According to market reports, Alaska Energy Metals Corporation (AEMC) is rapidly advancing its flagship Nikolai Nickel Project, capitalizing on a recent 18% rally in global nickel prices that underscores a tightening market. To accelerate the project's development, the company recently closed a $1 million private placement and secured a critical listing on the U.S. Permitting Council's FAST-41 Transparency Dashboard, a federal initiative designed to streamline and expedite mine permitting. Furthermore, AEMC is bolstering its downstream potential through memorandums of understanding (MOUs) with RecycLiCo Battery Materials for hydrometallurgical processing and with EV manufacturer Lucid Group.

【SMM Nickel Market Flash】New Age Metals has finished a six-day mapping and sampling program at its Genesis PGM-nickel-copper project in Southcentral Alaska. The work focused on following up on previously identified copper anomalies at the Sheep Creek target. Crews collected 163 rock and sediment samples from the project, which has shown promising surface grades of palladium, platinum, nickel, and copper but has never been drilled. The company demonstrated low-cost access to the site using an all-terrain vehicle trail. Assay results for the new samples are pending and will be used to plan future exploration programs.

On June 4, US electric vehicle (EV) manufacturer Lucid announced that it had reached a long-term supply agreement with Graphite One to procure natural graphite from the US, further strengthening its local supply chain layout for critical raw materials and resources. Following previous cooperation agreements with Syrah Resources and Graphite One, Lucid's future car models will increasingly utilize natural and high-performance synthetic graphite materials mined and produced in the US by these companies. These materials will be supplied to Lucid's battery suppliers through targeted supply agreements.

[US EV Company Lucid Signs Graphite Contracts in Succession, Secures Mines to Build Local Supply Chain] US EV company Lucid announced on its official website on Wednesday local time that it had reached a multi-year supply agreement with Graphite One to source natural graphite from the US. According to the agreement, Graphite One is expected to commence production in 2028, supplying natural graphite to Lucid and its battery suppliers. The press release mentioned that Graphite One's natural graphite comes from the Graphite Creek deposit located north of Nome, Alaska, US. This agreement builds on the contract signed by both parties in 2024, under which Graphite One has committed to supplying Lucid with artificial graphite for future car models from its proposed anode active material (AAM) plant in Warren, Ohio.

