Nigeria has announced the discovery of a new polymetallic mineral province in Kaduna State containing copper, nickel, lithium, rare earth elements, platinum group metals and gold, describing it as one of the country's most significant critical minerals discoveries in recent years. The discovery was made by Steron Mining in collaboration with the Nigerian Geological Survey Agency (NGSA). At the same time, Steron Mining reported approximately 3.3 million tonnes of lithium reserves at its Abuja project, with total mineral resources estimated at 94.8 million tonnes. The Nigerian government said it will continue promoting domestic mineral processing and value-added development to strengthen its position in the global critical minerals supply chain. That infrastructure, power supply and regulatory challenges remain key factors affecting future project development.

SMM Morning Meeting Summary: Last Friday night, LME copper opened at $13,675/mt, then its price center fluctuated downward to a low of $13,611/mt, before fluctuating upward, climbing to $13,729.5/mt near the end of the session, and eventually closed at $13,713.5/mt, up 1.02%. Trading volume reached 19,000 lots, and open interest reached 266,000 lots, an increase of 1,001 lots from the previous trading day, indicating long positions added. Last Friday night, the most-traded SHFE copper 2607 contract opened at 104,280 yuan/mt, immediately dipped to 104,250 yuan/mt after opening, then its price center fluctuated upward all the way to a high of 105,050 yuan/mt, and eventually closed at 104,980 yuan/mt, up 0.31%. Trading volume reached 25,000 lots, and open interest reached 148,000 lots, a decrease of 1,207 lots from the previous trading day, indicating short positions reduced.

Argentine Mining Minister Lucero Luis said on Thursday that as Argentina implements economic reforms and a new legal framework to attract and support mining projects, the country’s government is poised to become a preferred destination for critical mineral investment.Speaking at a critical minerals event hosted by the US Chamber of Commerce, Lucero said: “Argentina possesses one of the world’s most important critical mineral resource portfolios.” According to S&P Global Market Intelligence, the country holds 85.5 million mt of lithium reserves and resources and 124.3 million mt of copper reserves and resources.

[US Lithium Mine Development Boom: From One Mine to Over 100 Planned Projects by 2030] The US lithium industry is standing at the threshold of a historic transformation, about to leap from its current status of having only one producing lithium mine to becoming a significant participant in the global critical battery metals market. Currently, only one lithium mine is operating across the entire US, but this landscape is about to change rapidly. By 2030, at least six new projects are expected to come into production successively, with another 13 projects close behind. This round of expansion is primarily concentrated in the geologically favorable arid regions of the Southwest, but this is merely the beginning of a potential mining boom. According to the latest industry data, enterprises have identified over 100 potential lithium ore extraction areas nationwide. Behind this aggressive expansion is the continued climb in lithium ore demand from EV batteries and renewable energy ESSs—both of which are indispensable key elements of the energy transition. The rapid expansion of lithium mining scale has raised important questions from the outside world about environmental impacts, water resource consumption, and how to strike a balance between domestic mineral security and ecological protection. In this race for self-sufficient supply of "white gold," community residents and environmental protection advocates are closely watching how this industrial transformation will advance and take shape in some of America's most fragile desert ecosystems. Source: https://www.envirolink.org [Lithium Ore Reserves in Eastern US States May Replace Over a Century of Import Demand] U.S. Geological Survey (USGS) scientists announced this discovery, estimating its scale sufficient to replace over three hundred years of lithium import demand. The US currently relies on imports for nearly half of its lithium consumption, a dependency that has long been a concern for energy security analysts. Lithium occupies a central position in the modern economy, serving as a critical material for lithium-ion batteries used in smartphones, laptops, EVs, and aerospace alloys. Against the backdrop of accelerating global demand and intensifying geopolitical pressures, domestic