January 23, 2026 12:36 PM GMT Battery metals: Domestic industrial-grade and battery-grade hydroxide prices rose 3.5% and 4.0% WoW, respectively. Industrial- and battery-grade lithium carbonate prices both rose 3.5% WoW. Gold: Prices increased 6.9% WoW to US$4,936/oz. Steel: Shanghai HRC prices and CRC prices both edged down 0.6% WoW. Shanghai rebar prices dipped 0.2% while Tangshan billet prices declined 1.3% WoW. Long steel inventories at traders increased 2.0% WoW and flat steel inventories down 0.9% WoW. ...

Critical Metals (NasdaqGM:CRML) Update / briefing January 22, 2026 08:00 AM ET Company ParticipantsAshish Gupta - Head of Investor RelationsTom McNamara - Director of Corporate Development and IRTony Halliday - Group Process ManagerConference Call ParticipantsTim Moore - Equity Research AnalystOperatorGreetings and welcome to the Critical Metals Corp business update call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone sh ...

Core Viewpoint - Avalon Advanced Materials Inc. is hosting a webinar on January 20, 2026, to discuss its critical minerals platform and strategic growth initiatives, focusing on its Nechalacho Rare Earth Elements and Zirconium Project and plans for lithium supply chain integration [1][2]. Group 1: Company Overview - Avalon Advanced Materials Inc. is a Canadian critical minerals company focused on developing strategic assets essential for a resilient North American supply chain [4]. - The company is advancing the Nechalacho Rare Earth Elements and Zirconium Project, which contains all light and heavy rare earth elements, as well as yttrium, zirconium, tantalum, and niobium [4]. - Avalon is also working on vertically integrating the Ontario lithium supply chain through the development of Lake Superior Lithium Inc.'s lithium hydroxide processing facility in Thunder Bay, Ontario [4]. Group 2: Strategic Initiatives - The Nechalacho Project is highlighted as one of the largest and highest-quality North American resources for rare earth elements, which are critical for defense, clean energy, and advanced technology supply chains [2]. - Avalon plans to develop a lithium hydroxide processing facility to connect northern Ontario's lithium resources with the growing electric vehicle battery manufacturing base in southern Ontario and North America [4]. - The company is advancing the Separation Rapids Lithium Project through a joint venture with SCR Sibelco NV and is continuing exploration at its Snowbank lithium and Lilypad lithium-cesium deposits [4]. Group 3: Webinar Details - The webinar will feature Avalon's President and CEO Scott Monteith and CFO Lorin Crenshaw, who will provide insights into the company's initiatives and market positioning [2]. - A live Q&A session will follow the presentation, allowing investors to engage directly with company leadership [2][3].

Summary of Key Points from the Conference Call Industry Overview: Lithium - **Demand Revisions**: Significant upward revisions in lithium demand forecasts, particularly driven by energy storage systems (ESS) and commercial vehicles, with a projection of 3.5 million tonnes of lithium carbonate equivalent (LCE) by 2030, aligning with the upper end of consensus estimates [2][5][38] - **Supply Dynamics**: Despite increased supply forecasts from regions like China, Africa, and Australia, the projected deficits in the near term have widened, indicating a prolonged incentive price environment [2][5][44] - **Price Forecasts**: - Spodumene prices are expected to rise to $2,000 per tonne by Q4 2026, up from approximately $1,100 per tonne [2][5][12] - Lithium carbonate prices are forecasted to reach $18,000 per tonne, compared to a current spot price of around $13,500 per tonne [2][5][12] Key Insights on Demand - **ESS Growth**: ESS production forecast for 2026 has been raised by 17% to 900 GWh, with ESS expected to represent 32% of total LCE demand in 2026, increasing to 38% by 2030 [5][38] - **EV Battery Demand**: Global forecasts for battery demand in battery electric vehicles (BEVs) have increased by 4-22% for the period 2026-2030, driven by larger battery sizes in commercial vehicles [5][40][42] - **Commercial Vehicle Adoption**: High-density truck (HDT) EV battery installations have reached a four-year high of 28%, with expectations that commercial vehicles will account for 18% of total LCE EV demand by 2026, up from 13% [5][40] Supply Forecasts - **Supply Increases**: Supply forecasts for 2026 have increased by approximately 7%, with longer-term forecasts rising by 14-18% [5][44] - **Mine Restarts**: Notable restarts include Bald Hill and Ngungaju in Australia, with Greenbushes expected to maintain throughput at approximately 9 million tonnes per annum [5][48] - **Regional Contributions**: - Australia is projected to contribute significantly to supply increases, while Chile and Argentina have seen slight reductions in long-term volumes [5][48] Stock Recommendations - **Upgrades to Ratings**: All pure-play lithium stocks have been upgraded to "Overweight" (OW), with specific price targets set for: - IGO Ltd. at A$10.20, offering approximately 50% upside [6][10][19] - Pilbara Minerals Ltd. at A$4.80, offering around 24% upside [6][10][19] - Liontown Resources at A$1.85, with a 37% upside potential [6][10][19] Market Dynamics - **Deficit Projections**: The market is expected to experience a deficit of 4-7% of demand in the medium term, necessitating price increases to incentivize new supply [5][12][52] - **Stock Performance**: Lithium miners have seen a rally of over 25% since October, closely tracking spot spodumene prices [6][21] Additional Insights - **Long-term Price Stability**: The long-term spodumene price remains unchanged at $1,300 per tonne, indicating a cautious approach to forecasting in a fluid market [12][13] - **Global Vehicle Sales**: Projections for global vehicle sales indicate a steady increase, with battery electric vehicles expected to grow significantly in market share [49] This summary encapsulates the critical insights and projections from the conference call, focusing on the lithium industry, demand and supply dynamics, stock recommendations, and market trends.

