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Huawei Highlights Continuous Innovation, Securing Competitive Edge Through Technological Breakthroughs


SHENZHEN, CHINA – Media OutReach Newswire – 3 October 2026 – Huawei hosted an international media roundtable today featuring Richard Yu, Executive Director, Chairman of the Investment Review Board, and Chairman of the Board of Directors of the Consumer BG. Yu shared comprehensive insights into Huawei’s consumer business and HarmonyOS ecosystem.

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Richard Yu joined Huawei in 1993, working on early developments like the first-generation program-controlled switch and participating in the establishment of Huawei’s wireless communications business, which started with GSM. Over the past decade, Yu has led Huawei’s consumer business with the vision to deliver a seamless AI life experience to all consumers across five key scenarios: HIMA-powered Smart Travel, HarmonyOS Office, Smart Home, Fitness & Health, and Entertainment, which he said is also the long-term strategy for Huawei’s consumer business over the next 10 years.

Between 2007 and 2025, Huawei invested more than CNY1.8 trillion into R&D shifting from roughly 10% of annual revenue in early years to over 20% recently. Huawei has continued to increase investment into the core technologies of the ICT domain and basic research, which has translated into robust core capabilities, extensive intellectual property, and a vast patent portfolio, and helped with achieving a series of breakthroughs in technological innovation.

The Mate 90 series smartphones Huawei just launched come with the latest Kirin 9050 Pro chip. The overall device performance is 31% higher than the previous generation. The Balong modem, image sensor processor (ISP), mobile security processor (MSP), Lingxi CPU, Maleoon GPU, and the NPU that adopts Huawei’s Da Vinci architecture for AI processing are all designed by Huawei. They offer higher energy efficiency and deliver much-improved overall system-level performance.

Even though Yu admitted that Huawei has limited access to advanced semiconductor processes, Huawei recently made a new breakthrough in the semiconductor domain – the LogicFolding technology under the Tau Scaling Law. Unveiled by He Tingbo, head of Huawei’s Semiconductor Business Department this May, this technology vertically stacks the logic layers of chips and restructures the circuit layout through inter-layer high-density interconnect to shorten critical paths and reduce latency. This technology was adopted on Kirin 9050 Pro chip, which shows very strong AI processing power. The Mate 90 series powered by this chip can run a 30B MoE on-device AI model.

In the AI domain, Yu talked about the Ascend compute foundation that Huawei provides, by remarking Huawei’s large models called openPangu, AI capabilities for intelligent driving, and HarmonyOS Celia, which is similar to Gemini in the Google Android ecosystem. Huawei is also using AI to improve the O&M of communications network equipment. By combining AI computing power with domestic open-source large models, Huawei’s vision is to help enterprises and industries around the world to become more productive and bringing more convenience to everyone.

In the past years, Huawei has launched a broad series of products and solutions, including smartphones, PCs, tablets, wearables, TWS audio products, Smart TVs, home routers, smart home control solutions, as well as intelligent electric vehicles together with partners. Underlying these products and solutions are Huawei’s chip hardware platform and HarmonyOS – another OS ecosystem after iOS from Apple and Android from Google that Huawei developed to support all the smart devices and smart hardware across all scenarios.

Development of HarmonyOS began in 2019. Before that, Huawei was a major contributor to the Android community as well as the entire Android ecosystem. Now, more than 90 million devices, including smartphones, PCs, and tablets, currently run on HarmonyOS 6 and HarmonyOS 7. This figure is expected to hit the 100 million mark by the end of this year. The number of apps and services in the HarmonyOS ecosystem has already exceeded 450,000. Its global registered developer count has reached 11 million, and Huawei now has over 23,000 app innovation partners. Expressing his special thanks to all partners and developers for their trust and support, Yu also pointed out that Huawei is considering gradually bringing HarmonyOS to the global market in the future.

Globalization is another topic of the conversation. Yu mentioned that Huawei had very good collaboration with many companies from the US, Europe, Japan, South Korea, and Taiwan, delivering huge business value and benefits to those partners. When it comes to the difficulties that Huawei overcame since 2019, Yu said that relying on homegrown technologies and capabilities, Huawei gradually designed its own operating system and developed basic tools and software by themselves, putting a domestic supply chain in place. In 2023, Huawei started to manufacture the chips used by smartphones domestically again. With these chips and HarmonyOS, and by relying on China’s domestic supply chain, materials, and process nodes, Huawei has basically gotten rid of the dependence on US technologies.

While Huawei’s global market share was once No. 1, nowadays it only sells several million units of smartphones outside China every year. However, Yu revealed that Huawei is trying to return to the overseas market step by step.

Taking wearables as an example, Huawei is No. 1 in terms of the market share both in China and globally. Other innovative products such as TWS earphones, are also growing fast and have reached No. 1 in many countries. While Huawei’s tablet and PC business was greatly affected after it was denied access to Windows and Intel x86 chips, the HarmonyOS-based tablets are now performing strongly. Another example would be CPE, which is a mobile router that provides connectivity to the unconnected in remote and rural areas. These products are also very well received across many regions outside China, helping more people connect to the rest of the world and live better lives.

Question: Both the Huawei XT 2 and the two most advanced models of the Mate 90 series use a LogicFolding chip. Will LogicFolding chips be used for more phones in the future? We understand that Huawei’s chip production capacity is still limited. Huawei has launched SuperPoDs, and AI infrastructure is a huge business. They are both very important in China. How do you secure a larger share of the chip supply internally?

Richard Yu: We started introducing the chip that adopts the LogicFolding technology powered by the Tau Scaling Law to the Mate XT 2 tri-fold phone. To answer your question, yes, more of our phones will definitely use these LogicFolding chips in the future.

Currently, the production capacity for advanced semiconductors in China still cannot meet the rapidly growing demand. Huawei’s Ascend chips for the AI domain also use such capacity. But we have developed a requirement plan, which also covers the chip requirements of smartphones.

The sharp price increase for memory components over the past two years has somewhat limited the smartphone sales volume. Even though the production capacity remains tight right now, generally it is sufficient to meet our market shipment needs.

We hope that production capacity will ramp up in China’s semiconductor industry so that we can manufacture more advanced products for consumers in the Chinese market as well as the overseas market in the future.

To read the full Q&A session:
https://www.apmultimedianewsroom.com/multimedia-newsroom/continuous-innovation-securing-our-competitive-edge-through-technological-breakthroughs

Hashtag: #Huawei

The issuer is solely responsible for the content of this announcement.

Govee Turns Up the Spooky With Sarah Michelle Gellar in New Nationwide Halloween Campaign

The horror screen icon stars in Govee’s “Turn Up the Spooky. Slay Halloween.” outdoor lighting campaign, bringing a little Hollywood drama to Halloween at home

LOS ANGELES, Oct. 3, 2026 /PRNewswire/ — Govee, the No. 1 brand for household permanent outdoor lights in the U.S.*, today announced the nationwide launch of its new Halloween campaign, “Turn Up the Spooky. Slay Halloween.”, starring actress and genre icon Sarah Michelle Gellar.

Govee Turns Up the Spooky With Sarah Michelle Gellar in New Nationwide Halloween Campaign
Govee Turns Up the Spooky With Sarah Michelle Gellar in New Nationwide Halloween Campaign

Known for some of the most recognizable horror and supernatural roles of her generation, Gellar brings a fitting dose of Halloween nostalgia to the campaign. In the new TVC, Govee Outdoor Lights help transform an everyday home into a more cinematic Halloween setting, playing with color, atmosphere and a little after-dark drama.

Bringing a Little Hollywood Home for Halloween

A memorable Halloween setup is rarely about a single decoration or light. It is about creating an atmosphere that carries across the entire property.

Govee’s broad outdoor lighting portfolio gives homeowners the flexibility to build that experience from the roofline all the way to the yard. Permanent Outdoor Lights can define the architecture of the home and establish the overall mood, while Outdoor String Lights and Light Bulbs bring color and personality into porches, trees and gathering spaces. Outdoor Wall Lights and Pathway Lights can extend the scene to entrances, walkways and landscaping, adding depth and helping different areas of the exterior feel connected.

Sarah Michelle Gellar also brings her own take on creating atmosphere. “Instead of covering every inch of the exterior in light, choose one architectural or landscape feature to be the focus, such as the roofline, a tree or the front facade,” says Gellar. “Leaving some areas darker will make the lit areas feel more dramatic.”

Beyond Halloween, Govee’s all-occasion outdoor lighting portfolio can evolve with the home throughout the year, shifting from spooky seasonal scenes to holiday celebrations, entertaining and everyday outdoor ambiance.

Set the Scene for a Smart Halloween

Govee’s technology brings those individual lighting layers together into a more coordinated experience.

With DreamView, multiple Govee lights can work together as one connected lighting environment, synchronizing colors and effects across the home and with music for a more immersive experience.

Govee AI Lighting Bot 2.0 makes the creative process more intuitive. Powered by Govee’s AI capabilities, it supports natural interactions through text, voice and image inputs, as well as multi-turn conversations that allow users to describe, refine and personalize their desired lighting experience.

A simple prompt such as “moonlit and mysterious,” “classic and dramatic,” or “playful and family friendly” can become the starting point for a customized Halloween look, making it easier to experiment with trendy colors, effects and seasonal themes while still creating something personal.

“Turn Up the Spooky. Slay Halloween.” is rolling out nationwide now.

To explore Govee Outdoor Lights and create your own Halloween look, visit Govee.com.

*Source: Euromonitor International Co., Ltd., based on the sales value of household permanent outdoor lights in the USA across retail channels in 2025; household permanent outdoor lights refer to lighting fixtures designed for fixed, year-round installation on household building exteriors (such as eaves, facades, and decks); research completed in June 2026.

About Govee

Govee has been revolutionizing the smart living experience with innovative, ambient lighting solutions since 2017. From living spaces, gaming setups, and outdoor areas, Govee’s smart home tech is not just visually stunning, but also functional – transforming small everyday moments into more personalized and brighter engaging lighting experiences. Embracing the idea that users should “Life is Colorful” and push the boundaries of what lighting can do by blending design, and utility. To learn more about Govee, please visit govee.com.

