Ouyang Minggao pointed out that large-scale mass production of all-solid-state batteries will still require 3–5 years, with test vehicles expected to appear by the end of 2026. Sulphide electrolyte has fallen from 20 million/mt to the million-level range. However, he stressed that the technical difficulty is extremely high and advised consumers that they “need not wait,” as LFP batteries remain the “ballast stone” at present.

[Surg e Battery Metals PEA Reveals US$9.2 Billion Nevada Lithium Project] Surg e Battery Metals (SBM) has released a Preliminary Economic Assessment (PEA) for its North Nevada Lithium Project (NNLP), outlining the project's potential to become a low-cost, long-life producer of battery-grade materials for the US market. The PEA, jointly completed by M3 Engineering & Technology Corporation and Independent Mining Consultants, is based on a two-phase construction of the lithium plant to support a conventional open-pit mining operation projected to last 42 years. The report indicates that approximately 205 million mt of mineralized material will be mined over this period, with an average lithium grade of 4016 ppm. Mining will commence from the shallow, high-grade portion of the resource, which currently has an estimated lithium carbonate equivalent (LCE) of 8.65 million mt. The lithium plant will initially process ore at a rate of 2.58 million mt per year in Phase 1, doubling to 5.15 million mt per year in Phase 2, which is expected to come online in Year 4, resulting in an average throughput of 4.88 million mt per year over the life of the mine. Over 42 years, NNLP is projected to produce 86,300 mt of LCE per year, with an average recovery rate of 82.8%. Peak production of 109,100 mt is expected to be reached in Year 6. According to the PEA, the construction cost for Phase 1 is approximately US$2.97 billion, including US$23 million in mine capital expenditure, while Phase 2 is expected to cost an additional US$2.35 billion. Adding US$1.51 billion in sustaining capital, the total project cost will reach US$6.86 billion. Using a base case LCE price of US$24,000 per mt, the study results in an after-tax net present value (at an 8% discount rate) of US$9.21 billion and an internal rate of return of 22.8% for the project. Operating costs are set at US$5,097 per mt of LCE, owing to NNLP's near-surface, high-grade mineralization. The report projects a payback period of 4.7 years for the project. Following the release of the PEA, SBM's share price surged 15.8% to reach CAD$0.33 per share by midday Toronto time, giving the company a market capitalization of CAD$59 million (approximately US$43 million). "NNLP has the potential to become a major low-cost producer of battery-grade lithium carbonate for the US battery industry, and our results today take us a significant step closer to achieving that goal," said SBM CEO Greg Reimer in a press release. "Low operating costs, a good return on investment, and the ability to produce significant quantities of battery-grade lithium carbonate, including a peak of 109,100 mt in a single year, all demonstrate NNLP's first-tier status," he added. Source: mining.com [Zimbabwe to Ban Lithium Concentrates Exports from 2027] Zimbabwe's Minister of Mines, Winston Chitando, announced on Tuesday that the country will ban the export of lithium concentrates starting from 2027 to promote the development of more local processing industries. As Africa's largest lithium producer, Zimbabwe's lithium resources are primarily used in batteries that power renewable energy technologies. In 2022, Zimbabwe banned the export of lithium ore and has been encouraging miners to increase domestic processing. Currently, most of Zimbabwe's lithium mining companies are from China, and they previously mainly exported lithium concentrates to China for further processing. Chitando stated that currently, Bikita Minerals (owned by China's Sinomine Resource Group) and Prospect Lithium Zimbabwe (owned by Zhejiang Huayou Cobalt) are actively developing lithium sulfate plants. Lithium sulfate is an important intermediate product that can be further refined into battery-grade materials, such as lithium hydroxide or lithium carbonate, for battery manufacturing. He pointed out, "As the country's relevant capacity gradually improves, we will completely ban the export of lithium concentrates starting from January 2027." In 2023, Zimbabwe required lithium mining companies to submit plans for building local refineries by March 2024, but this requirement was adjusted due to the sharp decline in metal prices. Sinomine Resource Group and Huayou Cobalt are part of a group of Chinese companies. Since 2021, companies including Chengxin Lithium