Decarbonizing the automotive sector is leading to a significant shift towards electric vehicle (EV) adoption, underpinning the need for lithium-ion batteries, which in turn, depend on the extraction of minerals such as lithium, nickel, manganese, and cobalt. To understand the complexities associated with adopting voluntary sustainability initiatives (VSI) when mining these minerals, this study leverages System Dynamics (SD) to conceptualize the perceptions between stakeholders, intrinsic motivations, and various factors across supply chain steps. This research follows an iterative process of participatory model building, engaging stakeholders through workshops to validate and refine the model, thus embodying a shared understanding of the problem space. The result of this study includes a Causal Loop Diagram (CLD), which captures the system's dynamics, describes mental models, and identifies feedback loops influencing the adoption of VSIs in mining operations. A detailed analysis of the CLD is performed to provide insights on common system patterns. This research aims to support a better understanding of factors influencing decisions regarding environmental impact mitigation in the mining sector for battery minerals. These findings offer preliminary insights that could support more informed decision-making and sustainable practices in the decarbonisation of battery supply chains.