reserves of this scale carry significant strategic importance. This discovery came at a sensitive period in the global mineral landscape. Australia currently supplies nearly half of global lithium production, while China not only has considerable production but also dominates global refining and consumption. Thirty years ago, the US was the world's largest lithium producer, but that position was long since relinquished. Whether this discovery can help the US return to that position remains to be seen, but the scale of data cited is sufficient to warrant serious attention. The scale of this discovery is most vivid in numbers. According to USGS estimates, the reserves are sufficient to support the construction of 1.6 million grid-scale batteries, and officials stated they could power 130 million EVs or support 180 billion laptops running cumulatively for a thousand years. USGS also estimates that the reserves could support the production of 500 billion mobile phones, equivalent to approximately 60 devices for every person currently on Earth. Perhaps the most striking figure in the USGS assessment is this: measured against last year's consumption levels, the reserves are sufficient to replace 328 years of US lithium import demand. This is not a forecast of future demand, but merely a baseline comparison between existing underground reserves and historical US import demand. Source: https://indiandefencereview.com [European Metals' Cinovec Lithium Mine Project EIA Passes Czech Ministry of Environment Review] European Metals Holdings Limited (ASX/AIM: EMH) announced that its flagship Cinovec lithium mine project in the Czech Republic has achieved a significant milestone in environmental permitting. The Czech Ministry of Environment has completed its review and officially released the Environmental Impact Assessment (EIA) report, with a public hearing scheduled to be held in the coming weeks. Meanwhile, a cross-border EIA process involving German authorities has been formally initiated to address the transnational impacts of the project along the Czech-German border. For investors tracking the development progress of the Cinovec project, these developments are not routine updates — the company has explicitly identified the EIA release as a critical path period for obtaining final approval and advancing the project to implementation. "We are pleased with the progress the project team has made on environmental permitting for the Cinovec project. The release of the EIA report by the Czech Ministry of Environment is a critical path period for obtaining final EIA approval and advancing the Cinovec project." — Executive Chairman Keith Coughlan Source: [Latin America's Lithium Supply Gap: Structural Barriers Constraining Capacity Release] The global energy transition is built on a series of assumptions, and one of the most consequential is that the world's largest lithium reserves, concentrated in a narrow strip of South America, will be able to reliably convert into the battery-grade lithium materials increasingly and urgently needed for EVs, power grid ESSs, and consumer electronics. However, this assumption is being put to a severe test. Latin America's lithium supply gap is not a matter of salt flats being depleted or aquifers running dry, but rather a widening chasm between underground reserves and market-accessible capacity. Reserves are abundant, yet production-ready capacity falls far short. More critically, this gap continues to widen at a pivotal moment when global demand is accelerating its climb. To understand the root causes, one must look beyond the surface figures and examine in depth the structural mechanisms behind the entire chain from lithium geological deposits to battery cathode material. Source:

[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 Morning Meeting Minutes: Overnight, LME copper opened at $13,146/mt and hit an early high of $13,153/mt. Thereafter, the center of copper prices gradually moved lower, dipping to $12,975/mt near the close, and finally settled at $13,027.5/mt, up 0.49%. Trading volume rose to 25,000 lots, and open interest to 306,000 lots, down 1,096 lots from the previous trading day, mainly due to bears reducing positions. Overnight, the most-traded SHFE copper 2604 contract opened at 101,640 yuan/mt and climbed early to 102,080 yuan/mt, then fluctuated downward to a low of 101,200 yuan/mt, followed by wide swings, and finally settled at 101,700 yuan/mt, up 0.45%. Trading volume rose to 44,800 lots, and open interest to 195,000 lots, down 213 lots from the previous trading day, mainly due to bears reducing positions.

