The auto giant already has supply contracts for nickel, lithium and a range of other EV metals from suppliers across the globe.

"In the near term, we might see some pull back in gold," an analyst said.

Syrah has a deal to supply anodes to Tesla starting in 2024.

After capping a second weekly gain, bullion climbed as much as 1% earlier in the day following price increases in both oil and natural gas.

Carlin-type gold deposits contain “invisible” or microscopic particles of gold that are deposited within a mineral called pyrite in sedimentary rocks.

Wind farm capacity has increased rapidly in the US over the past 15 years.

As the world transitions away from fossil fuels to electrified transportation systems and energy networks, new deposits of the minerals required for a low-carbon future will need to be discovered and developed.