Core Viewpoint - The report indicates that all eight lithium mining companies in Yichun have submitted their mineral change reserve verification reports, with the expectation that operations will continue for most, except for the Ningde Times mine, which is currently suspended due to specific circumstances [1][3][4]. Group 1: Company Actions - Yichun Mining Co. has confirmed that all eight lithium mining companies have submitted the necessary reports for mineral change verification [1]. - Guoxuan High-Tech confirmed that their report was approved by the Ministry of Natural Resources on September 28, including the mining design and ecological restoration plan [1]. - Other companies, including Yongxing Materials, are currently working on their reports but have not disclosed specific progress [3]. Group 2: Regulatory Context - The Yichun Natural Resources Bureau issued a notice in July requiring mining companies to compile and submit their mineral change reserve verification reports by September 30 [4]. - The National Audit Office's report highlighted issues with the approval processes for the eight lithium mining rights, prompting the need for these reports [3]. Group 3: Production Status - As of September 28, all mines except for the Ningde Times mine are operating normally [4]. - Local expectations are optimistic regarding the resumption of operations at the Ningde Times mine, with predictions of a restart in October and preparations already underway [4][5].

Core Viewpoint - All eight lithium mining companies in Yichun City have submitted their mineral change reserve verification reports, with the approval of the report by Guoxuan High-Tech on September 28, indicating progress in regulatory compliance and operational readiness in the lithium sector [2][4]. Group 1: Regulatory Developments - The Yichun Natural Resources Bureau required mining companies to compile mineral change reserve verification reports by September 30, following feedback from the National Audit Office regarding irregularities in mining rights management [5]. - Guoxuan High-Tech confirmed that their report has passed the approval of the Ministry of Natural Resources, along with related mining design and ecological restoration plans [2][4]. Group 2: Operational Status - Except for the Ningde Times Jiangxiawo lithium mine, which is currently suspended, other seven lithium mining companies are operating normally [5]. - Local expectations are optimistic regarding the resumption of operations at the Ningde Times lithium mine, with indications that it may restart in October, and preparations are already underway [5][4]. Group 3: Industry Insights - A board chairman from an asset management company noted that the mineral change reserve verification report is relatively straightforward to produce, as companies already have existing reserve reports from previous mining license applications [4]. - The suspension of the Ningde Times lithium mine is attributed to specific circumstances, including the expiration of its mining license and an ongoing audit process [4].

Core Viewpoint - The report on the mineral type change and resource verification for eight lithium mines in Yichun has been submitted, with the expectation that production will continue for most mines despite the recent suspension of one mine operated by CATL due to specific circumstances [1][3][4]. Group 1: Company Actions - All eight lithium mining companies in Yichun have submitted their mineral type change resource verification reports [1]. - Guoxuan High-Tech confirmed that their report was approved by the Ministry of Natural Resources on September 28, along with related mining design and ecological restoration plans [1]. - The Yichun Natural Resources Bureau mandated that mining companies complete necessary procedures, including obtaining mining licenses and managing dynamic resource data [1][4]. Group 2: Production Status - Currently, all mines are operating normally except for the CATL's Jiangxiawo lithium mine, which is suspended [4]. - Local expectations are optimistic regarding the resumption of operations at the CATL mine, with indications that it may restart in October [4][5]. - The suspension of the CATL mine is attributed to the expiration of its mining license and an ongoing audit process [3]. Group 3: Industry Insights - The process of preparing the mineral type change resource verification report is considered straightforward, as companies already had resource reports when applying for mining licenses [3]. - There is a low likelihood of other mines halting production during the completion of subsequent procedures [3].

