Benchmark maintains position as world’s only PRA dedicated to lithium and EV battery materials to complete a Type 2 IOSCO assurance engagement

Benchmark Mineral Intelligence Limited (“Benchmark”) is delighted to announce the successful completion of an independent audit of its policies, processes and controls implemented to adhere to the IOSCO Principles for Price Reporting Agencies (“PRA”) for the fourth consecutive year.

The audit was conducted by PricewaterhouseCoopers LLP (“PwC”).

Benchmark was again subject to reasonable assurance opinion by PwC across the 12 month period ending 30 September 2024 (known also as a Type 2 assurance opinion) – the highest level of assurance available for an audit – over its activities for price grades under its Lithium, Nickel, Cobalt and Flake Graphite and Uncoated Spherical Graphite, Synthetic Graphite, Anode, Cathode, Black Mass and Rare Earths Price Assessments.

This audit assures whether, throughout this time period, Benchmark adhered to its stated methodology and procedures, as required by the IOSCO Principles using its unique market-specific price assessment methodologies.

This gives Benchmark subscribers and the lithium ion battery supply chain the confidence that Benchmark’s prices across the entire battery and energy transition supply chains are assessed to the same rigorous standards.

Benchmark’s transparency in maintaining this highest level of external audit with a leading audit firm demonstrates the company’s founding principle to provide the most robust and reliable lithium ion battery supply chain and wider energy transition price data for its subscribers.

A copy of the report can be requested here.

Daisy Jennings-Gray, Head of Prices at Benchmark said:

“Notable volatility in the battery and energy transition markets has heightened awareness of costs and price risk mitigation throughout the value chains that Benchmark offers world-leading insights into.

“The credibility of accurate and reliable price information is more critical than ever, and the value of the markets we cover is booming.

“With household names entering or maintaining their places in the EV and battery space, there is a heightened requirement for trusted data and transparent methodologies, which the IOSCO principles assure.

“Our global team are experts in what they do, and this audit showcases their commitment to reliability and consistency.”

Daniel Fletcher-Manuel, Director of Prices & Data, Benchmark said:

“Benchmark has more price analysts focussing on these critical energy transition markets than other PRA and this latest audit is testament to the incredible work of the whole team.

“By partnering with PwC and subjecting so many of our grades to the heightened rigour of IOSCO Type 2 assurance, Benchmark is setting a new global standard for credibility and transparency in energy transition and critical mineral pricing.”

Simon Moores, CEO, Benchmark said:

“This is an achievement that stands alone in the lithium, critical mineral and commodity price reporting and publishing world.

“I cannot be more proud of our price reporting team that continues to lead the world on price transparency and quality for the energy transition.”

Which Benchmark prices were included within the scope of the audit?

Reasonable assurance (Type 2) for the period 1 October 2023 to 30 September 2024:

Lithium

Lithium Carbonate

· Lithium Carbonate, ≥99.0%, FOB South America, USD/tonne

· Lithium Carbonate, ≥99.0%, CIF North America, USD/tonne

· Lithium Carbonate, ≥99.0%, CIF Europe, USD/tonne

· Lithium Carbonate, ≥99.2%, CIF Asia (combined), USD/tonne

· Lithium Carbonate, ≥99.2%, CIF Asia (spot), USD/tonne

· Lithium Carbonate, ≥99.2%, CIF Asia (contract), USD/tonne

· Lithium Carbonate, Battery Grade, ≥99.5%, EXW China, RMB/tonne

· Lithium Carbonate, Technical Grade, ≥99.0%, EXW China, RMB/tonne

Lithium Hydroxide

· Lithium Hydroxide, ≥55.0%, FOB North America, USD/tonne

· Lithium Hydroxide, ≥56.5%, CIF Asia (combined), USD/tonne

· Lithium Hydroxide, ≥56.5%, CIF Asia (spot), USD/tonne

· Lithium Hydroxide, ≥56.5%, CIF Asia (contract), USD/tonne

· Lithium Hydroxide, ≥55.0%, CIF Europe, USD/tonne

· Lithium Hydroxide, ≥56.5%, EXW China, RMB/tonne

Spodumene

· Spodumene Concentrate, 6%, FOB Australia

Graphite

Flake Graphite

· Flake , 90-93% C, -100 mesh, FOB China, USD/tonne

· Flake, 90-93% C, +100 mesh, FOB China, USD/tonne

· Flake, 94-95% C, -100 mesh, FOB China, USD/tonne

· Flake, 94-95% C, +100 mesh, FOB China, USD/tonne

· Flake, 94-95% C, +80 mesh, FOB China, USD/tonne

· Flake, 94-95% C, +50 mesh, FOB China, USD/tonne

· Flake, 94-95% C, -100 mesh DDP China, RMB/tonne

· Flake, 94-95% C, +100 mesh DDP China, RMB/tonne

Uncoated Spherical Graphite

· Spherical Uncoated, 99.95% C, 10 microns, FOB China, USD/tonne

· Spherical Uncoated, 99.95% C, 15 microns, FOB China, USD/tonne

· Spherical Uncoated, 99.95% C, 25 microns, FOB China, USD/tonne

Cobalt

· Cobalt Sulphate, >20.5%, EXW China, RMB/tonne

· Cobalt Battery Metal, Min 99.8%, EXW Europe, USD/lb

· Cobalt Hydroxide, 100% Co Contained basis, CIF Asia, USD/tonne

· Cobalt Oxide, Min 72.8%, EXW China, RMB/tonne

Nickel

· Nickel Sulphate, >22.0%, EXW China, RMB/tonne

· Nickel Sulphate, >22.0% Ni, CIF Asia, USD/tonne

· MHP payable, CIF Asia, % payable to LME nickel)

