Big jump in share price last week as Iris metals announced conversion of spodumene concentrate from their Beecher, South Dakota project, into 99.5% battery-grade lithium carbonate. Material sourced in US, and converted in the US domestically via a partner, ReElement Technologies.

Key points

• Confirms Iris potential as a near-term producer and evolution from an exploration firm
• Demonstration-scale conversion trials planned; domestic spodumene concentrate production to commence in 2025
• Would have desirable political and economic implications
• Domestic production on-shores battery-grade lithium consistent with the Inflation Reduction Act
• Domestic production would presumably benefit from introduction of protectionist trade policies under Trump if re-elected
• ReElement Technologies have indicated potential investment in Iris to protect domestic lithium supply to the US battery market