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

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

· ⁠⁠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

……………

Join 14k+ subscribers to the ⁠⁠⁠⁠Director’s Special⁠⁠⁠⁠: one daily email with all the news that matters in mining

……………

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.