Lithium

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.

Macro driver

Battery cycle

Exchanges

TSXV and CSE

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 to 2024 cycle showed how fast the market can flip from shortage to surplus.

What we watch.

EV production data, brine and spodumene cost curves, Chinese battery capacity utilization, and lithium juniors on the TSXV with defined resources.

Research

Lithium research.

Aerial view of pink and white salt evaporation ponds, under the headline Lithium

Market Notes

Lithium Supply Chains: Brine, Hard Rock, and Recycling

Lithium comes from three main sources: South American brines, hard rock spodumene mines, and (eventually) battery recycling. Here is how the...

2 min readJun 4, 2026