Highlights: Site construction activities in Argentina progress with Pond 4 design complete Authium advances nano-filtration plant construction in workshop in Sydney; general equipment assembly to commence Testwork confirms excellent impurity separation and successful stress testing of filtration elements PERTH, AU / ACCESS Newswire / September 10, 2025 / Galan Lithium Limited (ASX:GLN) (Galan or the Company) is pleased to provide an update on the progress of Phase 1 construction at its Hombre Muerto West (H ...

Summary of China Lithium Market Conference Call Industry Overview - The focus is on the China lithium market, particularly lithium carbonate and its supply dynamics amid regulatory disruptions [1][2][3]. Key Insights 1. **Price Adjustments**: - Average spot price assumptions for China lithium carbonate have been increased by 3% for 2025E, 33% for 2026E, and 20% for 2027E [1]. - The current spot price for lithium carbonate rose by 18% to Rmb85,000/ton as of August 21, 2025, following supply disruptions [2]. 2. **Supply Disruptions**: - Significant supply risks identified, with approximately 240kt LCE (15% of 2025E global supply) at risk due to non-compliance in mining activities [2]. - Specific operations affected include: - Zangge Mining's operation in Qinghai (1% of global supply) suspended since July 14, 2025. - CATL's lepidolite mine in Yichun (5% of global supply) suspended since August 10, 2025. - Seven other lepidolite mines in Yichun (6% of global supply) at risk of disruption post-September 30, 2025. - Citic Guoan's lithium brine operations (3% of global supply) facing risks due to overproduction and expiring mining licenses [2]. 3. **Earnings Forecasts**: - Earnings forecasts for China lithium equities have been raised by 5%-250% for 2025E-2027E, reflecting the impact of supply disruptions [1]. 4. **Scenario Analysis**: - **Base Case**: Anticipates strict enforcement of mining rights investigations, leading to: - Zangge's suspension lasting 1-2 months. - CATL's suspension lasting approximately 12 months. - Other mines facing disruptions for 9-12 months post-verification [3][6]. - **Downside Case**: Exemption of suspensions during transitional periods, leading to a potential decline in lithium carbonate prices to Rmb70,000/ton in 2026E, with a 3-51% downside to EPS [4][7]. - **Upside Case**: Stricter enforcement could lead to prices reaching Rmb120,000/ton in 2026E, with a potential upside of 20-350% to EPS [4][8]. 5. **Market Dynamics**: - The report indicates a potential supply surplus of 8% in 2025E and 1% in 2026E, with expectations of lithium carbonate prices reaching Rmb100,000/ton in 2026E [3]. 6. **Long-term Demand**: - Projected growth in electric vehicle (EV) sales, with total EV sales expected to reach 25 million units by 2026E, driving increased demand for lithium [12]. 7. **Valuation and Risks**: - Valuation based on EV/EBITDA multiples, with key risks including execution of mining rights investigations, commodity price volatility, and regulatory changes [17]. Additional Insights - The report emphasizes the importance of monitoring inventory levels, which have decreased at lithium converters while increasing at downstream battery producers [11]. - The sensitivity of net profits for major lithium companies like Tianqi Lithium and Ganfeng Lithium is highlighted, indicating how price fluctuations can significantly impact profitability [15]. This summary encapsulates the critical points discussed in the conference call regarding the China lithium market, focusing on supply disruptions, price forecasts, and potential investment implications.

Core Viewpoint - Armory Mining Corp. is conducting a non-brokered private placement offering of up to 15,000,000 units at a price of $0.05 per unit, aiming to raise up to $750,000 for working capital and general corporate purposes [1][2]. Group 1: Offering Details - The offering consists of units, each comprising one common share and one transferable common share purchase warrant, with warrants allowing the purchase of additional shares at $0.065 for three years [1]. - All securities issued under the offering will be subject to a four-month hold period in accordance with Canadian securities laws [2]. Group 2: Management Changes - Alex Klenman has been appointed as a director of the company, replacing Arjun Grewal, who has resigned but will continue to support the company in an advisory role [3][4]. Group 3: Company Overview - Armory Mining Corp. focuses on minerals critical to the energy, security, and defense sectors, controlling an 80% interest in the Candela II lithium brine project in Argentina and a 100% interest in the Riley Creek antimony-gold project in British Columbia [5].

