PresentationJenene ThomasJenene Thomas Communications, LLC Okay. We are ready to get started. I'd like to welcome everyone, and thank you for joining us today for today's live virtual Investor CEO Connect segment. My name is Jenene Thomas. I am CEO of JTC IR, and I will be the moderator for today's event. I'm very pleased to host American Resources Corporation. They are a leader in the critical mineral supply chain focused on building a secure, sustainable and domestically driven infrastructure and electrif ...

Core Insights - The article discusses the strategic importance of tungsten in military applications, highlighting that 80% of the world's tungsten is produced in China, which raises concerns for the U.S. regarding supply chain vulnerabilities [1][6]. Group 1: U.S. Strategic Moves - The U.S. is actively seeking alternative sources of tungsten outside of China, with a focus on Central Asia, particularly Kazakhstan, where a significant mining cooperation agreement has been signed [2][4]. - Cove Capital, a U.S. company, has acquired a 70% stake in a major tungsten mine in Kazakhstan, indicating a competitive move against Chinese interests [4]. - The U.S. aims to establish a new critical mineral supply chain, with Kazakhstan's tungsten mine being a key component in this strategy [6][9]. Group 2: Kazakhstan's Position - Kazakhstan is caught between major powers, balancing its economic ties with China, which accounts for 40% of its trade, and the emerging relationship with the U.S. [4][8]. - The country is under pressure to navigate its alliances carefully, especially in light of geopolitical tensions exemplified by the situation in Ukraine [4][8]. Group 3: Challenges and Considerations - The development costs of the Kazakhstan tungsten mine are estimated to be two to three times higher than those in China, raising questions about the economic viability for U.S. companies [11]. - Local environmental concerns are emerging, with protests anticipated against the mining operations, which could complicate the development process [11]. - The timeline for the mine to start producing tungsten is projected to take several years, creating uncertainty regarding U.S. policy continuity and investment [11][13]. Group 4: Future Implications - The article suggests that the competition for critical minerals like tungsten will intensify, with potential legislative moves in the U.S. to militarize critical mineral resources [13]. - China's advanced tungsten recycling technology and industry advantages are expected to mitigate short-term supply shortages, but the geopolitical landscape remains volatile [13].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints The report presents the latest data on the lithium carbonate market, including prices, trading volumes, and inventory levels, as well as industry news and a trend strength indicator [1][2][3]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Futures Data**: The 2511 contract had a closing price of 81,840 yuan, a trading volume of 31,283 lots, and an open interest of 18,705 lots. The 2601 contract had a closing price of 83,400 yuan, a trading volume of 829,117 lots, and an open interest of 532,871 lots [1]. - **Spot and Basis Data**: The spot price of battery - grade lithium carbonate was 80,000 yuan/ton, with a basis of - 1,840 yuan against the 2511 contract and - 3,400 yuan against the 2601 contract. The basis between the 2511 and 2601 contracts was - 1,560 yuan [1]. - **Raw Material Data**: The price of lithium spodumene concentrate (6%, CIF China) was 944 yuan, and the price of lithium mica (2.0% - 2.5%) was 2,180 yuan [1]. 3.2 Macro and Industry News - **Price Changes**: The SMM battery - grade lithium carbonate index price was 79,881 yuan/ton, up 674 yuan/ton from the previous trading day. The average price of battery - grade lithium carbonate was 80,000 yuan/ton, up 850 yuan/ton, and the average price of industrial - grade lithium carbonate was 77,800 yuan/ton, up 850 yuan/ton [2]. - **Production and Inventory**: This week's lithium carbonate production was 21,080 tons, a decrease of 228 tons from last week, and the industry inventory was 127,358 tons, a decrease of 3,008 tons from last week [3]. - **Auction News**: On the afternoon of October 30, the auction of Albemarle's lithium spodumene concentrate ended. The auctioned 16,400 dry tons of 5.21% lithium spodumene concentrate was sold at a tax - included price of 7,058 yuan/ton, to be picked up at Zhenjiang Port [3]. - **International News**: According to Bloomberg on October 30, the G7 plans to establish a critical minerals production alliance to reduce dependence on China in key minerals such as lithium, cobalt, nickel, and rare earths [3]. 3.3 Trend Strength The trend strength of lithium carbonate is 0, indicating a neutral outlook [3].

