Core Viewpoint - The company has entered into a framework agreement with its controlling shareholder, Likun Investment, to provide engineering construction services and materials, enhancing business flexibility and ensuring stable supply at competitive terms [1] Group 1: Agreement Details - The framework agreement will be effective from October 17, 2025, to December 31, 2027, allowing for ongoing provision of services and materials [1] - The decision to establish a framework agreement rather than a one-time agreement is seen as commercially advantageous for the company [1] Group 2: Company Background - The company operates across the entire nickel industry value chain [1] - Likun Investment, established on April 19, 2010, in China, is controlled by Cai Jianyong, who is also an executive director and a major shareholder of the company [1] - As of the announcement date, Likun Investment holds approximately 32.65% of the company's equity, making it the controlling shareholder [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Lygend Resources & Technology Co., Ltd. 寧波力勤資源科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2245） 有關工程建設服務及材料框架協議的持續關連交易 工程建設服務及材料框架協議 茲提述本公司日期為二零二四年三月二十日、二零二四年十月十四日及二零二五年一月 十日的公告，內容有關（其中包括）力勤投資的若干附屬公司向本公司的若干附屬公司提 供工程建設服務及材料。 鑒於本集團整體業務發展戰略及實現持續增長的業務規劃，董事會認為，與力勤投資訂 立框架協議，而非訂立一次性協議，於商業上屬有利，此舉既能通過有競爭力的條款保 障服務與物料的穩定優質供應，又能顯著提升業務安排的靈活性。 於二零二五年十月十七日，力勤投資與本公司訂立一份框架協議，據此，力勤投資及╱ 或其若干附屬公司及聯繫人將自二零二五年十月十七日起至二零二七年十二月三十一日 止期間不 ...

Lygend Resources & Technology Co., Ltd. 宁波力勤资源科技股份有限公司 （股份代號：2245） 董事名單與其角色和職能 宁波力勤资源科技股份有限公司 (⌈本公司 ⌋） 董 事 （ ⌈董 事 ⌋） 會 （ ⌈董事會 ⌋） 成員載列如下： 執 行 董 事 蔡建勇先生（主席） 費鳳女士 蔡建威先生 王淩先生 非 執 行 董 事 （於中華人民共和國註冊成立的股份有限公司） 何萬篷博士 張爭萍女士 王緝憲博士 職 工 代 表 董 事 余衛軍先生 董事會已成立四個委員會，並制定有關職權範圍。該等委員會的成員資料載 列如下： 審核委員會 張爭萍女士（主席） 何萬篷博士 王緝憲博士 薪酬委員會 Lawrence LUA Gek Pong先 生 獨立非執行董事 環境、社會和管治委員會 蔡建勇先生（主席） 錢峰先生（非董事） 禹海先生（非董事） 廖正權先生（非董事） 劉煊亮先生（非董事） 齊輝先生（非董事） 王多冬先生（非董事） 石文堂先生（非董事） 蔡建松先生（非董事） 蔡曉鷗女士（非董事） 王崇鋒女士（非董事） 何萬篷博士（主席） 張爭萍女士 余衛軍先生 提名委員會 張爭萍女士（主席） ...

Group 1 - JPMorgan increased its stake in Liqin Resources (02245) by acquiring 3,280,264 shares at a price of HKD 26.2808 per share, totaling approximately HKD 86.208 million [1] - After the acquisition, JPMorgan's total shareholding in Liqin Resources reached 33,084,800 shares, representing a 6% ownership stake [1]

Core Viewpoint - JPMorgan has increased its stake in Liqian Resources (02245) by acquiring 3,280,264 shares at a price of HKD 26.2808 per share, totaling approximately HKD 86.208 million, raising its total holdings to 33,084,800 shares, which now represents 6% of the company [1] Summary by Category - **Share Acquisition** - JPMorgan purchased 3,280,264 shares of Liqian Resources at HKD 26.2808 per share [1] - The total investment amounts to approximately HKD 86.208 million [1] - **Ownership Structure** - After the acquisition, JPMorgan's total shareholding in Liqian Resources is now 33,084,800 shares [1] - This represents a 6% ownership stake in the company [1]

Core Viewpoint - The recent quota policy from the Democratic Republic of Congo (DRC) has established a total quota of 96,600 tons for cobalt exports, with a base quota remaining unchanged at 87,000 tons, impacting major companies in the industry [1][2]. Quota Distribution - The quota distribution is as follows: - Luoyang Molybdenum Company (Luoyang Moly) received 36% of the quota, equating to an annualized 31,200 tons - Glencore received 22%, or 18,800 tons - Eurasian Resources received 12%, or 10,000 tons - The local company EGC received 6.5%, or 5,640 tons - Other Chinese companies such as Northern Mining received 5.5% (4,800 tons), Shengton Mining 2% (1,680 tons), and Huayou Cobalt 1.24% (1,080 tons) [2][3]. Policy Implications - The quota allocation aligns with expectations based on historical export volumes from January 1, 2022, to December 31, 2024, although the allocation for EGC is notable given its lack of past exports [3]. - The introduction of a 10% royalty fee on sales value for companies receiving cobalt export quotas is expected to significantly increase local revenue [3]. Market Outlook - The total quota of 96,600 tons represents a 56% decrease compared to last year's exports of nearly 220,000 tons, indicating a tighter supply-demand balance for cobalt [4]. - Current inventory levels are critical, with an estimated four months of supply across the industry chain, which could lead to increased price pressures as inventory is consumed [5]. Price Trends - As of October 13, cobalt prices have seen significant increases, with prices for cobalt sulfate, lithium cobalt oxide, and battery-grade cobalt rising by 40%, 38%, and 29% respectively from September 22 to October 13 [5]. Investment Recommendations - The industry is expected to experience upward price movement due to ongoing inventory depletion and low stock levels, with a long-term view suggesting a potential increase in cobalt price stability [5]. - Companies less affected by DRC policies, such as Huayou Cobalt and Likin Resources, as well as low-cost producers like Luoyang Moly, are recommended for investment [5].

