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]

Core Insights - Australia's lithium industry is poised for significant growth due to rising global demand, with lithium consumption expected to increase more than fivefold by 2040, primarily driven by battery production [1][8] - The sector benefits from a strong foundation, with Australian hard-rock lithium producers positioned to capitalize on both cyclical and structural market improvements [2][6] Industry Overview - Global lithium demand is accelerating, with batteries projected to account for 94% of total consumption by 2030 [1] - Lithium carbonate prices in China reached CNY 79,000 per tonne in October 2025, indicating strong underlying fundamentals despite seasonal fluctuations [5][16] - The global lithium market is expected to transition from a surplus in 2024 to a potential small deficit by 2026, favoring Australian producers [6] Export Earnings and Production Growth - Export earnings for Australia's lithium sector are anticipated to grow from $4.6 billion in FY25 to $6.6 billion by FY27, supported by annual production growth exceeding 7% [7][18] - Companies like Pilbara Minerals are demonstrating how operational efficiency can translate rising prices into substantial margin gains [7][21] Key Players and Strategic Focus - Established companies such as Pilbara Minerals (ASX: PLS), Mineral Resources (ASX: MIN), and IGO Limited (ASX: IGO) are well-positioned to benefit from improving market conditions [9][10] - Emerging producers like Liontown Resources (ASX: LTR) are entering production with strong assets and secured off-take agreements, enhancing their growth potential [10][33] Demand Drivers - Electric vehicles (EVs) are the primary driver of lithium consumption, with sales expected to exceed 20 million units in 2025, accounting for over 85% of battery demand [11] - Geographical demand is shifting, with China’s share of global battery demand expected to decline from 60% in 2024 to below 50% by 2030, presenting opportunities for Australian producers to diversify their customer base [12] Supply Dynamics - The lithium market has experienced a significant oversupply, with global mine output increasing by 192% from 2020 to 2024, but the supply-demand balance is gradually rebalancing [13][14] - Australian producers are focusing on operational efficiency rather than overextending production, allowing them to capture more value as the market tightens [14] Policy and Geopolitical Factors - High financing costs in Western markets and the concentration of refining capacity in China highlight the need for diversified supply chains, benefiting Australian producers [15] - Western initiatives promoting non-Chinese downstream processing further strengthen the position of Australian lithium producers [15] Price Movements and Market Outlook - Lithium prices have rebounded in the latter half of 2025, indicating a responsive market and increasing investor confidence [16] - Companies that prioritize margin optimization and maintain operational flexibility are expected to thrive in FY26 [17] Strategic Assets and Expansion - Australia remains the world leader in hard-rock lithium, accounting for 36% of global extraction in 2024, with significant growth potential in production and exports [18][19] - Strategic operations like Greenbushes, which supplies over 20% of the world's high-grade lithium concentrate, are crucial for meeting global demand [19][36] Company Highlights - Pilbara Minerals is recognized for its operational efficiency and significant scale advantages, with a focus on maximizing returns through strategic production management [27][28] - Liontown Resources is transitioning to a major producer with long-term off-take agreements, providing stability during ramp-up [32][33] - IGO Limited benefits from its stake in the Greenbushes Lithium Mine and diversification into other battery metals, enhancing its resilience [36][37] - Mineral Resources combines mining services with lithium assets, providing stable cash flows and operational efficiency [40][41] Conclusion - Australia's lithium sector is entering a powerful growth phase, supported by electrification, tightening supply, and rising export earnings, positioning the country at the center of the global lithium opportunity [45][46]

Core Viewpoint - International Lithium Corp. (ILC) has successfully met the conditions for a secured loan to Lepidico, which has been increased to CAD$ 510,000, enabling ILC to hold an option to acquire Lepidico Mauritius and its associated lithium project in Namibia [1][2][3] Financial Summary - The secured loan amount of CAD$ 510,000 includes CAD$ 420,000 that earns interest at a rate of 10% per annum [1] - ILC has the option to purchase 100% of Lepidico Mauritius for CAD$ 975,000, with the net amount payable being the difference between this purchase price and the loan repayment [3] Project Overview - The Karibib project in Namibia, owned by Lepidico Mauritius, contains significant resources of lithium, rubidium, and cesium, with the project having reached the Definitive Feasibility Study stage under JORC standards [12][14] - The project is believed to have one of the largest rubidium resources in Africa and contains cesium equal to about one year of global demand [10][11] Strategic Positioning - If the option is exercised, ILC would significantly advance its project development timeline compared to other interests in Zimbabwe and elsewhere [5][12] - The acquisition would position ILC as a leading player in the rubidium market and strengthen its interests in cesium, particularly as demand for these critical minerals rises [7][12][20] Market Context - The increasing demand for lithium and other battery metals is driven by the growth of electric vehicles and renewable energy technologies, positioning lithium as a critical resource for a sustainable economy [14][20] - ILC aims to capitalize on this demand by developing projects with significant resource potential in both Canada and Southern Africa [20]

Core Insights - Sigma Lithium is transitioning from a promise-driven narrative to a fully operational phase, indicating a significant shift in its business model and market positioning [1]. Company Analysis - The company is moving away from speculative growth stories and is now focused on establishing real operational capabilities, which may enhance its credibility and attract long-term investors [1]. Market Context - The analysis reflects a broader macroeconomic perspective, emphasizing the importance of understanding local and global trends in the investment landscape, particularly in dynamic markets like Argentina [1].

