Report Summary Investment Rating The report does not mention the industry investment rating. Core Viewpoints In Q3 2025, the supply of mainstream mines in Australia was stable, and the lithium shipments in South America increased quarter-on-quarter. In Q4, it is the peak production season for downstream industries, and the overseas lithium mine production capacity is ramping up. It is expected that the production and sales will maintain an upward trend [1][3][11]. Summary by Company Australia - **Overall in Australia**: In Q3 2025, the supply of mainstream mines was stable. The lithium concentrate production increased by about 1.8% year-on-year and 9.1% quarter-on-quarter, while the sales volume decreased slightly by 0.7% year-on-year and was nearly flat quarter-on-quarter. In Q4, with the commissioning of the CGP3 project at Greenbushes and the production capacity ramping up at Pilbara, it is expected that the production and sales will maintain an upward trend [3]. - **Greenbushes**: In Q3 2025, it produced 320,000 tons of lithium concentrate, a 6% quarter-on-quarter and 21% year-on-year decrease. The sales volume was 301,000 tons, a 27% quarter-on-quarter and 23% year-on-year decrease. The average selling price was $730/ton (FOB), a 1% quarter-on-quarter increase. The cash production cost increased by 6% quarter-on-quarter to A$388/ton, a 40% year-on-year increase. The Kwinana lithium hydroxide plant produced 2,775 tons of lithium hydroxide in Q3 2025, a 31% quarter-on-quarter and 85% year-on-year increase, and the sales volume was 2,921 tons, a 68% quarter-on-quarter increase. The CGP3 is expected to start commissioning at the end of 2025, increasing the annual production capacity by 520,000 tons to 2.14 million tons of lithium concentrate per year [4]. - **Pilbara**: In Q3 2025, it produced 225,000 tons of lithium concentrate (SC5.3), a 2% year-on-year and quarter-on-quarter increase. The sales volume was 214,000 tons, a 1% quarter-on-quarter decrease and almost flat year-on-year. The average selling price was $742/ton (SC5.3, CIF China), a 24% quarter-on-quarter increase. The unit operating cost was $422/ton, a 9% quarter-on-quarter and 12% year-on-year decrease. The Ngungaju factory is under maintenance and can be quickly restarted when the market recovers. The feasibility study of the P2000 expansion is in progress, and the results are expected to be announced in FY2027. The midstream demonstration plant in Australia is under construction as planned and is expected to be completed in Q4. In Q3, the two production lines of the joint-venture lithium salt plant in South Korea produced 2,773 and 2,040 tons of lithium hydroxide respectively, and the sales volumes were 3,245 and 1,593 tons [5]. - **Mt Marion**: In Q3 2025, the total production of lithium concentrate was 146,000 tons, a 18% quarter-on-quarter and 7% year-on-year increase. The shipment volume of spodumene concentrate was 142,000 tons (SC4.6), a 4% quarter-on-quarter increase and a 36% year-on-year decrease (110,000 tons in terms of SC6, a 2% quarter-on-quarter increase and a 27% year-on-year decrease). The selling price in Q3 was $797/ton (SC6), a 31% quarter-on-quarter increase and a 2% year-on-year decrease. The cost in this quarter was A$796/ton (SC6, FOB), a 11% quarter-on-quarter increase and a 22% year-on-year decrease [6]. - **Wodgina**: In Q3 2025, it produced 176,000 tons of lithium concentrate, a 6% quarter-on-quarter and 73% year-on-year increase. The sales volume was 194,000 tons, a 45% quarter-on-quarter and 111% year-on-year increase (176,000 tons in terms of SC6, a 44% quarter-on-quarter and 110% year-on-year increase). The unit selling price was $881/ton (SC6), a 31% quarter-on-quarter and 5% year-on-year increase. The corresponding unit cost was A$733/ton, a 14% quarter-on-quarter increase and a 40% year-on-year decrease [7]. - **Kathleen Valley**: In Q3 2025, the production of lithium concentrate was 87,172 tons, a 1% quarter-on-quarter increase. The sales volume was 77,474 tons, a 20% quarter-on-quarter decrease. The inventory increased by 89% quarter-on-quarter to 20,912 tons. The average selling price was $700/ton (SC6), a 5% quarter-on-quarter decrease. The corresponding unit operating cost was $715/ton (FOB, SC6), a 24% quarter-on-quarter increase. The all-in sustaining cost (AISC) was $886/ton, a 13% quarter-on-quarter increase [8]. - **Mt Holland**: SQM updated the full-year sales guidance for