Lopal Marble Bar Lithium Project Deal Extends Chinese Battery Material Supply Strategy

Lopal

Lopal Marble Bar lithium project acquisition will give China’s battery cathode material producer Lopal Tech another upstream position in Western Australia’s lithium sector. The company has agreed to acquire the Marble Bar project from Global Lithium Resources for A$14.85mn.

The Lopal Marble Bar lithium project is located in the Pilbara region of Western Australia. The project has an estimated resource of 18mn t grading 1.0% lithium oxide.

The Lopal Marble Bar lithium project deal reflects a continuing push by Chinese battery material producers to secure upstream lithium resources. Cathode and battery material companies are looking beyond processing capacity and moving closer to mine supply.

This matters because lithium raw material security remains central to battery supply chains. Even as lithium prices fluctuate, companies with long-term access to spodumene resources can better protect conversion plants, cathode output and customer supply.

Marble Bar Adds Pilbara Resource Exposure

The Marble Bar project gives Lopal direct exposure to a known lithium-bearing region. Western Australia remains one of the world’s most important hard-rock lithium supply bases, with spodumene projects feeding converters and battery material producers across Asia.

The project’s 18mn t resource at 1.0% lithium oxide gives Lopal a potential raw material position, although the acquisition price suggests the asset is still at an early development stage.

For Global Lithium Resources, the sale allows the company to focus more heavily on its larger Manna lithium project. Manna has a resource estimate of 52mn t grading 1.0% lithium oxide.

This creates a clearer portfolio structure. Lopal gains Marble Bar, while GL1 retains its larger Manna asset and existing downstream-linked partnerships.

The transaction also shows that Chinese battery material producers remain willing to invest in Australian lithium assets despite market volatility. Long-term supply security continues to matter more than short-term price weakness.

Manna Links Lopal to Future Offtake Supply

Lopal already has exposure to GL1 through the Manna project. It holds a 5% equity interest in Manna and has signed an offtake agreement to buy 40% of the project’s output.

China’s Canmax has agreed to take another 30% of Manna’s output and also holds a 9.45% stake in GL1. Australian lithium miner Mineral Resources owns 9.85% of GL1.

These relationships show how lithium supply chains are being structured around equity stakes and offtake agreements. Battery material companies want secured feedstock before projects enter production.

For Lopal, the Marble Bar acquisition adds another layer to its Australian lithium strategy. It gives the company project ownership while maintaining future offtake exposure through Manna.

The broader industrial meaning is clear. Chinese battery material producers are not relying only on spot markets. They are building upstream positions, offtake rights and strategic relationships to support long-term lithium chemical and cathode material supply.

The Metalnomist Commentary

Lopal’s Marble Bar deal shows that lithium strategy is shifting from price speculation to resource control. Even in a weaker lithium market, Chinese battery material companies continue to secure upstream positions that can support future conversion and cathode supply.

Chengxin Lithium Secures License for Asia's Largest Lithium Deposit in Sichuan

Yajiang County Huilong Mining

Yajiang County Huilong Mining, a subsidiary of Chengxin Lithium, has obtained a mining license for the Murong lithium mine in Yajiang County, Sichuan Province, China. The license, effective until 2048, grants access to a resource of 61.095 million tons with an average grade of 1.62% lithium oxide, equivalent to 989,600 tons of lithium oxide. This positions Murong as one of Asia's largest hard rock monomer lithium deposits, with an annual production capacity of 3 million tons of ore.

Expanding Lithium Production Amid Rising Demand

In 2023, Chengxin Lithium increased its lithium salt production—primarily lithium carbonate and lithium hydroxide—to 56,700 tons, marking a 19% year-on-year growth. Sales rose by 11% to 52,900 tons, reflecting growing global demand for lithium-driven by electric vehicles and renewable energy storage solutions.

Chengxin's total production capacity now stands at 137,000 tons per year, with 77,000 tons sourced domestically from China and 60,000 tons produced in Indonesia. To diversify its feedstock, the company also taps its Sabi Star lithium mine in Zimbabwe, which contributes 200,000 tons annually of concentrate.

A Strategic Advantage for Chengxin and China

The Murong lithium mine acquisition strengthens Chengxin Lithium's foothold in the global lithium supply chain, critical for battery production and clean energy transition. This move aligns with China's strategy to secure domestic and international lithium resources, ensuring its leadership in the EV and energy storage markets.

Key Takeaways

Murong Lithium Mine: One of Asia's largest hard rock lithium deposits with high-grade lithium oxide reserves.

Production Growth: Chengxin's lithium salt production surged by 19% in 2023.

Global Supply Chain: Significant contributions from China, Indonesia, and Zimbabwe bolster Chengxin's raw material security.

With rising EV adoption and renewable energy investments, Chengxin's latest acquisition underscores its pivotal role in powering a sustainable future.

Japan's Lithium Imports Drop Amid Slow EV Market in 2024

Lithium Mining

Decline in Lithium Carbonate Imports and Slight Increase in Lithium Oxide and Hydroxide

Japan has experienced a significant reduction in lithium carbonate imports in 2024, signaling a shift in the country’s energy and automotive sectors. While lithium oxide and hydroxide imports have seen a modest rise, the broader context of a sluggish global electric vehicle (EV) market has heavily influenced these changes.

