Recently, according to a report published on May 21 by Chilean local media *El Mercurio*, Chile's Committee of Ministers officially completed the environmental assessment approval for multiple major investment projects, granting environmental permits for three key projects with a total investment exceeding $2.8 billion , covering green energy, public infrastructure, and mineral development, among other sectors. The large-scale green hydrogen and green ammonia project stood out as the core highlight of the approved projects, marking a substantive breakthrough in the commercialization of Chile's domestic green hydrogen industry. Among the three projects approved, MAE's Volta green hydrogen and green ammonia project had the largest investment volume and highest industrial value. Located at the port of Mejillones, Chile, the project has a total investment of $2.5 billion and is Chile's first industrial-scale green hydrogen fuel project to successfully pass environmental assessment approval , representing a milestone for the large-scale development of the local green hydrogen and green ammonia industry. According to the project plan, the Volta green hydrogen and green ammonia project is expected to include the construction of a 600 MW PV power station and four dedicated energy storage tanks, leveraging high-quality PV green electricity resources to achieve clean hydrogen and ammonia production throughout the entire process. Upon completion and commissioning, the project is expected to achieve an annual capacity of 620,000 mt of green ammonia , significantly boosting Chile's domestic green ammonia capacity, facilitating the low-carbon transformation of the local energy structure, and providing important support for the expansion of the global green hydrogen and green ammonia supply chain. In addition to the core green hydrogen and green ammonia project, two supporting industrial projects were also approved simultaneously. The first is the Pudahuel Urbanya Phase I residential development project by Grupo Santa Cruz, with a total investment exceeding $203 million , planning to build 1,183 residential units, of which 64% can be purchased through local housing subsidy policies, effectively improving regional public amenities and enhancing residents' housing security. The other is a mineral development project. Pampa Camarones' Ciclón-Exploradora underground polymetallic mine project was successfully approved. The project has been transferred to Australia's Norfolk Metals for $50 million, with an overall investment of $125 million , which will further stimulate the development of Chile's domestic mineral resources and drive high-quality growth of the regional mining economy. The concentrated approval of multiple major projects, especially the smooth advancement of the large-scale industrial green hydrogen and green ammonia project, fully demonstrated Chile's strategic determination to deepen its clean energy industry and promote green energy transformation. This will further consolidate Chile's core position in the Latin American green hydrogen industry and inject strong momentum into the large-scale and commercial development of regional green energy.