Holland in 2025 to about 20,000 tons of LCE (50% equity). The lithium salt sales volume in Q3 was 10,000 tons, a significant increase from 1,300 tons in the previous quarter [9]. South America - **Overall in South America**: In Q3 2025, the shipments of major lithium resources increased by 14% quarter-on-quarter. It is expected that in Q4, as the salt lakes emerge from the production off-season, combined with production capacity ramping up and the downstream peak season, the lithium salt shipments in South America are expected to show an upward trend. The 3Q lithium salt lake project of Zijin Mining was officially put into production in September [11]. - **SQM**: In Q3 2025, the lithium salt sales volume of the Chilean division was 62,900 tons, a 22.85% year-on-year and 18.45% quarter-on-quarter increase. The average selling price was $8,281/ton, a 15% year-on-year and 1% quarter-on-quarter decrease. The average cost was $6,050/ton, a 24% year-on-year and 15% quarter-on-quarter decrease [12]. - **Arcadium Lithium Salt Lake Project**: The total quarterly production of the group's lithium resources was about 13,000 tons of LCE, a 3% quarter-on-quarter increase. The annual maintenance plan of the Fenix factory was adjusted from June to August, affecting the lithium carbonate production in this quarter, and the maintenance has been completed [13]. - **Caucharí-Olaroz**: In Q3 2025, the production was 8,300 tons, a 2% quarter-on-quarter decrease. The total production of lithium carbonate in the first three quarters of 2025 was about 24,000 tons, making the project likely to exceed the lower limit of the 2025 production guidance (30,000 - 35,000 tons). The total shipment volume of lithium carbonate in Q3 2025 was about 7,775 tons, a 10% quarter-on-quarter decrease, and the selling price was $7,522/ton. The second-phase expansion project with a production capacity of 45,000 tons/year of lithium carbonate is in progress, and the design of the 5,000-ton demonstration plant is being carried out in China [14]. - **Centenario-Ratones**: The production in Q3 was about 2,080 tons of LCE, a significant increase from 440 tons and 270 tons in the previous two quarters. The lithium sales volume in the quarter was 1,000 tons of LCE, compared with 480 tons in the previous quarter. In September, the capacity utilization rate of the factory reached 50% of the铭牌 capacity, in line with the production ramping-up expectations. Eramet expects the production of this salt lake in 2025 to be 4,000 - 7,000 tons [15]. - **Zijin 3Q**: On September 12, the commissioning ceremony of the 20,000-ton/year lithium carbonate project of Zijin Mining's Lithium Technology 3Q lithium salt lake was held. The pre - work such as the permit approval for the second-phase project is progressing in an orderly manner, with a planned lithium carbonate production capacity of 40,000 tons/year. After the full operation of the two phases, the annual production capacity is expected to reach 60,000 - 80,000 tons [16][17]. Others - **Grota do Cirilo**: In Q3 2025, affected by the change of equipment suppliers, the lithium concentrate production was 44,000 tons, a 27% year-on-year and 36% quarter-on-quarter decrease. The mine operation is expected to resume at the end of November, and the production capacity will be fully increased to 300,000 tons/year in Q1 2026. The sales volume was 49,000 tons, a 15% year-on-year decrease and a 21% quarter-on-quarter increase. The average selling price was $586/ton, a 61% year-on-year and 40% quarter-on-quarter increase. The cash operating cost (CIF China, including royalties) was $543/ton, a 6% year-on-year and 23% quarter-on-quarter increase. The second-phase expansion project is continuing, and the earthwork and terrace construction were completed this quarter. The second-phase project will add an annual capacity of 250,000 tons of lithium concentrate, and the total annual capacity of the mine will reach 520,000 tons. The commissioning of the second-phase project is postponed to before the end of 2026 [17]. - **AMG**: In Q3 2025, it sold 15,409 tons of lithium concentrate, a 16% quarter-on-quarter increase and a 32% year-on-year decrease. The unit selling price was $530/ton (CIF, China), a 15% quarter-on-quarter and 39% year-on-year decrease. The corresponding cost was $420/ton, a 14% quarter-on-quarter and 7% year-on-year decrease. One of the company's expansion project equipment has been malfunctioning