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Excerpt from April 23, 2024, BMO Metals Brief:

The IEA has released its Global EV Outlook 2024, which expects global electric car sales to remain robust in 2024, reaching ~17 million units sold. The outlook finds that under today’s policy settings, every other car sold globally is set to be electric by 2035, and if all countries climate pledges are met on time, this could rise to two in every three cars sold. As discussed in our most recent EV and Battery report, China’s influence on EV markets is starting to be picked up in some emerging markets, such as Vietnam and Thailand, where EV’s accounted for 15% and 10% of car sales respectively in 2023. Meanwhile, in China more than 60% of electric cars sold in 2023 were less expensive than their ICE equivalents while in the US and Europe electric cars remain 10% to 50% more expensive. China’s strategy to produce smaller, cheaper, and more accessible EV’s is driving its EV success, indeed, recent data from the China Passenger Car Association shows over the first two weeks of April, NEV’s made up 50.4% of all passenger vehicle sales.

Reuters - April 22, 2024

European firms such as automakers and financial institutions need to step up investment in critical minerals for the region to develop domestic sources of the key raw materials for the energy transition, the head of an EU-funded organisation said…"There's literally no equity being invested by financial institutions into the sector," Bernd Schaefer, CEO of EIT RawMaterials, told Reuters…"We also need more commitment from downstream players," he said, referring to end users of the materials. "That has to change if we really want to move forward and act accordingly to what is stipulated in the Critical Raw Materials Act (CRMA)."…Demand for 34 raw materials including copper, nickel and rare earths is forecast to rise sharply. The European Commission has estimated that the EU will require 18 times more lithium in 2030 than in 2020 and fives times more cobalt…Governments such as France, Germany and Italy have launched national investment funds which include support for critical mineral projects, but more needs to be done, Schaefer said…"Risk aversion in Europe is prevailing. I think European companies are on a learning curve and I'm hopeful and positive they will step up."

Unknown - April 23, 2024
Posco Newsroom
Posco Newsroom

The trends in POSCO Group’s flagship business area are explained by experts in an easy-to-understand manner…The spotlight is on lithium and cobalt as the core minerals for rechargeable battery materials. Lithium is a key element essential for manufacturing rechargeable batteries, and plays a role in determining the battery’s energy density. Cobalt, a critical ingredient in increasing battery capacity, is as an indispensable component for high-capacity rechargeable batteries, and its production area is concentrated in regions such as the Democratic Republic of Congo (D.R. Congo) in Africa…The Korea Institute of Geoscience and Mineral Resources has identified lithium, nickel, cobalt, graphite, rare earth elements, and platinum metals as the six critical minerals essential for realizing carbon neutrality and preparing for energy transition by 2022…POSCO Group is currently the only company in South Korea that produces both cathode and anode materials at the same time. The cathode materials consist of nickel, cobalt, lithium, manganese, and the anode materials rely on graphite as a vital component. Currently, POSCO Group procures more than 80% of the core minerals for cathode materials and more than 90% for anode materials from China…Amid escalating tensions between the United States and China, stricter sanctions on critical Chinese minerals by the U.S. and Europe are underscoring the urgent need to diversify supply chains…Africa is a rich mineral region that has approximately one-third of the world’s mineral reserves. In particular, cobalt, a key mineral, is produced in Africa, which accounts for more than 70% of global production, while for the platinum metals, it is more than 80%...China has been proactive in securing Africa’s core minerals for a long time. As a result, Chinese companies have secured around 70% of African cobalt and have made significant investments in countries such as Zimbabwe and Namibia to secure lithium…Korean firms have yet to secure significant contracts for core mineral supplies in Africa…As mentioned earlier, POSCO Group heavily relies on imports of Critical minerals for rechargeable battery materials from China. While the group has been receiving a stable supply from China to produce cathode and anode materials, the escalating tensions between the U.S. and China and China’s control of exports of critical minerals pose risks to the supply chain. Therefore, POSCO Group intends to secure a stable supply chain for rechargeable battery materials by cooperating with global companies in mineral-rich countries.

EVs & Energy Storage
S&P Global - April 23, 2024

The International Energy Agency raised April 23 its estimates for global oil demand displacement from booming sales of electric vehicles citing growing policy impetus in key markets…New emissions standards adopted in the US, EU, and Canada over the past year mean oil demand displacement from electric vehicles (EVs) will amount to 6 million b/d by 2030 and 11 million b/d by 2035 based on current policies, the IEA said in its latest annual Global Electric Vehicle Outlook…If countries fully meet all their announced energy and climate pledges, the amount of oil displaced by electric vehicles will rise up to 12 million b/d, the IEA said citing its more optimistic Announced Pledges Scenario (APS)…In its previous outlook for EVs published in April 2023, the IEA estimated more than 5 million b/d of oil demand would be displaced globally by 2030 under its base-case scenario…"The continued momentum behind electric cars is clear in our data, although it is stronger in some markets than others," said IEA Executive Director Fatih Birol. "Rather than tapering off, the global EV revolution appears to be gearing up for a new phase of growth."…With EV sales continuing to surge, global electricity demand to recharge them could reach nearly 2,200 TWh in the base-case scenario, the IEA said…Sales of electric cars, vans, trucks, buses, and two- and three-wheelers are expected to hit 17 million globally in 2024, the IEA estimates, up from almost 14 million in 2023, led by strong growth in China, the US, and the EU…The IEA estimates that, under current policy settings, half of all cars sold globally by 2035 is set to be electric, a figure that would rise to 66% if countries meet all their announced energy and climate pledges…"Electric cars continue to make progress towards becoming a mass-market product in a larger number of countries. Tight margins, volatile battery metal prices, high inflation, and the phase-out of purchase incentives in some countries have sparked concerns about the industry's pace of growth, but global sales data remain strong," the IEA said in the report.

For further information about the NICO Project and its Mineral Reserves, please refer to the Technical Report on the Feasibility Study for NICO, entitled "Technical Report on the Feasibility Study for the NICO-Gold-Cobalt-Bismuth-Copper Project, Northwest Territories, Canada", dated April 2, 2014 and prepared by Micon, which has been filed on SEDAR and is available under the Company's profile at


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