[SMM Analysis] New National Standard for Secondary Lead and Inclusion in Delivery on the Agenda, Market to Shift to "Primary + Secondary Dual-Track Pricing" SMM February 27: Starting March 1, 2026, the "Secondary Lead Ingot GB/T 21181-2025" (hereinafter referred to as the "new national standard") will replace the "Secondary Lead and Lead Alloy Ingot GB/T 21181-2017" (hereinafter referred to as the "old national standard") and officially come into effect.

Today, the prices of precious metals on SHFE and the Gold Exchange hit the lower limit, leading mainstream traders and manufacturers to suspend quotations and generally adopt a wait-and-see attitude. Some clients mentioned that due to the inability to close out hedging positions, they stopped trading to avoid assessment risks. In Shenzhen's spot market, a small amount of speculative goods were offered at fixed prices; however, as the procurement costs for these suppliers were generally high, their willingness to sell was low. The market's intended fixed price quotations ranged from 22,500 to 23,000 yuan/kg, with some suppliers holding back and watching at 24,000 yuan/kg. Although downstream enterprises showed moderate interest in buying the dip, actual purchases were minimal and heavily negotiated due to the inability to set prices and concerns over continued price limits tomorrow, causing the spot silver market transactions to almost come to a halt.

• Sigma Lithium announces the sale of an additional 100,000 tons of high-purity lithium ore fines based on the SMM lithium concentrate price, at a price higher than the previous sale. • The company confirms that mine restart activities are progressing as planned and are expected to be completed by January 2026, consistent with its announcement on January 13, 2026. • Sigma Lithium strongly refutes recent media reports that inaccurately described an administrative procedure initiated by Brazil's Ministry of Labor and Employment regarding the company's waste piles as an "operational ban," labeling such reports as "fake news," and states it has notified relevant authorities. On January 23, Sigma Lithium announced the sale of another 100,000 tons of high-purity lithium ore fines. In its statement, the company reiterated that the remobilization of contractor equipment and personnel at the mine site is progressing according to plan and is expected to be completed in January 2026. The company firmly denied recent media reports that mischaracterized an administrative procedure initiated by the Ministry of Labor and Employment as an "operational ban," calling them "fake news." Regarding speculative reporting by some media based on this procedure about the safety of the company's waste piles, Sigma Lithium clarified that such claims are completely false and emphasized that this administrative procedure does not constitute a material event. High-Purity Lithium Ore Fines Sales Details The transaction was conducted based on the Shanghai Metals Market (SMM) lithium concentrate price, equivalent to an adjusted net price of USD 140 per ton for each 1% Li₂O content (the current SMM price quotation for 1.35% Li₂O content is USD 195 per ton). Sigma Lithium pointed out that the revenue from these high-purity fines sales represents a "green dividend" for its shareholders, made possible by the company's investment in environmental "cutting-edge technology" at its Greentech Plant. This technology enables dry-stacking of tailings and allows for the recovery of lithium by selling high-purity fines. Consequently, Sigma Lithium possesses one of the most environmentally sustainable lithium processing facilities in the industry, integrating dry-stacking, 100% water recirculation, zero use of toxic chemicals in lithium processing, and 100% renewable power supply. Clarification Regarding Inaccurate Media Reports Sigma Lithium has recently been the subject of multiple inaccurate reports. The company stated that this is part of an organized, funded online defamation campaign that has repeatedly disseminated false, inaccurate, and misleading information about the company and its management. The latest reports containing false statements about the Ministry of Labor and Employment's administrative inquiry into the company's waste piles and their safety align with the tactics of this ongoing "fake news cyber-smear campaign": approximately one month after the inquiry's initiation and merely two days after the company's positive operational update on January 13, 2026, several "paid-writer" style online media outlets suddenly published a flood of defamatory articles claiming the company had been shut down by the Ministry or even the "Brazilian Government." These allegations were primarily published by certain Brazilian online media outlets that publish sponsored content and were subsequently republished by some international mainstream online media and news agencies lacking rigorous fact-checking practices. This defamation campaign led to significant volatility in Sigma Lithium's share price on January 16, with trading volume exceeding four times the Nasdaq daily average and the stock price dropping approximately 30%, potentially benefiting short-sellers. The company has reported the matter to relevant authorities, including FINRA (under the U.S. SEC). The Brazilian Ministry of Labor and Employment initiated an administrative inquiry regarding the company's waste piles in mid-December, following a routine health and safety inspection. During this inspection, the Ministry acknowledged the company's outstanding safety record—over two years without a lost-time injury. Sigma Lithium's management believes that this inquiry did not, at its initiation nor does it currently, constitute material information requiring disclosure, and it does not affect the company's operations, including the ongoing mine restart plan. The company's restart plan is expected to sustain approximately 19,000 direct and indirect jobs in the Jequitinhonha Valley region. This objective aligns closely with the purposes of the Brazilian Ministry of Labor and Employment, the Brazilian Government, and Sigma Lithium. Sigma Lithium's commercial success significantly enhances Brazil's leadership in critical minerals, positioning the country as a key player in the global supply chain for Li₂O materials produced in an environmentally and socially sustainable manner, thereby supporting the energy transition.

