Flash | 08 Jan 2026 06:49:31 ET │ 9 pages China Battery Materials Lithium into 1st week of Jan – lithium shifts back to stockpiling after 5M destocking CITI'S TAKE Lithium inventory reads first stockpiling data after 5M destocking. Within that, we see downstream cathode makers are resistant to the surging lithium price as inventory of downstream declines to ~36.5k tons – the lowest level since Mar-25 whilst current cathode monthly output is ~38% higher than that time. Lithium witnesses an exciting week ente ...

Vancouver, British Columbia--(Newsfile Corp. - December 22, 2025) - International Lithium Corp. (TSXV: ILC) (OTCQB: ILHMF) (FSE: IAH) (the "Company" or "ILC") will hold its 2025 Annual General Meeting today, December 22, at 9.30 a.m. Pacific Time. At that meeting, John Wisbey, Chairman and CEO, will make the following statement:"Good morning, and welcome to the 2025 Annual General Meeting of International Lithium Corp. ("ILC" or the "Company"). I would like to share a few comments on the year-to-date and t ...

Asia Pacific Equity Research 17 December 2025 J P M O R G A N This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Lithium Upward demand revisions drive larger deficits; upgrade prices and move to OW on all pure-play miners Key takeaways from our lithium S/D revi ...

Core Insights - Li-FT Power Ltd. has reported promising exploration results from the Nottaway Lithium Project, indicating a potential lithium-pegmatite discovery opportunity in Quebec [1][3] Exploration Results - In summer 2025, the company collected 49 till samples for indicator mineral analysis, revealing a 1 x 3 km area with elevated spodumene grain counts, suggesting the presence of concealed pegmatite systems [2][4] - The analysis by Overburden Drilling Management (ODM) showed exceptional spodumene counts, with values exceeding 2,000 grains, which are rare in Canadian glacial sediments [3][4] - Significant results included five samples with over 200 spodumene grains, with the best sample yielding over 800 grains from the dense mineral fraction and approximately 1,200 grains from the mid-density fraction, totaling around 2,000 grains [3][4] Geological Context - The Nottaway Project is situated on the southern margin of the Frotet–Evans Greenstone Belt, an area known for hosting large spodumene pegmatites, including the nearby Cisco discovery by Q2 Metals [8] Project Agreement - On January 31, 2025, the company entered into an agreement for an option to purchase the Nottaway Project, which includes cash payments, exploration expenditures, and a 1% net smelter royalty [9][10]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Lithium Market - **Current Trends**: Lithium prices are experiencing a resurgence, with lithium carbonate prices up approximately 55% and spodumene prices up about 83% from their June lows. This increase is primarily driven by strong demand from energy storage systems (ESS) and inventory destocking in China [2][10][11]. Core Insights and Arguments - **Demand Dynamics**: - Demand for lithium is expected to grow significantly, with estimates indicating a 19% increase (approximately 307kt LCE) in 2026, driven by electric vehicles (EVs) and ESS [19]. - The demand for EVs is projected to account for around 208kt of the incremental demand, while ESS is expected to contribute approximately 62kt [19]. - China's ESS battery sales in the first nine months of 2025 reached 211GWh, marking a 66% year-on-year increase, supported by policy reforms and subsidies [16]. - Domestic commercial vehicle battery installations surged by 136% year-on-year, reflecting rising EV adoption due to supportive policies [17]. - **Supply Forecast**: - The lithium market is anticipated to remain in surplus, with a projected supply increase of approximately 298kt, countered by a demand increase of 307kt [3][29]. - Refined lithium supply (excluding recycling) is expected to grow by 35% year-on-year in 2025 and 16% in 2026, driven by the ramp-up of key projects globally [24][26]. - Major contributors to the incremental production in 2026 include projects in Goulamina, Da Hongliutan, and SQM's Atacama [25]. - **Market Risks**: - There are heightened risks of supply disruptions due to potential unrest in lithium-producing regions, particularly in Mali, and delays in the restart of CATL's mine [12][28]. - A 10% increase in demand or supply disruptions could shift the market from surplus to a small deficit [3][35]. Company-Specific Insights - **SQM (Sociedad Química y Minera de Chile)**: - **Rating**: Maintain Buy; target price increased to USD 71.00 from USD 48.00. - **Rationale**: Strong operational performance, solid balance sheet, and expected volume growth. The company is well-positioned to benefit from rising lithium prices due to its lower production costs [4][41][48]. - **Financial Estimates**: Revenue for 2026 is projected at USD 4.854 billion, with EBITDA of USD 1.755 billion and net income of USD 613 million [52]. - **Albemarle (ALB)**: - **Rating**: Maintain Hold; target price increased to USD 117.00 from USD 87.00. - **Rationale**: The company is improving free cash flow generation and balance sheet strength through cost-cutting measures and efficiency improvements. However, uncertainty around future lithium prices poses risks [59][66]. - **Financial Estimates**: Revenue for 2026 is projected at USD 5.504 billion, with adjusted EBITDA of USD 1.375 billion [63]. - **Lithium Americas (LAC) and Lithium Argentina (LAR)**: - **Rating**: Hold for both companies, with target prices slightly adjusted. LAC's target price is USD 4.70, and LAR's is USD 4.75 [4][5]. Additional Important Insights - **Price Sensitivity**: The stock prices of lithium companies are highly sensitive to fluctuations in lithium prices. For SQM, a 20% increase in lithium prices could lead to a 21% increase in NAV per share [42][48]. - **Market Sentiment**: The current sentiment in the lithium market is buoyed by strong demand and the potential for supply disruptions, despite the overall expectation of a surplus market in the near term [9][29]. This summary encapsulates the key points discussed in the conference call, highlighting the dynamics of the lithium market, company-specific insights, and potential risks and opportunities.

