[Lead-Acid Battery Enterprise Updates] Recently, Leoch International announced that, after considering various factors such as current market and regulatory conditions, it decided not to proceed at this stage with the proposed spin-off of Leoch Energy Inc. and its listing on a US stock exchange. Leoch Energy Inc. will adjust its financing strategy and seek new opportunities.

In late this month, Lithium Argentina announced its fourth quarter and full-year 2025 results, along with an outlook on subsequent expansion plans. The company holds a 44.8% equity interest in the Cauchari-Olaroz project. The company's flagship Cauchari-Olaroz project currently has an annual production capacity of 40,000 tons, with plans to expand by 45,000 tons per year. In the fourth quarter of 2025, the company produced approximately 9,700 tons of lithium carbonate. For the full year of 2025, production reached 34,100 tons, including 359 tons of lithium chloride (in LCE terms) produced and sold to Ganfeng Lithium in the first half of 2025 to support the startup of Ganfeng's Mariana project. 2025 production reached the upper end of the guidance range of 30,000-35,000 tons, representing a 34% increase year-over-year compared to 2024. Cost of sales in the fourth quarter of 2025 was US$66 million, with cash operating costs for lithium carbonate at US$5,618 per ton. The reduction in operating costs was driven by structural optimization and operational efficiency improvements, with these cost-saving effects expected to be sustainable. Revenue in the fourth quarter of 2025 was US$92 million, with an average realized selling price for lithium carbonate of approximately US$9,049 per ton. Due to a significant increase in market prices since late 2025, the average realized selling price for lithium carbonate in the first quarter of 2026 is expected to be approximately US$17,000 per ton. 2026 production guidance for lithium carbonate is set at 35,000-40,000 tons. With continued optimization and lean operations, production is expected to steadily increase in 2026, supporting the project's long-term operational performance. Regarding the PPG project and Cauchari-Olaroz expansion: Cauchari-Olaroz Stage 2 Expansion: The Cauchari-Olaroz project is advancing expansion plans, aiming to add 45,000 tons per year of lithium carbonate production capacity. Measured and indicated lithium resources increased by 42%, reaching 28.1 million tons of lithium carbonate equivalent, with an average lithium grade of 562 mg/L. Leveraging the better-than-expected operational performance of the Cauchari-Olaroz project, the 5,000-ton-per-year DLE plant will continue to be built, with the first unit to be deployed at Ganfeng Lithium's adjacent Mariana project for technology integration and operational validation. The Stage 2 expansion plan, incorporating DLE technology, is expected to be completed by mid-2026. The application for the Large Investment Incentive Regime (RIGI) and the environmental permit for the Stage 2 project were both submitted in December 2025. PPG Project: Three-phase integrated development, with a total target capacity of 150,000 tonnes/year LCE PPG is expected to have an annual capacity of 25,000 tonnes when it begins production in 2029, subsequently increasing to 50,000 tonnes in 2031, 100,000 tonnes in 2034, and reaching the design capacity of 150,000 tonnes/year in 2038. The detailed preliminary study was completed in December 2025. Based on the assumption of a lithium carbonate price of US$18,000/tonne, the project's after-tax net present value (at an 8% discount rate) is US$8.1 billion, with an internal rate of return (IRR) of 33%. Phase 1 environmental permit was obtained in November 2025, and the RIGI application was submitted in February 2026. Integration of the new joint venture company for the PPG project has been largely completed, with the closing expected in the second quarter of 2026. Ganfeng Lithium and Lithium Argentina are in discussions with potential customers and strategic partners on financing solutions, while simultaneously advancing offtake and minority equity cooperation. The company is considering applying for a secondary listing on the Australian Securities Exchange (ASX) or the Hong Kong Stock Exchange (HKEX), to broaden its investor base in the Asia-Pacific region while maintaining its listing on the New York Stock Exchange. Source: Lithium Argentina official website, compiled by SMM

[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 News Flash] According to reports, the Beijing Stock Exchange Listing Committee is scheduled to hold its 28th review meeting of 2026 on the morning of March 20 to examine whether Huzhou Anda Automotive Parts Co., Ltd.'s application for listing on the Beijing Stock Exchange meets the issuance conditions, listing requirements, and information disclosure standards. The pre-review prospectus submitted by Anda Co., Ltd. showed that the company planned to issue no more than 28 million new shares through this Beijing Stock Exchange listing and raise 280 million to invest in the "Intelligent Manufacturing Project for Key Lightweight Automotive Parts."

On March 13, according to the Beijing Stock Exchange website, the Beijing Stock Exchange Listing Review Committee is scheduled to hold its 28th listing review meeting of 2026 at 9:00 a.m. on March 20, at which time it will review the IPO of Huzhou Anda Auto Parts Co., Ltd.

On February 12, VOYAH Auto obtained the Hong Kong Stock Exchange's in-principle approval, marking the completion of all pre-listing regulatory approval processes for its Hong Kong stock market listing, with full certainty of the listing now in place.

Dianke Lantian officially listed on the Shanghai Stock Exchange's STAR Market, with its stock price surging 750.05% at opening and closing at 65.94 yuan per share (up 596.3%), reaching a total market capitalization of 114.5 billion yuan.