Group, Yahua Group, and Canmax have invested over $1 billion in total to acquire and develop lithium projects in Zimbabwe. Source: mining.com [Volt Lithium to Deploy Mobile Direct Lithium Extraction Unit in Bakken Region, North Dakota] Volt Lithium Group, soon to be renamed LibertyStream Infrastructure Partners, announced that its proprietary mobile direct lithium extraction ("DLE") unit will undergo final assembly and deployment in the Bakken region of North Dakota, with plans to be put into use in the second half of June 2025. This initiative, in collaboration with Wellspring Hydro ("Wellspring"), has received a total of $2.5 million in funding support from the North Dakota Industrial Commission's Clean and Sustainable Energy Authority and Renewable Energy Program. "Wellspring and the North Dakota government are very excited to commence on-site operations with Volt in North Dakota in the second half of June," commented Mark Watson, President and CEO of Wellspring. "Volt is the only DLE company funded in North Dakota to date," added Mr. Watson. "Based on Volt's successful lithium extraction results at its Calgary R&D facility, both parties are confident in the success of Volt's proprietary lithium extraction unit on-site." The upcoming renaming to LibertyStream Infrastructure Partners reflects the company's strategy of continuing to collaborate with major oilfield infrastructure players in the US, aiming to extract valuable lithium, a critical mineral, from the large volumes of produced water associated with oil and gas production. Key Highlights: Proprietary technology and processes adapt to diverse brine chemistries, facilitating Volt's expansion in the Bakken region of North Dakota. Strategically located in two major oil-producing basins in North America (Permian and Bakken). Permian Potential: Up to 170,000 mt LCE per year. Bakken Potential: Up to 50,000 mt LCE per year, with lithium concentrations nearly three times those of the Permian. Actively building lithium chloride inventory and converting it into high-purity lithium carbonate for potential buyers. Within six months of initial deployment, deployed, expanded, and optimized the largest operational DLE system in North America (over 10,000 barrels per day). Source: junior mining network [Q2 Metals Announces Final Analysis Results of 2025 Winter Drilling Program and Initiates Work on Exploration Targets for the Cisco Lithium Project] Q2 Metals is pleased to announce the remaining analysis results of the 2025 Winter Drilling Program (the "2025 Winter Program") for its Cisco Lithium Project (the "Project" or "Cisco Project") located within the traditional territory of Nemaska in the Eeyou Istchee James Bay region of Quebec, Canada. During the 2025 Winter Program, the Company drilled a total of 14 holes for 6,980 meters, and the analysis results reported herein cover 4,409 meters of drilling data from the last 10 holes. "We are extremely pleased with the final results from these widely spaced holes. Not only did they intercept significant widths and grades, but they also provided us with critical information that will guide subsequent drilling activities. The Cisco Project continues to demonstrate immense potential and is emerging as a significant discovery within one of the world's top mining jurisdictions," said Alicia Milne, CEO and President of Q2 Metals. "We look forward to commencing work on exploration targets, which will provide initial guidance on the potential size, grade range, and relative position of the Cisco Project compared to other major hard-rock lithium projects." "Q2 is in for a busy summer at the Cisco Project. Currently, our team is on-site conducting geological mapping and sampling work, with the first hole expected to commence next week," said Neil McCallum, Vice President of Exploration for Q2 Metals. "The information we have gathered through multiple drilling campaigns is currently under review by BBA Engineering, which is developing an exploration target aimed at quantifying the potential of the main mineralized zones at the Cisco Project. Additionally, three composite samples are undergoing testing by SGS to understand the potential for heavy liquid separation processing capabilities." Hole CS25-028 tested the eastern part of the main mineralized zone and provided additional data for this area. Combined with other drillholes previously drilled in the east, the mineralized zone in this area remains open to the east. Drillhole CS25-030 targeted the deep part of the northern extension of the main mineralized zone, and the results indicate that the mineralized zone is also open in this direction. Drillhole CS25-036 was terminated prematurely before the suspension