[Sinomine Resource Group Engages with the Zimbabwean Government to Restart Its Lithium Export Business] Sinomine Resource Group confirmed that, after this African country recently suspended shipments of lithium concentrates, the company had been actively engaging with Zimbabwean government authorities to restart its lithium export business. The Chinese miner disclosed this development on Friday in response to an investor inquiry via the Shenzhen Stock Exchange’s official interactive platform. These talks came at a critical time for both Sinomine Resource Group and Zimbabwe. Lithium remained a sought-after mineral because of its essential role in producing batteries used in EVs and renewable energy storage systems. Zimbabwe, which holds substantial lithium reserves, had continued tightening its regulatory framework to ensure more value addition remained in China, rather than allowing the export of raw ore or materials that had undergone only preliminary processing. Sinomine Resource Group said in a statement that it was currently working closely with Zimbabwean government authorities on a new export approval application. The company stressed that the dialogue remained ongoing and formed part of its broader efforts to align with the country’s latest policies and compliance requirements. Although there was no clear timetable yet for when exports would resume, the engagement sent a positive signal that efforts were being made to resolve the issue. Source: https://www.chemanalyst.com/ [Vulcan Energy Achieves Drilling and Permitting Milestones at Its Geothermal Lithium Project in Germany] The company had officially broken ground at the Trappelberg drilling site in the Rohrbach area near Landau. This was Vulcan’s second drilling site after Schleidberg, where the company had completed the drilling and testing of its first geothermal well. Preparatory work at Trappelberg had begun to support the start of drilling in H2 2026. At present, a deep groundwater monitoring well had been completed to ensure the protection of near-surface aquifers during construction and drilling operations. Schleidberg and Trappelberg were 2 of the 5 new drilling sites that Vulcan would develop in the region. Thorsten Weimann, Chief Development Officer and Managing Director of Vulcan Energie Ressourcen GmbH, said: “The groundbreaking ceremony at Trappelberg marks an important step forward in the further development of our Lionheart project. With this new drilling site, we are further developing the geothermal reservoir and laying the foundation for climate-neutral heating in the region and sustainable lithium production in Europe.” Source: https://www.thinkgeoenergy.com/ [Core Lithium’s Finniss Project Secures a Strategic Financing Package of AUD 290 million] The fundamentals of global battery demand were reshaping investment strategies in the critical minerals sector, placing Australia’s lithium industry at a critical turning point. The combined effects of supply chain diversification needs, advances in energy storage technology, and geopolitical factors have created an environment in which strategic positioning determines the long-term value creation potential of mining. In addition, the restart of Core Lithium's Finniss project, backed by A$290 million, demonstrates how well-developed critical minerals strategies can unlock previously stalled projects through innovative financing structures. Against this backdrop, complex financing structures and operational optimization approaches have become key differentiators for projects seeking to capture the evolving market dynamics of the current lithium investment cycle. The sophisticated financing structure underpinning the restart of Core Lithium's Finniss project shows that contemporary mining finance has evolved beyond traditional debt-and-equity models into a strategic consortium model that disperses risk while maximizing operational synergies. Moreover, this financing approach reflects a broader trend across the mining sector. Source: https://discoveryalert.com.au/ [Copper, Cobalt, and Lithium Mines: US Critical Minerals Growth] In early 2026, Secretary of State Marco Rubio, together with senior US officials including Vice President JD Vance and Treasury Secretary Scott Bessent, received representatives from 54 countries and the European Commission at the Critical Minerals Ministerial meeting. The US announced new bilateral frameworks, financing initiatives exceeding $30 billion, and launched the Forum for Resource and Geostrategic Engagement (FORGE), aimed at building secure, diversified, and resilient critical minerals supply chains. Initiatives such as the Orion-Glencore memorandum of understanding and "Project Vault" indicate the US government's commitment to incentivizing private-sector investment and ensuring a stable and reliable supply of cobalt, copper, and other strategic materials, including those from the DRC. Source: https://miningdigital.com/ [Atlantic Lithium's Ewoyaa Project Financing Secures a Strategic Investment of $16.4 million] The global critical minerals landscape is undergoing a fundamental transformation, and institutional capital allocation strategies have moved beyond traditional mining investment models. Pension funds, sovereign wealth funds, and strategic investors now require more sophisticated financing structures to align long-term capital commitments with project de-risking milestones. This shift indicates the growing maturity of financing in the resources sector, which is moving away from speculative early-stage funding toward a more infrastructure-like investment approach that places greater emphasis on predictable returns rather than commodity price speculation. Contemporary lithium project development reflects this evolution, with financing solutions from diversified funding sources incorporating conditional capital structures, local ownership requirements, and ESG compliance frameworks. The combination of milestone-based warrant instruments, strategic partnership agreements, and domestic exchange listings has created an integrated financing ecosystem that balances capital efficiency with political and economic considerations. In addition, these innovations in the lithium industry are continuing to reshape the investment landscape. Source: https://discoveryalert.com.au/