since Q2, and the current operating capacity is 110,000 tons/year [18]. - **Africa**: The new projects are ramping up production smoothly. The first batch of ores from Ganfeng Lithium's Goulamina spodumene project in Mali arrived at domestic ports in early August. Hainan Mining's Bougouni lithium mine project in Mali obtained an export license from the Malian government and is expected to depart from Africa in Q4. The projects in Zimbabwe and Nigeria have benefited from the recovery of lithium prices and the increase in domestic imports. The main future supply increment in Africa is the northeastern project of Zijin Mining's Manono, with the first-phase project planning an annual production of 95,170 tons of crude lithium sulfate (about 50,000 tons of LCE), and it is planned to be put into production in the first half of 2026 [19].

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report In Q2 2025, the overall supply of overseas lithium mines was stable with regional differentiation. The shipment volume of projects in Western Australia and North America increased quarter-on-quarter, while some projects in South America and Africa controlled market supply due to low prices. With the rebound of lithium prices in Q3, it is expected that overseas mines will release supply. The resource output of the three major production areas of Western Australia, South America, and Africa in the second half of the year is expected to be significantly higher than that in the first half, which can alleviate the gap caused by the shutdown of large domestic mines. Subsequently, attention should be paid to the operational continuity of regions such as Jiangxi, Qinghai, and Mali in the resource end [1]. Summary by Directory Australia - In Q2 2025, the shipment volume of Australian mines was about 1.007 million tons, a quarter-on-quarter increase of 16.9%. Greenbushes and Pilbara contributed the main increments. In the 2025 fiscal year (July 2024 - June 2025), the lithium concentrate output of the five major Australian mines was about 3.551 million tons, and it is expected to increase by about 10% in the 2026 fiscal year. The supply of Holland in the 2025 calendar year will double compared with the expectation. It is estimated that the average quarterly shipment volume of Australian mines in the next four quarters will be about 1 - 1.05 million tons, a year-on-year increase of about 10% [3]. - Greenbushes produced 340,000 tons of lithium concentrate in Q2 2025, basically flat quarter-on-quarter and a 2% year-on-year increase. The sales volume was 412,000 tons, a 13% quarter-on-quarter increase and a 22% year-on-year decrease. The average sales price was 725 US dollars/ton (FOB), a quarter-on-quarter decrease of 8%. The cash production cost increased by 7% quarter-on-quarter to 366 Australian dollars/ton, a year-on-year increase of 8%. In the 2025 fiscal year, the production volume was 1.479 million tons, and the unit cash production cost was 325 Australian dollars/ton, meeting the production and cost guidelines. It is expected that CGP3 will produce the first batch of ore around the end of 2025. The production and cash cost guidelines for the 2026 fiscal year are 1.5 - 1.65 million tons and 310 - 360 Australian dollars/ton respectively [4]. - In Q2 2025, the lithium concentrate output of Pilbara was 221,300 tons (SC5.1), a 77% quarter-on-quarter increase and a 2% year-on-year decrease. The sales volume was 216,000 tons (SC5.1), a 72% quarter-on-quarter increase and an 8% year-on-year decrease. The average sales price of spodumene concentrate was 703 US dollars/ton (China CIF, SC6; SC5.1 was 599 US dollars/ton), a 17% quarter-on-quarter decrease. The unit operating cost (including freight and royalties) was 462 US dollars/ton, a 7% quarter-on-quarter decrease and a 4% year-on-year decrease. It is expected that the lithium concentrate output in the 2026 fiscal year will be 820,000 - 870,000 tons, and the unit operating cost (FOB) will drop to 560 - 600 Australian dollars/ton [6]. - In Q2 2025, the total lithium concentrate output of Mt Marion was 124,000 tons, a 11% quarter-on-quarter and 30% year-on-year decrease. The shipment volume was 134,000 tons (SC4.6), a 3% quarter-on-quarter decrease and a 29% year-on-year decrease. The average sales price of lithium concentrate (SC6) was 607 US dollars/ton, a 28% quarter-on-quarter decrease. The cost was 717 Australian dollars/ton (SC6, FOB). In June 2025, its