of the current year's goose hunting season, failing to reach the planned final depth. Nevertheless, the objectives of the drillhole were achieved, intercepting multiple wide pegmatite intervals, which will help determine the geometry of the pegmatite and provide guidance for scale-defining drilling. The drillhole will be restarted during the 2025 summer drilling campaign. Drillholes CS25-029, 031, and 033 targeted the southern extension of the main mineralized zone. Due to a drillhole spacing of 200 meters and a limited number of drillholes on each profile line, pegmatite intervals wider than 100 meters were not intercepted. Although wide pegmatite intervals are expected in this area, further testing is required. It is noteworthy that the pegmatite intervals in the southern drillholes are deeper, and further work will be conducted in this area during the 2025 summer exploration season to test the potential location of the pegmatite plunging to the west. Overall, the main mineralized zone remains open to the south. Drillholes CS25-032, 034, 035, and 037 were used to define the subsurface expression of prominent mineralized carbon dioxide veins. There are still multiple potential directions in this area that have not been tested, requiring further follow-up. Source: junior mining network

Volt Lithium Corp. is preparing to commission a direct lithium extraction (DLE) facility in the Bakken region of North Dakota. The equipment, developed in collaboration with Wellspring Hydro, received a US$2.5 million grant from the state government and is expected to undergo on-site commissioning by the end of June 2025. The company's technology can adapt to different chemical compositions of salt lakes and has been deployed in two major oil-producing regions, the Permian and the Bakken, with an expected annual capacity of 170,000 mt and 50,000 mt of lithium carbonate equivalent (LCE), respectively. Its DLE system directly interfaces with oilfield wastewater treatment facilities, achieving a daily processing capacity of over 10,000 barrels of brine within six months. Currently, the company is converting lithium chloride into high-purity lithium carbonate samples for potential customers.

In recent years, the significant fluctuations in lithium prices have subjected enterprises across the industry chain to a rollercoaster of experiences, encompassing both the highs and lows of the market. Although lithium prices have long since lost their former glory, the development prospects of the new energy industry chain remain bright amid the global advocacy for a low-carbon economy, with the importance of lithium resources becoming increasingly prominent. As one of the regions with the most abundant lithium resources globally, South America, particularly the "Lithium Triangle" region (comprising Bolivia, Argentina, and Chile), boasts over 55% of the world's proven lithium reserves. Consequently, South America's lithium resources play a pivotal role in the global energy transition. Against this backdrop, SMM organized the 2025 SMM South American Lithium Resources Field Trip . Led by Chen Siyu, the project manager of SMM's overseas South American lithium resources field trip, and Zhou Zhicheng, a senior analyst in new energy and lithium batteries, the delegation visited South American lithium-related enterprises, toured local lithium ore and material companies, and held discussions with company executives from May 15 to May 26, 2025, to explore potential opportunities in lithium ore resource development, technological exchanges, and investment cooperation. On May 18, SMM and the delegation members headed to Tibet Summit Resources Co., Ltd., the actual controller of Argentina Lithium & Potash Co., Ltd. for in-depth exchanges. Company Profile SMM and the delegation members visited Tibet Summit Resources Co., Ltd., the actual controller of Argentina Lithium & Potash Co., Ltd. . The general manager in charge of Tibet Summit's operations in Argentina warmly received the delegation and provided a detailed introduction to the company's business development. Tibet Summit, positioned in the upstream of the non-ferrous metal resources industry and relying on its lead-zinc polymetallic mine in Tajikistan, has emerged as a benchmark project for successful investments by Chinese enterprises in countries along the "Belt" under the "Belt and Road" Initiative. Meanwhile, the company has commenced investments in upstream lithium salt lake development projects in the new energy industry in Argentina, along the "Road". The company has continuously achieved transformation and upgrading, becoming one of the leading stocks in the mining resource development sector on the securities market. In