[Initiation of the Formulation of "Safety Requirements for Combined Driving Assistance Systems in Intelligent Connected Vehicles"] The National Standards Information Public Service Platform has issued a notice soliciting opinions on the proposed mandatory national standard project "Safety Requirements for Combined Driving Assistance Systems in Intelligent Connected Vehicles". The national standard plan "Safety Requirements for Combined Driving Assistance Systems in Intelligent Connected Vehicles" was proposed by the Ministry of Industry and Information Technology (MIIT) and entrusted to the Intelligent Connected Vehicle Branch of the National Technical Committee of Auto Standardization for execution. The main drafting units include China Automotive Technology & Research Center Co., Ltd., Dongfeng Motor Group Co., Ltd., Huawei Technologies Co., Ltd., among others. The project duration is 22 months, and it was submitted for approval on March 22, 2024. The public consultation period began on June 4, 2025, and will end on July 4, 2025. (Caijing) [EU Selects 13 Foreign Strategic Raw Material Support Projects, Including a Graphite Mine in Greenland] To ensure access to critical raw materials, the European Commission has selected 13 strategic projects located outside the EU, including a graphite mine in southern Greenland. The European Commission stated in a declaration that these projects will receive "coordinated support" from the Commission, member states, and financial institutions, facilitating financing and connections with relevant buyers. The Commission estimates that a total capital investment of 5.5 billion euros will be required to initiate and operate these 13 projects. These projects involve strategic raw materials such as lithium, nickel, cobalt, manganese, graphite, and rare earths. Other projects are located in Canada, Kazakhstan, Norway, Serbia, Ukraine, Zambia, New Caledonia, Brazil, Madagascar, Malawi, South Africa, and the UK. The newly selected projects will complement the list of 47 strategic projects already approved within the EU on March 25. (Caijing) [US EV Company Lucid Signs Graphite Contracts in Succession, Securing Mines to Build Local Supply Chain] US electric vehicle company Lucid announced on its official website on Wednesday local time that it has reached a multi-year supply agreement with Graphite One to source natural graphite from within the US. According to the agreement, Graphite One is expected to commence production in 2028, supplying natural graphite to Lucid and its battery suppliers. The press release mentioned that Graphite One's natural graphite comes from the Graphite Creek deposit north of Nome, Alaska, US. This agreement builds on the contract signed by both parties in 2024, with Graphite One having already committed to supplying Lucid with artificial graphite for future car models from its proposed anode active material (AAM) factory in Warren, Ohio. (Caijing) [AESC's Gigafactory in France Commences Production with an Initial Capacity of 10 GWh] AESC announced that its battery gigafactory in Douai, France, has officially commenced production. It is reported that the initial 10 GWh capacity of the factory will supply power batteries to leading international automakers such as Renault, meeting the demand for 200,000 EVs. (Financial Associated Press) [CITIC Securities: The Singularity of Autonomous Driving in Automobiles Has Arrived, Accelerating Commercial Implementation] CITIC Securities' research report points out that L4-level autonomous driving is showing positive changes in multiple scenarios: 1) Robotaxi: Benefiting from the expansion of operational areas and vehicle deployment, the weekly orders of Robotaxi for leading companies have increased to 250,000 by early May this year (a 400% YoY increase), accelerating commercialization; Tesla plans to launch Robotaxi operations in Austin in June this year, expected to lead technological changes in the industry; 2) Robovan: Leading companies are demonstrating cost-reduction and efficiency-enhancement capabilities in the express delivery industry, accelerating order acquisition and product delivery; 3) Robotruck: The most clearly defined implementation scenario for unmanned operations, with autonomous driving operational efficiency gradually approaching human efficiency, driving product application. We believe that under these trends, various links in the industry