status and a conditional A$185 million loan from Export Finance Australia under the Critical Minerals Facility. A PSG demonstration facility in Adelaide processed a 730-tonne bulk ore sample in 2025 achieving 96.8% Cg concentrate at 96.5% recovery. Cash of A$97 million at Q3 2025. Non-binding offtake agreements covering up to 60,000 tpa PSG are in place with anode manufacturers in South Korea, China, and Japan; POSCO holds a strategic stake. FID is targeted in 2026.

EcoGraf Ltd

EcoGraf is an ASX-listed battery anode materials company building a vertically integrated graphite business spanning upstream mining in Tanzania, midstream mechanical shaping, and downstream HF-free purification facilities. The company's upstream asset is the Epanko Graphite Project in Tanzania — one of Africa's largest development-ready natural flake graphite deposits at 290.8 Mt at 7.2% TGC. EcoGraf's most distinctive asset is its proprietary EcoGraf HFfree purification technology, patented in the US and Australia, which reduces operating costs by approximately 34% versus conventional processing and delivers a carbon footprint of 5–10.6 kg CO₂/kg, achieving purities up to 99.99% C.

A Product Qualification Facility at Kwinana, Western Australia (5,000 tpa initial, expandable to 20,000 tpa) is approved and in commissioning. EcoGraf signed a cooperation agreement with the European Investment Bank in February 2026 covering technical assistance for the Epanko expansion study and integration into the EU battery anode value chain. The EU has recognised Epanko as a priority project under the Critical Raw Materials Act and encouraged EcoGraf to apply for Strategic Project status. An AngloGold Ashanti farm-in on EcoGraf's adjacent Golden Eagle gold project was activated in late 2025.

Quantum Graphite

Quantum Graphite is an ASX-listed developer advancing the Uley 2 flake graphite project on South Australia's Eyre Peninsula — one of the largest known high-grade natural flake graphite deposits in the world, built on the site of the century-old Uley mine. The project holds a JORC Ore Reserve of 4.0 Mt at 11.89% TGC for Stage 1, with substantial resource expansion potential. A completed DFS targets production of at least 100,000 tpa of high-purity coarse flake graphite from a fully permitted site at projected capital cost of approximately A$95 million.

Quantum received Australian Federal Major Project Status in March 2025. The company holds a binding offtake with Swiss trading group MRI Trading AG for 50% of Stage 1 production, with a further 20% committed to Sunlands Energy for graphite-based thermal energy storage (TES) applications — a distinctive non-battery offtake channel independent of EV demand cycles. As of early 2026, the company is progressing project financing and advancing IP acquisition for graphite purification technology.

Talga Group

Talga Group is an ASX-listed battery materials and technology company advancing what would be Europe's first vertically integrated mine-to-anode natural graphite operation — the Vittangi Anode Project in northern Sweden. The project consists of two assets: the Nunasvaara South graphite mine near Vittangi, one of the highest-grade graphite resources in Europe, and the Luleå Anode Refinery, a fully permitted commercial-scale facility designed to produce 19,500 tpa of Talnode-C, Talga's proprietary low-emission natural graphite anode material. Both assets are now fully permitted following the Swedish government's dismissal of all outstanding appeals in August 2025.

The refinery holds a EUR 70 million EU Innovation Fund grant, a EUR 150 million senior debt commitment from the European Investment Bank (undrawn), Strategic Project status under both the EU Critical Raw Materials Act and Net-Zero Industry Act, and a Swedish Industriklivet 1 grant. FID is targeted for 2026. Binding offtake with Nyobolt covers approximately 3,000 tonnes, with expressions of interest covering over 80% of initial 5,000 tpa capacity.

