Zijin Mining (601899) disclosed its semi-annual report. In H1 2026, the company achieved operating revenue of 194.178 billion yuan, up 15.78% YoY; net profit attributable to equity holders reached 39.17 billion yuan, up 68.17% YoY; basic earnings per share was 1.434 yuan. The company plans to distribute a cash dividend of 4.2 yuan (pre-tax) for every 10 shares.During the reporting period, the company's main mineral products production was stable with steady growth. Gold production increased 13% YoY, and copper production (excluding the impact of Kamoa) increased 5% YoY. The lithium segment, the "third growth pole, " has achieved scale contributions, with lithium carbonate equivalent production increasing substantially YoY. The capacity for rare and precious strategic metals such as molybdenum, tungsten, and tin has been released accordingly, and the comprehensive utilization of sulphur resources, including sulphur concentrates and sulphuric acid, has yielded significant benefits, becoming a new profit growth highlight.

SMM, August 21: US-based critical minerals refiner Nth Cycle has been selected by the US Department of Energy to enter award negotiations for up to $100 million in funding to build a commercial-scale black mass refining facility, Project Shield, in the southeastern US one of the first of its kind domestically. The facility will refine up to 24,000 t/y of domestic black mass, the material recovered from shredded spent lithium-ion batteries, into high-purity nickel MHP and battery-grade lithium carbonate using Nth Cycle's proprietary OYSTER electroextraction system. The award addresses a structural gap in US recycling capacity: following the US Department of Commerce's recent one-year export ban on black mass, insufficient domestic refining has left China dominant in its processing. Nth Cycle already holds a ten-year offtake term sheet with Trafigura for 2,000 t of contained nickel and 1,500 t of lithium carbonate, adding to its existing Ohio operations. Project Shield is targeted for 2029, aided by a modular build model roughly 70% less capital-intensive than traditional refineries. SMM View: DOE backing for Nth Cycle reflects growing US urgency to build domestic lithium and nickel recycling capacity independent of Chinese midstream processing, with the black mass export ban tightening feedstock supply at home and locked-in offtake demand strengthening the case for battery recycling as a key pillar of western raw material security.

SMM, August 21: Zimbabwe's Parliamentary Portfolio Committee on Mines and Mining Development, led by Chairman Hon. Remigious Matangira, has endorsed Prospect Lithium Zimbabwe's (PLZ) Arcadia project as a beneficiation benchmark following a fact-finding visit to the Goromonzi site, citing the company's proactive investment in local processing ahead of regulatory enforcement. PLZ and subsidiary Arcadia Technology Zimbabwe have invested approximately $400 million in processing infrastructure and paid over $100 million in taxes and royalties to date. Its lithium sulphate plant, commissioned December 2025, is running stably, while a lithium carbonate plant under construction is set to begin rough output this month. The company reports a 90% metal recovery rate and 96% wastewater recycling rate, and has directed over $3 million toward community development, including founding the Triangle Zimbabwe College of Engineering and Technology. During the visit, PLZ Commercial Manager Leo Huizenga presented a package of fiscal reform proposals aimed at improving downstream refining competitiveness. The centerpiece is a graduated royalty system that would replace Zimbabwe's flat 7% rate with a tiered structure scaled to processing stage: 7% on raw ore/concentrates, 5% on lithium sulphate, and 3% on battery-grade chemical salts, rewarding beneficiation over raw ore export. PLZ also flagged a currency mismatch straining liquidity, with 30% of its revenue earned in ZiG against 84% of tax liabilities due in foreign currency, and is urging the government to accept a greater share of tax payments in ZiG. Separately, the company called for its 10% export tax and 3% export levy to be treated as tax-deductible expenses, arguing that current non-deductibility pushes the effective burden to approximately 16.25% under Zimbabwe's 25% corporate tax rate, amounting to double taxation. SMM View: Parliamentary endorsement of PLZ's Arcadia operation lends policy momentum to the company's fiscal reform push, positioning it as a reference case for how Zimbabwe may calibrate royalty and export-tax policy across its lithium sector. With processing capacity, community investment, and now legislative backing aligned, the outcome of PLZ's proposals particularly the graduated royalty system could set a precedent shaping how other Zimbabwean lithium producers structure future downstream investment decisions.

