Core Viewpoint - The U.S. government has announced its intention to acquire a minority stake in Lithium Americas, which is developing the Thacker Pass lithium project in Nevada, significantly impacting the company's stock price and the U.S. lithium supply chain [1][2][6]. Group 1: Government Involvement - U.S. Energy Secretary Chris Wright stated that the government will hold a 5% stake in Lithium Americas and its Thacker Pass project, which is expected to become a major source of lithium in the U.S. [2][6] - Following the announcement, Lithium Americas' stock surged over 40% in after-hours trading, later stabilizing at a 34.68% increase, with a year-to-date rise of 92% [2][6]. Group 2: Thacker Pass Project - The Thacker Pass lithium project is recognized as one of the largest known lithium deposits in the U.S., with operations expected to commence by the end of 2027 [1][6][8]. - The project aims to produce approximately 40,000 tons of battery-grade lithium carbonate annually, sufficient to power up to 800,000 electric vehicles [6]. Group 3: Strategic Importance - The Thacker Pass project is seen as a critical component in building a domestic lithium supply chain, aligning with the U.S. government's strategy to increase lithium production [8]. - The U.S. government has previously invested in other critical sectors, highlighting the strategic importance of lithium for national security [7]. Group 4: Ganfeng Lithium's Involvement - Ganfeng Lithium was previously the largest shareholder of Lithium Americas, holding a 19.9% stake through its subsidiary, but has since reduced its ownership to 6.86% as of 2024 [1][9]. - Ganfeng Lithium has a diversified portfolio of lithium projects globally, including significant resources in Australia and Argentina, totaling over 33.81 million tons of lithium carbonate equivalent (LCE) [9].

西藏矿业发展股份有限公司发布公告，其历时四年建设的西藏扎布耶盐湖绿色综合开发利用万吨电池级碳酸锂项目顺利完成120小时功能考核， 正式进入规模生产阶段，标志着该项目正式投产。有业内分析认为，该项目的产能释放，将显著提升国内锂资源自给率。 | 倒计时41天 | | --- | | CINE2025固态电池展暨固态电池行业年会 | | 主办单位： 起点固态电池、起点锂电、SSBA固态电池联盟 | | 协办单位及固态年会总冠名： 茹天科技 | | 活动时间： 2025年11月6-8日 | | 活动地点： 广州南沙国际会展中心（2楼船厅及广州厅） | | 活动规模： 展商规模200+、参会企业2000+、专业观众20000+ | | 同期活动： 2025起点固态电池金鼎奖颁奖典礼、SSBA固态电池产业联盟理事会 | | 第一批展商及赞助商： 金钠科技/茹天科技/海四达/融捷能源/易事特钠电/泰和科技/隐功科技/科迈罗/国科炭美/晟钠新能/中钠能源/乔岳智能/津工能源/科达新能/时 | | 代思康/富钠能源/极电特能/华普森/瑞扬新能源/亮见钠电/叁星飞荣/珠海纳甘新能源/皓升新能源/扬广科技/银川苏银产业园/兆钠新能 ...

Core Viewpoint - The discovery of the Asian lithium belt is expected to have a positive impact on the company's future development, particularly in securing stable lithium resources from the Zabuye salt lake [2]. Group 1 - The Zabuye salt lake provides the company with a long-term and stable lithium resource guarantee [2]. - The company is actively advancing the progress of its Phase II project [2].

Core Viewpoint - Tibet Mining (000762.SZ) emphasizes the long-term stable lithium resource assurance provided by the Zabuye Salt Lake and is actively advancing the progress of its Phase II project [1] Company Summary - Tibet Mining is focusing on the Zabuye Salt Lake for its lithium resource needs, which is crucial for its operations [1] - The company is currently making efforts to push forward the development of its Phase II project [1]

