On May 7, Zhejiang Huayou Cobalt Co., Ltd. issued an announcement stating that it has signed a "Scheme Implementation Deed" and related agreement appendices with Atlantic Lithium Limited, planning to acquire 100% of its equity through a scheme of arrangement. Upon completion of the transaction, Atlantic Lithium will be consolidated into Huayou Cobalt's financial statements, and Huayou Cobalt will obtain 100% of its equity. Atlantic Lithium's main business focuses on lithium exploration and development in the African market, with its core asset being the Ewoyaa Lithium Project in Ghana. Huayou Cobalt stated that this is an important step in deepening its overseas resource layout, which will further enhance its lithium resource self-sufficiency rate and supply chain security resilience.

Jiangsu Lopal Tech Co., Ltd., through its overseas wholly-owned subsidiary Lopal Tech Perth Pty Ltd (hereinafter referred to as "Lopal Perth") and Global Lithium Resources Limited ("GL1") and MB Lithium Pty Ltd ("MB Lithium", together with "GL1", the "Sellers"), signed the "Tenements and Mineral Rights Sale Agreement". The subject matter of this transaction is the sellers' collectively held exploration tenements for five lithium mines in Western Australia, as well as the lithium mineral rights for another 11 mining areas. The transaction involves lithium exploration tenements located in the Pilbara region of Western Australia, approximately 150 km southeast of Port Hedland. Since acquiring the mineral rights in 2019, GL1 has continuously carried out exploration work on one of the core tenements, E45/4309, completing a total of 734 reverse circulation drill holes and 7 diamond drill holes, with drilling footage exceeding 102.5 km. According to the "Marble Bar Lithium Project Mineral Resource Estimate Report" prepared in 2022 in accordance with the JORC Code, the project has an ore resource of 18 million tonnes with an average lithium oxide grade of 1.0%. Based on relevant data, the mining area still has good exploration potential. The Company engaged a professional team from SRK Consulting (Hong Kong) Limited ("SRK") in December 2025 to conduct an on-site field inspection of the mining area and carry out due diligence regarding the geological conditions, resource estimation and exploration prospects. At the same time, the Company also engaged Australian law firm Herbert Smith Freehills Kramer in December 2025 to provide legal services including due diligence for the project. Pursuant to the agreement, Lopal Tech Perth Pty Ltd acquired the lithium exploration tenements and related assets held by Global Lithium Resources Limited and MB Lithium Pty Ltd in Australia for a consideration of AUD 14.85 million. The lithium mining project will subsequently require exploration, mining licence application, beneficiation and mining capacity construction, with an expected investment of over USD 200 million and a construction and production ramp-up period of approximately 2–3 years. Through its overseas wholly-owned subsidiary Lopal Perth, the Company signed the "Tenements and Mineral Rights Sale Agreement" with the counterparties GL1 and MB Lithium, acquiring the lithium exploration tenements and related assets held by them in Australia, with the transaction amount being AUD 14.85 million. 1. Counterparties (i) Counterparty 1 Name: Global Lithium Resources Limited Registered Address: Level 1, 16 Ventnor Avenue, West Perth WA 6005 Date of Establishment: May 11, 2018 Major Shareholders: As of April 20, 2026, MINERAL RESOURCES LIMITED holds 9.85%, CANMAX TECHNOLOGIES CO LTD holds 9.45%, SINCERITY DEVELOPMENT PTY LTD holds 7.49%, YONGFANG GUO holds 6.23%, DIANMIN CHEN holds 5.32% Principal Business: GL1 is a lithium resource exploration and development company listed on the Australian Securities Exchange, primarily engaged in the exploration, development and future production of hard-rock lithium resources. (ii) Counterparty 2 Name: MB Lithium Pty Ltd Registered Address: Level 1, 16 Ventnor Avenue, West Perth WA 6005 Date of Establishment: June 10, 2021 Major Shareholders: GL1 holds 100.00%; MB Lithium is a wholly-owned subsidiary of GL1. Principal Business: MB Lithium holds the mineral rights related to the Marble Bar Lithium Project. 2. Agreed Product and Technical Specifications Any spodumene concentrate produced from the Manna Lithium Project with a lithium oxide (Li₂O) content of not less than 5% and meeting the specifications agreed by both parties. The Company has the right to reject products with a lithium oxide content of less than 4.5%. 