据USGS，2025年津巴布韦锂资源产量为2.8万金属吨，约占全球锂资源产量的10%。津巴布韦锂原矿及 锂精矿的出口目的地基本为中国。根据中国海关总署，2025年中国锂矿进口总量为775万吨(折79万吨 LCE)，从津巴布韦进口锂矿120万吨(折15万吨LCE)，占进口总量的19%。根据津巴布韦锂矿企业公告 的扩产计划，我们预计2026年津巴布韦锂矿产量为23.5万吨，约占2026年全球锂资源产量的12%。下游 需求即将进入旺季，根据SMM，中国锂盐库存仍较低，我们预计在津巴布韦锂矿出口禁令解除之前， 中国碳酸锂短期供应紧缺加剧，锂价有望大幅上涨。 据SMM及Mysteel，2月25日，津巴布韦矿业部宣布立即暂停所有原矿及锂精矿出口(含在途货物)，仅持 有采矿权证且拥有经批准的矿产品深加工产能的矿业企业，方可获得矿产出口授权。按照此规定，津巴 布韦硫酸锂出口仍不受影响。津巴布韦矿业部表示，此次政策旨在加强矿产监管与问责，推动矿产品深 加工发展，并将矿产价值最大程度留存于津巴布韦境内。 津巴布韦锂矿出口禁令早有端倪，后续或提高当地锂矿行业集中度 2025年6月10日，津巴布韦矿业部就已宣布从2027年1月起禁止 ...

Grounded Lithium Spuds First Oil and Gas Well, Advancing Near-Term Cash Flow Strategy [Accessibility Statement] Skip NavigationCALGARY, AB, Feb. 25, 2026 /PRNewswire/ - (TSX.V: GRD OTCQB: GRDAF) - Grounded Lithium Corp. ("GLC", "Grounded", or the "Company") announces we have begun drilling the first of a two well program targeting oil and gas resources near Marsden, Saskatchewan. As communicated in our press release dated [January 14, 2026], Grounded has diversified its potential resource base by acquiring ...

February 17, 2026 05:00 PM GMT metal&ROCK | Europe Lithium Overdone? A surge in ESS deployment has driven a material shift in lithium demand and prices since mid-2025. However, with prices tripling, weakening EV sales and more producers looking at supply responses, we think the move is likely overdone, with some downside from here (MSe $15k/t 2H26). Key Takeaways A material demand shift in ESS: The shift from the feed-in tariff model to market pricing in China's renewable power market in mid-2025 unlocked p ...

Construction underway at Thacker Pass. Credit: Lithium Americas.Lithium Americas (TSX, NYSE: LAC) says it is targeting a capital spend of between $1.3 billion and $1.6 billion for Phase 1 of its Thacker Pass project in Nevada this year. A majority of that capex will be used on project construction, with an estimated cost of $1.2-$1.5 billion.Construction of Phase 1 is progressing, with detailed engineering design at 93% completion and procurement at 60% by the end of 2025, the Vancouver-based lithium develo ...

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.

6 February 2026 | 8:59PM HKT Equity Research Qinghai Salt Lake Industry (000792.SZ) Accelerated growth outlook, potential first dividend in 10 years; upgrade to Buy 000792.SZ 12m Price Target: Rmb42.00 Price: Rmb32.40 Upside: 29.6% We revise up recurring earnings for QHL by 66% and 36% for 2026E and 2027E, to incorporate the recent asset injection of Yiliping lithium brine project, higher lithium price as a result of mark-to-market, and higher potash price assumptions. We also see improved clarity on QHL's ...