[SMM Adds New 9990 Magnesium Ingot CIF (Netherlands) Price] To promote the international trade of magnesium ingots, help upstream and downstream enterprises worldwide better grasp market dynamics, obtain timely spot market information, reduce cross-border transaction risks and costs, and deepen research on the magnesium ingot industry chain, SMM will add and publish a new 9990 magnesium ingot CIF (Netherlands) price point starting from June 19, based on comprehensive market surveys, to provide references for the international market.

[SMM Lead Morning Meeting Summary: Lead Ingot Suppliers Show Weak Willingness to Sell, Downstream Purchasing Sentiment Leans Towards Wait-and-See]...As the delivery date approaches, the offers for cargoes self-picked up from primary lead smelters remain firm, with few sellers willing to offer at a discount. Regarding secondary lead, due to ongoing tight supply of raw materials, continued pressure from losses, and the difficulty in closing deals for premium cargoes, the willingness of smelters to sell is low. Mainstream secondary refined lead is quoted at parity with the SMM 1# lead average price ex-works, with a small volume of refined lead transactions at a discount of 100 yuan/mt in some regions...

[SMM Tungsten Daily Review: Cost-Driven Upswing Continues for APT, Tungsten Powder, and Other Tungsten Products] On June 4, the tungsten market exhibited a cautious stance overall. There was limited supply from upstream ore mines, and the market remained stable for the time being. Driven by cost factors, downstream products demonstrated a robust upward trend.

To provide more accurate and effective feedback on the market trends of the domestic chrome ore market, better serve customers in the chrome industry chain, reduce transaction risks and costs for enterprises, and enhance the reference value of our price quotations, SMM, after a period of accumulation and market surveys, plans to introduce five new chrome ore price points starting from June 6.

[SMM Lead Morning Meeting Summary: Stalemate Between Lead Cost and Weak Consumption, Lead Prices Expected to Remain in Consolidation] US Fed Meeting Minutes: Higher Uncertainty Suitable for Cautious Interest Rate Cut, Nearly All Members Mention Inflation Risks, Reiterating Fear of "Tough Trade-offs". As the Dragon Boat Festival holiday approaches, some lead-acid battery enterprises plan to take a holiday ranging from 1 to 3 days. The purchasing enthusiasm of downstream enterprises before the holiday is weak, and the inventory of lead ingot warrants continues to accumulate...

[SMM Weekly Review: Intense Price Competition in the Cell Market, Polysilicon Prices Continue to Face Downward Pressure] This week, PV module prices continued their downward trend. The mainstream transaction prices for N-type 182mm modules in centralized projects ranged from 0.697 to 0.705 yuan/W, with the average price decreasing by 0.004 yuan/W. The mainstream transaction prices for N-type 210mm modules ranged from 0.712 to 0.72 yuan/W, with the average price also decreasing by 0.004 yuan/W. The price of distributed N-type 182mm modules hovered around 0.685 to 0.692 yuan/W, with the average price decreasing by 0.01 yuan/W compared to last Friday. The price of distributed N-type 210mm modules was 0.69 to 0.697 yuan/W, with the average price decreasing by 0.01 yuan/W compared to last Friday. The price of distributed N-type 210R modules ranged from 0.678 to 0.69 yuan/W, with the average price decreasing by 0.008 yuan/W compared to last Friday. This week, the inversion phenomenon between distributed and centralized projects has somewhat eased, and there is a short-term trend of module prices bottoming out and stabilizing. Currently, local governments have successively introduced policies to implement Document No. 136, and end-users are still waiting for bidding notifications to calculate their investment yields. This week, the PV Association provided benchmark prices for current modules as guidance. It is understood that violating relevant regulations may result in being blacklisted. SMM analyzed that this measure will promote the short-term stabilization of module prices.

May 8 News: Today's comprehensive price quotation for the national carbon market is as follows: opening price at 71.3 yuan/mt, highest price at 71.4 yuan/mt, lowest price at 71 yuan/mt, and closing price at 71.35 yuan/mt, representing a 0.07% increase from the previous day. Today, the trading volume of listed agreement transactions was 56,194 mt, with a turnover of 3,952,983 yuan; the trading volume of block agreement transactions was 100,000 mt, with a turnover of 6,990,000 yuan. Today, the total trading volume of national carbon emission allowances was 156,194 mt, with a total turnover of 10,942,983 yuan. From January 1 to May 8, 2025, the trading volume of national carbon market emission allowances was 13,290,043 mt, with a turnover of 1,081,336,796.47 yuan. Statement Before the establishment of the national carbon emissions trading institution, the national carbon emissions trading information is released and supervised by the Shanghai Environment and Energy Exchange Co., Ltd. (hereinafter referred to as the "Exchange"). Except for the national carbon emissions trading information publicly disclosed by the Ministry of Ecology and Environment, no other institution or individual is allowed to publish public information such as the comprehensive price quotation of the national carbon market and the transaction status of carbon emission allowances for each year without the consent of the Exchange. If reprinting is necessary, the source must be indicated. The Exchange has the right to pursue legal liability against any institution or individual that unlawfully publishes or republishes without indicating the source, or republishes national carbon emissions trading information that is not released by the Exchange.