Core Viewpoint - The company has received a construction permit for a lithium-boron mining project, which is expected to enhance its production capacity and competitive edge in the industry [1] Group 1: Project Details - The construction permit was issued by the Housing and Urban-Rural Development Bureau of Ge'ermu County [1] - The project is named "Lithium-Boron Mining Project in the Mali Cuo Salt Lake Mining Area, Tibet Autonomous Region" [1] - The construction area is 106,900 square meters, with a contract duration from July 1, 2025, to October 28, 2026 [1] Group 2: Strategic Implications - The acquisition of the construction permit is beneficial for expanding the company's lithium extraction capacity from salt lakes [1] - This development aligns with the company's strategic goals and serves the interests of all shareholders [1]

藏格矿业股份有限公司 2025 年第二次临时股东会 会 议 资 料 2025 年 7 月 8 日 藏格矿业 2025 年第二次临时股东会会议材料 藏格矿业股份有限公司 2025 年第二次临时股东会会议材料目录 | 2025 | 年第二次临时股东会会议须知 1 | | --- | --- | | 2025 | 年第二次临时股东会会议议程 3 | | 2025 | 年第二次临时股东会会议议案 5 | | | 议案一：关于公司与紫金矿业集团财务有限公司签订《金融服务协议》的议案 6 | | | 议案二：关于公司及全资子公司申请银行综合授信业务并提供担保的议案 7 | | | 议案三：关于修订《独立董事工作规则》的议案 8 | | | 议案四：关于修订《董事及高级管理人员薪酬绩效管理制度》的议案 9 | 藏格矿业 2025 年第二次临时股东会会议材料 2025 年第二次临时股东会会议须知 为维护全体股东的合法权益，确保 2025 年第二次临时股东会（以下简称 "股东会"）的正常秩序和议事效率，保证股东会的顺利进行，根据中国证监 会相关法律法规、深圳证券交易所业务规则以及《藏格矿业股份有限公司章程》 等规定，特制定本须 ...

证券代码：000408 证券简称：藏格矿业 公告编号：2025-060 藏格矿业股份有限公司 关于变更2025年第二次临时股东会现场会议召开地点 暨会议召开的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示：藏格矿业股份有限公司（以下简称"公司"）2025 年第二次临 时股东会现场会议召开地点变更为：青海省格尔木市昆仑南路 15-02 号 14 楼会 议室；登记地点变更为：青海省格尔木市昆仑南路 15-02 号 11 楼董事会办公室。 敬请投资者注意。 公司拟于 2025 年 7 月 8 日（星期二）召开公司 2025 年第二次临时股东会， 具体内容详见公司2025年6月23日披露于巨潮资讯网（http://www.cninfo.com.cn/） 的《关于召开 2025 年第二次临时股东会的通知》（公告编号：2025-056）。 现因会务安排调整，公司决定将 2025 年第二次临时股东会现场会议召开地 点变更为青海省格尔木市昆仑南路 15-02 号 14 楼会议室，同时将登记地点变更 为青海省格尔木市昆仑南路 15-02 号 11 楼董事会 ...

Core Viewpoint - The potassium fertilizer market is experiencing a price increase due to the signing of large contracts and a shortage of supply, with domestic prices approaching earlier highs in 2023 [1] Price Trends - As of late June, the benchmark ex-factory price for domestic salt lake potassium chloride (60% KCl) is 2700 CNY per ton, an increase of 100 CNY per ton from the previous month, nearing the year's high points from February and March [1] - The market price for potassium fertilizer in Laos has also risen, reaching approximately 3150 CNY per ton by the end of June, which is an increase of over 150 CNY per ton prior to the signing of large contracts [1] - Some distributors are quoting prices as high as 3350 CNY per ton, matching the year's peak [1]

Group 1 - The core index of the petrochemical industry, the China Securities Petrochemical Industry Index, rose by 0.37% to 1009.79 points with a trading volume of 11.339 billion yuan on July 1 [1] - Over the past month, the index has increased by 2.08%, but it has decreased by 2.96% over the last three months and by 4.36% year-to-date [1] - The index is designed to reflect the overall performance of listed companies in key industries such as steel, shipping, petrochemicals, textiles, light industry, equipment, and logistics, with a base date of December 31, 2008, set at 1000.0 points [1] Group 2 - The top ten holdings in the China Securities Petrochemical Industry Index include Wanhua Chemical (9.98%), China Petroleum (9.61%), China Petrochemical (8.1%), and others [1] - The index's market composition shows that 70.15% of holdings are from the Shanghai Stock Exchange, while 29.85% are from the Shenzhen Stock Exchange [1] - In terms of industry composition, raw materials account for 75.54% and energy for 24.46% of the index holdings [1] Group 3 - The index sample is adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2] - Public funds tracking the petrochemical industry include various funds from Huaxia and E Fund, such as Huaxia China Securities Petrochemical Industry Link A and E Fund China Securities Petrochemical Industry ETF [2]

