[SMM Analysis: Key Anchor in Great Power Rivalry: The U.S. "Project Vault" and the Changing Resource Landscape in Latin America] While the second phase of Chinese company's Mirador copper mine in Ecuador remains mired in a 'completed but awaiting approval' deadlock, 10,000 kilometers away in Washington, the President, alongside the Export-Import Bank of the United States, is announcing a historic supply chain security initiative named 'Project Vault.'

As the world places greater emphasis on sustainable development, the recycling and reuse of metal resources not only effectively reduces resource waste but also mitigates environmental pollution, thereby promoting a green transformation of the economy.

According to Wells Fargo's mid-2025 outlook report, precious metals will continue to benefit from geopolitical conflicts and economic uncertainties, with gold prices expected to hit a record high of $3,600 per ounce in 2026. Analysts noted in the report that the significant correction in commodity prices presents attractive opportunities later this year and into 2026. Additionally, they anticipate that improvements in the US economic conditions later in 2025 will drive growth in commodity demand. Wells Fargo recommends that investors pivot to sectors that may benefit from an improving macro environment, such as energy or precious metals, and adjust their portfolios to hedge against policy and geopolitical uncertainties. Exercise patience Wells Fargo emphasized in the report that rapid changes in economic policies over the past few months have disrupted investors and capital markets. Since the 2024 US elections, uncertainty surrounding US economic policies has continued to escalate, primarily due to tariff volatility, with recent uncertainties surpassing those during the COVID-19 pandemic. Analysts highlighted that these uncertainties are expected to continue driving gold prices higher over the next two years, as private investors and global central banks will continue to purchase gold. By 2026, central banks alone are expected to account for 21% of global gold demand. Meanwhile, US short-term interest rates are expected to decline in 2026, and the US dollar is also expected to rebound mildly, which will further strengthen the upward trend in precious metal prices. However, analysts also caution that investor optimism about precious metals' rise has reached levels historically preceding significant corrections, leading them to prefer exercising patience and waiting for price dips before buying. The bank expects gold prices to pull back slightly to a range of $3,000 to $3,200 by the end of this year, with the outlook for gold prices rising to $3,600 per ounce by the end of 2026. Analysts also recommend that investors focus on quality factors rather than speculative assets and diversify their portfolios through commodities like precious metals, which may outperform broader market indices. Chantelle Schieven, Managing Director of Capitalight Research, also believes that due to the resilience of the US economy and labour market, gold prices may stagnate throughout the summer but will oscillate near high levels. However, considering the inflationary impact of tariffs, she expects the US to face stagflation risks over the next two years, which will support gold prices.

[Leap Motor officially enters the Hong Kong market, and will finalize localization site selection in Europe and Southeast Asia this year] On June 11, Leap Motor's first store in Hong Kong officially opened, marking its official entry into the Hong Kong market. The CEO of Leap Motor stated that the market development in the Hong Kong and Macao regions is the responsibility of Leap Motor's domestic marketing team. Despite the Hong Kong market having a size of only 40,000 to 50,000 units annually, it can serve as a stage for Leap Motor to showcase itself to global users and a window for global capital to understand Leap Motor. From January to May 2025, Leap Motor's cumulative export sales exceeded 17,000 units, ranking first among China's new domestic EV makers. The company has collaborated with dealers overseas to establish approximately 500 stores, mainly concentrated in Europe. It is reported that Leap Motor will also finalize localization site selection in Europe and Southeast Asia within this year.