CNGR has deployed two salt lake lithium mines in Argentina, with estimated lithium resources exceeding 10 million metric tons of lithium carbonate equivalent (LCE). This resource volume is expected to increase as exploration progresses. The company will further confirm the reserves of the two salt lake lithium mines and proceed with extraction based on exploration and construction progress, as well as its own and market demand. CNGR will disclose relevant developments regarding the Argentine lithium mines in accordance with relevant regulations.

Li-ION BATTERY China 2025 Officially Announced and Scheduled

According to a report by Mining Weekly, citing Reuters, Zimbabwe's Minister of Mines Winston Chitando announced on Tuesday that, to expand domestic processing, the country will ban the export of lithium concentrates starting from 2027. In 2022, Zimbabwe, Africa's largest lithium producer, ordered a ban on the export of lithium ore and has since been urging miners to process ore domestically. Lithium mining companies in Zimbabwe have been exporting lithium concentrates. Currently, two lithium mines in Zimbabwe are constructing lithium sulfate plants, namely Bikita Minerals and Prospect Lithium. Lithium sulfate is an intermediate product that can be further smelted into high-grade materials, such as lithium hydroxide or lithium carbonate, which are used in battery manufacturing. During a media briefing, Chitando stated, "The country now has the capacity to process, so all exports of lithium concentrates will be banned from January 2027." In 2023, Zimbabwe granted lithium miners a grace period to submit plans for local smelter construction by March 2024, but its stance softened due to the decline in lithium prices.

In recent years, the significant fluctuations in lithium prices have subjected enterprises across the industry chain to a rollercoaster of experiences, encompassing both the "sweet and bitter" aspects of the world.

In recent years, the significant fluctuations in lithium prices have subjected enterprises across the industry chain to a rollercoaster of experiences. Although lithium prices are no longer as high as they once were, 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" (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 South American lithium-related enterprises, toured local lithium mines and material companies, and held discussions with company executives from May 15 to May 26, 2025, to explore potential opportunities in lithium resource development, technological exchanges, and investment cooperation. On May 15, SMM and the delegation members headed to the Undersecretariat of Mining Development of Argentina for in-depth exchanges. Company Profile SMM and the delegation members visited the Undersecretariat of Mining Development of Argentina, where they were warmly received by Dr. MARIO R. THIEM, the Undersecretary of Mining Development at the Ministry of Economy, and his team, who provided a detailed introduction to their business development. The Undersecretariat of Mining Development of Argentina (Subsecretaría de Desarrollo Minero) is a key institution under the Ministry of Economy (Ministerio de Economía) responsible for formulating and implementing national mining development policies. The department is dedicated to promoting mining investment by designing and executing policies and action plans that cover all stages of mining projects, actively attracting domestic and overseas investors. It also provides comprehensive information support to potential investors, including legal, geological, mining rights, and project background details, to facilitate investment decisions. Meanwhile, the institution strictly supervises and enforces national laws and regulations related to mining activities to ensure industry compliance. Additionally, the Undersecretariat coordinates the effective implementation of mining policies between national and provincial governments and promotes cooperation among institutions such as the Federal Mining Commission (COFEMIN). To foster sustainable development, the department also actively collaborates with international and multilateral institutions to promote the implementation of best practices in the mining sector, including the promotion of environmental and social responsibility standards. The current Undersecretary, Mario Ricardo Thiem, is a lawyer with extensive experience in the energy industry. He previously served as the manager of the legal department at YPF (Yacimientos Petrolíferos Fiscales), Argentina's national oil company, and held various job titles at Chevron from 2005 to 2011. Additionally, he led the MRT LLC consulting firm, providing advisory services to US oil and natural gas companies operating in Latin America. During the presidency of Mauricio Macri, Mr. Thiem served as a director of IEASA (Integración Energética Argentina S.A.). This institution plays a central role in the formulation and implementation of Argentina's mining policies, particularly in attracting foreign direct investment, advancing mining projects, and promoting environmental and social responsibility. Its goal is to drive the country's economic growth and social progress through sustainable mining development. Group Photo After the Field Trip Following the visit, SMM and the field trip delegation took a group photo with Dr. MARIO R. THIEM, the Undersecretary of Mining Development at the Ministry of Economy, and his team, to strengthen their cooperative friendship and foster deeper exchanges and collaborations in the future! Through this field trip and survey, SMM and the delegation gained a deeper understanding of the operations of the Undersecretariat of Mining Development of Argentina, as well as a more profound insight into the market status, development trends, and existing challenges of the lithium battery industry in South America. They will continue to deepen cooperation with major enterprises to achieve complementary advantages and promote the development of the lithium battery industry.