[MaxVolt Enters Lithium Battery Recycling Sector with ReEarth Division] MaxVolt ReEarth aims to create an integrated lithium battery recycling solution, covering the entire battery life cycle treatment process. This solution includes standardized disassembly or crushing of end-of-life batteries to achieve second-life application. MaxVolt Energy, a global lithium battery producer and clean energy solutions provider, recently entered India's growing lithium battery recycling market by establishing a subsidiary, "MaxVolt ReEarth." MaxVolt stated in its announcement that this move aligns with its vision of building a sustainable, independent, and integrated ecosystem to promote the popularization of electric vehicles and energy solutions in the country. This initiative has sparked increasing interest and strategic moves from existing enterprises and traditional companies in the recycling sector, as they finally see a market that is both feasible and continuously growing. The integrated lithium battery recycling solution developed by MaxVolt ReEarth spans the entire battery treatment chain, covering standardized disassembly or crushing of end-of-life batteries for second-life application, followed by black mass production and the extraction of other valuable minerals. This closed-loop system ensures that battery resources are maximally retained within the value chain, reinforcing the circular economy principles of reuse, recycling, and regeneration. Source: www.saurenergy.com [Bolivia's Lithium Extraction Faces Complex Brine Chemistry Challenges] The global shift toward electric mobility has triggered unprecedented demand for lithium-ion batteries, fundamentally altering how countries develop their mineral resources. Against this backdrop, countries with substantial lithium reserves face increasing pressure to convert geological endowments into industrial capacity. This challenge extends beyond mining to encompass technological processes, regulatory frameworks, and structures of international cooperation, which collectively determine whether underground resources can be transformed into production capacity that meets market demands. Complex brine chemistry presents unique technical hurdles that traditional salt flat extraction methods struggle to overcome efficiently. High Mg/Li ratios, excessive impurity content, and stringent processing requirements create economic bottlenecks, creating a gap between resource potential and commercial feasibility. For investors, policymakers, and industry participants assessing long-term supply security in the global battery materials sector, understanding these technical dynamics has become crucial. Bolivia's lithium extraction projects epitomize these challenges—vast reserves coexist with complex technical and regulatory hurdles. Source: discoveryalert.com.au [MinRes Lithium Production Surges 18%, Exceeding Expectations] Australia's hard-rock lithium mining industry demonstrates how exceptional operations, combined with recovering commodity prices, can create opportunities for sustainable production expansion. Western Australia's Lithium Triangle has become a critical link in the global battery materials supply chain, with producers achieving over 70% beneficiation recovery rates while navigating price volatility and capital allocation decisions amid market transitions. The convergence of technological processing improvements, strategic partnership formations, and balance sheet optimizations provides a framework for understanding how Australia's lithium sector expanded capacity under favorable market conditions. This operational expansion was realized through systematic ore processing efficiency gains, maintenance of cost structures, and capital deployment strategies that prioritized both growth and financial stability. Australian lithium producers increasingly leveraged equity partnerships with downstream Asian manufacturers to secure both growth capital and demand certainty. The partnership between Mineral Resources and POSCO exemplifies this strategy—the South Korean steel producer acquired a 30% stake in the Wodgina and Mt Marion projects for $765 million. This deal structure injected substantial capital into the Australian projects while retaining operational control and ensuring access to Asia's battery materials supply chain. These partnerships signify an evolution from traditional offtake agreements toward integrated supply chain relationships. Asian partners gained direct exposure to hard-rock lithium production assets, while Australian operators secured funding for expansion without ceding operational control or strategic decision-making authority. Source: discoveryalert.com.au [India to Announce Lithium, Nickel Processing Incentives, Sources Say] India plans to soon offer incentives to enterprises setting up lithium and nickel processing plants to help boost production and meet growing demand for critical minerals, according to two sources and a government presentation reviewed by Reuters. India is seeking to accelerate its energy transition and cut emissions by promoting clean energy initiatives such as EVs, but it lacks the technology to process critical minerals, a capacity primarily dominated by China. Nickel and lithium are crucial for India's EV supply chain, especially for batteries, as New Delhi aims for EV penetration rates of 30% for cars and 80% for two-wheelers by 2030, up from the current rates of 4% and 6%, respectively. The incentive scheme proposes a 15% capital subsidy, subject to a cap, on eligible investments in lithium and nickel processing projects that commence on or after April 1, 2026, according to the presentation. One