Ractigen Therapeutics Presents Positive First-in-Human Data for RAG-18 at WMS 2026, Establishing Clinical Proof-of-Mechanism for RNA Activation in Duchenne Muscular Dystrophy

  • First clinical evidence demonstrating that a systemically delivered small activating RNA (saRNA) can safely upregulate an endogenous target protein in human skeletal muscle in a monogenic disease.
  • Paired muscle biopsies reveal 3.5- to 5.3-fold increases in sarcolemmal utrophin expression, accompanied by definitive tissue histopathological remodeling
  • Concordant positive trajectories observed across motor and pulmonary functional endpoints
  • Favorable safety and tolerability profile demonstrated, with zero dose-limiting toxicities (DLTs) and zero serious adverse events (SAEs)
  • Cohort 2 (30 mg) fully enrolled

HIROSHIMA, Japan and NANTONG, China, Oct. 3, 2026 /PRNewswire/ — Ractigen Therapeutics, a clinical-stage biotechnology company pioneering RNA activation (RNAa) therapeutics, today presented positive first-in-human clinical data from its ongoing Phase I trial of RAG-18 (NCT07282652) during a Late-Breaking Oral Presentation at the 31st Annual Congress of the World Muscle Society (WMS 2026), held in Hiroshima, Japan.

The data establish the first clinical proof-of-mechanism for RNA activation (RNAa) in a human monogenic disease, demonstrating that a systemically delivered saRNA can safely enter human skeletal muscle and upregulate an endogenous, therapeutically relevant target protein.

The presentation, titled “First-in-human evidence of RNA activation-mediated sarcolemmal utrophin upregulation in Duchenne muscular dystrophy,” was delivered orally by the study’s Principal Investigator, Professor Yi Dai, MD, PhD, Department of Neurology, Peking Union Medical College Hospital (PUMCH), Chinese Academy of Medical Sciences.

For more than two decades, the neuromuscular field has recognized utrophin — a naturally occurring structural relative of dystrophin — as one of the most compelling therapeutic ideas in DMD. Because utrophin can substitute for dystrophin at the muscle membrane regardless of which DMD mutation a patient carries, sufficiently increasing it would represent a mutation-independent approach relevant to the entire patient population. The historical obstacle was never the biology, but the absence of a modality capable of safely switching on endogenous gene transcription directly in human muscle. The data presented today directly demonstrate how RNAa overcomes this longstanding barrier.

RAG-18 is developed on Ractigen’s proprietary RNAa platform and delivered using the company’s Lipid-Conjugated Oligonucleotide (LiCO™) technology as an aqueous saline formulation via monthly intravenous (IV) infusion. It harnesses the cell’s endogenous transcriptional machinery to increase utrophin production without viral vectors or permanent DNA editing. RAG-18 has received Orphan Drug Designation (ODD) and Rare Pediatric Disease Designation (RPDD) from the U.S. Food and Drug Administration (FDA).

Professor Yi Dai, MD, PhD, Principal Investigator, commented:
“In the first three boys treated, we observed a complete and internally consistent chain of evidence: paired muscle biopsies showed utrophin robustly upregulated and correctly localized at the sarcolemma, muscle architecture improved with less fibrosis and fat infiltration, and motor and pulmonary measures held steady or improved over the same window. What is particularly striking is that these three boys carry three different types of DMD mutations, yet all showed signals in the same direction — a clinical illustration of what a mutation-independent strategy means in practice. As a clinician who has cared for patients with neuromuscular disease for many years, being part of this first human validation from mechanism to tissue to function is deeply encouraging.”

Long-Cheng Li, MD, Founder, Chairman and Chief Executive Officer of Ractigen Therapeutics, added:
“The data presented today at WMS establish the first clinical proof-of-mechanism for RNA activation. With rigorous patient-level evidence, we have shown that saRNA can reliably activate an endogenous target gene in human skeletal muscle and drive repair at the tissue level. This is a milestone not only for the RAG-18 program but for the field of RNA medicine, which can now move beyond silencing genes to switching them on. RAG-18 has the potential to become a disease-modifying therapy for patients across all DMD genotypes. With Cohort 2 fully enrolled, we are committed to accelerating clinical development so that this pioneering therapy can reach patients worldwide as soon as possible.”

Key Highlights from the WMS Late-Breaking Presentation (NCT07282652):
The open-label, dose-escalation first-in-human trial is evaluating the safety, tolerability, pharmacodynamics, and exploratory efficacy of RAG-18 in ambulatory boys aged 4–15 with genetically confirmed DMD. The presentation reported multi-dimensional data through Day 169 from Cohort 1 (15 mg monthly IV, n=3):

  • Favorable Safety & Tolerability: There were zero dose-limiting toxicities (DLTs), zero serious adverse events (SAEs), and no Grade ≥3 treatment-emergent adverse events (TEAEs). All reported adverse events were mild (Grade 1–2), transient, and resolved spontaneously without medical intervention. No dose interruptions, reductions, or discontinuations occurred.
  • Robust & Precise Sarcolemmal Target Engagement: Paired contralateral muscle biopsies at Day 113 analyzed via whole-field quantitative immunofluorescence (IF) revealed a 3.5- to 5.3-fold upregulation of sarcolemmal utrophin signal density in mature myofibers (and a 4.1- to 4.7-fold increase in regenerating myofibers) compared to pre-dose baseline. Co-staining with laminin confirmed precise and uniform localization to the sarcolemma.
  • Histopathological Structural Remodeling: Morphometric analysis at Day 113 showed increased mean myofiber cross-sectional area (+5% to +15%) and mean myofiber diameter (+5.34 μm to +27.50 μm) without evidence of drug-induced myonecrosis or inflammation. Muscle fat fraction decreased by 3% to 10%, indicating tissue stabilization.
  • Reduction of Active Tissue Edema: Quantitative muscle MRI (qMRI) revealed reductions in thigh muscle T2 relaxation times (up to −11.6% at Day 169), consistent with the resolution of active muscle edema and inflammation.
  • Positive Functional & Pulmonary Trajectories:
    • Pulmonary Signals:  All three participants showed positive numerical trends in spirometric parameters over 24 weeks, with percent predicted forced vital capacity (FVC%) increasing by +2.8% to +41.0% and forced expiratory volume (FEV1%) by +2.8% to +34.0%.
    • Ambulatory Trajectories: In an early-ambulatory participant (age 6.8), 6-minute walk distance (6MWD) improved by +36.5 m. In a late-ambulatory participant (age 12.7), 6MWD remained preserved (−1.0 m delta) alongside improved 4-stair climb time. Participant 1 (age 7.3) experienced a decline of −62.5 m in 6MWD. NSAA scores declined uniformly by −3 points across all three participants, underscoring the heterogeneous and progressive nature of DMD motor function.
    • Cardiac Function: Left ventricular ejection fraction (LVEF) remained within normal limits (≥55%) across all participants throughout the 24-week follow-up.

Clinical Program Update
Cohort 2 (30 mg monthly IV) is fully enrolled and safety follow-up is ongoing as planned.

About Duchenne Muscular Dystrophy (DMD)
DMD is a rare, severe, X-linked progressive neuromuscular disorder caused by mutations in the DMD gene that result in deficiency or absence of dystrophin, a protein essential to protecting muscle fibers from contraction-induced injury. Affected boys experience progressive muscle degeneration, loss of ambulation, respiratory insufficiency and cardiomyopathy. Utrophin is a structural and functional homolog of dystrophin, highly expressed during fetal development; increasing endogenous utrophin is a mutation-agnostic strategy with the theoretical potential to be relevant to patients across all DMD genotypes.

About RAG-18
RAG-18 is an investigational small activating RNA (saRNA) developed on Ractigen’s proprietary RNAa platform. Administered systemically, RAG-18 targets regulatory regions of the human UTRN gene to induce nuclear, Argonaute-dependent transcriptional activation, increasing endogenous utrophin production. RAG-18 is currently being evaluated in an ongoing first-in-human, open-label, dose-escalation clinical trial (NCT07282652).

About Ractigen Therapeutics
Ractigen Therapeutics is a clinical-stage biopharmaceutical company innovating next-generation RNA therapeutics, with a primary focus on small activating RNAs (saRNAs) developed through its clinically validated RNA activation (RNAa) technology. Leveraging proprietary delivery platforms such as SCAD™, LiCO™, and GLORY™, Ractigen is advancing a robust pipeline addressing unmet medical needs in oncology, neurological diseases, and genetic disorders. Its versatile technologies also enable the rapid development of RNA-based solutions, including siRNAs, where applicable, to target life-threatening, fast-progressing conditions such as those in the CNS. Committed to scientific excellence and patient-centered innovation, Ractigen strives to transform healthcare through the power of RNA therapeutics. For more information, visit www.ractigen.com, and follow us on X and LinkedIn.

Vatrer Power to Showcase Lithium Golf Cart Battery Conversion Kits at 2026 Golf Carting Expo & Dealer Summit

LAS VEGAS and CHARLESTON, S.C., Oct. 3, 2026 /PRNewswire/ — Vatrer Power, a provider of LiFePO4 lithium battery solutions, is showcasing its latest lithium golf cart battery innovations and advanced conversion kit solutions at the 2026 Golf Carting Expo & Dealer Summit, taking place October 1 to 3 at the North Charleston Convention Center in Charleston, South Carolina. At Booth #406, the company will spotlight its Vatrer lithium golf cart battery conversion kits, designed to replace traditional lead-acid batteries in golf carts.

Vatrer Power Booth
Vatrer Power Booth

The Golf Carting Expo & Dealer Summit is the golf cart industry’s first and only dedicated annual trade show. Now in its second year, the event brings together more than 80 exhibitors and sponsors, along with hands-on technical training sessions and industry workshops, drawing golf cart dealers, fleet operators, and enthusiasts from across the country.

As an industry partner, Vatrer Power invites visitors to Booth #406 to explore its full range of golf cart batteries and discover the benefits of upgrading from lead-acid to LiFePO4 lithium technology.

A Full Lineup Across Voltages and Brands

Vatrer Power’s golf cart battery lineup covers multiple voltages (36V, 48V, and 72V), sizes, and capacities, and is compatible with major golf cart brands including Club Car, EZGO, Yamaha, and ICON. Key offerings on display include:

Lithium Solutions for Golf Cart

“The GolfCarting Expo gives us an opportunity to connect directly with the dealers, installers, and golf cart owners who are driving the transition from lead-acid to lithium,” said Henry Ma, CEO of Vatrer Power. “We want to make that transition easier by offering lithium solutions across different cart platforms, power requirements, and battery-compartment configurations. We look forward to demonstrating our products and hearing directly from industry professionals at Booth #406.”

To explore Vatrer Power’s full range of lithium golf cart batteries, please visit https://www.vatrerpower.com/collections/golf-cart-batteries.

