[Sinomine Resource Group Engages with the Zimbabwean Government to Restart Its Lithium Export Business] Sinomine Resource Group confirmed that, after this African country recently suspended shipments of lithium concentrates, the company had been actively engaging with Zimbabwean government authorities to restart its lithium export business. The Chinese miner disclosed this development on Friday in response to an investor inquiry via the Shenzhen Stock Exchange’s official interactive platform. These talks came at a critical time for both Sinomine Resource Group and Zimbabwe. Lithium remained a sought-after mineral because of its essential role in producing batteries used in EVs and renewable energy storage systems. Zimbabwe, which holds substantial lithium reserves, had continued tightening its regulatory framework to ensure more value addition remained in China, rather than allowing the export of raw ore or materials that had undergone only preliminary processing. Sinomine Resource Group said in a statement that it was currently working closely with Zimbabwean government authorities on a new export approval application. The company stressed that the dialogue remained ongoing and formed part of its broader efforts to align with the country’s latest policies and compliance requirements. Although there was no clear timetable yet for when exports would resume, the engagement sent a positive signal that efforts were being made to resolve the issue. Source: https://www.chemanalyst.com/ [Vulcan Energy Achieves Drilling and Permitting Milestones at Its Geothermal Lithium Project in Germany] The company had officially broken ground at the Trappelberg drilling site in the Rohrbach area near Landau. This was Vulcan’s second drilling site after Schleidberg, where the company had completed the drilling and testing of its first geothermal well. Preparatory work at Trappelberg had begun to support the start of drilling in H2 2026. At present, a deep groundwater monitoring well had been completed to ensure the protection of near-surface aquifers during construction and drilling operations. Schleidberg and Trappelberg were 2 of the 5 new drilling sites that Vulcan would develop in the region. Thorsten Weimann, Chief Development Officer and Managing Director of Vulcan Energie Ressourcen GmbH, said: “The groundbreaking ceremony at Trappelberg marks an important step forward in the further development of our Lionheart project. With this new drilling site, we are further developing the geothermal reservoir and laying the foundation for climate-neutral heating in the region and sustainable lithium production in Europe.” Source: https://www.thinkgeoenergy.com/ [Core Lithium’s Finniss Project Secures a Strategic Financing Package of AUD 290 million] The fundamentals of global battery demand were reshaping investment strategies in the critical minerals sector, placing Australia’s lithium industry at a critical turning point. The combined effects of supply chain diversification needs, advances in energy storage technology, and geopolitical factors have created an environment in which strategic positioning determines the long-term value creation potential of mining. In addition, the restart of Core Lithium's Finniss project, backed by A$290 million, demonstrates how well-developed critical minerals strategies can unlock previously stalled projects through innovative financing structures. Against this backdrop, complex financing structures and operational optimization approaches have become key differentiators for projects seeking to capture the evolving market dynamics of the current lithium investment cycle. The sophisticated financing structure underpinning the restart of Core Lithium's Finniss project shows that contemporary mining finance has evolved beyond traditional debt-and-equity models into a strategic consortium model that disperses risk while maximizing operational synergies. Moreover, this financing approach reflects a broader trend across the mining sector. Source: https://discoveryalert.com.au/ [Copper, Cobalt, and Lithium Mines: US Critical Minerals Growth] In early 2026, Secretary of State Marco Rubio, together with senior US officials including Vice President JD Vance and Treasury Secretary Scott Bessent, received representatives from 54 countries and the European Commission at the Critical Minerals Ministerial meeting. The US announced new bilateral frameworks, financing initiatives exceeding $30 billion, and launched the Forum for Resource and Geostrategic Engagement (FORGE), aimed at building secure, diversified, and resilient critical minerals supply chains. Initiatives such as the Orion-Glencore memorandum of understanding and "Project Vault" indicate the US government's commitment to incentivizing private-sector investment and ensuring a stable and reliable supply of cobalt, copper, and other strategic materials, including those from the DRC. Source: https://miningdigital.com/ [Atlantic Lithium's Ewoyaa Project Financing Secures a Strategic Investment of $16.4 million] The global critical minerals landscape is undergoing a fundamental transformation, and institutional capital allocation strategies have moved beyond traditional mining investment models. Pension