Australia's Atlantic Lithium had to develop the Ewoyaa project—the country's first lithium mine—under revised concession terms linked to market prices. The approved 15-year lease introduced a sliding royalty scale for spodumene concentrate, set at 5% when prices are below $1,500/mt and 12% when they exceed $3,200/mt, replacing Ghana's previous fixed 10% rate. The new structure paved the way for the project following broader reforms to the lithium and gold royalty framework passed earlier this month. The approval formally backed plans for the mine and processing plant, enabling Atlantic Lithium to advance financing discussions and move toward a final investment decision. The project had stalled after lithium prices pulled back from their peak at the end of 2022, prompting the company to push for more flexible fiscal terms. According to the company, Ewoyaa is expected to produce 3.6 million mt of lithium ore concentrate over 12 years, making it Africa's third-largest lithium project under development. Atlantic Lithium said the project is the only US-aligned lithium mine development project on the continent, standing in sharp contrast to others backed by Chinese investment. Half of Ewoyaa's production has been committed to Elevra Lithium, the entity formed through the , which had previously signed offtake agreements with Tesla and LG Chem. Company executives said details of work completed in H2 2025 would be released soon to improve project economics amid continued lithium price fluctuations and help define the next phase of development.

[Australia’s Atlantic Lithium Secured Ghanaian Parliamentary Approval to Develop the Ewoyaa Project] Australia’s Atlantic Lithium secured approval from Ghana’s parliament to develop the Ewoyaa project—the country’s first lithium mine—under revised royalty terms linked to market prices. The approved 15-year lease introduced a sliding royalty scale for spodumene concentrates, set at 5% when prices are below $1,500/mt and 12% when they exceed $3,200/mt, replacing Ghana’s previous fixed 10% rate. The new structure followed broader reforms to the lithium and gold royalty framework passed earlier this month, paving the way for the project. The approval formally backed plans for the mine and processing plant, enabling Atlantic Lithium to advance financing discussions and move toward a final investment decision. The project had stalled after lithium prices pulled back from their peak at the end of 2022, prompting the company to push for more flexible fiscal terms. According to the company, Ewoyaa is expected to produce 3.6 million mt of lithium ore concentrates over 12 years, making it Africa’s third-largest lithium project under development. Atlantic Lithium said the project is the only lithium mine development project on the African continent aligned with the US, standing in sharp contrast to other projects backed by Chinese investment. Half of Ewoyaa’s production has been committed to Elevra Lithium, the merged entity of Piedmont Lithium and Sayona Mining, which had previously signed offtake agreements with Tesla and LG Chem. Company executives said details of the work completed in H2 2025 to improve project economics amid continued lithium price fluctuations and help define the next stage of development will be announced soon. Source: https://www.mining [Yahua Group Signed a Five-Year Spodumene Concentrates Procurement Agreement] Yahua Group announced on March 25 that it recently signed an Offtake and Sales Agreement with MGLIT EMPREENDIMENTOS LTDA (“MGLIT” or the “seller”), under which Yahua Group will purchase spodumene concentrates from MGLIT for five years after MGLIT achieves stable production of spodumene concentrates. In each contract year, the seller shall sell and deliver to Yahua Group no less than 120,000 dry metric tons of spodumene concentrates products. The signing of the agreement will provide multi-channel resource security for the company’s production of lithium chemical products. Source: https://www.cls.cn/telegraph [Atacama Salt Lake Expansion Will Drive Chile’s Lithium Production Growth in 2026] Chile is the world’s second-largest lithium producer after Australia. The country’s lithium metal production is expected to rise 10.1% in 2025 to 64,100 mt, mainly supported by higher production from SQM’s Atacama salt lake operations, driven by ongoing capacity expansion. Chile’s lithium production mainly consists of lithium carbonate sourced from brine in the Atacama salt lake in the Antofagasta Region. SQM and Albemarle are the country’s two major lithium producers, underscoring the high concentration of Chile’s lithium production landscape. Looking ahead, as capacity expansion continues to advance, supported by sustained growth in supply from the Atacama salt lake mine, the country’s lithium production is expected to increase by a further 4.9% in 2026 to 67,300 mt. Source: https://www.mining-technology.com/ [Exide Industries Announces Major Investment in Lithium-Ion Battery Cell Manufacturing] Strategic Investment Positioning in the Evolution of India’s Battery Manufacturing Industry Exide Industries’ investment in lithium-ion battery cell manufacturing marks a pivotal moment for India’s battery manufacturing ecosystem. Traditional energy storage enterprises must navigate between the mature lead-acid battery market and emerging opportunities in lithium-ion batteries. The transformation of this industry reflects broader changes in the global energy storage landscape, driven by the electrification trend. The electrification trend demands higher energy density, faster charging capability, and longer cycle life, performance metrics that traditional battery chemistries cannot meet. In addition, the systematic approach to capital deployment in India’s lithium-ion battery cell manufacturing sector reflects a mature investment pace aligned with production milestones and stages of market development. Recent industry developments indicate that established battery manufacturers are using multi-stage financing structures to maximize operational flexibility while minimizing execution risk as much as possible. Source: https://discoveryalert.com.au/

