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Surging Demand for Cathode Ac(ve Materials Used in EVs

Demand for cri(cal minerals and CAM used in the produc(on of rechargeable ba=eries is expected to increase substan(ally
during this decade – driven by Western Government’s phasing out sales of internal combus(on engines (ICEs).

Ba=ery Metal Demand in Europe Ba=ery Metal Demand in the UK
European Demand: (Thousand Tonnes) (Thousand Tonnes)

! European CAM demand for light-duty vehicles 1,400 1395 120 160 149 12
is expected to surpass 500kt by 2025. 140
1,200 100 10
! Demand increases fivefold from 2021 to 2030. 120

1,000 80 Cathode 100 8 Cathode
UK Demand: CAM, Nickel and Lithium 800 60 Cobalt and Manganese Nickel CAM, Nickel and Lithium 80 6 Cobalt and Manganese Nickel
Lithium
Lithium
! UK CAM demand for light-duty vehicles is 600 568 560 Cobalt 60 Cobalt
expected to approach 150kt by 2030. 459 40 Manganese 60 49 4 Manganese
400 42
272 40
262
20 20 20 2
200 118 20
50 55 7
3 3
0 0 0 0
2021 2025 2030 2021 2025 2030

Source: Advanced Propulsion Centre UK, Q1 2022 Automotive Industry Demand Forecast, June 2022.
Note: Passenger cars and light commercial vehicles are less than 3.5 tonnes. Page 5