COMEX Inventory Data Date Adjustment

Dear User, Hello! To comprehensively cover price information across all segments of the rare earth industry chain and assist upstream and downstream enterprises in monitoring market fluctuations and mitigating transaction risks, we have conducted extensive market surveys and industry consultations. It has been decided to introduce six new price points related to the rare earth industry chain, including lanthanum metal, praseodymium metal, and praseodymium oxide. The newly added price points are as follows: Praseodymium Oxide FOB： Compliant with Industry Standard GB/T 5239-2015, Content ≥99.0–99.9%, Unit: $/kg Terbium Oxide FOB： Compliant with Industry Standard GB/T 12144-2009, Content ≥99.95–99.99%, Unit $/kg The above two prices for rare earth oxides are inclusive of VAT, with the port of departure being any port within China. Lanthanum Metal FOB： Compliant with Industry Standard GB/T 15677-2023, Content ≥99.0%, Unit: $/kg Praseodymium Metal FOB： Compliant with industry standard GB/T 19395-2013, content ≥96.0-99.0%, unit $/kg Terbium Metal FOB： Compliant with Industry Standard GB/T 20893-2007, Content ≥99.9%, Unit: $/kg Yttrium Metal FOB： Complies with Industry Standard XB/T 218-2016, Content ≥99.9–99.95%, Unit: $/kg The price point of this rare earth metal includes VAT, and the port of departure is any port within China. Effective Date: The aforementioned new price points will be officially released starting January 28, 2026, and will be updated every Wednesday before 12:00 PM. The purpose of this addition is to achieve more refined regional and grade classifications. All newly added price points are based on mainstream industry trading specifications and trade conditions, formed through screening and verification via standard price collection processes. They are provided for market reference only and do not constitute trading decision recommendations. For details on the price formation methodology and specific product specifications, please log in to the official platform. If you have any questions, feel free to contact SMM Rare Earth Analyst Shi Xin at 021-51666815. SMM Rare Earth Industry Research Team January 27, 2026

Dear User, Greetings! With the rapid development and continuous technological iterations in the solid-state battery industry, solid-state batteries have garnered increasing attention. As indispensable key materials for solid-state batteries, the market demand for sulfide electrolytes and oxide electrolytes is also surging accordingly. The quality of pentaphosphorus pentasulfide and lithium bromide, important raw materials for sulfide electrolytes, plays a significant role in influencing sulfide electrolytes. In the realm of oxide electrolytes, the application status of LLZO (lithium lanthanum zirconium oxide) in the semi-solid and solid-state battery markets is gradually rising. SMM is committed to supporting upstream and downstream enterprises in the solid-state battery industry chain, helping them gain comprehensive insights into the market dynamics of solid-state battery electrolytes. By providing real-time and accurate spot cargo and price information, we assist enterprises in effectively reducing risks and costs in market transactions, enhancing their core competitiveness and market adaptability. Simultaneously, SMM actively delves into research on the solid-state battery industry chain, striving to build a more transparent, fair, and efficient market environment for the industry through deepened industry analysis and continuous improvement of the knowledge system. After a period of consolidation and market surveys, SMM plans to introduce two important raw materials for sulfide electrolytes in solid-state batteries—pentaphosphorus pentasulfide and lithium bromide—along with a new price point for oxide electrolyte LLZO, starting from January 28. Details are as follows: Pentaphosphorus pentasulfide: P2S5 content ≥99.9%, Lithium bromide: LiBr content ≥99.9% Oxide electrolyte LLZO: powder, D50 ≤1μm. Price note: The above three product price points are all delivery-to-factory prices, inclusive of 13% VAT. Shanghai Metals Market New Energy Research Team January 24, 2026