Around May 23, 2026, import and export data for cobalt and lithium battery industry chain-related products in April were released in a concentrated manner. Data showed that China's spodumene imports in April reached 758,000 mt in physical content, down 9.5% MoM and up 21.7% YoY. Lithium carbonate imports, China imported 32,650 mt of lithium carbonate in April, up 9% MoM and up 15% YoY.......SMM compiled the import and export data for battery materials, as detailed below: Upstream Lithium Concentrates In April 2026, China's spodumene imports reached 758,000 mt in physical content, down 9.5% MoM and up 21.7% YoY, equivalent to approximately 63,000 mt of LCE. Customs data showed that April spodumene imports pulled back MoM from March, reaching 758,000 mt in physical content. By source country, Australian ore port arrivals returned to a relatively normal level, with over 350,000 mt arriving this month, up 38.9% MoM; Zimbabwe's earlier shipments arrived at port this month at 102,000 mt, down 9.2% MoM; South Africa and Nigeria saw some contraction in monthly port arrivals, while ore from Mali had almost no notable port arrivals this month due to shipping schedule impacts. Notably, spodumene powder sold by Brazil in early 2026 arrived at port this month, driving a significant increase in port arrivals from this country. Additionally, after SMM screening, the month's incoming ore was equivalent to 63,000 mt of LCE. Among the incoming ore, lithium concentrates accounted for 67%, edging down MoM, mainly because apart from Australia , ore from other source countries contained some relatively low-grade ore. Source: China Customs, compiled by SMM Spodumene concentrates (CIF China) spot pricing, according to SMM spot pricing, spodumene concentrates (CIF China) spot prices fluctuated upward in April. As of April 30, spodumene concentrates (CIF China) spot prices rose to $2,540/mt, up $221/mt from the month-end price of $2,313/mt in March, a gain of 9.81%. According to SMM, lithium carbonate prices continued to rise in April, and spodumene concentrates prices rose in tandem with salt prices, with gains exceeding those of lithium carbonate itself, causing non-integrated enterprises that purchase externally spodumene concentrates to suffer losses, with spot profitability remaining in deficit. In April, spot circulation of lepidolite concentrates relatively eased. Meanwhile, as lithium carbonate prices rose, processing fees for non-integrated enterprises also increased accordingly, preserving a certain profit margin for their processing operations and enabling these enterprises to achieve spot profitability. However, recently, spodumene concentrates prices adjusted in tandem with lithium carbonate price fluctuations, and the price center shifted downward. According to SMM's latest findings, disrupted by rumors of production resumptions at Jiangxi mines this week, lithium carbonate futures and spot prices declined, further dragging down the overall price center. Currently, lithium mines showed a weak willingness to make shipments, and transactions were mostly concentrated between traders and buyers. Port lithium ore inventory continued to decline. Going forward, attention should still be paid to the potential tight lithium ore supply triggered by high operating rates in the lithium chemicals industry. Lithium ore prices were expected to continue to hold up well. Lithium Carbonate According to customs data, China imported 32,650 mt of lithium carbonate in April, up 9% MoM and up 15% YoY. Of this, 21,000 mt was imported from Chile (65% of total imports), 9,555 mt from Argentina (29%), and 1,100 mt from Indonesia (3%). From January to April, China's cumulative lithium carbonate imports reached 116,000 mt, up 47% YoY cumulatively. In April, China exported 370 mt of lithium carbonate, down 17% MoM and down 50% YoY. From January to April, China's cumulative lithium carbonate exports totaled 1,886 mt, up 7% YoY cumulatively. In April, China imported 17,942 mt of lithium sulfate, up 9% MoM and up 296% YoY. From January to April, China's cumulative lithium sulfate imports reached 58,900 mt, up 121% YoY cumulatively. According to SMM spot quotes, spot lithium carbonate prices generally trended upward in April. As of April 30, the spot lithium carbonate price rose to 177,000 yuan/mt, up 14,000 yuan/mt from 163,000 yuan/mt on March 31, a gain of 8.59%. According to SMM analysis, China's lithium carbonate prices followed a "V-shaped" trend in April, first declining then rising, with the monthly average price up 6% MoM. In the first ten days, geopolitical disruptions in the Middle East intensified global risk-averse sentiment, causing non-ferrous metals and lithium carbonate prices to fluctuate downward. In the mid-to-late period, driven by Zimbabwe's export ban, Jiangxi mine license renewals, and rising costs, prices began to rebound and fluctuate upward, with the price center shifting notably higher by month-end. Upstream and downstream purchasing remained stagnant, with the psychological price spread widening week by week. Upstream producers held prices firm and held back from selling, maintaining high offer prices, while downstream buyers made just-in-time procurement only, with psychological price levels concentrated at 155,000-175,000 yuan/mt, restocking on dips only when prices fell rapidly. In April, spot battery-grade lithium carbonate prices dropped to around 155,500 yuan/mt in the first ten days, then rallied all the way to 177,000 yuan/mt by month-end. As of May 29, domestic spot battery-grade lithium carbonate was quoted at 174,000-181,000 yuan/mt, with an average price of 177,500 yuan/mt. Lithium Hydroxide According to customs data, in April 2026, China imported 6,689 mt of lithium hydroxide, up 9% MoM and up four times YoY. Of this, 2,252 mt were imported from South Korea, accounting for 34% of total imports; 1,706 mt came from Indonesia, accounting for approximately 25% of imports; and the remaining 40% came from Australia and Chile. In April, China exported 5,535 mt of lithium hydroxide, up 76% MoM and up 31% YoY, of which 3,915 mt were exported to South Korea and 864 mt to Japan. Continued sluggish ternary cathode material output outside China limited the absorption capacity for lithium hydroxide in markets outside China, resulting in a slight surplus in markets outside China, which in turn widened the price spread between domestic and overseas markets. Meanwhile, as suppliers outside China had previously signed long-term supply agreements with domestic traders, they were able to continuously dump lithium hydroxide into the Chinese market. Under the combined effect of these factors, the trade pattern of lithium hydroxide continued to reverse (shifting from net exports to net imports). Source: China Customs, compiled by SMM Battery Materials LiPF6 