two shareholders will each inject up to 150 million Australian dollars into the project [7][8]. - Wodgina produced 166,000 tons of lithium concentrate in Q2 2025, a 32% increase both year-on-year and quarter-on-quarter. The sales volume was 136,000 tons, a 15% quarter-on-quarter increase and a 10% year-on-year increase. The average Li2O grade was 5.4%. The average realized price of lithium concentrate (SC6) was 674 US dollars/ton, a 20% quarter-on-quarter decrease. The cost was 641 Australian dollars/ton (SC6, FOB), a 17% quarter-on-quarter decrease. In the 2025 fiscal year, the cost was 849 Australian dollars/ton, meeting the cost guideline, and the production volume was 502,000 tons, higher than the guideline [9]. - In Q2 2025, the lithium concentrate output of Kathleen Valley was 85,892 tons, a 10% quarter-on-quarter increase. The sales volume was 97,330 tons, a 4% quarter-on-quarter increase. The average sales price was 740 US dollars/ton (SC6, SC5.2 was 633 US dollars/ton), a 9% quarter-on-quarter decrease. The unit operating cost was 576 US dollars/ton (FOB), a 31% quarter-on-quarter increase. The full sustaining cost (AISC) was 786 US dollars/ton (SC6.0, FOB), a 35% quarter-on-quarter increase. The 2026 fiscal year production guideline is 365,000 - 450,000 tons, a 24 - 53% year-on-year increase [10]. - Mt Holland's lithium salt sales volume in Q2 2025 was about 1,300 tons. The annual sales volume guideline for 2025 is expected to reach 20,000 tons LCE (50% equity), doubling the previous plan. The Quinana refinery in Australia has completed construction and produced the first batch of commercially - compliant products in July. It is expected to reach the nameplate capacity of 50,000 tons of lithium hydroxide by the end of 2026 (SQM accounts for 25,000 tons) [10]. South America - South American projects changed little this quarter. In Q2, companies such as SQM and Sigma controlled the shipment volume due to low lithium prices. It is expected that the sales volume in the second half of the year will have a large increase compared with the first half. The Argentine Chamber of Mining Companies expects that the Argentine lithium carbonate production in 2025 will increase by 75% year-on-year to 130,000 tons. SQM in Chile has a 20,000 - ton increase (+10%) in the Atacama Salt Lake. Brazilian hard - rock projects have cost advantages, and Grota do Cirilo and AMG lithium mines are operating at full capacity [13]. - In Q2 2025, SQM's lithium salt sales volume in Chile was 51,700 tons, a 1.1% quarter-on-quarter decrease. The total sales volume in the first half of the year was 108,100 tons. The average sales price was 9,144 US dollars/ton, a 27% year-on-year decrease. The unit sales cost was 7,038 US dollars/ton, an 18% year-on-year decrease and a 4% quarter-on-quarter increase. The company expects a significant increase in lithium sales in the second half of the year. The sales volume of SQM's Atacama Salt Lake business in Chile is expected to increase by 10% year-on-year in 2025, with an expected sales volume of about 220,000 tons [14][15]. - The Fenix project of Arcadium Lithium had problems with the transportation system in April and energy interruption due to snowfall in May. The total quarterly production of lithium resources was about 15,000 tons LCE (100% equity), a 29% quarter-on-quarter decrease. The production problems have been solved. The Fenix expansion project with a nameplate capacity of 10,000 tons of lithium carbonate is expected to be put into production in 2026 [16]. - The first - phase factory of Rincon lithium project produced the first batch of lithium products in December 2024, and the final system testing and commissioning were completed in Q2 2025. The construction of the 57,000 - ton expansion factory will start in Q3, and the first production is expected to be in 2028, reaching full - load production within three years [17]. - The first - phase 25,000 - ton/year lithium hydroxide factory of Hombre Muerto was completed in October 2024, and the second - phase is planned to be completed in the second half of 2025. The first - phase of Sal de Oro has a design capacity of 25,000 tons/year and started shipping products in September 2024, expected to reach full production in April 2025. The lithium carbonate production in 2024 was about 4,000 tons LCE, and about 16,000 tons LCE in 2025. The second - phase with a design capacity of 25,000 tons/year is planned to start