In late this month, Lithium Argentina announced its fourth quarter and full-year 2025 results, along with an outlook on subsequent expansion plans. The company holds a 44.8% equity interest in the Cauchari-Olaroz project. The company's flagship Cauchari-Olaroz project currently has an annual production capacity of 40,000 tons, with plans to expand by 45,000 tons per year. In the fourth quarter of 2025, the company produced approximately 9,700 tons of lithium carbonate. For the full year of 2025, production reached 34,100 tons, including 359 tons of lithium chloride (in LCE terms) produced and sold to Ganfeng Lithium in the first half of 2025 to support the startup of Ganfeng's Mariana project. 2025 production reached the upper end of the guidance range of 30,000-35,000 tons, representing a 34% increase year-over-year compared to 2024. Cost of sales in the fourth quarter of 2025 was US$66 million, with cash operating costs for lithium carbonate at US$5,618 per ton. The reduction in operating costs was driven by structural optimization and operational efficiency improvements, with these cost-saving effects expected to be sustainable. Revenue in the fourth quarter of 2025 was US$92 million, with an average realized selling price for lithium carbonate of approximately US$9,049 per ton. Due to a significant increase in market prices since late 2025, the average realized selling price for lithium carbonate in the first quarter of 2026 is expected to be approximately US$17,000 per ton. 2026 production guidance for lithium carbonate is set at 35,000-40,000 tons. With continued optimization and lean operations, production is expected to steadily increase in 2026, supporting the project's long-term operational performance. Regarding the PPG project and Cauchari-Olaroz expansion: Cauchari-Olaroz Stage 2 Expansion: The Cauchari-Olaroz project is advancing expansion plans, aiming to add 45,000 tons per year of lithium carbonate production capacity. Measured and indicated lithium resources increased by 42%, reaching 28.1 million tons of lithium carbonate equivalent, with an average lithium grade of 562 mg/L. Leveraging the better-than-expected operational performance of the Cauchari-Olaroz project, the 5,000-ton-per-year DLE plant will continue to be built, with the first unit to be deployed at Ganfeng Lithium's adjacent Mariana project for technology integration and operational validation. The Stage 2 expansion plan, incorporating DLE technology, is expected to be completed by mid-2026. The application for the Large Investment Incentive Regime (RIGI) and the environmental permit for the Stage 2 project were both submitted in December 2025. PPG Project: Three-phase integrated development, with a total target capacity of 150,000 tonnes/year LCE PPG is expected to have an annual capacity of 25,000 tonnes when it begins production in 2029, subsequently increasing to 50,000 tonnes in 2031, 100,000 tonnes in 2034, and reaching the design capacity of 150,000 tonnes/year in 2038. The detailed preliminary study was completed in December 2025. Based on the assumption of a lithium carbonate price of US$18,000/tonne, the project's after-tax net present value (at an 8% discount rate) is US$8.1 billion, with an internal rate of return (IRR) of 33%. Phase 1 environmental permit was obtained in November 2025, and the RIGI application was submitted in February 2026. Integration of the new joint venture company for the PPG project has been largely completed, with the closing expected in the second quarter of 2026. Ganfeng Lithium and Lithium Argentina are in discussions with potential customers and strategic partners on financing solutions, while simultaneously advancing offtake and minority equity cooperation. The company is considering applying for a secondary listing on the Australian Securities Exchange (ASX) or the Hong Kong Stock Exchange (HKEX), to broaden its investor base in the Asia-Pacific region while maintaining its listing on the New York Stock Exchange. Source: Lithium Argentina official website, compiled by SMM

