To address the challenges posed by changes in the global industrial competitive landscape, meet the demands of the U.S. and European markets, and maximize mutual benefits, GEM recently signed a "Strategic Cooperation Memorandum for the Full Value Chain of Secondary Battery Raw Materials" (hereinafter referred to as the "Memorandum") with EcoPro BM CO., LTD. (hereinafter referred to as "EcoPro BM") at the QMB in Indonesia. Mr. Choi Moon-ho from EcoPro BM, Professor Xu Kaihua, Chairman of GEM , and Ms. Wang Min, Co-founder, Joint Actual Controller and Board Director of GEM attended the signing ceremony.

Over the past decade, GEM and EcoPro, as close upstream and downstream partners, have successfully navigated various challenges together. They have implemented comprehensive strategic cooperation across resources, industries, technology, markets, and capital, effectively promoting rapid development for all parties. This partnership has fostered deep mutual trust and stands as an exemplary case of friendly cooperation between Chinese and South Korean enterprises.

The signing of this Memorandum of Understanding marks a further strengthening of the collaboration between both parties in the field of raw materials for secondary batteries. By deeply integrating their respective advantages in resources, technology, manufacturing, capital, and customer bases, they aim to establish a globally competitive full supply chain of 'nickel resources—precursors—cathode materials,' with Indonesia and South Korea as manufacturing bases, and to solidify their core position in the European and American markets. To achieve this, both parties will maximize the advantages of Indonesia's nickel supply chain, with GEM meeting EcoPro BM's additional demand for raw materials and precursors. Meanwhile, EcoPro BM will continue to collaborate with GEM and EcoPro Materials as core partners in precursor supply, and will strive to make GEM the largest supplier to EcoPro BM, outside of EcoPro Materials.Both parties have agreed that from 2025 to 2028, EcoPro BM will additionally purchase 265,000 tons of precursors from GEM, further solidifying GEM's position as a leading global manufacturer of high-nickel precursors. This will enhance the company's global core competitiveness and strongly support sustained growth in the company's future performance.

Chairman Xu Kaihua delivered an impassioned speech at the signing ceremony. He emphasized that the signing of this memorandum is of significant historical importance. It is not only a major milestone in GEM's development journey in the field of new energy material manufacturing but also a pivotal event in the evolution of Indonesia's nickel industry. The massive order for 265,000 tons of precursors will be fulfilled at QMB, driving QMB from MHP production to precursor manufacturing. This marks a crucial step in the large-scale transition of Indonesia's nickel industry towards new energy materials.Chairman Xu Kaihua emphasized that EcoPro is a great leader in the global high-nickel cathode materials industry and is also GEM's trusted brother and long-standing friend. Over the past decade, GEM and EcoPro have developed hand in hand, overcoming challenges together and standing by each other through thick and thin, leading to shared success. At a critical moment, EcoPro made the resolute decision to invest in QMB, partnering with GEM to propel QMB to become a leading enterprise in the world-class HPAL hydrometallurgical refining sector. Chairman Xu stated that the current global market is full of opportunities and challenges, and in the future, both parties must work even more closely, leveraging their resources and other advantages to emerge as winners in global market competition and strive to become the best in the world!

At the signing ceremony, Choi Moon-ho, representing EcoPro, expressed that the friendship between EcoPro and GEM has lasted for ten years. Through the visit and exchange at QMB, he has gained even more confidence in GEM’s nickel and precursor products. He hopes that through the joint efforts of both parties, their nearly decade-long cooperation and friendship can extend to a century, with the shared goal of becoming leading enterprises in the global new energy industry.

EcoPro BM Vice President Kim Jang-woo, EcoPro BM Executive Director Shin Ho-sang, GEM Vice President Jiang Miao, GEM Vice President Dr. Zhang Kun, and GEM Vice President and QMB General Manager Peng Yaguang jointly witnessed the event.

GEM and EcoPro BM Sign Memorandum of Understanding for Strategic Cooperation for the Full Value Chain of Secondary Battery Raw Materials

Professor Xu Kaihua, Chairman of GEM , delivered a speech

EcoPro BM Representative Choi Moon-ho delivered a speech

Signing ceremony of the "Strategic Cooperation Memorandum for the Full Value Chain of Secondary Battery Raw Materials" between GEM and EcoPro BM