How Claude Code's iOS Port in 40 Minutes Exposes the Real Cost of AI Inference | DailySand

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How Claude Code's iOS Port in 40 Minutes Exposes the Real Cost of AI Inference

Sunday, July 5, 2026 · 32 items · 6 min read · Updated 6:03 PM

By the Numbers

$100M

fraud amount

Financial

5.3%

Mining Composite Input Cost Index YoY (May)

Critical Minerals

2.8%

Mining Composite Input Cost Index YoY (April, revised)

Critical Minerals

The Day's Thesis

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Signal of the Day: Canada commits C$500 million to convert the Red Chris copper mine to underground block-cave operation, as Comex copper closes the week at US$6.22/lb — a 2.59% weekly gain — amid competing demand from AI data centers, nuclear build-out, and grid electrification.

The 30-Second Read:

Canada's C$500M Red Chris copper commitment arrives as Comex copper hits US$6.22/lb, a 2.59% weekly gain
Open-source tool pxpipe cuts Claude Code token costs 59–70% by encoding text as PNGs, exposing a structural pricing arbitrage in Anthropic's billing model
US spot Bitcoin ETFs snapped a 10-day, US$2.7B outflow streak with US$221.7M in net inflows, led by Fidelity's US$166M single-day intake
Lithium carbonate prices have rebounded from a US$8,000/metric ton floor in June 2025, with ESS order books at some Chinese producers extending into Q1 2027

The day's events share a single underlying tension: the cost of compute and the cost of the materials powering it are both being stress-tested simultaneously. A 40-minute iOS port and a C$500M mine commitment are two data points on the same curve — inference economics and copper supply are converging on the same infrastructure buildout.

AI & Research Frontier

A Google DeepMind developer ported a 2003 PC game to native iOS in 40 minutes using Claude Code, a demonstration that compresses what was once a weeks-long engineering task into a single afternoon.

The Command & Conquer: Generals Zero Hour port required a full build within 40 minutes, with the complete source code published to GitHub — a public benchmark for agentic coding capability at a moment when the enterprise pricing of that capability is under direct attack.

The open-source tool pxpipe exploits Anthropic's image-based billing (charges calculated by pixel count, not text volume) to reduce Claude Code token costs by 59–70%, with developer Steven Chong reporting confirmed savings at the cost of some accuracy and latency. If pxpipe-style arbitrage scales, it compresses Anthropic's per-token revenue from its most active developer users — the exact cohort driving Claude Code adoption.

Sources & Items

AIThe Decoder

Claude Code and Fable 5 ported the 2003 PC game Command & Conquer to native iOS in "a few hours"

A Google Deepmind developer ported the 2003 real-time strategy game "Command & Conquer: Generals Zero Hour" to iPhone and iPad using Anthropic's Claude Code. The first build took 40 minutes. The full source code is on GitHub. The article Claude Code and Fable 5 ported the 2003 PC game Command & Conquer to native iOS in "a few hours" appeared first on The Decoder.

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TechTom's Hardware

SpaceX vaporizes 260 Starlink satellites in six months using Earth's atmosphere — new environmental concerns emerge over burning 2,700-pound orbital data centers, FCC seeks to exempt satellites from regulations

More coverage: daily AI news · AI technology news · AI finance news

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Critical MineralsINN Rare Earths

