Today, SMM battery-grade spot lithium carbonate prices fluctuated downward compared to the previous working day. Futures side, the lithium carbonate 2609 contract opened high today at 206,500 yuan/mt, quickly surging to the intraday high of 209,900 yuan/mt (up approximately 2.4%) after the opening, but then rapidly pulled back and fell below the average price line; it continued to fluctuate downward during the session, accelerating its decline to the intraday low of 195,000 yuan/mt around midday (down approximately 4.8%); it rebounded slightly in the afternoon, moving sideways around 200,000 yuan/mt, and ultimately closed down 1.87% at 202,000 yuan/mt, with open interest decreasing by 17,941 lots. Spot market, as prices fluctuated downward, downstream just-in-time procurement activities increased, upstream sentiment to hold prices firm and hold back from selling recovered, willingness to sell on spot orders weakened, and the volume of registered warrants delivered to futures for hedging continued to increase, with warrant volume rising to 49,000 lots as of today. Overall, market inquiries and actual transaction activity were active. This week, lithium carbonate production increased slightly, mainly due to continued steady production ramp-up from the salt lake and recycling segments. Transaction and inventory changes: upstream lithium chemical plants continued to slow down spot order shipments, while hedging registered warrant volumes increased. As lithium prices continued to fluctuate at highs, downstream and traders' purchase willingness weakened, leading to a slight inventory buildup at the upstream level this week. Downstream material plants, due to continuously rising prices, maintained weak spot order purchase willingness, with fewer opportunities to buy the dip this week, and enterprises mostly continued to consume earlier inventory and long-term contract and customer-supplied materials delivered at the beginning of the month. Trader side, as downstream found it difficult to purchase at levels above 200,000 yuan/mt, inventory continued to accumulate.

[Standard Lithium Signs 10-Year Supply Agreement with Trafigura for 8,000 mt of Battery-Grade Lithium Carbonate Annually] Smackover Lithium, a joint venture project under Standard Lithium (NYSE.A/TSXV: SLI), announced that it had signed its first binding commercial sales agreement with commodity giant Trafigura Trading LLC, committing to supply 8,000 mt of battery-grade lithium carbonate annually for a 10-year term, effective from the commencement of commercial production. The agreement covers over 40% of the SWA project's total target supply volume, marking a substantive step forward on the commercialization path for this Arkansas-based direct lithium extraction (DLE) project. The remaining supply negotiations are expected to be completed in Q3 2026, and the company maintains its plan to make a final investment decision and commence construction in 2026, with a target of achieving first commercial production in 2029. On the technology validation front, the company simultaneously announced three milestones at its Arkansas demonstration plant: cumulative processing of over 1 million barrels of real formation brine, completion of over 15,000 DLE cycles, and a zero-safety-incident record across 340,000 cumulative work hours, effectively validating the feasibility and stability of the SWA project's core process route. The SWA project is jointly advanced by a joint venture formed by Standard Lithium and Norwegian state oil company Equinor, conducting direct lithium extraction operations on Smackover formation brine in Arkansas. The conclusion of the Trafigura agreement further reinforced market confidence in the project's long-term commercial prospects. Source: [Elevra Lithium Buys Out All Moblan Project Offtake Rights, Equity Settlement Terminates Discounted Sales Obligation] Australian lithium mine company Elevra Lithium (ASX: ELV; NASDAQ: ELVR) announced that it had acquired and terminated the Moblan lithium mine project spodumene concentrates offtake agreement previously granted to an investment vehicle under Waratah Capital Advisors. Upon completion of the transaction, Elevra gained full control of all offtake interests it is entitled to on a pro-rata basis in the Moblan project. The original agreement originated from a 2021 arrangement that granted Waratah the right to purchase 10% of Moblan's annual spodumene concentrates production at a 5% discount over the full life of the mine. The termination was settled through equity, with Elevra issuing ordinary shares valued at $5 million at an issue price of A$12.2 per share and warrants valued at $500,000 to Waratah, preserving cash for subsequent development plans. The Moblan lithium mine project is located in central Quebec, Canada, with Elevra holding a 60% interest and Investissement Québec holding 40%. It is one of the leading undeveloped lithium ore assets in North America by scale. By eliminating the obligation of discounted sales over the full mine life cycle, Elevra significantly improved the long-term economics of the project and retained greater strategic flexibility for further scaling. Source: [Rain City Resources Signs First MOU with Bolivia's National Lithium Company YLB for the Uyuni Basin] Canadian lithium company Rain City Resources Inc. (CSE: RAIN) announced that it had signed a memorandum of understanding (MOU) with Bolivia's national lithium company YLB (Yacimientos de Litio Bolivianos), establishing a formal cooperation framework for the evaluation and application of Rain City's next-generation direct lithium extraction (DLE) technology under Bolivian brine conditions. This was the first publicly disclosed lithium cooperation MOU signed between YLB and a foreign enterprise