Yes, I'd be more than happy to.
The critical materials are the ones that are produced in the hundreds of thousands of tonnes, like lithium, cobalt, graphite, and then subsequent anodes and cathodes after that. They will go through a very stressful 10 years. What I mean by that is that there will be extreme volatility. There will be moments of significant undersupply, and then moments of significant oversupply, and then continuous. We've already experienced that with lithium in the last four years.
What's happening is that the demand for these raw materials is growing at a pace that no one alive has seen. This is an order of magnitude over 10 years that could be anywhere from a four to ten times demand change within that time period, depending on the battery raw material that you're looking for.
I've spoken to the chiefs of big mining companies like Rio Tinto and Anglo American about this and asked them if they had seen it in base commodities that we're more familiar with, but not this great curve and not at this pace.
A good story in my head that I always take away is that it takes four to seven years to build and fund a lithium mine, but it takes 18 months to build a battery plant. So you can instantly see the problem with them and how the supply chain is going to build out, and that leads to the volatility that I mentioned at the start.