Core Insights - Smackover Lithium, a joint venture between Standard Lithium and Equinor, has reported the highest lithium concentration to date from its South West Arkansas Project, with a measurement of 616 mg/L lithium in brine [1][4]. Company Developments - The Lester well, completed in Q2 2025, marks the conclusion of all sub-surface exploration activities for Phase 1 of the SWA Project [2]. - The average lithium concentration from three brine samples taken from the Lester well was 582 mg/L, indicating significantly higher than expected lithium concentrations [3][7]. - Dr. Andy Robinson, President and COO of Standard Lithium, expressed optimism regarding the results, which exceeded initial expectations of approximately 500 mg/L [4]. Future Plans - With fieldwork completed, the Smackover Lithium team is focused on finalizing the Front-End Engineering Design (FEED) study, with a Definitive Feasibility Study anticipated later in Q3 2025 [5]. - The completion of these studies is seen as a significant milestone, paving the way for off-take negotiations and project financing, with a Final Investment Decision targeted by the end of 2025 [5]. Joint Venture Overview - Smackover Lithium is a joint venture formed in May 2024, with Standard Lithium holding a 55% interest and Equinor holding 45% [11]. - The joint venture is developing two Direct Lithium Extraction (DLE) Project Companies in southwest Arkansas and east Texas [11]. Company Background - Standard Lithium is focused on sustainable development of high-grade lithium-brine properties in the U.S., particularly in the Smackover Formation [12][13]. - The company aims to achieve commercial-scale lithium production through a scalable Direct Lithium Extraction and purification process [13].

Core Points - Lithium Argentina AG held its annual general meeting on June 19, 2025, with 32.34% of total shares outstanding represented [1] - All eight director nominees were re-elected to serve until the next annual meeting [2] Voting Results - John Kanellitsas received 51,213,457 votes (97.79%) for, 1,005,932 votes (1.92%) against, and 154,005 abstentions [2] - Sam Pigott received 51,481,661 votes (98.30%) for, 686,057 votes (1.31%) against, and 205,676 abstentions [2] - George Ireland received 50,552,823 votes (96.52%) for, 1,611,328 votes (3.08%) against, and 209,243 abstentions [2] - Diego Lopez Casanello received 51,514,685 votes (98.36%) for, 651,271 votes (1.24%) against, and 207,438 abstentions [2] - Robert Doyle received 50,351,697 votes (96.14%) for, 1,808,938 votes (3.45%) against, and 212,759 abstentions [2] - Franco Mignacco received 51,500,081 votes (98.33%) for, 666,338 votes (1.27%) against, and 206,975 abstentions [2] - Monica Moretto received 51,582,316 votes (98.49%) for, 629,786 votes (1.20%) against, and 161,292 abstentions [2] - Calum Morrison received 48,776,426 votes (93.13%) for, 3,401,765 votes (6.50%) against, and 195,203 abstentions [2] Shareholder Approvals - Shareholders approved the consolidated financial statements for the year ended December 31, 2024 [2] - An increase and amendment to the capital band was approved [2] - An increase and amendment to the conditional capital for financing purposes was approved [2] - John Kanellitsas was re-elected as Executive Chair of the Board of Directors [2] - PricewaterhouseCoopers LLP was appointed as auditor for the financial year 2025 [2] - PricewaterhouseCoopers AG was elected as Swiss statutory auditor for the financial year 2025 [2] - Non-binding advisory resolutions on executive compensation were approved [2] - An independent voting rights representative was elected for a term extending until the next annual general meeting [2] Company Overview - Lithium Argentina operates the Cauchari-Olaroz lithium brine operation in Argentina in partnership with Ganfeng [4] - The company is advancing additional lithium resources in the region [4] - Lithium Argentina trades on the TSX and NYSE under the ticker LAR [4]