Futures: Overnight, LME lead opened at $1,887.5/mt. During the Asian session, it rose before declining, with the session high of $1,888.5/mt. After entering the European session, bears added positions, and LME lead drifted lower to a low of $1,871/mt. Late in the session, some bears took profits and exited, leading to a slight recovery in LME lead, which finally settled at $1,877/mt, down 0.53%. Overnight, the most-traded SHFE lead 2609 contract opened at 15,840 yuan/mt. After briefly touching a low of 15,790 yuan/mt early in the session, it rebounded as bears reduced positions. Late in the session, it reached a high of 15,900 yuan/mt, and finally settled at 15,895 yuan/mt, up 0.54%. Macro front: On Monday, as investors weighed conflicting developments in the US-Iran conflict, the US dollar index fell before rising. The US announced 50% tariffs on some Canadian products, which do not apply to energy products, potash, fish and critical minerals. The Houthis announced a naval embargo on Saudi Arabia. Saudi Arabia stated that it is taking necessary military actions to ensure shipping safety in the Bab el-Mandeb Strait. HKEX: The current priority is to study the proposal to extend trading hours for the derivatives market, rather than stock trading hours. Foreign Ministry: China and the US are maintaining communication on arrangements for the interaction of the heads of state this year. MIIT: will issue a guide on computing power standard system construction, and promote the establishment of standards such as market-based pricing for computing power. Spot fundamentals: SHFE lead consolidated, with suppliers holding prices firm while selling, and most quotations were at premiums. Meanwhile, primary lead smelters had ample cargoes self-picked up from production site, and quotation discounts widened. In mainstream production areas, quotations against the SMM #1 lead average price were at discounts of 50–0 yuan/mt ex-works, with some at discounts of 80–60 yuan/mt. In the secondary lead market, circulating cargoes were limited. Some smelters held prices firm while selling, and secondary refined lead quotations against SMM #1 lead were at discounts of 25–0 yuan/mt ex-works. Downstream enterprises showed strong wait-and-see sentiment, with few inquiries, and mainly purchased under long-term contracts. The spot order market saw sluggish transactions. Inventory side: On July 20, LME lead inventory decreased by 300 mt to 451,775 mt. As of July 20, total social inventory of SMM lead ingots across five regions decreased by 8,000 mt WoW from July 16. Today’s lead price forecast: Delivered cargoes re-entered the circulation market this week, and downstream enterprises picked up more goods, especially at warehouses close to consumption areas where inventory declines were more noticeable. However, the lead-acid battery market remains in an off-season trend, and with frequent high-temperature weather, some medium and large lead-acid battery enterprises plan to cut production and take holidays, resulting in insufficient lead consumption momentum. Moreover, after dipping lower, lead prices rebounded, dampening downstream enterprises’ purchasing enthusiasm. At the start of the week, spot lead market transactions were sluggish, limiting the rebound momentum of lead prices.

Futures: Overnight, LME lead opened at $1,882.5/mt, drifted lower to a low of $1,875/mt during Asian trading hours before rebounding. Entering European trading hours, bulls pushed LME lead higher, reaching a high of $1,904.5/mt at the close, finally settling at $1,887.5/mt, up 0.35%. Overnight, the most-traded SHFE lead 2608 contract opened higher with a gap at 15,940 yuan/mt, lightly touching a low of 15,930 yuan/mt at the start of trading. Boosted by the rise in LME lead, SHFE lead rose to 16,110 yuan/mt. Due to poor fundamentals, it gave back some gains at the close, finally settling at 16,030 yuan/mt, up 0.79%. Macro Front: The US trade deficit widened to its largest in over a year in May, with imports broadly increasing and exports declining. The PBOC increased gold holdings for the 20th consecutive month. The State Administration for Market Regulation will conduct spot checks on fair competition reviews. China's foreign exchange reserves in June stood at $3,416.262 billion. PBOC Governor Pan Gongsheng stated that the State Administration of Foreign Exchange will continue to increase the proportion of asset allocation in Hong Kong. The PBOC and two other departments welcomed the China Foreign Exchange Trade System and Hong Kong Exchanges (HKEX) to co-build Hong Kong's electronic fixed income and currency trading platform. Spot Fundamentals: SHFE lead consolidated on a subdued note. Suppliers sold as the market moved, with transactions mostly at small discounts. Meanwhile, EXW cargoes from primary lead smelters were generally traded at discounts, with quotations in mainstream production areas from a discount of 25 yuan/mt to a premium of 25 yuan/mt against the SMM #1 lead average price. For secondary lead, smelters had many production cuts and shutdowns, resulting in limited market supply. Secondary refined lead quotations remained near parity against the SMM #1 lead price. Downstream enterprises were not very active in purchasing, with some mainly relying on long-term contracts and others only making just-in-time procurement, so spot market trading activity was average. Inventory: On July 7, LME lead inventory decreased by 200 mt to 292,075 mt. As of July 6, SMM lead ingot social inventory across five regions totaled 70,200 mt, a decrease of 2,300 mt from July 2. Today's Lead Price Forecast: Demand side, the off-season trend persisted in July. After large enterprises resolved the factors of semi-annual inventory counting and account closing, they resumed regular procurement, bringing some purchasing expectations. Supply side, primary lead enterprises are about to resume after maintenance, shifting supply expectations to an increase, while secondary lead enterprises remained in a state of production cuts, with regional supply limitations. Overall, lead prices are expected to remain in the doldrums in the short term.

