From the perspective of Sprott’s experts, gold remains a central strategic building block for investors, even if the precious metal suffers in the short term from the rise in US Treasury yields.

“Gold’s status as a haven may now be tarnished in the eyes of some as the precious metal is falling in price even as war roils the Middle East and financial markets alike, and some may even be tempted to say that the third major bull run in the commodity since 1971 is now over,” says AJ Bell investment director Russ Mould.

This week, the rare earth market outside China showed a divergent pattern of “cerium up, the rest down.” Driven by price increases in China and rising ocean freight rates, cerium oxide FOB and CIF prices rose by $55/mt and $60/mt, respectively, while FOB offers for mainstream magnetic material raw materials such as praseodymium, neodymium, dysprosium, and terbium were generally lowered by $3-19.5/kg due to lower prices in China and tight supply caused by export controls. Although limited trading volumes supported premiums in markets outside China, expectations of an industrial slowdown in Europe triggered by the Middle East situation may suppress subsequent demand. On industry developments, Lynas’ Malaysia plant started samarium oxide production ahead of schedule, consolidating its position as the only commercial heavy rare earth separator outside China and advancing its 2030 strategy. In Australia, Terrain discovered high-grade magnetic rare earth ore intervals during drilling at its Western Australia project, highlighting significant resource potential.

On February 25, Hong Kong's Financial Secretary announced measures to develop Hong Kong as a gold trading hub. Following a cooperation agreement with the Shanghai Gold Exchange and the upcoming 2026 launch of the Hong Kong Gold Central Clearing System, the government will pursue three initiatives: offering tax incentives for eligible gold trading and settlement institutions; supporting the establishment of an industry association to consolidate resources, enhance market promotion, and expand networks; and creating a training framework to equip professionals with updated market knowledge and skills.

[SMM Analysis: The "Key Anchor Point" in Great Power Rivalry: The US "Treasury Plan" and the Resource Reshuffle in Latin America] As the second phase of the Mirador copper mine project in Ecuador, developed by a Chinese enterprise, remains stuck in a "built but awaiting approval" deadlock, ten thousand kilometers away in Washington, the US Export-Import Bank, together with the President, is announcing a historic supply chain security initiative called the "Treasury Plan." In the pause and the start, a global covert battle over critical minerals such as copper, lithium, cobalt, and gallium is moving from behind the scenes to the forefront.

[SMM Zinc Morning Session Summary: Nonferrous Metals Mostly Decline, LME Zinc Center Shifts Lower] Overnight, the LME zinc contract opened at $3,416.5/mt. After opening, it fluctuated upward to a high of $3,449/mt, then traded with wide swings around the daily average. Approaching the session's close, LME zinc fell rapidly, touched a low of $3,356.5/mt, and maintained a fluctuating trend, finally closing down at $3,381.5/mt, a decrease of $36.5/mt, or 1.07%...

Intel (INTC.O) CEO Chen Liwu stated that the memory chip shortage in the computer industry is likely to persist for at least two years. He said on Tuesday, "To my knowledge, there are no mitigation measures in place at the moment." Chen Liwu mentioned that he had spoken with two key figures in the memory field, who told him, "There will be no relief until 2028." The massive infrastructure development for artificial intelligence has significantly increased the demand for memory chips, which has reduced the supply of chips available for traditional computers and smartphones. This has led to chip shortages and price increases—potentially dampening consumer willingness to purchase these products. Chen Liwu also pointed out that Nvidia, as a leading supplier of AI processors, will further drive up memory demand with its latest Rubin platform and next-generation products, noting that AI will "consume a vast amount of memory.

[SMM Tin Morning News: The most-traded SHFE tin contract opened slightly higher in the night session and maintained a high-level sideways trend, with spot cargo transaction willingness showing initial signs of rebound]

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

South Africa's Eskom applied to the energy regulator for approval of an interim electricity tariff, offering an 87 cents/kWh preferential rate for Samancor Chrome and the Glencore-Merafe Chrome joint venture. This is a temporary measure aimed at maintaining smelter operations, while parties continue to negotiate a longer-term solution with the goal of further reducing the tariff to 62 cents/kWh. The utility also requested the National Energy Regulator of South Africa to extend the "take-or-pay" obligation exemption for the two enterprises by another 12 months. The exemption pertains to obligations under pricing agreements negotiated with Eskom that took effect in 2024. These agreements stipulate that ferrochrome producers must meet at least 70% of their contracted electricity consumption; however, due to the industry's loss of competitiveness and multiple smelter shutdowns, this condition can no longer be fulfilled. In August last year, Samancor Chrome and the Glencore-Merafe Chrome JV cited operational difficulties arising from these clauses, prompting the regulator to approve a six-month exemption, which is set to expire at the end of January. Eskom's distribution unit head, Gugulethu Dumakude, acknowledged that the interim tariff of 87 cents/kWh is still not enough to restore ferrochrome producers to the production levels envisaged in the pricing agreements, but it would help them slightly increase electricity consumption from current levels. She added that this interim tariff, combined with the "take-or-pay" exemption, would also provide Eskom and the Department of Mineral Resources and Energy with buffer space to finalise a more sustainable electricity pricing solution with the ferrochrome industry. Neels Best, President of the South African Ferroalloy Producers Association, confirmed that the industry needs a tariff of 62 cents/kWh to resume production and avoid the Section 189 retrenchment processes already initiated by several ferroalloy enterprises, including those outside the ferrochrome sector. Therefore, he also argued that the final negotiated solution should not be limited to the ferrochrome industry but should extend to manganese, silicon, and vanadium smelters—all of which are facing operational difficulties due to "escalating electricity prices." Best pointed out that only 4 of South Africa's 48 electric furnace ferrochrome smelters are currently operating; likewise, only 4 of the 19 smelters in other ferroalloy sectors remain in production. He stated, "Today, electricity costs account for 40% to 60% of total production costs in the ferroalloy industry. To sustain the sector, it is crucial to establish an internationally competitive electricity tariff." He also warned that without an electricity pricing policy that supports local mineral beneficiation, South Africa faces widespread deindustrialization and job losses. Theo Morkel, Managing Director of South Africa's Transalloys, further corroborated this view, sharing cost comparison data showing that even under the company's pricing agreement with Eskom, the electricity cost for producing SiMn is as high as $634/mt, far exceeding the international benchmark—where power costs for SiMn production range from as low as $147/mt to a maximum of $338/mt. Thus, Morkel said that while he supports immediately implementing the interim tariff relief for Samancor Chrome and the Glencore-Merafe Chrome JV, the rest of South Africa's ferroalloy industry equally urgently requires similar relief measures, as these sectors also face plant closures and job losses. Tengo Tengela, Trade and Industry Coordinator of the South African Federation of Trade Unions, also expressed support for the electricity tariff relief application, warning that if smelters are forced to shut down, around 300,000 direct and indirect jobs would be at risk. However, he called on the National Energy Regulator of South Africa to approve the application on the condition that the relevant enterprises suspend further retrenchment actions. The South African National Energy Regulator has not yet announced a decision timetable for this application, but Eskom has stated that the relevant approval must be issued by the end of February at the latest.