funds, sovereign wealth funds, and strategic investors now require more sophisticated financing structures to align long-term capital commitments with project de-risking milestones. This shift indicates the growing maturity of financing in the resources sector, which is moving away from speculative early-stage funding toward a more infrastructure-like investment approach that places greater emphasis on predictable returns rather than commodity price speculation. Contemporary lithium project development reflects this evolution, with financing solutions from diversified funding sources incorporating conditional capital structures, local ownership requirements, and ESG compliance frameworks. The combination of milestone-based warrant instruments, strategic partnership agreements, and domestic exchange listings has created an integrated financing ecosystem that balances capital efficiency with political and economic considerations. In addition, these innovations in the lithium industry are continuing to reshape the investment landscape. Source: https://discoveryalert.com.au/

SMM Morning Meeting Minutes: Overnight, LME copper opened at $13,146/mt and hit an early high of $13,153/mt. Thereafter, the center of copper prices gradually moved lower, dipping to $12,975/mt near the close, and finally settled at $13,027.5/mt, up 0.49%. Trading volume rose to 25,000 lots, and open interest to 306,000 lots, down 1,096 lots from the previous trading day, mainly due to bears reducing positions. Overnight, the most-traded SHFE copper 2604 contract opened at 101,640 yuan/mt and climbed early to 102,080 yuan/mt, then fluctuated downward to a low of 101,200 yuan/mt, followed by wide swings, and finally settled at 101,700 yuan/mt, up 0.45%. Trading volume rose to 44,800 lots, and open interest to 195,000 lots, down 213 lots from the previous trading day, mainly due to bears reducing positions.

[Standard Lithium and Telescope Innovations Collaborate to Produce Next-Generation Solid-State Battery Materials] Standard Lithium Ltd. announced that, as part of its collaboration with Telescope Innovations, it has successfully produced battery-grade lithium sulfide. As previously mentioned, Standard Lithium has been working with its R&D partner, Telescope Innovations, to develop new and innovative conversion technologies for manufacturing next-generation battery materials. This new conversion process has now been successfully applied to convert lithium hydroxide, produced by Standard Lithium at its demonstration plant in southern Arkansas, into battery-grade lithium sulfide (Li(2)S). Samples of lithium sulfide have been shipped to solid-state battery companies in Asia and North America for ongoing testing and validation purposes. Lithium sulfide is a critical raw material required for many next-generation solid-state battery chemistries. However, despite its importance in next-generation battery technologies, lithium sulfide can only be produced commercially in very small quantities and at very high costs. The technological collaboration between the two teams has resulted in a novel, low-temperature, patented process with the following advantages: Raw material flexibility – Both lithium hydroxide and lithium carbonate are viable raw materials; Impurity tolerance – Allows the use of technical-grade raw materials; Lower processing temperature (<100 °C) – Reduces equipment complexity and operating costs; and Enhanced manufacturing safety – Avoids high-temperature conditions and associated thermal risks. Source: juniorminingnetwork.com [Bolivian Court Suspends Sino-Russian Lithium Deal] It has been reported that Bolivia's plans to become a major lithium producer have hit a snag after a local court ordered the suspension of two major mining deals worth over $2 billion signed last year. These contracts were signed in 2023 and 2024 with China's CBC consortium (which includes battery manufacturer CATL) and Uranium One Group, a subsidiary of Russia's state nuclear corporation Rosatom, respectively. The deals were aimed at establishing direct lithium extraction (DLE) facilities at the Salar de Uyuni in southwestern Bolivia. This salt flat, which holds one of the world's largest lithium reserves, is part of a larger lithium triangle shared with Chile and Argentina. Last week, a mixed court in the village of Colcha K, located in the Potosí region, issued the suspension order following legal complaints from indigenous groups who argued that the projects violated their environmental rights and were allowed to proceed without formal consultation. Neither project has yet received legislative approval, but preliminary activities have already commenced on-site, which local groups claim were carried out without proper authorization or environmental assessments. Bolivia's state-owned lithium company, Yacimientos de Litio Bolivianos (YLB), holds a 51% stake in both enterprises. Omar Alarcon, the head of YLB, stated at a press conference last year that the proposed plant is expected to produce 35,000 mt of lithium carbonate annually. According to the Argentine newspaper Infobae , the court ruling will prohibit YLB and the Ministry of Hydrocarbons and Energy from taking any administrative or