Core Viewpoint - Ganfeng Lithium's stock has increased by over 3%, reaching HKD 55.9, following the announcement of a significant development in its joint project with Lithium Argentina [1] Group 1: Project Development - On November 10, Ganfeng Lithium announced that the Salta Province's Mining and Energy Secretariat in Argentina has issued the Environmental Impact Assessment Report (DIA) for the joint project, marking a critical advancement [1] - The joint project is planned to submit an application for the Large Investment Incentive Regime to the Argentine government in the first half of 2026, aiming to secure local government support and fiscal incentives [1] - The project is designed with an annual production capacity of approximately 150,000 tons of Lithium Carbonate Equivalent (LCE), to be developed in three phases, with a lifespan of 30 years [1]

Group 1 - Morgan Stanley upgraded Ganfeng Lithium's A-share rating to Neutral with a target price of 65 yuan, indicating a potential decline of 6.3% from the previous rating of Underweight [1] - Morgan Stanley upgraded Tianqi Lithium's A-share rating to Neutral with a target price of 54 yuan, indicating a potential decline of 6.1% from the previous rating of Underweight [1] Group 2 - Ganfeng Lithium (01772.HK) and Lithium Argentina made significant progress in their joint development project [1] - Tianqi Lithium (002466) is expected to see performance recovery driven by the release of new production capacity [1]

Core Viewpoint - JPMorgan has upgraded Ganfeng Lithium's A-share rating to Neutral [1] Company Summary - Ganfeng Lithium is recognized as a significant player in the lithium industry, which is crucial for battery production and electric vehicles [1] Industry Summary - The lithium market is experiencing fluctuations, impacting companies like Ganfeng Lithium, which are heavily involved in the supply chain for electric vehicle batteries [1]

Core Viewpoint - Ganfeng Lithium has made significant progress in the development of the PPGS lithium salt lake project in Argentina, receiving an environmental impact assessment report, which is a key milestone for the project [1] Group 1: Project Development - The PPGS lithium salt lake project is set to submit a large-scale investment application to the Argentine government in the first half of 2026 to gain local government support and fiscal incentives [1] - The integrated PPGS lithium salt lake project has approximately 15.07 million tons of LCE proven and controlled resources, making it one of the largest undeveloped lithium brine resources [1] - The project is designed for an annual production capacity of about 150,000 tons of LCE, with a lifespan of 30 years, and will be developed in three phases [3] Group 2: Financial Support and Ownership Structure - Ganfeng International and LAR hold 67% and 33% of Millennial Lithium Corp, respectively, and jointly own the PPGS lithium salt lake project [2] - Ganfeng Lithium is providing LAR with financial support of up to $130 million over six years, secured by LAR's equity in Millennial, to fund the development of the PPGS project [2] Group 3: Operational Efficiency and Technology - The project will utilize Ganfeng Lithium's direct lithium extraction process and solar evaporation pond technology to enhance production efficiency, reduce freshwater consumption, and improve product consistency and quality [3] - The project retains flexibility in product pathways, allowing customization of final lithium products based on market conditions and specifications [3] Group 4: Financial Performance - Ganfeng Lithium reported a revenue of 6.249 billion yuan for Q3 2025, a year-on-year increase of 44.10%, and a net profit attributable to shareholders of 557 million yuan, up 364.02% year-on-year [3] - For the first three quarters, the company achieved a revenue of 14.625 billion yuan, a 5.02% increase year-on-year, and turned a profit with a net profit of 25.52 million yuan [3] - The significant growth in Q3 performance was attributed to increased fair value gains from financial assets and profits from the disposal of energy storage stations and joint ventures, despite operational cash flow being pressured by falling lithium prices [3]

Core Viewpoint - Ganfeng Lithium (01772) has made significant progress in its joint development project with Lithium Argentina, receiving the Environmental Impact Assessment Report (DIA) from the Salta Province's Mining and Energy Secretariat, which is a crucial step for the project [1] Group 1: Project Development - The joint project aims to submit an application for the Regimen de Incentivo para Grandes Inversiones to the Argentine government in the first half of 2026 to gain local government support and fiscal incentives [1] - The project is designed with an annual production capacity of approximately 150,000 tons of Lithium Carbonate Equivalent (LCE) and will be developed in three phases over a lifespan of 30 years [1] Group 2: Cost Estimates - The average operating cost for the project at an annual production of 150,000 tons of LCE is estimated to be $5,027 per ton, which includes mining and processing costs of $4,026, management fees of $98, and other costs of $664 [1] - For the first phase with an annual production of 50,000 tons of LCE, the average operating cost is estimated at $5,344 per ton, with mining and processing costs of $4,228, management fees of $154, and other costs of $707 [1] Group 3: Technology and Efficiency - The project will utilize the company's direct lithium extraction process combined with solar evaporation pond technology, aimed at improving production efficiency, reducing freshwater consumption, and enhancing product consistency and quality while significantly lowering production costs [1] - The project retains flexibility in product pathways, allowing customization of the final lithium product based on off-take specifications and market conditions [1]

