GANFENGLITHIUM (01772) surged over 3%, and as of press time, the stock was up 2.45% to HK$33.44, with trading volume reaching HK$376 million.

On the news front, GANFENGLITHIUM announced on August 12 that as of the announcement date, the company's wholly-owned subsidiary GFL International directly or indirectly owns 100% ownership interest in PPG Project Company, which owns and operates the PPG project, 14.89% ownership interest in PG Project Company, which owns and operates the PG project, and 35% ownership interest in Puna Project Company, which owns and operates the Puna project. Lithium Argentina directly or indirectly owns 85.11% ownership interest in PG Project Company and 65% ownership interest in Puna Project Company. These three projects are adjacent to each other and located in Salta Province, Argentina.

On August 12, 2025, GFL International and Lithium Argentina entered into a framework agreement whereby both parties decided to combine their interests and investments in the project companies and the combined projects into one joint venture through holding Millennial. As a result of the asset combination, Millennial will be held 67% and 33% by GFL International and Lithium Argentina respectively.

Regarding the asset combination, GFL International and Lithium Argentina shall enter into a new debt financing arrangement whereby the company or its subsidiaries will provide financial assistance totaling $130 million to Lithium Argentina to support its funding requirements, including development of the combined projects or other purposes agreed upon by both parties.

A feasibility study is currently underway, with target annual LCE production capacity of up to 150,000 tons, to be developed in three phases of 50,000 tons each.