Endnotes 1 IEA. (2025, February 25). Building the Future Transmission Grid. Retrieved from IEA: https://www.iea.org/reports/building- the-future-transmission-grid; IEA. (2025). Global Critical Minerals Outlook 2025. Retrieved from IEA: https://www.iea.org/ reports/global-critical-minerals-outlook-2025; IEA. (2025). Global EV Outlook. Retrieved from IEA: https://www.iea.org/ reports/global-ev-outlook-2025 2 Bank Of America Securities. (2024, September 9). Who Makes the Data Center 3 IEA. (2024). Trends in Electric Vehicle Batteries. Retrieved from IEA: https://iea.blob.core.windows.net/assets/a9e3544b- 0b12-4e15-b407-65f5c8ce1b5f/GlobalEVOutlook2024.pdf; Shah, A. (2025). India revs up alternate EV motor tests as China curbs rare earths exports. Retrieved from Reuters: https://www.reuters.com/world/china/india-revs-up-alternate- ev-motor-tests-china-curbs-rare-earths-exports-2025-09-09/; Advanced Propulsion Centre UK. (2024). E-Motor Value Chain Insight Report. Retrieved from Advanced Propulsion Centre UK: https://www.apcuk.co.uk/wp-content/ uploads/2024/05/2024-e-motors-value-chain-insight.pdf; US Department of Energy. (2025). Wide Bandgap Power Electronics Strategic Framework. Retrieved from US Department of Energy: https://www.energy.gov/sites/default/ files/2025-01/AMMTO%20Draft%20WBG%20PE%20Strategic%20Framework_FINAL.pdf 4 International Council on Clean Transportation. (2024). Electrifying road transport with less mining: A global and regional battery material outlook. Retrieved from https://theicct.org/wp-content/uploads/2024/12/ID-206-%E2%80%93-Battery- outlook_report_final.pdf 5 IEA. (2024). Electric Vehicle Batteries. Retrieved from IEA: https://www.iea.org/reports/global-ev-outlook-2025/electric- vehicle-batteries 6 Open Compute. (2023). OCP OAI SYSTEM LIQUID COOLING. Retrieved from https://www.opencompute.org/ documents/oai-system-liquid-cooling-guidelines-in-ocp-template-mar-3-2023-update-pdf 7 S&P Global. (2022). The Future of Copper – Will the looming supply gap short-circuit the energy transition? Retrieved from IHS Markit: https://cdn.ihsmarkit.com/www/pdf/0722/The-Future-of-Copper_Full-Report_14July2022.pdf 8 BloombergNEF. (2025). Global Energy Storage Growth Upheld by New Markets. Retrieved from BloombergNEF: https:// about.bnef.com/insights/clean-energy/global-energy-storage-growth-upheld-by-new-markets/ 9 S&P Global. (2025, April 11). From 6 years to 18 years: The increasing trend of mine lead times. Retrieved from S&P Global Market Intelligence: https://www.spglobal.com/market-intelligence/en/news-insights/research/from-6years-to- 18years-the-increasing-trend-of-mine-lead-times 10 For example, Alba’s Line 6 expansion for aluminium (Bahrain) was commissioned over approximately 3 years, Lynas’ Kalgoorlie REE cracking and leaching facility (Australia) over 5 years, and Syrah’s Vidalia AAM graphite facility (USA) in 7-8 years 11 IEA. (2022). The State of Clean Technology Manufacturing. Retrieved from IEA: https://iea.blob.core.windows.net/ assets/0a421001-6157-436d-893c-c37eeab54967/TheStateofCleanTechnologyManufacturing.pdf 12 LG Magna’s Ramos Arizpe e-Powertrain plant was built in around 12-18 months, Vitesco’s Ostrava power electronics facility in under 12 months, and Hitachi Astemo’s Berea e-motor operation in 12-26 months 13 Bynum, R. (2024, October 8). Hyundai has begun producing electric SUVs at its $7.6 billion plant in Georgia. Retrieved from AP News: https://apnews.com/article/hyundai-ev-georgia-production-begins-ioniq-424cf322822f707e7070260a7 89ffb59; Shanghai Observer. (2024, October 12). Tesla’s Shanghai Gigafactory marks 3m vehicle production milestone. Retrieved from International Services Shanghai: https://english.shanghai.gov.cn/en-Latest-WhatsNew/20241014/ d1de06b6f9c54445aa5beb2b7dd43abf.html 14 IEA. (2024). Global EV Outlook. Retrieved from IEA: https://iea.blob.core.windows.net/assets/a9e3544b-0b12-4e15- b407-65f5c8ce1b5f/GlobalEVOutlook2024.pdf 15 IEA. (2024). Electric Vehicle Batteries. Retrieved from IEA: https://www.iea.org/reports/global-ev-outlook-2025/electric- vehicle-batteries 16 IEA. (2024). Trends in Electric Vehicle Batteries. Retrieved from IEA: https://iea.blob.core.windows.net/assets/a9e3544b- 0b12-4e15-b407-65f5c8ce1b5f/GlobalEVOutlook2024.pdf 17 USGS. (2025). Mineral Commodity Summaries 2025. Retrieved from https://pubs.usgs.gov/periodicals/mcs2025/ mcs2025.pdf 18 Intel. (2023). How Semiconductor Factory Works. Retrieved from Intel: https://newsroom.intel.com/tech101/how-a- semiconductor-factory-works 19 Lenovo’s Üllő (Hungary) plant was completed in about 11 months, Wiwynn’s Johor (Malaysia) facility ramped up in 15 months, and Foxconn’s Quang Ninh (Vietnam) campus targets 20-30 months to production 20 The Wärtsilä Porto do Açu (Brazil) plant was completed in around 18 months, and the Rolls-Royce Kluftern (Germany) plant was completed in 24 months 21 JP Morgan Asset Management. (2025). Guide to the Markets. Retrieved from https://am.jpmorgan.com/content/dam/ jpm-am-aem/americas/br/en/insights/market-insights/mi-gtm-latam-br-en.pdf 22 Hitachi’s new Virginia transformer plant was announced in 2025 and is scheduled to begin operations in 2028 From Minerals to Megawatts: Building Resilience for EVs, Data Centres and Power Grids 36

From Minerals to Megawatts 2025