Report Title - Carbonate Lithium Daily Review 20250901: High Volatility, Protect Positions [2] Report Industry Investment Rating - Not provided Core View - On August 29, the main contract of carbonate lithium futures fluctuated within a range. The spot market trading was weak, and the premium widened. In the short - term, both supply and demand strengthened, the fundamentals changed little, and the market was still easily affected by news. It is expected that the price of carbonate lithium will fluctuate widely. It is recommended to conduct short - term range operations, protect positions by buying appropriate call options, or buy straddle options [3]. Summary by Related Catalogs 1. Market Data - **Futures Prices**: On August 29, the closing prices of near - month, continuous - one, continuous - two, continuous - three contracts and other contracts decreased compared with August 28, with decreases ranging from $780 - 1140$ yuan/ton [3]. - **Trading Volume and Open Interest**: The trading volume of carbonate lithium futures was 490,058 hands (- 315,527), and the open interest of active contracts was 346,605 hands (- 458) [3]. - **Inventory**: The inventory was 29,887 tons, an increase of 930 tons compared with August 28 [3]. - **Price Spreads**: The spreads between different contracts and different types of lithium products changed. For example, the spread between near - month and continuous - one contracts decreased by 140 yuan/ton [3]. - **Raw Material Prices**: The average prices of lithium spodumene concentrate and lithium mica increased, with increases of $5 - 150$ dollars/ton or yuan/ton [3]. - **Lithium Product Prices**: The average prices of most lithium products decreased, such as battery - grade carbonate lithium (- 350 yuan/ton) and battery - grade hydroxide lithium (- 80 yuan/ton) [3]. 2. Industry News - **IGO and Tianqi Lithium**: After incurring a loss of AUD 955 million (equivalent to USD 622 million) in the fiscal year ending June 2025, Australian producer IGO is negotiating with Tianqi Lithium about the future of their 24,000 - ton/year hydroxide lithium refinery in Kwinana, Australia. The two companies stopped the proposed 24,000 - ton/year refinery expansion project in January. The joint venture plans to produce 9,000 - 11,000 tons of hydroxide lithium in the 2025 - 26 fiscal year, higher than 6,782 tons in 2024 - 25 [3]. - **Codelco and SQM**: Chile's new economy minister Alvaro Garcia said that Codelco and local miner SQM are expected to finalize an important lithium cooperation agreement before the current government's term ends in 2026. The partnership will give Codelco majority control of SQM's lithium production business in the Atacama Salt Flats [3]. 3. Supply and Demand Analysis - **Supply**: Last week, the production of carbonate lithium decreased slightly, and the production of carbonate lithium from different raw materials changed little. The production capacity expansion of Greenbushes lithium spodumene concentrate is approaching completion, and the planned production in the 2025 - 26 fiscal year is 1.5 - 1.65 million tons, higher than 1.48 million tons in the previous year [3]. - **Demand**: Last week, the production of lithium iron phosphate and ternary materials increased. In August, the production schedule of cobalt - acid lithium decreased, and the production of manganese - acid lithium increased. The production of power batteries increased last week. In July, the year - on - year growth rate of new energy vehicle sales continued, but the month - on - month sales declined. The 3C shipments were average, and the production schedule of energy - storage batteries increased in August [3]. 4. Inventory Situation - The registered warehouse receipts were 29,887 tons (+ 930 tons), and social inventory was destocked. Refineries destocked, while downstream and other inventories were tight [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to gradually increase its own resource output, with significant performance elasticity contributed by lithium price increases in the second half of the year [1] - The company's Q2 performance met expectations, with a revenue of 8.38 billion yuan, down 12.6% year-on-year, and a net profit attributable to shareholders of -530 million yuan, up 30.1% year-on-year [9] - The company anticipates lithium salt sales to reach 160,000 to 180,000 tons in 2025, a year-on-year increase of approximately 30% [9] - The Goulamina lithium project in Mali is expected to contribute additional output in the second half of the year, while the Mariana project is gradually ramping up production [9] - The company forecasts a net profit attributable to shareholders of 434 million yuan in 2025, with a year-on-year growth of 120.93% [1][9] Financial Summary - Total revenue for 2023 is projected at 32.972 billion yuan, with a year-on-year decrease of 21.16% [1] - The net profit attributable to shareholders for 2025 is estimated at 434.1 million yuan, with a significant recovery from a loss of 2.074 billion yuan in 2024 [1] - The earnings per share (EPS) for 2025 is expected to be 0.22 yuan, recovering from -1.03 yuan in 2024 [1] - The company’s total assets are projected to reach 100.832 billion yuan in 2024, increasing to 118.668 billion yuan by 2027 [10]

Group 1 - The company Tianhua Xinneng holds multiple mining rights in Nigeria's Lasa Lawa State, specifically for lithium, and operates a beneficiation plant [2] - The company's subsidiary controls a mining company in the Democratic Republic of the Congo, responsible for project construction and operational management, with an estimated lithium (Li2O) resource of 25 million tons at an average grade of 1.36% [2] - The subsidiary Yichun Shengyuan obtained a mining license for a ceramic soil (containing lithium) mine in Jiangxi Province, which is currently in the preparatory development stage [2]