证券代码：000408 证券简称：藏格矿业 公告编号：2025-059 藏格矿业股份有限公司 关于第二期员工持股计划 首次受让股份非交易过户完成的公告 一、 二、 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 藏格矿业股份有限公司（以下简称"公司"）分别于 2025 年 3 月 28 日、2 025 年 4 月 18 日召开第九届董事会第十九次会议、第九届监事会第十三次会议 和 2024 年年度股东大会，审议通过了《关于公司〈第二期员工持股计划（草案）〉 及其摘要的议案》《关于公司〈第二期员工持股计划管理办法〉的议案》《关于 核实公司第二期员工持股计划之持有人名单的议案》（仅监事会审议）及《关于 提请股东大会授权董事会办理公司第二期员工持股计划有关事项的议案》。具体 内容详见公司在巨潮资讯网（https://www.cninfo.com.cn）披露的《第二期员工持 股计划》及其他相关公告。 公司本次员工持股计划已在中国证券登记结算有限责任公司深圳分公司开 立了证券账户。具体内容详见公司于 2025 年 5 月 9 日在巨潮资讯网（https://ww w.c ...

Summary of Lithium Industry Conference Call Industry Overview - The lithium industry has shown clear bottom signals, with carbonate prices dropping from 80,000 to 60,000 yuan, and stock prices demonstrating resilience against commodity price fluctuations. This situation mirrors the 2019 trend where stock prices rebounded ahead of commodity prices [2][4] - The supply increment for lithium has been revised down to 163,000 tons, leading to a balance between supply and demand. The demand for new energy vehicles and energy storage has exceeded expectations, with domestic new energy vehicle sales increasing by 44% year-on-year in the first half of the year, and energy storage bidding capacity increasing by 200% [1][12] Key Points on Supply and Demand - The cash cost of Australian lithium mines is concentrated between 560-600 USD, making it difficult to break through this level. The extraction costs from South American salt lakes are underestimated, with actual costs significantly higher than research costs [1][10] - The market for cathode materials has experienced significant destocking, particularly for lithium iron phosphate, which saw a production increase of 88% year-on-year from January to May [1][13] - The anticipated surplus for 2025 is around 100,000 tons, which is less than 8% of total demand, indicating a reasonable safety stock level [1][14] Price and Market Dynamics - The lithium carbonate price is expected to face challenges in exceeding 80,000 yuan, with a potential rebound of 20% to 30% in stock prices over the next six months [4][17] - The market is currently experiencing tight balance conditions, with potential unexpected increments in supply from July to August [3][15] - The recent price drop has not significantly affected stock prices, indicating a potential for gains when commodity prices rebound [3][17] Investment Recommendations - Recommended stocks for investment include Zhongkuang, Cangge, Yahua, and Yongxing, which have solid fundamentals and other business supports, making them attractive options during the current market phase [5][18] - The focus should be on companies with a strong safety net and solid fundamentals, as their market values reflect current profitable operations while their lithium business acts as a call option [5][17] Future Outlook - The demand for lithium is expected to remain strong, driven by the performance of new energy vehicles and energy storage, with significant growth in battery production and low inventory levels [11][14] - The overall sentiment in the market suggests that once the negative factors are priced in, a rebound in lithium prices is likely, supported by the balance between supply and demand [12][15]