Sharp Decline in Lithium Carbonate Imports

In 2024, Japan’s imports of lithium carbonate plunged by 40%, with a total of approximately 11,520 tons imported, according to data from Japan’s finance ministry. This represents a stark contrast to previous years when imports showed more consistent growth. Imports from Chile, the top supplier, saw a dramatic drop of 55%, with imports falling to about 5,143 tons. Argentina also experienced a decline in exports to Japan, falling by 5.6%, while Chinese imports dropped by 34%, totaling around 1,908 tons.

Increase in Lithium Oxide and Hydroxide Imports

On the other hand, Japan’s imports of lithium oxide and hydroxide showed a slight increase of 6% in 2024, reaching approximately 37,640 tons. A key contributor to this increase was a rise in imports from China, which edged up by 4.6%, amounting to about 32,354 tons. Interestingly, imports from Chile saw a significant uptick, rising to 1,872 tons, a notable increase from the 138 tons recorded in 2023. However, imports from the U.S. dropped by 24%, falling to 3,338 tons.

Declining EV Demand and Impact on the Domestic Market

Japan’s domestic electric vehicle market also faced challenges in 2024, with sales of passenger EVs falling by 33% due to weaker demand for local brand vehicles. According to preliminary data from industry associations, such as the Japan Automobile Importers Association (JAIA) and the Japan Light Motor Vehicle and Motorcycle Association, this drop in sales reflects broader trends in consumer preferences and economic conditions.

To stimulate the domestic EV market and boost the steel industry, Japan’s Ministry of Economy, Trade, and Industry (METI) announced plans to increase subsidies for EV purchases starting from April 2024. This initiative aims to encourage the adoption of electric vehicles and provide relief to Japan’s steel sector.

Appalachian Lithium Reserves Could Strengthen US Domestic Supply Security

USGS

Appalachian lithium reserves could give the US a much larger domestic resource base than previously recognised, according to a new assessment from the US Geological Survey. The agency said the eastern US Appalachian region may contain enough undiscovered, economically recoverable lithium to replace 328 years of US imports at 2025 levels.

Appalachian lithium reserves are hosted in pegmatites, large-grained rocks similar to granite. The southern Appalachian region is estimated to contain 1.43mn t of lithium oxide, while the northern Appalachian region holds another 0.90mn t.

Appalachian lithium reserves matter because the US still depends heavily on imported lithium. The country has only one current lithium producer and relied on imports for more than half of its supply in 2025.

The assessment adds another possible domestic supply route alongside lithium brine projects in the Smackover formation. Together, these resources could reshape US lithium strategy if they can be converted into permitted, economic and commercially scalable projects.

Pegmatite Resources Add a Hard-Rock Lithium Option

The Appalachian assessment points to hard-rock lithium potential in the eastern US. Pegmatite-hosted lithium is different from brine-based production because it usually requires mining, concentration and chemical conversion.

This gives the US another possible supply pathway. Hard-rock projects can produce spodumene concentrate, which can then be converted into lithium chemicals for batteries, energy storage and industrial uses.

Albemarle is already planning a lithium concentrator facility at Kings Mountain, North Carolina. The project is designed to produce 420,000 t/yr of lithium concentrate from spodumene.

That project is important because it could help rebuild a US hard-rock lithium supply chain. Domestic spodumene production would reduce reliance on foreign raw material and support future US conversion capacity.

However, resource estimates alone do not guarantee supply. Appalachian lithium projects would still need exploration, permitting, mine development, processing investment, environmental approvals and downstream customer qualification.

The strategic significance is still clear. The US lithium conversation is expanding beyond Nevada brines and western projects into eastern hard-rock resources with long-term supply potential.

Smackover Brines and Appalachian Pegmatites Broaden US Lithium Strategy

The Appalachian estimate follows earlier USGS work on the Smackover formation in southwest Arkansas. In 2024, the agency assessed that Smackover brines contain 5mn-19mn t of lithium, although it did not define economically recoverable volumes.

Several companies, including Equinor, ExxonMobil, EnergyX and Standard Lithium, are developing lithium projects in the Smackover region. Some are targeting commercial output around 2027.

The Smackover and Appalachian resource bases are strategically different but complementary. Smackover projects depend on brine extraction and processing technologies, while Appalachian projects would likely depend on hard-rock mining and spodumene concentration.

This diversification matters for US supply security. A lithium strategy based on multiple geological sources is more resilient than one dependent on a single basin, technology or company.

The US will still need processing capacity. Mining lithium ore or extracting lithium from brine does not automatically create battery-grade lithium carbonate or hydroxide.

That midstream gap remains the critical issue. Domestic resources must be connected to refining, chemical conversion, permitting, infrastructure and offtake agreements before they can reduce import dependence.

For battery manufacturers, the Appalachian assessment offers a long-term signal. More domestic resource potential could support future supply chains for electric vehicles, grid storage and defence-related battery applications.

The Metalnomist Commentary

The Appalachian lithium assessment is a resource-security signal, not an immediate supply solution. The US has the geology, but the decisive bottleneck will be converting resources into permitted mines, concentrators and battery-grade lithium chemicals.

Xinjiang Nonferrous in China Begins Lithium Carbonate Production

Lithium Carbonate

Xinjiang Nonferrous Metal, a state-owned producer in China, has commenced lithium carbonate production at a facility located in the Hetian area of northwest China's Xinjiang region.

This project, with a designed capacity of 100,000 tons per year for lithium salts, will be developed in two phases. The initial phase includes the production of 30,000 tons per year of lithium carbonate, 30,000 tons per year of lithium hydroxide, and 15,000 tons per year of lithium chloride.

Construction of the first phase began in July of last year, and by the end of May, the company had produced its first batch of qualified products from the 30,000 t/yr lithium carbonate line. The goal for this year is to produce 12,000 tons.