About Vatrer Power

Vatrer Power is a provider of LiFePO4 lithium battery solutions, committed to making green energy accessible to everyone. The company designs and delivers high-performance lithium battery products for golf carts, UTVs, and a range of other applications, combining advanced safety certifications with reliable, long-lasting energy storage.

For more information, please visit www.vatrerpower.com or connect with Vatrer Power on social media:

Instagram: https://www.instagram.com/vatrerpower 

YouTube: https://www.youtube.com/@Vatrer 

Facebook: https://www.facebook.com/VatrerPower

Vatrer Power Booth
Vatrer Power Booth

Vatrer Power Booth
Vatrer Power Booth

Poly Auction Hong Kong Autumn Auctions 2026 Preview Now Open: Four Collecting Categories Bring Together Art Across Eras and East and West

2–4 October 2026 | Preview
5–7 October 2026 | Auctions

Six Pacific Place, Hong Kong

HONG KONG, Oct. 3, 2026 /PRNewswire/ — Poly Auction Hong Kong is pleased to present its Autumn Auctions 2026 Hong Kong Preview and Auctions, a highlight of the autumn auction season, with the preview now open at Six Pacific Place, Hong Kong from 2 to 4 October, and the auctions to follow from 5 to 7 October.

This season spans four collecting categories: Modern and Contemporary Art; Chinese Ceramics and Works of Art; Chinese Paintings and Calligraphy; and Jewels & Watches. The selection brings together important works of art-historical significance and strong collector interest. Highlights range from the expansive abstraction of ZAO WOU-KI’s 01.06.65 to QIU YING’s Autumn Ride on the Plains, a treasure formerly in the Qing imperial collection; from A GILT-COPPER STANDING FIGURE OF MANJUSHRI KHASA MALLA KINGDOM, NEPAL, 13TH CENTURY, BURMESE ‘PIGEON’S BLOOD’ RUBY AND DIAMOND NECKLACE, and A fine and rare limited edition Royal Oak Concept Black Panther Flying Tourbillon manual winding titanium watch, Circa 2021. Together, these works offer a compelling encounter between Eastern and Western aesthetics.


Modern and Contemporary Art

This season, the Modern and Contemporary Art Department brings together outstanding works by leading Chinese modern and contemporary masters and internationally acclaimed artists, tracing an artistic spectrum that spans modernity and the contemporary era, East and West. The sale also features diverse practices by women artists, charting developments from traditional media to digital creation, alongside works by a new generation of artists. Together, they offer collectors a selection distinguished by its art-historical depth and market rarity.

Among the highlights is Wu Guanzhong’s Old Riverside Trees, painted in 1977 at a pivotal moment in his transition from figuration to semi-abstraction. From Qianling Mountain through the White-bark Pine series to this work, Wu progressively distils the tree from its natural setting, until its structure becomes the structure of the painting itself. The old tree remains recognisable, yet its trunk becomes a bold diagonal entering from the right, crossing the center and extending towards the upper left, before branching into curves and finer lines. The world behind it is radically simplified: distant mountains become planes, fields become blocks of color, houses become dots, and the stream becomes a reserve of white. Reflections are suggested with economical brushwork, setting presence against absence and challenging conventional perspective. The languages of oil painting and ink painting permeate one another. Calligraphic branches convey the spontaneity of cursive script, while a palette of black, white and grey, enlivened by bright accents, creates an atmosphere of quiet refinement. Mountains become planes, houses become dots, and trees become lines: Wu had already clearly established the structure of “dots, lines and planes” by 1977.”Form may take flight into abstraction, but its connection to life must never be severed.” Old Riverside Trees gives the tree a second life in abstraction, embodying the essential boundary Wu established between the figurative and the abstract.

Another leading highlight is Zao Wou-Ki’s 01.06.65, painted in 1965 at the height of his artistic powers. It embodies the pure and free personal language he developed through his immersion in Eastern and Western cultures. A warm band of ochre-orange light traverses the upper register, while black, brown, grey-purple and ochre-red interweave at the center. Flying-white, scumbled and impasto passages interlace, evoking a primordial state in which heaven and earth take shape and vital breath moves. The Chinese understanding of qi is reinterpreted through the material qualities of modern oil painting. An inscription on the reverse dedicates the work to the distinguished French art historian André Chastel and his wife, Paule-Marie. It bears witness both a close friendship and Zao’s place at the heart of Parisian intellectual circles. Calligraphic brushwork and abstract structure permeate one another, as color and space bring each other into being. Making invisible light, time and breath visible, the painting moves beyond a synthesis of East and West to the essence of painting itself.

A leading exponent of Cynical Realism in the 1990s, Liu Wei brought together political memory, bodily desire and a sense of decay in series such as Revolutionary Family and You Like Pork? The present sale features a markedly different work, Landscape, which marks an important transition from the politically charged imagery of his 1990s Cynical Realism towards an inwardly felt expression of nature. A vast expanse of green grass fills the canvas, creating a poetic tension between flourishing life and decay. The human figure has withdrawn, its fleshiness transformed into vegetation, signaling the maturation of Liu’s pictorial language. The work combines Richter’s deconstruction through blur with the spirit of Chinese landscape painting and Liu’s distinctive experience of the body. Featured in the landmark 2008 solo exhibition My Landscape – Liu Wei and inspired by everyday scenes in Songzhuang, it is a rare monumental work from the artist’s landscape series.

The sale also presents Big Ear, painted in 1992 by Yue Minjun, another leading exponent of Cynical Realism. The work marks the emergence of his personal visual language and bears witness to Chinese contemporary art’s turn towards individual expression. After moving to the Yuanmingyuan artists’ village in Beijing, Yue stepped outside his previous framework of practice and began depicting the companions around him. Although based on real friends, the figures already show the closed eyes and tooth-baring smiles that would become his signature, occupying a transitional space between realistic portraiture and symbolic imagery. The enormous ear on the right, occupying almost a third of the composition, is particularly striking. Its deliberately distorted proportions create an absurd tension between laughter and listening, anticipating his continued exaggeration of bodily features. The smiles are not yet fully standardised and retain a raw directness, while already suggesting an ambiguous mixture of joy, embarrassment and estrangement. This echoes Cynical Realism’s departure from grand narratives. The work captures an era of loosening collective values and emerging consumer culture, while opening a new aesthetic path for contemporary Chinese oil painting.

Also featured is The Arrival of Spring in Woldgate, East Yorkshire in 2011 (twenty eleven) – 30 April 2011, an iPad drawing printed on paper by David Hockney, who passed away earlier this year. Executed in 2011, the present work is number 3 from a limited edition of 25. It is the first in the series to appear at auction in Asia, marking an important moment in digital art’s entry into the highest levels of the international market. The work records the decisive arrival of spring on 30 April: blossoms crowd the branches, lush greens fill the landscape, and the sky is a clear blue. With delicate digital brushwork, Hockney captures the shifting textures of flowers and grass, conveying the quiet poetry of everyday life in the English countryside. He inherits the Impressionists’ fascination with fleeting light and seasonal change, while using the iPad’s zoom function to add minute marks, combining the immediacy of working from life with carefully considered composition. Of the series’ 94 digital landscapes, 51 were selected to print. Other impressions of this work have been exhibited at the Royal Academy of Arts in London and the Guggenheim Museum Bilbao, establishing its place in a significant dialogue between digital creation and traditional aesthetics.

The sale also embraces diverse practices by women artists. Yuan Jai’s Age of Bloom was executed in 1998, during her mature period. At first glance, it remains a Chinese landscape: blue-and-green mountains, golden slopes and scattered trees preserve a familiar visual order. Yet, as we enter the painting, seemingly weighty rock formations soften, resembling textiles, folds of fabric, folded paper and disassembled geometric planes of color. From a distance, they are mountains; up close, they dissolve into color, edges and shapes. Yuan does not abandon Chinese landscape painting but opens it anew from within. Literati and court painting, objects, crafts and folk decoration all become a repertoire of forms for her to dismantle, recolor and reassemble. The visual experience of her mature work extends well beyond the traditional system of literati painting.

If Yuan Jai engages with a repertoire of forms shaped by a millennium of culture, Kei Imazu confronts the ever-expanding image database of the digital age. Mermaids draws on 18th-century accounts of the “Amboina Mermaid” associated with the Dutch East India Company. After moving to Indonesia in 2018, the artist began drawing on historical archives, museum objects, online imagery and local folklore, dismantling and layering them to create a distinctive pictorial world. Rather than simply illustrating an old legend, the painting resembles a dream generated by a database, with history, mythology, the colonial gaze and contemporary digital imagery floating together on the canvas. Her question is not whether mermaids exist, but how much of an image’s original identity remains after it has been repeatedly described, classified and reproduced.

Chinese Ceramics and Works of Art

Chinese Ceramics and Works of Art Department presents a selection of rare, exceptional objects with distinguished provenance. Continuing the department’s tradition of offering a broad range of categories and a wide historical span, this season features carefully selected lots and a series of more focused auctions. Among the highlights include Stellar Effulgence: The Wang Xing Lou Collection of Imperial Qing Dynasty Porcelain Part Two and The Tsui Museum of Art Collection. Breaking with the established structure of the department’s previous three dedicated sales, the season also introduces the new standalone section “Echoes of Eternity: Chinese Art through the Ages“, together with Ethereal Attainment: Floral, Tea and Religious Artistic Treasures. Together, the four dedicated sales encompass the finest craftsmanship from different periods and represent the highest standards across a wide range of categories. The selection provides a comprehensive view of the diversity, quality and market significance of Chinese antiquities and works of art.

Among the highlights from the Wang Xing Lou Collection is A GOLD-FOILED AND GILT RED-GLAZED ‘THREE FRIENDS OF WINTER’ BOTTLE VASE, YONGZHENG PERIOD. The body is decorated using the low-temperature overglaze technique of gold painting, with a finely rendered design of the “Three Friends of Winter”: pine, bamboo and plum. The Vigorous pine branches twist across the surface, while upright bamboo leaves convey graceful vitality. Plum blossoms appear in full bloom, and the three plants intertwine across the body from the lower section to the neck. The brilliant gold decoration is both striking and refined. Beneath the gold, subtle purple-blue tones emerge, creating a luxurious visual effect of depth and relief against the rich, dark-red sacrificial glaze. The mouth rim is decorated with kui-dragon and ruyi-pattern borders. The recessed base is inscribed in underglaze blue with a six-character double-line mark within double circles reading “Made during the Yongzheng Period.” The carefully structured inscription and upright calligraphy reflect the strict standards of imperial porcelain production. The contrast between the vivid gold decoration and the intense sacrificial-red glaze combines the elegant refinement characteristic of Yongzheng imperial porcelain with the magnificence and dignity of the imperial court. The work possesses considerable artistic value.