According to China Customs data, in April 2026, China's cumulative LiPF6 exports totaled approximately 868 mt, down approximately 80.9% MoM, while cumulative imports were approximately 96 mt. Export side, China's LiPF6 exports in April 2026 were approximately 868 mt, down approximately 80.9% MoM from March and down approximately 33.2% YoY. Specifically, as the LiPF6 export VAT rebate policy was officially abolished starting April 1, 2026, enterprises rushed to export in advance in March, and electrolyte enterprises outside China built up certain inventory, leading to MoM declines in China's exports to multiple major destination countries in April. Exports to Poland were 337.5 mt (down approximately 80.4% MoM), South Korea 81.804 mt (down approximately 92.56% MoM), Czech Republic 150 mt (down approximately 67.43% MoM), and the US 101.908 mt (down approximately 61.7% MoM). Only exports to Japan increased — 191.37 mt (up approximately 50.77% MoM). Artificial Graphite In April 2026, China's artificial graphite imports were 757 mt, up 12.4% MoM and down 32.9% YoY. Average import price side, in April 2026, the average import price of artificial graphite in China was 75,941 yuan/mt, up 23.1% MoM and up 14.6% YoY. In April 2026, China's artificial graphite exports totaled 45,895 mt, up 22.3% MoM but down 21% YoY. In terms of average export price, in April 2026, the average export price of China's artificial graphite was 9,214 yuan/mt, down 6.6% MoM but up 0.26% YoY. Exports from the top five exporting provinces rose 21% MoM from the previous month, with two provinces seeing export volume increases of over 35% MoM, and another province recording a 20% MoM increase. Import market, orders from downstream power battery enterprises in China gradually recovered in April. Combined with the phased tightness in spot capacity of leading anode enterprises, restocking demand was released, boosting artificial graphite imports to rebound from weakness on a MoM basis. However, import volumes remained down YoY, primarily because China's anode industry had ample overall capacity with supply still in surplus, domestic self-sufficiency continued to strengthen, and the industry's reliance on imported raw materials and finished products steadily declined. Flake Graphite In April 2026, China's flake graphite imports totaled 3,178 mt, down 19% MoM and down 45% YoY. Data source: China Customs, SMM In April 2026, China's flake graphite exports totaled 4,093 mt, down 50% MoM and down 54% YoY. Export market, the flake graphite export tax rebate policy was officially canceled this month, directly squeezing profit margins for foreign trade enterprises and significantly dampening overall export willingness. Meanwhile, the approval pace for flake graphite export licenses slowed down, hindering foreign trade shipments processes. Coupled with weak ex-China end-use demand, multiple bearish factors combined to directly drive a sharp decline in industry export volumes. The import market also continued to weaken. Goods originally intended for exports shifted to domestic sales circulation, with increasingly abundant local supply sources in China. Market enthusiasm for import procurement was insufficient, ultimately causing imports to decline in tandem this month. Phosphate Ore On May 20, 2026, according to customs data, China's phosphate ore imports totaled 207,000 mt in April 2026. April imports rose 13.5% from 182,000 mt in March. Total import value in April was $19.741 million, up 35.7% MoM from $14.552 million in March. The average unit price was $95.5/mt, up 19.6% from $79.9/mt in March. Import commentary: In May, Egypt's phosphate ore exports faced "policy tightening and weakening demand."On May 13, Egypt's Ministry of Petroleum and Mineral Resources announced that it would no longer sign any new phosphate ore export contracts. Previously, Egyptian Prime Minister Mustafa Madbouly stated clearly at a meeting on May 10 that the government was pushing for a transition from raw material exports to the manufacturing of high-value-added products such as phosphate fertiliser. Already signed long-term contracts would not be affected. This is expected to push up import prices and may affect imports. Cobalt Cobalt Hydrometallurgy Intermediate Products In April 2026, China's cobalt hydrometallurgy intermediate products imports were approximately 1,247 mt in physical content, down 26% MoM and down 98% YoY. Among them, imports from the DRC were approximately 945 mt in physical content, down 43% MoM and down 98% YoY. In April 2026, the average import price of China's cobalt hydrometallurgy intermediate products was $17,187/mt in physical content, up 2.63% MoM. It was learned that most miners had completed the Q4 2025 quota approvals, but the Q1 2026 quota approvals slowed down again due to sampling, detection and other procedural issues. In addition, transportation capacity in the DRC was tight. Fleets, driven by economic considerations, prioritised the transport of oil products and chemicals that were in production shortage, followed by other metals with shorter turnover cycles, and cobalt among non-ferrous metals came last, meaning cobalt faced significant transportation capacity issues. Constrained by the above factors, miners mainly focused on building in-transit inventory and had not yet arranged concentrated vessel bookings, and the arrival of large batches of intermediate products at ports may continue to be delayed. Unwrought Cobalt In April 2026, China's unwrought cobalt imports were approximately 1,334 mt, up 39% MoM and up 59% YoY. In April, refined cobalt imports mainly came from Indonesia, Russia, and Madagascar, with imports of 462 mt, 457 mt, and 182 mt respectively. The main reason for the increase this month was that domestic smelters lacked intermediate product raw materials and imported cobalt slabs and cobalt briquettes for re-dissolution to ensure normal production. In terms of average import prices, the average import price of China's unwrought cobalt in April 2026 was $52,724/mt, up 4.72% MoM. Cumulative imports from January to April 2026 totalled 5,916 mt, up 153% YoY cumulatively. Export side, China's unwrought cobalt exports in April 2026 were approximately 218 mt, down 47% MoM and down 95% YoY. By country, China's exports to the US dropped significantly, with April exports to the US at 35 mt, down 87.5% MoM. The main reason was that demand for alloy-grade refined cobalt in the US pulled back in April, and ex-China branded refined cobalt was already sufficient to meet regional demand, with some refined cobalt traders redirecting their destinations from the US back to China. Average export price, the average export price of China's unwrought cobalt in April 2026 was $54,590/mt, up 5.80% MoM. Cumulative exports from January to April 2026 totaled 1,792 mt, down 76% YoY.