source described the 15% capital subsidy as "realistic." The Indian Ministry of Mines, which is responsible for the proposal, did not respond to an email from Reuters seeking comment. According to the presentation, under this plan, the incentives will last for five years, with the incentive cap for lithium processing plants set at 40% of annual net sales turnover, and 25% for nickel processing plants. To qualify for the incentives, lithium processing plants must have a minimum capacity of 30,000 mt, while nickel plants require at least 50,000 mt. Source: [Important Announcement from Sigma Lithium] Sigma Lithium, a leading sustainable global lithium producer headquartered in Brazil (TSXV: SGML; Nasdaq: SGML; B3: S2GM34), announced the sale of 100,000 mt of high-purity lithium concentrate at market price (linked to the SMM index, with an adjusted net price of $140 per mt, corresponding to 1% lithium oxide content), which is higher than previous sales. This revenue is defined as a "green return" to shareholders, stemming from the cutting-edge environmental technology employed at the company's green tech plant (dry-stacked tailings, 100% water reuse, zero toxic chemicals, 100% renewable energy). The company confirmed that its mine restart plan (reactivation of equipment/personnel contractors) is on schedule for completion in January 2026, as initially disclosed on January 13, 2026; this work sustains approximately 19,000 direct/indirect jobs in Brazil's Jequitinhonha Valley region and aligns with the Brazilian government's labor and economic objectives. Sigma Lithium strongly refuted the "fake news" in recent inaccurate media reports, which mischaracterized a routine administrative investigation by the Labor Ministry into its scrap storage area as an "operational ban" and falsely questioned the safety of the scrap storage. The Labor Ministry investigation, initiated in mid-December 2025, stemmed from a routine health and safety inspection (which confirmed the company's operational record of over two years without lost-time incidents) and is considered a non-material event with no impact on the company's operations or restart plan. Source: sigmalithiumcorp.com

[EU Secures Lithium and Critical Mineral Supply Channels in South America] Through a newly signed trade agreement with Mercosur, the European Union gained priority access to substantial reserves of critical minerals and agricultural products. This long-negotiated pact represents not only an economic arrangement but also a geopolitical strategy. The agreement signed in Asunción on January 17 grants the 27 EU member states easier access to strategic resources from South America, such as lithium, niobium, and graphite, which are vital for batteries, renewable energy systems, and advanced manufacturing. Currently, the processing and production of these resources are predominantly dominated by China. EU Trade Commissioner Maroš Šefčovič told EFE: "Brazil has the world's second-largest reserves, but it needs investment, procurement agreements, and long-term contracts—this is exactly what we expect and need." The agreement will gradually eliminate over 90% of bilateral tariffs, creating one of the world's largest free trade zones covering approximately 780 million consumers. However, European officials made it clear that, as Washington and Brussels vie for influence in resource-rich Latin America, decoupling critical mineral supply chains from China is a core strategic objective. European Commission President Ursula von der Leyen praised the agreement as both an economic opportunity and a values-based partnership. At the signing ceremony, she stated: "Together, we are creating the world's largest free trade area, a shared market of 700 million people." She added that for European enterprises, "this means better access to critical raw materials," emphasizing the strategic significance beyond commercial interests. Source: [Sibanye-Stillwater's Phased Lithium Production Strategy for 2026] Sibanye-Stillwater's decision to implement phased lithium production at its flagship Keliber project reflects a broader industry strategy to navigate the volatile lithium market. The global lithium market presents a complex landscape where traditional supply and demand mechanisms intertwine with geopolitical factors and technological transformation. Despite the continued growth in EV adoption, market oversupply persists, and mining enterprises face unprecedented challenges in timing their production decisions. The intersection of market volatility, capital intensity, and strategic positioning provides strong justification for adopting a modular development approach in battery mineral extraction. Enterprises must balance securing market share with maintaining financial flexibility, while sustaining stakeholder confidence throughout the lengthy development cycle. Source: [Peloton Minerals CEO Highlights Major Lithium Discovery in North Elko, Nevada] In an interview with focusIR, Ted Ellwood explained why Peloton considers the North Elko area to have comparable geological characteristics to adjacent projects, including Surge Battery Metals' project, which hosts one of the world's highest-grade lithium clay deposits. Adjacency to known mineral deposits and shared regional geological context provides a strong basis for Peloton's confidence in advancing its exploration program. The company employs a systematic and structured exploration approach, integrating detailed geological mapping with modern exploration technologies to better delineate subsurface resource potential. This work has helped define priority targets and supported the decision to focus on drilling