According to the latest release from the General Administration of Customs, SMM statistics showed that China’s total manganese ore imports in February 2026 were 2.3064 million mt, down 33.00% MoM and up 3.24% YoY. Cumulative imports in January-February were 5.749 million mt, up 46.29% YoY from the same period last year. February imports from Australia were 413,100 mt, down 31.35% MoM; South Africa 990,400 mt, down 49.55% MoM; Gabon 375,100 mt, up 13.01% MoM; Ghana 270,400 mt, up 1.78% MoM; Brazil 99,700 mt, down 17.87% MoM; and Myanmar 49,900 mt, up 14.8% MoM.

According to the latest release from the General Administration of Customs, SMM statistics showed that China’s total manganese ore imports were 3.4426 million mt in January 2026, up 5.14% MoM and up 102.98% YoY. January imports by origin were Australia (601,700 mt, up 3.93% MoM), South Africa (1.963 million mt, up 12.1% MoM), Gabon (331,900 mt, down 11.61% MoM), Ghana (265,700 mt, down 21.39% MoM), Brazil (121,400 mt, up 80.69% MoM), and Myanmar (43,500 mt, down 4.56% MoM).

Although Emirates Global Aluminium's core profit increased by 7% last year due to higher sales, the company suffered a major setback in Guinea—the local government revoked the bauxite concession of its subsidiary Guinea Alumina Corporation (GAC), resulting in an impairment loss of up to $765 million. The UAE opposed this decision, and Emirates Global Aluminium's President Bin Kalban revealed that consultations with Guinean authorities are still ongoing. In response to the supply disruption, Emirates Global Aluminium quickly launched a diversified supply strategy, signing alternative bauxite supply agreements with countries such as Australia and Ghana, which can currently meet over 70% of its raw material needs.

Ghanaian President Mahama announced that Ghana plans to cease exporting unprocessed ore by 2030. The President stated that this move aims to support local processing enterprises, enabling them to lead the government's flagship industrial development and job creation initiatives. On February 13, 2026, President Mahama delivered a speech in Addis Ababa, emphasizing the importance of halting the export of unprocessed resources. He advocated for enhancing the capacity of local processing enterprises to increase production and strengthen the value chain. "I declare that by 2030, Ghana will no longer export any ore. We will no longer ship unprocessed ores such as manganese ore, bauxite, or iron ore out of Ghana. All these ores must be processed locally.

According to precious metals and refinery services provider Heraeus, the gold price continues to show a consolidation phase. Following record highs at the end of December, the market is currently moving sideways within a clearly defined trading range rather than forming a pronounced upward or downward trend.