Futures: Overnight, LME lead opened at $1,895.5/mt. After the opening, prices quickly fell to $1,885.5/mt, then fluctuate rangebound within the $1,888–1,896.5/mt range, with a balanced tug-of-war between longs and shorts and cautious market sentiment. After 0:00, prices rose further, breaking above the previous trading range and touching a high of $1,901/mt, before finally closing at $1,898.5/mt. A small bullish candlestick was recorded, up $0/mt, or 0.0%. Overnight, the most-traded SHFE lead 2605 contract opened at a low of 16,420 yuan/mt. In early trading, SHFE lead prices rose rapidly, then saw wide swings within the 16,440–16,481 yuan/mt range, with an evident tug-of-war between longs and shorts. Intraday volatility narrowed, and prices gradually stabilized around 16,455–16,465 yuan/mt, while trading volume pulled back simultaneously and market sentiment turned cautious. Late in the session, SHFE lead broke upward again, touching a high of 16,500 yuan/mt, then quickly pulled back to finally close at 16,470 yuan/mt. A small bullish candlestick was recorded, up 50 yuan/mt, or 0.3%. On the macro front: 1. Poll: Trump’s approval rating fell to its lowest level since returning to the White House. 2. US media: The US Department of Justice admitted it lacked evidence in its investigation into Powell. 3. Turkey considered using its $135 billion gold reserves to defend the lira. 4. Israeli media: The US intended to seek a one-month ceasefire to discuss a 15-point agreement with Iran. 5. Goldman Sachs maintained its overweight recommendation on Chinese equities (A-shares and Hong Kong stocks). Spot fundamentals: SHFE lead remained in the doldrums, while suppliers held prices firm on shipments. Quotations in Jiangsu, Zhejiang, Shanghai were raised slightly in spot premiums, while quotations for cargoes self-picked up from production site at primary lead plants changed little. Mainstream producing areas quoted premiums of 0-50 yuan/mt against the SMM #1 lead price, with a few quoting premiums of 100 yuan/mt ex-works. On the secondary lead side, some secondary lead enterprises had maintenance plans, and circulating cargoes in the spot market were limited. Secondary refined lead was quoted at premiums of 0-75 yuan/mt against the SMM #1 lead average price, ex-works. Downstream enterprises maintained purchasing as needed, but some engaged in more bargaining. In addition, as secondary lead prices inverted against primary lead, spot order purchases tilted toward primary lead. Inventory: As of March 24, LME lead inventory fell by 725 mt, or 0.26%, to 283,350 mt. As of March 23, SMM social inventory of lead ingot across five regions pulled back somewhat from previous inventory at high levels. Today’s Lead Price Forecast: Supply side, primary lead smelters held firm offers, and spot premiums in Jiangsu, Zhejiang, Shanghai were raised slightly, while quotations for cargoes self-picked up from production site at primary lead smelters changed little. Some secondary lead smelters had maintenance plans, and circulating cargoes in the spot market were limited. Demand side, downstream enterprises maintained purchasing as needed, but some engaged in more bargaining, and as secondary lead prices inverted against primary lead, spot order procurement tilted toward primary lead. According to SMM analysis, SHFE lead prices were likely to remain in the doldrums in the short term.

[SMM Morning Zinc Briefing: Stronger US Dollar Index Put LME Zinc Under Pressure and Slightly Lower]: Overnight, LME zinc opened at $3,095/mt. After the opening, LME zinc fluctuated downward along the daily average line, hitting an intraday high of $3,097/mt. Near the close, LME zinc fell to a low of $3,027/mt, and finally closed down at $3,038.5/mt, down $64.5/mt, a decline of 2.08%, while trading volume decreased to 11,298 lots...

On February 12, VOYAH Auto obtained the Hong Kong Stock Exchange's in-principle approval, marking the completion of all pre-listing regulatory approval processes for its Hong Kong stock market listing, with full certainty of the listing now in place.

【SMM Flash Update】 Shenzhen-listed GEM Co., Ltd. (002340.SH) announced that its board has approved the issuance of H-shares and a main board listing on the Hong Kong Stock Exchange, appointing Grant Thornton Hong Kong as auditor. Founded in 2001, GEM is a leading player in waste recycling and new energy materials, with operations spanning spent battery and e-waste recycling, re-manufacturing of nickel, cobalt, lithium, tungsten and precious metals, as well as production of ternary precursors and cathode materials for EV batteries. Already listed in Shenzhen and Zurich, GEM’s market capitalization stood at about RMB 35.46 billion as of Aug 25, 2025.

[Li Auto responds to Meituan CEO's reduction of company shares: It is a personal action and does not involve Meituan's shareholding] According to the equity disclosure information from the Hong Kong Stock Exchange, from June 10 to June 13, the Meituan CEO reduced his shareholding in Li Auto by a cumulative 5.737 million shares, cashing out over 600 million Hong Kong dollars. His shareholding ratio decreased from 20.94% to 20.61%. In response, Li Auto stated to reporters: "Recently, shares were sold during the window period, and the specific number of shares is subject to the DI form (referring to the disclosure of interests form) filed. This stock transaction was a personal action, accounting for a small portion of his total shareholding, and does not involve Meituan's shareholding. The specific shareholding information will be subject to the company's annual report after it is issued.