Top 5 Canadian Mining Stocks This Week: ATERRA Metals Gains 57 Percent

Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX, TSXV and CSE, starting with a round-up of Canadian news impacting the resource sector. Firstly, at the end of last week, the Minister of Energy and Natural Resources, Tim Hodgson announced up to a combined C$73 million in investments toward 12 projects in the Canadian mining sector. The funds comprise C$51.57 million through the First and Last Mile Fund, C$19.6 million through the Energy Innovation Program and nearly C$2 million through the Indigenous Natural Resource Partnerships program. Further news from the government came this week, including data on the mining sector's performance and government partnerships on mining and oil projects. On Monday (June 29), Statistics Canada released the natural resource indicators for the first quarter of 2026. Using the common baseline of 2017 constant prices, the data shows that the mineral and mining sector contributed C$11.74 billion to Canada’s gross domestic product (GDP) during the quarter, a 2.88 percent decline from the same quarter in 2025. From Q2 2025 onwards, the sector's GDP contribution has remained largely consistent. The energy sector's GDP contribution totaled C$40.31 billion in the first three months of 2026, an increase quarter-on-quarter but a small drop year-over-year from C$40.4 billion in Q1 2025. Then on Tuesday (June 30), the agency released its GDP by industry data for April, which shows that the mining, quarrying and oil and gas extraction sector rose 2.9 percent during the month. This represented the largest increase in the sector since February 2024, when it surged 3.2 percent, and reversed course from the 1.4 percent decrease recorded in March. Leading the way was a 3.7 percent increase in contribution by the oil and gas sector, highlighted by a 6.6 percent rise in oil sands extraction. However, not everything was positive; mining and quarrying saw a 0.1 percent drop, with a 2.2 percent decline in metal ore mining, as parts of the sector were constrained by maintenance-related shutdowns in Northern Saskatchewan. This was followed on Thursday (July 2) by the Government of Canada announcing that it will invest C$500 million to transition the Red Chris copper mine in Northern British Columbia from open pit to an underground block cave operation. Red Chris is a joint venture between Newmont (NYSE:NEM,ASX:NEM) and Imperial Metals (TSX:III,OTCPL:IPMLF). The funding announcement was welcomed by both Newmont and Imperial Metals, with Newmont stating that the “commitment strengthens the business case for the development of a world-class copper-gold operation.” Also on Thursday, the federal government and Alberta's provincial government announced their support for a new pipeline to the south coast of British Columbia, which the federal government is referring to the Major Projects Office. The project would follow the existing Trans Mountain Corridor and terminate at the Roberts Bank area south of Vancouver. Once complete, it is expected to carry up to 1 million barrels per day. The pipeline will be an equal partnership between the Federal and Provincial governments, including an equity stake for Indigenous Peoples and a 10 percent investment from Pembina Pipelines (TSX:PPL). The announcement comes alongside an agreement between British Columbia and the federal government to maintain the tanker moratorium along BC's north coast. For more on what’s moving markets this week, check out our top market news round-up. Markets and commodities react Canadian equity markets were positive this week. The S&P/TSX Composite Index (INDEXTSI:OSPTX) gained 1.28 percent over the week to close Friday (July 3) at 35,274.84, while the S&P/TSX Venture Composite Index (INDEXTSI:JX) rose 8.4 percent to 938.28. The CSE Composite Index (CSE:CSECOMP) was flat, rising just 0.27 percent to 158.83. Precious metals were also positive. The gold price gained 4.07 percent to close at US$4,174.76 per ounce on Friday at 4:00 p.m. EDT. The silver price fared even better, closing the week up 7.85 percent at US$62.37 on Friday. In base metals, the Comex copper price recorded a 2.59 percent increase this week to US$6.22. On the other hand, the S&P Goldman Sachs Commodities Index (INDEXSP:SPGSCI) was down 1.57 percent to end Friday at 617.11. Top Canadian mining stocks this week How did mining stocks perform against this backdrop? Take a look at this week’s five best-performing Canadian mining stocks below. Stocks data for this article was retrieved at 4:00 p.m. EDT on Friday using TradingView's stock screener. Only companies trading on the TSX, TSXV and CSE with market caps greater than C$10 million are included. Mineral companies within the non-energy minerals, energy minerals, process industry and producer manufacturing sectors were considered. 