On November 16, Ronbay Materials made an announcement that it had entered into a cooperation agreement with CATL. According to the terms of this agreement, CATL will designate Ronbay Materials as its premier supplier for sodium-ion cathode powder. Provided that Ronbay Materials can meet CATL's stringent requirements regarding technology, quality, cost-effectiveness, delivery timelines, and service for its sodium-ion cathode materials, CATL has pledged to source no less than 60% of its annual total procurement volume of these materials from Ronbay Materials. Moreover, should the annual procurement volume from Ronbay Materials reach or exceed 500,000 metric tons, Ronbay Materials has agreed to provide even more competitive pricing by further reducing costs. While this agreement is anticipated to exert a positive influence on Ronbay Materials' future operational performance, it's important to note that there are inherent risks associated with the potential inability to fully or timely execute the terms of the agreement during its implementation phase.