Keeping an Ion Battery Materials (15)

Research evidence excerpt

Keeping an Ion Battery Materials (15)

Australia | Metals & Mining EquityJuneResearch15, 2026

Figure 1 - China Spodumene Prices (1Y)Keeping an Ion Battery Materials (15)

3,400 China Spodumene Li2O 6%min CIF

China Spodumene Concentrate CIF Index

The last two weeks saw relative stability across the new energy complex. 2,9002,400

Lithium prices continued their recent slow slide, and a fire at IGO's CGP3 (USD/mt) 1,900

1,400may impact facility ramp-up over the coming months. Policy volatility Price

remains a key cost support mechanism across the landscape, with 900400

DRC cobalt and spodumene volumes and Indonesian nickel production .Source: Bloomberg,Jun-25 JefferiesSep-25 Dec-25 Mar-26 Jun-26

impacted by sales quotas, royalty regimes and export controls, respectively.

Figure 2 - Monthly Indonesia sulphur imports

300.0

kt 250.0Global lithium complex. Spodumene prices (Figure 1) continued the gradual retreat that

started in mid- to late May, finishing the week at ~US$2,450/t SC6e. The DRC approved a imports 200.0150.0

decree listing lithium as a strategic mineral, thereby raising the royalty rate from 3.5% to 10%. Sulphur 100.050.0

The Australian supply response continued, with Develop (DVP AU) approving FID for ~850ktpa -

at 1.2% Li₂O of DSO (~70kt/month) at Pioneer Dome from the Dec-26 quarter. The DSO product Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26

will be sold on a CIF China basis through an offtake agreement with Trafigura. CANADA INDIA GCC RoW

.

Source: bps, Jefferies

CATL restart sees additional delays. JXW’s originally planned mid-June resumption of

production has been pushed back. Current market commentary suggests CATL’s JXW mine Figure 3 - Monthly Indonesia nickel ore