April 2018, the company, in collaboration with its financial investment partners, acquired and privatized a Canadian publicly listed firm for $206.7 million, thereby gaining full ownership of its two lithium salt lake projects in Argentina, which boast excellent resource endowments and advanced development progress. This marked the company's official entry into the upstream lithium resource development sector of the new energy industry. In Argentina, South America, Tibet Summit indirectly controls Argentina Lithium & Potash Co., Ltd., whose projects in Argentina cover two major lithium salt lake blocks. These projects have completed resource assessments, possess economic viability for mining, are supported by freshwater resources, and have suitable geological conditions, laying a solid foundation for continuous operations and large-scale lithium extraction. It is reported that the Diablillos salt lake project is expected to be completed and put into operation in 2025. Preliminary drilling and oil pumping tests have been completed, and the construction progress is advancing steadily. The project site will adopt a hybrid energy supply model combining PV and diesel to meet both environmental protection and continuous operation needs. The "adsorption + membrane separation" process (DLI process) used in Argentina's salt lake projects significantly differs from the traditional evaporation pond method, offering the following advantages: High lithium recovery rate: The recovery rate reaches 80-90%, placing it at a leading level among similar projects; Shortened production cycle: The entire production cycle is shortened from the traditional 18-24 months to approximately 12 months; Reduced environmental impact: There is no need to construct large-area evaporation ponds, avoiding the occupation of significant land areas and significantly reducing environmental pollution; Flexible and adjustable process: The process can be fine-tuned according to different brine compositions, enabling adaptive extraction of complex brines; Optimized energy consumption: The membrane separation and adsorption processes have lower energy consumption while improving overall process efficiency. In terms of operating costs, according to calculations by the project team, the total production cost per tonne of lithium carbonate using the adsorption + membrane method is expected to be controlled at around 40,000 yuan RMB , significantly lower than that of traditional processes. This also means that when lithium prices remain at 6 yuan RMB/gram (60,000 yuan RMB/mt), the project still maintains strong profitability, with an attractive internal rate of return (IRR) and strong resilience to market cycles. The final products of the aforementioned projects will primarily be lithium carbonate, replacing lithium chloride. Strategies will be flexibly adjusted based on market demand and profitability, without blindly pursuing high-purity products. Focus will be placed on end-use market demand and downstream customer acceptance. In addition, the company also stated that Argentina encourages lithium resource development at the national level, with smooth export channels. Influenced by the international shift in the lithium battery industry chain and price trends, the lithium salt lake projects have good medium and long-term development prospects. Overall, Tibet Summit's lithium salt lake projects in Argentina are international resource development projects with a clear structure, advanced technology, optimized costs, and promising profitability. Through technological innovation, localization efforts, policy adaptation, and the effective export of Chinese experience, the projects possess strong medium and long-term development potential and serve as a replicable model for Chinese enterprises to "go global." Group photo during the field trip After the visit, SMM and members of the field trip team took a group photo together with Tibet Summit Resources Co., Ltd., the actual controller of Argentina Lithium & Potash Co., Ltd., to deepen cooperation and friendship. It is believed that there will be deeper exchanges and cooperation in the future! Following this field trip and survey, SMM and members of the delegation gained a deeper understanding of the business development of Argentina Lithium & Potash Co., Ltd., which is actually controlled by Tibet Summit Resources Co., Ltd. They also gained a more profound understanding of the market status, development trends, and existing issues in the lithium battery industry in South America. They will continue to deepen cooperation with large enterprises to achieve complementary advantages and promote the development of the lithium battery industry.

