Core Viewpoint - The stock of leading global nickel smelter, Lygend Resources (2245.HK), surged over 17% to a record high of 17.95 HKD, with trading volume reaching 320 million HKD, driven by news of the Democratic Republic of Congo lifting its cobalt export ban and implementing annual export quotas [1]. Group 1: Market Dynamics - The Democratic Republic of Congo, the world's largest supplier of cobalt, will allow the export of up to 18,125 tons of cobalt for the remainder of 2025, with annual limits of 96,600 tons for 2026 and 2027 [1]. - Nickel prices are currently at a cyclical low, with clear cost support, indicating a potential for price recovery [1]. Group 2: Company Positioning - Lygend Resources' wet nickel production capacity is located in Indonesia, which is unaffected by the export restrictions from the Democratic Republic of Congo, allowing the company to fully benefit from the anticipated rise in cobalt prices [1]. - The combination of new production capacity and cost advantages significantly enhances the growth potential of Lygend Resources [1].