SMM News, July 7: Metals market: As of the midday close, base metals in the domestic market mostly fell, with SHFE copper down 0.12% and SHFE aluminum up 0.48%. SHFE lead fell 0.41%. SHFE zinc rose 1.06%. SHFE tin fell 0.26%. SHFE nickel fell 0.02%. In addition, the most-traded casting aluminum futures contract rose 0.42%, while the most-traded alumina contract fell 0.44%. The most-traded lithium carbonate contract fell 2.22%. The most-traded silicon metal contract fell 0.24%. The most-traded polysilicon futures contract edged down. Ferrous metals were mostly in the red. Iron ore rose 0.27%, rebar was flat at 3,074 yuan/mt, and hot-rolled coil edged down. Stainless steel rose 1.83%. For coking coal and coke: the most-traded coking coal contract fell 0.93%, and the most-traded coke contract fell 0.38%. Overseas base metals: as of 11:42, LME metals mostly fell. LME copper fell 0.32%, LME aluminum rose 0.22%, and LME lead fell 0.19%. LME zinc rose 0.25%, LME tin fell 0.92%, and LME nickel fell 0.79%. Precious metals: as of 11:42, COMEX gold fell 0.57% and COMEX silver fell 1.48%. Domestic precious metals: SHFE gold fell 0.83%, and the most-traded SHFE silver contract fell 2.3%. In addition, as of the midday close, the most-traded platinum futures contract fell 1.72%, and the most-traded palladium futures contract fell 0.98%. As of the midday close, the most-traded European shipping container futures contract extended the previous trading day’s decline, falling a further 5.03% to 2,446.5 points. As of 11:42 on July 7, midday moves in some futures: Spot and Fundamentals Aluminum: Today, futures continued to rise, while spot in South China was under pressure and weaker. Yesterday, the spot-futures price spread briefly strengthened sharply, coupled with the absolute price rising for four consecutive sessions to a higher level. With both elevated, most suppliers actively sold to cash in, and price cuts became increasingly common; some chose to hold prices firm but with little effect. Mainstream quotations were at a discount of -10 to 0 yuan/mt, and circulation loosened... Macro Front China: [World Bank Keeps Its 2026 China GDP Growth Forecast Unchanged] On July 7, the World Bank released the latest China Economic Update in Beijing. The report said that despite facing strong supply, weak demand, and shocks to global energy supplies, China’s economic growth overall maintained resilience, and China’s economic growth in 2026 is expected to be 4.4%. Compared with the previous update released in December last year, the growth forecast remained unchanged. (Xinhua News Agency) [PBOC Reverse Repo Operations Resulted in a Net Drain of 59.5 billion yuan on the Day] Today, the PBOC conducted 10 billion yuan of 7-day reverse repo operations. As 69.5 billion yuan of 7-day reverse repos matured today, it resulted in a net drain of 59.5 billion yuan on the day. (Jinshi Data APP) [John Lee: Hong Kong’s Gold Central Clearing System Begins Trial Operation Today; New RMB-Denominated Gold Futures Contracts Under Consideration] On July 7, John Lee announced that Hong Kong’s Gold Central Clearing System began trial operation today and that the development of new RMB-denominated gold futures contracts is under consideration. Hong Kong Exchanges and Clearing Limited will sign a memorandum of understanding with the PBOC on cross-border RMB payment and clearing. The Hong Kong gold market saw a critical upgrade at the infrastructure level, with the gold clearing and settlement system officially launched on July 7. To support the new system and simultaneously invigorate the local gold futures market, HKEX announced a one-year fee waiver for gold futures, effective from July 7. (Wall Street CN) 》Click for details On the US dollar front: As of 11:42, the US dollar index rose 0.03% to 100.89. Fed Governor Waller stated that the US Fed would not deliberately maintain low interest rates to help the US government finance its fiscal deficit. Waller noted that the US labor market had stabilized, while inflation had re-accelerated, meaning the risk from inflation now exceeds the risk to employment—a complete reversal from policy considerations a year ago. He pointed out that while he supported an interest rate cut last year due to labor market weakness, the policy focus should now shift back toward curbing inflation. The market’s attention has turned to the June CPI, due on July 14, the last critical inflation data before the Fed’s July 28-29 meeting. Although international oil prices have pulled back to around $70/barrel, Fed officials still expect inflation to be significantly above the 2% target at year-end. According to the CME "FedWatch" tool: The probability of the US Fed maintaining the current interest rate in July is 74.3%, while the probability of a cumulative 25-basis-point rate hike is 25.7%. For September, the probability of the rate remaining unchanged is 42.9%, the probability of a cumulative 25-basis-point hike is 46.2%, and the probability of a cumulative 50-basis-point hike is 10.8%. (Jinshi Data APP) The US ISM Services PMI report showed that economic activity in the services sector continued to expand in June. The Services PMI registered 54, marking the 24th consecutive month in expansion territory. Miller, Chair of the ISM Services Business Survey Committee, stated that the June Services PMI of 54 was down 0.5 from May’s 54.5. The Business Activity Index remained in expansion territory, falling 2.3 from May’s 57.7 to 55.4. The Prices Index dropped to 67.7 in June, a decrease of 3.6 from May’s 71.3, falling below 70 for the first time since February. The index has been above 60 for 19 consecutive months, with a 12-month average of 68. Diesel, gasoline, oil and related commodities were again cited as the items with the largest price increases in June, but some respondents also reported price declines. This may stem from differences in contract terms for these commodities across companies. Some respondents noted declines in payments for gasoline and diesel, but this was not a widespread phenomenon. We expect this situation to persist for several months as rising oil prices feed through supply chains, but assuming the recent progress in oil shipments through the Strait of Hormuz continues, there should be some relief by autumn. (Jin10 Data APP) Other Currencies: Japan’s Minister of State for Economic and Fiscal Policy, Shironai Minoru, said media reports suggesting Prime Minister Takaichi Sanae’s government was trying to steer interest rates lower were completely inaccurate. Speaking at a regular press conference in Tokyo on Tuesday, Shironai said, “Reports that the government would encourage low interest rates as part of its fiscal expansion policies are groundless. If our intentions are not being accurately conveyed, we will work harder to foster understanding.” His remarks came as financial markets closely watch how Takaichi Sanae will implement her economic strategy through massive investment without adding to the already heavy debt burden. Shironai attended a Bank of Japan board meeting last month as a government representative, where policymakers raised the benchmark interest rate to 1%, the highest in 31 years. (Jin10 Data APP) Data: Today will see the release of Germany’s seasonally adjusted industrial output MoM for May, the UK Halifax seasonally adjusted house price index MoM for June, France’s trade balance for May, the weekly change in US ADP employment for the week ending June 20, the US trade balance for May, and China’s foreign exchange reserves for June, among others. Additionally, attention should be paid to: Turkey hosts the NATO summit through July 8; the US Trade Representative’s office holds public hearings on a proposal to impose additional tariffs on 60 global economies; Samsung Electronics will release its Q2 earnings guidance. Crude Oil: As of 11:42, both benchmark crude prices rose, with WTI up 0.54% and Brent up 0.61%. The brief window of US-Iran easing once again faces rupture, pushing oil prices higher. Markets are watching geopolitical developments and supply-demand outlook changes. The number of vessels transiting the Strait of Hormuz continues to rebound. According to reports, a total of 160 vessels passed through the strait from Monday to Saturday last week, though the overall level remains far below pre-war norms. (Wall Street CN) As a surge in global supply intensifies competition for buyers, Saudi Arabia cut the official selling prices of its main crude grades for Asian customers for August by the most in at least 26 years. According to a price list, Saudi Aramco slashed the price of Arab Light crude for Asia for August by $11 per barrel, to a discount of $1.50 per barrel against the regional benchmark. The cut was larger than the $8 per barrel expected in a survey of institutions. Crude oil prices in the Middle East have recently declined. After resuming exports from the Ras Tanura port in the Persian Gulf, Saudi Aramco temporarily raised crude oil shipments to approximately 90% of pre-war levels. Before the war, Ras Tanura was the main loading port for Saudi crude oil exports. As the war blocked the Strait of Hormuz, Saudi Aramco diverted most of its crude oil flows to the Yanbu port on the Red Sea. Previously, the OPEC+ producer group agreed to continue with a small production increase in August. Now, with shipping resuming in the Strait of Hormuz, Gulf oil producers such as Saudi Arabia, Iraq and Kuwait will be able to utilize their higher quotas. (Jinshi Data APP) Spot Market Overview: ► ► ► ► ► ► ► ► ► ► ►

