On November 10th, GEM Co.,Ltd. (002340.SZ) announced that on November 10, 2024, the company, under the witness of the Indonesian President, jointly signed a project investment cooperation framework agreement with PT Vale Indonesia Tbk (referred to as "PTVI" or "Vale Indonesia"), to construct a nickel resource high-pressure acid leaching green smelting plant (referred to as "HPAL plant") and its supporting infrastructure in the Central Sulawesi Province of Indonesia with zero carbon, intelligent, and good ESG standards as the design concept. The two parties will process a portion of nickel ore from a mine area of PTVI into mixed nickel and cobalt hydroxide precipitate products (MHP) that meet market standard specifications, and actively consider developing cathode and precursor factories (downstream factories), jointly building a world-class Indonesian green nickel resource park with local technology and talent to meet the global new energy transformation's demand for green nickel resources.

The company signed a cooperation agreement with Vale Indonesia to jointly develop nickel resources and build the HPAL plant, which is beneficial for fully leveraging the advantages of both parties in resources, technology, and industry chains on a global scale to create globally competitive green nickel resources and downstream material industry chains in Indonesia. This will further strengthen the company's deployment of green nickel resources in Indonesia, promote entry into the global market, safeguard the company's market position in the global new energy battery materials field, further enhance the company's core competitiveness and sustainable profitability, in line with the company's long-term development strategy and the interests of the broad investors.