Core Viewpoint - The recent transfer of shares in Liqin Resources (02245) indicates a strategic shift in shareholder interests, with a significant market value involved in the transaction [1] Group 1: Shareholder Activity - On October 14, Liqin Resources' shares were transferred from HSBC to CITIC Lyon Securities, with a market value of HKD 618 million, representing 4.09% of the company [1] Group 2: Production Capacity and Projects - Liqin Resources, in partnership with collaborators, is investing in nickel smelting production lines on Obi Island, Indonesia, with a planned total capacity of 120,000 tons of nickel and 14,000 tons of cobalt, with equity capacity of 69,000 tons of nickel and 8,200 tons of cobalt, expected to be fully operational by 2024 [1] - The first phase of the pyrometallurgical project has a capacity of 95,000 tons and is set to commence production in 2023, while parts of the second phase are expected to start in the first half of 2025, with full production by 2026, increasing total capacity to 280,000 tons and equity capacity to 155,000 tons, showcasing significant production flexibility [1]

Group 1 - The core point of the article highlights the transfer of shares of Liken Resources (02245) from HSBC to CITIC Securities, with a market value of HKD 618 million, representing 4.09% of the total shares [1] Group 2 - Minsheng Securities reports that Liken Resources is collaborating with partners to invest in nickel smelting production lines on Obi Island, Indonesia, with a planned wet process capacity of 120,000 tons of nickel and 14,000 tons of cobalt, and an equity capacity of 69,000 tons of nickel and 8,200 tons of cobalt, expected to be fully operational by 2024 [1] - The company has a pyrometallurgical project with a phase one capacity of 95,000 tons, which is set to commence production in 2023, while part of the phase two production lines is expected to be operational in the first half of 2025, with full production by 2026, increasing total capacity to 280,000 tons and equity capacity to 155,000 tons, indicating significant production flexibility [1]

Group 1 - Hong Kong's Hang Seng Index fell by 3.49%, down 916 points, closing at 25,373 points, while the Hang Seng Tech Index dropped by 4.54%. The morning trading volume reached HKD 281.8 billion [1] - Jinli Permanent Magnet (06680) surged over 12% as a rare earth giant announced price increases, with institutions optimistic about the strengthening strategic position of rare earths [1] - Semiconductor stocks rose against the trend, with Huahong Semiconductor (01347) increasing by 3.6%, driven by escalating competition in the technology sector and multiple catalysts for the semiconductor industry [1] - Kingsoft (03888) saw a rise of over 18% at one point, closing up over 9%, as external frictions escalate, highlighting the trend towards self-controlled industries and investment opportunities in the Xinchuang sector [1] - Gold stocks mostly rose due to risk aversion, with spot gold breaking through USD 4,060. Zijin Mining International (02259) increased by 4.6%, and Chifeng Jilong Gold Mining (06693) rose by 2.5% [1] Group 2 - MicroPort Scientific-B (02252) rose over 2% as its commercialization process accelerated, with overseas orders exceeding 60 units [2] Group 3 - Liqin Resources (02245) increased by over 5% following the implementation of cobalt export quotas in the Democratic Republic of Congo [3] - China Merchants Energy (01138) rose over 4% due to seasonal demand and event disturbances, with institutions expecting stronger freight rates [3] - Domestic insurance stocks fell across the board, with Tianan Insurance announcing a debt default of CNY 5.3 billion, which institutions suggest may mark the beginning of market-driven risk pricing. New China Life Insurance (01336) fell by 5%, China Pacific Insurance (02328) by 3.9%, and China Taiping Insurance (02601) by 3.6% [3] Group 4 - Pharmaceutical stocks continued their recent downward trend, with Junshi Biosciences (01877) dropping nearly 10.6% and Kanglong Chemical (03759) falling over 9% [4] Group 5 - Apple-related stocks experienced significant declines, with Hongteng Precision (06088) dropping over 10%, as institutions stated that the impact of tariffs on the supply chain should not be overestimated [5]

Group 1 - The stock of Liqin Resources (02245) increased by over 8%, reaching 26.9 HKD, with a trading volume of 19.58 million HKD [1] - The Democratic Republic of Congo announced the lifting of the cobalt export ban on October 16, implementing annual export quota management, with a cap of 18,125 tons for the remainder of 2025 [1] - The DRC is the largest cobalt producer globally, accounting for 75.86% of the world's production in 2024 [1] Group 2 - Analysts predict that the DRC's export quota policy will lead to significantly lower global cobalt supply from 2025 to 2027, with shortages of 122,000 tons, 88,000 tons, and 97,000 tons respectively, potentially driving cobalt prices up [1] - Minsheng Securities noted that nickel prices are at a cyclical bottom with clear cost support, and the DRC's export ban has exacerbated domestic raw material shortages [2] - The company’s wet-process nickel production capacity is located in Indonesia, which is unaffected by the DRC's export restrictions, allowing it to benefit from rising cobalt prices [2]