Summary of the 2025 China Materials Tour: Meeting with SMM Lithium Expert Industry Overview - **Industry**: Lithium - **Event**: 2025 China Materials Tour - **Date of Meeting**: November 17, 2025 - **Expert**: Mr. Zhou Zhicheng, Lithium Analyst at SMM Key Insights 1. **Lithium Supply and Demand Dynamics**: - Mr. Zhou forecasts that lithium supply will increase from 1.65-1.7 million tons in FY25 to 2.05 million tons in FY26, representing a year-over-year growth of 20.5% to 24% [2] - The market is expected to be largely balanced in FY26, assuming a 50% year-over-year increase in demand from energy storage systems (ESS) [2] 2. **Price Monitoring**: - A critical price level to monitor is Rmb100,000 per ton, as this is where marginal capacity is incentivized to come online when lithium average selling prices (ASP) stabilize between Rmb90,000 and Rmb100,000 per ton [1][8] - If prices remain above Rmb100,000 per ton, there is potential for prices to reach Rmb150,000 to Rmb200,000 per ton [8] 3. **Production Pipeline**: - The production pipeline is expected to remain flat month-over-month in December 2025, with a slight decline in the first quarter of 2026 [3] - Continued de-stocking momentum is anticipated in December 2025, with key indicators to watch in the second quarter of 2026 [3] 4. **Spodumene Inventory**: - Current spodumene inventory is estimated at approximately 80,000 to 90,000 tons LCE at smelters and 200,000 to 300,000 tons at ports, down from 1 million tons in mid-2025 [4] - Newly arrived spodumene cargo in November 2025 suggests an increase in spodumene-based carbonate OEM production for the remainder of the year [4] 5. **Processing Fees**: - Processing fees for different types of lithium carbonate are as follows: - Spod-based carbonate: ~Rmb18,000-20,000 per ton - Lepidolite-based carbonate: ~Rmb34,000-35,000 per ton - Brine-based carbonate: ~Rmb20,000-30,000 per ton - A downtrend in processing fees is expected in FY26 due to improving yield rates and energy efficiency, although the decline will be milder than in FY25 [5] Additional Considerations - The incremental supply in the next 1-2 years is primarily from brownfield projects, with few greenfield projects expected to come online soon [8] - The utilization rate of spodumene-based smelters is currently around 60% to 70% [4] This summary encapsulates the critical insights from the meeting with the lithium expert, highlighting the supply-demand dynamics, pricing strategies, production forecasts, and inventory levels within the lithium industry.