construction in June 2025 and be put into production in 2026 [18]. - In Q2 2025, the total production of Caucharí - Olaroz was about 8,500 tons of lithium carbonate, a 18% quarter-on-quarter increase. The shipment volume was about 8,635 tons, a 21% quarter-on-quarter increase. The unit cash operating cost was 6,098 US dollars/ton, a quarter-on-quarter decrease of about 8%, and the unit total cash cost was 6,366 US dollars/ton, a quarter-on-quarter decrease of about 7%. The unit average realized price was about 7,400 US dollars/ton. The annual production target for 2025 is 30,000 - 35,000 tons. The company is promoting a new 40,000 - ton/year lithium carbonate capacity and evaluating the possibility of producing up to 150,000 tons of lithium carbonate using direct lithium extraction technology [19]. - The production of Centenario - Ratones in Q2 was about 270 tons of lithium carbonate, and the sales volume was 480 tons LCE. Due to technical problems in equipment commissioning in the first half of the year, the production target for 2025 is 4,000 - 7,000 tons, significantly lower than the previous guideline [20]. - The first - phase of Zijin Mining's 3Q lithium salt lake in Argentina is in industrial commissioning and optimization, and it is expected to start producing crude lithium carbonate products in Q3 2025, with an annual production of about 20,000 tons [21]. - In Q2 2025, the lithium concentrate output of Grota do Cirilo was 68,368 tons, a 38% year-on-year increase and flat quarter-on-quarter. The company controlled the shipment volume at low lithium prices. The sales volume was 40,350 tons, a 23% year-on-year and 34% quarter-on-quarter decrease. The single - ton sales cost was 584 US dollars, a 3% year-on-year and 5% quarter-on-quarter increase. The cash operating cost (China CIF) was 442 US dollars/ton, a 14% year-on-year and 3% quarter-on-quarter decrease. The unit total sustaining cost (AISC) was 594 US dollars/ton, a 24% year-on-year and 4% quarter-on-quarter decrease. The company expects the 2025 fiscal year production to reach 270,000 tons. The second - phase expansion is expected to increase the capacity by 250,000 tons/year in 2026 [22][23]. Africa - Six projects in Zimbabwe and Mali have completed capacity ramping up, but the shipment volume growth was limited in the first half of the year due to low lithium prices, maintenance, and technological transformation. The import of African lithium concentrate by China in the first seven months decreased by 13.7% year-on-year. The recovery of lithium prices may drive the supply increment in Zimbabwe, while the production and shipment rhythm of Chinese - funded lithium mines in Mali may be affected by local political changes [24]. - In the first half of 2025, Zhongkuang Resources' self - supplied raw materials achieved lithium salt sales of 17,869 tons, a year-on-year increase of about 6.37%. It directly sold 34,834 tons of self - produced spodumene concentrate [25]. - The original ore production scale of Sabi Star in Zimbabwe is 990,000 tons/year, and it can produce about 290,000 tons of lithium concentrate per year. The mine suspended production in Q1 for technological transformation and facility construction and resumed production in April. The supporting power plant was completed and put into operation in June [26]. - The lithium ore processing capacity of Yahua Group's Kamativi lithium mine project in Zimbabwe is 2.3 million tons/year, and the nameplate capacity of lithium concentrate is 350,000 tons/year. It is expected to produce about 280,000 tons of lithium concentrate in 2025 and reach full production in 2026 [27]. - Ganfeng Lithium completed the acquisition of 100% equity of Mali Lithium on July 2. The first batch of lithium concentrate was shipped from the mine in May and completed loading in late June, expected to arrive at Chinese ports in early August [28]. - The Bougouni mining area in Mali has a lithium ore mining and processing capacity of 1 million tons, with an expected annual output of more than 125,000 tons of spodumene concentrate. As of mid - August, more than 45,000 tons of lithium concentrate have been produced. The mine team is promoting the acquisition of export licenses from the Malian government [29]. North America - In Q2 2025, North American Lithium (NAL) produced 58,533 tons of lithium concentrate, a 35% quarter-on-quarter increase. The sales volume was 66,980 tons, a 148% quarter-on-quarter increase. The average sales price (FOB) dropped 8% to 1,054 Australian dollars/dry metric ton (682 US dollars/dry ton, a 4% decrease). The unit sales operating cost decreased 10% quarter-on-quarter to 1,232 Australian dollars/ton (FOB), a 5% quarter-on-quarter decrease in US dollars. The 2025 production target is 190,000 - 210,000 tons [30].