3. Supply Term The initial term is 10 years from the date of the first supply of the agreed product. Subject to satisfaction of the relevant conditions, the Company has the right to extend the initial term by 4 years by giving notice within one month prior to the expiry of the initial term. 4. Supply Volume GLR shall supply to the Company annually 40% of the actual annual production of spodumene concentrate from the Manna Lithium Project. GLR shall use its best efforts to achieve an annual supply volume of at least 70,000 tonnes of the agreed product. 5. Product Pricing The pricing of the supplied products is based on the average of price indices published by SMM , Fastmarkets, Benchmark Minerals Intelligence, Asian Metal, Platts S&P Global and other agencies, subject to a certain price concession. 6. Supply Shortfall If a supply shortfall occurs during a contract year, GLR shall use reasonable efforts to make up such shortfall within three months after the end of the relevant contract year. If GLR fails to provide the shortfall supply to complete the delivery within such three-month period (the "rectification period"), GLR shall pay in full the price difference to the Company within 30 days after the end of the rectification period. 7. Prepayment Amount Subject to satisfaction of the conditions precedent for the prepayment, the Company shall pay GLR a prepayment of not more than US$75 million (the "Maximum Amount"), which shall be strictly used for the development expenditure of the Manna Lithium Project and the operation of the project after its completion. When the Company accepts the agreed products, such prepayment shall be applied to offset the payable purchase price in batches. Considering the extended period of the prepayment, GLR shall pay the Company a funding fee calculated at a compound annual interest rate of 5%. 8. Overview of the Investment Target GL1 (ABN 58 626 093 150) is an Australian listed company located in Western Australia, primarily engaged in the exploration and development of lithium resources. Its core asset, the Manna Lithium Project, is located 100 km east of Kalgoorlie, Western Australia, and is the third largest lithium resource project in the resource-rich Eastern Goldfields region. The project has a mineral resource of 51.6 million tonnes with an average lithium oxide grade of 1.0%. GL1 holds and operates the Manna Lithium Project through its wholly-owned subsidiary GLR (ACN 653 130 575). GL1 has obtained the mining lease for the lithium project and completed the project feasibility study. GLR expects to make a final investment decision (FID) for the Manna Lithium Project by the end of 2026. Following the FID, GLR will commence project construction, and the lithium project is expected to commence shipments in June 2028. This transaction represents an important measure for the Company to anchor its core business of lithium iron phosphate cathode materials and deepen its upstream resource layout. Currently, the Company's lithium iron phosphate business continues to expand in production and sales volume, its overseas capacity is progressing steadily, and the demand for stable supply and cost control of upstream lithium resources is increasing. Through this transaction, the Company will further enhance its lithium resource security capability, strengthen raw material supply stability and anti-cyclical resilience, improve vertical integration and overall competitiveness, which is in line with the Company's long-term development strategy and the interests of all shareholders. Source: China Securities Journal

In recent years, the significant fluctuations in lithium prices have subjected enterprises across the industry chain to a rollercoaster of experiences, encompassing both the highs and lows of the market. Although lithium prices have long since lost their former glory, the development prospects of the new energy industry chain remain bright amid the global advocacy for a low-carbon economy, with the importance of lithium resources becoming increasingly prominent. As one of the regions with the most abundant lithium resources globally, South America, particularly the "Lithium Triangle" region (comprising Bolivia, Argentina, and Chile), boasts over 55% of the world's proven lithium reserves. Consequently, South America's lithium resources play a pivotal role in the global energy transition. Against this backdrop, SMM organized the 2025 SMM South American Lithium Resources Field Trip . Led by Chen Siyu, the project manager of SMM's overseas South American lithium resources field trip, and Zhou Zhicheng, a senior analyst in new energy and lithium batteries, the delegation visited lithium-related enterprises in