RIODiversified major
Rio Tinto
HQ: United Kingdom
Iron-ore major that has built out copper, aluminum and, since buying Arcadium, lithium.
Price
$95.89
Mkt cap
$156B
1 yr
+45.0%
YTD
+16.6%
Investment thesis
Backup & storage
Battery & backup storage
Lithium, graphite and cobalt for the UPS systems and on-site batteries that keep AI campuses online.
Data centers increasingly pair with battery storage to ride through outages and win grid connections faster. Battery metals are therefore an AI play, but a second-order one: EVs still drive most demand.
This is the most cyclical bucket. Lithium went through a deep bust before recovering. Use it as a deliberate, sized position on a storage-led upturn rather than as core AI exposure.
Context: IEA Global Critical Minerals Outlook 2026 — Executive summary
Underlying minerals
What drives the storage bucket
Supply status and the main constraint for each mineral, from its sourced profile in the database.
3
Li
Lithium
Deficitrisk 60 · China 21%IEA projects a lithium supply deficit persisting through 2035, and prices more than doubled between January 2025 and April 2026 on energy-storage demand.
6
C
Graphite
Tightrisk 87 · China 78%China added graphite anode materials to export controls in Oct 2025; IEA estimates a full disruption would put >$300B/yr of downstream production outside China at risk.
27
Co
Cobalt
Deficitrisk 63 · China 1%The DRC's export quota (96,600 t/yr for 2026–27, under half of 2024 output) widened IEA's projected cobalt gap from ~15% to over 25%; prices rose ~130%.
28
Ni
Nickel
Watchrisk 43 · China 3%IEA sees only a slight supply gap in its base case, but virtually all recent supply growth has come from one country (Indonesia).
25
Mn
Manganese
Watchrisk 45 · China 4%Mining is spread across South Africa, Gabon and Australia, but refining for batteries is >90% concentrated in China.
Bull case
- Grid-scale storage is growing fast and is less tied to EV subsidies.
- The DRC's cobalt export quota and Chinese graphite controls restrict supply.
- Low-cost brine producers survive downturns and gain share.
Bear case
- Large Chinese and Indonesian capacity can swing prices quickly.
- Chemistry shifts (LFP, sodium-ion) can cut demand for specific metals.
- Small developers are often heavily diluted or distressed.
The basket
15 stocks and funds in this bucket
Grouped from diversified majors to developers and funds. Market data as of October 6, 2026.
GLEN.LDiversified major
Glencore
HQ: Switzerland
Swiss miner-trader with large copper and cobalt output in the DRC and a global trading arm. It is diversified, but battery and grid metals are central.
Price
573.5p
Mkt cap
$89B
1 yr
+64.9%
YTD
+45.4%
VALEDiversified major
Vale
HQ: Brazil
Brazilian iron-ore giant whose base-metals unit is a top nickel producer and growing copper miner.
Price
$14.08
Mkt cap
$60B
1 yr
+27.9%
YTD
+6.4%
603993.SSUS: CMCLFProducer
CMOC Group
HQ: China
Chinese miner that became the world's largest cobalt producer through its DRC mines (Tenke Fungurume, Kisanfu). It also produces molybdenum, tungsten and niobium.
Price
¥16.88
Mkt cap
$54B
1 yr
+7.5%
YTD
-15.6%
SQMProducer
SQM
HQ: Chile
Chilean producer of lithium from the Atacama brines plus potash and specialty fertilizers. It is one of the lowest-cost lithium sources.
Price
$66.17
Mkt cap
$19B
1 yr
+53.5%
YTD
-7.6%
002460.SZProducer
Ganfeng Lithium
HQ: China
One of China's two lithium majors, spanning mines, chemicals, batteries and recycling.
Price
¥43.43
Mkt cap
$14B
1 yr
-28.7%
YTD
-30.9%
ALBProducer
Albemarle
HQ: United States
The largest US-listed lithium producer, with brine in Chile and hard-rock assets in Australia. Lithium feeds battery storage at data centers and on the grid.
Price
$106.35
Mkt cap
$13B
1 yr
+20.6%
YTD
-29.1%
002466.SZProducer
Tianqi Lithium
HQ: China
Chinese lithium chemicals major with stakes in Greenbushes (Australia) and SQM (Chile).
Price
¥40.25
Mkt cap
$10B
1 yr
-15.4%
YTD
-27.3%
PLS.AXProducer
PLS Group (Pilbara Minerals)
HQ: Australia
Australian spodumene miner (formerly Pilbara Minerals) running the Pilgangoora lithium-tantalum operation. It is a high-beta bet on the lithium price.
