Ann: Quarterly Activities Report, page-36

Toyota as well as the rest of the big car manufacturer have a keen interest in EV hence they are first mover to lock in supply should EV takes off. I didn't see the large consumers (Li battery players) underwriting PLS/SYR projects besides minimal equity holding capital injections.

Zinc OTOH consist of many large players (glencore) and suppliers and are in abundance. The correlation of Zinc to IOP moves from positive to negative and currently back in sink. It is less volatile than IO and has been sideway post GFC. Correlation to USDX is also skewed to +ve to -ve and seems to be all over the place so anyone's guess on the implications when 10UST yields starts to rise should Feds reduce their holdings as they have indicated in last FOMC. This has implications for any company trying to raise capital.