Core Viewpoint - Arbor Metals Corp. has successfully closed a non-brokered private placement, raising $1,000,000 through the issuance of 5,000,000 units at a price of $0.20 per unit, aimed at funding exploration and development projects in Quebec [1][2]. Group 1: Financial Details - The Offering consists of 5,000,000 units priced at $0.20 each, resulting in gross proceeds of $1,000,000 [1]. - Each unit includes one common share classified as a "flow-through share" and one-half of a share purchase warrant, with each whole warrant exercisable at $0.25 until November 19, 2028 [1]. - The Company issued 500,000 shares and 250,000 Finders' Warrants to an arms-length party for introducing the investor, with Finders' Warrants also exercisable at $0.25 until November 19, 2028 [3]. Group 2: Project Focus - Proceeds from the Offering will be directed towards the Jarnet Lithium Project and the Ernest REE Project, both located in Quebec [2]. - The Jarnet and Corvette Lake lithium projects are contiguous to the Corvette-FCI property, which has confirmed significant lithium mineralization through diamond drilling [5]. - The Kemlee Lake Lithium project is strategically located near Rock Tech Lithium Inc.'s claims and shares geological similarities with the Georgia Lake deposit, targeting spodumene-bearing pegmatites [6]. Group 3: Company Overview - Arbor Metals Corp. is a mining exploration company focused on developing high-value mineral projects globally, emphasizing advanced mineral exploration and quality project management [4].

Financial Data and Key Metrics Changes - The company experienced a favorable pricing environment for lithium, with realized average prices increasing compared to the previous period [4][5] - The total capital expenditure (CAPEX) for 2025-2027 is estimated at $2.7 billion, reflecting a focus on increasing production capacity and maintaining low costs [7][44] Business Line Data and Key Metrics Changes - Lithium sales volumes reached the highest in SQM's history, supported by low costs and strong efficiencies at Atacama operations [5] - Iodine prices remained high, averaging close to $73 per kilogram, with a balanced supply-demand environment [6][7] - The specialty plant nutrition business showed sustainable growth in both volumes and revenues compared to the previous year [6] Market Data and Key Metrics Changes - Global lithium demand is expected to exceed 1.5 million metric tons in 2025, representing over 25% growth, driven by strong EV sales and energy storage systems [11][51] - China is projected to maintain a significant lead in EV markets with a 30% year-on-year growth, accounting for over 60% of global EV sales [11] Company Strategy and Development Direction - The company is focused on high-quality production, increasing volumes, and advancing cost reduction initiatives [4][5] - The construction of a seawater pipeline is over 80% complete, which will enhance iodine production capacity [6] - The company is expanding its iodine production capacity through a new operation in MarÃa Elena, adding 1,500 tons of iodine capacity [6][7] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the lithium market despite its volatility, expecting the positive pricing trend to continue [4] - The company anticipates robust commercial activity in the fourth quarter, with strong demand fundamentals for lithium [5] - Management highlighted the importance of maintaining a strong balance sheet and commitment to investment-grade ratings [29] Other Important Information - The joint venture with Codelco received approval from China's Antitrust Authority, with expectations to advance the partnership by the end of the year [8] - The company is evaluating the expansion of production capacity in China, with plans to increase lithium sulfate production [25] Q&A Session Summary Question: Insights on lithium demand, particularly in China - Management noted improved demand expectations for 2025, driven by strong EV sales and energy storage systems, with China leading in EV markets [11] Question: Production expectations for lithium in Chile and Australia - The company expects to produce close to 230,000 tons of lithium from Atacama, with an increase in spodumene concentrate sales projected [15][16] Question: Impact of Kwinana Hydroxide Conversion Plant on pricing - Management indicated that the international price for lithium is expected to rise closer to the Chilean price as the Kwinana plant ramps up production [18][19] Question: Update on the Codelco joint venture - The agreement with Codelco is expected to be finalized soon, with a dividend to be paid based on the tonnage belonging to Codelco [24][61] Question: Expectations for iodine market conditions - Management expects tight supply and demand conditions for iodine to persist, with prices likely to remain above $70 per kilogram [56]

