With so much unfolding in China across the battery metalsspace, we sat down with YJ Lee at the perfect time.

YJ runs a fund focused on the energy transition and bringsdeep expertise in both metals and battery markets. In this conversation, we dig into China’s policy pivot toward anti-involution and its knock-on effects for lithium and EVs. From there we dive deep into lithium itself – covering the demand and supply outlook, the surge in BESS, why inventories are often misunderstood, and plenty more.

Follow YJ on Twitter: @usuallyYJLee

Recorded 19 August 2025.

TIMESTAMPS

(00:00) Introduction

(02:06) China's Anti-Evolution Policy Impact on Lithium Markets

(04:40) China's Competitive Market Dynamics

(14:20) Licensing in China's Lithium Industry

(20:00) The Growing Demand for EVs

(24:14) Astounding Growth in BESS

(25:17) China's Commercial Battery Economics

(27:37) Solar and Battery Integration

(28:33) LFP Dominance

(29:25) CATL and Sodium-Ion Batteries

(31:36) Lithium Market Dynamics

(40:06) Global EV Adoption Trends

(42:51) Overrated or Underrated: Quick Fire Segment

(45:40) Closing Remarks and Reflections

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PARTNERS

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· ⁠⁠Axis Mineral Services⁠⁠ – Crushing services for all requirements in mining, milling & civil applications | jason.orourke@axisminerals.com.au

· ⁠⁠⁠Sandvik Ground Support⁠⁠⁠ – The only ground support you’ll ever need

· ⁠Africa Down Under⁠ – Get your tickets for Australia’s premier African-focused conference, running from Sept 3 – 5

· ⁠⁠Focus by Marketech⁠⁠ – All your mining news and market needs in one powerful platform | ⁠⁠10-day free trial⁠⁠

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FOLLOW & CONNECT

• YouTube: ⁠⁠⁠@MoneyofMine⁠⁠⁠

• Twitter / X: ⁠⁠⁠@moneyofminepod⁠⁠⁠

• ⁠⁠⁠LinkedIn⁠⁠⁠ | ⁠⁠⁠Instagram⁠⁠⁠ | ⁠⁠⁠Facebook⁠⁠⁠

• Travis Ricciardo: ⁠⁠⁠@TRAVmoneyofmine⁠⁠⁠⁠

• Jonas Dorling: ⁠⁠⁠@JDmoneyofmine⁠⁠⁠⁠

• Email us Word on the Decline: gc@moneyofmine.com

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DISCLAIMER

All information in this podcast is for education and entertainment purposes only and is of general nature only. Please ensure you read our ⁠⁠⁠full disclaimer⁠⁠⁠.

We kick things off with Australia’s bold indication to set arare earth floor price – a page right out of the US playbook – and then dive into the big question: Will the government step in to rescue all our struggling smelters and refiners?

Then, we pick a part the most interesting content fromDiggers & Dealers, including funny takes, companies to watch plus the big themes.

Companies mentioned: PNR, VAU, RMS, EMR, PMT, WTM, SMI, BTR, MM8, RXL, TCG, JMS, OBM, CMM, GMD, GNG

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TIMESTAMPS

(00:00) Introduction

(00:37) Aussie rare earth price floor to come?

(11:24) Diggers highlights

(13:24) Pantoro

(15:55) Vault

(17:27) Ramelius

(22:02) Emerald

(24:40) Patriot

(25:05) Waratah

(26:01) Santana

(27:31) Brightstar

(27:58) Medallion

(29:53) Rox

(31:43) Turaco

(32:37) Jupiter

(35:54) Big theme: bigger mills

……………

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PARTNERS

Thank you to the mining services businesses that make this content possible:

· ⁠⁠⁠⁠⁠Sandvik Ground Support⁠⁠⁠⁠⁠ – The only ground support you’ll ever need

· ⁠⁠⁠⁠⁠CrossBoundary Energy⁠⁠⁠⁠⁠ – Independent power producer for the global mining industry | tim.taylor@crossboundary.com +61 466 184 943

……………

FOLLOW & CONNECT

• YouTube: ⁠⁠⁠⁠⁠@MoneyofMine⁠⁠⁠⁠⁠

• Twitter / X: ⁠⁠⁠⁠⁠@moneyofminepod⁠⁠⁠⁠⁠

• ⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠

• Travis Ricciardo: ⁠⁠⁠⁠⁠@TRAVmoneyofmine⁠⁠⁠⁠⁠⁠

• Jonas Dorling: ⁠⁠⁠⁠⁠@JDmoneyofmine⁠⁠⁠⁠⁠⁠

• Email us Word on the Decline: gc@moneyofmine.com

……………

JOIN THE GROUP CHAT

• Step 1: Join the ⁠⁠⁠⁠⁠Money Miners Facebook Group⁠⁠⁠⁠⁠

• Step 2: Request access to the ⁠⁠⁠⁠⁠HOOTEROO chat⁠⁠⁠⁠⁠

……………

DISCLAIMER

All information in this podcast is for education and entertainment purposes only and is of general nature only.

Please ensure you read our ⁠⁠⁠⁠⁠full disclaimer⁠⁠⁠⁠⁠.

With the quarterly season wrapping up, we pick apart the most interesting updates in the market.

First up: Boss Energy. A leadership shake-up and a cloudedoutlook for Honeymoon saw the share price halve.

Then to Liontown, who’re still grinding to get KathleenValley up and humming.