Synthetic graphite

· Pre-calcined pet coke, <0.5% S, DDP China, RMB/tonne

· Calcined pet coke, <0.5%, DDP China RMB/tonne

· Pre-calcined pet needle coke, <0.5% S, DDP China, RMB/tonne

· Calcined pet needle coke, <0.5% S, DDP China, RMB/tonne

· Pre-calcined pitch needle coke, <0.5% S, DDP China, RMB/tonne

· Calcined pitch needle coke, <0.5% S, DDP China, RMB/tonne

Cathode

· NCM 111, 140-160 mAh/g, DDP China, RMB/tonne

· NCM 523, 150-170 mAh/g, DDP China, RMB/tonne

· NCM 622, 155-190 mAh/g, DDP China, RMB/tonne

· NCM 811, >200 mAh/g, DDP China, RMB/tonne

· NCA, >175 mAh/g, DDP China, RMB/tonne

· LFP, >160 mAh.g DDP China, RMB/tonne

· LCO, >155 mAH/g, DDP China, RMB/tonne

Anode

· High Energy Synthetic Graphite Anode, >99.97% C, 350-370 mAh/g, DDP China, RMB/tonne

· Medium Energy Synthetic Graphite Anode, >99.95% C, 330-350 mAh/g, DDP China, RMB/tonne

· Low Energy Synthetic Graphite Anode, >99.7% C, 310-330 mAh/g, DDP China, RMB/tonne

· High Energy Natural Graphite Anode, >99.97% C, 360-370 mAh/g, DDP China, RMB/tonne

· Medium Energy Natural Graphite Anode, >99.95% C, 360-370 mAh/g, DDP China, RMB/tonne

· Low Energy Natural Graphite Anode, >99.9% C, 345-360 mAh/g, DDP China, RMB/tonne

Black Mass

· LCO Feedstock, CoSO4; Payable; EXW China; %

· LCO Feedstock, LCE; Payable; EXW China; %

· LFP Feedstock, Li Price Per Percentage Point; Fixed Price; EXW China; USD/Tonne

· NCM Feedstock, CoSO4; Payable; EXW China; %

· NCM Feedstock, LCE; Payable; EXW China; %

· NCM Feedstock, NiSO4; Payable; EXW China; %

Reasonable assurance (Type 2) as at and for the period 31 October 2023 to 30 September 2024:

Synthetic graphite

· Pre-calcined medium sulphur pet needle coke, 0.5%<S<3.0%, DDP China, RMB/tonne

Reasonable assurance (Type 2) as at and for the period 29 November 2023 to 30 September 2024.

Lithium

Lithium Carbonate

· Lithium Carbonate, Benchmark Sustainable, CIF Asia (Spot); Min 99.0%, USD/tonne

Reasonable assurance (Type 2) as at and for the period 31 December 2023 to 30 September 2024:

Black Mass

· LCO Feedstock, Co; Payable; CIF Asia; %

· NCM Feedstock, Co; Payable; CIF Asia; %

· NCM Feedstock, Co; Payable; EXW North America; %

· NCM Feedstock, Ni; Payable; CIF Asia; %

· NCM Feedstock, Ni; Payable; EXW North America; %

Reasonable assurance (Type 2) as at and for the period 31 January 2024 to 30 September 2024:

Graphite

Flake Graphite

· Flake, 94-95% C, -100 mesh, CIF North America, USD/tonne

Cobalt

· MHP payable, CIF Asia, Min 1%, % payable

· MHP aggregate, CIF Asia, USD/tonne

Nickel

· MHP aggregate, CIF Asia, USD/tonne

Reasonable assurance (Type 2) scope as at and for the period 28 March 2024 to 30 September 2024:

Nickel

· Sustainable nickel sulphate, CIF Asia, USD/tonne

· Sustainable nickel metal, EXW Europe, USD/tonne

Reasonable assurance (Type 2) as at and for the period 30 April 2024 to 30 September 2024:

Rare Earths

· Neodymium-Praseodymium Oxide, >22%>70%, DDP China, USD/tonne

· Dysprosium Oxide, 99.0-99.5%, DDP China, USD/tonne

· Samarium Oxide, 99.0-99.9%, DDP China, USD/tonne

· Terbium Oxide, 99.0-99.9%, DDP China, USD/tonne