Australia has risen to supply half the world's lithium in a mere three years but still faces major challenges in a volatile market, a summit has heard.
"If we get it right, this is a multi-generational opportunity," Pilbara Minerals CEO Dale Henderson told the Critical Minerals and Energy Investment summit in Perth.
"There are massive shifts in every direction and it's a very tumultuous period," he said on Wednesday.
The lithium producer has seen volatility before and made its debut well before lithium became critical for manufacturers.
"In our short history we almost died - in 2020, we were a 40 cent stock," he said.
Considering investments in the plant, machinery and equipment, the market value of what was in the ground hit zero.
"Fast forward to today, and it's a different story," he said.
Australia has become the centre of global supply, outside of China, as allies seek secure and reliable lithium supplies.
It's also rich in copper, cobalt, nickel and other minerals needed to manufacture big batteries, transmission lines and wind turbines.
"But we're just at the start," Mr Henderson said.
"There is so much more opportunity, not just for lithium but across the board," he said.
"That's the big challenge Australia has to grapple with, and the industry has to grapple with."
Australia's banks are expected to begin bankroll projects as the market becomes more mature, according to senior advisor Peter Nicholson at investment firm Appian Capital Advisory.
"That allows for the 'big four' to essentially come in and support the development of projects through traditional finance," he said.
Patrick Mutz, CEO at Image Resources, said the idea of critical minerals was important - to either define what was needed for the energy revolution or to reduce dependence on China.
But Claire Mortoni, who heads up the Chartered Financial Analyst Society in Perth, said she expects a lot more scrutiny from regulators of companies adding "critical minerals" to their operations.
The race for such minerals has been branded the "wild west" by environmentalists who allege some mining proposals are being falsely re-branded as vital to climate action and clean energy supply chains.