chain are expected to accelerate technological R&D and product deployment, and the automotive intelligence industry chain is expected to benefit. (Financial Associated Press) [China Rare Earth Magnesium Industry: Plans to Invest No More Than 8 Billion Yuan in Building an Integrated Base Project for Lithium-ion Battery Anode Materials] China Rare Earth Magnesium Industry (300035.SZ) announced that the company plans to establish a project company in Oman through its wholly-owned Hong Kong subsidiary, Zhongke Shinzoom (Hong Kong) Holdings Limited, a subsidiary of its controlling subsidiary Hunan Zhongke Shinzoom Graphite Co., Ltd., to implement an annual production capacity of 200,000 mt of an integrated base project for lithium-ion battery anode materials, with a total investment of no more than 8 billion yuan. The project will be constructed in two phases, each with a planned capacity of 100,000 mt per year, and the construction period for each phase is expected to be 36 months. This project aims to meet overseas market demand and enhance the company's global market share, but there are risks associated with project construction and approval, fundraising, price fluctuations, market demand, operational management, policies and laws, and exchange rates. (Financial Associated Press) Related Readings: Battery and Solid-State Battery Sectors Strengthen Again, Multiple Automakers Announce Latest Progress, Lopal Shares Surge with Nearly Six Consecutive Daily Limit Ups [Hot Stock] [SMM Analysis] Cathode Material Production in May Increased MoM, While Downstream End-Use Demand Growth Was Sluggish [SMM Analysis] Demand Rose, Anode Material Production in May Increased [SMM Analysis] Co3O4 Production in May Increased MoM, with Most Industry Players Maintaining a Cautious Wait-and-See Attitude Cobalt-Based Product Quotations Collectively "Fell", While Cobalt Chloride Smelter Quotations Remained Firm, Likely to Maintain High-Level Volatility in the Future? [Weekly Observation] [SMM Analysis] Impact of US Tariffs on China on the Export Methods and Prices of Chinese ESS Battery Cells to the US - Exploration in Three Ways: "Direct Export from China, Re-export via Malaysia, and US Domestic Production" (Part I) [SMM Analysis] Impact of US Tariffs on China on the Export Methods and Prices of Chinese ESS Battery Cells to the US - Exploration in Three Ways: "Direct Export from China, Re-export via Malaysia, and US Domestic Production" (Part II) [SMM Analysis] Impact of US Tariffs on China on the Export Methods and Prices of Chinese ESS Battery Cells to the US - Exploration in Three Ways: "Direct Export from China, Re-export via Malaysia, and US Domestic Production" (Part III) [SMM Analysis] New Breakthrough in Lithium Battery Technology: Can a Single Injection Extend Battery Life? [SMM Analysis] Lithium battery recycling procurement continued to decline in May, potentially marking it as the sluggishest month of the year [SMM Analysis] Ternary cathode material production in May increased by 3.52% MoM [SMM Analysis] Ternary cathode precursor production in May decreased by 3.99% MoM Summary of China's LFP Market in May and Outlook for June [SMM Lithium Battery Market Analysis] [SMM Analysis] In May 2025, SMM's total domestic lithium carbonate production decreased by 2% MoM and increased by 15% YoY [SMM Analysis] Lithium hydroxide production in May remained stable with a slight upward trend MoM, and the expected flat trend in June remains unchanged [SMM Analysis] Ternary cathode precursor production in May decreased by 3.99% MoM [SMM Analysis] Supply and demand for iron phosphate remained stable in May, with potential price adjustments in June as production volumes surge [SMM News] Grenergy to invest 3.5 billion euros in BESS solar and ESS by 2027 Officially fell below 60,000 yuan/mt! Lithium carbonate futures hit a new historic low. When will prices bottom out? [SMM Flash News] The automotive and parts sectors surged, with the parts sector experiencing a significant "limit-up" rally, with nearly 10 stocks hitting their daily limits [Hot Stocks] [SMM Analysis] REPT Battero and Hyosung Heavy Industries reached a 2.5 GWh ESS strategic cooperation agreement [SMM Weekly Review] Weekly Market Trends for Lithium Ore from May 26 to May 29 [SMM Weekly Review] The lithium carbonate market remained weak, with supply-demand imbalance and weakening costs leading to continued price declines

