On January 30, Huayou Cobalt announced that its controlling subsidiary, HYD Investment Limited (hereinafter referred to as "HYD"), signed a Framework Agreement with Indonesian state-owned enterprise PT Aneka Tambang Tbk (hereinafter referred to as "ANTAM") and PT Industri Baterai Indonesia (hereinafter referred to as "IBC"). The three parties will engage in in-depth cooperation in Indonesia across the entire new energy vehicle battery industry chain, with project ores supplied by ANTAM's subsidiary.

I. Cooperation Entities and Equity Structure
HYD was jointly established by the wholly-owned subsidiaries of Huayou Cobalt, EVE Energy, and PT DAAZ BARA LESTARI TBK. Among them, Huayou Cobalt holds a 70% stake, while EVE Energy and DBL each hold 15%.

II. Project Planning and Capacity Layout
The three parties plan to build an integrated project in Indonesia covering mining, pyrometallurgical smelting, hydrometallurgical smelting, refining, precursor and cathode materials, batteries, and battery recycling. The preliminary capacities for each stage are as follows:
Mining Project: Capacity to be determined based on joint feasibility studies and valuation results.
Pyrometallurgical Smelting (RKSBF/RKEF): Annual production of 100,000 tons of nickel products (calculated as metallic nickel).
Hydrometallurgical Smelting (HPAL): Annual production of 50,000 tons of nickel products (calculated as metallic nickel).
Refining and Precursor: Annual production of 105,000 tons of precursors.
Cathode Materials: Annual production of 30,000 tons of cathode materials.
Battery Project: Annual production of 20 GWh of nickel-based batteries, with Phase I targeting 7 GWh.
Battery Recycling: Annual capacity not exceeding 10,000 tons.

III. Significance and Impact of the Cooperation
Huayou Cobalt stated that this cooperation is a significant initiative to deepen its global presence and promote high-quality development. It will integrate the strengths of all parties in resources, technology, market, and industry chain layout to build an internationally competitive integrated new energy battery industry chain, further strengthening the company's core advantages in industrial integration, international operations, and ecological development.
The announcement also noted that the implementation of this agreement will not affect the company's operational independence and is not expected to have a significant impact on its current-year operating performance. Future performance impacts will depend on the progress and implementation of specific projects.