Atlantic Lithium

Atlantic Lithium Limited is a UK- and Australia-listed lithium developer advancing the Ewoyaa Lithium Project in Ghana, one of the most advanced hard-rock spodumene projects in West Africa. Ewoyaa hosts a defined mineral resource and completed feasibility work outlining a conventional open-pit, dense media separation operation targeting spodumene concentrate production for export. The project benefits from relatively simple metallurgy, proximity to existing infrastructure and port access, supporting a potentially competitive cost profile. A key strategic feature is Atlantic’s partnership with Piedmont Lithium, which has earned a significant project-level interest and secured long-term offtake rights for a portion of Ewoyaa’s future spodumene production.

The relationship provides technical collaboration and a potential pathway into North American supply chains, while Atlantic retains exposure to project development and resource expansion upside. As a pre-construction developer, valuation remains linked to permitting, financing execution and final investment decision timing.

Falcon Energy Materials

Falcon Energy Materials (formerly SRG Mining) is a TSX-V-listed developer pursuing a mine-to-market integrated battery anode materials strategy anchored by the Lola Graphite Project in Guinea and the Morocco Anode Plant, a planned CSPG facility at Jorf Lasfar near Casablanca. A PEA filed January 2025 outlined a combined after-tax NPV8% of US$1.32 billion and IRR of 43% over 25 years, with initial capital of US$185 million for Lola and US$73 million for the Morocco plant. A CSPG pilot plant at Jorf Lasfar was completed in Q4 2025 and is producing samples for customer qualification trials.

The company closed a C$25 million private placement in February 2026. A material legal risk overhangs the upstream asset: in May 2025 a presidential decree from Guinea purported to revoke the Lola project's exploitation permit alongside 50 other licences. Falcon has contested this and is pursuing legal remedies internationally while pressing ahead with its Morocco downstream strategy and seeking third-party graphite feedstock as a contingency.

Westwater Resources

Westwater Resources is a NYSE American-listed battery-grade natural graphite developer advancing a fully vertically integrated domestic graphite supply chain in Alabama. The company's two-asset strategy centres on the Kellyton Graphite Processing Plant — a US$245 million facility currently under construction in Kellyton, Alabama, designed to produce approximately 7,500 tpa of battery-grade coated spherical purified graphite (CSPG) at Phase 1 — and the Coosa Graphite Deposit, the largest known natural flake graphite resource in the contiguous United States, with 26 million short tons of indicated resources at 2.89% Cg approximately 50 kilometres from Kellyton.

As of early 2026, the Kellyton plant is in the equipment installation and optimisation phase, with a qualification line producing CSPG samples for customer trials. Stellantis terminated its binding offtake agreement in November 2025, pausing Westwater's debt syndication process; two offtake agreements with SK On and Hiller Carbon remain active. The company is pursuing EXIM and other government financing and held approximately US$53 million in cash as of November 2025.

Ardea Resources Ltd

Ardea Resources is an ASX-listed nickel-cobalt developer advancing the Kalgoorlie Nickel Project (KNP) in Western Australia — Australia's largest nickel-cobalt resource and one of the top 10 globally (854Mt at 0.71% Ni, 0.045% Co). The Goongarrie Hub is progressing through a fully-funded A$98.5M Definitive Feasibility Study with Sumitomo Metal Mining and Mitsubishi Corporation, who are earning into a 50% interest upon FID.

The DFS uses a simplified HPAL-only flowsheet producing Mixed Sulphide Precipitate and is targeted for completion in H1 2026. Conditional financing support from Export Finance Australia and US EXIM Bank totals approximately A$1 billion. The project holds Major Project Status through October 2028.

Leading Edge Materials

Leading Edge Materials is a Canadian micro-cap developer holding a portfolio of European critical raw material assets, most relevantly for graphite investors the fully built and permitted Woxna Graphite Mine in central Sweden — one of the only production-ready graphite facilities in the Western world outside China. Woxna has nameplate capacity of approximately 10,000 tpa of natural flake graphite concentrate at 94–97% Cg, is fully permitted, and has previously been in commercial operation. The company is actively evaluating a restart and completed updated metallurgical testwork in 2025, working with an engineering consultant on a restart study.