South America from May 15 to May 26, 2025. They toured local lithium ore and material enterprises, held discussions with company executives, and explored potential opportunities in lithium ore resource development, technological exchanges, and investment cooperation. On May 15, SMM and delegation members headed to NOA Lithium Brines for in-depth exchanges. Company Profile Upon arriving at NOA Lithium Brines, SMM and delegation members were warmly received by company leaders, including Hernán Miguel Zaballa, the Executive Chairman, Gabriel Rubacha, the CEO and Director, and Estanislao Zaballa, the Regional Manager, who provided a detailed introduction to the company's business development. NOA Lithium Brines Inc. ("NOA") is a lithium exploration and development company established with the aim of acquiring assets with significant resource potential. All of NOA's projects are located in the heart of the lithium triangle in Salta, a mining-friendly province in Argentina, surrounded by numerous projects and operations owned by some of the largest players in the lithium industry. NOA has swiftly assembled a vast and impressive portfolio of lithium brine mining rights, occupying key positions in three potential salt flats (Rio Grande, Arizaro, Salinas Grandes) spanning over 120,000 hectares. The company's recent mineral resource estimate for the Rio Grande project (July 2024) totals 4.7 million mt of LCE (measured, indicated, and inferred), with an average lithium concentration of 525 mg/L. NOA is committed to conducting sustainable and responsible exploration and business activities in line with industry best practices, supporting all stakeholders, including the local communities where the company operates. Group Photo for the Field Trip Following the visit, SMM and delegation members posed for a group photo with NOA, fostering deeper cooperation and friendship. It is believed that there will be further in-depth exchanges and collaborations in the future! Through this field trip and survey, SMM and members of the delegation gained a deeper understanding of NOA's development, as well as a more profound knowledge of the market status, development trends, and existing issues in the lithium battery industry in South America. They will continue to deepen cooperation with large enterprises to achieve complementary advantages and promote the development of the lithium battery industry.

SMM News on May 14: Today, driven by positive policy developments, the main lithium carbonate futures contract fluctuated upward after opening, surging over 3% during the session. By the close of the daytime session, the main contract closed up 3% at 65,200 yuan/mt, up 2,640 yuan/mt from the low of 62,560 yuan/mt set during the session on May 12, representing a 4.22% increase. In terms of spot prices, according to SMM's spot quotes, the spot price of battery-grade lithium carbonate also rose slightly by 100 yuan/mt today, trading at 63,600-65,800 yuan/mt, with an average price of 64,700 yuan/mt. 》Click to view SMM's spot quotes for new energy products Regarding the reasons for the rise in lithium carbonate futures prices, SMM believes it is mainly related to positive policy news. On May 12, the Ministry of Commerce website released a joint statement on the China-US Geneva Economic and Trade Talks, announcing that the US's 24% reciprocal tariff on Chinese products would be suspended for the initial 90 days. According to the latest news today, this tariff adjustment has been temporarily implemented. SMM understands that, overall, due to exemptions for NEVs and their parts before and after this reciprocal tariff adjustment, the change in reciprocal tariffs will have a greater impact on the export of ESS batteries, potentially prompting an anticipated rush in exports of Chinese ESS battery cells, thereby driving up the demand for lithium carbonate. Starting from May 14, the tariff on new energy end-use products exported from China to the US is as follows: SMM predicts that, given the installation rush demand for ESS storage mentioned in China's Document No. 136 regarding the "May 31" grid connection deadline, the ESS battery cells produced in May may not be able to meet the installation rush demand in time this month. Therefore, the market previously expected that the production volume of ESS battery cells in May might decrease by 5-10% MoM compared to April. However, influenced by the golden export window period brought about by the change in US tariffs, and considering that it takes approximately one month for transportation and customs clearance from China to the US, it is expected that the production schedule of ESS battery cells for top-tier enterprises will remain at a high level in May and June, and the growth rate of ESS battery cell production is expected to turn from negative to positive MoM. 