operational steps related to the contract until the judicial process is concluded. However, the Bolivian government insists that it has not yet officially received notification of the court ruling and maintains that the legislative process surrounding the contract will continue until official notification is received. Source: mining.com [Gabon Plans to Ban Manganese Ore Exports, Leading to a Decline in Eramet's Share Price] Eramet's shares plummeted on Monday after Gabon announced a ban on the export of unrefined manganese starting from 2029, which could disrupt the production of large-scale export-oriented steel raw materials by the French mining group in this West African country. The Gabon government announced the plan in a statement over the weekend, which comes as several African countries—including Guinea , with bauxite, Zimbabwe , with lithium, as well as Mali and Tanzania—are seeking to shift from raw material exports to local processing. Global demand for manganese, used in steel production and increasingly in EV batteries, has been growing. Eramet is the majority shareholder of Comilog, a Gabon-based manganese mining company whose Moanda mine is the largest in the world. In a statement, Eramet said it had taken note of the Gabon government's intention to ban the export of crude manganese starting from January 1, 2029, and would continue to cooperate with the authorities "in a spirit of constructive partnership and mutual respect." The group added that it is committed to safeguarding the 10,460 Gabon jobs maintained by Comilog and Setrag, Comilog's railway transport unit. Eramet's share price fell nearly 5.5% before recovering, ending the day down about 4% as of 0800 GMT. President Brice Oligui Nguema , who overthrew former President Ali Bongo in a coup in 2023 and was elected last month, is seeking to revive Gabon's beleaguered economy . This West African oil-exporting country holds some of the world's richest manganese deposits, primarily operated by Comilog and Chinese companies that export to China, Europe, and the US. Comilog, in which Gabon holds a minority stake, processes some manganese locally but primarily exports ore. In recent years, the Moanda mine and the Weda Bay nickel mine in Indonesia have driven Eramet's growth, while its historical nickel mining operations in New Caledonia have dried up due to losses and social unrest. In Indonesia, where nickel ore exports were previously banned to develop the local industry, Eramet signed a memorandum of understanding with sovereign fund Danatama last week to explore potential investments in nickel processing. Source: reuters.com [Rio Tinto revises costs for Serbian lithium project] Chad Blewitt, Managing Director of Rio Tinto's Jadar lithium mine, said on Wednesday that the company is revising the costs for its Serbian lithium project, which has been identified by the European Commission as one of 13 strategic new critical raw materials projects . The project has been questioned by environmental groups and many Serbs on environmental grounds and sparked massive street protests in 2022, leading to the government revoking all of Rio Tinto's exploration licenses. The Constitutional Court overturned this decision last year and restored the licenses. Rio Tinto is the only major mining company betting on lithium (used in EV batteries), accelerating its development pace through three new deals in the past six months: acquiring US-based Arcadium Lithium for $6.7 billion and two projects in Chile for over $1 billion. The lithium market has slumped as a wave of new supply overwhelms weaker-than-expected demand for EV batteries. While demand forecasts for the metal are more optimistic over the next decade, it will take years to know whether this bet will pay off. If implemented, Rio Tinto's Jadar project could meet 90% of Europe's current lithium demand. But protesters in Serbia have threatened to block highways and railways if the project proceeds. "Whatever happens next will involve multiple stages of review and public consultation," Blewitt said. "It (the project) will place Serbia at the forefront of the green and digital revolution." Source: reuters.com

In recent years, the significant fluctuations in lithium prices have subjected enterprises across the industry chain to a rollercoaster of experiences. Although lithium prices are no longer as high as they once were, 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" (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 mines and material companies, and held discussions with company executives from May 15 to May 26, 2025, to explore potential opportunities in lithium resource development, technological exchanges, and investment cooperation. On May 15, SMM and the delegation members headed to the Undersecretariat of Mining Development of Argentina for in-depth exchanges. Company Profile SMM and the delegation members visited the Undersecretariat of Mining Development of Argentina, where they were warmly received by Dr. MARIO R. THIEM, the Undersecretary of Mining Development at the Ministry of Economy, and his team, who provided a detailed introduction to their business development. The Undersecretariat of Mining Development of Argentina (Subsecretaría de Desarrollo Minero) is a key institution under the Ministry of Economy (Ministerio de Economía) responsible for formulating and implementing national mining development policies. The department is dedicated to promoting mining investment by designing and executing policies and action plans that cover all stages of mining projects, actively attracting domestic and overseas investors. It also provides comprehensive information support to potential investors, including legal, geological, mining rights, and project background details, to facilitate investment decisions. Meanwhile, the institution strictly supervises and enforces national laws and regulations related to mining activities to ensure industry compliance. Additionally, the Undersecretariat coordinates the effective implementation of mining policies between national and provincial governments and promotes cooperation among institutions such as the Federal Mining Commission (COFEMIN). To foster sustainable development, the department also actively collaborates with international and multilateral institutions to promote the implementation of best practices in the mining sector, including the promotion of environmental and social responsibility standards. The current Undersecretary, Mario Ricardo Thiem, is a lawyer with extensive experience in the energy industry. He previously served as the manager of the legal department at YPF (Yacimientos Petrolíferos Fiscales), Argentina's national oil company, and held various job titles at Chevron from 2005 to 2011. Additionally, he led the MRT LLC consulting firm, providing advisory services to US oil and natural gas companies operating in Latin America. During the presidency of Mauricio Macri, Mr. Thiem served as a director of IEASA (Integración Energética Argentina S.A.). This institution plays a central role in the formulation and implementation of Argentina's mining policies, particularly in attracting foreign direct investment, advancing mining projects, and promoting environmental and social responsibility. Its goal is to drive the country's economic growth and social progress through sustainable mining development. Group Photo After the Field Trip Following the visit, SMM and the field trip delegation took a group photo with Dr. MARIO R. THIEM, the Undersecretary of Mining Development at the Ministry of Economy, and his team, to strengthen their cooperative friendship and foster deeper exchanges and collaborations in the future! Through this field trip and survey, SMM and the delegation gained a deeper understanding of the operations of the Undersecretariat of Mining Development of Argentina, as well as a more profound insight into the market status, development trends, and existing challenges of the lithium battery industry in South America. They will continue to deepen cooperation with major 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, 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 lithium-related enterprises in South America from May 15 to May 26, 2025. They toured local lithium ore and material enterprises, held discussions with company executives, and explored potential opportunities in lithium ore resource development, technological exchanges, and investment cooperation. On May 15, SMM and delegation members headed to NOA Lithium Brines for in-depth exchanges. Company Profile Upon arriving at NOA Lithium Brines, SMM and delegation members were warmly received by company leaders, including Hernán Miguel Zaballa, the Executive Chairman, Gabriel Rubacha, the CEO and Director, and Estanislao Zaballa, the Regional Manager, who provided a detailed introduction to the company's business development. NOA Lithium Brines Inc. ("NOA") is a lithium exploration and development company established with the aim of acquiring assets with significant resource potential. All of NOA's projects are located in the heart of the lithium triangle in Salta, a mining-friendly province in Argentina, surrounded by numerous projects and operations owned by some of the largest players in the lithium industry. NOA has swiftly assembled a vast and impressive portfolio of lithium brine mining rights, occupying key positions in three potential salt flats (Rio Grande, Arizaro, Salinas Grandes) spanning over 120,000 hectares. The company's recent mineral resource estimate for the Rio Grande project (July 2024) totals 4.7 million mt of LCE (measured, indicated, and inferred), with an average lithium concentration of 525 mg/L. NOA is committed to conducting sustainable and responsible exploration and business activities in line with industry best practices, supporting all stakeholders, including the local communities where the company operates. Group Photo for the Field Trip Following the visit, SMM and delegation members posed for a group photo with NOA, fostering deeper cooperation and friendship. It is believed that there will be further in-depth exchanges and collaborations in the future! Through this field trip and survey, SMM and members of the delegation gained a deeper understanding of NOA's development, as well as a more profound knowledge 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, 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.