SMM Alumina Morning Comment 2.26 Futures: The most-traded alumina 2605 futures contract opened at 2,879 yuan/mt overnight, hit a high of 2,883 yuan/mt, touched a low of 2,850 yuan/mt, and finally closed at 2,874 yuan/mt, up 4 yuan/mt from the previous day. Open interest increased by 8,601 lots to 314,000 lots. The phased tightness of spot cargo in certain regions provided some confidence to the market, but the industry surplus persists, and trading overall remains cautious. Technically, the closing price was above the MA5 (2,833.40), MA10 (2,838.10), and MA30 (2,795.20), indicating continued upward momentum. Meanwhile, the MACD indicator's DIF (23.59) crossed above the DEA (17.07), sustaining a golden cross at low levels, with the histogram at 13.06. Alumina futures are expected to be in the doldrums in the short term. Industry Dynamics: 1) According to a report by Ghana Web on February 14, Ghanaian President Mahama announced that Ghana plans to stop exporting unprocessed ore by 2030. The President stated that this move aims to support local processing enterprises, enabling them to lead the government's flagship industrial development and job creation plan. On February 13, 2026, President Mahama emphasized the importance of halting the export of unprocessed resources in a speech delivered in Addis Ababa. He advocated for enhancing the capacity of local processing enterprises to increase production and strengthen the value chain. Ore Side: As of February 25, 2026, the SMM imported bauxite index was reported at $61.33/mt, flat from the previous trading day. The SMM Guinea FOB average price was $37/mt, unchanged from the previous day. The SMM Guinea bauxite CIF average price was $60/mt, flat from the previous day. The SMM Australia low-temperature bauxite CIF average price was $58.5/mt, unchanged from the previous day, while the SMM Australia high-temperature bauxite CIF average price was $54.5/mt, down $1/mt from the previous day. The Malaysia bauxite CIF average price was $47/mt, unchanged from the previous day, and the Malaysia bauxite CIF (washed) average price was $59/mt, flat from the previous day. The Ghana bauxite CIF price was reported at $73/mt, unchanged from the previous day. The bauxite CFR (Turkey) price was $71.5/mt, flat from last Friday. According to an SMM survey, during the Chinese New Year holiday, some domestic mine mouths halted shipments, and current supply is slowly recovering. However, bauxite inventory at various alumina refineries remains above safe levels, leading to weak purchase willingness from alumina refineries. Prices continue to be contested, and further downside room is expected. For imported ore, no spot transactions were heard; however, against the backdrop of declining ore prices, alumina refineries maintain cautious sentiment towards bauxite procurement. Absolute inventory remains high, and overall purchase demand is weak. Additionally, some alumina refineries in north China reported that, amid tightening environmental protection policies, current ore storage must strictly comply with the requirement of using enclosed storage silos or covered stockyards. As a result, alumina refineries are controlling the pace and volume of bauxite transfers from port inventories to stockyards. It is expected that in the near term, imported ore prices will remain under pressure with fluctuations. SMM will continue to monitor the impact of domestic and overseas mine production, port shipments, and policy changes on prices. Spot prices: As of February 25, 2025, the SMM alumina index was reported at 2,618.49 yuan/mt, up 1.45 yuan/mt MoM; the SMM Shandong alumina index was reported at 2,548.51 yuan/mt, up 3.17 yuan/mt MoM; the SMM Henan alumina index was reported at 2,616.24 yuan/mt, up 0.52 yuan/mt MoM; the SMM Shanxi alumina index was reported at 2,602.39 yuan/mt, up 0.38 yuan/mt MoM; the SMM Guizhou alumina index was reported at 2,697.01 yuan/mt, up 2.25 yuan/mt MoM; and the SMM Guangxi alumina index was reported at 2,670.41 yuan/mt, up 0.74 yuan/mt MoM. Daily spot-futures price spread report: According to SMM data, on February 25, the SMM alumina index was at a discount of 234.51 yuan/mt against the latest transaction price of the most-traded contract at 11:30. Warehouse warrant daily report: On February 25, the total registered alumina warehouse warrants increased by 19,000 mt to 347,000 mt compared to the previous trading day. The total registered alumina warehouse warrants in Shandong remained unchanged at 17,701 mt, in Henan at 6,011 mt, in Guangxi at 12,613 mt, and in Gansu at 36,048 mt. In Xinjiang, the total registered alumina warehouse warrants increased by 19,000 mt to 275,000 mt compared to the previous trading day. Overseas market: As of February 25, 2026, the FOB Western Australia alumina price was $311/mt, with an ocean freight rate of $20/mt. The USD/CNY selling rate was around 6.89, and the converted domestic mainstream port selling price was approximately 2,656.47 yuan/mt, which is 37.98 yuan/mt higher than the SMM alumina index price. According to SMM model calculations, the import window remained closed. Summary: Before the holiday, domestic alumina market inventory continued to rebound, and the oversupply situation persisted. Supply side, alumina refineries in various regions gradually resumed production, driving up the overall industry operating rate. Weekly production increased by 11,000 mt WoW. In terms of inventory structure, aluminum smelters' raw material inventory increased by 18,000 mt WoW due to the arrival of previously purchased spot cargoes. In-factory inventory at alumina refineries increased slightly by 10,000 mt WoW, as production remained relatively stable and daily shipments were maintained. Meanwhile, warehouse warrants continued to grow due to strong futures performance and active point-price deliveries. Recent shipments have remained generally stable, with relatively small fluctuations in shipments under long-term contract, increasing by only 2,000 mt. Due to maintenance initiated by some enterprises and the shutdown of roasting operations in north China, short-term production has declined, leading enterprises to consume their in-factory inventory. It is expected that alumina inventory will show a slight destocking trend in the short term. [Except for publicly available information, other data are processed by SMM based on public information, market communication, and SMM's internal database model, and are for reference only, not constituting decision-making advice.]