Core Insights - Q2 Metals Corp. has appointed Mr. Keith Phillips to its Board of Directors, enhancing the board's expertise in the lithium sector and investment banking [1][6] - Mr. Phillips previously served as CEO of Piedmont Lithium, leading it to a peak market capitalization of over $1.0 billion and establishing it as a global lithium producer [3][4] - The Cisco Lithium Project, a key focus for Q2 Metals, is positioned as one of the most promising undeveloped hard-rock lithium projects globally, with an initial exploration target estimating 215 to 329 million tonnes of lithium mineralization [9][10] Company Overview - Q2 Metals Corp. is a Canadian mineral exploration company focused on the Cisco Lithium Project located in Quebec, Canada [8] - The Cisco Project has district-scale potential, with ongoing exploration programs aimed at an initial mineral resource estimate expected in Q1 2026 [10] Leadership Background - Mr. Phillips has a 30-year career in investment banking, managing transactions worth over $100 billion and leading mining investment banking teams at major firms [4] - He holds an MBA in Finance from The University of Chicago and a Bachelor of Commerce from Laurentian University [5] Strategic Goals - The appointment of Mr. Phillips aligns with Q2 Metals' strategic goals, particularly in advancing the Cisco Lithium Project and enhancing its role in the North American and global lithium supply chain [6][9] Equity Incentive Awards - Q2 Metals has granted 1,300,000 stock options to directors, officers, and consultants at an exercise price of $0.95 per share for five years, subject to a hold period [7] Upcoming Events - Q2 Metals will participate in several upcoming industry events, including XPLOR in Montreal and the 121 Mining Event in London [8]

Core Insights - Standard Lithium Ltd. is a near-commercial lithium mining company with two large-scale prospective mining projects in the US expected to achieve commerciality within the next few years [1] Company Overview - Standard Lithium Ltd. operates in the lithium mining sector, focusing on large-scale projects that are anticipated to become commercially viable soon [1] Market Position - The company is positioned in a growing industry, with increasing demand for lithium driven by the electric vehicle and renewable energy sectors [1]

Core Insights - Standard Lithium Ltd. is a near-commercial lithium mining company with two large-scale prospective mining projects in the US expected to achieve commerciality within the next few years [1] Company Overview - Standard Lithium Ltd. operates in the lithium mining sector, focusing on large-scale projects that are anticipated to become commercially viable soon [1] Market Position - The company is positioned in a growing industry, with increasing demand for lithium driven by the electric vehicle and renewable energy sectors [1]

Report Summary 1. Report Industry Investment Rating The report does not provide an industry investment rating. 2. Core View of the Report The price of lithium carbonate is expected to fluctuate strongly, and attention should be paid to the results of China-US consultations. The trend strength of lithium carbonate is 0, indicating a neutral outlook [1][3]. 3. Summary of Relevant Catalogs 3.1 Fundamental Tracking - **Futures Market**: The closing prices of the 2511 and 2601 contracts of lithium carbonate showed an upward trend compared to T - 10 and T - 22. The trading volume of the 2601 contract increased significantly, while the 2511 contract decreased. The open interest of the 2601 contract increased, and the 2511 contract decreased [1]. - **Spot Market**: The spot prices of battery - grade and industrial - grade lithium carbonate increased. The spot - futures basis and the price difference between different contracts and products also changed [1]. - **Raw Materials**: The prices of lithium spodumene concentrate and lithium mica increased, and the prices of various lithium salts and related products in the industrial chain also showed an upward trend [1]. 3.2 Macroeconomic and Industry News - The SMM battery - grade lithium carbonate index price was 74,821 yuan/ton, with an increase of 458 yuan/ton compared to the previous working day. The average price of battery - grade lithium carbonate was 74,800 yuan/ton, and that of industrial - grade lithium carbonate was 72,550 yuan/ton, both increasing by 450 yuan/ton [2]. - Australian lithium mining company Pilbara Minerals produced 224,800 tons of lithium spodumene concentrate in Q3 2025, a 1.7% increase from the previous quarter. The sales price of lithium spodumene SC6 was 841 US dollars, a 19% increase. The quarterly recovery rate was 78%, and the FOB operating cost per ton decreased by 13% to 540 Australian dollars (351 US dollars) [3].