》Click to view details Returning to the supply and demand dynamics of the lithium carbonate market, lithium carbonate prices are currently hovering near recent lows. Under the pressure of cost losses, upstream lithium chemical plants have shown a strong sentiment to stand firm on quotes. Currently, there is only a certain level of trading activity between traders and downstream enterprises. The positive expectations for an increase in end-use demand driven by the aforementioned policy developments may, to a certain extent, drive a rebound in lithium carbonate prices. However, it should also be noted that although lithium carbonate inventory levels have slightly decreased after the Labour Day holiday, the current cumulative inventory level of lithium carbonate remains high. Moreover, ore prices continue to hit new lows, and cost support is continuously weakening. Therefore, the overall price of lithium carbonate will continue to exhibit a fluctuating trend at lows. As the futures and spot prices of lithium carbonate rose together, the shares of energy metal companies, including Tengyuan Cobalt, Huayou Cobalt, YOUNGY, Zhongkuang Resources, Weiling Co., Ltd., and Tianqi Lithium, also "rose", with multiple stocks increasing by over 1%. Dazhong Mining also responded today on the investor interaction platform regarding the progress of the lithium mine tunnel in Hunan. The company stated that as of now, the lithium mine tunnel in Hunan has been completed, laying a certain foundation for the early commissioning of mining and beneficiation operations. According to the "Lithium Exploration Report of the Tongtianmiao Ore Block in the Jijiaoshan Mining Area, Linwu County, Hunan Province" reviewed and filed by the company for its resource reserves, the associated minerals of the Jijiaoshan lithium mine in Hunan include metals such as rubidium, niobium, tantalum, tin, and tungsten. Institutional Comments Xinhu Futures commented that there are no significant positive factors in the short-term fundamentals, making it difficult for lithium prices to reverse their trend. However, at the current price level, it is necessary to be cautious about the rising expectations of supply-side disruptions and the capital-driven nature of low valuations. Given the relatively high channel inventory levels across the upstream, midstream, and downstream sectors, this will also limit the rebound space for lithium prices. Yide Futures stated that, on the supply side, the CIF price of Australian ore has fallen to $687.5/mt, while the price of African ore has remained stable at $637/mt. Port lithium ore inventory has increased, and the planned production of lithium carbonate nationwide for May has increased MoM, with the latest weekly production data showing a significant increase. On the demand side, the planned production of cathode materials, including ternary materials and LFP, has increased MoM. Based on the current production schedule, the supply and demand fundamentals still maintain a surplus pattern. In terms of inventory, the latest weekly inventory has decreased by 464 mt. Specifically, the significant increase in smelter production has not yet been transferred downstream or to traders, leading to a noticeable increase in their inventory, while the inventory of downstream traders has decreased. In the short term, the combination of front-loaded consumption and collapsing costs has led to a significant pullback in lithium carbonate prices. From a long-term industry perspective, the market requires a more thorough exit of the resource side. SDIC Futures stated that the total market inventory has decreased by 500 mt to 132,000 mt, with downstream inventory decreasing by 3,000 mt to 42,000 mt and smelter inventory increasing by 3,800 mt to 55,000 mt. The intermediate links are actively destocking. In terms of inventory structure, there is a weak willingness for downstream restocking, while passive restocking has occurred upstream, reflecting differences in market sentiment. The latest quote for Australian ore is $700, with a decline of over 15% in the past month, basically reflecting a downward shift in the price center. The midstream production has recovered rapidly, with a 28% increase in production MoM in the first week after the holiday, and an improvement in supply and demand still needs to be awaited. The futures price of lithium carbonate is in a downward channel, and short positions are being maintained.