Officials from the Greenland Self-Government in Denmark have stated that if US and European mining companies are unwilling to accelerate their investments in this Arctic island, they will have to seek other partners to develop mineral resources. As background, Naaja Nathanielsen, Greenland's Minister for Business and Mineral Resources, told the media that the memorandum of understanding (MOU) on mineral development currently signed between the Self-Government and the US (signed during Trump's first term) is about to expire . Greenland had attempted to push for its renewal during the Biden administration but was unsuccessful. After the start of Trump's second term, his demands for Greenland have gone far beyond mineral cooperation. He has repeatedly insisted that "the US will take over Greenland" and even adopted a stance of "not ruling out the use of force." Against this backdrop, bilateral mining negotiations are clearly difficult to advance. Nathanielsen said, " We had originally hoped that the Trump administration would be more willing to engage in dialogue with Greenland on mineral development, but what we got was 'far beyond our expectations,' as we do not want to become part of the US. " She also emphasized that Trump's threat to control Greenland was "both impolite and repulsive." Seeking Development Under a New Order After the elections earlier this year, Greenland's new four-party coalition government, following a change in administration, emphasized its "commitment to creating development opportunities for Greenland and its people" and its preference for cooperation with "allies and like-minded partners." Nathanielsen bluntly stated that in the face of the evolving state of traditional Western alliances, Greenland is "struggling to find its footing" . She said that Greenland is now trying to figure out what the new world order looks like . Therefore, from this perspective, US investments "may also be problematic" because it is unclear what the purpose of American investments is . In comparison, the EU would be a more ideal choice for cooperation. Greenland has abundant mineral resources, including gold, copper, as well as oil and natural gas, but their extraction is challenging due to geographical constraints. Currently, Greenland only has two operational mines , producing gold and anorthosite, respectively, and there are two additional mines with mining licenses that have not yet commenced production. Just last week, the Greenland government issued a license to a Danish-French joint venture to mine anorthosite in accordance with the new mining law. The company, named "Greenland Anorthosite," has investors including the Greenland National Pension Fund, local Danish banks, and the French Jean Boulle Mining Group. Anorthosite is a white rock primarily composed of aluminum, trace amounts of silicon, and calcium, with a composition similar to that of rocks on the lunar surface. The initial development plan is to crush the anorthosite and supply it to the fiberglass industry as a sustainable substitute raw material for kaolinite. The future vision includes using it as an environmentally friendly substitute for bauxite in the production of aluminum semis for aircraft, automobiles, and other applications. Interestingly, despite being well aware of Greenland's geopolitically sensitive location, Minister Natanaelson emphasized that if European and American companies are absent from local mining development, they will need to explore other avenues—not excluding cooperation with Chinese (companies) or other partners. However, she also revealed that Chinese companies are expected to have relatively small interest in mining transactions in Greenland. Currently, there are only two Chinese mining companies on the island, and both are minority shareholders in stalled projects.

Polaris Energy Storage Network News: On May 16, the People's Government of Naiman Banner, Tongliao City, Inner Mongolia, issued a public announcement, stating that the implementing entities for Project I of the 2025 New-Type Energy Storage Special Initiative's 500MW/2GWh grid-side energy storage system (ESS) project in Naiman Banner, Tongliao City, are Anhui Conch New Energy Co., Ltd. and Contemporary Amperex Technology Co., Limited. The original text is as follows: Public Announcement on the Selection of the Leading Enterprise for Implementing Project I of the 2025 New-Type Energy Storage Special Initiative's 500MW/2GWh Grid-Side ESS Project in Naiman Banner, Tongliao City To ensure the proper selection of the leading enterprise for implementing Project I of the 2025 New-Type Energy Storage Special Initiative's 500MW/2GWh grid-side ESS project in Naiman Banner, Tongliao City, in accordance with the spirit of documents such as the "Notice of the Energy Administration of Inner Mongolia Autonomous Region on Issuing the List of Implementation Projects for the 2025 New-Type Energy Storage Special Initiative" (Nei Neng Yuan Dian Li Zi [2025] No. 119) and the work arrangements of the Tongliao City Energy Administration and the Naiman Banner Government, adhering to the principles of fairness, impartiality, objectivity, and merit-based selection, the Naiman Banner Development and Reform Commission entrusted a third-party selection service provider, Inner Mongolia Lvneng New Energy Co., Ltd., to carry out the selection work for the leading enterprise for implementing Project I of the 2025 New-Type Energy Storage Special Initiative's 500MW/2GWh grid-side ESS project in Naiman Banner, Tongliao City. The enterprise with the highest comprehensive selection score was chosen as the implementing entity for Project I of the 2025 New-Type Energy Storage Special Initiative's 500MW/2GWh grid-side ESS project in Naiman Banner, Tongliao City. Based on the "Selection Report on the Leading Enterprise for Implementing Project I of the 2025 New-Type Energy Storage Special Initiative's 500MW/2GWh Grid-Side ESS Project in Naiman Banner, Tongliao City" submitted by the third-party selection service provider, the results are now publicly announced as follows: The implementing entities for Project I of the 2025 New-Type Energy Storage Special Initiative's 500MW/2GWh grid-side ESS project in Naiman Banner, Tongliao City, are Anhui Conch New Energy Co., Ltd. and Contemporary Amperex Technology Co., Limited. If there are any objections to the content of this public announcement, please submit written comments within the public announcement period to the Naiman Banner Development and Reform Commission or the third-party selection service provider. The Naiman Banner Development and Reform Commission and the third-party selection service provider will provide a written response within three working days of receiving the written comments. Naiman Banner Development and Reform Commission May 16, 2025