Dear Valued Client, To keep pace with the rapid development of the secondary copper industry and meet the market's need for in-depth analysis of the recycling industry and the supply-demand pattern of copper cathode, our company has conducted a deep optimization of our data models. We are now systematically upgrading and adjusting the standards and content of monthly supply-demand balance data related to China's copper scrap, with the following treatment applied to historical data: I. Adjustments Made The following data points have been newly launched: "Copper Scrap New and Old Scrap Production: Domestic Old Scrap: Annual", "Copper Scrap New and Old Scrap Production: Domestic New Scrap: Annual", "Copper Scrap New and Old Scrap Production: Domestic Copper Scrap: Annual", "Copper Scrap New and Old Scrap Production: Domestic Old Scrap - Forecast: Annual", "Copper Scrap New and Old Scrap Production: Domestic New Scrap - Forecast: Annual", and "Copper Scrap New and Old Scrap Production: Domestic Copper Scrap - Forecast: Annual"—a total of six new data points. (Access path for new data: Database - Copper - Copper Scrap - Production - Domestic Copper Scrap Production) II. Historical Data Processing The following four historical data series will cease to be updated starting from December 2025: "Domestic Copper Scrap Supply (Metal Content), ID: a10031747", "SMM Domestic Copper Scrap Supply: YoY, ID: a10031748", "Domestic Copper Scrap Supply (Metal Content) - Forecast, ID: a12731971", and "SMM Domestic Copper Scrap Supply YoY - Forecast, ID: a12731972". Going forward, the new standards will be uniformly applied for data releases, with the revised data traceable back to 2020. Should you have any questions, please feel free to contact the SMM customer service team at any time. Thank you for your continued support and trust! III. Effective Date February 1, 2026 SMM Information & Technology Co., Ltd. SMM Copper Research Team Liang Kaihui, 86-21-5159-5826 January 22, 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 Customer, Dear Valued Client, To keep pace with the rapid development of the secondary copper industry and meet the market's need for in-depth analysis of the recycling industry and the supply-demand pattern of copper cathode, our company has conducted a deep optimization of our data models. We are now systematically upgrading and adjusting the standards and content of monthly supply-demand balance data related to China's copper scrap, and implementing the following treatment for historical data: I. Adjustments Made This upgrade primarily optimizes and updates the following indicators in the balance sheet: Discontinuation of "SMM Domestic Copper Scrap Supply" and "SMM Domestic Copper Scrap Supply - Forecasted Value," and adjustment of the two data points under "Domestic Copper Scrap Production": "Domestic Old Scrap Production (Metal Content)" and "Domestic Old Scrap Production (Metal Content) - Forecasted Value." (Data modification path: Database - Copper - Copper Scrap - Production) II. Treatment of Historical Data Historical domestic copper scrap production data will no longer be updated starting from September 2025. Subsequent data will be uniformly released according to the new standards, with the revised data retroactively applied from January 2025. If you have any questions, please feel free to contact the SMM customer service team at any time. Thank you for your continued support and trust! III. Effective Date Effective from February 1, 2026 SMM Information & Technology Co., Ltd. SMM Copper Research Team Liang Kaihui, 86-21-5159-5826 January 21, 2026