Details regarding the construction timelines and launch dates for the second phase, which will produce 25,000 tons per year of lithium salts, remain undisclosed.

Xinjiang Nonferrous is developing an integrated facility encompassing mining, separation, and processing, with the capacity to process 3 million tons of lithium ore annually to produce 600,000 tons of high-grade lithium concentrate. The company plans to commence mining operations in the coming months, aiming for an annual production of 130,000 tons of concentrate this year.

In 2019, the company acquired exploration rights for rare metals in the Hetian area for 2 billion yuan ($276 million). The area's measured and controlled lithium ore resources total 50 million tons, equivalent to 700,000 tons of lithium oxide. Resource estimates are expected to increase to 100 million tons, equivalent to 1.5 million tons of lithium oxide, upon completion of exploration.

Chinese lithium producers are ramping up production both domestically and internationally to meet strong demand from the electric vehicle battery industry. Another domestic lithium producer, Hunan Anneng Ganfeng, is also set to commence production at a 25,000 t/yr lithium carbonate plant in October.

The rapid increase in output has outpaced demand growth, leading to a decline in prices. On June 19, Metalnomist assessed prices for 99.5% grade lithium carbonate at 94,500-99,500 yuan per ton ex-works, down by over 80% from their record highs in November 2022. Increased supplies from Qinghai, China's main production hub for lithium extracted from brines, have continued during the warmer summer months. Some major producers may reduce output if prices continue to fall.

US Lithium Salt Imports Decline in 2024 Amid Slower EV Adoption

Lithium Mining

Inventory Destocking and Market Shifts Contribute to Lower Import Figures

The United States saw a significant drop in lithium salt imports in 2024, with total imports falling to 16,170 metric tonnes (t), an 11% decrease compared to the previous year. This decline is attributed to a combination of inventory destocking and slower-than-expected adoption of electric vehicles (EVs).

Factors Behind the Decline in Lithium Salt Imports

The drop in imports can be linked to several factors, including price declines and the limited shelf life of lithium salts. As prices fell, US importers consumed lower stocks, adjusting to market conditions. Additionally, the shift towards lithium iron phosphate (LFP) batteries, which favor lithium carbonate over other lithium salts, further contributed to the decreased demand for lithium oxide and hydroxide.

Impact of Lithium Carbonate and Hydroxide Preferences

Imports of lithium oxide and hydroxide saw a dramatic 25% decrease, amounting to just 705 tonnes in 2024. Meanwhile, imports of lithium carbonate, which is crucial for LFP batteries, dropped by 10% to 15,465 tonnes. This change in battery technology preference has driven the demand for lithium carbonate, particularly as more automakers adopt LFP batteries for their EVs.

Source Countries and Global Lithium Supply Chain

Chile and Argentina played a dominant role in supplying lithium salts to the US, accounting for 98% of the total imports. Chile supplied 9,105 tonnes, while Argentina provided 6,779 tonnes. These two countries remain key players in the global lithium supply chain, with their resources being crucial to meeting the US's demand for lithium salts.

Ganfeng Lithium Begins Production of Spodumene Concentrate at Goulamina Mine in Mali

Ganfeng Lithium

Ganfeng Lithium, one of the world's leading producers of lithium, has officially started producing spodumene concentrate at its Goulamina lithium mine in Mali. This marks a significant step in the development of the mine, which is being constructed in two phases. The first phase, which began in 2022, has a production capacity of 506,000 tonnes per year (t/yr) of spodumene concentrate, with commercial production starting on December 15, 2024. The second phase, when completed, will raise the total capacity to 1 million t/yr.

Goulamina Lithium Mine: A Major Step for Ganfeng's Global Lithium Supply

The Goulamina project is one of Ganfeng's key international investments, located in Mali, a country that is becoming increasingly significant in the global lithium supply chain. The mine has a total resource base of 7.14 million tonnes (mn t) of lithium carbonate equivalent (LCE), with an average grade of 1.37% lithium oxide (Li2O), a quality that positions it as a key source of lithium in the coming years.

As part of its development, Ganfeng has announced that its wholly owned subsidiary Lithium du Mali SA (LMSA) holds a 100% stake in the project. However, in a move to strengthen its relationship with the host nation, Ganfeng will transfer a 35% stake in LMSA to the Mali government. This will see the government receive 10% of the stake for free, while the remaining 25% will be acquired for approximately $32 million.

Expanding Ganfeng’s Global Lithium Portfolio

Ganfeng Lithium is investing heavily in lithium extraction from both spodumene ore and brine sources across the globe. In addition to the Goulamina mine, Ganfeng has major operations in Australia, Argentina, Mexico, Ireland, and China. The company is also ramping up its Cauchari-Olaroz project in Argentina, which boasts an annual 40,000 t/yr capacity for lithium carbonate production.

The move to secure assets in Africa is part of a broader trend among Chinese lithium producers, who are increasingly looking to diversify their supply chains. Companies such as Huayou, Sinomine, Chengxin, and Yahua have been sending shipments from their Zimbabwe-based mines to lithium refineries in China, highlighting the growing importance of African countries as key players in the global lithium market.

Strategic Implications for Global Lithium Markets

Ganfeng’s investment in Mali and its expanding operations across Africa signal an ongoing shift in the global lithium mining landscape, with Chinese firms increasingly focusing on securing access to critical resources outside traditional markets like Australia and South America. As demand for lithium continues to surge, driven by the rapid growth of electric vehicles (EVs) and renewable energy storage solutions, these strategic moves will play a pivotal role in shaping the future of the lithium supply chain.