as the next key development phase. Funding has also been a critical focus. Over the past two years, Peloton has raised sufficient capital to advance exploration while maintaining flexibility for future growth. Ellwood noted that strategic partnerships will become increasingly important as projects progress, citing Rio Tinto, the world's largest producer of lithium metal, as an example of how such partners can bring long-term value through technical expertise and economies of scale. Source: [Unlocking Massive Lithium Reserves: New Method Enables Faster, Cleaner Extraction of Critical Minerals from Low-Grade Brine] As global factories ramp up production of electric vehicles and large batteries needed to stabilize power from wind turbines and solar panels, lithium demand is surging dramatically. However, current lithium extraction processes are slow and rely on high-grade raw materials that are scarce worldwide. Ironically, their environmental toll is also substantial: refining minerals for clean energy consumes vast amounts of land and pollutes water sources on which local communities depend. Researchers at Columbia Engineering have proposed a revolutionary lithium extraction technique in a new paper that significantly shortens processing time, unlocks reserves previously unusable with existing methods, and reduces environmental impact. The technology uses a temperature-sensitive solvent to extract lithium directly from brines in global deposits, achieving a breakthrough by efficiently recovering lithium even at very low mineral concentrations and in the presence of similar impurities. Published today in the journal Joule, the paper details how the technique, called Switchable Solvent Selective Extraction (S3E), achieves high selectivity for lithium: up to 10 times greater selectivity for lithium over sodium, and 12 times over potassium. The process also removes magnesium, a common impurity in lithium brine, by triggering a chemical precipitation step to separate it out. Source:

[Intrepid Potash Considers Potential for Battery-Grade Lithium Processing Facility in Utah] Intrepid Potash, Aquatech International, and Adionics announced on Tuesday the completion of a test program at Intrepid Potash's potash production site in Wendover, Utah, successfully producing battery-grade lithium carbonate from by-product brine. Headquartered in Denver, Intrepid Potash is a supplier of high-grade potash, magnesium, sulfur, salt, and water products, widely used in agriculture, animal feed, and the oil and gas industries. The company is the sole US producer of potassium chloride (used in various industrial applications and as an animal feed ingredient), with two production sites in Utah (Wendover and Moab) and one in Carlsbad, New Mexico. Intrepid Potash stated that, with the successful demonstration by Adionics and Aquatech producing battery-grade lithium carbonate from brine at the Wendover site, plans to build a lithium processing facility locally have achieved a milestone. The company revealed that the test achieved a lithium extraction rate of 92.9%, with the resulting lithium chloride having an overall purity exceeding 99.5%; lithium products produced at the Adionics site were further processed by Aquatech, confirming the feasibility of converting and purifying them into battery-grade lithium carbonate. Additionally, Aquatech successfully converted lithium-rich brine into a lithium carbonate product with purity ≥99.5% in supplementary tests, fully meeting key technical specifications for battery manufacturing. The three parties indicated that, given the test's complete success, they will proceed with the evaluation of the Wendover lithium project under the current Joint Development Agreement. Intrepid Potash CEO Kevin Crutchfield said in a press release: "We are honored to collaborate with Aquatech and Adionics to continue developing Wendover's lithium resources. The breakthrough in direct lithium extraction (DLE) technology comes at an opportune time — as the US has prioritized increasing production of critical minerals." He emphasized that the existing infrastructure at the Wendover potash site and the lithium resources contained in the by-product brine from the production process give the project unique advantages distinguishing it from other lithium development projects. "We expect the Wendover lithium project to be one of the first domestic lithium projects to enter the market in the US," Crutchfield added. "The project will still adhere to the principles of 'controlling capital expenditure and reducing risk,' and the company's focus on its core fertilizer business will not change. However, commercializing the lithium resources from the by-product magnesium chloride brine will be an important step in enhancing the profitability of the Wendover site." At the close of trading in New York, Intrepid Potash's stock price rose 2.85%, bringing the company's market capitalization to $382 million. Source: mining.com [Welser Mining's Lithium Project in Chile Receives Approval] As prices for the key battery metal lithium begin to rebound, Canadian junior mining company Welser Mining Limited has obtained approval for the operational application of its lithium project in Chile. Informed sources revealed that Chile's Ministry of Mining will award the company a contract for an initial project in the Ollagüe salt flat. As the matter has not yet been made public, these individuals, who wished to remain anonymous, stated that after final adjustments are completed, the contract will be signed and submitted to the Comptroller General for approval. This approval stems from a decision made by the Chilean government