Core Viewpoint - Smackover Lithium, a joint venture between Standard Lithium and Equinor, has filed its Maiden Inferred Resource report for the Franklin Project in Texas, highlighting significant lithium and other mineral resources [1][3]. Resource Summary - The Franklin Project contains 2,159,000 metric tonnes of lithium carbonate equivalent with an average lithium concentration of 668 mg/L, along with 15,414,000 tonnes of potash and 2,638,000 tonnes of bromide [3]. - The project area spans approximately 80,000 acres, with over 46,000 acres leased to support the inferred resource, showcasing the highest reported lithium-in-brine grades in North America [4]. Production Goals - The ultimate goal is to achieve production of over 100,000 tonnes of lithium chemicals per year in Texas, supported by two additional projects that are expected to triple the size of the joint venture's portfolio in the state [5]. Next Steps - Recommendations include further refining the characteristics of the Upper and Middle Smackover Formation aquifers and conducting additional drilling to define a Preliminary Feasibility Study [6]. - Direct lithium extraction testing will be conducted using insights from Standard Lithium's Demonstration Plant in Arkansas [7]. Company Background - Smackover Lithium is a joint venture formed in May 2024, with Standard Lithium holding a 55% interest and Equinor 45%, focusing on developing multiple direct lithium extraction projects in Southwest Arkansas and East Texas [10]. - Standard Lithium is a leading lithium development company focused on sustainable production from high-grade lithium-brine properties in the U.S., particularly in the Smackover Formation [11].

Core Insights - Smackover Lithium, a joint venture between Standard Lithium and Equinor, has filed its Maiden Inferred Resource report for the Franklin Project in Texas, highlighting significant lithium and other mineral resources [1][3][4] Project Overview - The Franklin Project contains 2,159,000 metric tonnes of lithium carbonate equivalent with an average lithium concentration of 668 mg/L, along with 15,414,000 tonnes of potash and 2,638,000 tonnes of bromide, all contained within 0.61 km³ of brine volume [3][4] - The project area spans approximately 80,000 acres, with over 46,000 acres leased to support the inferred resource, showcasing the highest reported lithium-in-brine grades in North America [4] Future Development Plans - The ultimate goal is to achieve production of over 100,000 tonnes of lithium chemicals per year in Texas, supported by two additional projects that are expected to triple the size of the joint venture's portfolio in the state [5] - Next steps include refining the characteristics of the Upper and Middle Smackover Formation aquifers and conducting direct lithium extraction testing, leveraging insights from Standard Lithium's Demonstration Plant [6][7] Company Background - Standard Lithium is focused on sustainable development of high-grade lithium-brine properties in the U.S., with a commitment to achieving commercial-scale lithium production through a fully integrated direct lithium extraction process [11][12] - Equinor, as a partner, aims to create long-term value in a low-carbon future, enhancing its portfolio with lithium projects alongside its existing oil, gas, and renewable energy initiatives [13]

Performance Overview - The Massif Capital Real Assets Strategy achieved a return of 36.1% net of fees in Q3 2025, with year-to-date returns reaching 41.5% net of fees [2] - The strategy has been operational for 27 quarters, marking its best quarter to date and resulting in an annualized net-of-fees return of 14.6% since inception [2] Alpha and Risk Assessment - The company focuses on generating uncorrelated, risk-adjusted returns, referred to as Alpha, which is challenging to measure due to the complexities of risk [4][5] - Jensen's Alpha is utilized to evaluate performance, indicating whether returns exceed expectations based on market risk exposure [5][6] - The benchmark used for performance evaluation is the MSCI ACWI Ex US, which covers a broad range of global equity opportunities outside the US [8][9] Comparative Performance - The Massif Capital Real Assets Strategy outperformed various comparable funds and major indices, with a year-to-date alpha of 14.9% compared to peers [10][12] - The strategy's YTD return of 41.5% significantly exceeds the S&P 500 Index (13.7%) and NASDAQ Index (17.3%), showcasing strong performance in risk-adjusted terms with a Sortino Ratio of 1.5 [13] Individual Stock Performance - In the gold sector, core positions in G-Mining Ventures and Equinox Gold returned a portfolio-level return of 17.1% as of Q3 2025 [14] - G-Mining Ventures outperformed the sector with a return of 183%, while Equinox Gold lagged behind the market despite a long-term positive outlook [17][19] - The copper sector saw significant gains, with positions in NGEX and Midnight Sun delivering returns of 392% and 268% from cost basis, respectively [21] Critical Metals and Infrastructure - The portfolio includes critical metals such as lithium and uranium, with lithium positions performing well, while uranium investments face challenges due to geopolitical factors [24][49] - The company is exploring opportunities in infrastructure and industrials, aiming to capitalize on increasing electricity costs and innovative technologies [51][52] Market Outlook - The company anticipates that oil and natural gas investments may lead in Q4 2025, driven by potential supply constraints in Europe and favorable dividend yields from current positions [33][35] - Concerns regarding LNG supply availability and winter weather patterns could impact natural gas prices, with a focus on the interplay between European demand and Asian supply [40][42][45]