Lithium Ionic Brazil Lithium Resources Grow by Nearly One-Third in Latest Estimate

Lithium Ionic Mining

Canadian miner upgrades Bandeira project to 901,000 tonnes LCE as Brazil’s Lithium Valley gains momentum

Feasibility study update and 2026 production plan reaffirm long-term potential of Minas Gerais spodumene assets

Lithium Ionic Brazil lithium resources have grown significantly, with the Canadian company increasing its estimate for the Bandeira project by nearly 33%. The project now holds 27.2 million tonnes of lithium oxide, equivalent to 901,000 tonnes of lithium carbonate equivalent (LCE), according to the company’s latest technical assessment.

Successive resource upgrades reinforce investor confidence in Brazil’s Lithium Valley

This marks the third resource upgrade in just 13 months, following 15% and 30% increases in April and May 2024. Lithium Ionic also announced the potential to add another 615,432 tonnes of inferred LCE, indicating untapped upside across its broader lithium footprint. The updated resource base will be included in a revised feasibility study due in the second half of 2025.

Located in Minas Gerais, the Bandeira project lies at the heart of Brazil’s emerging Lithium Valley, a rapidly developing spodumene hub attracting global mining attention. Lithium Ionic plans to produce its first lithium concentrate batch in the second half of 2026, positioning itself as a key supplier to the EV and battery storage markets.

Regional consolidation includes Baixa Grande and Itinga project areas

Beyond Bandeira, Lithium Ionic holds 42,000 acres of mineral rights, including the nearby Baixa Grande and Itinga projects. These assets provide additional scalability for long-term operations, giving the company a strong strategic position in Latin America’s lithium supply chain. The expansion of Lithium Ionic Brazil lithium resources supports both near-term production targets and future growth potential.

The Metalnomist Commentary

Lithium Ionic’s resource expansion confirms Brazil’s strategic role in global lithium supply. As production timelines align with downstream EV demand, Latin America continues to draw investor interest as a sustainable, diversified alternative to Asia-dominated supply chains.

Dazhong Mining Expands Lithium Resources at Jiada Mine

Dazhong Mining

Lithium Resources at Jiada Mine Increase Significantly

Inner Mongolia Dazhong Mining has revised higher its lithium resource estimates at the Jiada spodumene mine in Sichuan. The mine’s reserves now total 1.4842mn t of lithium carbonate equivalent (LCE) with an average grade of 1.38pc lithium oxide. This upgrade raises Dazhong’s total lithium resources across its assets to 4.72mn t LCE. The company also operates the Jijiaoshan lithium mine in Hunan province, strengthening its domestic lithium footprint.

Dazhong’s Investment in Lithium Supply Chain Expansion

Dazhong is actively expanding into downstream lithium processing and battery production. The firm is building lithium carbonate and cathode active material production lines, alongside lithium-ion battery plants in Hunan, with an investment of 16bn yuan ($2.2bn). It also plans to develop a large-scale complex in Inner Mongolia with 40,000 t/yr lithium carbonate, 40,000 t/yr lithium salts, 250,000 t/yr lithium iron phosphate, 100,000 t/yr artificial graphite anode material, and 10 GWh/yr lithium-ion batteries. These projects highlight China’s ambition to dominate the entire lithium value chain.

Lithium Market Pressures Despite Long-Term Demand

The lithium market remains oversupplied, pushing prices to multi-year lows despite robust long-term demand forecasts. Chinese lithium carbonate prices are currently at Yn59,800-61,000/t ex-works, down 89pc from the November 2022 peak of Yn561,000-576,000/t. Rising supply from Chinese producers, including new capacity expansions like Dazhong’s, has weighed on spot prices. However, strong demand from electric vehicles, energy storage systems, and emerging battery technologies is expected to support recovery in the medium term.

The Metalnomist Commentary

Dazhong Mining’s resource upgrade and heavy downstream investments underline China’s strategy to secure leadership across the lithium supply chain. While today’s oversupply keeps prices depressed, structural demand from EVs and storage solutions suggests that projects like Jiada will be vital in balancing the global market in the next decade.

Pure Lithium Secures $300mn EXIM Support for US-Based Lithium Metal Battery Facility

Pure Lithium Corporation

Pure Lithium has received a $300 million Letter of Interest (LOI) from the Export-Import Bank of the United States (EXIM) to support its planned industrial-scale lithium metal battery plant. If approved, the Pure Lithium EXIM loan would fall under EXIM’s “Make More in America” initiative aimed at rebuilding domestic manufacturing capacity and securing supply chains in strategic sectors like energy storage.

The proposed facility will use Pure Lithium’s proprietary “Brine to Battery” process, which directly converts brine into lithium metal anodes—eliminating graphite, cobalt, nickel, and manganese. This vertically integrated method enables a fully US-based battery supply chain, from raw material extraction to cell production. CEO Emilie Bodoin emphasized the project's potential to reshape global lithium battery sourcing models.

Disruptive Battery Chemistry Supports Strategic US Objectives

The Pure Lithium EXIM loan could accelerate commercialization of lithium metal vanadium oxide batteries, which offer higher energy density without relying on traditional cathode materials. This technology positions Pure Lithium at the forefront of post-Li-ion battery innovation, directly supporting the U.S. push for clean tech self-reliance.

