On February 21, 2023, Lithium Royalty Corp., a five-year-old firm, announced plans for a $150-million-plus stock sale on the Toronto Stock Exchange to fund mining endeavors vital to the burgeoning battery industry. Despite recent declines in lithium stock prices, insiders expect the company to garner at least $150 million from the IPO, which could rank among the top five IPOs on the TSX in the past year. This Toronto-based entity will use IPO proceeds to augment its lithium mine investments, as indicated in its prospectus. Currently, Lithium Royalty has agreements spanning 27 projects in seven countries, investing an average of $4.5 million per mine. Their earnings for the first nine months of 2022 stood at $10.2 million, marking a substantial increase from the $5 million earned in the corresponding period of 2021. The company's focus will pivot towards North American hard-rock lithium mines, particularly in Quebec, to cater to automakers' preference for dependable, localized supply chains. This strategic decision comes in response to the dominance of Chinese producers in the lithium market and a global shift towards localizing battery supply chains. Notably, the International Energy Agency anticipates a 30% annual growth in lithium demand over the next decade. The IPO, which successfully closed on March 15, 2023, was led by investment banks including Canaccord Genuity Corp. and Citigroup, with legal advisory from Davies Ward Phillips & Vineberg LLP for the company, and Blake, Cassels & Graydon LLP for the banks.