Core Insights - The lithium miner has experienced significant volatility and investors should anticipate continued fluctuations throughout the year [1] Company Overview - The company operates in the lithium mining sector, which is characterized by rapid changes and unpredictable market conditions [1] Market Expectations - Investors can expect more volatility in the lithium market, indicating that the company will likely face ongoing challenges and opportunities [1]

Core Viewpoint - Albemarle Corporation has decided to idle the remaining operating train at its Kemerton lithium hydroxide processing plant in Western Australia due to ongoing price volatility in the lithium market, despite recent price improvements [1][3][4]. Group 1: Company Actions - The decision to place the Kemerton plant into care and maintenance follows previous actions in 2024 to idle Train 2 and halt expansion plans for Trains 3 and 4 [2]. - Albemarle's CEO stated that the idling of operations at Kemerton was a difficult decision made after significant efforts to reduce operating costs over the past two and a half years [3]. - The company expects this decision to improve financial flexibility and preserve optionality, with an anticipated positive impact on adjusted EBITDA starting in the second quarter of 2026 [4]. Group 2: Market Context - The Kemerton plant processes spodumene from the Greenbushes lithium mine, which is the largest hard-rock lithium mine globally, and Albemarle holds a significant ownership interest and half of the offtake rights from this mine [2]. - Despite the idling of the Kemerton plant, Albemarle's mining interests in Australia, including holdings in Greenbushes and Wodgina, remain unaffected and are considered core components of the company's strategy [5].

Core Insights - Elektros Inc. has formally adopted a comprehensive Environmental, Social, and Governance (ESG) Policy, marking a strategic milestone in its operations [1] - The company aims to responsibly supply critical minerals, particularly lithium, which is essential for the global energy transition [1] - As demand for lithium increases for applications such as electric vehicles, grid storage systems, and renewable energy infrastructure, Elektros is positioning itself at the intersection of resource development and environmental stewardship [1] Company Summary - Elektros Inc. is a hard-rock lithium mining developer operating in Sierra Leone [1] - The adoption of the ESG Policy reflects the company's commitment to sustainable practices in the mining sector [1] - The strategic focus on lithium aligns with the growing global demand for this critical mineral [1] Industry Context - The global energy transition is driving increased demand for lithium, particularly for electric vehicles and renewable energy solutions [1] - Companies in the mining sector are increasingly recognizing the importance of ESG policies to meet market expectations and regulatory requirements [1] - Elektros's approach highlights the trend of integrating environmental stewardship into resource development strategies [1]

Core Insights - Ameerex Corporation provides clarification on its lithium participation framework and updates the lithium resource value based on current market pricing [1] Lithium Resource Valuation - Patagonia Lithium has reported a JORC-compliant Mineral Resource of 3.816 million tonnes Lithium Carbonate Equivalent (LCE) in-situ, with 551,400 tonnes LCE classified as drainable (Indicated + Inferred) [1] - At the current battery-grade lithium carbonate pricing of approximately US$17,250 per tonne, the total in-situ resource equates to approximately US$66 billion in contained gross value [1] - The currently defined drainable resource equates to approximately US$9.5 billion [1] Ameerex's Equity Position - Ameerex's exposure under the agreement framework consists of two independent and scalable components, including a scalable 10% equity interest in Patagonia Ltd [1]

Core Viewpoint - Elevra Lithium has signed a non-binding memorandum of understanding with Mangrove Lithium for the supply of spodumene concentrate, potentially delivering up to 144,000 tonnes per annum starting in 2028, subject to market conditions [1][2]. Group 1: Agreement Details - The agreement could transition into a binding contract if Mangrove invests in a lithium conversion facility by June 2027 [2]. - The initial supply agreement is set to last five years, beginning in 2028 and increasing to 144,000 tonnes per annum by 2030, which would represent approximately 46% of anticipated sales [2]. Group 2: Mangrove's Operations - Mangrove plans to convert spodumene concentrate into battery-grade lithium hydroxide at its facility in eastern Canada, contributing to a domestic battery supply chain [3]. - The facility is designed to produce 20,000 tonnes per annum of battery-grade lithium, sufficient to power 500,000 electric vehicles [3]. Group 3: Technological Feasibility - Mangrove's pilot plant in Delta, Canada, has demonstrated the feasibility of its lithium conversion process, with test work on NAL spodumene expected to conclude by Q3 2026 [4]. - Mangrove has operationalized North America's first commercial electrochemical lithium refining plant with a capacity of 1,000 tonnes per annum [4]. Group 4: Strategic Fit and Financial Backing - Mangrove's partnership with Elevra is seen as a strategic fit to enhance supply chain security and create domestic jobs, aligning with Canada's Critical Minerals Strategy [5]. - Mangrove recently secured $85 million in funding, supporting its proprietary refining platform, which offers environmental and cost advantages [5][6]. Group 5: Expected Benefits - Expected benefits of the agreement include reduced logistics costs due to proximity, a pricing structure that ensures cash flow stability, and potential increased annual output from the NAL Brownfield Expansion [7].