Another important highlight from the Wang Xing Lou Collection is A RARE FAMILLE-ROSE ‘FOUR SAGES OF MOUNT SHANG’ VASE, MEIPING, YONGZHENG PERIOD. The vessel is formed in the shaped like a meiping, with a small mouth and folded rim, a slightly elongated neck, broad shoulders, a body that gradually narrows toward the foot, and a subtly flared base. Its slender, upright form, along with its graceful curves, creates an elegant sense of movement. A pure white glaze covers the entire vessel, smooth and lustrous like polished jade, providing an ideal background for the painted decoration. The main body is finely decorated in famille rose with a narrative scene depicting the Four Sages of Shangshan. Four elderly figures gather among rocks, flowers and plants. Each figure has distinct expression and lively character. Some sit on the ground or lean against rocks while conversing and admiring the surrounding landscape. Another elderly figure, holding a staff, joins the gathering with a respectful expression. The colors are delicate and refined. Red, green, blue, yellow, and purple enamels are applied with great precision, creating rich gradations and subtle tonal effects. The shaded and illuminated surfaces of the rocks, together with the folds of the figures’ garments, are rendered in meticulous detail. The composition conveys the graceful and flowing qualities of traditional Chinese ink figure painting. The recessed base is inscribed in underglaze blue with a six-character, three-line regular-script mark reading “Made during the Yongzheng Period.” The orderly structure and fluid brushwork of the inscription reflect the rigorous standards and courtly character of Yongzheng imperial kilns.

Another noteworthy lot from the former Tsui Museum of Art Collection, is AN EXCEPTIONALLY RARE COPPER-RED AND UNDERGLAZE-BLUE AMPHORA, YONGZHENG PERIOD. The vessel has a small, outward-flaring mouth, a slender, elongated neck, and three raised horizontal bands at the junction between the shoulder and neck. Its broad shoulders gradually taper towards the lower body, ending in an inwardly recessed foot. The base bears a six-character double-line regular-script mark in underglaze blue reading “Made during the Yongzheng Period.” The vessel’s elegant, upright lines create a graceful silhouette. Its form resembles a radish, giving rise to the name Amphora. The term amphora is the classical name for a radish and also serves as a pun on “bringing good fortune.” The foot is carefully finished and highly regular. The entire body is covered with a thick, lustrous white glaze with a subtle bluish tone, resembling jade or polished fat jade. The decorative arrangement is particularly sophisticated, combining two underglaze techniques: underglaze blue and copper-red. The central section of the body is decorated in vivid underglaze blue with a Taiji yin-yang diagram and Eight Trigrams. The trigrams encircle the body, their horizontal strokes rendered with strength and clarity. The cobalt pigment appears in a deep and verdant blue, while the brushwork remains controlled and refined. The Taiji diagram depicts the yin and yang forms embracing one another, suggesting movement within stillness and balance within opposing forces. The lower body and area near the foot are fully decorated in copper-red with turbulent waves. The red is brilliant and vivid, with scattered spots resembling the colors of dawn. The waves are rendered with densely articulated lines and clearly defined layers. The intense warmth of the copper-red contrasts with the calm depth of the underglaze blue. The two colors complement one another, combining strength and softness, movement and stillness. The work demonstrates both exceptional artistic expressiveness and highly refined ceramic craftsmanship.

The dedicated sale Ethereal attainment floral, Tea and religious artistic treasures is led by A GILT-COPPER STANDING FIGURE OF MANJUSHRI KHASA MALLA KINGDOM, NEPAL, 13TH CENTURY. This 13th-century gilt-bronze standing figure of Manjushri represents a mature and orthodox expression of Nepalese classical sculpture. It fully embodies the established formal principles and aesthetic system of medieval Nepalese image-making. The bodhisattva raises his right arm in the gesture of teaching. His posture is dignified and composed, recalling the Tribhanga, or three-bend posture, commonly associated with Padmapani images. However, a long lotus stem emerges from Manjushri’s left shoulder, with a sacred scripture concealed within the lotus flower. This is one of Manjushri’s most distinctive attributes and clearly differentiates the figure from representations of Padmapani. Examples of this type are extremely rare, further enhancing the importance of the present work. The face is exceptionally beautiful. Tightly modelled and three-dimensional features frame the broad forehead and short face. The long arched eyebrows flow naturally into the straight bridge of the nose, while the slightly raised outer ends of the brows give the expression a subtle liveliness. The eyes are gentle and compassionate, and a faint smile is concealed at the corners of the mouth. The overall expression is serene, soft and benevolent, inspiring a sense of peace, joy and reverence. Three clearly defined horizontal lines encircle the neck, continuing the classical conventions of Indian sculpture established since the Gupta period. These features lend the image a profound sense of antiquity. When discussing the golden age of Himalayan sculpture, the Khasa Malla period represents an essential high point. Even more significantly, written historical records relating to the Khasa Malla dynasty are extremely scarce. Standard works of this type therefore serve as crucial material evidence for reconstructing the region’s artistic and cultural history. They are especially important for dating later Buddhist sculptures, tracing stylistic origins, and studying artistic transmission.

The season also presents a selection of outstanding early works, among which AN EXQUISITE AND RARE CARVED YAOZHOU CELADON KUNDIKA, NORTHERN SONG DYNASTY, is particularly noteworthy. The vessel has a distinctive form and was used as a Buddhist ritual object. It has a slender neck, a narrow upward-opening mouth and a sharp, flattened wheel-shaped platform at the center of the neck. From the body to the foot, its contours are fluid and streamlined, conveying a dignified and elegant appearance. The body is decorated with carved peony flowers and foliage. Because of its complex form, the vessel may have required throwing and shaping the body in separate sections before assembly. This process would have been highly time-consuming and demanding. Chinese kilns never produced such vessels on a large scale, and only one comparable example is known to have survived. Few vessels in the history of Chinese ceramics can rival the present work. Technically, the bottle’s upright structure made both its production and decoration particularly laborious. It also took up considerable space in the kiln and posed significant challenges during firing. Yaozhou kilns therefore produced very few objects of this type, making the present bottle an exceptionally rare example.

Chinese Paintings and Calligraphy

This season, the Fine Chinese Paintings and Calligraphy Department presents a distinguished selection spanning Ming and Qing literati painting and innovations in modern ink art. Landscapes that renew the traditions of earlier masters appear alongside works of freely expressive brushwork, bringing together literati integrity, imperial provenance and modern experimentation.

Leading the sale is Qiu Ying’s Autumn Ride on the Plains. The handscroll depicts a leisurely autumn outing on horseback, with figures, saddled horses, trees and rocks rendered in fine lines. A soft and restrained palette enlivens its spacious, carefully balanced composition. The figures appear calm and content, their drapery articulated in fluid lines with measured changes of pace. The horses, varied in pose, draw on Tang precedents and combine an archaic dignity with a vivid sense of life. Formerly in the Qing imperial collection and recorded in Shiqu Baoji Sanbian (The Third Compilation of the Stone Moat Treasury), the scroll was removed from the palace by the last emperor, Puyi, under the guise of a gift. Yang Renkai’s Guobao Chenfulu (Records of the Floating and Sinking of National Treasures) also records it.

Xu Wei’s Frog on Lotus Leaf, Radish is a representative work of his boldly expressive xieyi painting in handscroll form. Dating from his late career, it comprises two sections depicting a radish and a frog with lotus and was formerly in the collection of the renowned Japanese journalist Tokutomi Sohō (1863–1957). The radish section carries the artist’s five-character poem “Cha Luobo” (Forked Radish): “At the garden’s right, a shallow cut of the hoe; / Beneath the brush tip, two deep forks. / Kudzu from Guangzhou has only just been cut; / Ginseng from Shangdang has yet to be steamed.” The poem appears in volume 10 of the Ming edition of Xu Wenchang Wenji (Collected Writings of Xu Wenchang) and in Zhonghua Book Company’s Xu Wei Ji (Collected Works of Xu Wei). The lotus and frog section is inscribed: “The leaf can bear little weight; / To turn over may be beyond your power. / Lotus fibres are brittle as jade; / Take care not to break them as you move ahead.” Executed in Xu’s characteristic freehand manner, the work combines luxuriant ink with economical brushwork and an untamed vitality. Uniting poetry, calligraphy and painting, it is a distinctive work that travelled to Japan at an early date and has a documented history of ownership.

Among the Ming and Qing literati paintings, Bada Shanren’s Lotus conveys a distinctive spiritual sensibility. The most striking visual quality of his work is its economy: few objects occupy the composition, and brush and ink are highly distilled. His lotus leaves are reduced to their simplest forms, with scarcely any veins or complex spatial layering. Each is rendered in direct strokes that move freely between the center and side of the brush, allowing wet and dry, dense and pale ink to unfold naturally. The petals are drawn in double outlines with measured tension, each stroke made with the center of the brush. The outlines remain open in places, leaving spaces for the image to breathe and giving the lotus an air of refined detachment. As a descendant of the Ming imperial family, Bada Shanren was profoundly affected by the fall of the dynasty and the loss of his family. His lotus imagery carries two intertwined meanings: the flower that “rises from the mud unstained” evokes the integrity of a Ming loyalist who would not serve the new dynasty, while the emptiness and stillness of the lotus pond suggest the Chan Buddhist insight that all phenomena are empty.

Another work by Bada Shanren, Secluded Rock, also appears in the sale. His rocks do not pursue the qualities conventionally prized in Taihu stones: slenderness, wrinkled surfaces, perforation and openness. Instead, they are often rough, ungainly, even somewhat “dirty”. This aesthetic choice is itself a position: a refusal of elegance, ingratiation and forms domesticated by prevailing taste. As Bada wrote: “Shatter Mount Sumeru at its waist; / Break off Lanka’s tail. / No trace of axe or chisel remains; / This is no attempt to startle ghosts and spirits.” Secluded Rock offers a scene of radical purity. Apart from a single rock, there is nothing: no flower, bird or grass, and no other recognisable image through which the viewer might enter the scene. The rock offers neither an explanation of itself nor an easy route to interpretation. Such purity allows a deeper meaning to emerge: some suffering cannot be narrated, and some solitude cannot be shared. The rock can only remain silent, and the force of that silence is deafening.