Core Viewpoint - The approval of the Yulong Copper Mine Phase III expansion project by the Tibet Autonomous Region Development and Reform Commission marks a significant step in enhancing copper production capacity, increasing from 1,989,000 tons/year to 3,000,000 tons/year, aligning with national strategies for resource security and economic development [2][4]. Group 1: Project Developments - The Yulong Copper Mine's Phase III project has received approval, which will include the construction of a new 1,100,000 tons/year beneficiation plant and an increase in hydrometallurgical capacity from 300,000 tons/year to 1,000,000 tons/year [4][5]. - The project is estimated to require a total investment of 4.79 billion yuan [5]. - The Yulong Copper Mine is expected to produce between 180,000 to 200,000 tons of copper metal annually after the completion of the Phase III project [6]. Group 2: Supply Chain and Capacity - The Yulong Copper Mine, along with the ongoing construction of the Jilong Copper Mine Phase II, is set to create a combined short-term, medium-term, and long-term supply increase in copper resources [8]. - The Jilong Copper Mine Phase II is projected to reach a production capacity of 300,000 to 350,000 tons/year upon completion in late 2025 [8]. - The overall copper production capacity from the Yulong Copper Mine is expected to significantly increase, with the mine's production in 2024 estimated at 177,000 tons, of which 159,000 tons will come from Yulong [4][6]. Group 3: Industry Context and Players - The development of copper resources in Tibet is being accelerated, with major companies like Zijin Mining, Zangge Mining, Western Mining, and Hongda Co. Ltd. involved in the projects [2][11]. - Zijin Mining has increased its stake in Jilong Copper Mine to approximately 57% after acquiring control of Zangge Mining, enhancing its resource portfolio [12]. - The profitability of Jilong Copper and Yulong Copper is notable, with projected revenues and net profits for 2024 reaching 12.83 billion yuan and 6.26 billion yuan for Jilong, and 10.62 billion yuan and 5.41 billion yuan for Yulong, respectively [14].

Group 1 - The core focus of the news is the rapid advancement of the Mami Cuo salt lake project by Zangge Mining, which has received approval for its construction plans and technical routes after obtaining project approval [1] - The Mami Cuo salt lake project has a proven lithium chloride resource of approximately 250.11 thousand tons, equivalent to about 217.74 thousand tons of lithium carbonate [1][2] - The project is set to commence its first phase of construction in the third quarter of this year, with a construction period estimated to be between 9 to 12 months [1][2] Group 2 - The first phase of the Mami Cuo project aims for an annual production capacity of 50 thousand tons of lithium carbonate, with plans for a second phase to expand capacity to between 50 thousand and 80 thousand tons, pending government approval [2] - The project incorporates a unique brine modification process to address the challenges of aluminum-based adsorbents in Tibetan salt lake brine, while also ensuring a sustainable freshwater source [2] - Zangge Mining has set a target for the project's lithium extraction rate to be no less than 95%, balancing production efficiency and cost optimization [2] Group 3 - Zangge Mining is actively extending its operations upstream to enhance resource self-sufficiency, with potassium resources primarily sourced from the Chaqi Salt Lake and Laos potassium salt projects [3] - The long-term planned lithium salt production capacity for the Mami Cuo salt lake is 100 thousand tons, while the two salt lakes under Guoneng are projected to have a combined capacity of 130 thousand tons, contributing to a total potential lithium salt supply of approximately 300 to 400 thousand tons from various Tibetan salt lakes [3]

Group 1: Project Overview - The Ma Mi Cuo project is set to commence construction in Q3 2025, with a projected construction period of 9-12 months [3] - The project aims to achieve a production capacity of 50,000 tons of lithium carbonate annually, with a future expansion plan for an additional 50,000-80,000 tons [6] - The project will utilize advanced technologies, including intelligent control systems for remote operation, to reduce labor costs [4] Group 2: Financial Aspects - Resource tax is set at 5% of the sales price, while the income tax rate is estimated at 15% [3] - The project plans to recover 5,000 tons of lithium and 17,000 tons of boron as by-products in its first phase [5] - The market price for the adsorbent used in the project is currently 53,000 yuan per cubic meter, with an annual replacement rate of less than 5% [7] Group 3: Technical Innovations - The project incorporates a modified brine process to address the challenges of lithium extraction in Tibet, enhancing the efficiency of lithium recovery [3] - The target lithium recovery rate is set at a minimum of 95%, balancing efficiency and cost [7] - The project will implement cost control measures through optimized resource utilization and collaboration across the supply chain [7] Group 4: Environmental Considerations - The Ma Mi Cuo salt lake is located at an altitude of over 4,300 meters, with average temperatures ranging from -6 to 8°C, impacting production efficiency [8] - The project team has planned for maintenance during the coldest months to mitigate the effects of low temperatures on production [8] Group 5: Future Prospects - The long-term production capacity for the Ma Mi Cuo salt lake is projected to reach 100,000 tons, with additional resources from other salt lakes potentially increasing total lithium supply in Tibet to 300,000-400,000 tons [5]