SMM Analysis: On May 29, SMM's monthly blister copper RCs in south China were quoted at 800-1,000 yuan/mt, with an average of 900 yuan/mt, down 50 yuan/mt MoM...

According to Chinese customs data, in April 2026, China imported 6,689 tonnes of lithium hydroxide, up 9% month-on-month and fourfold year-on-year. Among this, 2,252 tonnes came from South Korea, accounting for 34% of total imports; 1,706 tonnes from Indonesia, representing about 25%; and the remaining 40% from Australia and Chile. In April, China exported 5,535 tonnes of lithium hydroxide, an increase of 76% month-on-month and 31% year-on-year. Of this, 3,915 tonnes were exported to South Korea and 864 tonnes to Japan. Ongoing weak output of overseas ternary cathode materials has limited their ability to absorb offshore lithium hydroxide, leading to a modest oversupply in overseas markets and widening the price gap between domestic and international markets. At the same time, due to previously signed long-term supply agreements between overseas holders and Chinese traders, overseas holders have been able to continuously dump lithium hydroxide into the Chinese market. Taken together, these factors have driven a sustained reversal in the lithium hydroxide trade pattern (from net export to net import).

Galantas Gold Corporation has successfully closed a $100 million private placement, issuing 181 million units at $0.55 each. Backed by strategic shareholders including Eric Sprott, Ocean Partners, and Melquart, the net proceeds are earmarked to fund exploration and development at the Indiana gold and copper project, as well as the pending Andacollo gold project in Chile. If the Andacollo acquisition is not approved, its designated funds will be reallocated. The capital injection aims to rapidly advance both assets toward production by early 2027.