Pure Lithium’s partnerships reinforce its vertically integrated vision. It sources lithium concentrate from E3 Lithium in Alberta, Canada, and collaborates with Saint-Gobain Ceramics to engineer water-blocking lithium-selective membranes—a key component in its novel extraction process.

EXIM Financing to Boost US Battery Supply Chain Resilience

EXIM’s Make More in America strategy supports projects that improve domestic industrial competitiveness in sectors facing global strategic risk. The Pure Lithium EXIM loan would directly address U.S. concerns over dependence on foreign-dominated battery material supply chains, especially China.

If finalized, the funding will catalyze Pure Lithium’s ability to scale manufacturing within U.S. borders while lowering barriers for next-generation battery adoption. This aligns with U.S. energy security goals and rising demand for alternative battery chemistries in defense, mobility, and grid storage sectors.

The Metalnomist Commentary

The Pure Lithium EXIM loan represents a critical step in reshoring advanced battery manufacturing. As supply chain risks intensify and lithium metal demand grows, projects that fuse innovation with domestic sourcing will shape the next era of U.S. battery independence.

Core Lithium Stockpile Sale to Glencore Supports Finniss Restart Option

Glencore

Core Lithium stockpile sale to Glencore gives the Australian producer fresh liquidity as it evaluates a potential restart of the Finniss lithium mine in the Northern Territory. The deal reflects how stronger spodumene prices are beginning to reopen strategic options for lithium producers that curtailed operations during the market downturn.

Glencore will buy Core Lithium’s 5,100t spodumene stockpile at $2,023/t on a cif China and 6pc lithium oxide basis. The Core Lithium stockpile sale does not include the company’s 75,000t lithium fines inventory, which remains available for future sales.

The transaction matters because Finniss has been on care and maintenance since July 2024, when weak lithium prices made continued production uneconomic. With spodumene prices recovering sharply, Core Lithium stockpile sale proceeds could help support working capital and restart planning for the 205,000 t/yr operation.

Spodumene Price Recovery Improves Restart Economics

Spodumene prices have rebounded strongly from the lows that forced several Australian lithium producers to shut or suspend assets. When Core moved Finniss into care and maintenance in July 2024, 6pc Li2O spodumene prices were assessed at $909/t fob Australia. By late February 2026, prices had risen to around $2,012/t.

This price recovery changes the strategic logic for Finniss. A restart still depends on costs, mine planning, financing, offtake terms, and customer demand, but the market backdrop is now more supportive than it was during the downturn. Selling stockpiled material to Glencore gives Core a way to monetize inventory without immediately committing to full production.

Core also improved its commercial flexibility by scrapping its previous spodumene offtake agreement with Ganfeng Lithium in September 2025. That decision freed future Finniss output for new spot sales and offtake deals. In a rising price market, that optionality could become valuable.

Glencore Deal Highlights Renewed Interest in Lithium Supply

Glencore’s purchase highlights renewed trading and procurement interest in lithium units as market sentiment improves. For Core, selling to a global commodity group provides a direct route to market and could strengthen confidence around future sales channels.

The broader Australian lithium market is also watching restart signals. Mineral Resources is considering a restart of its dormant Bald Hill mine after closing the operation in November 2024 because of low lithium prices. This suggests the sector is moving from survival mode toward selective restart evaluation.

However, producers are unlikely to restart capacity aggressively without confidence in sustained prices. Lithium markets remain exposed to battery demand, Chinese conversion margins, inventory cycles, and electric vehicle sales momentum. Therefore, the Finniss decision will be an important test of whether the current spodumene recovery is strong enough to support real supply response.

The Metalnomist Commentary

The Glencore deal shows that lithium supply is moving back into option value territory. The key question is whether higher spodumene prices can hold long enough to justify mine restarts without recreating the oversupply that caused the last downturn.

Atlantic Lithium Reviews Terms for Ewoyaa Lithium Project in Ghana

Atlantic Lithium

The Ewoyaa Lithium Project Ghana is under fiscal review as Atlantic Lithium renegotiates terms with the Ghanaian government. Lithium prices have dropped sharply since the project's mining lease was granted in October 2023. As a result, Atlantic Lithium is seeking to realign fiscal terms to ensure project viability and stakeholder value.

Declining Prices Prompt Fiscal Talks

Atlantic Lithium and the Ghanaian government are discussing adjustments to the fiscal framework. Currently, Ghana holds a 13% free-carried interest and applies a 10% royalty on production. The project, with 36.8mn tonnes of resources grading 1.24% lithium oxide, was based on a spodumene price of $1,410/t. However, spot prices have since declined, impacting economic forecasts for the Ewoyaa Lithium Project Ghana.

The project is a joint venture among Atlantic Lithium and Piedmont Lithium, each holding 40.5%, while Ghana’s government and the Minerals Income Investment Fund own the remainder. Executive chairman Neil Herbert expressed confidence that stakeholder collaboration and prudent adjustments will move the project forward despite market challenges.

Long-Term Strategic Importance

The Ewoyaa Lithium Project Ghana remains strategically important for West Africa’s emerging battery metal supply chain. While price volatility introduces risk, the project's resource size and infrastructure readiness offer long-term upside. Fiscal stability and competitive terms will be critical to achieving production milestones and attracting future investment in Ghana’s lithium sector.

The Metalnomist Commentary

Ghana’s openness to renegotiating fiscal terms reflects a pragmatic approach in response to falling lithium prices. Successful resolution could position the Ewoyaa project as a cornerstone of Africa’s lithium supply chain strategy.

