[SMM Analysis] Sentiment of Reluctance to Sell Dominates, Spot Refined Cobalt Prices Remain Strong During the Week

Vulcan has started commercial-scale production of VULSORB, its proprietary adsorbent that selectively captures lithium from brine. The company will use VULSORB at its Lionheart lithium production plant, currently under construction in Germany and due for commissioning in the second half of 2028. Vulcan said VULSORB has completed thousands of operating cycles under real-world conditions, achieving lithium extraction efficiency of up to 95%. The adsorbent is aluminate-based, and Vulcan holds both the formulation and the manufacturing method. Vulcan noted that China, the largest global provider of adsorption-type direct lithium extraction (DLE) technology and products, placed export controls and strict licensing arrangements on overseas shipments in early 2025. Lionheart targets annual production of 24,000 mt of lithium hydroxide monohydrate over an estimated 30-year project life. Vulcan will focus on manufacturing VULSORB over the next 18-24 months ahead of Lionheart's commissioning and can license the technology globally through its VULTEC technology arm.

Anson Resources has signed an MoU with metals trader Wogen Resources and financing adviser Xcelsior Capital Advisors to evaluate a long-term offtake of 2,000-6,000 mtpa of lithium carbonate equivalent (LCE) from its Green River lithium project in Utah, US. The proposed initial offtake term is five years, with scope for larger volumes and a longer term. Xcelsior may evaluate investment or financing support for the project, including debt, product prepayment and strategic investment. Anson expects Green River to start production in 2029/30, subject to development, financing, permitting, construction and commissioning. Under the MoU, the parties will review technical information and representative product samples, conduct lithium carbonate product testing and qualification, evaluate logistics, infrastructure and delivered-product costs, assess financing structures, and negotiate one or more definitive agreements.

On the 21st of September, Argosy Minerals completed crystallization test work for its Rincon Lithium Project in Salta Province, Argentina, which has a planned capacity of 12,000 mtpa. The tests showed the process is designed to achieve a lithium chloride yield above 99%. An independent European technology provider ran laboratory scale continuous, semi continuous and discontinuous tests using lithium brine from Argosy's earlier solvent extraction pilot campaign. The tests covered evaporation crystallization and solid liquid separation, with a focus on impurity rejection and product specification. Product quality met proposed specification, and the process route of pre concentration, sodium hydroxide treatment, solid-liquid separation and evaporation crystallization can produce specification-grade anhydrous lithium chloride. The technology provider will use the data to complete the feasibility basic engineering package for the crystallization unit, scheduled for October 2026. Finalizing the Definitive Feasibility Study (DFS) still requires each major unit operation to be validated through laboratory and pilot scale testing, so Rincon's planned 12,000 mtpa capacity has not yet moved to the construction stage. Argosy holds a 77.5% interest in Rincon and 100% of the Tonopah Lithium Project in Nevada, US.