On 22 July 2026, Zimbabwe’s state-owned Mutapa Energy Resources released the JORC-compliant resource estimate for the Sandawana lithium project: Block A totals 39.9 million tonnes at 1.39% Li₂O, with an exceptional 72% classified as Measured. Block A accounts for only 30% of the lease area; the remaining 70% remains unexplored, and the company targets upgrading the total resource to 90 million tonnes. The Zimbabwean government has banned concentrate exports effective 1 January 2027 with no extension granted, forcing miners to accelerate local processing. Sandawana’s processing plan is still at the feasibility stage, lagging behind peers such as Huayou Cobalt (already in production), Sinomine and Yahua (under construction). Chinese capital is deeply involved: Huayou and Tsingshan are building a US$270 million concentrator under a BOT model, while Mutapa has secured an additional US$300 million in funding (including Chinese investors). SMM believes the high Measured proportion gives the project strong “bankability”, but the mismatch between resources and processing capacity, combined with the export ban countdown, makes the next six months decisive for the project’s success. I. JORC Resource: Nearly 40 Mt with 72% Measured On 22 July 2026, Zimbabwe’s state-owned lithium enterprise, Mutapa Energy Resources (MER), officially released the JORC (Joint Ore Reserves Committee)-compliant resource estimate for the Sandawana lithium mine. The report shows that Block A contains a total mineral resource of 39.9 million tonnes at an average grade of 1.39% Li₂O – of which Measured Resource is approximately 28.6 million tonnes, accounting for 72% ; Indicated Resource is 2.7 million tonnes (6.8%); and Inferred Resource is 8.5 million tonnes (21.3%). This proportion of Measured Resource is extremely rare in Zimbabwe’s mining industry. At the Harare press conference, Mutapa Energy CEO Innocent Rukweza stated: “To our knowledge, we are the first mine in Zimbabwe with a Measured Resource representing 72% of the total resource. Most mines are far below this level, while we have exceeded 50%, which makes the resource ‘bankable’.” Even more noteworthy is that this 39.9 million tonnes resource is derived only from Block A, which covers just 30% of the entire 3,800-hectare mining lease. Blocks B and C – together accounting for 70% of the lease area – remain largely unexplored. Rukweza made it clear that the company aims to increase the total resource from the current nearly 40 million tonnes to 90 million tonnes . To achieve the above exploration results, Mutapa Energy completed 103,000 metres of drilling and collected and tested 33,000 samples over the past 11 months, at a total cost of US$24 million . The company has already mined approximately 2 million tonnes of ore from Sandawana and is constructing a concentrator with an annual processing capacity of 3 million tonnes . II. From Abandoned Emerald Mine to National Lithium Strategic Pillar Sandawana is not a greenfield project. Its mining history dates back to 1955 , when it was renowned for high-quality emerald (green beryl) production and operated for about 40 years. In 2010, operations were suspended due to working capital shortages and depletion of emerald resources. The mine’s “second life” began with Zimbabwe’s national strategic shift. As the global energy transition accelerated, lithium rose from a niche mineral to “white petroleum”. The Zimbabwean government incorporated lithium development into its national strategy, and Sandawana was repositioned as a lithium and tantalum project, placed under Mutapa Energy Resources, which is owned by the Mutapa Investment Fund. In 2025 , the former operating entity Kuvimba Mining House announced a US$270 million investment to build a lithium concentrator at Sandawana, with construction planned to start in the third quarter of 2025 and commissioning targeted for early 2027. In February 2026 , the Mutapa Investment Fund restructured Kuvimba into several specialised entities, and Mutapa Energy Minerals formally took over Sandawana, with Innocent Rukweza appointed as CEO. This restructuring marked Sandawana’s upgrade from a “legacy asset” to a flagship project of Zimbabwe’s national lithium strategy. III. Lithium Sulphate Strategy: A Chaser under Policy Pressure Sandawana’s processing roadmap is clear and urgent: concentrate → lithium sulphate → lithium carbonate . Zimbabwe’s government has progressively tightened lithium controls: in 2022 it banned unprocessed raw ore exports; in June 2025 it announced a ban on lithium concentrate exports