On August 2st, Sydney-listed Elevra Lithium has secured a price-floor supply agreement to deliver spodumene concentrate from its Québec project to Mangrove Lithium's planned conversion facility in Canada, as North American players move to build out domestic lithium processing capacity. Under the agreement, Elevra will supply 100% of the feedstock required for Mangrove's 20,000 tonne-per-year lithium carbonate-equivalent conversion plant. The deal includes a price floor set above Elevra's expected production cost, with no ceiling on the upside, though the contract value was not disclosed. The Mangrove facility remains subject to a final investment decision, with additional funding support expected from Export Development Canada and the Canada Growth Fund, according to Mangrove Chief Commercial and Strategy Officer Annie Liu. Liu noted that floor-price offtake structures are becoming increasingly standard across the hard-rock lithium supply chain, citing long asset development lead times and sustained demand for spodumene feedstock. A similar structure was adopted in February when Australia's PLS Group signed a floor-priced spodumene concentrate offtake agreement with a Chinese converter. SMM View: The Elevra-Mangrove agreement reflects growing use of price-floor mechanisms to underpin new spodumene supply contracts, providing upstream producers with cost-cover certainty against continued lithium price volatility while securing dedicated feedstock for new North American conversion capacity. As more western processing projects reach final investment decision, similar floor-price offtake structures may become a standard feature of non-China-aligned spodumene supply chains, with implications for how feedstock is contracted and priced globally.

South Korea’s lithium market gradually regained momentum through July as the June–July price correction encouraged buyers to reassess procurement. Lithium carbonate drew growing interest from LFP, ESS and conversion demand, while lithium hydroxide improved around selected high-nickel projects. H2 demand will increasingly depend on actual production ramp-ups.

Today, SMM battery-grade lithium carbonate spot prices consolidated upward from the previous trading day. The lithium carbonate 2701 contract opened higher at 152,400 yuan/mt, briefly dipped to a session low of 151,200 yuan/mt shortly after the open, then bulls actively stepped in, leading prices to consolidate and rebound. During the morning session, prices climbed steadily, breaking through 156,000 yuan/mt. Around midday, prices consolidated in the 157,000–158,500 yuan/mt range on a strong footing. In the afternoon, bulls pushed again, with prices climbing and then shooting up to a session high of 159,400 yuan/mt before pulling back slightly to settle near 158,700 yuan/mt. The contract eventually closed up 4.12% at 158,700 yuan/mt, with open interest increasing by 31,875 lots. On the spot market, downstream players bought the dip, and some material plants began stockpiling for later. As prices consolidated upward, buying sentiment grew increasingly cautious. Upstream lithium chemical plants undergoing maintenance continued to prioritize long-term contract supply, while some sold part of spot orders at relatively high levels. Overall, market inquiries and actual transactions were mediocre.

In mid-to-late August, as the traditional industry peak season officially kicks off, the fundamentals of China’s full manganese compound industrial chain have achieved marginal improvement. The prolonged weak and volatile market trend during the off-season has come to an end. The overall sector has stepped out of its sluggish pattern and entered a stage of bottom consolidation, stabilization and gradual recovery.

