Lithium coverage.

Lithium supply splits three ways: South American brines, hard rock spodumene, and recycling. The three streams have different cost curves and different lead times.

The setup.

EV adoption drives base-case demand. The question is which supply source fills the gap, and when.

The risk.

Lithium prices are volatile. The 2022-2024 cycle showed how fast the market can flip from shortage to glut.

Our read.

We watch: EV production data, brine vs spodumene cost curves, Chinese battery capacity utilization, and TSXV lithium juniors with real resources.

Related research.

Plain-language research on small cap mining and resource companies on the TSXV and CSE.

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Bellmare Capital publishes research and commentary for informational purposes only. Nothing here is investment advice or a recommendation. Bellmare Capital is operated by Apollo Shareholder Relations, which provides paid investor relations services and may be compensated in cash or securities by companies discussed. See the full Disclaimer. © 2026 Bellmare Capital.

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