Tianqi Lithium Corporation (09696) is conducting impairment tests on its overseas lithium hydroxide projects in light of the latest developments.

Tianqi Lithium Corporation (09696) announced that the company started the "annual production of 24,000 tons of battery-grade lithium hydroxide monohydrate" project in 2016 and the "second phase annual production of 24,000 tons of battery-grade lithium hydroxide monohydrate project" in 2017 ("overseas lithium hydroxide project" or "the project"), which is implemented by the company's wholly-owned subsidiary Tianqi Lithium Energy Australia Pty Ltd ("TLEA") in Australia, through its subsidiary Tianqi Lithium Kwinana Pty Ltd ("TLK"). As of the date of this announcement, the company holds 51% of the registered capital of its subsidiary TLEA, while IGO Limited's wholly-owned subsidiary IGO Lithium Holdings Pty Ltd holds 49% of TLEA's registered capital. In accordance with Chinese Enterprise Accounting Standards, International Financial Reporting Standards, and company accounting policies, during the preparation of the 2024 annual report, the company is conducting impairment tests on the overseas lithium hydroxide project considering the latest developments, and is in continuous communication with the management of TLEA to confirm relevant information. As of now, final conclusions have not yet been reached regarding the assumptions and results of the impairment tests. To accurately reflect the financial position and operating results of the company as of December 31, 2024, the company will continue to analyze and evaluate the overseas lithium hydroxide project based on the principles of conservatism, and determine whether it meets the criteria for asset impairment provisions and the amount of impairment provision to be recognized, which is subject to further verification and confirmation.