The portfolio also includes the Norra Kärr Heavy Rare Earth Element project in Sweden — one of Europe's most significant HREE deposits — for which an exploitation concession application is pending and a new pre-feasibility study is targeted for 2026. In February 2026 the company signed an MOU with Ascension Earth Resources to test rare earth recovery using proprietary leach technology. A Woxna restart would be low-capex but requires additional capital; the company held working capital of only C$1.88 million at fiscal year-end October 2025.

Winsome Resources

Winsome Resources Limited is an Australia-listed lithium explorer and developer focused on hard-rock spodumene assets in Québec, Canada. Its flagship Adina Lithium Project in the Eeyou Istchee James Bay region is a large pegmatite discovery with a growing mineral resource and ongoing drilling aimed at expanding scale and improving confidence. The company is advancing metallurgical test work and early-stage development studies to position Adina as a potential standalone spodumene concentrate operation serving North American and European battery supply chains.

As an exploration-stage company, investment exposure is primarily driven by resource growth, study outcomes and permitting progress in a mining-friendly jurisdiction.

Blencowe Resources

Blencowe Resources is an AIM-listed graphite developer advancing the Orom-Cross Graphite Project in northern Uganda — the country's most advanced graphite project and one of the few globally to hold a 21-year mining licence. The project is characterised by near-surface, free-dig saprolite mineralisation requiring no drilling or blasting, consistently producing concentrate grading 96–97% TGC upgradeable to 99.99% TGC. A DFS is targeted for publication in early 2026, funded in part by a US$5 million technical grant from the US International Development Finance Corporation, underpinning Phase 1 production of approximately 20,000 tpa of concentrate.

Blencowe is engaged in the European battery supply chain through the EU SAFELOOP consortium, where Orom-Cross graphite achieved 99.98% purity and was incorporated into a natural-graphite-dominant EV anode. The company has a non-binding offtake with Qingdao TaiDa Carbon for 5,000 tpa. First production is targeted for H1 2027 following equity fundraising of approximately £5 million in 2025, with project financing discussions active.

Critical Elements

Critical Elements Lithium Corporation is a Canada-based developer advancing the Rose Lithium–Tantalum Project in Québec, a hard-rock spodumene deposit with a completed feasibility study and federal environmental approval. The project is designed as an open-pit operation producing spodumene concentrate with tantalum as a by-product, targeting battery supply chains in North America and Europe. With key permits in place, the primary focus is securing financing and strategic partnerships to advance toward construction.

E3 Lithium

E3 Lithium Ltd. is a Canada-based lithium developer advancing direct lithium extraction (DLE) from brines in Alberta’s Leduc Formation. The company’s Clearwater Project targets production of battery-grade lithium hydroxide integrated with Alberta’s existing oilfield infrastructure, aiming for lower land and water intensity relative to conventional brine evaporation. E3 is focused on piloting and commercial validation of its DLE technology and progressing engineering studies toward a modular development pathway.

Nickel 28 Capital

Nickel 28 Capital is a TSX-Venture-listed battery metals royalty and streaming company whose primary asset is an 8.56% joint-venture interest in the Ramu Nickel-Cobalt Operation in Papua New Guinea (operated by MCC). Ramu is a long-life, first-quartile cost HPAL operation producing MHP at a cash cost of approximately US$3.07/lb in Q3 2025. Attributable production in Q3 2025 was 9,242 tonnes of contained nickel — up 34% year-on-year.

Nickel 28 also manages ten NSR royalties on nickel and cobalt projects in Canada, Australia, and Papua New Guinea, including royalties on the Dumont and Turnagain projects. Upon repayment of partner loans, Nickel 28's Ramu interest will step up to 11.3%.