In recent years, the significant fluctuations in lithium prices have subjected enterprises across the industry chain to a rollercoaster of experiences. Although lithium prices have long since lost their former glory, the development prospects of the new energy industry chain remain bright under the advocacy of the global low-carbon economy, and the importance of lithium resources has become increasingly prominent. As one of the regions with the most abundant lithium resources globally, South America, particularly the "Lithium Triangle" region (Bolivia, Argentina, and Chile), holds over 55% of the world's proven lithium resources. Therefore, South America's lithium resources play a pivotal role in the global energy transition. Against this backdrop, SMM organized the 2025 SMM South American Lithium Resources Field Trip . Led by Chen Siyu, the project manager of SMM's overseas South American lithium resources field trip, and Zhou Zhicheng, a senior analyst in new energy and lithium batteries, the delegation visited South American lithium-related enterprises, toured local lithium mines and material companies, and held discussions with company executives from May 15 to May 26, 2025, to explore potential opportunities in lithium ore resource development, technological exchanges, and investment cooperation. On May 19, SMM and delegation members headed to Ganfeng Lithium for in-depth exchanges. Company Profile SMM and delegation members visited Ganfeng Lithium , where Yu Xingguo, the overall operational head of Minera Exar for the Cauchari-Olaroz project in Jujuy Province, warmly received the delegation and provided a detailed introduction to the company's business development. As a well-known lithium ore giant in China, Ganfeng Lithium Group's business spans the entire industry chain, from resource extraction, refining and processing, to battery manufacturing and recycling. Its products are widely used in electric vehicles, energy storage systems (ESS), 3C products, chemicals, and pharmaceuticals. The group's lithium ore resources are distributed globally, and it possesses industrialised technologies for "lithium extraction from brine," "lithium extraction from ore," and "lithium extraction from recycling." It has sufficient capacity for lithium compounds and lithium metal, with multiple production sites at home and abroad. It also boasts complete battery manufacturing and recycling technologies, providing sustainable value-added solutions for battery producers and EV manufacturers. MineraExar is a mining and exploration company in Argentina, established in 2006. It is a joint venture composed of Ganfeng Lithium (46.66%), Lithium Americas (43.04%), and Jujuy Energía y Minería Sociedad del Estado (JEMSE) (85%), dedicated to the development and production of lithium carbonate at the Cauchari-Olaroz salt lake in Jujuy Province. Ganfeng Lithium's Argentine salt lake project generally adopts the traditional salt lake pond evaporation process, ultimately producing lithium chloride (Mariana project) or lithium carbonate through chemical treatments such as potassium, calcium, and magnesium removal. The company stated that due to significant fluctuations and high uncertainty in the Argentine government's policies, it is not currently considering implementing in-depth integrated construction. Downstream customers have not yet been fully confirmed, and the company may adopt direct sales of industrial-grade lithium carbonate, with customers responsible for terminal purification. The Mariana project is expected to commence production in July 2025, directly producing lithium chloride instead of following the lithium carbonate route. The second-phase project is still in the pilot stage, with full-scale construction not yet initiated. Other technical routes, including direct lithium extraction (DLE), are being evaluated. The project is planned to have an annual production capacity of 20,000 mt of lithium chloride, while the Zijin Salt Lake project is planned to have an annual production capacity of 25,000 mt of lithium carbonate, with production expected to gradually commence next month. On the cost side, the cash cost of producing lithium carbonate is approximately $7,000/mt. The domestic cost of processing industrial-grade lithium carbonate into battery-grade lithium carbonate is approximately 3,000 yuan/mt. After the launch of PV power generation, electricity costs will be reduced by 70%, with the proportion of power costs in total costs decreasing from 30% to 10%. If the price of lithium carbonate remains between $9,000 and $10,000 per mt, the factory's operating rate can be maintained at a high level. Regarding product exports, third-party certification (such as SGS) is required, and the Argentine government dynamically sets minimum export prices based on international market conditions. The price difference between industrial-grade lithium carbonate and battery-grade lithium carbonate is based on SGS certification and has not yet been fully confirmed. Group photo during the field trip After the visit, SMM and the field trip members took a group photo together with Ganfeng Lithium to strengthen their cooperation and friendship, believing that there will be deeper exchanges and cooperation in the future! Through this field trip and survey, SMM and the field trip members gained a deeper understanding of Ganfeng Lithium's development, as well as a more profound knowledge of the market status, development trends, and existing issues in the South American lithium battery industry. They will continue to deepen cooperation with major enterprises to achieve complementary advantages and promote the development of the lithium battery industry.