Core Viewpoint - Ganfeng Lithium has made significant progress in its joint development project with Lithium Argentina, receiving the Environmental Impact Assessment Report from the Salta Province government, which is a crucial step for the project [1] Group 1: Project Development - The joint project plans to submit an application for the Large Investment Incentive Regime to the Argentine government in the first half of 2026 to gain local government support and fiscal incentives [1] - The project utilizes direct lithium extraction technology and solar evaporation pond techniques, aiming to enhance production efficiency and reduce freshwater consumption [1] Group 2: Production and Quality - The project is expected to improve product consistency and quality while significantly lowering production costs [1] - It retains flexibility in product pathways, allowing customization of the final lithium products based on off-take specifications and market conditions [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 就因本公告全部或任何部份內容而產生或因依賴該等內容而引致的任 何 損 失 承 擔 任 何 責 任。 （於中華人民共和國註冊成立之股份有限公司） （股份代號：1772） 進展公告 須予披露及關連交易 關於本公司與Lithium Argentina共同開發合併項目 茲提述(i)江 西 贛 鋒 鋰 業 集 團 股 份 有 限 公 司（「本公司」）日 期 為2025年8月 12日 關 於 組 建 合 資 企 業、合 資 夥 伴 通 過 資 產 注 入 進 行 收 購 及 提 供 財 務 資 助 的 須 予 披 露 及 關 連 交 易 的 公 告（「該公告」）。除 非 另 有 定 義，本 公 告 所 用 詞 彙 與 該 等 公 告 所 界 定 者 具 有 相 同 涵 義。 項目進展情況 | 資源類別 | | | | | | Pastos Grandes | | | | | --- | --- | --- | --- | --- | --- | ...

Core Viewpoint - Ganfeng Lithium has made significant progress with its PPGS lithium salt lake project in Argentina, as the environmental impact assessment report has been issued by the Salta Province's Mining and Energy Secretariat [1] Group 1 - Ganfeng Lithium's PPGS lithium salt lake project has received the Environmental Impact Assessment Report (DIA) [1]

Core Insights - Ganfeng Lithium announced significant progress in the development of the PPGS lithium salt lake project in Argentina, having received the Environmental Impact Assessment Report from local authorities [1] - The project is set to submit a large-scale investment application in the first half of 2026 [1] - Ganfeng International and LAR hold 67% and 33% equity stakes in Millennial, respectively [1] Project Details - The project has approximately 15.07 million tons of LCE (Lithium Carbonate Equivalent) proven and controlled resources [1] - The designed annual production capacity is around 150,000 tons of LCE, with construction planned in three phases [1] - The average operating cost for producing 150,000 tons of LCE per year is $5,027 per ton, while the first phase, with an annual output of 50,000 tons of LCE, has an operating cost of $5,344 per ton [1]

证券代码：002460 证券简称：赣锋锂业 编号：临2025-133 江西赣锋锂业集团股份有限公司 关于公司与LAR共同开发PPGS锂盐湖的进展公告 本公司及其董事会全体成员保证公告内容真实、准确和完整，无 虚假记载、误导性陈述或者重大遗漏。 一、项目进展情况 江西赣锋锂业集团股份有限公司（以下简称"公司"或"赣锋 锂业"）于2025年8月12日召开第六届董事会第四次会议审议通过了 《关于赣锋国际与LAR共同整合合资公司并为LAR提供财务资助的 议案》。同意GFL International Co.,Ltd（以下简称"赣锋国际"）与 Lithium Argentina AG （ 以 下 简 称 " LAR " ） 共 同 开 发 阿 根 廷 Pozuelos-Pastos Grandes盐湖盆地，通过整合Millennial，将公司全资 持有的PPG锂盐湖项目，双方共同持有的PG锂盐湖项目以及Puna锂 盐湖项目整合至Millennial旗下（三个盐湖项目整合后统称"PPGS 锂盐湖项目"）。整合完成后，赣锋国际和LAR将分别持有 Millennial67%和33%的股权，并按份额共同持有PPGS锂盐湖项目。 ...