Modern ink painting is represented by Fu Baoshi’s Landscape Inspired by Gong Xian’s Poem. Its inspiration lies in three five-character regulated poems entitled “Travelling with Fei Mi”, written by the early Qing loyalist poet Gong Xian. Fu encountered them while compiling and translating Mingmo Minzu Yiren Zhuan (Biographies of Patriotic Artists of the Late Ming) in 1937, and was deeply moved by their anguish at a fallen country and a landscape seemingly weeping blood. After the outbreak of the War of Resistance against Japan, the loss of territory and his family’s displacement resonated strongly with the grief surrounding the Ming–Qing transition three centuries earlier, prompting him to give the poems pictorial form. Taking its cue from “a lone boat in midstream”, the expansive composition merges sky and water. It combines a lofty view over the walls of Jinling with a level vista along the eastward-flowing river. The Yangtze surges onward while a solitary boat drifts at its center, contrasting the vastness of the world with the vulnerability of an individual life. Fu’s distinctive Baoshi texture strokes convey Gong’s proud solitude and desolation. Rapid texturing and rubbing with broken ink and a splayed brush envelop mountains and trees in mist and cloud. At the lower left, city walls are suggested only by ink tones and lines, evoking the devastation of a fallen country. On a high terrace overlooking the river, two figures appear solemn and forlorn, lingering over a final view of their homeland. The line “Camels, what creatures are you, / Driven into the Han encampment?” voices their condemnation of the invaders and their unyielding national integrity. The inscription at the upper left, more than 130 characters in length, is written in the regular-script manner, its strokes upright and angular with a distinctive bronze-and-stone epigraphic interest. Fu’s painting does more than depict a historical episode: through the integrity of earlier figures, it seeks to awaken the resolve to resist the Japanese invasion, moving beyond personal reflection to call for national solidarity.

While Fu Baoshi turns to ancient poetry to express grief and indignation, Wu Hufan finds a refined harmony through his synthesis of earlier masters’ brushwork. One is sorrowful and expansive, the other joyful and restrained: together they embody contrasting poles of modern ink painting.

Wu Hufan painted Surging Spring in Ancient Gorge in 1954, when he was in his sixties and at the height of his ability to renew earlier masters’ traditions. Lush yet elegant, the work combines a rigorous composition with an ethereal atmosphere. Wu first wetted the surface with a broad brush, then, once it had partially dried, used pale ink to establish the structure of the rocks. Repeated washes of very light colour built up an atmosphere of drifting cloud, mist and water-washed rocks. Further outlining, texturing and accents in ink and colour created a surface in which the two remained distinct yet mutually enriching. The water is drawn with rounded, fluid, centred brushstrokes that combine softness with strength. A waterfall emerges from the upper valley and winds through the ravine in successive turns, vividly recalling the inscription’s image of a rain-swollen torrent carrying a dragon in flight. Gnarled old trees stand in the middle distance amid luxuriant grasses, with a few plants bearing dark leaves and white blossoms. The scene distils the finest qualities of the four seasons. In the green foreground, a scholar in a red robe and white trousers sits on the ground by the water, leisurely playing the qin; its music, now seeming present and now fading, lingers among the pines and trailing vines. According to the inscription, Wu painted this work on New Year’s Day after completing his collation of He Xiaoshan Ci (Matching Lyrics to the Xiaoshan Ci). With mind and hand in accord, the landscape arose from within.

Jewel and Watches

For this Autumn Auction, the Jewels, Watches and Handbags Department presents a magnificent selection of rare gemstones and fine timepieces. Blending Eastern elegance with legendary Western colored gemstones, every lot stands as a sublime masterpiece forged by millions of years of geological artistry and supreme craftsmanship. Collectors are cordially invited to attend the preview and appreciate these timeless treasures.

Among the highlights is a Burmese Jadeite Bead and Diamond Necklace, comprising 39 natural jadeite beads of immaculate and consistent colour, including a prominent 13.93 mm centre bead, elegantly accented by luminous diamonds. Each rounded, full-bodied stone graduates harmoniously in smooth, elegant lines. Fine matched jadeite bead suites are exceedingly scarce. Requiring premium rough material that is large and crack-free with uniform texture and color, they undergo intricate craftsmanship involving immense stone wastage and minimal yield. Far more challenging to craft than ordinary jadeite jewelry, this piece fully embodies the poised, timeless refinement and extraordinary rarity of collectible Oriental jade. Jadeite reigns as the crown jewel of Oriental gemstones, bred by millennia of geological artistry. This exceptional piece is an exceedingly rare treasure uniting pure color and glassy translucency. The beads display an even, vivid, and rich green hue with a fine, dense texture and lush, translucent body. With its soft, understated grandeur and serene composure, it bears an irreplicable Eastern grace.

An 11.88 Carat Kashmir Sapphire and Diamond Ring, No Heat: Natural Kashmir sapphires command an unparalleled prestige among fine colored gemstones. Discovered in the 1880s, the Kashmir mining region bore exceedingly limited fine rough material. Virtually depleted since the 1920s, superior-grade Kashmir sapphires have rendered extraordinarily rare in the modern market. Weighing 11.88 carats, this large, fine-saturation unheated Kashmir sapphire stands as a quintessential collector’s treasure of immense scarcity in the global market. The gem exhibits a uniform, richly saturated pure royal blue, gracefully nuanced with delicate violet undertones. Accented by Kashmir’s signature plush velvety luster, it epitomizes the origin’s legendary quality, presenting a timeless jewel fit for generational inheritance.

A Total of 50.37 Carat Burmese ‘Pigeon’s Blood’ Ruby and Diamond Necklace, No Heat: Gracefully set with approximately 50.37 carats of exquisite Burmese rubies and accented by sparkling diamonds, this necklace emanates the mesmerizing, fiery crimson radiance iconic to supreme Burmese rubies. Kashmir’s unique geological environment has produced sapphires of exceptional quality, with fine examples now extraordinarily rare in the modern market. As light grazes the gems, they radiate a warm, glowing crimson that is luxurious yet refined—a character that rubies from other origins cannot replicate. With Burmese ruby mining resources long depleted, fine unheated rough stones are exceptionally rare, and natural unheated rubies reaching ‘Pigeon’s Blood’ grade are virtually impossible to find. The Swiss Gemmological Institute Gübelin imposes the most exacting standards for ‘Pigeon’s Blood’ classification, covering hue, saturation, color uniformity, and fluorescence—far beyond a mere commercial label. Merely a handful of individual Burmese rubies qualify for this distinction. A necklace of this scale, featuring Gübelin-certified Pigeon’s Blood rubies, represents an extraordinary rarity in the global gem collecting market.

A 3.71 Carat Fancy Intense Pink Diamond, Colored Diamond and Diamond Ring: Natural pink diamonds are exceptionally scarce, with only a tiny fraction displaying rich and vivid color. This sale features a pink diamond ring centered on a 3.71-carat natural stone graded Fancy Intense Pink by GIA. It radiates a full-bodied, pure pink hue, unmarred by gray or brown modifiers. As light grazes its facets, shifting pink nuances unfold—softly blended in lighter tones and rich and concentrated in deeper areas—creating a multi-layered, three-dimensional depth. Its captivating color stems from natural lattice distortion deep underground without any artificial treatment, preserving the pristine beauty of the original mineral. A natural Fancy Intense Pink diamond of substantial weight is a world-class rarity. Merging tender pink allure with distinguished collectible merit, it offers striking visual grace and enduring value for long-term preservation, standing as a precious treasure among high-grade colored diamonds.

An Icy Jadeite Bangle: Crafted from a single solid block of natural icy jadeite in one integrated piece, this bangle features flawless material quality. It displays a refined cool gray-white tone with a clean, even, and flawless base. With exceptional texture and outstanding water clarity, the stone shows a glass-like icy translucency. Finely high-polished, the sleek surface radiates a soft, vivid icy sheen that demonstrates top-tier jadeite quality. Understated and elegant when worn on the wrist, it perfectly embodies the restrained gentleness and classic grace of Oriental aesthetics.

In the timepiece section, Audemars Piguet leads the offering with the “Black Panther” watch: Marking its first-ever collaboration with Marvel, Audemars Piguet selected the futuristic Royal Oak Concept collection to partner with the superhero Black Panther. Inspired by Black Panther’s iconic design cues, the watch is powered by the manufacture manual-winding Calibre 2965 flying tourbillon movement. Positioned at 6 o’clock, the flying tourbillon is fully revealed, allowing the sophisticated movement architecture to be appreciated. Highly recognizable, the timepiece features a striking purple inner bezel and matching rubber strap, centered by a 3D hand-carved and hand-painted 18K white gold Black Panther figure that has captured the hearts of top collectors. This Royal Oak Concept “Black Panther” Flying Tourbillon watch is not only a triumph of mechanical movement craftsmanship, but also a monumental collector’s item celebrating Marvel pop culture that should not be missed.

Surge Announces Positive Pre-Feasibility Study at Nevada North: After-Tax NPV8% of US$9.81 Billion, After-Tax IRR of 23.6% and Operating Cost of US$4,719/tonne Lithium Carbonate

PFS improves on 2025 PEA with lower Phase 1 capital, lower operating cost, higher recovery and a faster 4.2-year payback over a 42-year mine life

West Vancouver, British Columbia – Newsfile Corp. – October 2, 2026 – Surge Battery Metals Inc. (TSXV: NILI) (OTCQX: NILIF) (FSE: DJ5) (“Surge” or the “Company“) is pleased to announce the results of the Pre-Feasibility Study (“PFS“) for the Nevada North Lithium Project (“NNLP“, “Nevada North” or the “Project“) located in Elko County, Nevada. The Project is held by Nevada North Lithium LLC (“NNL“), a joint venture owned 67.5% by Surge and 32.5% by Evolution Mining Limited (“Evolution Mining“). The PFS was prepared by Fluor Corporation (“Fluor“) as lead engineer, with Independent Mining Consultants, Inc. (“IMC“) responsible for the mine plan and Mineral Reserve estimate, RESPEC Company, LLC (“RESPEC“) for the Mineral Resource estimate, and other independent consultants identified under “Qualified Persons” below. All figures are in United States dollars on a 100% Project basis unless otherwise stated.