Financial Data and Key Metrics Changes - The company experienced a favorable pricing environment for lithium, with realized average prices increasing compared to the previous period [4] - The total capital expenditure (CapEx) for 2025-2027 is estimated at $2.7 billion, reflecting a focus on increasing production capacity and maintaining low costs [7][44] Business Line Data and Key Metrics Changes - Lithium sales volumes reached the highest in SQM's history, supported by low costs and strong efficiencies at Atacama operations [5] - Iodine prices remained high, averaging close to $73 per kilogram, with revenues increasing by 5% year-on-year [6][7] - The specialty plant nutrition business showed sustainable growth in both volumes and revenues [7] Market Data and Key Metrics Changes - Global lithium demand is expected to exceed 1.5 million metric tons in 2025, representing over 25% growth, driven by strong EV sales and energy storage systems [11][51] - China is projected to maintain a significant lead in EV markets with a 30% year-on-year growth [11] Company Strategy and Development Direction - The company is focused on high-quality production, increasing volumes, and advancing cost reduction initiatives [5] - The construction of a seawater pipeline is over 80% complete, which will enhance iodine supply capabilities [6] - The company is expanding its iodine production capacity through a new operation in MarÃa Elena, adding 1,500 tons of iodine capacity [6] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the lithium market despite its volatility, expecting robust commercial activity in the fourth quarter [4][5] - The company anticipates strong demand fundamentals for electric vehicles and energy storage systems [5] Other Important Information - The joint venture with Codelco received approval from China's Antitrust Authority, with expectations to advance the partnership by year-end [8] - The company maintains a strong balance sheet and is committed to investment-grade ratings, indicating no immediate need for capital raises [29] Q&A Session Summary Question: Insights on lithium demand, particularly in China - Management noted improved demand expectations driven by stronger-than-expected EV sales, particularly in Europe and China [11] Question: Production expectations for lithium from Atacama and Mount Holland - Production in Chile is expected to be around 230,000 tons, with Mount Holland projected to produce between 23,000-24,000 tons [15][16] Question: Price differences between Chilean and international lithium - Management explained that price differences are due to conversion costs and refining expenses, which will be clarified in future reports [18][19] Question: Update on production capacity in China - The company expects to produce around 100,000 metric tons of lithium sulfate in China, with plans to expand capacity [25] Question: CapEx reduction implications - The CapEx reduction will not impact production capacity or projects, with a focus on maintaining ongoing initiatives [42][44] Question: Expectations for iodine market conditions - Demand for iodine is expected to grow by around 3% next year, with supply conditions remaining tight [56]

Core Viewpoint - Beyond Lithium Inc. is initiating a non-brokered private placement to raise up to C$600,000 through the sale of flow-through units, while also providing an update on its Rare One rare earths project in British Columbia [1][3]. Offering Details - The offering consists of up to 15,000,000 flow-through units priced at $0.04 each, with each unit comprising one common share and one-half of a common share purchase warrant [2]. - Each warrant allows the holder to purchase one non-flow-through common share at an exercise price of $0.10 for 24 months from issuance [2]. Company Strategy and Focus - The funding from the offering will enable the company to refocus on its core business of rare earths and copper projects in British Columbia, following a period of reduced exploration activity [3]. - The company is committed to unlocking significant value for shareholders through its diversified portfolio, which includes advanced lithium properties in Ontario [3]. Rare One Project Update - The Rare One project spans over 5,900 hectares and is 100% owned by Beyond Lithium, with extensive work conducted from 2005 to 2017, including soil surveys and mapping [11]. - Historical sampling programs have identified targets with elevated levels of light rare earths such as lanthanum, praseodymium, cerium, and neodymium [11]. - The company plans to digitize past data and conduct follow-up programs in the upcoming field season to refine the potential sources of rare earth mineralization [11]. Participation and Exemptions - The offering may be conducted under the Existing Security Holder Exemption, allowing existing shareholders to subscribe for units [4][5]. - If subscriptions exceed the maximum number of units, allocations will be made on a pro rata basis [6]. Use of Proceeds - Gross proceeds from the offering will be allocated to eligible Canadian exploration expenses qualifying as flow-through critical mineral mining expenditures [9].