Liontown Lithium Sales Jump as Kathleen Valley Ramp-Up Gains Momentum

Liontown

Liontown lithium sales rose strongly in the fourth quarter of 2025 as Kathleen Valley continued its ramp-up. The company sold 112,000 dry metric tonnes of lithium concentrate during the quarter. That was 38pc higher than a year earlier. As a result, Liontown lithium sales now show stronger operating momentum from one of Australia’s most watched new lithium mines.

The performance matters because Kathleen Valley is still in a scale-up phase. Liontown is mining both open pit and underground ore at the operation. That gives the company more flexibility as it lifts production. Therefore, Liontown lithium sales are becoming a clearer indicator of how well the mine is moving toward steadier commercial output.

Pricing also remained supportive during the quarter. Liontown sold six parcels at an average realized price of $900 per dry metric tonne on a 6pc Li2O basis. Meanwhile, its all-in sustaining cost stood at $695 per dry metric tonne. Consequently, the gap between selling price and cost suggests improving commercial quality as volumes rise.

Kathleen Valley Lithium Mine Is Moving From Commissioning to Commercial Scale

The Kathleen Valley lithium mine is now shifting from early ramp-up toward more meaningful market participation. Liontown said it continues to increase production, which supports the stronger quarterly sales result. That matters because volume growth is often the hardest stage for new hard-rock lithium projects. However, Kathleen Valley now appears to be moving through that phase with growing confidence.

Product quality remains another key factor. The company sold concentrate at an average grade of 5.1pc lithium oxide during the quarter. While that sits below the 6pc reference basis used for pricing, it still shows the mine is delivering saleable material at rising volumes. Therefore, the Kathleen Valley lithium mine is strengthening both operational credibility and commercial visibility.

The company’s pricing strategy also adds flexibility. Liontown uses a mix of spodumene, lithium carbonate, and lithium hydroxide indexes with different quotation periods. That approach can help it respond to changing market conditions. As a result, Liontown lithium sales are not tied to a single pricing formula in a volatile market.

Spodumene Auction Pricing Adds a High-Value Option to Liontown’s Sales Mix

Spodumene auction pricing is becoming one of the most interesting parts of Liontown’s strategy. The company plans to retain 10-20pc of production for auction. It sold 10,000 dry metric tonnes in its first auction in November at $1,254 per dry metric tonne. That result was well above the quarter’s average realized price.

This matters because auctions can capture faster price movements than longer-term formula contracts. Liontown also said spodumene prices rose faster than lithium chemical prices during the quarter. That created an opportunity to extract more value from spot-facing sales. Consequently, spodumene auction pricing could become an important earnings lever as production expands.

The customer base also strengthens the company’s market position. Liontown has offtake agreements with LG Energy Solution, Chengxin, Tesla, and Ford. Meanwhile, LG Energy Solution now owns 8pc of the company after converting its convertible note into equity. Therefore, Liontown enters the next phase of ramp-up with both industrial backing and diversified commercial relationships.

The Metalnomist Commentary

Liontown is no longer just a development story. It is becoming a live test of how new spodumene producers balance contracted sales with auction upside. If Kathleen Valley keeps ramping smoothly, Liontown could become one of the more commercially agile lithium names in the market.

Pure Lithium’s Acquisition Advances LVO Battery Technology

Pure Lithium

Pure Lithium, a Massachusetts-based battery manufacturer, has acquired the assets of New York-based vanadium cathode producer Dimien. This acquisition is a strategic move to further commercialize Pure Lithium's lithium metal-vanadium oxide (LVO) battery, which the company claims is safer, more cost-effective, and more efficient than traditional electric vehicle (EV) batteries.

A Safer, More Efficient Battery Technology

As part of the deal, Pure Lithium will gain access to Dimien's intellectual property, manufacturing equipment, and some personnel. Dimien is known for its zeta vanadium oxide (ZVO) cathode material, which Pure Lithium plans to pair with the lithium metal anode it is developing in collaboration with Canada-based E3 Lithium. This combination promises higher energy density and reduced fire risks compared to conventional nickel-manganese-cobalt (NMC) and nickel-manganese-aluminum (NMA) batteries.

Pure Lithium aims to streamline its production process, producing lithium metal-vanadium batteries in just 48 hours. The company is also exploring the possibility of constructing a commercial battery facility in Alberta, Canada, near E3 Lithium’s brine deposits. Financial terms and the acquisition's closing date were not disclosed.

Sinomine Resource Slows Lithium Ore Production at Zimbabwe’s Bikita Mine Amid Price Fluctuations

Sinomine Resource

Sinomine Resource, China’s leading lithium mining company, has partially suspended production at its Bikita petalite ore mine in Zimbabwe. The decision reflects falling lithium prices, which have significantly reduced profitability at the 2 million-tonne-per-year petalite site, the company reported. Operations involving other materials at Bikita remain ongoing, with spodumene concentrate production meeting Sinomine’s lithium smelting needs.

Falling Lithium Prices Force Adjustments

Bikita, capable of processing 2 million tonnes each of spodumene and petalite ore since its November 2023 expansion, is fully owned by Sinomine Resource. The site holds resources equivalent to 1.1679 million tonnes of lithium oxide, translating to 2.88 million tonnes of lithium carbonate equivalent (LCE). Earlier this year, Sinomine outlined plans to increase Bikita's output to full capacity, targeting 600,000 tonnes of lithium concentrate in 2024 — evenly split between spodumene and petalite.