The PFS contemplates an open-pit mine and on-site processing facility producing battery-grade lithium carbonate from high-grade lithium claystone ore. The Project will be developed in two phases. Phase 1 establishes the mine, a process plant with design capacity of approximately 55,900 tonnes per year (“tpa“) of battery-grade lithium carbonate, a sulfur-burning sulfuric acid plant with on-site power generation and supporting infrastructure. Phase 2 doubles processing capacity, with production peaking at approximately 111,400 tpa and averaging approximately 92,250 tpa lithium carbonate over the life of mine (“LOM“).

PFS Highlights

  • After-tax net present value (8% discount) of US$9.81 billion and after-tax internal rate of return of 23.6%; pre-tax NPV8% of US$11.55 billion and pre-tax IRR of 24.6%.
  • After-tax payback of 4.2 years from the start of production.
  • After-tax NPV8% remains positive across the full ±30% range of every variable tested, including approximately US$4.6 billion at a 30% lower lithium carbonate price (US$16,800/t).
  • Phase 1 initial capital of US$2.77 billion, including US$442 million of contingency, based on an AACE Class 4 estimate (±25%) prepared by Fluor. Phase 2 expansion capital of US$2.35 billion.
  • LOM average cash operating cost of US$4,719 per tonne lithium carbonate, approximately 10% below the US$5,243/t estimated in the 2025 PEA.
  • Low mining cost of approximately US$380 per tonne lithium carbonate, only 8% of total cash operating cost, driven by a low waste-to-ore strip ratio of 0.88:1 and free-digging with no blasting planned in the main pit.
  • Proven and Probable Mineral Reserve of 218.3 million tonnes at 3,928 ppm Li containing 4.56 million tonnes lithium carbonate equivalent (“LCE“), supporting a 42-year mine life, with no Inferred Mineral Resources in the PFS mine plan.
  • LOM average production of approximately 92,250 tpa lithium carbonate, averaging approximately 105,000 tpa in Years 4 to 14 and peaking at approximately 111,400 tpa in Year 7.
  • Overall process lithium recovery of 84.9%, up from 82.8% in the 2025 PEA, supported by metallurgical test work completed by Sepro Laboratories (“Sepro“) and Kemetco Research Inc. (“Kemetco“).
  • Battery-grade product demonstrated: lithium carbonate assaying 99.0% Li2CO3, produced from Project claystone during PFS metallurgical test work, was refined by Chemshift Technologies Inc. (“Chemshift“) to a product of 99.95% Li2CO3, demonstrating a complete flowsheet from run-of-mine claystone to battery-grade product.

Management Commentary

Greg Reimer, President and Chief Executive Officer of Surge, stated: “This Pre-Feasibility Study is the product of a tremendous team effort, and it has been a pleasure working alongside the world-class engineers and scientists at Fluor, Kemetco, Sepro, Chemshift, IMC and RESPEC. Together, we have taken Nevada North from a promising claystone deposit to a project supported by a Mineral Reserve, Class 4 engineering and battery-grade lithium carbonate made from our own ore. The PFS demonstrates that the NNLP can become a competitive source of domestic lithium production for America’s growing battery industry. Providing not only jobs but over $11b in federal and state taxes and royalties. We look forward to working with our JV partner Evolution mining as we advance to Feasibility and a final investment decision.”

Summary of Key PFS Results

Parameter Unit PFS (2026)
Lithium carbonate price US$/t 24,000
Mine life years 42
Strip ratio (waste:ore) w:o 0.88
Ore processed (LOM) Mt 218.3
Average Li grade processed ppm Li 3,928
Contained LCE processed Mt 4.56
Overall lithium recovery % 84.9
Total lithium carbonate produced (LOM) Mt 3.87
Average annual production (LOM) tpa LCE ~92,250
Gross revenue (LOM) US$ billion 93.0
Operating cost (OPEX) US$/t LCE 4,719
Phase 1 initial capital US$ billion 2.77
Phase 2 expansion capital US$ billion 2.35
Sustaining capital (LOM, excluding closure) US$ billion 1.65
Cumulative after-tax cash flow (LOM, undiscounted) US$ billion 56.3
Pre-tax NPV8% / IRR US$ billion / % 11.55 / 24.6%
After-tax NPV8% / IRR US$ billion / % 9.81 / 23.6%
After-tax payback (from start of production) years 4.2

Table 1: Key PFS metrics (100% basis unless stated). Financial results in constant Q2 2026 US dollars, 100% equity financed, mid-year discounting, no escalation. Net present values are discounted to January 1, 2028, the first year of construction capital expenditure.

Comparison to the 2025 Preliminary Economic Assessment

The PFS supersedes the Preliminary Economic Assessment (“PEA“) dated May 19, 2025 (technical report filed on SEDAR+ on July 24, 2025). The PFS incorporates the updated Mineral Resource Estimate announced May 14, 2026, a revised mine plan and Fluor’s Class 4 engineering and cost estimates. Nearly every major input from the PEA has been advanced to a materially higher level of definition. The mine plan now rests solely on Proven and Probable Mineral Reserves, the process flowsheet has been demonstrated end-to-end on Project claystone through a substantially broader and more detailed metallurgical program, and capital and operating costs are now based predominantly on engineered quantities and vendor pricing, with a significantly reduced reliance on factored estimates compared with the PEA. The improvements in recovery, operating cost and Phase 1 capital shown in Table 2 therefore rest on a considerably more rigorous technical foundation than the PEA. The PFS also adopts a more conservative production ramp-up than the PEA, with first-year production at approximately 29% of design capacity. The long-term lithium carbonate price assumption is unchanged at US$24,000/t.

Metric 2025 PEA 2026 PFS Change
After-tax NPV8% (US$ billion) 9.17 9.81 +7.0%
After-tax IRR 22.8% 23.6% +0.8 pts
Pre-tax NPV8% (US$ billion) 11.31 11.55 +2.1%
Phase 1 initial capital (US$ billion) 2.97 2.77 −6.7%
Phase 2 capital (US$ billion) 2.35 2.35 —
Operating cost (US$/t lithium carbonate) 5,243 4,719 −10.0%
Overall lithium recovery 82.8% 84.9% +2.1 pts
Total lithium carbonate produced (Mt) 3.63 3.87 +6.8%
Average annual production (tpa lithium carbonate) 86,300 92,250 +6.9%
After-tax payback (years) 4.6 4.2 −0.4 yrs
Mine life (years) 42 42 —

Table 2: PFS versus 2025 PEA. The PEA included Inferred Mineral Resources; the PFS is based on Proven and Probable Mineral Reserves only, with no Inferred Mineral Resources in the mine plan.

Capital Cost Estimate

Fluor prepared an AACE Class 4 capital cost estimate (accuracy ±25%) with a base date of Q2 2026, using FEL 2 engineering deliverables, vendor budget quotations, engineered material take-offs, historical project data and Fluor unit rate and productivity databases. The estimate includes a US$75 million design development allowance to incorporate refinements identified in metallurgical test work completed in July 2026, primarily in the solid-liquid separation and leach residue filtration areas, and a US$50 million allowance for the electrical grid interface.

Capital Cost Component US$ million
Direct field costs 1,507.7
Indirect field costs 377.4
Home office costs (EPCM) 154.3
Project contingency 442.3
Owner’s costs 149.5
Development allowances 125.0
Mine pre-production development, truck shop and other 17.9
Total Phase 1 initial capital 2,774.0
Phase 2 expansion capital 2,350.0
Total Phase 1 and Phase 2 capital 5,124.0

Table 3: Phase 1 initial and Phase 2 expansion capital cost estimate. Figures may not sum due to rounding.

Phase 2 expansion capital is estimated at US$2.35 billion, approximately 15% below Phase 1 initial capital, for an expansion that doubles processing capacity. Because Phase 2 replicates the Phase 1 process design, the Phase 2 estimate is built up from the Phase 1 Class 4 estimate, adjusted for synergies identified through a structured review of the Phase 1 work breakdown structure. Savings reflect improved construction productivity, reuse of Phase 1 engineering and execution, lower contingency, and shared site infrastructure and facilities. The financial model schedules Phase 2 construction to commence in the final pre-production year, with most of the Phase 2 expenditure (approximately US$1.88 billion) incurred in the first two years of Phase 1 operations and funded in part from Phase 1 cash flow. Total capital spent prior to first production, including the initial Phase 2 expenditure, is approximately US$3.24 billion. LOM sustaining capital is estimated at approximately US$1.65 billion, with closure and reclamation costs of approximately US$120 million carried separately.

Operating Cost Estimate

An AACE Class 4 operating cost estimate was developed from the FEL 2 process design criteria, mass balance, equipment list, operating organization model and production forecast. Reagent consumption was derived from the process mass balance, with unit pricing based on supplier quotations, owner market information and benchmark data from comparable lithium projects. Process plant and G&A labor costs are based on approximately 205 personnel for Phase 1, increasing to approximately 335 with Phase 2, benchmarked against Nevada mining and processing wages.

Cost Category Annual Average
(US$ million)
US$/t LCE % of Total
Mining 35 380 8%
Processing 362 3,921 83%
Tailings management 26 284 6%
General and administration 12 134 3%
Total cash operating cost 435 4,719 100%

Table 4: LOM average operating costs. Excludes royalties, property taxes, transportation, sustaining capital and closure costs.

Reagent procurement and logistics represent approximately 64% of total operating costs and will be a key focus of optimization during the next phase of engineering.

Economic Analysis and Sensitivities

The economic analysis was completed using a discounted cash flow model on an annual, mid-year convention basis, assuming 100% equity financing. The model includes a transportation and handling allowance of US$45/t of lithium carbonate sold and a royalty allowance on production from ore mined on the private lands. Taxes modeled include U.S. federal corporate income tax (21%), the Nevada Net Proceeds of Minerals tax (5%) and property taxes. Closure costs of US$120 million are included. Over the LOM, the Project is expected to generate approximately US$11.4 billion in federal and state taxes, property tax, and royalties. The tax model, prepared with Mining Tax Plan LLC, applies percentage depletion, the foreign-derived intangible income deduction on the 80% of sales assumed to be exported, and the transferable Section 45X Advanced Manufacturing Production Credit, which phases out after 2033 and contributes approximately US$330 million in the first three years of production.

After-tax IRR −30% −20% −10% Base +10% +20% +30%
Li2CO3 price 16.3% 18.9% 21.3% 23.6% 25.7% 27.8% 29.7%
Operating cost 25.1% 24.6% 24.1% 23.6% 23.1% 22.5% 22.0%
Capital cost 31.0% 28.1% 25.6% 23.6% 21.8% 20.3% 19.0%
Sulfur price 24.0% 23.8% 23.7% 23.6% 23.5% 23.3% 23.2%

Table 5: After-tax IRR sensitivity to lithium carbonate price, operating cost, capital cost and sulfur price. The base lithium carbonate price of US$24,000/t ranges from US$16,800/t (−30%) to US$31,200/t (+30%).