Report Title - Carbonate Lithium Quarterly Report for Q4 [1] Report Date - September 30, 2025 [2] Report Industry Investment Rating - Not provided Core Views - In 2025, the global lithium resource market will see a simultaneous increase in supply and demand. The price of lithium carbonate will fluctuate around the high - cost curve, with an expected core range of 60,000 - 85,000 yuan/ton [10]. - The cost curve of lithium resources will shift downward, with the 90%/80% capacity dividing lines corresponding to costs of 63,000/56,000 yuan/ton LCE respectively [10]. - The demand for new - energy vehicles and energy storage remains promising, with expected global electric vehicle sales to reach 22.2 million units, a year - on - year increase of 22%, and domestic sales to reach 16.5 million units, a year - on - year increase of 28% [10]. Summary by Directory 01 Market Review - In the first half of the year, the price of lithium carbonate dropped by 22% due to supply - demand imbalance and cost reduction. Since the third quarter, it first rose by up to 45% under the influence of anti - involution policies and the suspension of Jiuxiaowo Mine, then fell back to an 18.73% increase [13]. 02 Supply Analysis Global Lithium Mines - The global primary lithium ore supply is expected to reach 1.66 million tons of LCE in 2025, a year - on - year increase of 22.26%. The supply growth rate has slowed down slightly due to factors such as the suspension of Jiuxiaowo Mine in China, the delay of some South American salt - lake capacity construction, and the reduction or suspension of high - cost projects in Australia [22]. Australian Lithium Mines - Australian lithium mine supply will maintain a steady growth of 12.2%. The production of major mines is expected to increase, and the cash - cost guidance of major mines has been lowered [23][25]. African Lithium Mines - African lithium mine output will maintain a high growth rate. In 2025, the supply is expected to reach 224,000 tons of LCE, a year - on - year increase of 78%. Future cost - reduction potential is large [28]. South American Salt Lakes - South American salt - lake lithium resource supply is expected to reach 440,000 tons (in terms of LCE) in 2025, a year - on - year increase of 20.4%. New projects will gradually ramp up production [31]. Chinese Lithium Mines - The growth rate of Chinese lithium mines has been revised down to 10.62% due to the suspension of Jiuxiaowo Mine. The production of lithium mica and salt - lake lithium has decreased, while the production of lithium spodumene has increased [32][53]. Lithium Ore Imports - From January to August, the cumulative domestic lithium ore imports were 3.85 million tons, basically the same year - on - year. The imports from African countries increased significantly [36]. Lithium Salt Imports - From January to August, the cumulative imports of lithium carbonate reached 153,400 tons, a cumulative year - on - year increase of 3.5%. In August, the imports increased significantly [40]. Domestic Supply - From January to August, the cumulative domestic lithium carbonate production reached 596,400 tons, a year - on - year increase of 40%. The smelting capacity is sufficient [44]. 03 Demand Analysis Primary Demand - From January to August, the consumption of lithium carbonate increased by 45.62% year - on - year to 711,000 tons. The consumption of cathode ternary materials, lithium iron phosphate, and lithium cobalt oxide increased by 14.14%, 56%, and 31.39% respectively [56]. Inventory in the Industrial Chain - The industrial chain is in a complex game between high inventory pressure and structural demand growth. The upstream lithium carbonate inventory is high, while the inventory - to - sales ratio of the cathode and battery is relatively healthy. The inventory of new - energy vehicles in the downstream has started seasonal destocking [60]. Global New - Energy Vehicle Sales - It is expected that the global new - energy vehicle sales will reach 22.2 million units in 2025, a year - on - year increase of 22%. The domestic sales are expected to reach 16.5 million units, a year - on - year increase of 28% [64]. Demand for Lithium from New - Energy Vehicles - The proportion of pure - electric vehicles in new - energy vehicles has increased, and the average battery capacity per vehicle has also increased, driving strong demand for lithium [72]. Global Energy - Storage Market - It is expected that the global energy - storage new - installed capacity will reach 82GW/216GWh in 2025, a year - on - year increase of 28%/36%. China, the United States, and Europe lead the global energy - storage demand growth [78]. 04 Balance and Price Cost Curve - In 2025, the center of the lithium resource cost curve will shift downward further. The cost of non - integrated lithium spodumene smelting enterprises fluctuates greatly [83]. Profit Status - In the first half of the year, enterprises using externally purchased raw materials were in long - term losses. In the third quarter, the smelting profit rebounded from the bottom [87]. Supply - Demand Balance and Price - In 2025, the domestic lithium carbonate supply is expected to be 1.135 million tons, a year - on - year increase of 25.36%, and the demand is expected to be 1.0905 million tons, a year - on - year increase of 32.39%. The annual surplus is expected to be 44,400 tons. The price will fluctuate around the high - cost curve, with a range of [60,000, 85,000] yuan/ton [90].

