28 TS X V FC C OTC QX FTS S F 0 50 00 0 10 0 0 00 15 0 0 00 2 0 1 8 2 0 1 5 2 0 1 7 T o nne s C o 2 0 1 6 2 0 2 5 2 0 1 9 2 0 2 0 2 0 3 6 2 0 3 3 2 0 2 1 2 0 2 2 2 0 2 3 2 0 2 4 2 0 4 0 2 0 2 6 2 0 2 7 2 0 2 8 2 0 2 9 2 0 3 1 2 0 3 0 2 0 3 8 2 0 3 2 2 0 3 4 2 0 3 5 2 0 3 7 2 0 3 9 C hi na U m i c o r e B e lg iu m N o r il s k F i n la n d U m i c o r e F in l a n d S u m ito m o J a p a n C ob a lt R e f in ie r ie s W it h S u lp h a t e C a p a c it y 2 0 1 5 2040 t o n n e s C o 0 250 000 500 000 750 000 1 00 0 000 2038 2035 2015 T o nne s C o 2018 2017 2033 2016 2021 2028 2019 2020 2022 2023 2024 2025 2030 2026 2027 2029 2031 2032 2034 2036 2037 2039 2040 L CO L M O N CA N CM L M N O B a t t e r y Dr i v e n C o ba l t D e ma n d t o 2040 b y c a th o d e c h e mi s tr y C O B AL T MAR K E T C o b a l t t o R e m a i n E s s e nt i a l f o r E V B a t t e r i e s Co b a l t d ema n d f r o m N i c k el C ob a l t M a n g a n es e N CM b a t t er i es 2019 20 000 t o n n e s 2040 730 000 t o n n e s M ov e tow a r d l ow e r c ob a l t c onte nt m o r e t h a n o ff s e t b y h ig h e r E V p e n e t r a t i o n r a t e s a n d l a rg e r b a t t e ry p a c ks B e n c h m a r k M i n e r a l s B e n c h m a r k M i n e r a l s C h in a c o n t r o ls 7 9 o f r e fin e d c o b a lt s u lf a t e s u p p ly R e m a in in g c o b a lt s u lf a t e p r o d u c t io n fr o m J a p a n a n d F in la n d N o c o b a lt s u lf a t e r e fin e r s in t h e A mer i c a s