Announcement on the publication of new Spodumene concentrate CIF prices

Dear valued customers,

With the development of the lithium battery industry, the proportion of long-term contracts and spot transactions for the import of spodumene concentrate has varied. In previous market environments, long-term contracts accounted for a very high ratio, with spot transactions being relatively scarce. Therefore, Shanghai Metals Market (SMM)'s pricing for spodumene concentrate (CIF China) is defined as weighted average of various methods such as long-term contracts and spot deals, to reflect the overall market situation. However, with the current trend of some overseas miners changing their pricing models, there has been an increase in spot transactions for imported spodumene concentrate, and the price difference between long-term contracts and spot transactions has widened. As a result, after market research and internal discussions, SMM plans to introduce new prices for Australia spodumene concentrate（6%,CIF China）Spot price and Brazil spodumene concentrate（6%,CIF China）Spot price starting from December 7th to provide a reference for the market. The original spodumene concentrate (CIF) price point will be changed to an index price.