After-tax
NPV8% (US$ M)
−30% −20% −10% Base +10% +20% +30%
Li2CO3 price 4,637 6,365 8,085 9,808 11,518 13,236 14,938
Operating cost 11,008 10,609 10,208 9,808 9,406 9,004 8,601
Capital cost 11,174 10,718 10,263 9,808 9,352 8,895 8,439
Sulfur price 10,116 10,013 9,910 9,808 9,703 9,599 9,494

Table 6: After-tax NPV8% sensitivity to lithium carbonate price, operating cost, capital cost and sulfur price.

Project value is most sensitive to lithium carbonate price and less sensitive to capital and operating costs. The Project maintains a positive after-tax NPV8% across the full ±30% range of every variable tested, and the after-tax IRR remains approximately 19% under a 30% increase in capital cost.

Mining

The PFS mine plan outlines a conventional open-pit, free-digging operation using backhoes, front-end loaders and 50-tonne haul trucks, with no blasting planned in the main pit. Over the LOM, the plan calls for mining approximately 411 million tonnes of total material, including 218.3 million tonnes of ore at an average grade of 3,928 ppm Li. Peak total material movement is approximately 16.8 million tonnes per year. The mine plan is based on a lithium cut-off grade of 1,250 ppm Li (diluted) and front-loads higher-grade material, with an average processed grade of approximately 4,340 ppm Li over the first ten years of operation.

Mineral Reserve and Mineral Resource Estimates

The Mineral Reserve estimate, prepared by IMC with an effective date of July 28, 2026, is summarized below. The PFS mine plan contains no Inferred Mineral Resources.

Category Tonnes (Mt) Grade (ppm Li) Contained LCE (Mt)
Proven 81.6 4,013 1.74
Probable 136.7 3,877 2.82
Total Proven & Probable 218.3 3,928 4.56

Table 7: NNLP Mineral Reserve estimate (effective date July 28, 2026). Mineral Reserves are reported in accordance with the CIM Definition Standards (2014) at a cut-off grade of 1,250 ppm Li (diluted), derived at a lithium carbonate price of US$16,500/t LCE. Lithium is converted to LCE using a factor of 5.323. The mining dilution and mining losses are incorporated within the model. Figures may not sum due to rounding.

The Mineral Resource estimate, prepared by RESPEC with an effective date of May 1, 2026, is summarized below. Mineral Resources are reported inclusive of Mineral Reserves.

Category Tonnes (Mt) Grade (ppm Li) Contained LCE (Mt)
Measured 210.8 3,150 3.53
Indicated 446.7 2,940 6.98
Measured & Indicated 657.5 3,007 10.51
Inferred 271.3 2,160 3.12

Table 8: NNLP Mineral Resource estimate at a 1,250 ppm Li cut-off grade (effective May 1, 2026). Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Notes:

(1) Prepared by RESPEC under the supervision of Nathan Forsythe, C.P.G., in accordance with the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines and reported in compliance with NI 43-101.
(2)
Resources are constrained by an optimized pit shell; block grades were interpolated using the inverse distance squared method in Hexagon MinePlan 3D.
(3)
The 1,250 ppm Li cut-off grade reflects an operating cost of US$82.43/t processed, lithium recovery of 84.9% and a lithium carbonate price of US$20,000/t.
(4)
A Li to Li2CO3 conversion factor of 5.323 was used.
(5)
Figures may not sum due to rounding.

Processing

The process flowsheet has been designed to produce battery-grade lithium carbonate on site from lithium-bearing claystone. Key process stages include:

  • Ore preparation and attrition scrubbing to disperse the clay and liberate the lithium-bearing fines;
  • Gravity beneficiation using centrifugal concentrators and hydro-classifiers to reject coarse, low-grade gangue ahead of leaching;
  • Sulfuric acid leaching, followed by solid-liquid separation and residue filtration;
  • Solution purification, including magnesium sulfate crystallization, followed by lithium carbonate precipitation and refining to battery-grade product; and
  • An on-site sulfur-burning sulfuric acid plant whose waste heat generates most of the site’s power requirements, supplemented by a grid connection.

The PFS flowsheet is supported by metallurgical test work covering each stage of the process. Sepro completed beneficiation test work on the PFS Master Composite (4,352 ppm Li), including batch testing of approximately 1.9 tonnes in a pilot-scale Falcon C400 centrifugal gravity concentrator, recovering 96.7% of the lithium to leach feed at an upgraded grade of 5,079 ppm Li while rejecting approximately 70% of the calcium. Kemetco then completed a full hydrometallurgical program on beneficiated material from the Sepro pilot circuit. Sulfuric acid leaching extracted more than 93% of the lithium at the PFS design acid addition. Following impurity removal and magnesium sulfate crystallization, Kemetco produced a lithium carbonate assaying 99.0% Li₂CO₃, then refined it with Chemshift of Calgary, Alberta to a battery-grade product of 99.95% Li₂CO₃, as announced on September 15, 2026. A continuous pilot program planned for FEL 3 will test recovery, reagent and energy performance on a larger scale.

Infrastructure and Location

The Project is located in northeastern Elko County, Nevada, approximately 140 km (87 miles) northeast of Elko and 74 km (46 miles) north of Wells, at an elevation of approximately 6,000 feet. The site benefits from regional access via the Wells / US-93 / I-80 corridor and sits within an established mining region with access to skilled contractors, transportation routes and mining support services. Bulk reagents are expected to be delivered primarily by truck, with regional transload arrangements for high-volume reagents to be defined through a formal logistics study during FEL 3. High-voltage electrical transmission lines are located near the Project, and the PFS contemplates a new interconnection to connect the site to the regional grid.

The PFS estimates water demand of approximately 3,280 acre-feet per annum (“AFA“) for Phase 1, comprising approximately 2,960 AFA of process plant raw water and approximately 320 AFA for mine dust suppression, increasing to approximately 6,240 AFA at full build-out with Phase 2. A preliminary process water balance indicates plant raw water demand may be higher than the PFS design basis; water consumption and water-reduction options will be refined during FEL 3. NNL is actively advancing its groundwater right applications through the State of Nevada water rights permitting process administered by the Nevada Division of Water Resources. The applications filed to date cover approximately the water demand estimated for Phase 1, and NNL expects to secure water rights sufficient for Phase 1 operations through this process. The Phase 2 balance is expected to be secured through additional appropriations, acquisition or lease of existing water rights, and beneficial use of pit dewatering water.

Project Execution and Schedule

The Project is planned to be delivered under an Engineering, Procurement and Construction Management (“EPCM“) model. The PFS adopts an accelerated execution schedule that assumes FEL 3 commences in Q4 2026, followed by an expedited final investment decision and permitting Record of Decision. The schedule provides for approximately 53 months from FEL 3 notice to proceed to mechanical completion, followed by approximately six months of commissioning and start-up, with first production targeted for the second half of 2031. The schedule is subject to permitting, financing and a final investment decision.

Opportunities and Next Steps

Building on the PFS, NNL intends to advance the Project directly into FEL 3 engineering and a Feasibility Study, supported by the 2026 drill program, to further de-risk the Project and support a final investment decision. In addition to advancing engineering definition, the PFS identifies several opportunities to enhance Project value, which will be evaluated during FEL 3:

  • Reagent procurement and logistics optimization, which together represent approximately 64% of operating costs;
  • Trade-off studies on counter-current decantation wash and recovery, evaporation and crystallization configuration, and steam, power and water-recovery integration;
  • Optimization of Phase 2 timing and scope;
  • Early engagement of Tier 1 vendors for long-lead equipment, including the sulfuric acid plant and crystallizer/evaporator packages; and
  • Pre-assembly and modularization strategies to reduce field labor and improve construction productivity.

Technical Report

A technical report prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101“) supporting the PFS will be filed on SEDAR+ (www.sedarplus.ca) and on the Company’s website within 45 days of this news release. Readers are encouraged to read the technical report in its entirety, including all qualifications, assumptions and exclusions relating to the PFS. There are no known factors that would materially affect the PFS results beyond those disclosed in this news release.

Qualified Persons

The PFS was prepared by or under the supervision of the following independent Qualified Persons, as defined by NI 43-101, each of whom has reviewed and approved the scientific and technical information in this news release relating to the portions of the PFS for which they are responsible: Kevin Martina, P.Eng., Fluor – process, capital and operating costs, metallurgical testing, recovery methods, infrastructure; Kirk Hanson, P.E., KH Mining LLC – economic analysis; John Marek, P.E., IMC – Mineral Reserves and mining methods; Nathan Forsythe, C.P.G., RESPEC – geology, Mineral Resources, sample preparation and data verification; Paul Axelrod, P.E., Axelrod, Inc. – tailings; Robert Pratt, P.E., Call & Nicholas, Inc. – waste rock and pit slope stability; Bill van Breugel, P.Eng., SGS – market studies; Kyle Brangers, CPG, GSI – environmental studies, permitting and closure.

The Qualified Persons have verified the data underlying the information in this news release for their respective areas of responsibility, including RESPEC’s review of drilling, sampling, assay and QA/QC data and site visit on November 4 and 5, 2025; Fluor’s review of the Sepro, Kemetco and Chemshift test reports and laboratory results; and IMC’s review of the block model and mine plan inputs. No limitations were placed on the verification. Further details will be included in the technical report.

Alan J. Morris, MSc, CPG, of Spring Creek, Nevada, Geological Advisor to the Company and a Qualified Person as defined under NI 43-101, has reviewed and approved the technical content of this news release. Mr. Morris is not independent of the Company.

About Evolution Mining

Evolution Mining is a leading, globally relevant gold miner. Evolution operates six mines, comprising five wholly owned mines – Cowal in New South Wales, Ernest Henry and Mt Rawdon in Queensland, Mungari in Western Australia, and Red Lake in Ontario, Canada, and an 80% share in Northparkes in New South Wales.

About Surge Battery Metals Inc.

Surge Battery Metals Inc., a mineral exploration company, is at the forefront of securing the supply of domestic lithium through its active engagement in the Nevada North Lithium Project. The Project focuses on development of high-grade lithium energy metals in Nevada, USA, a crucial element for powering battery electric storage and electric vehicles. With a primary listing on the TSX Venture Exchange and a listing on the OTCQX Market, Surge Battery Metals Inc. is strategically positioned as a key player in advancing lithium exploration.