Key Points Summary Group 1: UK Pension Developments - The UK government has approved the Collective Defined Contribution (CDC) pension plan, which is expected to increase retirement income for workers by 60% compared to individual pensions. This plan pools pensions into a common fund to provide lifelong regular pensions, offering a new alternative to traditional Defined Benefit (DB) and Defined Contribution (DC) plans [6][10]. - The CDC plan aims to address the growing demand for stable retirement income, as research indicates that nearly three-quarters of DC plan participants prefer guaranteed pension income. The pooled funds can also be invested in key infrastructure and high-growth industries, contributing to economic growth in the UK [7][10]. - A new investment alliance named Sterling 20 has been established, comprising 20 of the largest pension funds and insurance companies in the UK. This alliance aims to direct pension savings into critical infrastructure and high-growth sectors to promote balanced regional economic development [10][11]. Group 2: Japan's GPIF Initiatives - The Government Pension Investment Fund (GPIF) of Japan has partnered with BNY to enhance alternative investment data management, aiming to improve transparency and analytical depth in its investment portfolio. As of June, GPIF's asset management scale reached $1.7 trillion, while BNY manages assets totaling $57.8 trillion [7][8]. - GPIF is shifting its focus towards sustainable and impact investing, with a reported 50% year-on-year increase in assets under management for impact investments, reaching 17.3 billion yen (approximately 98 million euros) for the fiscal year 2024 [8]. Group 3: Global Pension Fund Trends - The Oregon Public Pension Fund, with over $100 billion in assets, is reassessing its heavy reliance on private equity investments due to rising interest rates and changing market conditions. The fund's private equity allocation has been reduced from 28% to 26% as it seeks to balance risk and growth [12][15]. - A report from Swiss Re indicates that global population aging will significantly reshape the life insurance industry, with an expected increase of approximately 200 million people aged 65 and older in developed economies by 2050. This demographic shift will drive demand for new insurance products focused on retirement income maintenance and healthcare costs [16][17]. - In the US, corporate pension funding ratios have reached their highest level since October 2007, with the average funding ratio for the top 100 corporate defined benefit plans at 106.5% as of September 2025. This improvement is attributed to strong market performance and asset value increases [18][20]. Group 4: Domestic Pension Developments - Personal pension funds in China have expanded significantly, achieving an average return of 15.14% year-to-date, with nearly all funds reporting positive returns. The growth is largely driven by the recovery in the A-share market [23][24]. - There is a call for better integration between health insurance and the third pillar of pension systems in China, as current coverage levels for supplementary pensions remain low. The report suggests optimizing incentives for second and third pillar pension schemes to enhance coverage [24][25].

Core Points - The United States and Australia signed an $8.5 billion critical minerals agreement aimed at countering China's dominance in the rare earth and critical minerals supply chain [1][4] - The agreement includes a commitment from both governments to invest $1 billion each over the next six months for mining and processing, along with setting a price floor for critical minerals [4] - Analysts express skepticism about Australia's ability to compete with China's established rare earth industry due to high energy and labor costs, which are nearly five times higher than in Asia [1][5] Group 1 - The agreement is seen as a strategic move by the U.S. to build an alternative supply chain for rare earths and critical minerals, raising questions about the use of Australian taxpayer money to address issues faced by other countries [1][2] - Following the agreement, stock prices of some Australian mining companies surged, but smaller firms still struggle to secure financing due to investor concerns about competition with China's robust rare earth sector [2][5] - Experts highlight that while Australia has significant rare earth reserves, its production infrastructure is underdeveloped, making processing expensive and talent less available compared to China [5][6] Group 2 - Geopolitical analysts warn that China could retaliate against Australia, potentially impacting trade relations, as China is Australia's largest trading partner, accounting for nearly one-third of its exports [7] - The pricing of critical minerals is identified as a crucial issue, with concerns that China will not allow the U.S. and Australia to disrupt its current market position [8] - The timeline for establishing a secure and independent supply chain is estimated to take 10 to 20 years, with some experts suggesting that even with full support from allies, it would take at least five years to catch up to China [6][8]

Core Viewpoint - The recent agreement between the US and Australia to invest $2 billion each, totaling $4 billion, in critical mineral projects is a strategic move to reduce reliance on China for key mineral supplies, which are essential for high-end manufacturing and technology [1][3][5]. Group 1: Agreement Details - The agreement involves a total investment of $20 billion in critical mineral projects, covering the entire supply chain from exploration to processing [3]. - The US aims to find an alternative to China in the supply chain, as it currently relies on China for 98% of its rare earth oxide imports [5][11]. - Australia possesses significant mineral resources, including the world's largest lithium mine and the second-largest rare earth mine, making it a suitable partner for the US [5][7]. Group 2: Strategic Implications - The agreement highlights the US's intent to shift part of the mining and processing chain from China to Australia, with a focus on securing priority access to these resources through ownership stakes in processing facilities [8][10]. - The dual ownership model allows the US government to have a say in production, enhancing its control over the supply chain [10]. - Despite the agreement, challenges remain, including Australia's limited processing capacity compared to China's established dominance in the sector [11][15]. Group 3: Economic Context - Australia has significant economic ties with China, with a trade volume exceeding 250 billion AUD, making it cautious about fully aligning with US interests [11][13]. - The agreement reflects a shift in the dynamics of the US-Australia alliance, as Australia reassesses its reliance on the US amid concerns over American trade policies [13][15]. - The cooperation underscores the competitive nature of global supply chains, emphasizing the need for countries to secure critical technologies and resources to maintain their industrial advantages [16].