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

To better serve industrial clients and stay closer to the market, SMM is adding 6 new scrap copper price assessments for Japan/US regions, officially launching on 16/1/2026. 1. New Price Points Copper Scrap - East Asia - Japan Millberry CIF China - Japan Millberry CIF China Taiwan - Japan Millberry CIF Korea Copper Scrap - America - United States Millberry CIF Japan - United States No.1 Copper Material CIF Japan - United States No.2 Copper Material CIF Japan 2. SMM Price Methodology General Principles Shanghai Metals Market (hereinafter referred to as "SMM") is a completely independent third-party service provider that does not participate in any actual transactions. Instead, SMM maintains close communication with buyers and sellers as a market observer or organizer and provides related services to the market. This document sets forth the standards for SMM's East Asia and US scrap copper price assessments. The purpose of establishing these standards is to create a transparent and verifiable SMM price formation mechanism. 3. Formation of SMM East Asia and US Scrap Copper Price Assessments 3.1 Significance of the Assessments In recent years, Japan and the United States have continued to play important roles in the global scrap copper trading system. Their export prices for berry copper and copper scrap hold strong reference value for major Asian consumer markets. Due to differences in origin quality structure, trade flows, and regional demand, actual transaction prices vary across different destinations. To more accurately reflect the true price levels of Japanese and US scrap copper in cross-regional circulation, reduce information asymmetry risks, and help upstream and downstream enterprises more reasonably evaluate procurement costs and formulate trading strategies, SMM plans to add price points including Japan Berry Copper CIF China, Japan Berry Copper CIF South Korea, Japan Berry Copper CIF Taiwan China, US Berry Copper CIF Japan, US No.1 Copper CIF Japan, and US No.2 Copper CIF Japan. These will be collected according to a unified methodology and publicly released to the market for industry reference. SMM price members will be able to access relevant historical price data simultaneously. 3.2 SMM East Asia and US Scrap Copper Price Assessment Methodology 3.2.1 Product Specifications and Standards Currently, scrap copper reference standards follow ISRI standards. If changes occur, SMM will revise accordingly based on actual circumstances. 3.2.2 Price Terms Prices are CIF indicative prices, expressed as a coefficient (%) unit. 3.2.3 Payment Terms Prices reflect payment conditions including TT or other conventional payment methods. 3.2.4 Quote Format and Timing Quoted prices are in range format, showing minimum and maximum prices. For example: Japan Millberry CIF China: 97.5%-98%. New price points will be assessed weekly. SMM will publish prices on the website front page at 3:30 PM on the last day of each working week. 3.2.5 Data Collection Method According to the data collection confirmation agreement, SMM price analysts will regularly collect price information from scrap copper industry contacts in Japan through telephone, WeChat, email, and other methods. This price information includes completed transaction prices and the most likely anticipated transaction prices expected by the enterprise. All instant messaging content and any face-to-face communication records will be archived telephone communication details will be recorded and entered into the database. SMM analysts must comply with the Compliance System when reporting to their supervisors any coerced or threatened communications from market participants, or any inducements attempting to influence assessments. After price publication, SMM will not make corrections or adjustments on that day. 3.2.6 Data Standardization Although SMM has standardized definitions for our prices, market transactions exist in various forms. Each transaction price is influenced by numerous factors, including order size, material brand, delivery time, payment terms, etc. SMM will comprehensively consider market quotes, bids, and transaction information and align them with our standards. We welcome more relevant enterprises along the industry chain to participate in and support SMM in better serving scrap copper industry-related enterprises. For any questions, please contact us. Shanghai Metal Market Copper Department - Aw Yong Yi Cheong Contact: +6011-25798397 Email add: awyong.yicheong@smm.cn

Dear users, As the core raw material for the steel industry, the price fluctuations of iron ore directly determine the cost and profit stability of the steel industry chain. In recent years, the endowment of global iron ore resources has shown significant changes, with the proportion of high-grade ore production continuously declining. To actively respond to market changes, enhance the guiding significance of the index for the Spot Market, and improve market information transparency, SMM has decided to launch the "MMI 61% Iron Ore Port Stock Index (IOPI)" and the "MMI 61% Iron Ore Seaborne Index (IOSI)" from 5th January 2026. The specific price point details are as follows: Index Price Point: MMI 61% Iron Ore Port Stock Index (IOPI) Quality specifications: Fe content base 61%, aluminum base 2.5%, silica base 4.5%, phosphorus base 0.1%, sulfur base 0.02%, Moisture base 8% Definition: FOT Qingdao Port, VAT included. Normalized for any Chinese Port. Unit: RMB/wet tonnes Quantity: min 5,000 tonnes Timing: within 1 week Payment Terms: Payment at sight Publication: Working Day, 6 PM Beijing Time Index Price Point: MMI 61% Iron Ore Seaborne Index (IOSI) Quality specifications: Fe content base 61%, aluminum base 2.5%, silica base 4.5%, phosphorus base 0.1%, sulfur base 0.02%, Moisture base 8% Definition: CFR Qingdao Port. Normalized for any Chinese Port. Unit: USD/dry tonnes Quantity: min 50,000 tonnes Timing: within 2 months Payment Terms: L/C or payment at sight Publication: Working Day, 6 PM Beijing Time SMM Iron Ore Research January 5, 2026