In recent years, the significant fluctuations in lithium prices have subjected enterprises across the industry chain to a rollercoaster of experiences. Although lithium prices have long since lost their former glory, the development prospects of the new energy industry chain remain bright under the advocacy of the global low-carbon economy, and the importance of lithium resources has become increasingly prominent. As one of the regions with the most abundant lithium resources globally, South America, particularly the "Lithium Triangle" region (Bolivia, Argentina, and Chile), holds over 55% of the world's proven lithium resources. Therefore, 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 South American lithium-related enterprises, toured local lithium mines and material companies, and held discussions with company executives from May 15 to May 26, 2025, to explore potential opportunities in lithium ore resource development, technological exchanges, and investment cooperation. On May 19, SMM and delegation members headed to Ganfeng Lithium for in-depth exchanges. Company Profile SMM and delegation members visited Ganfeng Lithium , where Yu Xingguo, the overall operational head of Minera Exar for the Cauchari-Olaroz project in Jujuy Province, warmly received the delegation and provided a detailed introduction to the company's business development. As a well-known lithium ore giant in China, Ganfeng Lithium Group's business spans the entire industry chain, from resource extraction, refining and processing, to battery manufacturing and recycling. Its products are widely used in electric vehicles, energy storage systems (ESS), 3C products, chemicals, and pharmaceuticals. The group's lithium ore resources are distributed globally, and it possesses industrialised technologies for "lithium extraction from brine," "lithium extraction from ore," and "lithium extraction from recycling." It has sufficient capacity for lithium compounds and lithium metal, with multiple production sites at home and abroad. It also boasts complete battery manufacturing and recycling technologies, providing sustainable value-added solutions for battery producers and EV manufacturers. MineraExar is a mining and exploration company in Argentina, established in 2006. It is a joint venture composed of Ganfeng Lithium (46.66%), Lithium Americas (43.04%), and Jujuy Energía y Minería Sociedad del Estado (JEMSE) (85%), dedicated to the development and production of lithium carbonate at the Cauchari-Olaroz salt lake in Jujuy Province. Ganfeng Lithium's Argentine salt lake project generally adopts the traditional salt lake pond evaporation process, ultimately producing lithium chloride (Mariana project) or lithium carbonate through chemical treatments such as potassium, calcium, and magnesium removal. The company stated that due to significant fluctuations and high uncertainty in the Argentine government's policies, it is not currently considering implementing in-depth integrated construction. Downstream customers have not yet been fully confirmed, and the company may adopt direct sales of industrial-grade lithium carbonate, with customers responsible for terminal purification. The Mariana project is expected to commence production in July 2025, directly producing lithium chloride instead of following the lithium carbonate route. The second-phase project is still in the pilot stage, with full-scale construction not yet initiated. Other technical routes, including direct lithium extraction (DLE), are being evaluated. The project is planned to have an annual production capacity of 20,000 mt of lithium chloride, while the Zijin Salt Lake project is planned to have an annual production capacity of 25,000 mt of lithium carbonate, with production expected to gradually commence next month. On the cost side, the cash cost of producing lithium carbonate is approximately $7,000/mt. The domestic cost of processing industrial-grade lithium carbonate into battery-grade lithium carbonate is approximately 3,000 yuan/mt. After the launch of PV power generation, electricity costs will be reduced by 70%, with the proportion of power costs in total costs decreasing from 30% to 10%. If the price of lithium carbonate remains between $9,000 and $10,000 per mt, the factory's operating rate can be maintained at a high level. Regarding product exports, third-party certification (such as SGS) is required, and the Argentine government dynamically sets minimum export prices based on international market conditions. The price difference between industrial-grade lithium carbonate and battery-grade lithium carbonate is based on SGS certification and has not yet been fully confirmed. Group photo during the field trip After the visit, SMM and the field trip members took a group photo together with Ganfeng Lithium to strengthen their cooperation and friendship, believing that there will be deeper exchanges and cooperation in the future! Through this field trip and survey, SMM and the field trip members gained a deeper understanding of Ganfeng Lithium's development, as well as a more profound knowledge of the market status, development trends, and existing issues in the South American lithium battery industry. They will continue to deepen cooperation with major enterprises to achieve complementary advantages and promote the development of the lithium battery industry.