1. ATERRA Metals (CSE:ATC) Weekly gain: 57.14 percent Market cap: C$17.59 million Share price: C$0.055 ATERRA Metals is an exploration company focused on its Totora copper-gold project in Chile. The company finalized the option agreements in February for the three core properties that make up Totora – Frontera, Clinton and Taruca – as well as a fourth, Sevilla, which was added under the Clinton agreement at no additional cost. The area also hosts the Algarrobilla porphyry target, which lies south of the Totora porphyry. Historical exploration of Frontera produced a historic indicated resource of 16 million metric tons of ore at average grades of 0.38 percent copper and 0.22 grams per metric ton (g/t) gold, with an additional inferred resource of 34 million metric tons grading 0.36 percent copper and 0.22 g/t gold. While the other sites don't have historic resources, ATERRA highlighted historical drill results from Clinton, including a 166 meter interval at average grades of 0.23 percent copper and 0.31 g/t gold, and from Totora, including 142 meters grading 0.47 percent copper and 0.17 g/t gold. The company has been actively exploring Totora since acquiring the property. Its most recent news came on June 8, when ATERRA announced the completion of the Phase 1 program, in which it drilled a total of 2,745.6 meters comprising both reverse circulation and diamond drilling. The work mainly focused on the Totora and Algarrobilla porphyries, with one hole drilled at Frontera. The company said it remains on track to release a resource estimate for Totora in the third quarter of 2026, even though lab results would be delayed by four to six weeks. 2. Integral Metals (CSE:INTG) Weekly gain: 40.91 percent Market cap: C$11.22 million Share price: C$0.31 Integral Metals is an exploration company with a portfolio of critical mineral projects in the Northwest Territories and Manitoba, Canada, and Montana, United States. Its most advanced asset is the KAP project located in the Mackenzie Mountains of the Northwest Territories. The property consists of six claims covering an area of approximately 7,500 hectares and hosts zinc, gallium and germanium mineralization. In its 2026 exploration plan update released on January 12, the company said its activities would focus on "de-risking the project to advance to the next stage of evaluation." This would include detailed mineral and metallurgical studies and re-assays of historical drill samples dating back to the 1970s. The company also owns the Burntwood rare earth element project in Manitoba, where it is examining the potential for a small-scale drill program in 2026; and the Woods Creek rare earths project in Montana, where it will carry out surface-based work to delineate carbonatite dykes and expand geological mapping and sampling. Company shares were up this past week., although the company has not released any project-related news. 3. First Canadian Graphite (TSXV:FCI) Weekly gain: 38.89 percent Market cap: C$16.85 million Share price: C$0.375 First Canadian Graphite is an exploration company advancing its Lac Guéret South graphite project in the Côte-Nord region of Québec, Canada. The property sits adjacent to the Uatnan graphite project owned by Nouveau Monde Graphite (TSX:NOU,NYSE:NMG) . A June 2019 mineral resource estimate (MRE) for Lac Guéret demonstrated an indicated resource of 1.76 million metric tons of ore with a grade of 17 percent graphitic carbon, and an inferred resource of 1.53 million metric tons grading 16.4 percent. This week, First Canadian announced on Monday that it had mobilized to the site for a 2026 exploration program and was focusing on high-priority targets identified in recent airborne surveys, including Zone 13, an electromagnetic anomaly a kilometer in size, as well as Zones 1, 4 and 6. CEO John LaGourgue commented, "Zone 13 represents a compelling new discovery opportunity with significant scale potential, while Zones 1, 4 and 6 allow us to build on known high-grade graphite mineralization." 