南华期货碳酸锂数据日报 2026年02月11日 夏莹莹 投资咨询证书：Z0016569 研究助理：余维函 期货从业证号：F03144703 联系邮箱：yuwh@nawaa.com 投资咨询业务资格：证监许可【2011】1290号 一、期货数据 碳酸锂期货价格区间 品种 价格区间预测 当前波动率（20日滚动） 当前波动率历史百分位（3年） 碳酸锂主力合约 支撑位：120000 115.3% 96.5% source： 同花顺,南华研究 碳酸锂期限结构图 source： 同花顺,南华研究 146,860 148,300 150,100 150,260 150,080 150,700 150,100 150,600 150,720 150,600 150,240 150,640 127,600 131,720 132,500 132,920 133,280 133,620 132,060 133,500 131,160 132,680 133,340 133,100 166,000 166,060 166,420 166,280 166,500 166,920 166,600 166,800 166,100 167 ...

Summary of Lake Resources Conference Call Company Overview - **Company**: Lake Resources (OTCPK: LLKK.F, ASX: LKE) - **Focus**: Development of lithium assets in Argentina, specifically the Kachi project located in Catamarca province - **Background**: Established in 2016-2017, with David Dickson as CEO since 2022, bringing experience from oil and gas sectors [2][3] Key Points on Kachi Project - **Resource Size**: Kachi has 11.1 million tons of lithium carbonate equivalent (LCE), with 8.2 million tons measured and indicated [4] - **Production Plans**: Phase one aims for 25,000 tons per annum of battery-grade lithium carbonate at over 99.5% purity [4] - **Brine Quality**: Average lithium content improved from 249 mg/L to 268 mg/L, enhancing project economics [5][11] - **Mine Life**: Project expected to have a lifespan of 25 years [5] Financial Metrics - **Capital Expenditure (CapEx)**: Estimated at $1.16 billion for the initial phase [10] - **Operating Expenditure (OpEx)**: Projected at just under $5,900 per ton, with power costs constituting over 55% of OpEx [10][11] - **Net Present Value (NPV)**: Estimated at $1.5 billion with a return rate of 22.5% [11] Technological Developments - **Direct Lithium Extraction (DLE)**: Collaboration with Lilac Solutions, focusing on Ion Exchange technology for lithium extraction [12][13] - **Demonstration Plant**: Successfully operated a demonstration plant using Kachi brines, with ongoing improvements in technology [13][14] - **Commercial Scale Production**: Lilac has established a facility in Nevada capable of supplying beads for production of up to 100,000 tons of lithium carbonate per year [14][15] Environmental and Regulatory Milestones - **Environmental Impact Assessment (EIA)**: Application submitted in March 2024, with expected approval in the first half of 2026 [18][19] - **Ramsar Site Zonification**: Received approval to protect surrounding wetlands, a significant regulatory milestone [8][19] Market and Economic Context - **Lithium Price Volatility**: Prices fluctuated from $82,000 per ton in December 2023 to $8,000 in 2025, currently stabilizing around $20,000-$21,000 [27][28] - **Supply-Demand Dynamics**: Shift in forecasts indicating a supply deficit may occur as early as 2025, driven by increased demand from battery energy storage systems [29][30] - **International Relations**: Strengthening ties between Argentina and the U.S. under the Critical Minerals Framework, enhancing investment attractiveness [22][24] Future Outlook - **Operational Focus**: Continued emphasis on securing final permits, optimizing power supply solutions, and advancing discussions with potential offtake partners [20][21][32] - **Investor Engagement**: Plans for increased market communication and updates on project developments as lithium prices stabilize [37] Community Engagement - **Local Involvement**: Active communication and collaboration with the local community near Kachi, ensuring transparency and involvement in project developments [36]

Core Viewpoint - Lithium Americas Corp. (NYSE:LAC) is highlighted as a promising investment opportunity in the materials sector, particularly following its recent agreements with the U.S. Department of Energy and General Motors [1]. Group 1: Agreements and Financial Instruments - On January 30, Lithium Americas Corp. issued the DOE a warrant to purchase up to 18,268,687 common shares, which accounts for 5% of the company's outstanding shares [2]. - The joint venture with General Motors also issued a warrant for Non-Voting Units representing a 5% economic interest in the joint venture, both of which are exercisable for ten years and include anti-dilution adjustments [2]. - A registration rights agreement requires Lithium Americas to register the common shares that can be issued upon the exercise of these warrants [3]. Group 2: Company Overview - Lithium Americas Corp. is focused on the development, construction, and operation of lithium deposits and chemical processing facilities in the United States and Canada [4].

