Recently, Jiangxi Jinde Lead Co., Ltd. issued an inquiry letter for approximately 65 mt of crude antimony and an invitation letter for competitive bidding sales of antimony fume in 2025. Inquiry Letter for Crude Antimony In the inquiry letter for crude antimony, the company mentioned that the sales volume is approximately 65 mt. The buyer can take samples for testing to understand the product quality, market conditions, and its own requirements, and determine the pricing coefficient for antimony. To ensure the timeliness of quotations, participating entities are requested to pay a deposit of 500,000 yuan before 14:00 on May 12, 2025 (the deposit will be refunded without interest within 3 working days after the conclusion of the price comparison). The inquiry form (stamped with the official seal), a copy of the business license, invoicing information, and documents (in PDF or Word format) named after your company should be emailed to jdgyfknsb@163.com. The company's salesperson should be promptly informed. Any submission beyond the specified time will be deemed invalid. The inquiry form is as follows: The delivery location is the Jinde Lead warehouse, and all goods must be picked up by May 25. The pick-up method is self pick-up by the buyer, and the freight will be borne by the buyer. Below is the specific content of the inquiry letter: Invitation Letter for Competitive Bidding Sales of Antimony Fume in 2025 The "Invitation Letter for Competitive Bidding Sales of Antimony Fume in 2025" mentions that the company's sales volume of antimony fume is 800 mt (from May to August 2025, with the final pick-up quantity to be determined by the seller). The company will conduct the sales through a competitive bidding process without disclosing the reserve price. The signing client will be determined based on the antimony content price coefficient reported by the participating bidding entities. The entity with the highest antimony content price coefficient that exceeds the reserve price coefficient set by the company for antimony fume will be selected as the signing client. Pricing method for antimony content in the subject matter: The antimony price is based on the arithmetic average of the monthly average price (from the 26th of the previous month to the 25th of the current month) for SMM 0# antimony settlement price, multiplied by the pricing coefficient corresponding to the grade. The company adopts an email-based bidding method. Please send the company's bidding invitation letter (stamped with your company's seal), the legal representative's authorization letter for the business license, the production process flowchart, and the antimony fume quotation form (stamped with the official seal) to jdqyfknsb@163.com before 14:00 on May 13, 2025. Any submission beyond the specified time will be deemed invalid. The bidding deposit of 500,000 yuan from the client must be remitted to the company's account before 14:00 on May 13, 2025 (subject to the arrival time, please note: bidding deposit for antimony fume). Bids without the bidding deposit paid on time will be deemed invalid. Below is the specific content of the invitation letter: If you need the original copies of the above announcements, please contact Zhang Lin, the person in charge of SMM, to obtain them. Contact Information: 19921407414

According to SMM's assessment, the production of first-grade sodium pyroantimonate in China in May 2025 is expected to decline by approximately 21.21% MoM from the previous month. After experiencing a significant rebound in March, production remained basically stable in April, only to decline again this month, which came as a surprise to many market participants. However, many market participants consider this a normal phenomenon. Since late February, antimony prices have been rising continuously, and orders for glass factories have also started to increase. The production increase of many producers in March was related to receiving more orders, and this situation continued into April. However, with the sharp decline in antimony market prices in April, orders from the terminal side also came to a standstill. Consequently, this affected the procurement demand for sodium pyroantimonate, and it was reasonable for many producers who failed to secure orders to adjust their production. Looking at the detailed data, among SMM's 11 survey respondents, 2 producers were in a state of shutdown or commissioning in May, 3 sodium pyroantimonate producers experienced an increase in production, but 3 producers also saw a significant decline in production, with one producer even experiencing a reduction of more than half. This led to a significant overall decline in production. Market participants anticipate that the national production of sodium pyroantimonate in June is unlikely to continue declining compared to May, and it is more likely to remain stable or increase slightly. Note: Since July 2023, SMM has been publishing its assessed national production of sodium pyroantimonate. Benefiting from SMM's high coverage rate in the antimony industry, SMM surveyed a total of 11 sodium pyroantimonate producers, distributed across 5 provinces nationwide, with a total sample capacity exceeding 75,000 mt and a total capacity coverage rate as high as 99%. This report is an original work and/or a compilation work of SMM Information & Technology Co., Ltd. (hereinafter referred to as "SMM"). SMM legally holds the copyright and is protected by the Copyright Law of the People's Republic of China, other relevant laws and regulations, and applicable international treaties. Without written permission, it is prohibited to reprint, modify, sell, transfer, display, translate, compile, disseminate, or