since the new Bolivian government took office. Bolivia holds the world's largest proven lithium resources, primarily concentrated in the Uyuni salt flat and surrounding salt lake systems. Despite the enormous resource potential, the country has historically maintained a cautious stance toward foreign investment in the lithium sector, with institutional access thresholds constituting a significant strategic barrier for international developers, making the signing of this MOU a highly landmark event. Under the agreement, both parties will advance a structured research process centered on formal proposals, technical coordination, and periodic reporting, with a joint technical coordination committee established for oversight and management. The MOU itself does not confer concession rights, resource ownership, or commercial production agreements, but establishes a credible institutional pathway for technology evaluation under real Bolivian brine conditions. Rain City stated that, given the complexity of the brine chemistry in the Uyuni Basin and the scale of its lithium resources, this formal entry into Bolivia's evaluation process represented a significant strategic move for the company to extend its low-water-consumption DLE technology to the broader Lithium Triangle region. Source: [USGS Assesses Potential Lithium Ore Reserves Exceeding 530,000 mt in New England Region] The U.S. Geological Survey (USGS) released its latest geological assessment report, confirming the presence of substantial potentially undiscovered lithium deposits in Maine, New Hampshire, and eastern Vermont. The report indicated that recoverable lithium resources in the region exceeded 530,000 metric tons at a 50% probability level, based on existing geological data and historical field observation records. This assessment came at a time when the US federal government was accelerating efforts to build critical minerals supply chain resilience. The US currently relies heavily on lithium ore imports, with domestic production concentrated at only one operating facility in Nevada, a structural vulnerability that has long drawn attention from energy security analysts. Federal officials promoted this study as a significant achievement in advancing the strategy for self-sufficiency in lithium resources supply. Geologists also noted that this assessment carried a wide range of uncertainty, and even if the relevant deposits were confirmed through subsequent exploration, the region would still face a lengthy permitting and development cycle before reaching the commercial extraction stage, with actual industrialisation prospects remaining distant. The USGS has classified lithium as a critical mineral and is advancing similar assessments nationwide to systematically identify the potential of undiscovered lithium resources. Source:

Spot lithium carbonate prices fluctuated upward this week, with the price center further rising. The futures market performed strongly, with the most-traded LC2609 contract price range rising from 173,400-184,800 yuan/mt at the beginning of the week to 182,500-189,500 yuan/mt, up about 5% WoW, with open interest increasing significantly and bulls actively entering the market. Market transactions remained sluggish, with the psychological price level gap between upstream and downstream further widening. On the upstream lithium chemical plant side, quotes stayed high, willingness to sell spot orders was low, and the sentiment to hold prices firm was evident. On the downstream material plants side, purchases were mainly just-in-time procurement, with limited acceptance of high prices, and psychological purchase price levels concentrated around 170,000-175,000 yuan/mt, with only a few enterprises with rigid restocking needs willing to accept prices around 180,000 yuan/mt. Overall, market inquiries and transactions were relatively sluggish, presenting a stalemate pattern of "upstream holding prices firm and holding back from selling, downstream waiting and watching." Supply side, bullish and bearish factors were intertwined, with short-term disruptions coexisting with medium-term expectations. Bullish factors: continued disruptions from Jiangxi mine license renewals; Middle East geopolitical fluctuations pushing up diesel import costs, with some Australian mines' Q1 quarterly reports confirming cost increases; political instability in Mali raising market concerns over West African ore supply; spodumene concentrates prices continuing to strengthen, reinforcing the cost-support logic for non-integrated lithium chemical plants. Bearish factors: Zimbabwe Huayou announced successful shipment of lithium sulfate, potentially easing some short-term supply anxiety; April domestic lithium carbonate production pace remained generally stable, with salt lake operations maintaining steady production ramp-up; entering May, although Zimbabwe lithium concentrates exports remained restricted, relevant enterprises' raw material inventory could still ensure normal production for the month, with total May production expected to edge up about 3% MoM. Demand side expectations were positive, but actual boost effects still needed verification. Looking ahead, spot lithium carbonate prices are expected to maintain a relatively strong pattern in the short term. Supply side, the actual execution progress of Zimbabwe export quotas and the timing of Jiangxi mine license renewal shutdowns remain key variables; demand side, focus should be on May new energy auto sales data realization and the pace of LFP plant capacity expansion boosting raw material demand. Against the backdrop of unresolved supply-side constraints, cost support, and demand expectations resonating, lithium carbonate prices are expected to maintain a relatively strong trend in Q2.