On Wednesday, Eastern Time, the three major indices closed mixed, with the Dow ending slightly lower, snapping a four-day winning streak, while the S&P 500 eked out a 0.01% gain and the Nasdaq rose slightly. (Minute-by-minute charts of the three major indices, source: TradingView) At the close, the Dow Jones Industrial Average fell 0.22% to 42,427.74; the S&P 500 rose 0.01% to 5,970.81; and the Nasdaq Composite gained 0.32% to 19,460.49. Data released on Wednesday showed that US service sector activity unexpectedly contracted in May, with the ISM Services PMI at 49.9, below the 50-point threshold that separates expansion from contraction. ADP employment added just 37,000 jobs in May, the slowest pace in over two years. Following the data release, US President Donald Trump immediately criticized Fed Chairman Jerome Powell and urged him to cut interest rates. Despite the volatility in ADP data and the lingering uncertainty over tariffs, Mike Dickson, Head of Research and Head of Quantitative Strategies at Horizon Investments, said the overall situation may not be as bad as feared. "The ADP report has historically been very volatile, so we may need to wait until Friday to truly understand the state of the labour market," he said. "Recent inflation data has been fairly mild, moving in a healthy direction." May non-farm payrolls data is scheduled for release on Friday, with economists currently expecting an increase of 125,000 jobs in May. However, Dickson believes the market will remain in sideways movement in the short term, entering a relatively quiet phase for market drivers that could last until next month. The 10-year US Treasury yield closed at 4.364% on Wednesday, recording its largest one-day drop since April 14. The US stock market has shown strong performance recently, with the continued rally in tech stocks temporarily overshadowing concerns about tariffs or an economic slowdown. As the Trump administration's tariff policies remain erratic, traders are increasingly inclined to view high tariffs as primarily a negotiating tool for the White House. Performance of Popular Stocks Most major tech stocks rose, with Apple down 0.22%, Microsoft up 0.19%, Nvidia up 0.50%, Google up 1.65%, Amazon up 0.74%, Meta up 3.16%, and Tesla down 3.55%. Popular Chinese ADRs generally rose, with the Nasdaq Golden Dragon China Index up 2.04%. Alibaba rose 3.90%, JD.com rose 2.84%, Pinduoduo rose 1.34%, NIO rose 6.23%, XPeng Motors rose 3.77%, Li Auto fell 0.17%, Bilibili rose 1.50%, Baidu rose 1.36%, NetEase rose 0.92%, and Tencent Music rose 1.84%. Company News [Apple's Request to Halt App Store Change Court Order Rejected] Apple's request to halt a court order was denied. The court order required Apple to allow App Store developers to direct users to purchase in-app items on the web without paying commissions. A federal appeals court in San Francisco made this ruling on Wednesday, marking the latest setback for the iPhone maker in its long-running battle with Epic Games Inc., the developer of "Fortnite," over dominance in the smartphone software market and its App Store. During the appeal, Apple had requested a stay of the judge's April ruling, which required Apple to comply with an injunction issued by the judge in 2021 after finding Apple guilty of anticompetitive behavior in violation of California law. [OpenAI's Paid Enterprise Users Surpass 3 Million, Expected Revenue This Year to Reach $12.7 Billion] Artificial intelligence startup OpenAI announced on Wednesday that its paid enterprise users have surpassed 3 million, showing explosive growth from the 2 million reported in February, along with some product updates and upgrades. According to OpenAI, these 3 million users include clients of ChatGPT Enterprise, ChatGPT Team, and ChatGPT Edu. Brad Lightcap, Chief Operating Officer of OpenAI, stated, "There is a very close connection between the growth of ChatGPT as a consumer tool and its applications in the enterprise and business sectors." As of February this year, ChatGPT had 400 million weekly active users, a 33% increase from the 300 million users in December last year. A source confirmed that OpenAI expects revenue of $12.7 billion this year. In September last year, the company projected annual revenue of $3.7 billion and losses of $5 billion. [US EV Company Lucid Signs Graphite Contracts in a Row, Secures Mines to Build Local Supply Chain] On Wednesday (June 4) local time, US electric vehicle company Lucid announced on its official website that it had reached a multi-year supply agreement with Graphite One to source natural graphite from within the US. According to the agreement, Graphite One is expected to commence production in 2028, supplying natural graphite to Lucid and its battery suppliers. The press release mentioned that Graphite One's natural graphite comes from the Graphite Creek deposit north of Nome, Alaska, in the US. This agreement builds on the contract signed by both parties in 2024, under which Graphite One has committed to supplying Lucid with artificial graphite for future car models from its proposed anode active material (AAM) factory in Warren, Ohio. [Amazon to Invest $10 Billion in AI Innovation in North Carolina] On June 4, Amazon announced plans to invest $10 billion in North Carolina, US, to expand its cloud computing infrastructure and advance AI innovation, which is expected to create 500 new high-skilled jobs. [Circle's US Stock IPO Pricing May Be Higher Than Market Pricing Range] It is reported that the pricing of stablecoin giant Circle's initial public offering (IPO) may be higher than the market pricing range. It is said that Circle's IPO was oversubscribed by more than 25 times.

