The known frontier of electric mobility Industry consultations and extensive literature review reflect broad awareness that EVs are highly mineral-intensive. By 2035, EVs are projected to account for 86% of total lithium demand, 55% of cobalt and one-third of global rare-earth consumption, placing their supply chains at the centre of future mineral balances. The following breakdown illustrates how key EV components translate into distinct minerals’ demand, each shaping exposure and supply dependencies differently. Battery pack Batteries are a key driver of EV mineral demand. Two cathode chemistries dominate: nickel- manganese-cobalt (NMC) and lithium-iron- phosphate (LFP). Chemistry choices shape EV cost and performance and the geographic footprint of upstream refining and processing, with the shift towards LFP reducing reliance on cobalt and nickel.Motor Traction motors and associated power electronics, while relatively small in mass, add another layer of material exposure. Permanent-magnet motors rely on REEs such as neodymium (Nd) and dysprosium (Dy), alongside copper in windings and busbars. Wiring and power electronics Power electronics and wiring make EVs significantly more copper-intensive than internal combustion engine (ICE) vehicles, with aluminium substitutions in some designs where standards allow and dependence on silicon and emerging silicon- carbide (SiC) semiconductors, whose specialized manufacturing capacity is tight against rising demand. Structure (chassis and body) Metal mass in EVs is dominated by steel and aluminium. These are mature, globally traded metals with established recycling flows, but their scale makes them production-critical.1.1 Trend: Evolving battery chemistries, motor designs and power electronics are reshaping material demand across EV value chains – reducing reliance on cobalt and nickel through LFP adoption, raising copper and semiconductor needs through electrification of drivetrains and increasing aluminium use through light-weighting and megacast structures.3 From Minerals to Megawatts: Building Resilience for EVs, Data Centres and Power Grids 7

From Minerals to Megawatts 2025