SMM Clarification Statement SMM Information & Technology Co., Ltd. (hereinafter referred to as "SMM" or "the Company"), as a professional spot market price reporting agency and information provider, has recently noticed the circulation of false information regarding the fairness of SMM's price assessment. To avoid market misunderstandings, maintain a healthy and transparent market environment, and protect the Company's legitimate rights and interests, SMM hereby makes the following solemn clarification and statement: I. The Difference Between Spot Prices and Futures Prices is a Normal Reflection of Market Mechanisms According to basic economic principles, spot prices reflect the immediate supply-demand relationship and deliverable transaction conditions of the underlying asset, while futures prices reflect market expectations for future supply and demand, including factors such as capital cost and carrying costs. Both follow the principle of "convergence at maturity," meaning that futures prices gradually converge towards spot prices as the contract expiration date approaches. Therefore, during the life of the contract, the difference between spot prices and futures prices, especially with far-month contracts, is a normal phenomenon under the market pricing mechanism. II. Historical Data Proves the Rationality of the Price Spread Structure To objectively present the facts, SMM has made a price spread analysis chart based on publicly available market data: The chart clearly shows that from September 2023 to 2025, the monthly price spread between the SMM battery-grade lithium carbonate average price and the GFEX lithium carbonate futures contract prices fluctuated between positive and negative territory, always remaining within a reasonable range, and exhibited a significant convergence trend as the contract expiration date approached. This fully aligns with the market rule of futures and spot price convergence. Comparing a certain periods' futures prices (especially those of far-month most-traded contracts) with spot assessment prices and concluding that there is a "consistent significant deviation" is fundamentally flawed in methodology and can easily mislead market judgment. Any behavior that selectively highlights short-term trends in the price spread without considering the broader context is partial and irresponsible, failing to reflect the overall market situation. III. Recent Market Risk Control Measures Recently, to maintain the stable operation of the lithium carbonate futures market and prevent potential risks, the Guangzhou Futures Exchange, in accordance with its risk management rules, issued multiple notifications consecutively between November and December 2025, implementing a series of risk control measures for relevant contracts, including adjustments to transaction fee standards and trading limits. These measures represent the exchange's commitment to fulfill its self-regulatory duties in accordance with the law during specific market periods, aiming to promote the steady development of the market. IV. The Emergence, Nature, and Harm of False Information It is noteworthy that during this sensitive period, when the aforementioned risk control measures were being intensively implemented, a significant amount of false information began circulating on the Internet. While such information varies in content, it shares an identical core narrative: False claims have been made that SMM’s prices "consistently and significantly deviate from fair value and futures prices" and that "there are illegal benefit-related connections with certain institutions". These claims are entirely groundless. The timing and manner of their dissemination indicate that their purpose is not professional discussion but rather an attempt to exert improper pressure on SMM by confusing the price logic of spot and futures markets, interfere with the neutrality of spot price assessments, and consequently potentially mislead market expectations and disrupt the normal relationship between futures and spot prices. SMM hereby solemnly declares that SMM is always committed to price discovery in the spot market, does not participate in any futures market trading operations, and resolutely maintains market order. V. The Compliance, Neutrality, and Supervision Mechanisms of SMM's Price Assessment As a professional market price assessment agency, SMM always adheres to the principles of neutrality, objectivity, and fairness. SMM's price assessment methodology strictly follows the International Organization of Securities Commissions (IOSCO) "Principles for Financial Benchmarks" and is subject to audits by independent third-party audit firms. In terms of internal governance, SMM has established a comprehensive firewall system to ensure that personnel and management involved in the price assessment process do not hold any related futures or spot positions, thereby eliminating conflicts of interest at an institutional level. SMM also has no history of any penalties from securities regulatory authorities for violations. We consistently maintain an open attitude towards market supervision based on facts. VI. Appeal to the Public SMM strongly condemns the recent malicious fabrication and dissemination of false information in the market, which damages SMM's commercial reputation and attempts to disrupt the order of the futures and spot markets, and has initiated legal proceedings to protect its rights. Currently, SMM is comprehensively and continuously collecting and preserving evidence related to the infringements. For suspected infringing acts, the Company will take all legal measures, including but not limited to reporting to relevant regulatory authorities and filing complaints with relevant online platforms, to resolutely pursue the legal liability of the infringing parties. SMM reserves the right to pursue all legal consequences against the relevant responsible parties. We once again call on all market participants to enhance their legal awareness and professional discernment capabilities, obtain information from authoritative channels, analyze the market rationally, resolutely resist and refuse to spread any unverified and unfounded rumors, and jointly maintain a fair, orderly, and healthy development environment for the industry chain. SMM Information & Technology Co., Ltd. Dec 26, 2025