SMM Nickel February 10 News: Macro and Market News: (1) On the morning of the 9th, General Secretary Xi Jinping visited the National Information Innovation Park in Beijing Yizhuang to learn about the application innovation of information technology and Beijing's accelerated construction of an international science and technology innovation center, inspected representative scientific and technological innovation achievements, and cordially exchanged with representatives of scientific researchers and heads of technology enterprises. (2) In terms of further supporting the innovative development of high-quality listed companies, the Shanghai, Shenzhen, and Beijing Stock Exchanges clarified that for high-quality listed companies with standardized operation, governance, and information disclosure, representativeness, and market recognition, the refinancing review process will be optimized to further improve refinancing efficiency. Spot Market: On February 10, the SMM #1 refined nickel price range was 133,400-144,500 yuan/mt, with an average price of 138,950 yuan/mt, down 500 yuan/mt from the previous trading day. The mainstream spot premium quotation range for Jinchuan #1 refined nickel was 9,500-10,200 yuan/mt, with an average premium of 9,850 yuan/mt, up 350 yuan/mt from the previous trading day. The spot premium/discount quotation range for mainstream domestic brands of electrodeposited nickel was -400-400 yuan/mt. Futures Market: The most-traded SHFE nickel contract (2603) fluctuated and trended lower during the session, closing the morning session at 133,300 yuan/mt, down 0.21%. As the Chinese New Year holiday approaches, market trading tends to be sluggish, with futures prices mainly fluctuating, while spot prices are weak due to stagnant actual demand. After the holiday, attention should be paid to the actual implementation of Indonesia's nickel ore quota policy.

In further supporting the high-quality development and innovation of publicly listed firms, the Shanghai, Shenzhen, and Beijing Stock Exchanges have clarified that for high-quality listed companies with standardized operations, governance, and information disclosure, as well as representativeness and market recognition, the refinancing review process will be optimized to further enhance refinancing efficiency.

Futures: Overnight, LME lead opened at $1,965/mt, fluctuating downward during the Asian session; it dipped to $1,948.5/mt upon entering the European session, but then rose due to a weakening US dollar index, touching a high of $1,976.5/mt before finally settling at $1,974.5/mt. Overnight, the most-traded SHFE lead 2603 contract opened at 16,665 yuan/mt, briefly touched a low of 16,560 yuan/mt early in the session, then rebounded as bears reduced positions, reaching a high of 16,680 yuan/mt before finally settling at 16,665 yuan/mt, up 0.48%, forming a doji star. On the macro front: As markets awaited a series of US economic data, a weaker US dollar made dollar-denominated commodities more attractive to overseas buyers; spot gold extended gains. The White House's Hassett predicted worsening employment: AI boosts productivity, reduces labor demand. Alphabet planned to raise about $15 billion by issuing US dollar bonds. China's Ministry of Commerce held a symposium with automakers: Multiple measures to promote the expansion and quality improvement of auto consumption. The Shanghai, Shenzhen, and Beijing Stock Exchanges announced a package of measures to optimize refinancing. Seven departments including the Ministry of Human Resources and Social Security provided administrative guidance on employment to leading platform companies and courier firms. Three departments including the Ministry of Finance issued an announcement on tax incentives for re-exported cross-border e-commerce goods. : SHFE lead stopped falling and stabilized, but as the Chinese New Year holiday approached, logistics vehicles halted in some regions, leading to reduced shipments and quotations from suppliers. Only some cargoes self-picked up from primary lead smelters were quoted at premiums of 0-50 yuan/mt against the SMM #1 lead average price ex-works. In the secondary lead sector, more smelters were on holiday and reluctant to sell at low prices, with most enterprises suspending quotations; a few secondary refined lead offers were at discounts of 25 yuan/mt to premiums of 50 yuan/mt against the SMM #1 lead average price ex-works. Downstream enterprises generally entered the year-end wrap-up phase, with minimal inquiries, resulting in thin trading in the spot market. Inventory: On February 9, LME lead inventory decreased by 100 mt to 232,750 mt. As of February 9, SMM lead ingot social inventory across five regions rose to a five-month high. Today's lead price forecast: With previously in-transit lead ingots by rail concentratedly arriving at warehouses, social inventory of lead ingots increased significantly, mainly reflected in Jiangsu and Zhejiang region warehouses. Last week, lead prices fell, prompting lead-acid battery enterprises to conduct relatively concentrated stockpiling of lead ingots, leading to a noticeable decline in lead smelters' in-factory inventory. This week being the last before the Chinese New Year, the final batch of lead-acid battery enterprises will enter the holiday state, further weakening lead consumption. Meanwhile, with the start of the Spring Festival travel season, migrant workers have returned to their hometowns, and the number of vehicles in operation has gradually decreased. Currently, some regions no longer support road transportation. It is expected that the growth momentum of social inventory for lead ingots will slow down, and the inventory buildup of lead ingots is anticipated to be more reflected in the smelters' plant inventories. Overall, lead prices are in the doldrums ahead of the holiday. Data Source Statement: Except for publicly available information, other data are processed by SMM based on public information, market communication, and SMM's internal database model, for reference only and do not constitute decision-making advice.