About Nevada North Lithium, LLC

Nevada North Lithium, LLC, jointly owned by Surge Battery Metals Inc. (67.5%) and Evolution Mining Limited (32.5%), owns the Nevada North Lithium Project southeast of Jackpot, Nevada, about 74 km north-northeast of Wells, Elko County. The first four rounds of drilling at the Project identified a strongly mineralized zone of lithium-bearing clays occupying a strike length of more than 4,700 meters and a known width of greater than 2,000 meters. The Project’s updated Mineral Resource estimate, filed June 30, 2026, reports a pit-constrained Measured and Indicated Resource of 657.5 Mt grading 3,007 ppm Li, containing an estimated 10.5 Mt LCE, at a cut-off grade of 1,250 ppm Li.

On behalf of the Board of Directors

“Greg Reimer”
Greg Reimer, President, CEO and Director

For further information, please contact:
Email : info@surgebatterymetals.com
Phone : 604-662-8184
Website: surgebatterymetals.com

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Cautionary Note Regarding the PFS

The PFS results are based on an AACE Class 4 level of engineering and cost estimation with an expected accuracy of ±25%. Phase 2 capital costs have been estimated at a lower level of definition than Phase 1. The PFS is based on a pre-feasibility level of study, and there is no certainty that the results of the PFS will be realized. The economic analysis is based on Proven and Probable Mineral Reserves only; no Inferred Mineral Resources are included in the PFS mine plan. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Actual results may vary materially depending on, among other things, lithium carbonate prices, reagent costs, capital and operating costs, recoveries, permitting, financing and construction timelines.

Forward-Looking Statements

This news release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking statements”). All statements, other than statements of historical fact, included herein are forward-looking statements. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes”, or variations of such words and phrases, or statements that certain actions, events, or results “may”, “could”, “would”, “might”, or “will be taken”, “occur”, or “be achieved”.

Forward-looking statements include, but are not limited to, statements regarding the economic analysis, metrics and results of the PFS, including estimates of net present value, internal rate of return, payback, capital and operating costs, production, recovery, mine life, and cash flow; the timing and scope of Phase 1 and Phase 2 development; the commencement and results of FEL 3 and a Feasibility Study; the filing of the NI 43-101 technical report; permitting, including the timing of a Record of Decision; a final investment decision; the timing of first production; the characterization of the lithium carbonate product as battery grade and its suitability for customer qualification; the ability to reproduce the metallurgical results described herein at pilot, demonstration or commercial scale; and the potential of the Project to become a domestic source of battery-grade lithium carbonate. Forward-looking statements are based on assumptions management believes to be reasonable, including the assumptions set out in the PFS, but are subject to known and unknown risks and uncertainties, including fluctuations in lithium prices; changes in reagent, energy and construction costs; the availability of financing on acceptable terms; permitting and regulatory risks; the ability to secure sufficient water rights; metallurgical and technical risks; availability of labor, equipment and infrastructure, including the grid interconnection; relationships with joint venture partners; and other risks described in the Company’s public filings on SEDAR+. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated, or intended. There can be no assurance that such forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update forward-looking statements except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The issuer is solely responsible for the content of this announcement.

Property Management of Chulalongkorn University Shapes a Sustainable District Through Shared Value and Innovation

BANGKOK, Oct. 3, 2026 /PRNewswire/ — A thriving district is more than the buildings and businesses within it—it is a place where people, communities, and opportunities can grow together. For more than four decades, Property Management of Chulalongkorn University (PMCU) has embraced this philosophy by transforming the Siam Square and Suan Luang-Sam Yan areas into dynamic districts where commerce, learning, community, and public life intersect. Its commitment to sustainable development and stakeholder-focused management has earned PMCU the Corporate Excellence recognition at the Asia Pacific Enterprise Awards (APEA) 2026 Thailand, organized by Enterprise Asia.

Managing more than 385 rai (about 152 acres) across central Bangkok, PMCU oversees a diverse portfolio spanning commercial, retail, residential, office, and public spaces. Its approach goes beyond conventional property management, guided by a vision to connect opportunities for all while earning the trust of communities and society. By integrating Chulalongkorn University’s academic knowledge into district development, PMCU seeks to create maximum shared value while contributing to the university’s long-term educational sustainability.

At the heart of PMCU’s corporate culture is a stakeholder-centric approach, which considers the needs of students, university staff, businesses, residents, and the wider public. This is strengthened by collaboration across internal teams and external partners, enabling stakeholders to combine their strengths and create meaningful outcomes. Initiatives such as “Siam Square Walking Street for ALL” demonstrate this philosophy in action, providing people with disabilities opportunities to showcase their talents and participate actively in the heart of the city.

PMCU’s commitment to excellence is reflected in the scale of its impact. Through its PMCU Holistic Connects framework, the organization has launched 23 student-centered initiatives reaching more than 300,000 participants, while collaborating with over 100 organizations to connect academic knowledge with society. More than 100 stores also participate in CU Privilege Card initiatives, contributing to an ecosystem that has attracted over 4 million visitors to festivals across the Siam-Sam Yan district.

Internally, PMCU continues to strengthen operational excellence through its PMS Dashboard, which systematically tracks performance across Finance, Customer, Process, and People dimensions. By enabling teams to identify opportunities for improvement and accelerate digitalization, the platform supports a culture of continuous development across the organization.

With future developments such as Block 33, a residential and wellness-oriented mixed-use project, and Block 34, envisioned as a Museum of the Future and medical city, PMCU is continuing to shape an integrated urban ecosystem where green space, healthcare, learning, housing, and business can coexist. Through its commitment to collaboration, innovation, and shared value, PMCU is demonstrating how responsible district management can create a more connected and sustainable future for Bangkok.

About Enterprise Asia

Enterprise Asia is a non-governmental organization in pursuit of creating an Asia that is rich in entrepreneurship as an engine toward sustainable and progressive economic and social development within a world of economic equality. Its two pillars of existence are investment in people and responsible entrepreneurship. Enterprise Asia works with governments, NGOs, and other organizations to promote competitiveness and entrepreneurial development, uplifting the economic status of people across Asia and ensuring a legacy of hope, innovation, and courage for future generations. Please visit https://www.enterpriseasia.org/ for more information.

About Asia Pacific Enterprise Awards

Launched in 2007, the Asia Pacific Enterprise Awards is the region’s most prestigious award for outstanding entrepreneurship, continuous innovation, and sustainable leadership. The Award provides a platform for companies and governments to recognize entrepreneurial excellence, hence spurring greater innovation, fair business practices, and growth in entrepreneurship. As a regional award, it groups together leading entrepreneurs as a powerful voice for entrepreneurship and serves as a by-invitation-only networking powerhouse. The program has grown to encompass 16 countries/ regions and markets all over Asia. For further information, please visit www.apea.asia.

PEA Powers Thailand’s Sustainable Energy Future Through a Brand Built on Trust, Innovation, and Meaningful Impact

BANGKOK, Oct. 3, 2026 /PRNewswire/ — A trusted brand is built through every interaction, from the reliability of essential services to the way an organization responds when communities need it most. For the Provincial Electricity Authority (PEA), this principle has shaped a brand that extends beyond electricity distribution to represent trust, innovation, sustainability, and a commitment to improving everyday life. This distinctive approach has earned PEA the Inspirational Brand category recognition at the Asia Pacific Enterprise Awards (APEA) 2026 Thailand, organized by Enterprise Asia.

As a state enterprise under Thailand’s Ministry of Interior, PEA supplies electricity to more than 22 million customers across 74 provinces. Guided by its vision of “Smart Energy for Better Life and Sustainability”, PEA has evolved from a traditional electricity distributor into an integrated energy solutions provider supporting Thailand’s economic development, energy security, and sustainable growth.

At the heart of this transformation is PEA’s approach to branding as an enterprise-wide management system. Rather than limiting its brand to communications, PEA embeds its brand DNA into organizational culture, employee behavior, customer experience, governance, and sustainability practices. Its Brand Master Plan is built around five strategic pillars—core business, electricity infrastructure, innovation, governance, and social responsibility—ensuring consistency across stakeholder touchpoints nationwide.

PEA’s identity is further brought to life through WATT-D, its distinctive mascot that makes complex energy topics more approachable for communities. Through nationwide Energy Awareness initiatives, PEA translates topics such as energy efficiency, solar adoption, and the energy transition into practical guidance that citizens can understand and act upon. During major flooding in Hat Yai, its crisis communication efforts also demonstrated how transparent and timely communication can preserve public confidence during uncertainty.

The impact of this brand strategy is measurable. PEA’s Hat Yai flood response generated more than 301,000 public engagements, over 1,400 online mentions, and nearly 2 million in digital reach, while its Energy Awareness campaigns recorded more than 73,000 engagements, 2,200 online mentions, and more than 280,000 views. These efforts complement PEA’s broader commitment to ESG, clean energy, community development, as well as its ambition to achieve Net-Zero Emissions by 2050.

As Thailand’s energy landscape continues to evolve, PEA is advancing toward an AI-powered, data-driven communication ecosystem while strengthening its journey from a Digital and Green Grid toward a Smart Energy Solutions ecosystem. Through responsible innovation, transparent engagement, and a brand grounded in action, PEA continues to inspire confidence and create lasting value for communities across Thailand.

About Enterprise Asia
Enterprise Asia is a non-governmental organization in pursuit of creating an Asia that is rich in entrepreneurship as an engine toward sustainable and progressive economic and social development within a world of economic equality. Its two pillars of existence are investment in people and responsible entrepreneurship. Enterprise Asia works with governments, NGOs, and other organizations to promote competitiveness and entrepreneurial development, uplifting the economic status of people across Asia and ensuring a legacy of hope, innovation, and courage for future generations. Please visit https://www.enterpriseasia.org/ for more information.

About Asia Pacific Enterprise Awards
Launched in 2007, the Asia Pacific Enterprise Awards is the region’s most prestigious award for outstanding entrepreneurship, continuous innovation, and sustainable leadership. The Award provides a platform for companies and governments to recognize entrepreneurial excellence, hence spurring greater innovation, fair business practices, and growth in entrepreneurship. As a regional award, it groups together leading entrepreneurs as a powerful voice for entrepreneurship and serves as a by-invitation-only networking powerhouse. The program has grown to encompass 16 countries/regions and markets all over Asia. For further information, please visit www.apea.asia.