The global lithium market has faced downward price pressures as new production capacity, especially in the battery-grade segment, has outpaced demand. Sinomine noted that Metalnomist-assessed prices for 6% lithium concentrate (spodumene) were recorded at $750-820 per tonne (cif China) as of October 8, reflecting an 86% drop from the beginning of 2023.

Despite the price slump, Sinomine remains committed to its strategic resource management at Bikita, having delivered an initial 10,000-tonne batch of lithium concentrate to its lithium salt production lines in China in September 2023. However, future expansion will be closely aligned with price stabilization in the global lithium market.

Patriot Expands Quebec Lithium Resource, Cementing Largest Pegmatite Deposit in the Americas

Patriot Battery Metals

Patriot's Shaakichiuwaanaan Project Emerges as a Strategic Lithium Asset

Patriot Battery Metals has increased indicated resources by 30% at its Quebec-based Shaakichiuwaanaan Lithium Project, reinforcing its position as the largest lithium pegmatite resource in the Americas. This development positions Canada as a growing heavyweight in the global battery metals supply chain.

The updated resource now totals 108 million metric tonnes, grading 1.4% lithium oxide. This equates to 3.75 million tonnes of lithium carbonate equivalent (LCE) — a critical input for electric vehicle (EV) batteries and energy storage systems. Located in the mineral-rich Eeyou Istchee James Bay region, the deposit is also the eighth largest lithium pegmatite resource globally, according to Patriot.

Strategic Metals Strengthen Project Value Beyond Lithium

In addition to lithium, the study revealed significant concentrations of tantalum, cesium, and gallium. These strategic metals play essential roles in electronics, semiconductors, and aerospace alloys. Their presence enhances the project’s economic potential and aligns with North America’s broader push for critical mineral independence.

Patriot’s advancement comes at a time when global supply chains are recalibrating around domestic resources. With China and other suppliers tightening controls on strategic materials, Western governments and manufacturers are increasingly turning to Canadian and U.S. projects for secure sourcing.

Feasibility Study Targeted for 2025

Patriot Battery Metals plans to release a maiden ore reserve and feasibility study by Q3 2025, based on the latest resource estimates. This timeline reflects growing investor interest in North American lithium development amid surging demand from the EV and energy sectors.

Meanwhile, the project's location in Quebec offers distinct advantages, including renewable hydroelectric power, government support, and proximity to U.S. manufacturing hubs.

The Metalnomist Commentary

Patriot’s 30% increase in lithium resources signals a strong step forward in North America’s bid for battery metal self-reliance. With a diversified mix of strategic metals and a globally ranked resource base, the Shaakichiuwaanaan Project stands poised to become a cornerstone in the Western critical minerals ecosystem.

Sigma Lithium to Double Brazil Lithium Output by 2026 Amid Soaring EV Demand

Sigma Lithium

Grota do Cirilo Expansion to Raise Annual Production Capacity to 520,000 Tonnes

Sigma Lithium Accelerates Brazil Expansion to Meet Global Battery Market Growth

Sigma Lithium announced plans to more than double its lithium concentrate output from Brazil by 2026, targeting surging global demand. The company expects to commission its expanded Grota do Cirilo operation in Minas Gerais during Q4 2025. Once complete, annual nameplate capacity will rise from 270,000 tonnes to 520,000 tonnes of lithium concentrate.

This move positions Sigma as a key player in the lithium supply chain, especially for electric vehicle (EV) battery production. The Canadian miner forecasts 2026 production to reach 520,000 tonnes of lithium oxide concentrate, up from 300,000 tonnes projected in 2025 and 240,000 tonnes in 2024.

Cost-Efficient Strategy Targets China’s Battery Manufacturers

Sigma Lithium also released pricing guidance, stating it expects a cash cost of $500 per tonne (CIF China). This cost-efficient model boosts the company’s competitiveness in supplying Asian battery manufacturers, particularly as China remains the largest EV battery market globally.

The expansion underscores Brazil's rising prominence in the lithium sector and strengthens Canada-Brazil ties in critical minerals development. Sigma’s operations are strategically important as automakers diversify lithium sources away from traditional markets like Australia and China.

Piedmont-Sayona Joint Venture Expands Lithium Resource in Quebec

Piedmont Lithium

Piedmont Lithium, a U.S.-based company, and Canada’s Sayona Mining have announced a significant expansion of their lithium resource base at the North American Lithium (NAL) joint venture in Quebec. The latest estimates reveal that the resource base has more than doubled, highlighting the immense potential for further development at the site.

Resource Expansion and Future Potential

The updated resource estimates show a 51% increase, bringing the measured, indicated, and inferred lithium resource base to nearly 88 million metric tonnes, with a lithium oxide content of 1.13%. This expansion follows additional drilling conducted from 2023 to mid-2024. Sayona Mining emphasized that the expanded resource base would have a "significant influence" on future economic and technical studies for the NAL project.

Increased Lithium Production Goals

Piedmont and Sayona restarted production at NAL in March 2023 and are now targeting an annual output of 226,000 tonnes of spodumene concentrate, a key lithium feedstock. The expansion of resources strengthens the companies’ ability to meet the growing global demand for lithium, a crucial component in electric vehicle batteries.

Atlas Lithium rare earths in Brazil reshape its critical minerals story

Atlas Lithium

Atlas Lithium rare earths in Brazil mark a major strategic shift for the US-listed lithium developer. The company has identified rare earth deposits at its Ipora and Alto do Paranaiba projects, adding ionic clay and sedimentary rock resources to its portfolio. This Atlas Lithium rare earths in Brazil announcement broadens its exposure beyond brine and hard-rock lithium into magnetic and heavy rare earths.