[SMM News] According to reports, on June 26, Lingyi iTech (Guangdong) Company was listed on the Main Board of the Hong Kong Stock Exchange. The company stated that this Hong Kong listing is a key move in its strategic layout for the future. With its "A+H" dual capital platforms as a driving force, it will comprehensively accelerate its deployment across three strategic tracks—edge AI, humanoid robots, and AI servers—to build a globally leading AI hardware smart manufacturing platform. Centered on precision manufacturing and the embodied AI robot industry, Lingyi iTech has already developed processing and assembly capabilities for core components such as lead screws, reducers, joint modules, and thermal and charging solutions. It can provide a complete manufacturing process system covering CNC, die casting, MIM, forging, injection molding, 3D printing, and softgoods.

Futures: Overnight, LME lead opened at $2,016/mt, rising first then falling during the Asian session with a high of $2,021/mt. It then fluctuated downward during the European session, dipping to $2,000/mt near the close, and finally settled at $2,001/mt, down 0.72%. Overnight, the most-traded SHFE lead 2607 contract opened lower with a gap at 16,690 yuan/mt, briefly touching a high of 16,710 yuan/mt early in the session. After bulls reduced positions, it fluctuated downward to a low of 16,580 yuan/mt, and finally settled at 16,615 yuan/mt, down 0.69%. On the macro front: Samsung's union approved a wage agreement, averting strike risks. Reports indicated that TSMC will raise 3nm prices by 15% in H2, with a potential further 10% increase next year. The Reserve Bank of New Zealand kept interest rates unchanged for the third consecutive time, signaling that earlier and larger rate hikes may be needed. EU sources: EU member state governments have approved legislation to implement tariff reductions on US goods imports. China's State Administration for Market Regulation deployed local market regulators to carry out a special campaign on credit-empowered rectification of "involution" competition, May-December. ChangXin Technology's STAR Market IPO was approved by the listing committee. HKEX: launched a full-market trading fee waiver for gold futures. NBS: From January to April, total profits of China's above-scale industrial enterprises reached 2,435.84 billion yuan, up 18.2% YoY. From January to April, rapid development of semiconductor-related industries drove profit growth in electronic specialty materials manufacturing, optical fiber manufacturing, and optoelectronic device manufacturing by 601.7%, 347.6%, and 51.0%, respectively. : Circulating cargoes in the Jiangsu, Zhejiang, Shanghai market were limited, with few quotations from suppliers. SHFE lead continued to hold up well yesterday, and suppliers showed moderate willingness to ship, though mainly cargoes self-picked up from production site of primary lead smelters, with relatively firm quotations. Secondary lead smelters shipped along with the market, with some quotations turning to discounts. Secondary refined lead was quoted at premiums of -25~0 yuan/mt against SMM #1 lead, while a few regions quoted at premiums of +50 yuan/mt. As lead prices rebounded, downstream enterprises were cautious about purchasing at high prices, with some enterprises negotiating more. Only cargoes at large discounts (against the most-traded SHFE lead contract) saw transactions. On the inventory front: On May 27, LME lead inventory decreased by 1,350 mt to 284,350 mt. As of May 25, total SMM lead ingot social inventory across five locations decreased by 3,200 mt compared with May 18. Lead price forecast for today: End-use demand for lead-acid batteries weakened, with new battery inventory accumulating at stores and scrap battery recycling volume remaining low. Frequent market sales promotions have dampened manufacturers' willingness to purchase lead ingots. Coupled with several secondary lead enterprises planning to resume production after maintenance in early-to-mid June, factors pressuring lead prices have converged in the short term. Going forward, focus should be placed on scrap battery supply and its impact on the pace of enterprise production resumptions. Data source disclaimer: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and SMM's internal database models. The data are for reference only and do not constitute decision-making advice.