Benefiting from both rising gold prices and increasing volumes, Zijin Mining delivered a stellar report card. In Q1, the company achieved revenue of 98.5 billion yuan, up 24.79% YoY; net profit attributable to shareholders of the publicly listed firm reached 20.1 billion yuan, surging 97.50% YoY, nearly doubling; total profit soared 115% YoY to 31.6 billion yuan, with all core financial metrics hitting record highs across the board. The underlying logic behind the accelerating profitability was clearly identifiable: the historic breakthrough in gold prices served as the most direct catalyst. The unit price of gold ingots jumped from 661.83 yuan/g in the same period last year to 1,089.04 yuan/g, a gain of over 64%, and the gross margin of mine-produced gold expanded from 52.91% to 69.60%; silver prices also surged in tandem, soaring from 5.50 yuan/g to 15.33 yuan/g, with the gross margin of mine-produced silver leaping to a remarkable 85.59%. The company's overall mine enterprise gross margin rose from 59.94% to 71.01%, and the comprehensive gross margin also climbed from 22.89% to 36.33%, with the price dividend fully realized. Meanwhile, the rise of the lithium segment was reshaping the company's profit structure. Lithium carbonate equivalent production reached 16,229 mt in Q1, compared to only 1,376 mt in the same period last year, up over 10 times YoY, with an average selling price of 101,456 yuan/mt and a gross margin as high as 61.44%. The company expects full-year 2026 lithium carbonate production to reach 120,000 mt, and plans to increase it to 270,000–320,000 mt by 2028, at which point it will rank among the world's largest lithium ore producers. The lithium business is evolving from a marginal increment to a core profit engine. Gold Prices Exceeded Expectations, with the Gold Segment Contributing Core Profits Gold was the largest engine of profit growth this quarter. The company's mines produced 23,497 kg of gold, up 23% YoY, benefiting not only from volume growth but also from a price tailwind. The average price of gold ingots reached 1,089.04 yuan/g, and the average price of gold concentrates reached 1,010.55 yuan/g, up approximately 65% and 64% YoY, respectively. The sources of incremental growth also warranted attention. Zijin Gold International's newly acquired Akyem Gold Mine in Ghana and Ridgold Polymetallic Mine in Kazakhstan, acquired in 2025, had begun contributing production, with the benefits of external M&A gradually being released. Under the resonance of high gold prices and volume growth, the gross margin of mine-produced gold business surged significantly: the gold ingot gross margin rose from 52.91% to 69.60%, and the gold concentrates gross margin climbed from 71.05% to 80.89%, delivering a notable boost to overall profits. Copper: Kamoa-Kakula Production Cuts Dragged Down Output, While Other Mines Advanced Steadily The copper segment produced 259,214 mt of mine-produced copper in Q1, down from 287,571 mt in the same period last year, primarily due to a sharp decline in equity production at the Kamoa-Kakula copper mine — plunging from 59,163 mt in the same period last year to 27,361 mt, a drop of over 50%. Excluding this disruption, the company's other copper mines all advanced in an orderly manner as planned. Of particular note was the Julong Copper Mine Phase II, which was officially commissioned in late January 2026 and contributed 60,000 mt of mine-produced copper in Q1. The capacity was still in the ramp-up stage, with further incremental output expected going forward. Rising copper prices also effectively offset the volume pressure. The average price of copper concentrates rose from 60,179 yuan/mt to 81,543 yuan/mt, with the gross margin further improving from 65.05% to 70.84%; the gross margins of electrodeposition copper and copper cathode also expanded to 61.61% and 56.20%, respectively. The smelting copper business had a gross margin of only 0.32% due to thin processing profits, but scale effects still enabled it to contribute a considerable absolute profit