Core Viewpoint - Rock Tech Lithium Inc. has engaged ICP Securities Inc. for automated market making services to enhance liquidity and trading of its shares, starting from December 11, 2025, for an initial term of four months [1][10]. Group 1: Company Overview - Rock Tech is focused on making the battery industries in Europe and North America more independent and competitive by ensuring a supply of high-quality, locally produced lithium [5]. - The company operates lithium hydroxide converter projects in Guben, Germany (24,000 tonnes LHM per year) and Ontario, Canada (up to 36,000 tonnes LCE per year), which are crucial for supplying the battery and automotive industries [6]. - Rock Tech sources raw materials exclusively from verifiably ESG-compliant suppliers, including its wholly owned Georgia Lake Project in Canada, which supports a sustainable supply for the North American market [7]. Group 2: Market Making Agreement - The agreement with ICP Securities includes a monthly fee of C$7,500, with no performance factors or stock options involved [1][3]. - ICP will primarily address temporary imbalances in the supply and demand of Rock Tech's shares and will bear the costs of its market making activities [3][4]. - The market making services aim to improve liquidity and trading conditions for Rock Tech's shares, which is expected to benefit the company's overall market presence [10].

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: Lithium and Battery Energy Storage Systems (BESS) - **Market Dynamics**: The lithium market is expected to experience a demand increase of approximately 10% through 2030, driven primarily by BESS and automotive sectors [2][3][4] Core Insights - **Demand Forecast**: - Global battery demand is upgraded to 11% CAGR from 2025 to 2030, with BESS demand projected to grow by 4-37% [3] - BESS is expected to account for ~31% of global battery demand by 2030, up from ~20% today [3] - In China, BESS demand is expected to grow at a CAGR of 27% from 2027 to 2030 [3] - The US market sees BESS as a solution for electricity supply-demand imbalances, supported by government subsidies and short lead times [3] - **Supply Response**: - Global lithium supply is expected to increase by 4-8% through 2030, with significant contributions from China, Australia, and Nigeria [4] - The market is currently in a deficit, with declining inventories indicating strong demand [4][58][59] - **Price Projections**: - Price assumptions for lithium have been increased by up to 150%, with spodumene prices expected to peak at $2,850/t and lithium carbonate at $24,375/t by 2027 [2][8] - The long-term price forecast remains stable at $18,000/t for lithium carbonate [8] Potential Risks - **Cost Implications**: - Higher lithium prices could increase EV costs by $400-800 per vehicle, but historical demand trends suggest sustainability at higher price levels [5] - For energy storage systems, lithium constitutes 24% of the overall cost, meaning a 30% increase in lithium prices would only translate to a 7% increase in total costs [5] Additional Insights - **Inventory Trends**: - Li2CO3 inventories in China have fallen significantly, indicating robust demand for EVs, with inventory months declining to below one month [58][59] - Current drawdown rates for Li2CO3 are annualizing over 120ktpa, reflecting strong market conditions [59] - **Global BESS Project Pipeline**: - The global BESS project pipeline from 2025 to 2030 is projected to exceed 1.8TWh across various development stages [65][70] Conclusion - The lithium market is poised for significant growth driven by BESS and automotive demand, with supply expected to catch up in the long term. Price increases are anticipated, but the market dynamics suggest that demand will remain robust despite potential cost pressures on end products.