The company is advancing the Phase III 'High-Grade Lithium Battery New Energy Materials Production Line Construction Project' of Ya'an Lithium Industry. In 2024, it completed the construction and commissioning of a 30,000 mt lithium carbonate production line. Currently, it is constructing a 30,000 mt lithium hydroxide production line. It is expected that by the end of 2025, the company's comprehensive capacity for lithium chemicals will reach nearly 130,000 mt," Yahua Group revealed recently when accepting a survey from investment institutions.

[Rio Tinto and Codelco Collaborate on Lithium Project] Rio Tinto and Codelco signed a binding agreement to establish a joint venture for the development and operation of a high-grade lithium project at the Maricunga Salt Lake in Chile. This agreement is the next step in a broader strategic partnership aimed at strengthening the positions of Rio Tinto and Chile as major suppliers of materials for the global energy transition. The Maricunga Salt Lake is a large lithium resource base in the Atacama region, with potential for scalable, long-life, and low-cost production. Its brine has one of the highest average lithium grades in the world. Under the agreement, Rio Tinto will acquire a 49.99% stake in the Maricunga Salt Lake company, which holds Codelco's licenses and mining rights at the Maricunga Salt Lake, by funding research and development costs. Rio Tinto will invest: $350 million in initial funding for further research and resource analysis to advance the project until the final investment decision. Once the decision to proceed is made, $500 million will be invested in the company for construction costs. These milestones, depending on further research, are expected to be achieved by the end of this decade. If the joint venture achieves its target of first lithium delivery by the end of 2030, $50 million will be invested in the company. Partners will provide further funding needs based on their shareholding in the joint venture. The joint venture will focus on deep engagement with local communities, support the development of infrastructure such as power and roads, and apply leading extraction, processing, and reinjection technologies to the project to maximize mineral recovery and minimize environmental impact. The transaction is expected to be completed by the end of Q1, subject to obtaining all applicable regulatory approvals and meeting other customary closing conditions. Source: junior mining network [Arizona Lithium Approved to Launch Saskatchewan's First Lithium Brine Project] Arizona Lithium (ASX: AZL) has received approval to commence the first phase of production at its Prairie Lithium Brine Project in Saskatchewan, the first such project in the province. The permit granted by the provincial Department of Energy and Resources paves the way for the production of 150 mt of LCE annually using direct lithium extraction (DLE) technology. Arizona Lithium's share price has fallen 40% this year, dropping to $0.6 per share in Sydney, reflecting multiple capital raises and share dilution to approximately 4.5 billion shares. The company's market capitalization is $27 million. This downturn is in line with broader issues in the lithium industry, including falling lithium prices and investor caution towards early-stage companies. The LCE price plummeted from nearly $80,000/mt at the end of 2022 to less than $10,000/mt this year, a drop of 86%, due to supply surplus and weakening demand from EV manufacturers. The project is located in the Williston Basin of Saskatchewan, using traditional oil and natural gas drilling and completion methods to extract lithium-rich brine from approximately 2.3 kilometers underground. The approval comes as momentum builds for lithium brine projects in the prairie region. EMP Metals (CSE: EMPS) is also advancing a lithium brine project in Saskatchewan, while E3 Lithium (TSXV: ETL) and Volt Lithium (TSXV: VLT) are conducting similar projects in neighboring Alberta. The updated resource model based on data collected last year shows that Prairie's indicated resources have increased from 4.5 million mt LCE to 4.6 million mt LCE. The company stated that the annual producible indicated resources surged by 120%, from 7,700 mt LCE to 17,000 mt LCE. Southeastern Saskatchewan in Canada boasts the highest-grade lithium brine in the country. The project reported an average lithium concentration of 98 mg per liter in its resource base, with some wells reaching as high as 259 mg per liter—the highest ever recorded in Canada. Arizona Lithium is also advancing its Big Sandy Lithium Project in Arizona. Source: mining.com [Argentina Approves Rio Tinto's $2.5 Billion