Rock Stock Channel

Critical Minerals Super Cycle is Here. Where Best to Invest?

Jul 26, 2025
Guest
Matt Fernley
Matt Fernley, a seasoned industry expert and partner at RK Equity, dives into the critical minerals market with insights from his 25 years as a geologist and equity analyst. He discusses the resurgence of lithium pricing and the importance of building a diversified ex-China supply chain. The conversation moves to underappreciated commodities, including high-purity manganese and alumina's role in battery tech. Fernley highlights investment prospects amid geopolitical shifts and the strategic importance of rare earth metals, including neodymium and dysprosium.
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ANECDOTE

Matt Fernley's Career Journey

  • Matt Fernley has worked over 25 years as a geologist and equity analyst covering commodities and battery materials.
  • He founded Battery Materials Review in 2018 and recently joined RK Equity as a partner to expand critical minerals coverage.
INSIGHT

Supercycle Driven by New Tech Metals

  • The new commodity supercycle is driven by technology innovation, not just traditional materials demand.
  • Emerging materials like magnet rare earths, gallium, germanium, and antimony are poised for exponential growth.
INSIGHT

Rare Earth Valuation Nuance

  • Rare earth valuations should focus on magnet metals like neodymium and dysprosium, not total rare earth oxide.
  • NDPR equivalent grade better reflects economic value than total rare earth oxides.
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