The document argues that forecasts for demand growth in green metals are overhyped and unrealistic. It cites forecasts showing growth rates as high as 42x for lithium over the next 20 years, and claims these forecasts will not come to fruition. It also notes that there has not been enough capital investment or exploration, especially grassroots exploration, to support achieving the forecasted demand levels. The document concludes that the case for overhyped forecasts of green metals demand has been made.

1. The forecast demand for green
metals is completely overhyped
and will not materialize!
1

2. 2
Clean energy technologies & minerals
19 to 42x growth: get real!
*SDS = Sustainable Development Scenario
Deloitte, 2022
The forecast demand for green metals is completely overhyped and will not materialize!
Really!?

3. 3
Mining capital investment
Capex up 18%: not enough!
The forecast demand for green metals is completely overhyped and will not materialize!
PwC, 2022
Not enough!

4. 4
Global exploration
Not enough, wrong commodities & places
S&P, 2022
56%
21%
4%
4%
1%
2%
1%
11%
2021 exploration spend by commodity
Gold
Copper
Zinc
Nickel
PGMs
Diamonds
Uranium
Others
The forecast demand for green metals is completely overhyped and will not materialize!

5. 5
The forecast demand for green metals is completely
overhyped and will not materialize!
◆ Forecast demand completely unrealistic
◆ 42x growth in Lithium in 20-years!
◆ Not enough capital investment
◆ Currently 18% growth year-on-year
◆ Not enough exploration, particularly grass roots
◆ Mostly focused on gold and advanced / mine site exploration
I rest my case …