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In Q1 2025, the overseas lithium resource supply was generally stable, with a slow clearance of high - cost mines and persistent supply pressure. Australian shipments decreased slightly quarter - on - quarter, South American salt lakes continued to increase production, Brazilian hard - rock expansion and production were postponed, and African supply faced cost challenges at low lithium prices [1]. - It is recommended to pay attention to the production conditions of NAL, Marion, Wodgina, and large African lithium mines [1]. Summary by Related Catalogs Australia - In Q1 2025, Australian mine shipments were about 950,000 tons, a 2.7% quarter - on - quarter decline. The quarterly average in 2025 is expected to be 900,000 - 950,000 tons. Production at Greenbushes and Pilbara decreased quarter - on - quarter, while Marion, Wodgina, and Kathleen Valley increased [3]. - Only small mines like Bald Hill and Cattin have exited or plan to exit the supply, while mainstream enterprises maintain high - capacity utilization or take other cost - reduction measures [3]. Greenbushes - In Q1 2025, it produced 342,000 tons of lithium concentrate, a 13% quarter - on - quarter decrease and a 22% year - on - year increase. Sales volume was 366,000 tons, a 17% quarter - on - quarter increase and a 100% year - on - year increase. The average selling price was $791/ton (FOB). Cash production cost increased 5% quarter - on - quarter to A$341/ton and decreased 12% year - on - year [4]. - The CGP3 is expected to produce the first batch of lithium concentrate in Q4 2025. The Kwinana lithium hydroxide plant produced 1,562 tons in Q1 2025, a 2% quarter - on - quarter decrease and a 64% year - on - year increase, with a capacity utilization rate of only 26% [5]. Pilbara - In Q1 2025, lithium concentrate production was 125,000 tons (SC5.1), a 33.6% decrease from the previous quarter and a 30.2% year - on - year decrease. Sales volume was 125,500 tons (SC5.2), a 38.5% quarter - on - quarter decrease and a 23.9% year - on - year decrease. The average selling price was $851/ton (China CIF, SC6). Unit operating cost was $499/ton, a 4% quarter - on - quarter increase [6]. - The P1000 project started producing ore in late January, and production is expected to increase and unit cost to decrease in Q2 [6]. Mt Marion - In Q1 2025, total lithium concentrate production was 140,000 tons, a 21% quarter - on - quarter increase and a 23% year - on - year decrease. Shipment volume was 138,000 tons (SC4.4). The selling price was $845/dry ton (SC4.4). The cost in Q1 was A$708/ton (SC6, FOB) [7]. - The 2025 fiscal - year production guidance increased by 70,000 tons to 370,000 - 400,000 tons (SC4.1). The cost guidance for 2025 fiscal year (converted to SC6) is maintained at A$870 - 970/ton [7]. Wodgina - In Q1 2025, it produced 126,000 tons of lithium concentrate, a 17% quarter - on - quarter increase and a 29% year - on - year increase. Sales volume was 118,000 tons, a 3% quarter - on - quarter decrease and an 8% year - on - year decrease. The average realized price (SC6) was $846/ton, a 1.4% quarter - on - quarter increase [8]. - The cost in Q1 was A$775/ton (SC6, FOB). The 2025 fiscal - year cost guidance (converted to SC6) is maintained at A$800 - 900/ton, with the upper limit increased by A$10. The production guidance remains unchanged at 420,000 - 460,000 tons [8][9]. Kathleen Valley - In Q1 2025, lithium concentrate production was 95,709 tons, a 12% quarter - on - quarter increase. Sales volume was 93,940 tons, a 15% quarter - on - quarter increase. The average selling price was $815/ton (SC6), a 1% quarter - on - quarter increase. Unit operating cost was $512/ton (FOB), a 21% quarter - on - quarter decrease [10]. - The all - in sustaining cost (AISC) was $678/ton (SC6.0, FOB), an 11% quarter - on - quarter decrease [10]. Other Mines - SQM's Mt Holland business sales volume in 2025 fiscal year is about 10,000 tons LCE (50% equity) [11]. - Rio Tinto completed the acquisition of Arcadium Lithium in March 2025. Mt Cattlin will enter maintenance