4. PJX Resources (TSXV:PJX) Weekly gain: 37.5 percent Market cap: C$40.19 million Share price: C$0.22 PJX Resources is an exploration company focused on gold, silver and base metal properties in British Columbia, Canada, including the Dewdney Trail project and the Zinger project. The company has largely been exploring claims around Cranbrook, in the southeast portion of the province, due to the co-existence of a significant base metals deposit with untapped gold potential. The region is home to the historic Sullivan mine, which produced most of the region’s production of over 285 million ounces of silver, 8.5 million metric tons of lead and 8 million metric tons of zinc. Additionally, the company states that the region may be responsible for more than 1.5 million ounces of historic placer gold production, but significant gold deposits have not yet been discovered. In total, the company has amassed a land claim of over 50,000 hectares in the region, centered around these historic claim sites. Share prices in PJX have gained momentum since the company announced on June 18 that it had opened a non-brokered private placement to raise gross proceeds of up to C$6.3 million, with the offering expected to close in two or more tranches by July 15. Funds raised through the placement will be used for fully permitted exploration programs at its flagship Dewdney Trail project set to begin in July, with secondary drilling at the Zinger property later in the summer if permits are renewed. The work is targeting the discovery of a Sullivan type sedex deposit at Dewdney Trail and a reduced intrusion-related gold system at Zinger. 5. South Pacific Metals (TSXV:SPMC) Weekly gain: 36.71 percent Market cap: C$38.72 million Share price: C$0.54 South Pacific Metals is a copper-gold exploration company with a portfolio of projects in Papua New Guinea. Its primary focus since the start of the year has been at its Osena project, a 738 square kilometer property located near K92 Mining's (TSX:KNT,OTCQX:KNTNF) Kainantu gold mine. On June 16, the company released results from exploration across its portfolio in the country, including ongoing drilling by two rigs in Osena's Ontenu NE area. The first hole drilled at the area's Megabe target returned a grade of 3.1 g/t gold and 15.4 g/t silver over 12 meters starting at 185 meters of depth, which included an intersection of 18.1 g/t gold and 84 g/t silver over 1 meter. Then on June 25, South Pacific announced that it had begun a new exploration program at its Kili Teke copper-gold project in the country's Hela province. The company had previously been conducting community outreach for the project, and secured support for exploration from local landowners and both provincial and local governments in late April and early May. SPMC has identified four prospect areas at Kili Teke, with the existing resource entirely contained within the Central Main Porphyry The resource currently stands at an inferred resource of 1.81 million ounces of gold and 802,000 metric tons of copper from 237 million metric tons of ore grading 0.24 g/t gold and 0.34 percent copper. This leaves the Ieru porphyry, Ridge gold Area and the Skarn corridor largely untested. The company is taking a staged, methodical approach, with early stages including reestablishing a base camp and the start of verification and reconnaissance mapping. FAQs for Canadian mining stocks What is the difference between the TSX and TSXV? The TSX, or Toronto Stock Exchange, is used by senior companies with larger market caps, and the TSXV, or TSX Venture Exchange, is used by smaller-cap companies. Companies listed on the TSXV can graduate to the senior exchange. How many mining companies are listed on the TSX and TSXV? As of March 2026, 906 mining companies and 71 oil and gas companies are listed on the TSXV, combining for 64 percent of the 1,524 total companies listed on the exchange. The TSX is home to 176 mining companies and 50 oil and gas companies. The exchange has 2,149 companies listed on it in total. Together, the TSX and TSXV host around 40 percent of the world’s public mining companies. How much does it cost to list on the TSXV? There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. As of April 2026, the listing fee alone will most likely cost between C$10,000 to C$70,000, and accounting and auditing fees could rack up between C$25,000 and C$100,000. Legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent. The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance. These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports. How do you trade on the TSXV? Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange's trading hours. Don't forget to follow us @INN_Resource for real-time updates! Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article. Editorial Disclosure: Copper Quest Exploration is a client of the Investing News Network. This article is not paid-for content.