Core Viewpoint - Grit Metals Corp. is initiating a non-brokered private placement to raise up to $1,000,000 through the sale of 10,000,000 units at $0.10 per unit, with proceeds aimed at working capital and corporate purposes [1][2]. Group 1: Offering Details - The Offering consists of units, each comprising one common share and one half of a common share purchase warrant, with each whole warrant allowing the purchase of one share at $0.25 for two years [1]. - The Offering is expected to close in December 2025, subject to customary conditions including TSX Venture Exchange approval [2]. - Securities issued will have a four-month-and-one-day resale restriction in accordance with securities laws [2]. Group 2: Company Overview - Grit Metals is focused on the Lithium-Cesium-Tantalum Finnish Pegmatite Project in central Finland, which is strategically located near the Keliber mine and production complex [3]. - The company is positioned to benefit from European legislation promoting environmentally friendly and energy-independent policies, particularly regarding access to rare earth elements and lithium [3]. Group 3: Industry Context - Keliber's parent company, Sibanye-Stillwater Limited, is investing an estimated €600 million in the Kautinen Region for the development of lithium mining infrastructure, including a spodumene concentrator and a lithium hydroxide chemical plant [4]. - This investment aims to establish a complete hard-rock spodumene pegmatite lithium supply chain, enhancing the region's lithium production capabilities [4].

Core Insights - The ResourceEU Plan signals Europe's intent to regain control over its raw materials supply, particularly lithium, which is deemed a strategic critical raw material for various industries including e-mobility and defense [1][2] - Rock Tech Lithium Inc. is positioned favorably as a strategic raw materials project under the EU's framework, with established technology and permits in place to contribute significantly to European lithium supply [1][2] Company Overview - Rock Tech Lithium Inc. aims to produce 24,000 tonnes of battery-grade lithium hydroxide annually at its Guben Converter in Germany, sufficient to supply batteries for approximately 500,000 electric vehicles per year [1] - The company is committed to responsible sourcing and aims to close the local battery loop by integrating recycled materials, thereby contributing to battery-grade material sovereignty and climate targets [2] Industry Context - The European Commission's ResourceEU Action Plan complements the Critical Raw Materials Act, setting binding targets for raw materials security by 2030, including 40% processing and 25% recycling of strategic materials within the EU [1] - The plan emphasizes the importance of the battery value chain and identifies lithium, cobalt, graphite, manganese, and nickel as critical raw materials for battery production and energy transition [1] Strategic Initiatives - The EU plans to mobilize up to three billion euros over the next twelve months for strategic projects, particularly in lithium and battery materials production, through a newly structured "CRM Bank" [1] - The Guben Converter project is recognized as a strategic initiative under the EU's Critical Raw Materials Act, expected to create approximately 200 jobs and enhance the regional lithium supply chain [1]