effective 1 January 2027 ; in February 2026 it temporarily suspended all concentrate exports, later granting conditional soft relief via quotas while imposing an additional 10%–16% tax on concentrate exports and requiring written commitments from companies to build lithium sulphate plants before 2027. The government has explicitly ruled out any extension and will enforce the ban as scheduled. This policy imposes enormous time pressure on all lithium miners in Zimbabwe. In June 2026 , Rukweza, in his capacity as chairman of the Zimbabwe Lithium Producers’ Association, submitted an appeal to the government on behalf of the industry, requesting a postponement of the ban to March or June 2027 . In his remarks, he stated candidly: “We are not trying to avoid our beneficiation obligations; we are sincerely asking for time to complete the projects we have already started.” He revealed that among the seven major lithium producers, only Huayou Cobalt’s lithium sulphate plant has been completed, commissioned and has achieved product shipments ; Sinomine’s Bikita Minerals and Yahua’s Kamativi lithium mine are still under construction. Sandawana’s processing scheme, by contrast, remains at the feasibility study stage . In other words, Sandawana is far ahead on resources but a chaser on processing. The company has committed approximately US$1.45 billion to local processing facilities, but the time window is narrowing. IV. Chinese Capital: Deep Integration from Financing to Construction Long before the investment landed, Chinese companies were already deeply embedded in Sandawana’s development chain. In September 2024 , Zhejiang Huayou Cobalt and Tsingshan Holding Group reached a cooperation agreement with Zimbabwe’s state-owned Kuvimba Mining House (the predecessor of Mutapa Energy Resources). Under the agreement, the Chinese partners do not hold direct equity in Sandawana, but participate under a BOT (Build-Operate-Transfer) model – the partners will operate the processing plant for at least 5 years after commissioning, during which they will recover construction costs and earn operating profits, after which all assets and titles will be transferred to the Zimbabwean state free of charge . In February 2026 , Mutapa Energy Resources CEO Rukweza officially confirmed that the Sandawana concentrator would be built in cooperation with Huayou Cobalt and Tsingshan under this BOT framework. The facility involves an investment of US$270 million , with an annual processing capacity of 600,000 tonnes of ore, targeting commissioning in early 2027. Dinson Holdings , as Tsingshan’s core investment platform in Zimbabwe, though not directly involved in the Sandawana project cooperation, operates an ore processing facility with an annual capacity of 1 million tonnes through its subsidiary Gwanda Lithium . Before Sandawana’s own concentrator is completed, some ore from Sandawana has been shipped to Gwanda for processing. Dinson has accumulated total investments of approximately US$900 million in Zimbabwe, covering ferrochrome smelting, coke, steel and lithium processing, forming a critical pillar for Tsingshan’s lithium operations in the country. In addition, Sinomine Resource Group, Chengxin Lithium Group and Sichuan Yahua Industrial Group are among the Chinese companies that have invested in Zimbabwe’s lithium sector. Chinese capital’s presence in Zimbabwe’s lithium industry has extended from pure investment to full-chain cooperation covering technology, engineering, construction and off-take agreements. SMM Perspectives The release of Sandawana’s JORC resource has landmark significance on three levels: First, the “certainty” value of resource quality. A Measured Resource proportion of 72% is exceptionally rare in African mining projects. This means geological risk has been substantially compressed, giving the project clear “bankability”. Against the backdrop of global lithium prices falling from their 2022 peak of approximately US$86,000/tonne to the current level of about US$14,000/tonne, capital is placing a higher premium on “certainty” – Sandawana’s high Measured proportion precisely meets that demand. Second, the urgency of the time window. The 1 January 2027 concentrate export ban is now on a countdown. Sandawana’s resource is “in place”, but its processing capacity remains at the “feasibility study” stage. Huayou Cobalt is already in production, while Sinomine and Yahua are under construction – Sandawana clearly lags behind its peers on the processing front. Whether the US$300 million funding can translate into rapid processing