[Lead-Acid Battery Enterprise Updates] Recently, Leoch International announced that, after considering various factors such as current market and regulatory conditions, it decided not to proceed at this stage with the proposed spin-off of Leoch Energy Inc. and its listing on a US stock exchange. Leoch Energy Inc. will adjust its financing strategy and seek new opportunities.

[SMM Morning Meeting Summary: Macro Factors and Fundamentals Resonated, and LME Zinc Logged a Three-Day Winning Streak] Overnight, LME zinc logged a three-day winning streak, with support from the 20-day moving average below and resistance from the 40/60-day moving averages above. Overnight, as geopolitical tensions in the Middle East may have de-escalated, the US dollar index moved lower, nonferrous metals rose, and LME zinc inventory continued destocking......

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

EVE announced that the company planned to sign an Investment Cooperation Agreement with the Administrative Committee of Huizhou Zhongkai High-tech Industrial Development Zone regarding the company’s investment in and construction of the “EVE 60 GWh Energy Storage (Power) Battery Manufacturing Project” within the jurisdiction of the Zhongkai High-tech Zone Administrative Committee. The total investment in this project was approximately 6 billion yuan, with a land area of approximately 500 mu (subject to the actual land acquired through bidding, auction, and listing), for the construction of a 60 GWh energy storage (power) battery production site project.

On March 26, the Shanghai International Energy Exchange issued a notice on adjusting the trading margin ratios and price limit ranges for newly listed Container Freight Index (Europe Service) futures contracts. Notice on Adjusting the Trading Margin Ratios and Price Limit Ranges for Newly Listed Container Freight Index (Europe Service) Futures Contracts To all relevant parties: Upon review and decision, the price limit ranges and trading margin ratios for the following contract shall be adjusted as follows from the date of listing: For the Container Freight Index (Europe Service) EC2703 contract, the price limit range shall be 20%, the trading margin ratio for hedging positions shall be 22%, and the trading margin ratio for general positions shall be 22%. In the event of any circumstance specified in Article 16 of the Detailed Rules of the Shanghai International Energy Exchange on Risk Control Management, adjustments shall be made on the basis of the above price limit ranges and trading margin ratios. Other matters concerning price limits and trading margins shall be implemented in accordance with the Detailed Rules of the Shanghai International Energy Exchange on Risk Control Management and other relevant business rules. Hereby notified. Shanghai International Energy Exchange Mar 2026 Shanghai International Energy Exchange Mar 2026

According to market reports, Alaska Energy Metals Corporation (AEMC) is rapidly advancing its flagship Nikolai Nickel Project, capitalizing on a recent 18% rally in global nickel prices that underscores a tightening market. To accelerate the project's development, the company recently closed a $1 million private placement and secured a critical listing on the U.S. Permitting Council's FAST-41 Transparency Dashboard, a federal initiative designed to streamline and expedite mine permitting. Furthermore, AEMC is bolstering its downstream potential through memorandums of understanding (MOUs) with RecycLiCo Battery Materials for hydrometallurgical processing and with EV manufacturer Lucid Group.