disclose the above content to any third party in any other form, or to license its use by any third party. Otherwise, once discovered, SMM will pursue legal liability for infringement, including but not limited to requiring the assumption of liability for breach of contract, returning unjust enrichment, and compensating for direct and indirect economic losses. The content contained in this report, including but not limited to information, articles, data, charts, images, sounds, videos, logos, advertisements, trademarks, trade names, domain names, layout designs, and any or all other information, is protected by the Copyright Law of the People's Republic of China, the Trademark Law of the People's Republic of China, the Anti-Unfair Competition Law of the People's Republic of China, and other relevant laws and regulations, as well as applicable international treaties concerning copyright, trademark rights, domain name rights, commercial data information property rights, and other rights. It is owned or held by SMM and its relevant right holders. Without written permission, no institution or individual may reprint, modify, use, sell, transfer, display, translate, compile, disseminate, or disclose the aforementioned content to any third party in any other form, or license its use to any third party. Otherwise, once discovered, SMM will pursue legal action to hold the infringing party liable, including but not limited to demanding compensation for breach of contract, returning unjust enrichment, and compensating for direct and indirect economic losses. *All data in this report is based on publicly available market information (including but not limited to industry news, seminars, exhibitions, corporate financial reports, brokerage reports, data from the National Bureau of Statistics (NBS), customs import and export data, and various data published by major associations and institutions), and relies on SMM's internal database models. It is comprehensively processed internally by the SMM research team, and reasonable inferences are drawn. The information provided in this report is for reference only, and risks are borne by the user. This report does not constitute direct advice for investment research and decision-making. Clients should make prudent decisions and should not use this as a replacement for their own independent judgment. Any decisions made by clients are unrelated to SMM. In addition, SMM is not responsible for any losses or liabilities arising from unauthorized or illegal use of the viewpoints expressed in this report. SMM reserves the right to modify and ultimately interpret the terms of this statement.

On May 27, amid the doldrums of the broader market, the share price of Hunan Gold also experienced a decline. As of 13:24 on the 27th, Hunan Gold fell by 1.54%, closing at 23.04 yuan per share. When asked, "What are the planned production volumes for the company's self-produced gold, antimony products, and tungsten products in 2025?", Hunan Gold stated on the investor interaction platform on May 27 that, the company plans to produce 72,475 kg of gold, 39,537 mt of antimony, and 1,100 standard mt of tungsten products in 2025. In 2024, the prices of antimony and gold saw significant increases, substantially boosting the profits of many related enterprises. 1# Antimony Ingot saw a 70.73% increase in 2024. 》Click to view SMM antimony metal spot prices 》Subscribe to view historical price trends of SMM metal spot prices In 2024, antimony prices generally surged. Although prices slightly corrected since mid-October 2024, they remained high, resulting in a notable increase for the entire year. From the historical price trend of SMM 1# antimony ingot: the average price of SMM 1# antimony ingot was 82,000 yuan/mt on December 29, 2023, and 140,000 yuan/mt on December 31, 2024, marking an increase of 58,000 yuan/mt over the year, with a 70.73% increase in 2024. In 2025, antimony prices continued the upward trend of 2024. On May 27, the latest quote for SMM 1# antimony ingot was 221,500 yuan/mt, a 58.21% increase compared to the average price of 140,000 yuan/mt on December 31, 2024. The year-to-date high of 238,000 yuan/mt represents a 70% increase compared to the average price of 140,000 yuan/mt on December 31, 2024. After maintaining a firm price at 238,000 yuan/mt for over 20 days, the average price of antimony recently experienced some downward pressure. Although the fundamental supply and demand dynamics in the antimony market have not changed significantly, the substantial suspension of imported ore entering the domestic market has led to a severe shortage of domestic antimony raw materials. Additionally, the overall inventory of antimony products among domestic manufacturers is at historically low levels, prompting manufacturers to maintain stable pricing. In the domestic antimony end-use market, orders for both flame retardants and PV-related antimony products have remained basically stable. Although there has been no recent improvement in orders from the end-use sector, they have not deteriorated either, with a generally good pace of just-in-time procurement. However, due to the recent interplay of bullish and bearish market news, the sentiment in the retail investment market has become chaotic, leading to the entry of some low-priced supplies into the market and causing antimony prices to decline since May 15. Gold prices maintain an overall upward trend, with COMEX gold up nearly 27% year-to-date Following a 13.45% increase in 2023, COMEX gold surged by 27.39% in 2024. Since the beginning of this year, it has repeatedly hit record highs, reaching a peak of $3,509.9 per ounce. With the temporary suspension of US-EU tariff disputes and