facility construction will determine whether this “Zimbabwe’s largest undeveloped lithium asset” can complete its value realisation before the ban takes effect. Third, the game of Zimbabwe’s “resource nationalism”. From the 2022 raw ore ban to the 2027 concentrate ban, Zimbabwe is advancing along a clear path: “ban raw ore → restrict concentrate → mandate lithium sulphate”. The objective is clear: to keep higher value-added links of the lithium value chain within the country. But for Sandawana, this means a stark choice between “selling concentrate” and “building a lithium sulphate plant” – and time is not on its side. Sandawana possesses Zimbabwe’s highest-quality lithium resource endowment and carries the nation’s ambition to transform from a resource exporter into a battery materials producer. But whether the “quality” of its resources can translate into the “quantity” of processing capacity depends on a three-way race among capital, technology and policy. The US$300 million has arrived, the US$270 million concentrator is under construction, but the feasibility study for the lithium sulphate plant has only just begun. When the clock strikes January 2027, will Sandawana be an “exemption” or a “restricted party” under the concentrate export ban? The answer will be revealed in the next six months. Sources: Mutapa Energy Resources, SMM, publicly available information

JSW Steel expects production and sales to strengthen from Q2 FY27 as the expanded Blast Furnace-3 at Vijayanagar ramps up, while reaffirming an aggressive capacity expansion pipeline spanning Dolvi, Odisha, Utkal and Kadapa. Despite the planned BF-3 shutdown, the company reported record first-quarter steel sales of 6.25 million tonnes, supported by resilient domestic demand and a 46% year-on-year increase in exports.

On July 22, Wesfarmers and SQM formally approved the expansion of the Mt Holland lithium project. The project will construct a second beneficiation plant and an ore pre-selection facility, increasing the nominal capacity of lithium concentrates from approximately 380,000 mt/year to 760,000 mt/year.

Can Peru’s new government improve the delivery efficiency of copper mine projects? The Fujimori government’s plan is not to redefine the mining regime, but to strengthen implementation instruments such as approvals, infrastructure, reinvestment incentives, and revenue distribution. However, before constraints related to communities, permitting, infrastructure, and the decline of old mines are substantially overcome, Peru’s copper ore supply is still unlikely to be significantly released in the short term.

Can Peru’s new government improve copper project execution? Fujimori’s government plan does not seek to redesign Peru’s mining regime, but rather to strengthen execution tools, including permitting, infrastructure, reinvestment incentives and revenue distribution. However, unless key constraints around communities, permitting, infrastructure and mature-mine depletion are materially addressed, Peru’s copper supply is unlikely to increase significantly in the short term.

Using the Energy Fuels-VAC merger as a lens, this article analyzes the U.S. playbook of acquiring de-risked, international rare earth assets. Despite sovereign backing creating a $110/kg price floor for non-Chinese supply, structural bottlenecks in heavy rare earth refining and limited market share (~15%) mean China’s dominance remains unshaken in the near term.

[SMM Titanium Flash] Baoji Yesheng Titanium Industry's "Advanced Preparation Process Production Line for High-Performance Titanium, Hafnium, Niobium, and Tantalum Metal Materials" entered the public notice phase for EIA approval on June 12. The greenfield project involves a total investment of RMB 36 million and will procure key equipment, including vacuum consumable arc furnaces and electron beam melting furnaces. Upon commissioning, the facility will achieve an annual production capacity of 4,000 tons of titanium, hafnium, niobium, and tantalum ingots, along with 158.3 tons of titanium machined parts, further optimizing the high-end refractory metals processing landscape.

South America remains the cornerstone of global copper supply, with Chile and Peru collectively accounting for more than one-third of global mined copper production. As electrification, grid modernisation, renewable energy deployment and AI-driven infrastructure investment continue to reinforce long-term copper demand growth, policy developments across the region are becoming increasingly important determinants of future supply availability.

