Core Viewpoint - The implementation of an export quota system in the Democratic Republic of Congo (DRC) starting October 16, 2025, is expected to stabilize cobalt prices in the long term, positively impacting the company's performance [1] Group 1: Company Impact - The company is closely monitoring the distribution details of the export quota and is actively communicating with local regulatory authorities [1] - The company currently holds a safe inventory of cobalt raw materials, which positions it well for future operations [1] - If the company secures the necessary export quotas following the lifting of the cobalt export ban, combined with its capacity expansion and stable cobalt prices, it is likely to provide reliable support for overall performance [1] Group 2: Industry Context - The DRC's shift from a cobalt ban to an export quota system is a significant change that could influence the global cobalt market dynamics [1] - The future performance of the cobalt market will depend on the specific implementation details of the quota system [1]

Group 1 - The Democratic Republic of Congo (DRC) will lift its cobalt export ban starting October 16, transitioning to an annual export quota management system to regulate global supply [1][2] - The export cap for the remainder of 2025 is set at 18,125 tons, while the quotas for 2026 and 2027 are established at 96,600 tons per year [1][2] - DRC is the largest cobalt producer globally, accounting for approximately 70% of the world's supply last year [2] Group 2 - The export ban was initially implemented due to a significant drop in cobalt prices, which fell to a nine-year low, leading to major producers like Glencore and China Molybdenum facing force majeure [2] - The new quota policy aims to reduce inventory backlog and stabilize international cobalt prices, receiving support from Glencore but facing opposition from China Molybdenum [2] - 10% of cobalt production will be reserved for national strategic projects, and quotas may be adjusted based on market prices or local smelting capacity [3]

Core Insights - The Democratic Republic of Congo (DRC) has lifted its cobalt export ban that was in place since February, effective from October 15, allowing companies to export over 18,000 tons of cobalt for the remainder of the year [1] - An export quota system will be implemented starting October 16, with a maximum export volume of 96,600 tons per year for 2026 and 2027 [1] - Quotas will be allocated based on companies' historical export volumes, and 10% of the authorized export volume for 2026 and 2027 will be reserved for national strategic projects [1] - The regulatory authority retains the right to adjust overall quotas based on market trends or the prospects for local processing of cobalt hydroxide into higher value-added products [1]