Next, we unpack Greatland, who were hit by a 24% drop on the back of grade issues and an elevated cost guidance.

And finally, we delve into the retail shareholder activismat Warriedar, as Capricorn circles with a takeover bid.

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TIMESTAMPS

(00:00) Introduction

(1:28) Boss Energy’s Brutal Week

(14:16) Liontown Grinds

(25:43) Greatland’s Miss

(32:21) Why Warriedar Shareholders Don’t Like the CapricornDeal

……………

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PARTNERS

Thank you to the mining services businesses that make this content possible:

· ⁠⁠⁠⁠Grounded⁠⁠⁠⁠ - Infrastructure for remote mining and civil projects Australia wide | Paul Natoli: pn@groundedgroup.com.au

· ⁠⁠⁠⁠Sandvik Ground Support⁠⁠⁠⁠ – The only ground support you’ll ever need

· ⁠⁠⁠⁠CrossBoundary Energy⁠⁠⁠⁠ – Independent power producer for the global mining industry | tim.taylor@crossboundary.com +61 466 184 943

……………

FOLLOW & CONNECT

• YouTube: ⁠⁠⁠⁠@MoneyofMine⁠⁠⁠⁠

• Twitter / X: ⁠⁠⁠⁠@moneyofminepod⁠⁠⁠⁠

• ⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠ | ⁠⁠⁠⁠Instagram⁠⁠⁠⁠ | ⁠⁠⁠⁠Facebook⁠⁠⁠⁠

• Travis Ricciardo: ⁠⁠⁠⁠@TRAVmoneyofmine⁠⁠⁠⁠⁠

• Jonas Dorling: ⁠⁠⁠⁠@JDmoneyofmine⁠⁠⁠⁠⁠

• Email us Word on the Decline: gc@moneyofmine.com

……………

JOIN THE GROUP CHAT

• Step 1: Join the ⁠⁠⁠⁠Money Miners Facebook Group⁠⁠⁠⁠

• Step 2: Request access to the ⁠⁠⁠⁠HOOTEROO chat⁠⁠⁠⁠

……………

DISCLAIMER

All information in this podcast is for education and entertainment purposes only and is of general nature only.

Please ensure you read our ⁠⁠⁠⁠full disclaimer⁠⁠⁠⁠.

Today’s episode is a conversation on what remains Australia’s most intriguing company, Mineral Resources (aka MinRes).We invite on Moz, who unpacks with us his thesis for investing in the diversified miner after publishing his thesis on Twitter.The detailed discussion goes into the weeds on Mt Marion & Wodgina, the haul road, transhipping and governance to name a few subjects.Moz's Twitter account is @onslowshippingThis interview was recorded on 28.7.2025.

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TIMESTAMPS

(00:00) Introduction, Viral Meme
(02:33) Obsession with Mineral Resources
(05:33) Challenges and Market Perception
(15:48) Transparency and Reporting Issues
(28:10) CEO Chris Ellison's Leadership
(36:48) Chris's Hubris and Capital Allocation
(37:29) Lithium Investments and Market Assumptions
(39:13) Mining Services Business
(39:48) Joint Ventures and Operational Viability
(44:44) Onslow Project and Iron Ore Production
(56:49) Challenges and Risks of the Haul Road
(01:08:46) Expansion Potential and Financial Considerations
(01:16:58) Mining Services Contracts and Lithium Sale
(01:17:35) The Carry Loan
(01:19:47) Liquidity Concerns and Debt Management
(01:24:13) Iron Ore Market and Cost Analysis
(01:27:21) Operational Risks and Project Viability
(01:33:15) Leadership and Future Outlook
(01:34:46) Investment Thesis and Market Sentiment

……………

Join 12k+ subscribers to the ⁠⁠⁠Director’s Special⁠⁠⁠:one daily email with all the news that matters in mining

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PARTNERS

Thank you to the mining services businesses that make this content possible:

· ⁠⁠⁠Grounded⁠⁠⁠ - Infrastructure for remote mining and civil projects Australia wide | Paul Natoli: pn@groundedgroup.com.au

· ⁠⁠⁠Sandvik Ground Support⁠⁠⁠ – The only ground supportyou’ll ever need

· ⁠⁠⁠CrossBoundary Energy⁠⁠⁠ – Independent power producer for the global mining industry | tim.taylor@crossboundary.com +61 466 184 943

……………

FOLLOW & CONNECT

• YouTube: ⁠⁠⁠@MoneyofMine⁠⁠⁠

• Twitter / X: ⁠⁠⁠@moneyofminepod⁠⁠⁠

• ⁠⁠⁠LinkedIn⁠⁠⁠ | ⁠⁠⁠Instagram⁠⁠⁠ | ⁠⁠⁠Facebook⁠⁠⁠

• Travis Ricciardo: ⁠⁠⁠@TRAVmoneyofmine⁠⁠⁠⁠

• Jonas Dorling: ⁠⁠⁠@JDmoneyofmine⁠⁠⁠⁠

• Email us Word on the Decline: gc@moneyofmine.com

……………

JOIN THE GROUP CHAT

• Step 1: Join the ⁠⁠⁠Money Miners Facebook Group⁠⁠⁠

• Step 2: Request access to the ⁠⁠⁠HOOTEROO chat⁠⁠⁠

……………

DISCLAIMER

All information in this podcast is for education and entertainment purposes only and is of general nature only.

Please ensure you read our ⁠⁠⁠full disclaimer⁠⁠⁠.