Core Viewpoint - The strategic partnership between the US and Australia aims to establish a "de-China" rare earth supply chain, significantly impacting the strategic mineral industry [2][3]. Agreement Core: Building a Strategic Mineral Supply Chain - The US and Australia signed an $8.5 billion critical minerals agreement, planning to invest over $1 billion each in mining and processing projects within six months [3]. - The agreement covers the entire industry chain from exploration to final product manufacturing, focusing on critical minerals like gallium, rare earth elements, lithium, and cobalt, which are essential for high-tech industries [5]. - The Pentagon will invest in a high-end gallium refining plant in Western Australia with an annual capacity of 100 tons, addressing the US's complete reliance on imports for gallium [5]. Full Industry Chain Driving Instrument and Testing Market - The agreement will boost the demand for analytical testing instruments in three main areas: - Exploration phase demand surge due to the need for geological exploration instruments for accurate mineral assessments [6]. - Quality control during production, where online monitoring and laboratory analysis instruments are crucial for ensuring product quality and efficiency [6]. - Export regulatory compliance, increasing the need for authoritative testing services and supporting instruments due to stricter export controls [7]. Market Response and Price Trends - The implementation of the US-Australia critical minerals agreement is expected to expand the market for critical mineral testing instruments [8]. - Global rare earth prices are rising, with dysprosium prices doubling to $850 per kilogram and terbium prices increasing from $965 to $3,000 per kilogram, a cumulative increase of over 210% [8]. - The combination of rising prices and increased production will lead mining companies to invest more in quality control and composition analysis, driving up testing instrument procurement budgets [8]. Chinese Market: Short-term Pain and Long-term Opportunities - The US-Australia minerals agreement and China's new export controls will have profound effects on China's analytical instrument market: - Short-term export pressure on Chinese rare earth and superhard materials due to new export controls [9]. - Acceleration of domestic substitution as the US-China tech decoupling trend necessitates upgrades in domestic scientific instruments [9]. - Opportunities for technological upgrades as Chinese rare earth companies shift towards high-end manufacturing, increasing demand for high-end analytical instruments [9]. Instrument Technology Evolution: Addressing New Industry Demands - Detection technology is evolving in two main directions to meet new demands from the critical minerals industry: - On-site rapid screening technology, exemplified by portable X-ray fluorescence spectrometers (XRF), allows for quick qualitative and semi-quantitative analysis of critical minerals [10]. - Laboratory precision analysis technology, including large analytical instruments like ICP-MS and XRD, provides accurate quantitative analysis and phase identification to meet high standards for product quality control and compliance [10]. Strategic Background: Reshaping Global Supply Chain Dynamics - The agreement is rooted in a strategic context where China controls approximately 70% of global rare earth mining and 90% of separation and processing [12]. - The current supply chain structure, where over 70% of rare earth minerals mined in the US are exported to China for processing, gives China significant pricing power in the global rare earth value chain [12]. - The US-Australia critical minerals agreement not only signifies immediate equipment procurement needs but also represents long-term opportunities for technological upgrades and market expansion in the testing instrument sector [12].