in September to streamline the contract issuance process for salt flats near the Bolivian border. Welser Mining, in collaboration with local indigenous communities, holds the Cusca lithium project in this area. The Vancouver-based company will join forces with enterprises such as London-listed CleanTech Lithium and Chile's Errazuriz Group to compete in opening up new lithium resource areas in Chile. Chile possesses the world's largest lithium reserves, and the outgoing Chilean government plans to more than double lithium production over the next decade, hoping that investors will maintain a long-term optimistic view on electric vehicle demand as lithium prices recover from the global oversupply. Source: mining.com [Lithium Argentina Meets Production Expectations, Seeks Government Financing Support] As Argentina's largest battery metal (lithium) producer, Lithium Argentina has achieved the production target for its Cauchari-Olaroz salt flat project, while advancing the permit application for the second phase of the project and reducing costs. The Switzerland-based company stated on Tuesday that the project commenced commercial production in 2024, with lithium carbonate production last year reaching approximately 34,100 mt, falling within the expected range of 30,000 to 35,000 mt. Production in the fourth quarter ending December 31 was approximately 9,700 mt, averaging 97% of nameplate capacity. "The Cauchari-Olaroz project continues to ramp up production and lower operating costs," an analyst said in a report to investors, "The company remains one of the preferred choices for exposure to lithium producers." The "Lithium Triangle" region where Argentina is located – a high-altitude Andean salt flat area spanning northern Chile, southwestern Bolivia, and northwestern Argentina, rich in lithium resources – is currently experiencing active development, with developers focused on reducing costs and validating new processing technologies. Rio Tinto Group is expanding its Rincon project in Salta Province, while France's Eramet has initiated the capacity ramp-up of its Centenario direct lithium extraction (DLE) plant. South Korean industrial giant Posco has also commissioned Argentina's first commercial-scale lithium hydroxide plant in Salta Province, and China's Ganfeng Lithium has commenced production at its Mariana project in the province. Argentina Lithium announced that the joint venture submitted two applications last month: one for an environmental permit and the other for financing support under the Large Investment Incentive Regime (RIGI) introduced by Argentine President Javier Milei. The company plans to increase its lithium carbonate capacity by 45,000 mt annually. Additionally, the company is preparing a RIGI application for the Pozuelos-Pastos Grandes (PPG) project in Salta Province, which is expected to be submitted this quarter. In a preliminary feasibility study in November, Argentina Lithium outlined a phased construction plan for the PPG project: the first phase will have an annual capacity of 50,000 mt, with an initial investment of approximately $1.1 billion. Partners are studying more advanced processing technologies, such as direct lithium extraction (DLE), to improve lithium recovery rates and reduce water consumption. The company's next phase of growth still depends on permit approvals, financing progress, and lithium price trends. Scotiabank noted that common risks faced by local developers in Argentina include jurisdictional uncertainty, funding gaps for expansion, and potential cash flow erosion due to operational failures or cost increases. As the company transitions from the capacity ramp-up stage to expansion planning, Argentina Lithium also announced management changes: Alec Mikel was promoted to President, responsible for corporate strategy execution, business development, and capital market activities; John Kanellitz moved from Executive Chairman to Chairman of the Board. Source: mining.com [Russia May Lose Access to Bolivian Lithium Resources: Intelligence Agencies Assess Potential Threat to Russia] Russia may lose access to Bolivian lithium resources as the new Bolivian government reviews the terms of the agreement with Uranium One Group. The agreement, signed on September 11, 2024, planned the construction of a lithium carbonate production plant but has not yet been approved by the Bolivian parliament. According to the Ukrainian National News Agency (UNN), the shift in policy by the Bolivian government (La Paz) poses a risk that Russia could lose access to Bolivian lithium resources. The Russian Foreign Intelligence Service stated that for Russia, this means losing access to one of the world's key lithium resources, while Bolivia would gain room to adjust the agreement terms and potentially attract Western partners. According to intelligence data, the new government of Bolivian President R. Paz will review the agreement between the state-owned lithium company Yacimientos de Litio Bolivianos (YLB) and Russia's Uranium One Group. Uranium One Group is a subsidiary of Rosatom. The agreement stipulates the construction of a lithium carbonate production plant in the Salar de Uyuni, Potosí department, Bolivia—one of the world's largest lithium deposits, with reserves of approximately 11.2 million mt, accounting for nearly 38% of global total reserves. Source: https://unn.ua

