According to Huatai Securities, according to estimates, the increase in global lithium resource supply in 2026 will mainly come from the commissioning of new domestic salt lake projects, the release of African and Australian mines, and the rise in production capacity in South American salt lakes. Based on a neutral forecast, we forecast that the global lithium resource supply from 2025 to 2027 will be 1.634 million tons, 2.162 million tons, and 2.52 million tons of LCE, respectively, with year-on-year growth rates of 22.3%, 32.3%, and 17.1%, respectively. Considering the stimulating effect of the current high lithium price on production capacity release, we believe that under the three price assumptions of 80,000 yuan/ton/80,000 yuan/ton/90,000 yuan/ton or more, the supply of lithium resources in 26 years was 205.7/216.2/2,234 million tons of LCE, respectively.

According to Huatai Securities, according to estimates, the increase in global lithium resource supply in 2026 will mainly come from the commissioning of new domestic salt lake projects, the release of African and Australian mines, and the rise in production capacity in South American salt lakes. Based on a neutral forecast, we forecast that the global lithium resource supply from 2025 to 2027 will be 1.634 million tons, 2.162 million tons, and 2.52 million tons of LCE, respectively, with year-on-year growth rates of 22.3%, 32.3%, and 17.1%, respectively. Considering the stimulating effect of the current high lithium price on production capacity release, we believe that under the three price assumptions of 80,000 yuan/ton/80,000 yuan/ton/90,000 yuan/ton or more, the supply of lithium resources in 26 years was 205.7/216.2/2,234 million tons of LCE, respectively.