A central theme is hanging over many of the discussions taking place at PDAC 2026, underpinned by instability in the Middle East and global tensions stemming from US foreign policy and supply chain security.
Benchmark Minerals ran its event alongside PDAC to capture the same surge of global attention on geopolitics and critical minerals, giving investors and miners a focused forum on lithium, nickel, graphite, and the energy‑transition economy while the broader industry was already gathered in Toronto.
The lithium panel, hosted by Benchmark’s own Adam Webb brought into focus the key tension running through the market at the moment — the market wants supply now, but the industry can’t move that fast.
Speakers repeatedly returned to the same pressure point that the speed at which new opportunities can be brought to market is still far slower than what battery makers, automakers, and policymakers are expecting.
Michael Barman, Chief Commercial Officer of Standard Lithium (TSX-V:SLI) noted the fundamental constraint in the market, that lithium projects are expensive no matter where you sit on the value chain and capital intensity remains a key risk factor.
The panel looked at China’s long-term strategy and ability to dominate the midstream for the past few decades. With heavy investment into processing and conversion, China has built a significant battery ecosystem that the rest of the world still relies on today.
The panel highlights a structural vulnerability that is not often discussed. China’s resource base might not be as deep as many assume and is somewhat limited to tier-three assets.
The key takeaway here was that the West can compete, but needs to keep its top resources and processing capability in Western hands.
Panellists noted pockets of success emerging across both Australia and North America.
Lucas Dow, Managing Director of Elevra Lithium (ASX:ELV) stressed that if North America wants to “crack the code” on critical minerals, Canada-US transactional fluidity is essential.
Ken Brinsden, CEO of PMET Resources (TSX:PMT) agrees, noting that the US doesn’t need to look as far as Greenland for supply. “Your little brother, Canada, has what you need.”
As the West works to build local and national supply chains, the panelists all agree that China remains the global leader in lithium consumption and some level of cooperation is needed.
The goal isn’t to sever ties but to reduce strategic dependence.
Policy stability was another key theme arising from the panel. Speakers noted that governments now are providing a whole new pool of capital that simply did not exist a few years ago.
Most of the panellists agree that Canada’s integration into the US’ critical minerals strategy is the logical next step.
The panel closed with a cautiously optimistic view that the West may be behind, but the combination of new capital, maturing technologies, and better Canada-US alignment is starting that shift.
Write to Amy Rotman at Mining.com.au
Images: PDAC