Group 1 - ASF Group (ASX:AFA) experienced a dramatic stock price surge of 4900% before being suspended for inquiries by the Australian Stock Exchange due to unusual trading activity [3] - The registration with AUSTRAC marks a significant milestone for ASF Capital in integrating traditional financial markets with regulated digital asset services [3] - ASF Capital plans to develop secure, transparent, and compliant trading solutions for wholesale and institutional clients [3] Group 2 - Astron Ltd (ASX:ATR) received a conditional support letter from Export Finance Australia for up to AUD 80 million in financing for its Donald rare earths project [6][8] - The Donald project is set to produce rare earth elements for processing in the U.S. by Energy Fuels, with production expected to commence in the second half of 2027 [8] - ATR's stock price surged by 22.86%, nearly tripling since the end of June [8] Group 3 - Genetic Signatures Ltd (ASX:GSS) reported a 58.33% increase in stock price following a strong quarterly report, with sales revenue reaching AUD 5.4 million, a 20% quarter-on-quarter increase and a 15% year-on-year increase [10][12] - The company has successfully expanded its market presence in the U.S., including securing contracts with major healthcare institutions [12] Group 4 - Power Minerals Ltd (ASX:PNN) is gaining attention due to its Gamma rare earth project, which has seen a stock price increase of nearly 240% since June [16][18] - The company is pursuing a dual listing on the OTCQB market in the U.S. to attract North American investors [16][18] - PNN plans to accelerate exploration and permitting for the Gamma project after the acquisition is completed [18] Group 5 - Resolution Minerals Ltd (ASX:RML) saw a 34% increase in stock price after securing AUD 2 million in funding from Tribeca Investment Partners [19][21] - The funds will be used to advance the Horse Heaven antimony-silver project [21] Group 6 - Mesoblast Limited (ASX:MSB) reported a 69% quarter-on-quarter increase in net revenue for its Ryoncil® product, reaching USD 19.1 million [25][26] - The product's growth is attributed to increased clinical demand and support from U.S. insurance [26] Group 7 - Larvotto Resources Limited (ASX:LRV) received a non-binding acquisition proposal from United States Antimony Corporation, which currently holds about 10% of LRV's shares [27][29] - The proposal aims to create a vertically integrated antimony group across the U.S. and Australia [29] Group 8 - Great Northern Minerals Ltd (ASX:GNM) has seen its stock price increase over sixfold in two months following the acquisition of the Catalyst Ridge rare earth project [31][33] - The project is strategically located near the only large-scale rare earth producer in the U.S., MP Materials [33] - GNM plans to initiate drilling in 2026 and is in discussions with potential strategic partners [37]

Core Points - The U.S. Department of Defense is seeking to procure critical minerals worth up to $1 billion, marking an acceleration in the Trump administration's efforts to strengthen the critical mineral supply chain [1][3] - The procurement plan includes metals that were previously not on the reserve list, indicating a significant expansion of the strategic reserve [2][3] - The Defense Logistics Agency (DLA) is leading this initiative, which is part of a global stockpiling effort, causing notable fluctuations in related company stock prices [3][5] Procurement Details - The DLA plans to purchase up to $500 million worth of cobalt, $245 million worth of antimony, $100 million worth of tantalum, and approximately $45 million worth of scandium [3] - DLA is also gathering information on rare earth elements, tungsten, bismuth, and indium to further expand its reserves [4] - The DLA currently holds approximately $1.3 billion in reserve assets, which can only be utilized under specific conditions such as a declared state of war [4] Market Reactions - Market participants are shocked by the scale of DLA's planned purchases, as the quantities exceed U.S. annual production and import levels for many metals [2][6] - The Trump administration's "Big and Beautiful" plan includes $7.5 billion for critical minerals, with $2 billion allocated for strengthening national defense strategic reserves [6] Legislative Context - An executive order signed by President Trump aims to enhance domestic production capabilities for critical minerals and rare earths, allowing the use of the Defense Production Act for funding and investment support [7] - This order requires federal agencies to identify mines that can be quickly approved and federal lands suitable for mineral processing [7] Stock Performance - Following these developments, stock prices for rare earth and critical mineral companies have surged, with USA Rare Earth up over 180%, MP Materials soaring over 400%, and Energy Fuels rising nearly 300% this year [7]

Core Viewpoint - Scandium International Mining Corp. has received a mining license for its Nyngan Scandium Project in New South Wales, marking a significant milestone after a nine-year application process [1][2][3] Group 1: Project Development - The grant of Mining Lease No 1893 provides regulatory certainty for advancing strategic partnerships, offtake contracts, and financing for the project [2] - The mining lease is valid for an initial term of 21 years until October 2046, allowing the operator to apply for renewal [5] - The Nyngan Scandium Project is designed as a small surface mining operation, with an annual recovery of approximately 75,000 tons of limonite ore [7] Group 2: Market Context - There is a growing demand for scandium, classified as a critical mineral by several governments, and the project aims to supply this demand outside of China and Russia [4][6] - The project is positioned to become the world's first primary scandium-mining project, enhancing New South Wales' potential as a leader in sustainable mining of critical minerals [6][8] Group 3: Technical Aspects - The average limonite scandium head grade is 409 ppm, with a projected output of approximately 38,500 kg of scandium oxide per year, grading 98 to 99.9% Sc2O3 [7] - The project development includes a one-year construction period followed by a 24-month ramp-up to reach full capacity [7]