Zentek

Zentek is a TSXV and NASDAQ-listed graphene IP development and commercialization company based in Guelph, Ontario. The company has pivoted from its roots as a graphite mineral explorer — it holds 100% of the Albany Graphite Project in Northern Ontario, a rare hydrothermal graphite deposit capable of producing ultra-high-purity graphite at >99.9% Cg — toward a platform for graphene-based technology applications. Zentek's commercial focus has narrowed to ZenGUARD, a graphene-silver antimicrobial coating for surgical masks and HVAC filter media; ZenARMOR, a graphene oxide-based corrosion inhibitor for aviation coatings; and Albany Graphite Corp, a subsidiary advancing the Albany project toward a pre-feasibility study.

Revenues remain very small — approximately C$872,000 in fiscal 2025 — and the company continues to operate at a loss while building commercial momentum. A C$500,000 Critical Minerals Innovation Fund grant was awarded to Albany Graphite Corp in 2025 for purification and anode development work.

Sherritt International

Sherritt International is a TSX-listed nickel-cobalt producer primarily through its 50% stake in the Moa Joint Venture in Cuba — one of the few operating HPAL facilities in the Western hemisphere outside Australia, with the other 50% held by the Cuban government. The Moa JV produces mixed sulphides (~33,000 tonnes nickel and ~3,300 tonnes cobalt per year at nameplate), shipped to Fort Saskatchewan, Alberta, where Sherritt's refinery converts them into finished nickel and cobalt rounds.

The company faces persistent headwinds from US sanctions on Cuba that limit capital market access and complicate banking relationships, and has undergone multiple debt restructurings.

Lithium South

Lithium South Development Corporation is a Canadian lithium explorer advancing the Hombre Muerto North (HMN) Project in Argentina’s Salta Province. The project comprises brine concessions within the Hombre Muerto salar basin, adjacent to established lithium operations, and hosts a defined lithium brine resource. The company is progressing technical studies and permitting with the objective of developing a conventional evaporation-based lithium carbonate operation, with project advancement dependent on financing and strategic partnerships.

NextSource Materials

NextSource Materials is a TSX-listed battery materials company that has achieved first production at its Molo Graphite Mine in southern Madagascar — one of the largest and highest-quality graphite deposits in the world and the only known source of SuperFlake® graphite, a proprietary grade with natural carbon purity of 94–97% Cg achievable with simple flotation. Phase 1 production commenced in June 2023, with first commercial shipments in October 2024 to customers in Germany and the United States. The company is operating in campaign production mode following disruptions from three cyclones and milling circuit inefficiencies identified in early 2025, limiting current plant capacity to approximately 11,000 tpa.

NextSource has pivoted its downstream Battery Anode Facility strategy toward the UAE, announcing a positive technical and economic study for a facility in Abu Dhabi in October 2025 and executing term sheets with strategic investors in January 2026. A binding offtake was signed with Mitsubishi Chemical Corporation in August 2025 for CSPG anode material for the North American EV market. Vision Blue Resources holds approximately 47.7% of NextSource and provided a US$20 million credit facility.

Cobalt Blue Holdings

Cobalt Blue Holdings (ASX: COB) is a small Australian exploration and development company advancing the Broken Hill Cobalt Project in New South Wales — a pyrite-hosted cobalt deposit targeting production of battery-grade cobalt sulphate. The company is pre-revenue with a market capitalisation of approximately A$29 million as of early 2026, reflecting the extreme pricing pressure on cobalt development projects during the 2022–2025 down cycle. With cobalt prices recovering from their 2024–2025 lows following the DRC export ban, Cobalt Blue's primary near-term focus is advancing feasibility work and securing offtake arrangements that could underpin project financing for what would be a rare non-DRC, non-nickel-linked Western cobalt supply source.

The project's Australian jurisdiction and potential for ESG-credentialed supply are its principal differentiators in a market where supply chain security concerns are increasingly commercially relevant.