ArcelorMittal (AM) — 2025 Annual Report Summary ArcelorMittal, the world's second-largest steel producer, released its 2025 Annual Report in March 2026. During the year, the Group's steelmaking operations experienced a broad-based slowdown: crude steel output in Europe contracted sharply by 6.6% year-on-year, while volumes in India and Brazil also declined. Only North America recorded output growth, driven by the consolidation of an additional steelworks. These dynamics reflect softening apparent steel consumption (ASC) globally, compounded by intensifying competitive pressures. Nonetheless, the Mining segment delivered an outstanding performance — iron ore shipments from Liberia surged 37.5%, providing a meaningful offset to the headwinds in the steelmaking divisions. I. 2025 Key Production, Shipment & Financial Overview In 2025, ArcelorMittal demonstrated strong operational resilience against the backdrop of subdued global steel demand and complex trade barriers. Portfolio optimisation — notably the full consolidation of the Calvert flat-rolled finishing facility — and robust growth in the iron ore business were the key highlights of the year. Despite a marginal decline in crude steel production and shipments, net profit expanded materially, primarily driven by non-recurring items — in particular, a US$1.9 billion accounting gain arising from the acquisition of the remaining 50% equity interest in AMNS Calvert. The increase in net debt was principally attributable to the full consolidation of Calvert and other M&A activities. II. Segment Distribution & Operational Performance In 2025, ArcelorMittal's global operational footprint underwent significant structural reconfiguration, most notably through the full acquisition of the North American Calvert flat-rolling facility and the divestiture of non-core assets in Bosnia-Herzegovina, further optimising the Group's production and shipment mix. The following presents a detailed comparison of key segment production and shipment data for 2025 versus the prior year: North America The segment recorded growth in both output and shipments in 2025, primarily benefiting from the full consolidation of the AMNS Calvert facility in the second half of the year, and the recovery of Mexican production following the 2024 labour strike. Crude Steel Production: 7.8 Mt (2024: 7.5 Mt), up 2.9% YoY Steel Shipments: 10.3 Mt (2024: 10.1 Mt), up 2.2% YoY Key Development: The 1.5 Mtpa Electric Arc Furnace (EAF) at the Calvert facility was commissioned in June 2025, enhancing the supply capability of high value-added flat products in the region. 2026 Volume Outlook: Both production and shipments are expected to increase in line with broader regional trends. Growth Driver: The 1.5 Mtpa EAF at Calvert, consolidated in H2 2025, is currently in capacity ramp-up phase and will contribute incremental volumes in 2026. Brazil Despite margin pressure, the Brazil segment maintained highly stable production and shipment volumes, continuing to serve as a key profitability pillar for the Group. Crude Steel Production: 14.3 Mt (2024: 14.5 Mt), down 1.3% YoY Steel Shipments: 13.9 Mt (2024: 14.1 Mt), down 0.9% YoY Key Development: The Barra Mansa long products mill expansion was commissioned in H2 2025, adding 0.4 Mtpa of high value-added long steel capacity. 2026 Volume Outlook: Steel shipments are projected to reach 15.4 Mt in 2026, significantly above the 13.95 Mt recorded in 2025. Growth Driver: Despite demand headwinds in 2025 caused by elevated interest rates and a surge in Chinese imports, the Group holds an optimistic outlook for 2026 growth. Europe Affected by soft market demand and a planned major reline of Blast Furnace No. 4 at Dunkirk, European crude steel output contracted. However, the smaller decline in shipments indicates relatively resilient market penetration. Crude Steel Production: 29.2 Mt (2024: 31.2 Mt), down 6.6% YoY Steel Shipments: 28.4 Mt (2024: 28.7 Mt), down 0.9% YoY Key Development: The divestiture of the Zenica long products integrated steelworks in Bosnia-Herzegovina was completed in October, reflecting the Group's strategic transition toward lower-carbon assets. 