SMM May 7: Metals market: As of the midday close, base metals in the domestic market showed mixed performance. SHFE copper rose 0.43%, SHFE aluminum fell 1.76%, SHFE lead fell 0.36%, SHFE zinc rose 0.41%, SHFE tin rose 3.16%, and SHFE nickel fell 3.33%. In addition, the most-traded casting aluminum futures fell 1.85%, the most-traded alumina contract rose 0.49%, the most-traded lithium carbonate contract rose 0.08%, the most-traded silicon metal contract rose 2.03%, and the most-traded polysilicon futures rose 4.79%. Ferrous metals showed mixed performance. Iron ore rose 0.55%, rebar rose 0.68%, hot-rolled coil rose 0.29%, and stainless steel fell 1.12%. Coking coal and coke: the most-traded coking coal contract fell 1.22%, and the most-traded coke contract fell 1.2%. Overseas base metals, as of 11:41, LME metals mostly fell. LME copper fell 0.22%, LME aluminum fell 1.16%, LME lead rose 0.23%, LME zinc fell 0.29%, LME tin fell 1.71%, and LME nickel fell 0.13%. Precious metals, as of 11:41, COMEX gold rose 0.39% and COMEX silver rose 1.35%. Domestic precious metals: the most-traded SHFE gold contract rose 1.11%, and the most-traded SHFE silver contract rose 3.43%. In addition, as of the midday close, the most-traded platinum futures rose 3.21%, and the most-traded palladium futures rose 1.71%. As of the midday close, the most-traded Europe containerized freight index contract fell 3.35%, closing at 2,355.5 points. As of 11:41 on May 7, midday futures quotes for selected contracts: Spot cargo and fundamentals Nickel: On May 7, SMM #1 refined nickel prices fell 5,050 yuan/mt from the previous trading day. Spot premiums: Jinchuan #1 refined nickel averaged 1,150 yuan/mt, down 100 yuan/mt from the previous trading day... Macro front China: [PBOC reverse repo operations resulted in a net drain of 99.2 billion yuan for the day] The PBOC conducted 27 billion yuan of 7-day reverse repo operations today. As 126.2 billion yuan of 7-day reverse repos matured today, a net drain of 99.2 billion yuan was achieved for the day. [HKEX CEO: LME warehouses in Hong Kong nearing full capacity] HKEX CEO Bonnie Y. Chan said that the storage capacity of a series of LME-approved warehouses in Hong Kong was nearing saturation. The LME began approving metal warehouses in Hong Kong last year. Speaking at a seminar during LME Asia Week in Hong Kong, Chan said the LME currently had 15 warehouses in Hong Kong, compared with just 4 a year ago. She called this an important milestone in establishing physical market connectivity. LME and Hong Kong Exchanges will explore more collaborative projects, including futures and RMB-denominated products, to build a comprehensive commodities ecosystem in Asia. (Jin10 Data) US dollar: As of 11:41, the US dollar index fell 0.01% to 98.01. Chicago Fed President Goolsbee said on Wednesday that the war with Iran increasingly appeared to be an inflationary shock to the economy. Although the impact on employment and economic growth was not yet evident, concerns about supply chain disruptions and sustained price increases were intensifying. "This is not yet a 'stagflation' shock," meaning the kind that hits the job market while pushing up inflation and forces the US Fed to decide which of its policy objectives faces greater risk, Goolsbee said after attending the Milken Institute conference in Los Angeles. "This is just an inflation shock. And the longer this persists, the more uneasy I become." According to CME "FedWatch": the probability of the US Fed keeping rates unchanged through June was 93.5%, with a cumulative 25-basis-point interest rate cut probability of 6.5%. The probability of the US Fed keeping rates unchanged through July was 86.5%, with cumulative probabilities of a 25-basis-point cut at 13.0% and a 50-basis-point cut at 0.5%. (Jin10 Data) Other currencies: On the first day of resumed trading in the Japanese market, the yen broadly stabilized against other G10 currencies and Asian currencies. However, analysts noted that the yen's downside room against the US dollar is likely to be limited due to potential foreign exchange intervention by Japanese authorities. Analysts at Maybank stated in a foreign exchange research report that the unpredictability of Japanese authorities' actions would limit the upside room for USD/JPY in the short term. Given that three suspected interventions have already occurred after the currency pair breached the 157.00 level, the market is now increasingly wary of pushing the dollar above that level. (Jin10 Data) Data: China's April foreign exchange reserves (TBD), US April Challenger enterprise layoffs, US initial jobless claims for the week ending May 2, US March construction spending MoM, US April New York Fed 1-year inflation expectations, Eurozone March retail sales MoM, France March trade balance, and Switzerland April seasonally adjusted unemployment