Northern Graphite Corp

Northern Graphite Corporation is the only operating flake graphite producer in North America and is advancing a mine-to-battery strategy spanning mining, processing, and Battery Anode Material (BAM) production across Canada, Namibia, and Europe. The company's primary producing asset is the Lac des Îles (LDI) mine in Québec — acquired from Imerys in 2022 — which was placed into temporary care and maintenance in November 2025 following a bearing failure in the mill, with restart and a major pit expansion underway in early 2026, funded in part by a C$6.2 million federal government contribution.

Northern also owns the fully permitted Okanjande mine in Namibia, on care and maintenance but targeting a restart in 2026. Downstream, Northern's Battery Materials Group operates a laboratory in Frankfurt, is developing a BAM plant in Baie-Comeau, Québec, and has a planned BAM facility in France that was awarded Strategic Project status under the EU Critical Raw Materials Act in 2025. Additional growth assets include the advanced-stage Bissett Creek project in Ontario.

Wealth Minerals

Wealth Minerals Ltd. is a Canada-based lithium exploration company focused on brine assets in Chile’s Salar de Atacama and surrounding salars. The company holds early-stage concessions prospective for lithium-bearing brines and is advancing exploration and permitting activities within Chile’s evolving regulatory framework for lithium development. As a junior explorer, progress is primarily dependent on securing partnerships and advancing resource definition in a competitive jurisdiction.

Graphex Group

Graphex Group is a Hong Kong-listed graphite processing and anode material company with over a decade of commercial-scale production experience in China and an ambition to build a parallel mine-to-battery supply chain in North America through its US subsidiary, Graphex Technologies LLC, headquartered in Warren, Michigan. The company operates spherical graphite and coated spherical graphite production in Qingdao, Shandong Province, China, with current nameplate capacity of approximately 10,000 tpa and plans to expand to 50,000 tpa in the near term. Graphex Technologies has signed a binding offtake with Syrah Resources for natural flake graphite feedstock and non-binding MOUs with EV OEMs and battery manufacturers for proposed North American facilities.

The company's US accessibility was materially reduced in May 2025 when NYSE American delisted its American Depositary Shares for failure to file Form 20-F for fiscal year 2023; the ADSs now trade on the OTC Expert Market. Ordinary shares continue to trade normally on HKEX: 6128. Graphex remains one of few listed ex-China companies with actual commercial anode production revenue; the North American strategy, though strategically positioned, carries governance risk.

Green Technology Metals

Green Technology Metals Limited is an Australia-listed lithium developer advancing hard-rock spodumene projects in Ontario, Canada. Its principal assets include the Seymour, Root and Wisa Lake projects in northwestern Ontario, where the company is undertaking resource expansion drilling and development studies aimed at establishing a regional lithium hub.

GT1’s strategy includes potential downstream conversion in Ontario to integrate into emerging North American battery supply chains. As a pre-construction developer, progress is tied to resource growth, feasibility advancement and financing execution.

International Graphite

International Graphite is an ASX-listed downstream graphite processing developer building Australia's first commercial graphite micronising facility at Collie in Western Australia, with a longer-term vertical integration strategy anchored by its 100%-owned Springdale Graphite Project near Hopetoun, WA (49.3 Mt at 6.5% TGC, the second-largest graphite deposit in Australia). The company's approach is deliberately modular and capital-light: establishing downstream processing operations first using third-party concentrate feedstock, before connecting Springdale as long-term feedstock supply. The Collie Micronising Facility — targeting Stage 1 output of 4,000 tpa at A$6.3 million capital cost — secured development approvals in Q4 2025 with production targeted for 2027.

A qualification-scale facility at Collie has already processed over 1,200 kg of graphite for customer testing. A second stream is a 50/50 joint venture with Arctic Graphite AS in Germany to develop a 4,200 tpa expandable graphite facility in the Bitterfeld-Wolfen chemical park at total capex of A$11.2 million. Australian government grants received or contracted total approximately A$17.2 million. Springdale FID is targeted by end-2026.