2026 Volume Outlook: Shipments are expected to recover and grow. Growth Driver: As the EU Carbon Border Adjustment Mechanism (CBAM) and the revised Tariff Rate Quota (TRQ) regime progressively take effect in 2026, the Group anticipates European domestic steelmakers recapturing market share from import competition. India & Other Joint Ventures Focus on the strategic joint venture AMNS India (60% equity interest): Crude Steel Production: 7.2 Mt (2024: 7.5 Mt), down 4.5% YoY, impacted by market volatility in H1 and unplanned maintenance outages Steel Shipments: 7.9 Mt (2024: 7.9 Mt), shipments remained resilient Key Development: The Hazira integrated steelworks in India is being expanded to 15 Mtpa capacity. The Group has also announced a long-term greenfield project in Andhra Pradesh with an 8.2 Mtpa capacity target, with the objective of increasing hot-rolled coil (HRC) capacity to 15 Mtpa by H2 2026, providing incremental production and shipment uplift. Crude Steel Production (Other Subsidiaries): 4.3 Mt (2024: 4.6 Mt), down 6.52% YoY Mining The Mining segment was the Group's strongest growth engine in 2025, driven by the successful ramp-up of the Phase II expansion project in Liberia. Own Iron Ore Production (Mining segment only): 35.3 Mt (2024: 27.9 Mt), up 26.5% YoY Iron Ore Shipments: 36.3 Mt (2024: 26.4 Mt), up 37.5% YoY Key Development: Liberia achieved a record annual shipment of 10 Mt and is progressing steadily toward a 20 Mtpa production target. 2026 Mining Segment Outlook: Liberia (AML): Volume Target: 20 Mtpa shipment target. The Group specifically projects that by end-2026, as the Phase II expansion and the beneficiation plant continue to ramp up, annualised shipments will exceed 18 Mtpa (vs. 10 Mt in 2025). Key Progress: A blended production model combining sinter fines and concentrates from Phase II will support a significant increase in production and shipment volumes, with rail haulage capacity being expanded toward a 30 Mtpa annual throughput target. Canada (AMMC): Trend: Stable production maintained. The conversion of the high-grade iron ore pellet plant for Direct Reduced Iron (DRI) production is expected to be completed in Q2 2026. 2026 Production & Shipment Outlook Summary The 2025 production and shipment profile signals ArcelorMittal's strategic pivot toward quality over pure volume. Despite marginal fluctuations in crude steel output in Europe and Brazil, the growth from high value-added assets in North America and low-cost iron ore operations in Liberia is structurally rebuilding the Group's cost and margin base. The Group projects global apparent steel consumption (ASC) ex-China to grow by 2% in 2026. Against this macro backdrop, the Group forecasts an increase in steel production and shipments across all regions in 2026 compared to 2025, underpinned by improvements in operational efficiency and the positive impact of trade protection measures. III. Production Infrastructure & Process Technology Profile ArcelorMittal operates a highly diversified asset portfolio spanning the full upstream-to-downstream value chain — from iron ore mining to downstream finishing and processing. As of end-2025, the Group's production process structure is as follows: Process Mix: Basic Oxygen Furnace (BOF) output accounts for 74% (41.2 Mt); Electric Arc Furnace (EAF) accounts for 26% (14.4 Mt). Facility Scale: The Group currently operates 30 Blast Furnaces (BF) and 27 Electric Arc Furnaces (EAF) . Capacity Distribution: Europe remains the largest production base, with an annual crude steel capacity of 39.5 Mt (53% of total), followed by Brazil (16.4 Mt) and North America (12.5 Mt). IV. Raw Material Self-Sufficiency & Supply Chain Integration The Group maintains a high degree of vertical integration upstream and downstream to hedge against market volatility — a core pillar of its industrial competitive advantage: Iron Ore Supply: Own iron ore production grew 15.1% YoY to 48.8 Mt in 2025. Canada (AMMC) contributed 25.6 Mt, while Liberia (AML) surged to 9.7 Mt. Self-Sufficiency Rates: In 2025, the Group achieved an iron ore self-sufficiency rate of 72% , a coking coal self-sufficiency rate of 91% , and a scrap steel and Direct Reduced Iron (DRI) self-sufficiency rate of 55% . Logistics Capacity: The Group operates 18 deep-water port facilities and associated rail infrastructure, handling over 51 Mt of freight annually. V. Key Asset Restructuring & Industrial Portfolio Realignment 2025 was a year of deep portfolio optimisation for the Group — divesting weaker assets and concentrating resources in high-growth, high value-added operations. Full Consolidation of Calvert (USA): In June 2025, the Group completed the acquisition of the remaining 50% equity interest in AMNS Calvert (previously a joint venture with Nippon