[Trilogy Metals Launches $25 Million At-the-Market Equity Program to Fund Alaska Copper Project] On May 27, 2025, Vancouver-based Trilogy Metals Inc. (TSX/NYSE American: TMQ) announced it has entered into an at-the-market equity distribution agreement with subsidiaries of BMO and Cantor Fitzgerald in Canada and the U.S., allowing the company to raise up to US$25 million through the issuance of common shares at prevailing market prices. Under the agreement, Trilogy may, at its discretion, issue shares from time to time on the Toronto Stock Exchange, NYSE American, or other eligible marketplaces. The company is not obligated to sell any shares under the program and will determine issuance based on capital needs. Proceeds from the program will be used to advance development of the company’s Upper Kobuk Mineral Projects (UKMP) in Alaska and for general corporate purposes. The agreement will remain in effect until the earlier of May 14, 2027, or the point at which the full US$25 million has been raised. The ATM program is being offered under a Canadian base shelf prospectus and a U.S. Form S-3 registration statement, both effective as of April 14, 2025, with a prospectus supplement filed on May 27, 2025. U.S. agents will only conduct sales in U.S. markets, while Canadian agents are restricted to Canadian markets. Trilogy emphasized that the announcement does not constitute an offer to sell or solicit the purchase of any securities.

[U.S. Natural Resources Committee Advances Bill to Boost Resource Development in Alaska] In mid-May, the U.S. House Committee on Natural Resources passed a portion of its budget reconciliation bill aimed at supporting mining and energy development on federal lands. Led by Representative Nick Begich (R-AK), the bill includes Alaska-focused provisions expected to generate substantial fiscal benefits for the state. Among the key beneficiaries is the Ambler Upper Kobuk Mineral Project, a large-scale joint venture between South32 and Trilogy Metals, which hosts the Arctic copper-lead-zinc deposit and the Bornite copper-cobalt deposit along a mineralized belt OF over 100 kilometers. Key provisions include: Ambler Access Project: Restores permits for the construction of the Ambler Road, effectively reversing the Biden administration’s supplemental environmental review. Grants legal certainty by affirming the validity of federal permits and shielding the project from litigation. Fixes the annual right-of-way fee at $500,000 through fiscal year 2034. NEPA Reform: Allows environmental reviews to be expedited via sponsor-funded mechanisms with mandatory completion deadlines. Removes judicial review of Environmental Assessments (EAs) and Environmental Impact Statements (EISs). Could significantly accelerate permitting for mining, infrastructure, and energy projects statewide. The proposal now awaits a full House vote before heading to the Senate for further consideration.

【Partial Smelter Maintenance Leads to Slight Increase in Domestic TCs in May】: This week, zinc concentrate TCs saw a slight increase. The weekly average SMM Zn50 domestic TC price rose by 50 yuan/mt (metal content) WoW to 3,500 yuan/mt (metal content), while the weekly average SMM Zn50 imported TC price remained flat WoW at $40/dmt...

According to a report from Mining.com, the Trump administration announced on the 2nd that, to expand the production of critical minerals in the US, it would add 10 more domestic mining projects to its expedited approval list. The 10 newly added mining projects involve copper, palladium, and other minerals, and will be eligible for FAST-41 treatment, a policy implemented by the US government in 2015 to expedite the approval of critical infrastructure projects. Last month, the US government had already preliminarily included 10 projects on the list, and more projects may be added in the future. All these projects will be publicly listed on the US federal government website, and their approval processes can be publicly tracked. The authorities claim that this will enhance transparency and expedite the approval process. The latest 10 projects include: a joint copper-nickel mine venture between Glencore and Teck Resources in Minnesota, a uranium mine by Energy Fuels in New Mexico, a palladium mine by Sibanye Stillwater in Montana, a silver mine by Hecla Mining Company in Alaska, and a titanium dioxide project by Chemours in Georgia. South32's Hermosa manganese-zinc project in Arizona, which had received expedited approval under former President Biden, is also the first mine to be eligible for FAST-41 treatment. In addition, President Trump ordered an investigation last month into the import of critical minerals into the US, with the aim of assessing the possibility of imposing tariffs.