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Critical MineralsINN Rare Earths

Crypto Market Update: US Spot Bitcoin ETFs Snap 10 Day Losing Streak

Here's a quick recap of the crypto landscape for Friday (July 3) as of 10:00 p.m. UTC. Get the latest insights on Bitcoin, Ether and altcoins, along with a round-up of key cryptocurrency market news. Bitcoin price update Altcoin price update Today's crypto news to know Bitcoin price update Bitcoin (BTC) was priced at US$62,149.53, up by 0.8 percent over the past 24 hours. Bitcoin finished the quarter 14 percent lower, but comments regarding inflation risks from US Federal Reserve Chair Kevin Warsh at Sintra on Wednesday (July 1) triggered a bounce in both Bitcoin and gold mid-week. In an analysis sent to the Investing News Network, Simon-Peter Massabni, head of business development at XS.com, said that Bitcoin's recent slide reflects a broader repricing of risk assets driven by tighter liquidity, weakening institutional demand and rising geopolitical risks, rather than the end of its long-term bull cycle. The short-term outlook remains cautious, but a potential end-of-quarter portfolio rebalancing, combined with stabilizing exchange-traded fund (ETF) flows and clearer Fed policy signals, could mark the start of a recovery, with the next trend determined more by institutional capital flows and macro fundamentals than by technical levels. This view was strengthened by Bitfinex Alpha’s observation that the selling is primarily crypto-native, with persistent net outflows from ETFs and treasury firms, and an options market that suggests traders expect volatility to continue. As long as institutional sellers do not pause and prices stay above the key realized-cost zone between US$53,000 and US$54,000, Bitcoin is more likely to drift down in a slow, steady manner rather than crash. Ether (ETH) was priced at US$1,743.33, trading 2.3 percent higher over the last 24 hours. According to Massabni, Ether's rebound is mainly a short-term corrective move driven by technical bottom-fishing, constrained by a weak macro backdrop and persistent negative spot Ethereum ETF flows, which have recently seen seven consecutive weeks of net outflows totaling around US$1.18 billion. ETH needs to reclaim key resistance levels alongside more stable ETF flows and improved risk appetite to aim toward US$1,700 - US$1,800; otherwise, it risks retesting or breaking below US$1,500 and extending the downtrend. Altcoin price update XRP (XRP) was priced at US$1.13, trading 3.7 percent higher over the past 24 hours. Solana (SOL) was trading at US$82.45, trading 1/4 percent higher over the past 24 hours. Today's crypto news to know Here's a breakdown of today’s biggest news in the crypto and blockchain markets, including: US spot Bitcoin ETFs break 10 day outflow streak Bank of Russia to launch digital ruble by September Binance issues delisting warnings for four major tokens Plaid explores US IPO at US$8 billion valuation Securitize lists on NYSE and tokenizes its own stock on debut Webull Canada to begin offering crypto trading Robinhood launches Robinhood Chain OUSD stablecoin launches, firms dispute inclusion US spot Bitcoin ETFs break 10 day outflow streak US spot Bitcoin ETFs returned to positive net inflows, snapping a dismal 10 day losing streak that had previously drained roughly US$2.7 billion from the funds. Collectively, the products pulled in a total of US$221.7 million, marking their largest daily haul in about two months, according to data by SoSoValue. The Fidelity Advantage Bitcoin ETF (TSX:FBTC) led the reversal with a US$166 million intake, followed closely by ARK 21Shares Bitcoin ETF (BATS:ARKB) at US$91.8 million and VanEck Bitcoin (BATS:HODL) at US$4.4 million. BlackRock's iShares Bitcoin Trust ETF (NASDAQ:IBIT) was the lone detractor from the positive trend, shedding US$40.4 million to extend a losing streak that dates back to mid-June. The sudden market turnaround follows a miserable June performance, which stood as the worst month on record for US spot Bitcoin ETFs after bleeding approximately US$4.5 billion. One of the catalysts for the reversal was attributed to a US labor report by the Bureau of Labor showing just 57,000 nonfarm payrolls added in June alongside a shifting tone from Fed officials, which collectively eased investor fears regarding aggressive future rate hikes. Bank of Russia to launch digital ruble by September The Bank of Russia announced it has finalized its technical preparations for the nationwide rollout of the digital ruble ahead of a mandated September 1 deadline. Bank of Russia Governor Elvira Nabiullina confirmed in an announcement that systemically important banks and large commercial retailers are required to integrate the new payment rail to accept the central bank digital currency. The upcoming commercial deployment marks the culmination of a three-year legislative push that began when President Vladimir Putin originally