Zambia has finalized the procurement process for the construction of 156 solar power plants under the Presidential Constituency Energy Initiative, a key government program aimed at bolstering national energy security through decentralized power generation. Under this nationwide project, which follows a directive from President Hakainde Hichilema to invest heavily in renewable infrastructure, selected contractors will develop a 2-MW solar facility in each of the country's 156 constituencies. The entire initiative represents an estimated total investment of approximately $232 million (EUR 199.3 million).

Chile is the world's largest copper-producing country. Data released on Friday by Chile's National Bureau of Statistics (INE) showed that the country's copper production in April declined 13.8% YoY.According to official data, Chile's copper production in April was 399,954 mt, compared with 464,056 mt in the same period last year. The production decline was mainly attributable to a high base in the same period last year and lower ore grades at major miners.In addition, metal products production fell 15.4% YoY, further dragging down the overall performance of the manufacturing sector.

Chile's Second Environmental Court recently revoked the environmental permit for the "Infrastructure and Capacity Enhancement" project at Collahuasi, one of the world's largest copper mines. The project planned to invest over $3.2 billion, with the core objective of building a seawater desalination plant to extend the mine's lifespan. The court ruled that the mining company had failed to adequately consult with affected indigenous communities and that the assessment of environmental impacts on the marine environment was insufficient. The mining company stated that existing water sources could support short-term production and would not immediately affect production.

In April 2026, China's aluminum semis exports showed a strong rebound. According to customs data, April exports of aluminum semis (including aluminum extrusion, aluminum plate/sheet and strip, aluminum foil, etc.) reached 535,700 mt, up 20.9% MoM and up 9.8% YoY; exports of aluminum products (including aluminum wire, etc.) reached 318,000 mt, up 32.8% MoM and up 7.8% YoY. Cumulative aluminum semis exports from January to April totaled 1.1555 million mt, up 6.2% YoY cumulatively.

According to the China Earthquake Networks Center, at 5:52 AM Beijing time on May 26, 2026 (5:52 PM local time on May 25), a magnitude 6.9 earthquake struck the Antofagasta Region in northern Chile, with a focal depth of approximately 114 kilometers. The U.S. Geological Survey (USGS) measured the focal depth at approximately 109 kilometers. Within a 200-kilometer radius of the epicenter, 21 earthquakes of magnitude 3 or above have occurred in the past five years, the largest being a magnitude 7.3 earthquake on July 19, 2024. The Antofagasta Region is Chile's core mining area and a globally significant copper mine concentration zone. Following the earthquake, the global copper market quickly turned its attention to local mine production and transportation conditions. Codelco stated that due to low visibility in mine pits and localized power outages, the company had suspended some production activities and initiated safety inspection procedures. According to SMM, the affected mines under Codelco have now resumed normal production. Global mining giant BHP and Antofagasta PLC indicated that their operations were generally unaffected, but they had temporarily halted some operations in accordance with emergency protocols to conduct safety assessments of facilities. Chile's National Disaster Prevention and Response Service (SENAPRED) reported that the earthquake triggered landslides in some production areas, and Calama experienced power outages and localized water supply disruptions. However, no casualties or major infrastructure damage had been reported, and ports and major transportation facilities were currently operating normally. Although this earthquake was of relatively high magnitude with a deep focal point, given Chile's relatively mature seismic-resistant mining infrastructure system, the actual impact of this event on the global copper supply chain was temporarily limited, manifesting more as short-term sentiment disturbance. However, as the world's largest copper-producing country, Chile holds a pivotal position in the global copper supply chain. Data from China's General Administration of Customs showed that from January to April 2026, China imported a total of 9.9151 million mt in physical content of copper concentrates, of which 3.0526 million mt in physical content were imported from Chile, accounting for approximately 30.79%. Chile remained China's largest source of copper concentrates imports. Against the backdrop of already tight global copper concentrates supply and persistently low treatment charges (TCs), any production disruption from Chile's core mining areas could trigger copper price fluctuations. If subsequent situations arise such as prolonged mine shutdowns, hindered port transportation, or slow power restoration, this could further push up international copper prices and the performance of related non-ferrous metals sectors. As of now, major miners in Chile have not disclosed any significant facility damage or long-term shutdown information.