Everything Liz Dennett said on any show that made the record, most notable first. Each card names its show and opens the statement there.
Dennett: 2024-2050 copper demand will exceed all historical production combined
“We need more copper between now and twenty-fifty than in the history of human civilization. That includes the Bronze Age.”
Dennett: Copper supply is the fundamental linchpin for humanity's future
“Copper is the fundamental linchpin in how humans are able to exist in the next thousand years. If we cannot fix it now, that is the thing that I truly believe will cause mass impacts to society.”
Dennett: Artificially combining isolated microbes into communities never works
“A lot of the early work decades ago was you would get individual microbes and you would put them together and try to make your own communities. And that never works.”
Dennett: Global copper demand will double by 2035
“Demand is doubling by twenty-thirty-five.”
Dennett: Asymmetric downside leads mine operators to reject startup innovation
“These heap leaches that we're talking about, they are multi-billion dollar assets that have to run every day, so if an external party's innovation adds two points of recovery, that's nice, but if it disrupts the heap, Someone's quarter is destroyed. Someone's …”
Dennett: Endolith observed 1.7x to 1.9x copper uplift in lab
“In lab, we've seen 1.7 to 1.9 times greater uplift, but depending on the complexity, if it's primary or secondary sulfides or oxides, it can change and it can vary so much.”
Dennett: Endolith deliberately avoids corporate VC investors on its cap table
“We, not having CVCs on our cap table has been a deliberate structural choice.”
Dennett: Having strategic corporate investors as customers compromises roadmap independence
“If a strategic investor is also your customer, then every roadmap conversation sometimes can have a second agenda. You have to be very careful about if you're sharing information with other customers”
Dennett: Permitting-free copper recovery is the fastest US supply lever
“You can add domestic supply without new permitting, which makes it the fastest lever that the country has.”
Dennett: World faces a copper recovery problem, not a discovery problem
“The world does not have a copper discovery problem. We have a copper recovery problem.”
Dennett: Endolith avoids genetic engineering in mineral extraction platform
“We are not genetically engineering microbes. We are using communities that already exist, and we essentially run them through, like, an Olympic training boot camp or techniques that are adjacent to something called adaptive laboratory evolution, where”
Dennett: Mining companies have largely disbanded internal innovation teams
“Historically, mining companies, too, have had relatively large innovation teams internally, and so those have, for the most part, been disbanded, and they are relying on external innovation, but those pathways have not been smoothed out yet.”
Dennett: Revenue-share models incentivize arguing with customers over yield attribution
“We also made an early call to stay away from revenue shares on purpose. Part of that is because the second your fee is tied to a percentage of the customer's yield, you're incentivized to argue with them about where that improvement came from.”
Dennett: Endolith is actively working with BHP and Rio Tinto
“We work closely with a lot of the large mining companies. We publicly are working with BHP and Rio Tinto”
Dennett: Identifying mine microbes is useless without linking to site chemistry
“The bugs that are there are not necessarily the same ones as the microbes that are doing things, and if you can't tie that to the chemistry and the mineralogy and the operating parameters, it doesn't actually turn into a lever that you can use.”
Dennett: Structural demand for US copper will hold regardless of politics
“The structural logic at the end of the day is going to hold regardless of who's in office, because you can't electrify anything. You can't build AI data centers without copper, and much of the world's current refining and processing capacity sits outside the U…”
Dennett: An extra $100M would not fundamentally change Endolith's ultimate success
“The challenge, though, is that it's still a stepwise way of de-risking and mining. A hundred million dollars today is not going to fundamentally change. I do not believe our ultimate success. If it did change that, we'd be out fundraising for a hundred million…”
Dennett: Endolith uses microbes and data to extract copper from mined material
“So at Endolith, we use microbes and data to pull more copper out of material that's already been mined at operations that already exist.”
Dennett: Copper is the most effective non-precious electrical conductor
“It is the most effective non-precious material for transmitting electrons, and so every time we think about grid stabilization, electrification, or things like AI data centers, the copper backbone underpins all of it.”
Dennett: New mines take 10 to 16+ years from discovery to ore
“As I mentioned, new mines take 10 to 16 plus years from discovery to first ore”
Dennett: Endolith injects on-site cultured microbes directly into heap irrigation
“What we do at Endolith is we drive in our bio rig. It is where we grow our microbes on site. It has instrumentation. It has the ability to upload data, and we grow microbes. We grow them, and we plug them directly into those sulfuric acid irrigation lines. Not…”
Dennett: Endolith microbes liberate copper rather than bioaccumulating it
“There's no downstream processing. These bugs don't accumulate copper inside of them to where we have to, like, split them open and harvest the copper. It's not like that. They just facilitate liberation of more copper faster.”
Dennett: Naturally occurring microbes cannot be patented like synthetic biology microbes
“Like, we're using naturally occurring microbes. You can't patent those the way you can synthetic biology microbes.”
Dennett: Mining heap leaches are self-contained and heavily lined
“So a key thing to note about these heap leeches is they're self-contained environments. They are double-lined, if not quadruple-lined, they are in place, and native microbes already exist there.”