MacVisit: Lopal Tech (603906 CH/2465 HK, NR)

Research evidence excerpt

MacVisit: Lopal Tech (603906 CH/2465 HK, NR)

Macquarie Equity Research

13 July 2026

Chemicals

MacVisit: Lopal Tech (603906 CH/2465 China

HK, NR)

Site visit and call feedback Austin Albert

Yun, CFA Miao

Key Points

• Jianxiawo resumed with first ore delivered to Lopal in early July. Peter Rob

• Lopal expects a rapid ramp-up, supported by continuous refinery Li Stein

operations during the mine suspension.

• Despite recent lithium and equity market weakness, management

remains constructive on the demand outlook.

Figure 1 - Lepidolite concentrate

warehouse at Lopal

• We recently visited Lopal Tech's (603906.SH / 2465.HK, NR) lepidolite

refinery for CATL in our lithium trip, and held a call with management

to discuss its LFP cathode material project expansion progress and its

Jiangxi lithium carbonate production update post the recent restart of

CATL's Jianxiawo operation.

Key takeaways

• Market sentiment weaker: Lopal attributed the recent synchronised

drop in GFE lithium future prices and China-based lithium equity

names to capital flows and market sentiment. Management remains

constructive on the company's earnings generation against the backdrop

of a solid downstream demand.

Source: Macquarie Research, July 2026

• Jianxiawo restart confirmed: Mine operations resumed in early July,

with ore delivered to Lopal on 8 July. Ore is now being continuously The subject Company discussed in this report is not under

processed, and management expects the refinery to return to its full Macquarie Research’s coverage. This report is not an

initiation of coverage on the Company and does not intend to

40ktpa lithium carbonate capacity by late July. The ramp-up reflects provide any rating or recommendation on the Company.

Lopal's use of third-party ore and tolling arrangements during the