Core Viewpoint - Noram Lithium Corp. has contracted Global Resource Engineering to update the Preliminary Economic Assessment for the Zeus Project, indicating a significant advancement in the project and a focus on potential byproducts [1] Group 1: Project Development - The Zeus Project is located in Clayton Valley, Nevada, and aims to enhance its economic viability through updated assessments [1] - The engagement of GRE will involve supervising metallurgical testing on samples from the Zeus deposit [1] Group 2: Economic Analysis - The updated assessment will include the feasibility of recovering byproducts such as Rubidium, Cesium, Molybdenum, and Potash, which are considered important for the economic analysis [1] - The update will also revise the Mineral Resource Estimate and Preliminary Economic Assessment to incorporate these potential credits [1]

Summary of Australian Lithium & Gold Coverage Industry Overview - The report focuses on the Australian lithium and gold sectors, providing coverage summaries, forecasts, and spot pricing scenarios as of February 6, 2026 Key Companies and Ratings - **Buy Recommendations**: NST, NEM, CMM, BGL, RMS, WGX, PNR, WA1 [4] - **Sell Recommendations**: PLS, LTR, MIN, EVN [4] Company-Specific Insights - **IGO**: Neutral rating, Nickel/Lithium, Market cap: US$4.3 billion, Current price: A$8.21, Downside: 15%, NAV: A$5.28, NTM EV/EBITDA: 12.4x [4] - **PLS**: Sell rating, Spodumene Lithium/Specialties, Market cap: US$9.2 billion, Current price: A$4.10, Downside: 27%, NAV: A$2.68, NTM EV/EBITDA: 14.4x [4] - **LTR**: Sell rating, Spodumene, Market cap: US$3.6 billion, Current price: A$1.64, Downside: 11%, NAV: A$1.07, NTM EV/EBITDA: 19.8x [4] - **MIN**: Sell rating, Fe/Li/Crushing, Market cap: US$7.2 billion, Current price: A$52.43, Downside: 14%, NAV: A$37.40, NTM EV/EBITDA: 6.9x [4] - **NST**: Buy rating, Gold, Market cap: US$26.4 billion, Current price: A$26.57, Upside: 19%, NAV: A$30.14, NTM EV/EBITDA: 7.1x [4] - **EVN**: Sell rating, Gold/Copper, Market cap: US$20.0 billion, Current price: A$14.18, Downside: 10%, NAV: A$12.28, NTM EV/EBITDA: 7.5x [4] - **NEM**: Buy rating, Gold, Market cap: US$118.4 billion, Current price: A$154.72, Upside: 20%, NAV: A$172.72, NTM EV/EBITDA: 6.0x [4] - **CMM**: Buy rating, Gold, Market cap: US$4.2 billion, Current price: A$13.11, Upside: 34%, NAV: A$16.50, NTM EV/EBITDA: 9.7x [4] - **BGL**: Buy rating, Gold, Market cap: US$1.8 billion, Current price: A$1.65, Upside: 21%, NAV: A$1.98, NTM EV/EBITDA: 4.9x [4] - **RMS**: Buy rating, Gold, Market cap: US$5.9 billion, Current price: A$4.29, Upside: 25%, NAV: A$5.19, NTM EV/EBITDA: 9.8x [4] - **WGX**: Buy rating, Gold, Market cap: US$4.5 billion, Current price: A$6.76, Upside: 37%, NAV: A$8.85, NTM EV/EBITDA: 4.4x [4] - **PNR**: Buy rating, Gold, Market cap: US$1.3 billion, Current price: A$4.51, Upside: 67%, NAV: A$6.60, NTM EV/EBITDA: 3.1x [4] - **WA1**: Buy rating, Niobium, Market cap: US$0.8 billion, Current price: A$15.53, Upside: 69%, NAV: A$30.04 [4] Valuation Metrics - **NAV Valuation**: Companies have varying NAVs, with NST having the highest at A$30.14 and PLS the lowest at A$2.68 [4] - **NTM EV/EBITDA Multiples**: Ranges from 3.1x (PNR) to 19.8x (LTR), indicating differing market expectations and valuations across companies [4] Commodity Price Forecasts - **Lithium Carbonate (China)**: Estimated at US$18,366 per ton, down 24% from spot [8] - **Lithium Hydroxide (China)**: Estimated at US$17,856 per ton, down 24% from spot [8] - **Spodumene 6%**: Estimated at US$2,015 per ton, down 45% from spot [8] - **Gold**: Estimated at US$4,778 per ounce, down 20% from spot [8] - **Copper**: Estimated at US$5.88 per pound, down 11% from spot [8] Additional Insights - The report highlights potential conflicts of interest due to Goldman Sachs' business relationships with covered companies [2] - Analysts emphasize the importance of considering this report as one of several factors in investment decisions [2] - The report includes a detailed analysis of market cap, price targets, and upside/downside potential for each company [4] This summary encapsulates the key points from the Australian Lithium & Gold Coverage report, providing insights into company ratings, valuations, and commodity forecasts.