[E3 Lithium and Pure Lithium Corporation Report Results from Phase 1 of Joint Development Agreement for Lithium Metal Batteries] E3 Lithium, a leader in Canada's lithium industry, announced preliminary results of battery cells manufactured under a joint development agreement with Pure Lithium Corporation, utilizing E3 Lithium's brine and Direct Lithium Extraction (DLE) technology, along with Pure Lithium's innovative extraction and battery technologies. As announced on March 13, 2025, several variants of lithium chloride concentrate, reflected at specific points in E3 Lithium's process flowsheet for commercial facility design, were used to manufacture lithium metal anodes at Pure Lithium's facility in Boston. Concentrated lithium chloride from E3 Lithium was electrodeposited as pure lithium metal onto a copper substrate, forming complete, ready-to-use anodes. These anodes were subsequently assembled into batteries by Pure Lithium, and their electrochemical performance in full cells was evaluated. Notable results include: • Lithium Metal Purity: Various E3 brine streams achieved very high purity levels, with ICP-OES analysis showing purity exceeding 99.9%. • Battery Performance (Life Cycle): This test examined the number of charge-discharge cycles the battery could complete while maintaining 80% capacity. All batteries have so far achieved over 500 cycles. • Charge-Discharge Rate: This test examined the time required for charging and discharging. These tests were conducted at a 1C:1D ratio, meaning one hour of charging time and one hour of discharging time. The results of this study indicate that E3's easily produced version of lithium concentrates provides the most cost-effective raw material for Pure Lithium's batteries. It also demonstrates the robustness of Pure Lithium's process, with no performance difference between batteries manufactured using lithium chloride from E3's Leduc brine and those manufactured using Pure Lithium's standard sources. The two companies continue to collaborate on developing and planning an integrated process to provide the highest purity lithium metal anodes at the lowest cost. Source: Company Announcement [Nigeria to Open Two China-Backed Lithium Processing Plants This Year] Nigeria's Minister of Mines and Steel Development announced on Sunday that the country will commission two major lithium processing plants this year, marking a shift from exporting raw materials to domestic value addition. These facilities, primarily funded by Chinese investors, could help transform Nigeria's abundant mineral resources into job opportunities, technology, and growth in domestic manufacturing. Minister Dele Alake stated that a $600 million lithium processing plant located near the Kaduna-Niger border is scheduled to commence operations this quarter, while a $200 million lithium refinery on the outskirts of Abuja is nearing completion. The minister also stated that two more processing plants are expected to be established in Nasarawa State, near the capital Abuja, before Q3 2025. "We are now focused on converting our mineral wealth into domestic economic value—jobs, technology, and manufacturing," Alake said. According to a separate statement from the governor of the state where the plants are located, over 80% of the funding for these four plants was provided by Chinese companies, including Jiuling Lithium and Canmax. The remaining shares are held by a local investor, Crown Mine. The Chinese companies have not yet commented immediately. The initiative to promote domestic processing stems from a study conducted by the Nigerian Geological Survey Agency in 2022, which found significant high-grade lithium ore deposits in six Nigerian states, attracting widespread international attention. These developments are part of Nigeria's broader reforms in its underdeveloped mining sector, which currently contributes less than 1% to the country's GDP. Other reform measures include restricting the export of unprocessed minerals, formalizing artisanal mining operations, which account for the majority of current mining activities, and establishing a state-owned miner in which investors can hold up to 75% of the shares. Source: Publicly available information on the internet