Published 20 September 2026 · Public research teaser
Illustrative photography. Not a GIS Reserve project or client.
The evidence
IEA reports nickel, cobalt, graphite and rare-earth demand grew by 6–8% in 2024, while several battery-metal prices declined.
The business implication
A 2021 retrospective should test how a scarcity thesis withstands later supply growth. Separate ore, intermediate product and refined metal economics. Assess recovery rates, energy costs, logistics and saleability rather than applying a single battery-market growth rate to all products.
What could change the result?
Chemistry substitution, processing reliability, emissions intensity and commodity cycles can impair value.
Sources checked 20 September 2026. Original GIS Reserve interpretation accompanies short summaries of public evidence. Scenarios are illustrative, not investment forecasts. No assurance of funding.
RESERVE · RESEARCH & ADVISORY