Core Viewpoint - Peloton Minerals Corporation has successfully closed the first tranche of a non-brokered private placement financing, raising $902,749.77, exceeding the initial target of $630,000, with plans for a second tranche to close soon [1][2]. Financing Details - The financing was priced at CDN$0.09 per unit, with each unit comprising one common share and one common share purchase warrant exercisable for three years at $0.12 [1]. - The proceeds will be allocated for lithium exploration in northern Nevada and for working capital [1]. Exploration Plans - Peloton plans to initiate drilling at the North Elko Lithium Project (NELP) in northeastern Nevada later this month, following a successful surface exploration program funded by a previous capital raise of approximately $1,000,000 in 2024 [2]. - NELP is strategically located next to a high-grade lithium deposit discovered in 2023 by Surge Battery Metals and covers an area of about 37 square kilometers (14.25 square miles) [2]. Exploration Activities - The exploration work conducted at NELP includes various surveys and analyses such as airborne hyperspectral surveys, geologic mapping, soil geochemistry, and XRD analysis on over 1,000 surface samples [2]. Shareholder Information - The private placement utilized certain prospectus exemptions, including the Existing Shareholder Exemption, allowing existing shareholders to purchase shares [3]. - The record date for determining eligible existing shareholders was set for August 15, 2025 [3]. Securities Information - The securities issued in connection with the private placement are subject to a hold period of four months and one day from the issuance date [4]. Company Overview - Peloton Minerals Corporation is a reporting issuer in good standing in British Columbia and Ontario, with common shares listed on the CSE and trading on the OTC QB [5]. - The company holds a 100% interest in the North Elko Lithium Project and has additional interests in gold and copper projects in Nevada and Montana [6].

Core Insights - Stardust Power Inc. has signed a Letter of Intent with Mandrake Resources Limited to secure 7,500 metric tons per annum of lithium carbonate equivalent from Mandrake's Utah Lithium Project, enhancing its supply chain for battery-grade lithium carbonate [1][5] - The agreement is non-binding and covers a twelve-year term with an optional six-year extension, potentially providing up to 18 years of supply [5] - The Utah Lithium Project is strategically located in a region known for lithium-rich brines, with an Inferred Resource of 3.3 million tonnes of lithium carbonate equivalent [6][9] Company Strategy - The partnership with Mandrake aligns with Stardust Power's vision for a fully integrated American lithium supply chain, leveraging the project's scale and existing infrastructure [3][4] - The geographic advantage of the Utah project allows for efficient sourcing from multiple suppliers, reinforcing Stardust Power's role as a critical hub for domestic lithium supply [4][6] - The agreement enhances financing options and reduces development risk, demonstrating progress toward full-scale operations at the Muskogee site [5] Market Context - The Utah project benefits from regulatory stability and federal support for domestic critical minerals development, making it a compelling jurisdiction for lithium growth [3][9] - The partnership aims to support the growing North American electric vehicle and energy storage markets by ensuring a reliable supply of battery-grade materials [7][8]

Core Viewpoint - Lithium Ionic Corp. has filed an independent NI 43-101 compliant technical report for the Bandeira Lithium Project, indicating progress in the project's development and feasibility study [1][2]. Group 1: Technical Report Details - The 2025 Bandeira Technical Report was prepared by qualified consulting groups RTEK, GE21, and L&M, ensuring compliance with National Instrument 43-101 standards [2]. - The report is available on the company's website and SEDAR+ for public access [2]. Group 2: Qualified Persons - A list of Qualified Persons (QPs) who contributed to the report is provided, confirming their independence and expertise in the field [3][4]. - Each QP has reviewed and approved the contents of the news release, ensuring accuracy and reliability [3]. Group 3: Compensation and Agreements - The company issued 7,430,305 common shares to RTEK as compensation for technical and strategic advisory services related to the feasibility study [5]. - This issuance has received approval from the TSX Venture Exchange, indicating regulatory compliance [5]. Group 4: Company Overview - Lithium Ionic Corp. is a Canadian mining company focused on exploring and developing lithium properties in Brazil, particularly in the Minas Gerais state [6]. - The company's flagship projects, Itinga and Salinas, cover 11,684 hectares in a region recognized as a world-class hard-rock lithium district [6].