a rebound in market risk appetite, gold prices experienced a slight correction. However, recent fluctuations in US trade policies and market concerns about the US fiscal outlook have limited the downside room for gold prices. As of 14:33 on May 27, COMEX gold fell by 1.22%, closing at $3,353.2 per ounce, with a year-to-date increase of 26.97% in 2025. Regarding the outlook for gold prices, multiple institutions have the following views: Jinyuan Futures stated that despite the temporary easing of the US-EU trade war, there is still significant uncertainty in subsequent trade negotiations. The global economic outlook remains unclear, and geopolitical risks are frequent. Investors tend to seek more stable asset allocations, and it is expected that gold prices will maintain a fluctuating trend at highs in the short term. Citi has raised its 0-3 month target price for gold to $3,500 per ounce, and expects gold prices to consolidate between $3,100 and $3,500 per ounce. For gold prices at the end of this year and next year, Ningxia Ruiyin Lead Resource Recycling Co., Ltd. maintains a forecast of $3,500 per ounce, with the peak possibly reaching $3,600 per ounce by mid-2026. This is due to considerations of downside risks to economic growth, and the possibility that the US Fed may continue to ease monetary policy. A report previously released by the World Gold Council showed that global gold prices hit record highs 20 times in Q1. Affected by this, the total global gold jewelry consumption decreased by 21% YoY, reaching its lowest point since 2020. However, there was a significant increase in gold investment demand. In Q1, the global gold investment demand was 551.9 mt, a substantial increase of 170% YoY. This indicates that against the backdrop of gold prices repeatedly reaching new highs, global gold jewelry demand has declined, but gold as an investment product is more favored.

According to customs data, China's antimony trioxide exports in April 2025 reached 956.8 mt. On a MoM basis, exports increased by approximately 6.19% compared to the 901 mt exported in March. Many market participants stated that, in terms of the current fundamental situation of antimony prices in the market, the slight month-on-month increase in antimony trioxide exports in April over the past few months was indeed in line with market conditions.

SMM News on May 16: After a prolonged period of stability and firmness, antimony prices experienced a certain decline this week. Although the fundamental supply and demand dynamics in the antimony market have remained relatively unchanged, the significant suspension of imported ore entering the domestic market has led to a severe shortage of domestic antimony raw materials. Additionally, the overall inventory of antimony products among domestic manufacturers is at historically low levels, prompting manufacturers to continue stabilizing their quotes. In the domestic end-use market for antimony products, whether for flame retardants or PV applications, orders have remained basically stable. Although there has been no recent improvement in orders from the end-user side, they have also not deteriorated, with an overall good pace of just-in-time procurement. However, due to the recent intermingling of bullish and bearish market news, the sentiment in the hot money market has become chaotic, leading to the entry of some low-priced supplies into the market. As of now, the SMM average prices for antimony are as follows: 2# low-bismuth antimony ingot at 228,500 yuan/mt, 1# antimony ingot at 232,500 yuan/mt, 0# antimony ingot at 236,500 yuan/mt, and the average price for 2# high-bismuth antimony ingot at 225,500 yuan/mt. As for the market prices of antimony trioxide this week, as of now, the SMM average prices for antimony trioxide are: 99.5% purity at 198,500 yuan/mt and 99.8% purity at 210,000 yuan/mt. Additionally, according to SMM's assessment, the overall production of antimony ingots (including antimony ingots, crude antimony conversion, antimony cathode, etc.) in China in April 2025 is expected to decline significantly by around 10% MoM compared to the previous month. Specifically, among the 33 surveyed entities currently assessed by SMM, 8 manufacturers have halted production, a decrease of 4 from the previous month; 21 manufacturers have experienced a reduction in production, an increase of 4 from the previous month; and 4 manufacturers have maintained basically normal production levels, unchanged from the previous month. From the perspective of antimony ingot production, antimony production in April declined again after rebounding in March, a phenomenon considered normal by many market participants. This is attributed to the ongoing inability of many overseas ore sources to enter the domestic market, coupled with the poor progress of mining operations at northern ore sources, with many mines still in the process of gradual recovery or remaining suspended. Currently, many market participants indicate that the overall supply of domestic raw materials remains tight, and the reluctance of antimony ore suppliers to sell is still evident. Many manufacturers state that their current inventory levels are still in a phase of reduction. If the future increase in domestic mine raw material supply can alleviate the raw material shortage, production in May may show signs of recovery; otherwise, the reduction in market inventory will continue. Market participants anticipate that the national antimony ingot production in May 2025 is likely to decline compared to April, although a stable production level is also a possibility. However, based on the current situation, the likelihood of an increase appears relatively small. Furthermore, according