signed the digital ruble framework into law. Alongside the basic currency infrastructure, the central bank is actively exploring the deployment of smart contracts for business applications and piloting digital wallets directly on commercial bank balance sheets. To incentivize corporate adoption, the Central Bank plans to pay participating commercial financial institutions a small processing commission of 0.67 rubles for each completed payment. Binance issues delisting warnings for four major tokens Global crypto exchange Binance triggered an aggressive market selloff after adding four prominent altcoins to its internal "monitoring tag" list, a formal designation indicating an elevated risk of upcoming platform delistings. Anchored Coins AEUR, Vulcan Forged PYR, Secret, and Vanar Chain were added to the list after the platform determined the projects no longer fully satisfy its strict listing criteria. Under the mechanics of the Monitoring Tag system, active trading remains temporarily enabled on the exchange, but users are legally required to pass a mandatory risk acknowledgment quiz every 90 days and accept updated terms of use to retain Spot and Margin platform access. The exchange evaluates projects across multiple performance indicators, including ongoing developer commitment, market liquidity, regulatory compliance, and community engagement, with failure to improve resulting in permanent removal from the exchange. Following the announcement, both PYR and SCRT plunged 11 percent within a matter of hours as panicking retail investors fled their positions. Conversely, VANRY managing a modest 1 percent gain and the euro-pegged AEUR stablecoin absorbing the announcement with virtually no disruption to its steady US$1.12 valuation. Plaid explores US IPO at US$8 billion valuation Finance app Plaid, an infrastructure company that helps apps connect to users’ bank accounts, is reportedly considering an initial public offering (IPO), according to people familiar with the matter. Earlier this year, Plaid secured funding at a US$8 billion valuation. Securitize lists on NYSE and tokenizes its own stock on debut Securitize (NYSE:SECZ), which made its debut on the New York Stock Exchange on Thursday (July 2), also became the first newly public company to tokenize its own common stock. The company made tokenized shares available to eligible US investors on Avalanche and Solana, with the tokens representing the same NYSE-listed common stock, not a separate share class. In pre-market trading, Securitize briefly fell below its IPO price, but once regular trading started, shares rose about 3 percent. Webull Canada to begin offering crypto trading Webull Canada, a subsidiary of Webull (NASDAQ:BULL), received regulatory approval from the Canadian Investment Regulatory Organization (CIRO) and will begin offering cryptocurrency trading to Canadian investors via the Webull app. Supported digital assets include Bitcoin, Ether, Solana, XRP, Cardano and Litecoin, to name a few. Trading will take place 24/7 in real time, with a “low and transparent pricing structure.” Initial beta access for select clients will begin soon, with a broader rollout in the coming weeks. CEO Michael Constantino said the approval reflects Webull Canada’s commitment to giving Canadians “credible access to digital assets” and another way to diversify portfolios. Robinhood launches Robinhood Chain Robinhood (NASDAQ:HOOD) launched its Arbitrum-based blockchain, Robinhood Chain, during a keynote event in London this week, introducing stock tokens that let users trade tokenized versions of equities onchain. It also adds a lending product powered by Morpho, a decentralized money market protocol. Agentic crypto trading is included, meaning automated or AI-assisted trading strategies can operate on the chain. Robinhood has confirmed plans to expand its services in Canada, Singapore and the United Kingdom. OUSD stablecoin launches, firms dispute inclusion A consortium called Open Standard announced a new dollar stablecoin, Open USD (OUSD), backed by a coalition of more than 140 companies, including BlackRock (NYSE:BLK), Visa (NYSE:V), Mastercard (NYSE:MA), Coinbase Global (NASDAQ:COIN), Stripe and Google (NASDAQ:GOOGL). Open Standard says OUSD will launch later this year and return most reserve revenue to network participants, aiming to compete with Tether and Circle. However, several major firms in Asia, including Samsung Electronics (KRX:005930), Shinhan Financial Group (NYSE:SHG) and Dunamu, have said they did not engage in consultations and learned of their inclusion through news reports. Some said their names were listed as confirmed partners after they had indicated they would review participation. Don't forget to follow us @INN_Technology for real-time news updates! Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article. Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article. Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

