INTRODUCTION 9

LONG-TERM RESILIENCE MECHANISMS ACROSS THE CRM VALUE CHAIN 13

RESourceEU is another step that is not enough 13

Supporting exploration activities 14

Boosting mining and processing activities 15

Midstream and downstream products (such as pCAM, CAM) 19

Recycling, notably of black mass 20

THE CHALLENGE OF STOCKPILING 22

Stockpiling raw materials is very different from oil

and comes with many dilemmas 22

JOGMEC lessons for Europe 25

EU CRM strategic stockpiling – key design elements 27

Joint purchasing must come with a strong framework that ensures trust 28

Need to focus on niche metals 28

The US approach 28

Innovative mechanisms and options for longer-term resilience: perpetual bonds 28

RECOMMENDATIONS 34