Demand for more efficient energy storage is an ongoing structural thematic we view will continue through the next decade. Lithium-ion batteries for consumer electronics, Electrical Vehicles (EV) and Electrical Energy Storage systems, will see Lithium demand grow at >10% cagr through to the end of decade to 300ktpa+. The major demand swing factor is from EV for whom the outlook continues to brighten. This is evidenced by the major car manufacturer’s commitment to rolling out EV and by the multi-billion dollar investment in Lithium-ion battery mega-factories by Tesla, Warren Buffett’s BYD and others. Global average Lithium Carbonate contract prices have risen yoy to US$6,000/t+ and more recently the domestic spot prices in China have risen to ~US$14,000/t due to changing industry supply dynamics. Undersupplied lithium markets should persist over the medium-term given the inability for any significant supply side response globally. Security of timely, stable, large-scale Lithium supply is a growing issue for end users across the globe. In the attached we discuss our investments in two companies that have near term production capacity to meet Lithium's rising demand.