Mining Through Uncertainty

Electrifying Global Transportation Global long-term passenger vehicle sales by drivetrain EV share of global vehicle fleet by segment Million vehicles 100 80 60 40 20 0 2015 2020 2025 2030 2035 2040 Source: BloombergNEF NEVADA Mining Association Share of fleet 90% 80% 70% ICE 60% 50% PHEV 40% BEV 30% 20% 10% 0% 2019 2025 2030 2035 2040 Buses Light commercial Passenger Medium commercial Heavy commercial Source: BloombergNEF. Note: Commercial vehicle adoption figures include the main markets of China, Europe, and the U.S. MINING THROUGH UNCERTAINTY 97 APPLIED ANALYSIS

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