In recent years, the significant fluctuations in lithium prices have subjected enterprises across the industry chain to a rollercoaster of experiences, encompassing both the highs and lows of the market. Although lithium prices have long since lost their former glory, the development prospects of the new energy industry chain remain bright amid the global advocacy for a low-carbon economy, with the importance of lithium resources becoming increasingly prominent. As one of the regions with the most abundant lithium resources globally, South America, particularly the "Lithium Triangle" region (comprising Bolivia, Argentina, and Chile), boasts over 55% of the world's proven lithium reserves. Consequently, South America's lithium resources play a pivotal role in the global energy transition. Against this backdrop, SMM organized the 2025 SMM South American Lithium Resources Field Trip . Led by Chen Siyu, the project manager of SMM's overseas South American lithium resources field trip, and Zhou Zhicheng, a senior analyst in new energy and lithium batteries, the delegation visited lithium-related enterprises in South America from May 15 to May 26, 2025. They toured local lithium ore and material enterprises, held discussions with company executives, and explored potential opportunities in lithium ore resource development, technological exchanges, and investment cooperation. On May 18, SMM and delegation members headed to EKEKO S.A. for in-depth exchanges. Company Profile Upon arriving at EKEKO S.A., SMM and delegation members were warmly received by Rodrigo Nordman, the company's CEO, who provided a detailed introduction to the company's business development. EKEKO S.A. is an Argentine lithium development company responsible for developing its own and third-party projects, from the early stages to the feasibility stage, with the aim of adding value to the projects and advancing further production of lithium carbonate or lithium hydroxide. The Arizaro Sur project encompasses the company's mineral concessions and three additional applications, totaling 18,840 hectares. These properties are part of a larger portfolio that includes nine concessions and four applications in the Salar de Arizaro region. Located in the southern part of the salt lake, its main neighboring properties are currently undergoing lithium exploration by various public and private companies, including Lithium Chile and Hanaq. The area is in close proximity to existing infrastructure and freshwater resources. Additionally, it is one of only two enterprises in northern Argentina with an independent laboratory, currently operated in collaboration with SGS, with detection operators provided by SGS. Salar de Arizaro The project includes the company's mineral concessions and three additional applications, totaling 18,840 hectares. These properties are part of a larger portfolio that includes nine concessions and four applications in the Salar de Arizaro region. Arizaro Sur is located in the southern part of the salt lake, and its main neighboring properties are currently undergoing lithium exploration by various public and private companies, including Lithium Chile and Hanaq. The area is close to existing infrastructure and freshwater resources. Group photo taken during the field trip After the visit, SMM and the members of the delegation took a group photo together with EKEKO S.A. to strengthen their cooperation and friendship, and believed that there would be deeper exchanges and cooperation in the future! Through this field trip and survey, SMM and the members of the delegation gained a deeper understanding of EKEKO S.A.'s development, as well as a more profound knowledge of the market status, development trends, and existing issues in the lithium battery industry in South America. They will continue to deepen cooperation with large enterprises to achieve complementary advantages and promote the development of the lithium battery industry.

Today, driven by favorable policy developments, the main lithium carbonate futures contract fluctuated upward overall after the opening bell, surging over 3% at one point during the daytime session. By the close of the daytime session, the main lithium carbonate futures contract closed up 3% at 65,200 yuan/mt, up 2,640 yuan/mt from the low of 62,560 yuan/mt set during the session on May 12, representing a 4.22% increase. Regarding the reasons for the rise in lithium carbonate futures prices, SMM believes it is mainly related to favorable policy news. On May 12, the website of the Ministry of Commerce released a joint statement on the China-US Geneva Economic and Trade Talks, stating that the US's 24% reciprocal tariff imposed on Chinese products would be suspended for the initial 90-day period. According to the latest news today, this tariff adjustment has been temporarily implemented. SMM understands that, overall, as the reciprocal tariff adjustment includes exemptions for new energy vehicles (NEVs) and their parts, the change in reciprocal tariffs will have a greater impact on the export of energy storage system (ESS) batteries. This may drive an anticipated surge in exports of Chinese ESS battery cells, thereby boosting the demand for lithium carbonate.