Group 1: Company Performance and Impact - The company plans to achieve a lithium carbonate production of 11,000 tons and sales of 11,000 tons in 2025 [3] - In the first half of 2025, the expected production is 5,350 tons, with sales of 4,470 tons, and a projected net profit of approximately 49 million yuan, which is a small proportion of the overall net profit [3] - The impact of the temporary suspension of lithium production is minimal on the company's overall performance, as other subsidiaries are operating normally [3] Group 2: Potash Production - The company plans to achieve a potash production of 1 million tons and sales of 950,000 tons in 2025, with operations proceeding as planned [3] - The company confirmed that the suspension of lithium resource development will not affect potash production [3] Group 3: Mining License and Project Updates - The renewal of the mining license is progressing smoothly, with documentation submitted to the Ministry of Natural Resources for pre-examination [4] - The Marmicuo project has officially obtained a mining license, with construction of the first phase expected to take 9-12 months [4]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The price of lithium carbonate is mainly supported by downstream purchases, but the production increase of cathode and battery factories in July is small, and the purchasing power mainly comes from traders with limited space. Due to the price rebound, the supply increase in July is large, deepening the oversupply situation and dragging down the price increase. There are no signs of production cuts in the ore segment. It is expected that as the purchasing pace slows down, the downward pressure on the futures price of lithium carbonate will intensify [2] 3. Summary According to Related Contents Lithium Compound Prices - The average price of SMM battery - grade lithium carbonate is 63,650 yuan/ton, with a daily increase of 350 yuan/ton; the average price of SMM industrial - grade lithium carbonate is 62,050 yuan/ton, with a daily increase of 350 yuan/ton [1] Lithium Ore Prices - The price of lithium spodumene concentrate (CIF China) is 673 dollars, with a daily increase of 7 dollars; the price of lithium mica (Li2O: 1.5% - 2.0%) is 830 dollars, with a daily increase of 10 dollars; the price of lithium mica (Li2O: 2.0% - 2.5%) is 1405 dollars, with a daily increase of 20 dollars; the price of phospho - lithium - aluminum stone (Li2O: 6% - 7%) is 4565 dollars; the price of phospho - lithium - aluminum stone (Li2O: 7% - 8%) is 5400 dollars, with a daily increase of 60 dollars [1][2] Cathode Material Prices - The average price of lithium iron phosphate (power type) is 31,030 yuan/ton, with a daily increase of 80 yuan/ton; the price of ternary material 811 (polycrystalline/power type) is 142,850 yuan/ton, with a daily increase of 70 yuan/ton; the price of ternary material 523 (single - crystal/power type) is 115,095 yuan/ton, with a daily increase of 140 yuan/ton; the price of ternary material 613 (single - crystal/power type) is 120,285 yuan/ton [2] Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 1600 yuan/ton; the price spread between battery - grade lithium carbonate and the main contract is 570 yuan/ton, with a change of - 530 yuan/ton; the price spread between the near - month and the first - continuous contract is 340 yuan/ton, with a change of 60 yuan/ton; the price spread between the near - month and the second - continuous contract is 20 yuan/ton, with a change of 500 yuan/ton [2] Inventory - The total weekly inventory of lithium carbonate is 140,793 tons, with an increase of 2446 tons. The weekly inventory of smelters is 58,598 tons, with a decrease of 292 tons; the weekly inventory of downstream is 40,765 tons, with an increase of 268 tons; the weekly inventory of others is 41,430 tons, with an increase of 2470 tons. The daily registered warehouse receipt is 13,191 tons, with a decrease of 90 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 62,936 yuan/ton, and the production profit is - 160 yuan/ton; the cash cost of purchasing lithium mica concentrate externally is 68,253 yuan/ton, and the profit is - 7005 yuan/ton [2] Industry News - Premier African Minerals, a London Alternative Investment Market (AIM) listed company, has completed the upgrade and transformation of the flotation plant of its Zulu lithium - tantalum mine project in Zimbabwe and restarted operations on July 6. The project covers an area of about 3.5 square kilometers and is 100% wholly - owned by Premier through its local subsidiary Zulu Lithium (Private) Limited [2] - Hunan has discovered 4.9 billion tons of lithium ore. The Jijiaoshan mining area in Linwu County, Chenzhou City, Hunan Province, has discovered a super - large altered granite - type lithium deposit, with a submitted lithium ore volume of 4.9 billion tons and a lithium oxide resource volume of 1.31 million tons. The deposit is also associated with multiple strategic minerals such as beryllium, tungsten, and tin [2]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - The company reported a revenue of 3.772 billion yuan in Q1 2025, representing a year-on-year decrease of 25.43% and a quarter-on-quarter decrease of 24.28%. The net profit attributable to the parent company was -356 million yuan, showing a year-on-year increase of 18.93% and a quarter-on-quarter increase of 75.18%. The net profit excluding non-recurring items was -242 million yuan, with a year-on-year increase of 4.72% and a quarter-on-quarter increase of 54.28% [2][4]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a gross profit of 489 million yuan, which is a decrease of 115 million yuan quarter-on-quarter. The average price of battery-grade lithium carbonate was 75,800 yuan per ton (including tax), down 0.5% quarter-on-quarter, while the average price of lithium concentrate was 834.4 USD per ton, up 5.8% quarter-on-quarter [10]. Resource Development - The company is entering a phase of accelerated resource release, with expectations for self-sufficiency to continue improving and production costs to decrease. The C-O salt lake is expected to produce 30,000-35,000 tons of LCE in 2025, with cost reductions anticipated through operational optimization. The Mali Goulamina lithium concentrate project is expected to contribute significantly starting from Q2 2025 [10]. Market Outlook - The company is expected to benefit from the recovery of its own resources, with a focus on solid-state batteries and energy storage as new performance support points. As lithium prices stabilize, the long-term value of the company is expected to become more apparent [10].