Steel Corporation) at a nominal consideration. The facility is the most advanced flat-rolled steel finishing complex in North America. The newly constructed 1.5 Mtpa EAF produced its first slab in June 2025. Asset Divestitures & Operational Rationalisation: Bosnia-Herzegovina: Completed the sale of the Zenica integrated steelworks and the Prijedor iron ore mine. South Africa: Rationalisation of the long products business and the idling of the Newcastle steelworks were completed by end of January 2026. India Expansion: AMNS India remains a core growth engine. The Hazira integrated steelworks is on track to expand capacity to 15 Mtpa by H2 2026. VI. Major Capital Project Progress (Capex Allocation) ArcelorMittal is currently in a dual capital expenditure cycle: EAF transition and upstream iron ore capacity expansion . Total capital expenditure in 2025 amounted to US$4.34 billion . VII. Decarbonisation Pathway & Industrial Technology Upgrade ArcelorMittal is at a critical juncture in its transition from conventional blast furnace-based integrated steelmaking toward low-carbon process routes: EAF Capacity Expansion: By end-2026, the Group expects to add 3.4 Mtpa of EAF capacity, spanning Gijón and Sestao in Spain, and Calvert in the USA. Key Technology Projects: The 2.0 Mtpa EAF project at Dunkirk, France (€1.3 billion investment) is planned for commissioning in 2029 and is expected to generate carbon emissions at approximately one-third of the level of a conventional blast furnace. Energy Transition: By end-2025, the Group had commissioned 1.6 GW of renewable energy equity capacity, with a further 1.2 GW under construction, primarily in India and South America, with the objective of supplying low-cost clean electricity to steelmaking operations. Carbon Footprint: Absolute carbon emissions declined 3.1% YoY in 2025, representing a cumulative reduction of 47% from the 2018 baseline. It is noteworthy that, given the limited commercial-scale deployment of low-carbon technologies (green hydrogen, Carbon Capture and Storage), the Group's emissions reductions are currently achieved primarily through portfolio restructuring and EAF electrification . VIII. Additional Key Information Portfolio Optimisation: Full Acquisition of Calvert: By acquiring NSC's 50% equity stake, ArcelorMittal has gained full operational control of North America's most advanced flat-rolled steel finishing complex. Exit from Non-Core Assets: The divestiture of the high-carbon-intensity integrated steelworks at Zenica, Bosnia-Herzegovina, and associated iron ore mines reflects a "decarbonise first, then grow" portfolio strategy. Operational Risks: Geopolitical Risk: The Kryvyi Rih steelworks in Ukraine (AMKR) is currently operating at only 35% of rated capacity , facing significant logistics and supply chain disruption. Trade Barriers: US Section 232 tariffs were raised to 50% in 2025, increasing the cost burden on cross-regional material flows. 2026 Outlook: Global apparent steel consumption (ASC) ex-China is projected to grow 2% . The Group's capital expenditure plan for 2026 is budgeted in the range of US$4.5–5.0 billion , with continued focus on the Liberia iron ore expansion and the electrification of process technology in Europe. Summary: 2025 was a year of "deepening asset quality" for ArcelorMittal. By converting its core North American joint venture Calvert into a wholly-owned subsidiary, and achieving successful delivery milestones at the Liberia iron ore mine and India's green energy projects, the Group further consolidated its vertically integrated competitive advantages. For investors, the sustainability of free cash flow generation and the recovery of market share under the EU CBAM framework remain the key monitoring indicators over the next one to two years.

On Tuesday, May 12, the Arctial aluminum smelter project in northern Finland announced plans to produce its first batch of aluminum in the second half of 2029, a project expected to boost domestic aluminum production capacity in Europe. Maxime Vandersmissen, Arctial's Chief Commercial Officer, stated at the CRU World Aluminium Congress in London that this timeline is contingent on a final investment decision being reached by 2027 for the greenfield project, designed to have an annual capacity of 610,000 tons. Arctial will be the first new primary aluminum project built on the European continent in over 30 years, but it will still not be able to fully meet Europe's import demand.