[Kodal Ships First Spodumene Concentrates to China] Kodal Minerals announced that its Bougouni mine in southern Mali has completed the shipment of its first batch of spodumene concentrates, which will be delivered to its offtake partner in China. The lithium miner stated in a press release on Monday that a bulk carrier loaded 28,950 mt of spodumene concentrates over the weekend and subsequently set sail heading to the destination port in Hainan Province, China. In late October, Kodal had transported approximately 30,000 mt of spodumene concentrates to storage facilities at the Port of San Pedro in the Republic of Côte d'Ivoire, in preparation for subsequent shipments. The company revealed that the 45,000 mt of concentrate inventory already produced by the Bougouni mine's processing plant will be gradually transferred to the Port of San Pedro. First Revenue Realized Kodal Minerals CEO Bernard Aylward said the selling price for this concentrate sale will reflect the "significant improvement in the lithium price environment" in recent weeks. He noted, "The final selling price for the spodumene product will be adjusted based on the actual grade and quality of the delivered product, net of sea freight costs," adding that the company expects the price to exceed $930 per dmt. Following the loading of the first shipment, Kodal's Malian subsidiary LMLB will issue an invoice to its Chinese offtake partner Hainan Mining Co., Ltd., covering an initial 95% of the cargo value. The company anticipates total proceeds from this transaction to reach $24 million, which will also represent the first revenue realized by LMLB. Despite political instability in Mali, Canadian investment bank Canaccord Genuity views this shipment as a positive development for the company. A relevant practitioner stated, "Current lithium prices have shown strong signs of recovery, making Kodal's revenue realization at this time particularly significant." He added, "With the Bougouni project having produced 45,000 mt of concentrate, this implies an additional 16,000 mt of concentrate remains to be exported in the short term. This progress aligns closely with our revenue expectations of $65 million for the company in H2 of the 2024 fiscal year (ending March)." New Lithium Mine Commissioned in Mali In February of this year, the Bougouni mine commenced production of spodumene concentrates, processing ore from the Ngoualana deposit through a dense media separation facility, becoming the second lithium mine in Mali. The Phase 1 project utilizes conventional processes to maximize spodumene recovery from the Ngoualana deposit, with an expected annual capacity exceeding 125,000 mt. The Phase II project will add a flotation plant to process ore from the Boumou and Sogola-Baoulé deposits. These three deposits together hold total resources of 31.9 million mt, with an average lithium oxide (Li₂O) grade of 1.06%. LMLB, as the operator of the Bougouni mine, has the following equity structure: Kodal Mining UK holds 65% (this joint venture is 49% owned by Kodal and 51% by Hainan Mining), and the Mali government holds 35%. Source: mining.com [Trump Administration Pressures to Accelerate Critical Minerals Sector in Latin America] The Inter-American Development Bank (IDB) stated that, against the backdrop of the Trump administration's push for "near-US production" of critical minerals, Latin American countries are intensifying efforts to build critical mineral supply chains while striving to enhance local value-added. IDB President Ilan Goldfajn pointed out that countries in the region are focusing on improving refining and processing capacities for lithium, copper, and other critical minerals, rather than merely exporting raw materials to Asia. Last year, the IDB and the European Union jointly launched an initiative aimed at promoting responsible investment and value chain development in the critical minerals sector in Latin America and the Caribbean. Under this plan, the EU provided a grant of nearly €6.3 million (approximately $7.3 million), which is expected to leverage about €120 million (approximately $140 million) from the IDB to support mineral-related projects in Argentina, Bolivia, Brazil, Chile, Ecuador, and other countries. This funding prioritizes downstream activities such as processing, refining, and value chain construction. Through the project named "Mining for Energy Transition (MET)", the IDB also provides technical assistance to Latin American countries, with core objectives including: strengthening regulatory and investment frameworks, improving geological knowledge and data systems, supporting low-carbon sustainable mining production practices, and upgrading infrastructure. In an interview with the Financial Times, Goldfajn stated that the US government has clearly expressed a preference for resource procurement and processing within the Western Hemisphere, and Latin American countries, regardless of political affiliation, see this as a rare opportunity to capture higher value-added. Latin America holds about 60% of the world's proven lithium reserves and accounts for approximately 46% of global copper production, with Peru also being a leading producer of this "red metal". Brazil possesses the world's second-largest rare earth reserves, but due to technological and commercial barriers, production remains low. China dominates the global critical minerals processing sector, and its low processing prices have long hindered resource-rich countries' efforts to move beyond mere extraction and advance down the industry chain. Source: mining.com [Vulcan Energy Secures $2.6 Billion Financing to Advance German Lithium Project] Vulcan Energy Resources announced on Wednesday that it successfully obtained a €2.2 billion (approximately $2.56 billion) financing package. The funds will support the commencement of construction this week for its Lionheart lithium and renewable energy project located in Germany. The Australian-listed