【Trump May Exempt Auto Parts Tariffs, Media: No Pure US-Made Cars Exist】 US President Trump stated that he is considering providing tariff exemptions for imported auto parts to US automakers to help them shift to producing parts domestically. Previously, Trump imposed a 25% tariff on all cars shipped to the US, which is expected to increase car purchase costs by thousands of dollars. Trump noted that some automakers "need time" to relocate production from Canada, Mexico, and other places to the US, and that future parts should be produced domestically. Reports indicate that there are currently no purely US-made cars. Even cars assembled in US factories have a significant proportion of imported parts. (CCTV Finance) 【Canada to Conditionally Exempt Some Countermeasures Against US Auto Imports】 The Canadian federal Ministry of Finance announced on its official website that it will exempt some countermeasures against US auto imports to support the development of domestic automakers. The Ministry stated in a declaration: "The exemptions for these companies depend on whether they continue to produce cars in Canada and complete planned investments." 【Tesla's Shanghai Gigafactory Begins Mass Export of Refreshed Model Y】 At 13:00 on April 14, the Panamanian roll-on/roll-off ship "Great Stride" docked at berth 3 of Shanghai South Port. During its stay, the ship plans to load 3,499 EVs produced at Tesla's Shanghai Gigafactory for export, including 3,015 units of the refreshed Tesla Model Y, marking its first mass export. Driven by new models like the refreshed Model Y, car exports from Shanghai South Port saw a significant increase in April. 【New National Standard for EV Batteries to Take Effect on July 1, 2026】 The mandatory national standard "Safety Requirements for Power Batteries for Electric Vehicles" (GB38031-2025), organized by the MIIT, was recently released and will take effect on July 1, 2026. Key revisions include updates to thermal propagation testing, clarifying temperature requirements, power states, observation times, and vehicle testing conditions. Technical requirements have been adjusted from providing a thermal event alarm signal within 5 minutes before fire or explosion to no fire or explosion (still requiring an alarm), with no harm to occupants from smoke. New additions include a bottom impact test to assess battery protection after impact, and a safety test after 300 fast-charge cycles, requiring no fire or explosion during external short-circuit testing. The revised standard explicitly applies to power batteries for EVs, excluding non-drive batteries. Insulation resistance requirements have been improved, including AC circuit battery system insulation resistance. Compression test requirements have been enhanced, with additional insulation resistance-related criteria. 【Self-Discipline in ESS? CATL and Over 20 Giants Hold Closed-Door Meeting to Draft Initiative】 Following the self-discipline initiative in the PV industry, the PV inverter and ESS sectors may follow suit. Sources revealed that the China Photovoltaic Industry Association recently held a closed-door meeting to address "cut-throat competition" in PV inverters and ESS, where a draft initiative for healthy industry development was preliminarily reviewed. Over 20 top-tier companies, including Sungrow, Huawei, CRRC, CATL, EVE, GoodWe, Growatt, Ginlong, Sineng Electric, Chint, TBEA, Hoymiles, Hopewind, Deye, Sofar, APsystems, and Envision, attended and spoke at the meeting. Participants noted that the initiative does not involve pricing, quotas, or deposits, and has completed a round of feedback. In recent years, PV inverter and ESS product prices have continued to decline, risking a vicious cycle of irrational competition. (Sina Finance) 【Top Group Plans to Invest Up to $300 Million in Auto Parts Production Base in Thailand】 Top Group (601689.SH) announced plans to invest up to $300 million in an auto parts production base in Thailand, to be implemented in phases, with the actual investment amount subject to approval by Chinese and local authorities. The investment has been approved at the 20th meeting of the company's fifth board of directors. The company continues to advance its internationalization strategy, having established production bases in multiple locations. This investment aims to improve international geographic布局, expand international client business, and leverage local advantages to enhance economic效益. However, the investment still requires filing or approval from relevant departments and faces risks such as adjustments to construction plans, content, and scale. Related Reading: 【SMM Analysis】Weekly Review of Scrap Spot Price Trends, 2025.4.7-2025.4.11 【SMM Analysis】Overseas Lithium News, 4.7-4.11 【SMM Analysis】Update on Bougouni Lithium Mine Project in Mali: Steady Production Ramp-Up, Mining Rights Transfer Progressing Smoothly Multiple Positive Factors Boost Auto Parts Sector, Up Nearly 6% in Intraday Trading: Do US Tariffs Offer More Possibilities for Chinese EVs? 