Core Viewpoint - The potential for production suspension in Yichun's lithium companies appears low, as they have not received any notifications regarding shutdowns, and they are actively preparing resource verification reports as required by local authorities [1][2]. Group 1: Regulatory Developments - Yichun's lithium companies are responding to a notification from the Yichun Natural Resources Bureau regarding the need to compile resource verification reports for eight lithium-related mining rights due to regulatory compliance issues [1]. - The companies involved include Yichun Times New Energy Mining Co., Yichun Guoxuan Mining Co., and several others, all of which are required to submit their reports by September 30 [1]. Group 2: Resource Verification Reports - The submitted resource verification reports are based on a lithium oxide grade of 0.2% and do not involve any changes in mining type, although the companies acknowledge that future changes may be necessary [2][3]. - The Yichun region is known for having the largest lithium mica reserves in Asia, but the lithium content is generally low, making it less viable under previous regulations that required a lithium oxide grade of 0.4% or higher for mining rights [2]. Group 3: Future Mining Prospects - The current regulatory framework indicates that mining rights will not be granted for lithium resources with a grade below 0.4%, but there is a trend towards changing the classification of lithium-bearing ceramic soil mines to lithium mines due to advancements in extraction technology and rising lithium prices [3]. - Despite one of the eight mining operations having officially suspended production, there are plans for a swift resumption of operations by Yichun Times New Energy Resources Co. following a meeting to discuss the revival of the mining site [3].

Core Insights - The lithium extraction concept from salt lakes has seen a rise of 2.78%, ranking 8th among concept sectors, with 39 stocks increasing in value, including Donghua Technology, Wanli Stone, and *ST Zhengping reaching their daily limit [1] - Major gainers in the sector include Yiwai Lithium Energy, Ganfeng Lithium, and Luoyang Molybdenum, with respective increases of 8.30%, 7.83%, and 6.81% [1] - The sector experienced a net inflow of 2.292 billion yuan, with 27 stocks receiving net inflows, and 7 stocks exceeding 100 million yuan in net inflow [2] Sector Performance - The top-performing concept sectors today include Zinc Metals at 3.68%, Nickel Metals at 3.65%, and Lead Metals at 3.61%, while the Salt Lake Lithium concept follows at 2.78% [2] - The Salt Lake Lithium sector's net inflow was led by Ganfeng Lithium with 555.107 million yuan, followed by Zijin Mining and Huayou Cobalt with 428.394 million yuan and 416.767 million yuan respectively [2][3] Stock Performance - Stocks with the highest net inflow ratios include Wanli Stone at 16.06%, Jinyuan Co. at 13.16%, and Fulin Precision at 9.37% [3] - Ganfeng Lithium, Zijin Mining, and Huayou Cobalt are notable for their respective daily increases of 7.83%, 5.00%, and 5.46% [4] - Stocks such as Beijiete, Fumiao Technology, and Wotong Technology experienced declines of 2.14%, 0.88%, and 0.32% respectively [5]

Core Viewpoint - The lithium extraction capacity from salt lakes in Tibet is expected to see significant growth, driven by leading companies such as Cangge Mining, Zijin Mining, and Blue Sky Technology, as they accelerate project layouts in the region [1] Group 1: Industry Developments - The construction of domestic lithium extraction capacity from salt lakes has entered a concentrated implementation phase since 2025 [1] - The rich reserves and cost advantages of salt lake lithium extraction are anticipated to contribute to this growth [1] Group 2: Company Activities - Leading companies in the industry are actively enhancing their project layouts in the Tibetan salt lakes, which is expected to substantially increase the lithium extraction scale in the Qinghai-Tibet Plateau [1] - According to Wei Ming, Secretary-General of the Lithium Salt Branch of the China Inorganic Salt Industry Association, there are no technical challenges in developing the salt lakes in Tibet, and equipment can be ready for operation within eight months if conditions permit [1]