enterprise plans to supply lithium products and provide renewable energy to companies including Stellantis Group, LG Corp, Umicore, and Glencore for a period of 10 years starting from 2028. "The board has made the final investment decision (FID), project funding is fully secured, and we will break ground on Friday," Executive Chairman Francis Wedin told Reuters, emphasizing that the project received strong support from government-backed institutions in Europe and Australia. "The project construction period is two and a half years, and the clock starts now." As part of the financing package, Vulcan will raise up to €603 million in equity through an institutional placement and rights issue, with new shares issued at a fixed price of €2.24 per share. The project received support from European and German government agencies, along with a syndicate of 13 financial institutions, including the European Investment Bank, five export credit agencies, and seven commercial banks. Wedin stated that although lithium prices are currently in a downward cycle, Vulcan is "very optimistic" about the future trend of the lithium market. "There is a gap in new projects that have received final investment decision approval currently, so at some period, this gap will have a significant impact," he said. He noted that approximately 72% of the contract sales volume for the first ten years of the project has been secured through floor price or fixed pricing mechanisms, providing downside risk protection, and the pricing is "significantly higher than the current spot price." In July this year, Vulcan received €104 million in subsidies from the German government for producing clean lithium products. This move by the German government aims to increase EV production and reduce dependence on raw material imports. Vulcan's shares were suspended from trading on Wednesday; the stock has accumulated a 14.6% increase since the beginning of the year. (Exchange rate reference: $1 = €0.8604) Source: mining.com [Europe's First Commercial-Scale Direct Lithium Extraction Plant Commences Operation in the UK, Marking a Global Milestone in Critical Minerals] Watercycle Technologies has commissioned its first commercially operated direct lithium extraction (DLE) plant in Runcorn, UK, marking the technology's first commercial application in Europe. The company has scaled up its proprietary DLEC™ technology, enabling the profitable and continuous production of several hundred kilograms of lithium carbonate from domestic UK resources, with production volumes far exceeding those achievable with current comparable direct lithium extraction technologies. Unlike traditional ion exchange or adsorption processes, this technology represents a new category of direct lithium extraction. After extensive testing on various lithium resources worldwide, including in the UK, WaterCycle Technologies has introduced a long-awaited solution capable of simultaneously processing subsurface brine and industrial wastewater, including effluents from chemical production and battery recycling. This provides a fully circular and commercially feasible pathway to access this globally critical mineral. Dr. Seb Leaper, CEO of WaterCycle Technologies, stated, "Direct lithium extraction has long been viewed as a breakthrough solution to the growing lithium supply crisis, but until now, no technology has been able to simultaneously address the three core challenges: water consumption, energy use, and cost. Over the past three years, we have refined the extraction process for various brine types, including low-lithium geothermal brine, high-concentration South American brine, and industrial wastewater with high organic content. This not only allows us to offer lithium resource owners a highly profitable, low-risk technological solution but also supports the emerging battery recycling industry in achieving zero-waste processes with higher lithium recovery rates." Currently, the monthly lithium carbonate production from WaterCycle Technologies' Renfrew facility can meet the production needs for 50 mid-sized EV units. With the deployment of more modular systems in the UK and globally starting in 2026, production is expected to increase significantly. This progress will support the UK in achieving its Critical Minerals Strategy goal: by 2035, to meet at least 10% of the UK's annual critical mineral demand through domestic production and 20% through recycling. "Our goal is clear," Seb stated, "to secure access to critical resources for all. We achieve this through a 'supply cycle' mindset rather than a 'supply chain' approach, which aligns with our core principles of low environmental impact and circular design. Although resources like lithium are finite, with the right technology, they can be recycled infinitely. I am proud that, with the support of our investors, our team has successfully developed technology that transforms finite resources into infinite ones, and it is now being scaled in the UK." Dr. Ahmed Abdelkarim, Chief Technology Officer of WaterCycle Technologies, commented, "Our DLEC™ technology is designed to deliver scalable and sustainable solutions. By launching the UK's first commercial-scale direct lithium extraction plant, we are not only contributing to the achievement of the national target of 50,000 mt LCE by 2035, but also positioning the UK as one of the earliest leaders in this field in Europe. This is not just about lithium resources themselves, but also about building economic resilience, creating skilled jobs, and ensuring that the UK and Europe can confidently meet the demands of the energy transition. Source: https://www.azocleantech.com