after completing the remaining mining and beneficiation in the first half of this year [12]. South America - Most South American salt - lake projects put into production in 2023 - 2024 are approaching full production. Argentina is the largest growth point in South American lithium carbonate supply, with an expected 75% year - on - year increase in production to 130,000 tons in 2025. SQM in Chile will have an incremental output of over 20,000 tons. The expansion of the Grota do Cirilo hard - rock project in Brazil is postponed to 2026 [14]. SQM - In Q4 2024, SQM's lithium salt sales volume was 58,000 tons, a 13% year - on - year and quarter - on - quarter increase. The average selling price was $9,172/ton, a 41% year - on - year and 6% quarter - on - quarter decrease. The unit sales cost was $6,819/ton, a 37% year - on - year and 14% quarter - on - quarter decrease [14]. - In 2025, SQM's sales volume will increase by about 15% year - on - year, including 10,000 tons LCE from Holland [14]. Other Projects - Rio Tinto's total lithium project output in Q1 was about 20,000 tons LCE, with an estimated slight increase in salt - lake project output [15][16]. - Posco's 25,000 - ton/year lithium hydroxide plant in Hombre Muerto was completed in October 2024, and the second - phase project is planned to be completed in the second half of 2025 [17]. - Lithium Americas' Caucharí - Olaroz project slightly exceeded the 2024 annual production target. The 2025 production target is 30,000 - 35,000 tons, and the second - phase expansion is in preparation [18]. - The Rincon lithium project's 3,000 - ton plant produced its first lithium product in December 2024. The project is expected to be completed in Q2 2025. The board approved a $2.5 - billion investment to expand the annual capacity to 60,000 tons of battery - grade lithium carbonate, with construction starting in mid - year and first production expected in 2028 [19]. - The Centenario - Ratones salt lake produced about 440 tons of lithium carbonate in Q1, with a purity higher than 99.5%. Eramet expects the 2025 production target to be at the lower end of the guidance range and reach the nameplate capacity by the end of the year [20]. - Zijin Mining's 3Q lithium salt lake in Argentina is expected to start producing crude lithium carbonate products in Q3 2025, with an annual production of about 20,000 tons [21]. Africa - In Q1 2025, African lithium supply faced cost challenges due to low lithium prices. Chinese imports of African lithium concentrate in the first three months were about 330,000 tons, a 23.3% year - on - year decrease. African local lithium ore rough processing will determine the supply continuity of African resources [22]. Specific Mines - Zhongkuang Resources' Bikita lithium mine consists of two projects. In 2024, it achieved a lithium salt production of 43,700 tons and sales of 42,600 tons. In Q1 2025, the estimated lithium salt production from its own mines was about 8,300 tons [23]. - Huayou Cobalt's Arcadia lithium mine had a lithium concentrate shipment of about 400,000 tons in 2024. A 50,000 - ton lithium sulfate project started construction in January 2025 [24]. - Shengxin Lithium's Sabi Star project has reached full production. It entered a maintenance period in December 2024 and is expected to gradually resume production in April 2025 [26]. - Yahua Group's KMC lithium mine project phase II was fully put into production in November 2024. The company expects the lithium concentrate self - sufficiency rate to increase in Q2, and the market speculates that the annual production may exceed 200,000 tons [27]. - Ganfeng Lithium's Goulamina lithium pyroxene project phase I in Mali was officially put into production in December 2024, with a planned annual capacity of 506,000 tons of lithium concentrate, and the phase II will expand the capacity to 1 million tons [28]. North America - North American Lithium (NAL) produced 43,261 tons of lithium concentrate in Q1 2025, a 15% quarter - on - quarter decrease. The recovery rate reached 69%, a 1 - percentage - point increase. Sales volume was 27,030 tons, a 59% quarter - on - quarter decrease. It is expected that Q2 shipments will account for 70% of the first - half shipments [29]. - The average actual selling price (FOB) increased 8% to A$1,142/dry metric ton. Unit operating cost decreased 1% quarter - on - quarter to A$830/ton (FOB). The 2025 production target is 190,000 - 210,000 tons [29].