SMM, August 21 – Metal Market: By the midday close, base metals in the domestic market broadly gained. SHFE copper rose 0.36%, SHFE aluminum rose 0.11%. SHFE lead rose 1.22%. SHFE zinc rose 1.38%. SHFE tin rose 0.92%. SHFE nickel fell 0.67%. In addition, the most-traded aluminum alloy futures rose 0.17%, the most-traded alumina futures rose 0.82%. The most-traded lithium carbonate futures rose 3.61%. The most-traded silicon metal futures rose 0.23%. The most-traded polysilicon futures rose 2.28%. Ferrous metals showed mixed performance. Iron ore edged down, rebar rose 0.43%, hot-rolled coil rose 0.18%. Stainless steel fell 1.18%. On coking coal and coke: the most-traded coking coal contract fell 0.35%, the most-traded coke contract rose 1.57%. On base metals in overseas markets, as of 11:40, LME metals all rose. LME copper rose 0.51%, LME aluminum rose 0.64%. LME lead rose0.29%, LME zinc rose0.8%. LME tin rose0.36%. LME nickel edged up. On precious metals, as of 11:40, COMEX gold rose 0.34%, hitting a new high since May at $4,600.3/oz during the session; COMEX silver rose 1.06%. In domestic precious metals: SHFE gold rose 1.22%, the most-traded SHFE silver contract rose 4.07%. Also, by the midday close, the most-traded platinum futures rose 3.58%, the most-traded palladium futures rose 1.79%. By the midday close, the most-traded Europe route container shipping futures contract rose 8.96%, at 1,910 points. As of 11:40 on August 21, partial futures midday quotations: Spot Market and Fundamentals Silver: The US Treasury's expansion of long-term bond buyback scale pushed the US dollar weaker, silver prices rebounded, but rising US Treasury yields and hawkish signals limited the gains. High silver prices continued to suppress demand in the spot market, with trading sluggish... Macro Front China: [Ministry of Finance: The ministry will promptly plan and introduce pragmatic and effective incremental policies in H2] Liao Min, Vice Minister of Finance, stated at a press conference on August 21 of the "Starting the 15th Five-Year Plan" series hosted by the State Council Information Office that since the beginning of this year, the Ministry has adopted multiple measures to continue supporting and encouraging consumption. It allocated 187.5 billion yuan for consumer goods trade-in, driving approximately 1.32 trillion yuan in sales of related goods, benefiting 178 million person-times. It innovatively launched a package of fiscal-financial coordination policies to boost domestic demand, targeting resident consumption and consumer industry operators, leveraging both the supply and demand sides. This policy has already benefited 113 million person-times. In 50 pilot cities, a receipt lottery campaign was launched, driving sales in related sectors to exceed 370 billion yuan. In H2, fiscal policy will continue to focus on accelerating fund utilization, boosting domestic demand, and strengthening fiscal reform and management to deliver tangible results. Regarding incremental policies, the Ministry of Finance will promptly formulate and introduce practical and effective incremental policies based on the macroeconomic conditions in H2, providing strong support for achieving an effective improvement in economic quality and a reasonable growth in quantity. (Xinhua News Agency) [National Energy Administration: China's total electricity consumption up 4.7% YoY in January-July 2026] On August 21, the National Energy Administration released data on total electricity consumption for July and the first seven months. From January to July, total electricity consumption reached 6,139.9 billion kWh, up 4.7% YoY. By sector, primary industry consumption was 87.7 billion kWh, up 3.5% YoY. Secondary industry consumption was 3,917.3 billion kWh, up 4.7% YoY, with industrial consumption at 3,881.5 billion kWh (up 4.9% YoY) and high-tech and equipment manufacturing consumption at 722.8 billion kWh (up 9.7% YoY). Tertiary industry consumption was 1,210 billion kWh, up 7.4% YoY, of which charging and battery swapping services and internet data services consumed 97.4 billion kWh and 59.3 billion kWh respectively, with growth rates of 55.8% and 43.3%. Urban and rural residential consumption was 924.9 billion kWh, up 1.3% YoY. (National Energy Administration) [PBOC conducts reverse repo operations, posting net injection of 95 billion yuan today and net withdrawal of 272 billion yuan this week] The PBOC conducted 95 billion yuan in overnight reverse repos today, with no reverse repos maturing, resulting in a net injection of 95 billion yuan. This week, the PBOC conducted a total of 1,457.6 billion yuan in reverse repo operations. With 18 billion yuan in 7-day reverse repos and 1,711.6 billion yuan in overnight reverse repos maturing this week, the net withdrawal was 212 billion yuan. (Jin10 Data APP) On the US dollar front: As of 11:40, the US dollar index fell 0.11% to 98.76. Citigroup's foreign exchange strategists turned bearish on the US dollar's short-term outlook, as the market prepares for a more dovish US Fed, the US midterm elections, and a further expansion of US Treasury buyback scale by the US Treasury. The Citigroup strategist team led by Daniel Tobon said they had lowered their US dollar index forecast for the next three months from 102.12 to 98.34. Citigroup had previously noted that US Treasury Secretary Bessent's recent move to lower long-term borrowing costs by expanding the buyback of US Treasuries with maturities from 10 to 30 years could come at the expense of the US dollar. The US dollar index, after falling to its lowest level since May on Wednesday, was basically flat near 98.9 on Thursday. Citigroup's team stated that their view on the dollar has been "relatively neutral" in recent months, but they have warned that risks to the dollar in the coming months could increase. US Treasury Secretary Bessent said on bond buybacks that the scale of a single buyback (upper limit) could exceed $4 billion, partly to send a signal. He said, "We want to show that yields do not reflect fundamentals." Meanwhile, he said the government may announce increased fiscal consolidation efforts, and it is highly likely that the deficit peak has already been seen. Regarding the debt figures, the $40 trillion debt number has no special meaning. The market is a bit too hasty. If there are any changes to the balance sheet, the Treasury and the Fed will cooperate. It needs to be clear that interest rates are unrelated to the buyback decision. On the inflation outlook, Bessent said market indicators point to lower inflation ahead. Regarding economic sanctions on Iran, Bessent said a press conference will be held next Monday to discuss related actions. The use of the Federal Reserve's reverse repo facility (RRP), open to foreign central banks and other monetary authorities, has continued to climb, with the balance growing for two consecutive weeks, reflecting that foreign official institutions are continuing to increase their US dollar cash reserves. As of August 19, the amount of foreign entities' funds parked in the Fed's reverse repo pool rose to $373 billion, up from $357 billion a week earlier. Since August 5, the facility's usage has increased by approximately $56 billion in total, the largest two-week increase since October 2022. The market is closely watching changes in foreign RRP balances for signs of whether Japan, after intervening in the foreign exchange market to support the yen last month, is re-accumulating US dollar liquidity. According to the CME "FedWatch": The probability of the Fed holding rates unchanged in September is 63.8%, and the probability of a cumulative 25-basis-point rate hike is 36.2%. The probability of the Fed holding rates unchanged in October is 51.8%, the probability of a cumulative 25-basis-point rate hike is 41.4%, and the probability of a cumulative 50-basis-point rate hike is 6.8%. (Jin Shi Data APP) Data side: Today's releases include the UK July public sector net borrowing, UK July retail sales month-on-month (seasonally adjusted), France August manufacturing PMI preliminary, Germany August manufacturing PMI preliminary, Eurozone August manufacturing PMI preliminary, UK August manufacturing PMI preliminary, UK August services PMI preliminary, Canada June retail sales month-on-month, US August S&P Global manufacturing PMI preliminary, global services PMI preliminary, Eurozone August consumer confidence index preliminary, China July total social electricity consumption YoY, and China July installed power generation capacity year-to-date. In addition, note: Hang Seng Indexes Company announced the review results of the Hang Seng Index Series for Q2 2026. Crude oil: As of 11:40, oil prices in both markets edged down, with WTI down 0.43% and Brent down 0.27%. As the US-Iran peace talks remained stalled, the security situation in the Middle East grew increasingly severe, and vessel traffic through the Strait of Hormuz on Thursday declined from the previous day. Preliminary data from vessel-tracking company Kpler showed that a total of seven cargo ships transited the Strait of Hormuz on Thursday, below 14 on Wednesday; among them, four vessels entered the strait and three exited. The data showed that no Very Large Crude Carriers (VLCCs) or liquefied natural gas (LNG) carriers passed through this narrow sea lane on Thursday. However, a very large gas carrier transporting propane and butane exited the strait via an Iranian route. (Jin10 Data APP) Spot market snapshot: ► ► ► ► ► ► ► ► ► ► ► ► ► ► ►