【SMM Analysis】Post "Reciprocal Tariff" Implementation: US Tariff Rates on NEV Exports to Major Global Regions 【SMM Analysis】ESS Battery Cell Weekly Price Trends, 04.03-04.10 【SMM Analysis】Anode Material Prices Remain Stable This Week 【SMM Analysis】Separator Prices Hold Steady This Week 【SMM Analysis】Ternary Material Prices Slightly Corrected This Week 【SMM Analysis】Ternary Precursor Prices Slightly Corrected This Week, Expected to Remain Firm in the Short Term 【SMM Analysis】Refined Cobalt Spot Prices Decline 【SMM Analysis】Cobalt Intermediate Product Spot Prices Hold Up Well 【SMM Analysis】Weekly Review of Waste Battery for Cascade Utilization Price Trends, 2025.04.07-2025.04.10 【SMM Analysis】Recent Electrolyte Prices, 2025.4.7-2025.4.10 【SMM Analysis】Cobalt Chloride Prices Rise Slightly This Week 【SMM Analysis】Cobalt Sulphate Spot Prices Correct, Market Sentiment Cautious 【SMM Analysis】Weekly Review of Lithium Carbonate Market: Macro Headwinds Pressure Price Center Down Nearly 1,000 Yuan 【SMM Analysis】Power Battery Cell Prices Diverged This Week, Domestic Demand Boosts Production Schedule 【SMM Analysis】LFP Material Market Situation in Early April 【SMM Analysis】Impact of US "Reciprocal Tariffs" on Chinese Power Batteries 【SMM Analysis】Supported by Costs, Graphitisation Outsourcing Prices Remain Stable This Week 【SMM Analysis】Petroleum Coke Prices Rise This Week, Needle Coke Prices Slightly Decline 【SMM Analysis】Chinese Automakers Break Through in Southeast Asia: The NEV Industry Shift Behind the Bangkok Auto Show 【SMM Analysis】Co3O4 Prices Slightly Decline This Week Spodumene Imports Reach 1.16 Million mt in First Two Months, Lithium Hydroxide Exports Hit New Low!【SMM Special】 US Auto Tariff Policy Officially Implemented! Mixed Reactions from Countries, Some Automakers Signal Price Hikes!【SMM Hot Topic】 Cobalt Chloride Rises for 4 Days! Mixed Price Trends in Cobalt Products, Ban Drives Significant Cobalt Salt Production Growth【Weekly Observation】 【SMM Analysis】Powerhouse Collaboration: Australian Lithium Exploration Giant Emerges 【SMM Analysis】Weekly Summary of LFP Market 【SMM Analysis】Recent Electrolyte Prices, 2025.3.31-2025.4.3 【SMM Analysis】Weekly Review of Waste Battery for Cascade Utilization Price Trends, 2025.03.31-2025.04.03 【SMM Analysis】Separator Prices Diverged This Week 【SMM Analysis】Unlocking the Future: How Can Lithium Batteries Become More Powerful? 【SMM Analysis】Ternary Precursor Prices Rise Slightly This Week, Expected to Remain Firm in the Short Term 【SMM Analysis】Ternary Material Prices Continue Slight Uptrend This Week 【SMM Analysis】Cobalt Intermediate Product Spot Prices Rise Slightly 【SMM Analysis】Refined Cobalt Spot Prices Slightly Decline, Downstream Demand Weak 【SMM Analysis】Cobalt Sulphate Spot Prices Slightly Decline, Market Sentiment Cautious 【SMM Analysis】Post "Reciprocal Tariff" Implementation: US Tariff Rates on ESS Battery Cell Exports to China 【SMM Analysis】Downstream Demand Improves, Anode Raw Material Coke Prices Fluctuate Rangebound This Week 【SMM Analysis】Limited Profit Margins, Graphitisation Outsourcing Prices Remain Stable This Week 【SMM Analysis】Costs Hold Steady, Anode Material Prices Remain Stable This Week 【SMM Analysis】Cobalt Chloride Prices Slightly Rise This Week 【SMM Analysis】Co3O4 Prices Remain Stable This Week 【SMM Analysis】March Recycling Market Procurement and Output Surge MoM 【SMM Analysis】DRC Export Ban Drives Significant Co3O4 Production Growth in March

