This document discusses opportunities and risks in battery raw material markets. It notes that niche minerals like lithium, graphite and cobalt differ from commodities in that they have several grades, refined processing is key, and specifications are still developing. While industrial markets are slowing, technology markets around batteries, energy storage and electronics present major growth opportunities. However, the raw material supply chains for these niche minerals are unprepared for surging demand from new technologies. Understanding the complexities of niche mineral projects and markets will be important to take advantage of the opportunities.