To Our Valued Users, Hello! As a key intermediate product in the lithium industry chain, lithium sulfate serves as a primary raw material for producing core lithium salts such as battery-grade lithium carbonate and battery-grade lithium hydroxide. Its supply and pricing directly impact the cost of downstream lithium battery materials and overall market operations. Currently, the lithium sulfate market lacks open and transparent representative price benchmarks, with international trade and procurement pricing largely reliant on bilateral negotiations, leading to issues such as information asymmetry and delays in price transmission. With lithium sulfate production from relevant African lithium producers, represented by the Zimbabwe region, commencing and gradually entering the market, SMM has developed and is now launching the "Africa Lithium Sulfate (CIF China) Price" to promote the standardization and transparency of African lithium sulfate pricing and enhance the efficiency of industrial chain collaboration. This initiative aims to objectively reflect the market conditions of African lithium sulfate arriving at major Chinese ports, providing a reliable price benchmark for producers, traders, downstream enterprises, and financial institutions, thereby supporting the standardized development and price discovery of the global lithium resource market. Release time：2026.Jan.22 The price will be updated every business day at 12:00 Beijing Time for market reference. Product Name: Africa Lithium Sulfate (CIF China) Quality Standard: Li₂SO₄·H₂O content ≥ 80% Definition: CIF major Chinese ports Unit: USD/ton Minimum Transaction Volume: 60 tons Delivery Period: 2 months Release Time: Every business day at 12:00 Beijing Time Payment Terms: Letter of Credit (L/C), Telegraphic Transfer (T/T), or Documents Against Payment (D/P). Other payment terms are subject to negotiation. We welcome more relevant enterprises across the industrial chain to participate and support SMM in better serving the new energy industry. Shirley Wang 021-51666838 wangcong@smm.cn Thomas Feng 021-51666714 fengdisheng@smm.cn Sylvia Wang 021-51666914 wangzihan@smm.cn Jessica Wang 021-51595902 wangjie@smm.cn Faith Zhang 021-51666878 faithzhang@smm.cn Shanghai Metals Market New Energy Research Team January 20, 2026

Dear User, As a key intermediate product in the lithium industry chain, lithium sulfate serves as a primary raw material for producing core lithium chemicals such as battery-grade lithium carbonate and battery-grade lithium hydroxide. Its supply and price influence the costs of downstream lithium battery materials and market operations. Currently, the lithium sulfate market lacks open and transparent representative price references. International trade and procurement pricing largely rely on bilateral negotiations, leading to issues such as information asymmetry and delayed price transmission. With lithium sulfate production from African lithium producers, represented by the Zimbabwe region, commencing and gradually entering the market, SMM has compiled and launched the " Africa Lithium Sulfate (CIF China) Price " to promote standardized and transparent pricing for African lithium sulfate and enhance the efficiency of the industry chain. This price aims to objectively reflect the market conditions of African lithium sulfate arriving at main Chinese ports. It will provide a reliable price benchmark for producers, traders, downstream enterprises, and financial institutions, supporting the standardized development and price discovery of the global lithium resources market. SMM's "Africa Lithium Sulfate (CIF China)" was officially launched today (January 21, 2026) . Details are as follows: Africa Lithium Sulfate (CIF China), Specification: Li₂SO₄·H₂O content ≥80% Product Name: Africa Lithium Sulfate (CIF China) Quality Standard: Li₂SO₄·H₂O content ≥80% Definition: CIF main Chinese ports Unit: $/mt Minimum Trading Volume: 60 mt Delivery Period: 2 months Release Time: Weekdays, 12:00 Beijing Time Payment Terms: Letter of credit, telegraphic transfer, or documents against payment other payment terms require separate negotiation. Welcome more relevant enterprises in the industry chain to participate and support SMM in better serving new energy industry chain enterprises. Shirley Wang 021-5166-6838 wangcong@smm.cn Thomas Feng 021-5166-6714 fengdisheng@smm.cn Sylvia Wang 021-5166-6914 wangzihan@smm.cn Jessica Wang 021-5159-5902 wangjie@smm.cn Faith Zhang 021-5166-6878 faithzhang@smm.cn Shanghai Metals Market New Energy Research Team January 21, 2026

Dear Users, Greetings! In recent years, as the global new energy vehicle industry entered a large-scale retirement period and resource security strategies were upgraded, China's lithium battery recycling market continued to expand rapidly. In August this year, China officially began allowing the import and export of black mass, and it is expected that more black mass meeting quality requirements will enter China in the future. Against this backdrop, the value and pricing mechanism of overseas black mass in the Chinese market are attracting close attention from both upstream and downstream segments of the industry chain. In response to market changes, addressing the industry's practical needs for evaluating the value of recycled raw materials, and promoting the establishment of a more open and fair pricing benchmark in the lithium battery recycling sector, the Shanghai Metals Market (SMM), after in-depth market surveys and discussions has decided: On January 9, 2026, SMM will officially launch new weekly price for lithium battery recycling. The newly added price are as follow: 1. SMM Battery Black Mass, NCM/NCA, % payable of SMM's Nickle sulphate, FOB Malaysia, 9% < Ni < 20% 2. SMM Battery Black Mass, NCM/NCA, % payable of SMM's Cobalt sulphate, FOB Malaysia, Specification: 5% < Co < 10% 3. SMM Battery Black Mass, NCM/NCA, % payable of SMM's Lithium Carbonate, FOB Malaysia, Specification: 3% < Li < 3.5% Details of this price point are as follows: Description: SMM Battery Black Mass, NCM/NCA, % Payable of SMM's Nickel Sulphate, FOB Malaysia, 9% < Ni < 20% SMM Battery Black Mass, NCM/NCA, % Payable of SMM's Cobalt Sulphate, FOB Malaysia, 5% < Co < 10% SMM Battery Black Mass, NCM/NCA, % Payable of SMM's Lithium Sulphate, FOB Malaysia, 3% < Li < 3.5% Quality: Ni 9%-20%, Co 5%-10%, Li 3%-3.5% Quantity: Minimum 30 tonnes Definition: FOB Malaysia main ports Timing: 1-2 Months Unit: % Payment Terms: 50% Payment in advance T/T in USD , other payment terms normalized Pulication: Weekly, Friday 12pm Beijing time Relevant companies from the New Energy Industry Chain are welcomed to participate and support SMM in better serving the New Energy Industry Companies. Relevant companies from the New Energy Industry Chain are welcomed to participate and support SMM in better serving the New Energy Industry Companies. Shirley Wang 021-51666838 wangcong@smm.cn Thomas Feng 021-51666714 marui@smm.cn Freya Lin 021-51666902 linziya@smm.cn Rayna Lei 021-20707873 leiyue@smm.cn Melanie Choy (Malaysia) +6012-4926909 melanie.choy@smm.cn Shanghai Metals Market New Energy Research Team November 26, 2025