Summary of Conference Call on China Battery Materials Industry Overview - The lithium market is experiencing volatility due to potential supply disruptions from lepidolite mine suspensions and a stronger-than-expected battery production pipeline [1][2] - A demand-driven landscape is emerging, with expectations of a price and margin recovery in battery materials extending into 2026-27 [1] Key Insights - **Demand Growth Forecast**: Battery demand is projected to grow by 31% YoY in 2026, with Energy Storage Systems (ESS) and Electric Vehicle (EV) demand expected to increase by 45% YoY and 26% YoY, respectively [2][9] - **Destocking Trends**: Lithium destocking is estimated at ~15,000 tons during November 2025, with expectations that this trend will continue, favoring average selling price (ASP) increases and margin recovery in the lithium sector [3][19] - **Price Projections**: Forecasts for lithium prices (including VAT) are set at Rmb85,000/ton and US$890/ton during FY26 [3] Company-Specific Updates Ganfeng Lithium - **Rating Upgrade**: Ganfeng Lithium's stock rating has been upgraded to Buy, with a target price of Rmb85.51, reflecting a strong outlook due to robust battery demand and improving cost competitiveness from low-cost upstream resources [4][26][28] - **Financial Model Update**: FY25 EPS has been revised down by 16%, while FY26-27 EPS is revised up by 17% and 20%, respectively, indicating a positive outlook for the company's performance [27][34] Tianqi Lithium - **Rating Upgrade**: Tianqi Lithium's stock rating has also been upgraded to Buy, with a target price of Rmb71.69, supported by anticipated ASP and margin recovery due to strong battery demand [37][39] - **Financial Model Update**: FY25 EPS has been revised down by 29%, while FY26-27 EPS is revised up by 2% and 14%, respectively, reflecting a cautious yet optimistic outlook [38][45] Market Dynamics - **Supply Concerns**: The JXW mine's suspension has led to a decrease in lithium carbonate supply, but the resumption of operations is not expected to significantly alter the current destocking pattern [22][23] - **Backward Integration**: Battery manufacturers are increasingly integrating backward into lithium supply chains, indicating a potential upcycle in the lithium market [25] Additional Considerations - **Economic Factors**: The improving economics of ESS, particularly in China, are expected to support demand growth, with ESS projected to account for ~30% of total battery demand by 2030 [9][11] - **Investor Sentiment**: There are concerns regarding the sustainability of ESS demand growth, but industry checks suggest robust demand is likely to continue, driven by significant capacity expansions from major battery manufacturers [16][17] Conclusion - The lithium market is poised for recovery, driven by strong demand from the battery sector, particularly in ESS and EVs. Both Ganfeng and Tianqi Lithium are well-positioned to benefit from these trends, with upgraded ratings reflecting positive market sentiment and financial outlooks.

Core Viewpoint - Lithium Argentina AG and Ganfeng Lithium Group have announced the results of the Scoping Study for the Pozuelos-Pastos Grandes lithium brine project, highlighting a significant partnership aimed at advancing lithium production in Argentina [1][4]. Project Overview - The PPG Project integrates three projects owned by Ganfeng and Lithium Argentina, with Ganfeng holding a 67% stake and Lithium Argentina holding 33% [1][14]. - The project is located in Salta Province, Argentina, and is designed to produce primarily lithium carbonate, with flexibility for lithium hydroxide and lithium chloride [12][9]. Environmental Approval - The Environmental Impact Statement (DIA) for Stage 1 of the PPG Project was issued by the Secretariat of Mining and Energy of Salta Province after a 14-month review [2][5]. Scoping Study Results - The Scoping Study indicates an annual production capacity of 150,000 tonnes per annum (tpa) of lithium carbonate equivalent (LCE) over a 30-year project life, with Stage 1 targeting 50,000 tpa [6][7]. - The project has a measured and indicated resource of 15.1 million tonnes (Mt) of LCE, making it one of the largest undeveloped lithium brine resources globally [7]. Economic Metrics - The estimated initial capital cost for Stage 1 is $1.1 billion, with a total capital cost of $3.3 billion over the project's life [8][22]. - At a lithium carbonate price of $18,000 per tonne, the after-tax NPV at an 8% discount rate is projected to be $8.1 billion, with an internal rate of return (IRR) of 33% [8][27]. Operating Costs - The operating cash cost is estimated at $5,027 per tonne, with an all-in sustaining cost (AISC) of $5,351 per tonne over the project's life [7][38]. - For Stage 1, the projected operating cash cost is $5,344 per tonne [20][38]. Financing and Development - The company is exploring financing options, including debt, offtake agreements, and minority equity investments to support Stage 1 development [35][36]. - The project aims to leverage Argentina's Régimen de Incentivo para Grandes Inversiones (RIGI) framework to enhance long-term competitiveness and improve after-tax cash flow [21]. Next Steps - The RIGI application is expected to be submitted in the first half of 2026, following the receipt of the environmental permit [35][21]. - A technical report compliant with NI 43-101 standards will be filed within 45 days of the announcement [5][40].