SMM Daily Review: January 20 Spot Lithium Carbonate Prices Fluctuated Upward

India’s battery recycling capacity is expanding ahead of EV battery retirements, driven by critical mineral security and domestic battery manufacturing. In the near term, consumer electronics waste, manufacturing scrap and imported materials will remain key feedstock sources, while feedstock security and capacity utilisation will increasingly shape competitiveness.

Andrada Mining announced further drilling results from its Lithium Ridge project in Namibia, as exploration and resource-definition work continues under its partnership with SQM. The latest results cover 14 diamond drill holes. Key intersections include 35.59 metres grading 1.52% Li₂O in hole LRD097, including 24.08 metres at 2.00% Li₂O, and 30.24 metres grading 1.23% Li₂O in LRD093, including 9.65 metres at 1.83% Li₂O. Tin and tantalum mineralisation was also identified alongside lithium. Lithium Ridge is located in Namibia's Erongo Region, approximately 35 km from Andrada's operating Uis mine. Andrada completed an expanded 16,500-metre diamond drilling programme across 143 holes in May 2026, with the programme intended to support further geological modelling and resource definition. The project is being advanced under an earn-in agreement with SQM, which can acquire up to a 50% interest by funding exploration and subsequent development work, including a definitive feasibility study. SMM believes the latest drilling results further support the geological potential of Lithium Ridge. However, the project remains at the exploration and resource-definition stage, and further resource, metallurgical and feasibility work will be required before its potential contribution to future lithium supply can be assessed.