LYGEND RESOURCE (02245) climbed over 4% again, with cumulative weekly gains reaching approximately 35%. As of press time, the stock was up 3.31% to HK$20.58, with trading volume of HK$126 million.

On the news front, the Democratic Republic of Congo government updated its cobalt export policy on September 20, extending the cobalt export ban until October 15, 2025. For 2026-2027, cobalt export quotas will be limited to only 44% of annual production.

CITIC Securities indicated that the export quotas are expected to result in global cobalt supply levels significantly below normal during 2025-2027, with cobalt prices likely to rise strongly. Companies with cobalt smelting operations in Indonesia and those owning mines in the Democratic Republic of Congo are expected to fully benefit from the cobalt price increases.

Minsheng Securities believes that the Congolese government's determination to support cobalt prices is resolute, with quota systems highly likely to be implemented in the future. Supply contraction is a major trend, and the upward shift in cobalt price levels is clear.

The company's wet nickel production capacity is located in Indonesia, so its sales are not affected by Congo's export restrictions and will fully benefit from rising cobalt prices.