Lithium Mine Project] The Argentine government on Tuesday approved a $2.5 billion lithium mine project by Anglo-Australian giant Rio Tinto, marking the first mining project approved under a new investment incentive mechanism. The country's Mining and Energy Coordination Secretary, Daniel González, announced at a meeting in the capital Buenos Aires that Rio Tinto's Rincón project in the northern province of Salta has been approved under the RIGI incentive program. Since the RIGI program was launched nine months ago, the Argentine mining sector has expressed concerns over delays in the approval of seven projects submitted to the government. "We are grateful for this, as there has been strong anxiety regarding the RIGI situation in mining," said Roberto Cachola, head of the Argentine CAEM Mining Chamber, at the meeting. "This is significant news." The government of libertarian President Javier Milei is seeking to boost the mining sector in the South American country to attract much-needed foreign currency and maintain economic stability, as the country faces painful levels of inflation. Argentina is the world's fourth-largest lithium supplier, forming the so-called "Lithium Triangle" with Chile and Bolivia, and possesses the world's largest reserves of the white metal used in electronics, EVs, and other critical technologies. This South American country also exports gold and silver and has several significant copper mine projects in the pipeline, although none have yet commenced production. Other companies applying for mining projects under the RIGI program include China's Ganfeng, Canada's McEwen Copper, and South Korea's POSCO. Five of the projects are related to lithium mines, while the remaining two are focused on gold and copper mines. However, as of Tuesday, only Rio Tinto's project has been approved, despite regulations requiring decisions to be made within a maximum of 45 working days. Source: mining.com [Zimbabwe Lithium Exporters Seek to Delay Export Tax Until 2027] Zimbabwean miners are urging the government to postpone the export tax on lithium concentrates until the country's refineries capable of producing higher-value products become operational. The Zimbabwe Lithium Exporters Association, representing companies such as Chengxin Lithium Group, has requested the Ministry of Mines and Finance to delay the 5% tax aimed at promoting domestic refining industry development by two and a half years. In recent years, Zimbabwe has rapidly become a key supplier of lithium concentrates to Chinese refineries following billions of dollars in investments by companies like Chengxin, Zhejiang Huayou Cobalt, and Sinomine Resource Group in developing mines in the country. According to relevant data, last year Zimbabwe supplied approximately 14% of China's lithium imports. The Zimbabwe Lithium Exporters Association stated in a document seen by Bloomberg that the government considers lithium concentrates as unprocessed or "non-value-added" products and should suspend the export tax until the lithium sulfate production plant, expected to be completed and operational by 2027, is finished. This higher-value product will then be shipped to China for further processing into battery-grade materials. The group also complained that Zimbabwe calculates the royalties companies should pay based on the higher-value lithium carbonate price rather than the price of the ore actually produced in the country. Source: mining.com

At the beginning of this week, lithium ore prices continued to decline WoW. In terms of spodumene, on the supply side, despite some sentiment to stand firm on quotes from overseas mines, there was downward pressure on shipments, leading to a reduction in quoted prices. On the trading side, due to inventory pressure and capital turnover issues, quoted prices were also lowered. On the demand side, given the current low lithium chemicals prices, the downstream psychological price level continued to decline, resulting in weak purchase willingness for lithium ore priced above CIF USD 700/mt. Overall, amid the current fluctuations in the spot and futures markets for lithium carbonate, both sellers and buyers in the lithium ore market were mostly in a wait-and-see mood, with mediocre trading activity. Considering the changing trend of lithium carbonate and the recent cost reduction efforts of overseas lithium mines, there is an expectation that lithium ore prices will weaken to some extent. On the lepidolite side, as lithium carbonate prices continue to decline, the price level that buyers can accept for lepidolite has also been decreasing, leading to a downward trend in quoted prices from traders and driving market prices down.