Core Insights - Successful completion of due diligence by the Clean Elements Fund confirms HMW's world-class status [1] - A $20 million placement is set to proceed with full and final settlement due by November [1] - The Argentine Government has approved the RIGI incentive regime for the HMW Project, providing fiscal stability and significant long-term benefits [1]

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].

Financial Data and Key Metrics Changes - The company reported a net present value (NPV) of $2.3 billion and an internal rate of return (IRR) of 23.2% [13] - The all-in sustaining cash cost for lithium carbonate production is $4,628 per tonne, placing it in the bottom quartile globally [15][20] - Annual revenue is projected to be $790 million with an annual EBITDA of $563 million over the first 25 years [16] Business Line Data and Key Metrics Changes - The ore reserve is now 265 million tonnes, sufficient for 77 years of mining at the current rate of 3.4 million tonnes per annum [14] - The total mineral resource is 549 million tonnes, indicating significant expansion potential [15] Market Data and Key Metrics Changes - The project is positioned within the lowest cost quartile globally for lithium carbonate equivalent production, benefiting from the co-production of boric acid [9][20] - Approximately 50% of the world's lithium production costs exceed $10,000 per tonne, while Rhyolite Ridge operates at a significantly lower cost [20] Company Strategy and Development Direction - The company aims to finalize a global strategic partnering process to secure capable equity partners for the Rhyolite Ridge project [4][9] - The project is designed to be a vertically integrated lithium-boron operation, enhancing the U.S. position as a significant producer of critical minerals [5][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence that the coming year will be transformational, translating years of effort into long-term value [10] - The company acknowledges the volatile geopolitical environment affecting the lithium sector, which has led to an extension of the partnering process into 2026 [26][41] Other Important Information - The project has received a favorable record of decision from the Bureau of Land Management, completing the NEPA permitting process [5][6] - A $986 million loan from the U.S. Department of Energy has been secured, strengthening the project's financial foundation [6][22] Q&A Session Summary Question: Why does the U.S. government prioritize overseas supply deals despite domestic projects? - Management clarified that very few projects are shovel-ready for lithium production, with Ioneer being one of the few fully permitted projects [37][40] Question: What is the plan for completing the remaining 30% of design engineering? - The remaining design will be completed post-FID with the assistance of an EPC contractor, Fluor [42] Question: What reasons did Sibanye give for not proceeding with the project? - Sibanye cited a lack of capacity to fund their share and stated that the project did not meet their investment criteria [44]

Core Insights - Surge Battery Metals Inc. has successfully completed its 2025 core drilling program at the Nevada North Lithium Project, achieving all primary objectives including data collection for resource upgrade and pre-feasibility study [1][2][6] Drill Program Highlights - All nine drill holes encountered significant thicknesses of lithium-bearing claystone, with over 1,830 cumulative feet (557.8 meters) of favorable claystone intersected [2] - The average composite thickness of favorable claystone per hole was 207.4 feet (63.2 meters), with a maximum of 353 feet (107.6 meters) in hole NNL-030 [2] - Drilling results indicate the lithium-bearing basin may extend beyond current interpretations, suggesting potential for resource expansion [2] - Five holes encountered claystone horizons at or near the surface, indicating favorable conditions for low-cost extraction [2] - Consistent mineralization was observed across varying depths, enhancing understanding of basin geometry and geological controls [2] Resource Upgrade and Pre-Feasibility Study - The infill drilling increased data density within the existing resource footprint, supporting the upgrade of Inferred resources to Indicated and Measured classifications [2] - Comprehensive data for the pre-feasibility study was collected, including metallurgical testing samples and hydrogeological data [2][4] Operational Execution - The drilling program was completed efficiently using two drill rigs, showcasing the company's capability in managing complex field logistics [2][3] Next Steps - Core logging, cutting, and sampling are ongoing, with samples submitted for assay, including potential byproduct elements such as Cesium, Rubidium, and Rare Earth Elements [4] Joint Venture Update - Surge and Evolution Mining are progressing towards forming a joint venture, with an exclusivity period extension to November 21, 2025 [5] Company Overview - Surge Battery Metals is focused on securing domestic lithium supply through its Nevada North Lithium Project, which is crucial for electric vehicle production [8] - The project has a pit-constrained Inferred Resource of approximately 8.65 million tons of Lithium Carbonate Equivalent (LCE) at a grade of 2,955 ppm Li [11] - A recent Preliminary Economic Assessment (PEA) reported an after-tax NPV8% of US $9.17 billion and an after-tax IRR of 22.8% at a lithium price of $24,000 per ton [11]