LYGEND RESOURCE (02245) opened sharply higher by nearly 8%. As of the time of writing, the stock was up 7.85%, trading at HK$25, with a turnover of HK$4.495 million. The surge follows an announcement from LYGEND RESOURCE stating that on January 13, 2026, BBS and BMS entered into a BJL Shareholders' Agreement to establish a joint venture company, BJL. The establishment of the BJL joint venture is intended to meet the company's business development needs and to apply for necessary tax incentives in Indonesia. According to the BJL Shareholders' Agreement, the initial investment amount for BJL is approximately US$505 million, and its authorized share capital is 132.9888 trillion Indonesian Rupiah. The capital injection will be contributed by the contracting parties of BJL according to their respective shareholding percentages—99.999925% will be held by BBS, and 0.000075% will be held by BMS. The contracting parties intend to establish BJL to align with the company's business expansion and to qualify for Indonesian tax benefits, which is expected to lower the tax burden of the wet slag processing business in the future, representing an optimization of the specific execution plan. The project involves a wet slag processing plant with an annual capacity of 1.34 million metric tons of HPAL smelting slag, along with a slag storage facility and other supporting infrastructure. This initiative will enable the group to reduce waste and utilize resources efficiently, in line with environmental protection principles. Furthermore, given Indonesia's increasing infrastructure budget and the anticipated corresponding rise in demand for HPAL smelting slag treatment, the wet slag processing business is poised to create a new revenue stream and enhance the group's profitability.