amount. Lithium Segment: A Leap from Zero to One, Targeting the World's Largest by 2028 The lithium business was the segment with the most dramatic changes in this quarterly report. Lithium carbonate equivalent production reached 16,229 mt (with Q1 sales of 13,329 mt), achieving an order-of-magnitude expansion from the base of 1,376 mt in the same period last year, driven by the capacity ramp-up following the successive commissioning of multiple projects including the 3Q Salt Lake lithium mine, the Lagocuo Salt Lake lithium mine, and the Xiangyuan hard-rock lithium mine. Profitability was equally impressive — lithium carbonate had an average selling price of 101,456 yuan/mt and a gross margin of 61.44%, second only to silver and ranking as the second highest among all products, reflecting the inherent cost advantages of salt lake lithium resources. In stark contrast, the lithium carbonate gross margin in Q4 last year was only 24.59%, surging nearly 37 percentage points within just one quarter, benefiting from both improved product mix and a cyclical recovery in lithium prices. Of greater strategic significance was the long-term plan: the main mining and processing workflow of the Manono lithium mine northeast project had been fully connected, and is expected to be completed and commissioned in June this year; the company plans to achieve lithium carbonate equivalent production of 270,000–320,000 mt by 2028, at which point it will become one of the world's largest lithium ore producers. Management has explicitly positioned the lithium segment as the "third pillar" core profit source after copper and gold. Cash Flow and Balance Sheet: Ample Ammunition, Strong Foundation for Expansion Financial structure side, total assets reached 549.9 billion yuan at the end of Q1, up 7.41% from the beginning of the year; the cash and bank balance was 99.4 billion yuan, a significant increase of 33.8 billion yuan from 65.6 billion yuan at the beginning of the year, with cash and cash equivalents reaching 90.3 billion yuan at period-end. The ample cash reserves provided sufficient ammunition for the company to pursue global mine M&A opportunities and fund capital expenditures on projects under construction. Net assets side, equity attributable to shareholders of the publicly listed firm reached 200.4 billion yuan, up 8.02% from the beginning of the year; the weighted average return on equity (ROE) reached 10.35%, up 3.23 percentage points from 7.12% in the same period last year, with capital return efficiency continuing to improve. The liability side saw some expansion, with short-term borrowings increasing from 32.3 billion yuan to 41.2 billion yuan, bonds payable rising from 47.4 billion yuan to 56.3 billion yuan, and total liabilities amounting to 282.5 billion yuan, an increase of approximately 21.5 billion yuan from the beginning of the year, primarily to support project construction and capacity expansion. Although the absolute scale of debt rose, the company's debt-servicing capacity was not under pressure given the significant improvement in operating cash flow, with the asset-liability ratio at approximately 51.4%, remaining well under control overall.

On April 14, news emerged that Qinghai Salt Lake Industry disclosed its preliminary performance report for the first quarter of 2026. In Q1 2026, the company achieved operating revenue of 6.432 billion yuan, a year-on-year increase of 94.89%; net profit was 2.939 billion yuan, a year-on-year increase of 147.44%. During the reporting period, the company's potassium chloride production was approximately 877,300 tons, with sales of approximately 1.3297 million tons; lithium carbonate production was approximately 19,500 tons, with sales of approximately 16,800 tons. Driven by year-on-year increases in sales volume and prices, the profitability of the potassium chloride segment grew significantly.

Zijin Mining's 2025 annual report sent a clear industry signal: its lithium business has officially moved from strategic reserve to the stage of scaled monetization.