Price
A$3.81
Mkt cap
$8.6B
1 yr
+47.1%
YTD
-13.0%
SYR.AXUS: SRHYYProducer
Syrah Resources
HQ: Australia
Owner of the Balama graphite mine in Mozambique and an anode plant in Vidalia, Louisiana. It is a small, distressed company and a leveraged bet on non-Chinese graphite.
Price
A$0.072
Mkt cap
$58M
1 yr
-76.4%
YTD
-76.8%
UMI.BRUS: UMICYRefiner / processor
Umicore
HQ: Belgium
Belgian materials and recycling company covering battery cathodes, catalysts and specialty metals, including germanium products.
Price
€21.1
Mkt cap
$5.7B
1 yr
+39.5%
YTD
+18.1%
LACDeveloper
Lithium Americas
HQ: Canada
Developer of Thacker Pass in Nevada, set to be a large US lithium source, in a joint venture with General Motors.
US Department of Energy took 5% of the company and 5% of the Thacker Pass JV. (Reuters, Oct 1 2025 ↗)Price
$2.54
Mkt cap
$567M
1 yr
-71.9%
YTD
-45.8%
WWRDeveloper
Westwater Resources
HQ: United States
Developing battery-grade natural graphite in Alabama (Coosa / Kellyton). A micro-cap.
Price
$0.484
Mkt cap
$62M
1 yr
-60.0%
YTD
-41.9%
LITETF
Global X Lithium & Battery Tech ETF
HQ: United States
ETF spanning lithium miners and battery makers, so a large share of its exposure is downstream batteries rather than raw lithium.
Price
$71.07
Fund size
$1.4B
1 yr
+20.7%
YTD
+4.7%
LITPETF
Sprott Lithium Miners ETF
HQ: United States
Sprott ETF focused on lithium miners rather than battery makers, giving more direct lithium-price exposure than LIT.
Price
$9.09
Fund size
$27M
1 yr
-8.3%
YTD
-29.7%
Compare
Side-by-side
| Company / fund | Minerals | Type | HQ | 12 mo | ||||
|---|---|---|---|---|---|---|---|---|
| RIO | Rio Tinto | FeCuAlLi | Diversified major | GB | $156B | +45.0% | +16.6% | |
| GLEN.L | Glencore | CuCoNiZn | Diversified major | CH | $89B | +64.9% | +45.4% | |
| VALE | Vale | FeNiCu | Diversified major | BR | $60B | +27.9% | +6.4% | |
| 603993.SS CMCLF | CMOC Group | CoCuMoW+1 | Producer | CN | $54B | +7.5% | -15.6% | |
| SQM | SQM | LiK | Producer | CL | $19B | +53.5% | -7.6% | |
| 002460.SZ | Ganfeng Lithium | Li | Producer | CN | $14B | -28.7% | -30.9% | |
| ALB | Albemarle | Li | Producer | US | $13B | +20.6% | -29.1% | |
| 002466.SZ | Tianqi Lithium | Li | Producer | CN | $10B | -15.4% | -27.3% | |
| PLS.AX | PLS Group (Pilbara Minerals) | LiTa | Producer | AU | $8.6B | +47.1% | -13.0% | |
| UMI.BR UMICY | Umicore | CoNiGePt | Refiner / processor | BE | $5.7B | +39.5% | +18.1% | |
| LIT | Global X Lithium & Battery Tech ETF | Li | ETF | US | $1.4B | +20.7% | +4.7% | |
| LAC | Lithium Americas | Li | Developer | CA | $567M | -71.9% | -45.8% | |
| WWR | Westwater Resources | C | Developer | US | $62M | -60.0% | -41.9% | |
| SYR.AX SRHYY | Syrah Resources | CV | Producer | AU | $58M | -76.4% | -76.8% | |
| LITP | Sprott Lithium Miners ETF | Li | ETF | US | $27M | -8.3% | -29.7% |
15 of 15 shown. Size is market cap for companies and net assets for funds, in USD.
Not investment advice. Critical-Minerals.si is an independent research site. Baskets and model allocations are illustrative frameworks for exploring exposure, not recommendations to buy or sell any security. Mining and commodity equities are volatile, and many names listed here are small, foreign-listed or pre-revenue. Do your own research and consider a licensed adviser. Market data as of the date shown; prices change constantly.