What doesn't get much attention is the stuff needed to actually process those materials.

Lately I've been reading about what's happening in the sulphur and sulphuric acid markets, and it's starting to look like a bigger deal than many investors realize. Since the recent Middle East conflict, sulphur prices have reportedly jumped more than 50%, while sulphuric acid prices have doubled in some regions.

That matters because lithium, nickel, rare earths, cobalt, manganese, and even parts of the copper industry depend heavily on sulphuric acid during processing.

One figure that stood out to me: sulphuric acid used to account for roughly 3% of hard-rock lithium conversion costs. Now it's closer to 11%. For some nickel operations, sulphur reportedly represents more than 40% of processing costs.

The bullish takeaway is that strong demand for battery metals could keep supporting producers with secure access to processing inputs and domestic supply chains.

The risk is that higher reagent costs, shipping disruptions, export restrictions, or geopolitical issues could squeeze margins even if underlying commodity prices remain strong.

It's a reminder that mining isn't just about finding a deposit. Sometimes the biggest bottleneck ends up being something most investors never put on their watchlist.

Are there any critical mineral companies you're following that are relatively insulated from these kinds of supply-chain risks?

I've noticed that most discussions around critical minerals focus on the obvious things: lithium prices, nickel demand, EV adoption, AI infrastructure, supply deficits, and so on.