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Critical MineralsINN Rare Earths

Fastmarkets 2026: 3 Themes Shaping Lithium's Next Chapter

The 18th edition of the Fastmarket’s Global Lithium, Battery and Critical Materials took place in Las Vegas last week, bringing together an array of analysts, mining companies, market watchers and end use customers. This year’s event combined three segments of the battery and critical minerals narrative, raw material supply and demand, battery and energy storage and defense. Although the topics at the 2026 event extended from cathode material supply to the US midterms, covering the entire spectrum of battery materials, the extensive conference agenda was unified by several core themes. The initial and most prominent theme focused on how the current lithium market is positioned differently compared to previous cycles. In the past, prices for both hydroxide and carbonate surged to record highs of US$80,000 or more per metric ton in 2022, before eventually hitting a floor in the US$8,000 per metric ton range in June 2025. “This year lithium really seems to have turned the corner,” said Paul Lusty, head of battery raw materials at Fastmarkets. “This time last year when I was up here, the market bottomed around the middle of last year, and prices have really rallied quite hard since then, but I think what comes next, and this is what I'm going to take you through this morning, certainly looks very different from the previous cycle, so what a difference a year makes.” During an interview with the Investing News Network (INN) Lusty offered further insights into the current lithium market, and its development. “The market is evolving, it's maturing fast markets, is certainly trying to bring more transparency to the market, be its pricing of battery raw materials, but also supporting the market, so I think broadly longer term, it will become a less volatile market as that demand base diversifies, both in terms of end use, but also geography, also as we see large scale producers step into the industry,” he said. He also pointed to increased participation from major diversified miners and oil and gas companies as an important shift for the lithium sector. The financial capacity of these large scale producers allows them to navigate cyclical downturns and could provide greater supply stability over the long term. At the same time, efforts to expand lithium conversion and consumption outside China could help diversify the supply chain and reduce market concentration, creating a more resilient industry. ESS: The new pillar driving lithium’s bullish cycle Another overarching narrative at the 2026 Fastmarkets conference was the uptick in energy storage system (ESS) demand. Energy storage systems (ESS) have emerged as one of the fastest-growing demand drivers for lithium-ion batteries, reshaping battery chemistry preferences and creating a new source of long-term demand alongside electric vehicles. According to Fastmarket’s Rob Searle, lithium iron phosphate (LFP) batteries now hold "a near-total monopoly" in the ESS market, a position he expects to remain intact over the next decade despite the emergence of alternative chemistries. Searle said the rapid expansion of grid-scale storage has become a key catalyst for the lithium market's recent recovery, noting that the "bullish run" in ESS demand seen over the past several years has continued through 2026 and is now a major factor behind rising lithium carbonate prices. In China, policy support has also shifted toward energy storage, with ESS increasingly viewed as a strategic pillar for energy security. Battery manufacturers have responded in kind, with Searle noting that some Chinese ESS producers already have order books extending into the first quarter of 2027. "China's electric vehicle and ESS market remains the largest and has trended to favour lithium carbonate over hydroxide due to the fact of huge deployment of LFP across both applications," noted Searle, highlighting how China has effectively set the template for emerging markets Looking ahead, Searle expects ESS to play an even greater role in global battery demand as countries expand renewable power generation, modernize electricity grids and build capacity to support AI data centres. While electric vehicles remain an important source of lithium consumption, he said ESS has become "part of the story" driving tighter lithium market fundamentals and future supply deficits. Even as sodium-ion batteries gain traction in stationary storage, Searle believes ESS will remain a critical growth engine for lithium over the coming decade, with LFP chemistry continuing to dominate the sector. Politics, power, and the fight for lithium Politics, geopolitics and resource nationalism have become as influential to the lithium market as supply and demand fundamentals, with industry leaders arguing that government policy is increasingly shaping investment decisions and supply chain development. During the "US Midterms and Market Risk: What’s at Stake for Lithium and Critical Minerals" fireside chat, panelists agreed that critical minerals, battery materials, and energy storage will remain strategic priorities regardless of the US midterm election outcomes. While policy approaches may differ, speakers pointed to growing bipartisan recognition that securing domestic battery supply chains is essential for energy security, AI infrastructure and industrial competitiveness. Ken Hoffman, founder and CEO of Traubenbach Associates said the industry's greatest need is "stability and consistency in policy," arguing that companies cannot plan long-term investments if government priorities shift every election cycle. China's dominance also remained central to the discussion. Former US Department of Commerce senior representative Gary Stanley described the relationship between Washington and Beijing as one of "incredible interdependency," while warning that critical minerals have become a key geopolitical lever in trade negotiations. He went on to note, that traditional free-market approaches alone are unlikely to close the gap with China, suggesting governments may need new public-private financing models to accelerate domestic supply chains. Rather than focusing solely on new mine development, panelists emphasized the need to expand downstream refining, processing and manufacturing capacity across North America and allied countries. Permitting reform, targeted incentives and greater policy certainty was also highlighted as essential to unlocking billions of dollars in delayed investment and reducing reliance on Chinese processing capacity. Don’t forget to follow us @INN_Resource for real-time updates! Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article. Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

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