rate are scheduled for release today. In addition, 2027 FOMC voter and Chicago Fed President Goolsbee will participate in a panel discussion at a conference. Crude oil: As of 11:41, oil prices in both markets rose, with WTI up 0.86% and Brent up 0.87%. The market weighed the prospects of a Middle East peace agreement. A decline in US crude oil inventory last week supported oil prices. US EIA Cushing, Oklahoma crude oil inventory for the week ending May 1 was -648,000 barrels, compared to the previous value of -796,000 barrels. US EIA crude oil inventory for the week ending May 1 was -2.313 million barrels, versus expectations of -3.291 million barrels and a previous value of -6.234 million barrels. US EIA Strategic Petroleum Reserve inventory for the week ending May 1 was -5.224 million barrels, compared to the previous value of -7.121 million barrels. According to federal data released Wednesday, US energy inventories continued to decline rapidly due to supply shocks caused by the Middle East war, highlighting the tightening supply problem as the energy crisis continued to spread. According to data from the US Energy Information Administration (EIA), refined product inventories, including diesel, plunged by 1.3 million barrels last week to the lowest level since April 2003. These inventories are currently 11% below the five-year seasonal average. Due to refinery shutdowns, diesel prices recently hit record highs in Wisconsin, Illinois, and Michigan. (CNN) According to a person familiar with the matter, the Trump administration is exploring the use of oil resources beneath US military bases and other Department of Defense sites to replenish the nation's dwindling emergency reserves. The source said no decision has been made on this potential move. This comes as the US government has pledged to explore innovative ways to replenish the Strategic Petroleum Reserve, which was further depleted during the Iran war. (Jin10 Data) According to a foreign media survey, OPEC's crude oil production fell to a 36-year low last month as the ongoing Iran war continued to obstruct Persian Gulf exports and forced more oil fields to shut down. The survey showed that OPEC's April crude oil production decreased by 420,000 barrels per day to 20.55 million barrels per day, the lowest level since 1990, mainly dragged down by further production declines in Kuwait and Iran. The survey showed that Kuwait saw the largest production drop last month, with daily output falling by 470,000 barrels to 800,000 barrels per day, less than one-third of pre-war levels. The country's exports have fallen to just 22,000 barrels per day. Iran followed, with production declining by 180,000 barrels per day to 3.05 million barrels per day, doubling the cumulative production cuts since the war began. OPEC also suffered another blow last week. The UAE announced its withdrawal from the organization, following years of friction with the group's leader Saudi Arabia over production limits. The April survey still included UAE data, as the UAE's withdrawal did not officially take effect until May 1. (Bloomberg) Spot market overview: ► ► ► ► ► ► ► ► ►

Jiangxi Copper Corporation announced that, to further optimize its industrial layout, broaden financing channels, enhance the core competitiveness of its controlled subsidiary JCC Copper Foil, and continuously strengthen the copper foil business, the company is expected to spin off JCC Copper Foil for listing on the Hong Kong Stock Exchange. This spin-off will not result in the company losing control over JCC Copper Foil, which will remain a controlled subsidiary within the company's consolidated financial statements, and will not have a material impact on the business operations and development of the company's other segments.

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

On March 9, Dongfeng Motor Group announced that its privatization and the listing of Voyah Auto on the HKEX by way of introduction were approved by a high margin at shareholder meetings. Following the transaction, Dongfeng Motor Group will delist and deregister, achieving 100% state-owned control by Dongfeng Motor Corporation. Concurrently, Voyah Auto will list via equity distribution, becoming an independent high-end new energy vehicle entity in the international capital market.

[SMM Aluminum Express News] The London Metal Exchange (LME) has implemented a Trade Pause on its LMESelect platform at 00:45 London time today, as a technical issue is under investigation. There is currently no estimated time of arrival (ETA) for reopening the market. Traders and market participants are advised to monitor official LME channels for further updates. This follows an alert issued by Trading Operations to external recipients, emphasizing caution with the external email source. The LME, a HKEX company, continues to prioritize system stability.