to SMM's assessment, the production of first-grade sodium pyroantimonate in China in April 2025 is expected to decline by around 1.8% MoM compared to the previous month, remaining basically stable after a significant rebound in the previous month. Many market participants consider this a normal phenomenon. Since antimony prices began to rise continuously from the end of February, orders for glass factories have also started to increase. The production increase of many manufacturers in March was also related to receiving more orders, and it is reasonable for this situation to continue into April. Looking at other detailed data, among the 11 survey respondents from SMM, in April, 2 manufacturers were in a state of shutdown or commissioning, 4 sodium pyroantimonate manufacturers experienced an increase in production, and 2 manufacturers saw a significant decline in production. As a result, the overall production remained basically stable, with a slight decline. Market participants expect that the national production of sodium pyroantimonate in May is unlikely to continue to decline compared to April, and it is more likely to remain flat or increase slightly. 》View SMM historical prices of bismuth

According to a report from MiningNews.net, Andre Booyzen, the new manager of Trigg Minerals, has only been in his role for a few weeks, but he already anticipates significant potential at the company's Buffalo River antimony-gold mine, which is already Australia's highest-grade antimony ore deposit. On May 8, Booyzen stated that based on Trigg's internal models and drilling plans, barring any unforeseen circumstances, the mine's resources are expected to increase to at least 100,000 mt. Currently, the mine holds 29,000 mt of antimony resources with a grade of 1.97%. Booyzen has served as a consultant to Trigg for several months, having previously worked at Mandalay Resources, which is currently Australia's only antimony producer. This background positions Booyzen as one of the few mining executives in Australia with experience in antimony ore mining. Trigg initially focused on potash but is now concentrating entirely on antimony ore, aiming to partner with Larvotto Resources to become a new developer of "the rarest critical minerals." Recently, the international antimony market has experienced volatility, with antimony prices surging above $60,000/mt. Versatile Applications Booyzen noted that antimony has versatile applications, "closely tied to our daily lives," with its key use being as a conflict metal in artillery and ammunition. Russia's military operations in Ukraine consumed 12,000 mt of antimony, while Israel's war in Gaza consumed approximately 2,000 mt. This represents a substantial volume over the past three years, considering the global annual market capacity is only 70,000 mt, with a market share of around $3 billion in 2024. Geopolitical instability has compelled governments worldwide to strengthen their weapon reserves, but antimony is not solely used in military equipment. In fact, antimony for weapons accounts for only about 9.4% of total demand. A significant growth market is solar panels, with an average annual growth rate of approximately 10%. Overall, according to estimates by the International Antimony Association (IAA), of which Trigg is a member, the annual consumption growth rate of antimony is approximately 6%. Trigg's initial focus is on bringing the Buffalo River deposit into production. The next resource update will not only expand the scale and significantly reduce the cut-off grade (currently set at 1%, which Booyzen noted is well above the economically viable grade) but will also consider gold and tungsten as co-products. The proposed drilling will also validate the potential of the underlying gold ore system. The Buffalo River deposit extends 300 meters at the surface and remains uncontrolled below 350 meters along the dip. Recent sampling and analysis of the existing 1960s-era horizontal adits at Bison Creek have revealed an average antimony grade of 4.83%, confirming the significant scale of shallow antimony mineralization. However, this portion of resources was not included in Terrig's resource estimate but was included in the resource estimate by the previous owner, Anchor Resources. The Roula vein, which runs parallel to the main Bison Creek vein, has not had its resources estimated due to a lack of drilling. Despite being only 35 meters apart, sample analysis indicates that the Roula vein is thin but high-grade, with a 2-meter intersection of 14.45% antimony and 0.84% tungsten, including a 1-meter section of 27.6% antimony mineralization. If we refer to the final feasibility study results of Ravenswood's Hillgrove project, gold and tungsten will reduce operating costs. Delineating commercial resources based on current prices would not take much time, and with the New South Wales government's newly introduced A$250 million deferred royalty scheme, there would be no policy obstacles to development. The mineralization at Bison Creek is very extensive, making it suitable for large-scale mining. Building an Asset Portfolio The Bison Creek deposit is part of the Achilles project, which extends 6 kilometers along the Bielsdown. Based on the distribution of known historical mining sites along this mineralized belt, Boyce believes that deposits similar to Bison Creek can be discovered. Terrig's antimony exploration area now covers 2,100 square kilometers, with recent additions including the Nundle, Upper Hunter, Bukkulla, and Cobark/Copeland projects. These areas are home to five historical antimony mines and 60 gold mining sites. Sample analysis has revealed antimony grades as high as 61% and gold grades of 1,045 g/t.