The Ipora project in Goias has emerged as an important ionic clay discovery. Initial drilling shows 2,071ppm total rare earth oxides (Treo), including 775ppm magnetic rare earth oxides, positioning Atlas Lithium rare earths in Brazil within a competitive grade range. As a result, the project stands out for its heavy rare earth oxide recovery rate of 55pc and yttrium recovery at 63pc, both attractive metrics for downstream magnet and electronics supply chains.

Alto do Paranaiba links rare earths with titanium credits

Alto do Paranaiba in Minas Gerais adds a very different style of mineralisation. The project hosts near-surface Treo grades up to 28,870ppm alongside 23.3pc titanium dioxide, pointing to potential by-product titanium value. Therefore Atlas Lithium rare earths in Brazil now span both ionic clays and high-grade sedimentary units, which can diversify processing options and revenue streams.

However, the company still needs to confirm continuity, metallurgy and scalable mine plans at Alto do Paranaiba. Near-surface grades offer potential for lower strip ratios and faster development, but sediment-hosted rare earths require careful flowsheet design. Investors will focus on how Atlas prioritises drilling, pilot testing and sequencing between Ipora and Alto do Paranaiba.

Building a multi-commodity critical minerals platform

Atlas Critical Minerals, the company’s Brazilian subsidiary, now controls more than 218,000 hectares of mineral rights across rare earths, titanium, graphite and uranium. This scale provides optionality for partnerships and off-take, especially as Western buyers seek non-Chinese rare earth sources. Meanwhile, combining Atlas Lithium rare earths in Brazil with its lithium portfolio could position the group as an integrated critical minerals developer rather than a single-commodity play.

As a result, Atlas can align its narrative with supply-chain diversification, energy transition and defence applications. But execution risk remains high, given early-stage status, capital needs and complex permitting in Brazil. Clear timelines, resource updates and metallurgical results will determine whether these discoveries translate into bankable projects.

The Metalnomist Commentary

Atlas is moving quickly to rebrand itself from a pure lithium story into a broader critical minerals platform. The rare earth discoveries are promising, particularly the ionic clay potential at Ipora, but still sit firmly in the exploration risk bucket. For now, these finds strengthen strategic optionality and headline appeal more than near-term cash flow.

Liontown Lithium Production Holds Flat as Kathleen Valley Shifts Underground

Liontown

Liontown lithium production was flat in January-March as the Kathleen Valley operation completed its first full quarter as a fully underground mine. The Australian miner produced 96,000t of spodumene concentrate during the quarter, unchanged from a year earlier but down 9% from the previous quarter.

Liontown lithium production is now being reshaped by the transition away from previously mined open-pit ore toward underground feed. The shift is important because underground ore is expected to support more stable grades and recoveries as Kathleen Valley moves deeper into its long-term operating model.

Liontown lithium production also faced shipment disruption from tropical cyclone Narelle, which temporarily affected port operations at Geraldton in Western Australia. Two shipments were delayed, including one that was deferred into early April.

The quarter shows a lithium producer moving through a technical transition rather than a demand-led slowdown. Kathleen Valley is still ramping toward its longer-term target of around 500,000 t/yr of spodumene concentrate.

Underground Feed Improves Recovery Outlook

Kathleen Valley’s underground mining performance improved during the quarter. Underground ore mined totalled 402,000t, up 31% from the previous quarter, with an average grade of about 1.4% lithium oxide.

Lithia recoveries improved in late March as underground ore became the dominant feed source. Liontown achieved its 70% recovery target, while underground ore accounted for 67% of the feed mix in the first weeks of April.

This is a key operational milestone. As the feed mix shifts away from open-pit stockpiles, Kathleen Valley should gain better consistency in processing performance, grade control and recovery rates.

However, the transition also affected quarterly output. Lower production volumes and variable recoveries pushed unit operating costs higher, showing that underground ramp-up periods can create temporary cost pressure before stable-state performance is reached.

Kathleen Valley has a 2.8mn t/yr mining capacity and is expected to produce around 500,000 t/yr of spodumene concentrate. Reaching that level will depend on sustained underground ore delivery, process stability and shipment execution.

Port Disruption and Cost Pressure Shape Near-Term Performance

Cyclone-related disruption affected sales during the quarter. Tropical cyclone Narelle interrupted operations at Geraldton for several days in March, delaying two shipments.

Liontown ended the quarter with 26,270 dry metric tonnes of concentrate in inventory. This was up from 13,800dmt in the previous quarter and 22,519dmt a year earlier, partly reflecting shipment timing.

Unit operating costs on a fob sales basis rose to A$981/t from A$910/t in the previous quarter. The increase was driven by lower production volumes and recoveries during a period of variable feed mix.

This cost movement matters because lithium markets remain highly competitive after the price correction of the past two years. Producers need scale, grade control and low operating costs to defend margins.

Kathleen Valley’s underground transition could improve cost performance over time if recoveries remain stable and mined volumes continue rising. But the quarter shows that ramp-up execution remains critical.

For the wider lithium market, Liontown’s flat output adds to a more disciplined supply picture. New spodumene supply is still entering the market, but operational transitions, weather disruptions and cost pressure continue to affect how quickly nameplate capacity becomes reliable production.

The Metalnomist Commentary

Liontown’s quarter should be read as an underground ramp-up story, not a weak demand signal. Kathleen Valley’s recovery performance is improving, but cost control and shipment reliability will determine how competitive the operation becomes as lithium supply remains under pressure.