Core Viewpoint - The lithium extraction capacity from salt lakes, characterized by rich reserves and cost advantages, is expected to see significant growth, particularly in Tibet, starting from 2025 [1] Industry Summary - The domestic lithium extraction capacity from salt lakes is entering a phase of intensive development, with leading companies such as Cangge Mining, Zijin Mining, and Blue Sky Technology accelerating their key project layouts [1] - The scale of lithium extraction from salt lakes in the Qinghai-Tibet Plateau is anticipated to increase significantly [1] Company Summary - Cangge Mining, Zijin Mining, and Blue Sky Technology are identified as key players in the accelerated development of lithium extraction projects in Tibet [1] - The development of salt lakes in Tibet is not hindered by technical challenges, as equipment can be set up and operational within eight months if conditions permit [1]

Core Viewpoint - The lithium extraction capacity from salt lakes, particularly in Tibet, is expected to see significant growth due to advancements in technology and increased investment from leading companies in the industry [1][8]. Capacity Expansion - Cangge Mining's 50,000 tons/year lithium carbonate project at the Mami Cuo salt lake has commenced construction after receiving project approval in June 2023, with full production expected by 2026 [1]. - Cangge Mining has also acquired a 39% stake in Guoneng Mining, which has two high-quality salt lakes in Tibet, with a long-term plan to reach a lithium salt capacity of 130,000 tons [1]. - Zijin Mining's Lagocuo salt lake project has faced delays but is showing signs of accelerated production, with a projected output of 7,315 tons of lithium carbonate in the first half of 2025, compared to 239 tons in the same period of 2024 [2]. - Blue Sky Technology is actively involved in domestic salt lake capacity construction, including a collaboration with Guoneng Mining for a 3,300 tons lithium hydroxide production line, which aims to be the first industrialized salt lake lithium extraction project in Tibet [2]. Technological Innovation - The lithium extraction process is undergoing systematic innovation, with direct lithium extraction technologies significantly reducing production time and resource consumption [3]. - The use of advanced techniques such as membrane coupling and adsorption technology is expected to enhance resource utilization and lower production costs [3][4]. - The cost of adsorption agents has decreased from 200,000 yuan/ton to 45,000 yuan/ton, contributing to improved industrial competitiveness [4]. Industry Challenges - Despite the potential, the industry faces challenges such as low capacity utilization due to environmental factors and infrastructure difficulties in high-altitude regions [5][6]. - Projects in Tibet, including those by Zijin Mining and Jinyuan Co., have experienced slow production releases due to high-altitude conditions affecting equipment and operational efficiency [6][7]. - Water supply and power supply issues are significant hurdles, with companies needing to invest in desalination and renewable energy projects to ensure production continuity [7]. Market Outlook - The salt lake lithium extraction industry is becoming a crucial component in reducing China's reliance on imported lithium carbonate, with ongoing capital investments and policy support driving growth [8][9]. - In 2024, China's lithium carbonate production is projected to reach 702,000 tons, with salt lake extraction accounting for approximately 17.7%, a decrease from 28.6% in 2020 [9]. - The cost advantage of salt lake lithium extraction, estimated at 30,000 to 40,000 yuan/ton, is expected to encourage further investments and development in the sector [9].

Core Insights - In the first half of 2025, SQM and Albemarle sold 139,000 tons of lithium carbonate, representing a year-on-year increase of 7.8% and a 33% increase compared to the same period in 2022 [1] - The companies paid a total of $149 million in lithium mining fees to Corfo, a decrease of 46.5% from $279 million in the same period last year, and significantly lower than the $1.619 billion and $1.831 billion paid in 2022 and 2023 respectively [1] - Due to SQM's focus on the spot market, price fluctuations are more pronounced, with SQM paying $843 per ton of lithium carbonate to Corfo in the first half of 2025, while Albemarle paid $2,015 per ton [1]