Understanding mineral intensity Understanding how mineral reliance connects these interdependent systems is the first step towards building resilience. EVs, data centres and ET&D underpin modern economies and daily life. Each drives electrification and digitalization, relying on overlapping materials, suppliers, refining capacities and interdependent systems. Batteries, semiconductors and transformers rely on overlapping refining and manufacturing hubs concentrated in a few countries. EVs charge on the grid; data centres use the grid to operate; the grid needs a steady flow of transformers, cables and power electronics; and global value chains depend on data. Recognizing these interdependencies is essential for effective planning and coordinated action. 1 Resilient mineral supply chains will determine how fast electrification, digital infrastructure and global competitiveness can scale. Overview of growth trajectory, and minerals and metals used for select value chains FIGURE 1 Lithium Cobalt Graphite REEs Nickel Magnesium Copper Tantalum Aluminium Zinc Silver Manganese Phosphorous Silicon Iron Gallium Germanium Tin Copper Gold Cobalt Silver Nickel Aluminium Lithium Silicon Graphite REEs Iron Lead Vanadium Copper Lithium Graphite Aluminium Zinc Iron Phosphorous SiliconRelevanceElectric vehiclesGrowth trajectory Global sales of EVs (million vehicles) Battery electric vehicle (BEV) 20241839 17662 27713 69100 11159 304912 2029e 2035eKey metals and minerals Sorted by contribution to global metals and minerals demand Plug-in hybrid electric vehicle (PHEV)EV demand will exceed 20m cars in 2025 >40% of new car sales by 2030 will be EVs Global vehicle investment is estimated at $3.5t annuallyData centresGlobal data centre capacity (gigawatt) Conventional 2024 2029e 2035eAIData centres are becoming key for national economic security Capacity will triple between now and 2035 $3-7t in global investments are estimated by 2030 2276166 91 90110Electricity transmission and distributionGlobal ET&D grid length (million kilometres) 2024 2029e 2035e60m km of new or replacement electricity lines are needed by 2035 Electricity demand is forecast to rise at 4% annually through 2027 $600b investment in electricity grids is needed by 203080 Note: Based on International Energy Agency (IEA) announced pledges scenario Sources: S&P Global, IEA,1 Bank of America Securities,2 Bloomberg, Kearney analysis From Minerals to Megawatts: Building Resilience for EVs, Data Centres and Power Grids 5

From Minerals to Megawatts 2025