[SMM Aluminum Express News] President John Dramani Mahama has reaffirmed Ghana's commitment to shifting from exporting raw minerals to becoming a competitive player in the global extractive value chain. Speaking at the Mining Local Content Summit 2026 in Takoradi (mid-February 2026), he called it unacceptable for Ghana to export raw ores while importing finished products. He set an ambitious five-year target to eliminate raw ore exports.

9th Feburary 2026: According to SMM statistics, in January 2026, overseas metallurgical-grade alumina production decreased by 3.17% month-on-month and increased by 3.42% year-on-year; the average operating rate of overseas alumina enterprises edged down 0.04 percentage points month-on-month to 79.37%, a year-on-year decrease of 1.10 percentage points. Alumina production saw both increases and decreases during the month. By region: Indonesia: According to SMM research, PT Kalimantan Alumina Nusantara (KAN), approximately 80%-owned by Press Metal Group, is constructing an alumina refinery with an annual capacity of 1–1.2 million tonnes in West Kalimantan, Indonesia. The project is expected to gradually commence production in late 2026 or early 2027. Meanwhile, Indonesia’s bauxite quota has not been updated for the time being and is only sufficient to support the country’s existing 7 million tonnes of alumina operating capacity. Taking into account the newly added alumina production capacity totalling 2 million tonnes, bauxite demand stands at approximately 24 million tonnes, exceeding the bauxite quota of 18 million tonnes. The tight supply of bauxite at the raw material end will affect the ramp-up of new production capacity. SMM will continue to monitor bauxite supply and alumina production. Middle East: Chuangyuan Metal’s “Alumina—Aluminium Smelting—Power Plant—Aluminium Deep Processing” integrated green and low-carbon aluminium industrial park project in Saudi Arabia is scheduled to begin construction by the end of 2026. Phase I of the project plans to build 500,000 tonnes of aluminium smelting capacity. The project is expected to have a construction period of 24 months and commence production before the end of 2028. Saudi Arabia currently has only one alumina refinery in operation, with an annual capacity of 2 million tonnes. Apart from meeting the production needs of its associated aluminium smelter, the surplus is mainly exported to neighbouring countries. With the commissioning of Chuangyuan’s aluminium smelting project, the trade flow of alumina in the Saudi region is set to change. Africa: During the month, Ghana completed the review of the proposal for its first large-scale alumina refinery project. The project aims to change the country’s long history of exporting bauxite raw materials and importing high-cost finished products. By constructing a refinery, it will directly supply alumina to the Volta Aluminium Company (VALCO), laying the foundation for the downstream aluminium manufacturing industry and driving the development of related industrial clusters. The project is expected to commence in 2026, with a target to restore VALCO’s annual capacity to over 200,000 tonnes by the end of 2028. United States: On January 15, the United States invested $450 million to rescue its last and only domestic alumina refinery and build a complete gallium supply chain. This strategic initiative aims to secure the supply of critical raw materials needed for the defence, aerospace, and high-tech sectors. The refinery will process imported Jamaican bauxite into alumina, targeting an annual output of over 1 million tonnes of alumina, which would meet nearly 40% of U.S. demand. At the same time, the investment will be used to construct a new gallium extraction production line, with a planned capacity of up to 50 tonnes of gallium per year. Outlook for February 2026: Overseas metallurgical-grade alumina production is expected to decrease by 10.95% month-on-month and increase by 1.34% year-on-year; the operating rate is expected to be approximately 78.11%, down 0.01 percentage points month-on-month and down 2.84 percentage points year-on-year. The main reasons are the fewer days in February and the fact that some new production capacity is still in the ramp-up stage, leading to a decline in the operating rate.