This week, the industry chain exhibited a divergent trend. The lithium segment performed relatively strong. Lithium ore prices held firm, supported by tight spot cargo flows, price firmness at the mine end, and rigid procurement by salt plants; however, the squeeze of high-priced raw materials on smelting profits gradually emerged. Lithium carbonate first rose then fell, with downstream purchase willingness strengthening near 150,000 yuan/mt; market sentiment for lithium hydroxide recovered somewhat. The nickel salt and ternary chain were under pressure overall, with prices of nickel sulphate, ternary cathode precursor, and ternary cathode material weakening; export orders and demand for 9-series materials provided partial support. LFP maintained high activity, with industry effective capacity near full load; tight supply of iron phosphate became the main bottleneck, and cathode inventory continued to decline. Prices of anode, separator, and electrolyte were generally stable, but supply and demand for raw materials such as LiPF6 and VC tightened. Sodium-ion battery NFPP orders continuously exceeded existing capacity, and ESS battery cabin prices remained stable. The recycling market was affected by the decline in cobalt sulphate prices; transactions of ternary and LCO black mass became cautious. The industry as a whole remains in a phase of inventory adjustment and supply-demand rebalancing before the peak season.

The cobalt industry chain remained in the doldrums overall this week. Refined cobalt continued to grind lower due to weak market sentiment and demand. Although import data came in below expectations, the rebound was limited. The price spread for cobalt intermediate products between upstream and downstream remained wide, and miners' tenders kept failing, with the market lacking effective transaction guidance. Cost support for cobalt sulphate shifted notably lower, as both primary and recycled material quotes continued to ease, and downstream buyers showed a strong desire to push for lower prices. Cobalt chloride and Co3O4 were dragged by high inventory and sluggish end-use demand, with transactions remaining sluggish. Cobalt powder quotes and the transaction center both moved lower, while purchases by hard alloy enterprises mainly focused on essential needs and long-term contracts. Ternary cathode precursors were under pressure due to weakening nickel and cobalt salt prices, and order coefficients for September still faced pressure. Ternary cathode material prices declined somewhat, with domestic power demand remaining weak, but export orders and demand for 9-series materials performed relatively well. LCO demand recovered slowly, with the substitution ratio of ternary cathode materials rising; prices still faced downward pressure in the near term.