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: Lithium market, particularly in relation to energy storage systems (ESS) and electric vehicles (EVs) [1][19] - **Growth Forecast**: Global lithium demand is expected to grow at a CAGR of 21% from 2026 to 2027, driven primarily by a 35% CAGR in ESS-related demand [1][19] Core Insights - **Demand Drivers**: - Incremental ESS demand is expected to enhance global lithium demand, with significant contributions from independent projects in China and increased ESS demand in the US due to power shortages linked to AI data center growth [1] - EV-related lithium demand is projected to grow at an 18% CAGR, supported by larger battery sizes and the penetration of electric heavy-duty trucks [1][19] - **Supply Dynamics**: - A narrowing supply surplus is anticipated, with global lithium capacity expected to grow by 17% in 2026 and 10% in 2027, leading to a supply surplus of 218kt in 2026 and 60kt in 2027 [2][21] - Key projects contributing to supply include Greenbushes CGP3 in Australia and Goulamina in Mali, with potential resumption of previously suspended mines [2][24] - **Price Outlook**: - Lithium carbonate prices are forecasted to average CNY180k per tonne in 2026 and CNY200k per tonne in 2027, with potential upside risks from supply shocks and downside risks from lower-than-expected demand [3][49] Additional Insights - **Sensitivity Analysis**: - ESS demand is less sensitive to lithium prices, with a CNY10k/tonne increase in lithium carbonate price leading to a 0.2pp decline in internal rates of return (IRRs) for independent ESS projects in China [4][50] - Most ESS projects in China can maintain favorable IRR levels above 6% even with lithium prices at CNY200k/tonne [4][51] - **Impact on Supply Chain**: - Rising lithium prices are expected to benefit upstream lithium miners, particularly those with cost advantages, while mid-stream cathode makers will likely pass cost increases to battery cell manufacturers [5] - **Market Trends**: - Global EV battery usage grew by 33% year-on-year to 1046GWh in 2025, with China being the major contributor [7] - ESS has emerged as a key growth driver for lithium-ion battery shipments, with global ESS battery shipments increasing by 83% year-on-year to 640GWh in 2025 [8] - **Regulatory Changes**: - China's Ministry of Finance announced a reduction in the export VAT refund rate for battery products, which may influence export demand and subsequently lithium demand [9] Risks and Challenges - **Downside Risks**: - Potential risks include worse-than-expected EV sales due to fading government subsidies, slower-than-expected resumption of suspended mines, and unexpected downward revisions of global ESS demand [52] - **Supply Chain Constraints**: - Mining permit regulations and environmental protection requirements in Jiangxi Province may impact lepidolite production in China [2][28] Conclusion - The lithium market is poised for significant growth driven by ESS and EV demand, with a tightening supply-demand balance expected in the coming years. However, various risks, including regulatory changes and market dynamics, could impact this outlook.

Table of Contents As filed with the Securities and Exchange Commission on January 27, 2026 Registration No. 333- UNDER THE SECURITIES ACT OF 1933 5E Advanced Materials, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 1400 87-3426517 (Primary Standard Industrial Classification Code Number) 9329 Mariposa Road, Suite 210 Hesperia, CA 92344 (442) 221-0225 (I.R.S. Employer Identification No.) (Address, including zip code, and tel ...

Group 1 - American Tungsten & Antimony is set to list on NASDAQ in Q2 2026, with Deutsche Bank facilitating the process, amid renewed interest in critical minerals due to Trump's initiatives [2] - West Wits Mining, an African-based gold explorer, is experiencing increased market interest and liquidity as gold prices approach US$5,000 per ounce due to geopolitical factors [3] - Nyrada Inc, a US-based biotech listed on ASX, has seen a remarkable 1280% increase over the past year, with a recent quarterly report contributing to a further 10% jump in share price [4] Group 2 - PLS Group is back in focus as lithium carbonate benchmarks rise to levels not seen since 2023, potentially leading to dividend payments [4] - Australian Strategic Materials is facing mixed reactions as Energy Fuels, a US-based uranium and critical minerals player, seeks to acquire the company at a premium, with board agreement [5] - Lumos Diagnostics has posted a significant 450% gain over the past year, making it a topic of ongoing discussion among investors [5]

Core Insights - Investing in lithium stocks has faced challenges due to extreme volatility in lithium prices, with spot lithium carbonate prices declining by approximately 90% after reaching new highs in November 2022 [1] Group 1: Industry Overview - The lithium market has experienced significant price fluctuations, impacting investment strategies and stock performance [1] Group 2: Analyst Background - Dilantha De Silva is an experienced equity analyst with over 10 years in the investment industry, focusing on small-cap stocks often overlooked by Wall Street [1] - He has contributed articles to various investment platforms and has been featured on major financial news outlets [1]