[SMM lead data on July 2nd]

AXT and Lumentum signed a binding capacity reservation agreement for Indium Phosphide (InP) wafer substrates through December 31, 2031. AXT will reserve minimum annual product capacity and support additional capacity, while Lumentum will provide two $43.5 million deposits, totaling $87 million, to be applied as shipment credits. Lumentum is liable for annual purchase shortfalls, subject to specified exceptions, while AXT’s failure to deliver minimum capacity constitutes a material breach. SMM views the six-year commitment as a firm demand signal for InP substrates and high-purity indium. Wafer volumes, diameter mix and corresponding indium consumption were not disclosed.

Semtech said in its Aug. 25 earnings presentation that its data-center photonics portfolio spans gain chips, high-power CW lasers, SOAs and high-speed photodiodes, while it has secured FY2027 equipment deliveries and acquired additional cleanroom space. Semtech acquired HieFo in March, adding US-based InP gain-chip and DFB-laser manufacturing. Q2 FY2027 data-center sales reached $100 million, up 39% QoQ and 91% YoY; Q3 sales are targeted to rise 45% QoQ and 160% YoY. SMM believes the buildout supports medium-term demand for InP and high-purity indium, although no nameplate capacity or indium consumption was disclosed.

Bunker Hill said on October 5 that its Idaho zinc-lead-silver mine remained on track to achieve commercial production by year-end 2026. The revised criteria require throughput of at least 65% of the plant’s 1,800-tonne-per-day nameplate capacity, alongside zinc, lead and silver recoveries of at least 70%, for 60 consecutive days. A 10-hole, 975-metre surface drilling programme has also started at Page.