According to MiningNews.net, as the lithium market faces a downturn, Canadian lithium exploration company Patriot Battery Metals aims to enhance the value of its Shaakichiuwaanaan lithium mine in Quebec by confirming a "large, high-grade" cesium discovery to attract investors. The company believes cesium is a high-value commodity widely used in industrial and specialized fields, including drilling fluids, atomic clocks, and medicine. Data from Canaccord Genuity shows that the cesium market is relatively small, with Canada's Tanco mine accounting for over 90% of global production. Canaccord Genuity notes that the cesium market is opaque, lacking a ready index or spot price, and products are generally supplied under contracts. "Based on USGS data, we estimate cesium carbonate prices typically range from $60-100/kg." Due to the wide price range, the company questions the stability of cesium prices and expresses uncertainty about its impact on the project's economics. Nevertheless, the project remains promising. "Cesium deposits of this scale and grade, combined with high-grade lithium and tantalum, are rare globally, indicating the Shaakichiuwaanaan mineral system's significant critical mineral potential." The company states that cesium could become an important by-product of future lithium production. A scoping study completed last year shows the project could produce spodumene concentrates of 800,000 mt annually for at least 24 years. Investment and operating costs are $962 million and $560/mt, respectively, with the final feasibility study expected to be completed next quarter. In January, the company secured a strategic investment of C$69 million from Volkswagen.

A landmark collaboration has emerged in Australia's mining sector—GreenTech Metals and Artemis Resources have officially announced the merger of their lithium exploration assets in Western Australia's Pilbara region, forming a new joint venture named Andover Lithium.

According to the MiningNews.net website, the latest Explorer Quarterly Cash Report from BDO International indicates that exploration expenditure appears to have flattened by the end of 2024, with uncertainty looming in 2025. A survey conducted by BDO of 770 ASX-listed resource companies revealed that these companies raised a total of A$2.88 billion in Q4 2024, up 48% QoQ, but investment was only A$792 million, basically flat. The average quarterly investment for the entire year of 2023 was $933 million. Due to declining prices dampening investor confidence, exploration activities for lithium and nickel mines continued to decrease, while gold and energy metals remained strong. Uranium and fossil fuel exploration companies performed well in financing, but undoubtedly, gold remained the largest investment sector, with exploration investment reaching $2.69 billion in 2024, including $845 million in Q4. BDO data shows that among the 57 companies that raised over A$10 million, 75% were gold mining companies, with Spartan Resources raising A$220 million and Capricorn Metals raising A$200 million. Sherif Andrawes, Global Head of Natural Resources and Energy at BDO, stated, "The rise in gold prices is a significant factor in the increased financing for this sector. Gold exploration companies benefit from global deflationary fiscal policies and political uncertainty." Australian copper-gold exploration companies raised A$221 million, which is noteworthy. In Q4 2024, among the top five exploration expenditure companies, oil and gas and uranium companies accounted for four, indicating geopolitical tensions and global energy changes driven by the energy transition. Support for lithium exploration companies continued to decline. Lithium mining companies raised $198 million, with 80% flowing into one company, Vulcan Energy Resources. Overall, lithium exploration investment peaked in Q4 2023 and then sharply declined, mainly due to the significant drop in lithium prices in 2024, with no rebound since the beginning of the year. Initial public offerings (IPOs) continued to slow, and investor interest in small, high-risk exploration companies remained low, but BDO believes there are some signs of recovery in investor confidence. In Q4 2024, only three companies listed on the ASX, including Fulcrum Lithium, Golden Horse Minerals, and Mount Hope Mining. Due to suspensions or delistings from the Australian Securities Exchange, only 18 companies reported cash balances. Despite the decline, Andrawes believes opportunities for high-quality assets, particularly in copper and gold, still exist. He said, "Looking ahead, gold exploration companies are expected to remain active in 2025." "However, ongoing challenges such as inflationary pressure, capital choices, and geopolitical instability will continue to reshape the industry, driving consolidation and strategic investments aimed at development." BDO expects cash-rich companies to pursue high-quality but unpopular assets, especially in the gold sector. Uranium and copper should be closely watched in 2025.