April 30 update: Northern ports: South African high-grade iron ore at 33.1-35 yuan/mtu, flat WoW from last Friday; South African semi-carbonate at 39.8-40.3 yuan/mtu, down WoW from last Friday; Gabon at 44-44.6 yuan/mtu, down WoW from last Friday; 46% Australian lumps at 45.5-46 yuan/mtu, down WoW from last Friday. South China ports: South African high-grade iron ore at 36-36.5 yuan/mtu, flat WoW from last Friday; South African semi-carbonate at 37.8-38.5 yuan/mtu, down WoW from last Friday; Gabon at 42.5-43 yuan/mtu, down WoW from last Friday; 46% Australian lumps at 45-45.5 yuan/mtu, down WoW from last Friday.

China's manganese market has completely moved away from the pattern of rising and falling in unison, with severe divergence across product categories: EMM and Mn3O4 pulled back on weakness, battery-grade manganese sulphate remained resilient and firm with tight spot supply, EMD traded sideways steadily, LMO struggled to catch up passively, and the industry has officially entered a structural market with clear differentiation between strong and weak segments, with distinct investment and stockpiling opportunities hidden beneath the divergence.

China's manganese market showed clear divergence: EMM softened at high levels with prices pulling back, while battery-grade manganese sulphate maintained firm cost support, and market opinions on the May outlook became increasingly divided.

[SMM Analysis: 2027 Outlook: Solid-State Battery Signals from Beijing Auto Show] The Beijing Auto Show, which opened on April 24, 2026, became a showcase platform for solid-state battery "real vehicle integration." BYD's sulphide all-solid-state battery debuted in a real vehicle first, featuring 480Wh/kg, with small-batch vehicle installation planned for 2027; Chery's Rhino S achieved an energy density of 600Wh/kg, leading the show. CATL's condensed-matter battery completed aviation verification and is backward compatible with passenger vehicles. Semi-solid-state batteries are on the eve of mass production, with MG already bringing prices down to the 100,000-yuan level. Industry consensus: mass production will begin in 2027, and price parity between liquid and solid-state batteries is expected by 2030.

On April 27, the Zhengzhou Commodity Exchange (ZCE) issued a notice on the adjustment of trading margin standards and price change limits for certain futures contracts during the 2026 Labor Day holiday period. The original text is as follows: Notice on the Adjustment of Trading Margin Standards and Price Change Limits for Certain Futures Contracts During the 2026 Labor Day Holiday Period To all member units: In accordance with Article 8 of the Zhengzhou Commodity Exchange Measures for Risk Control and Management of Futures Trading, after deliberation, the following adjustments will be made to the trading margin standards and price change limits for certain futures contracts during the 2026 Labor Day holiday period: I. Effective from the settlement on April 29, 2026, the trading margin standard for flat glass and soda ash futures contracts will be 12%, with a price change limit of 10%, except that the flat glass futures 2605 contract will have a trading margin standard of 13% and a price change limit of 11%; the trading margin standard for methanol, PTA, paraxylene, caustic soda, propylene, staple fiber, bottle-grade PET, urea, ferrosilicon, silicon-manganese, and red dates futures contracts will be 10%, with a price change limit of 9%, except that the methanol futures 2605 contract will have a trading margin standard of 16% and a price change limit of 14%, the methanol futures 2606, 2607, 2608, and 2609 contracts will have a trading margin standard of 13% and a price change limit of 11%, the PTA futures 2605 contract will have a trading margin standard of 15% and a price change limit of 13%, the PTA futures 2606, 2607, 2608, and 2609 contracts will have a trading margin standard of 13% and a price change limit of 11%, the paraxylene futures 2605 contract will have a trading margin standard of 15% and a price change limit of 13%, the paraxylene futures 2606, 2607, 2608, and 2609 contracts will have a trading margin standard of 13% and a price change limit of 11%, the caustic soda futures 2605 contract will have a trading margin standard of 15% and a price change limit of 13%, the caustic soda futures 2606 and 2607 contracts will have a trading margin standard of 12% and a price change limit of 10%, the propylene futures 2605 contract will have a trading margin standard of 15% and a price change limit of 13%, the propylene futures 2606, 2607, 2608, and 2609 contracts will have a trading margin standard of 13% and a price change limit of 11%, the staple fiber futures 2605 contract will have a trading margin standard of 14% and a price change limit of 12%, the staple fiber futures 2606, 2607, 2608, and 2609 contracts will have a trading margin standard of 13% and a price change limit of 11%, the bottle-grade PET futures 2605 contract will have a trading margin standard of 14% and a price change limit of 12%, the bottle-grade PET futures 2606, 2607, 2608, and 2609 contracts will have a trading margin standard of 13% and a price change limit of 11%; the trading margin standard for rapeseed meal, rapeseed oil, peanut, white sugar, and cotton futures contracts will be 9%, with a price change limit of 8%; the trading margin standard for cotton yarn futures contracts will be 7%, with a price change limit of 6%. II. After the resumption of trading on May 6, 2026, from the settlement of the first trading day on which no limit-up or limit-down unilateral market occurs in the contract with the largest open interest of each product, the trading margin requirement for apple futures contracts shall be 9%, with a price limit of 8%, except that the price limit for the Apple Futures 2605 contract shall be 13%; the trading margin requirement for jujube futures contracts shall be 8%, with a price limit of 7%; the trading margin requirement for propylene futures 2607, 2608, and 2609 contracts shall be 11%, with a price limit of 9%; the trading margin requirements and price limits for futures contracts of other products shall be restored to pre-adjustment levels. Where the trading margin requirements and price limits executed in accordance with relevant rules are higher than the above standards, the relevant rules shall prevail. All member firms are requested to strengthen capital and position risk management, and to remind investors to enhance risk awareness and strengthen risk prevention. This notice is hereby given. Appendix: Adjustments to Trading Margin Requirements and Price Limits During the 2026 Labor Day Holiday Zhengzhou Commodity Exchange Apr 2026

On April 13, Ye Jianhua, Director and Supervisor of the Industry Research Department of SMM Information & Technology Co., Ltd. (SMM), Feng Chundi, Expert of the Industry Research Department of SMM, and Wu Tao, Overseas Marketing Manager of SMM's Copper and Tin Division, visited ZCCM INVESTMENTS HOLDINGS PLC (ZCCM-IH). They were warmly received by Chitalu Kabalika, Industrial Metals and Minerals Investment Analyst at ZCCM-IH, Kambole Mwanakatwe, Precious Metals and Minerals Investment Analyst, among others. During this visit, both parties leveraged their respective core business strengths and conducted in-depth discussions on the compilation methodology of SMM's copper price and copper concentrates price indices, their influence on industry pricing, and the transmission mechanisms in international markets, exploring the reference value of these price indices for Zambian copper ore trade and mining project investment. Discussions also covered ZCCM-IH's copper mine asset operations, resource reserves, and capacity planning, among other topics, jointly exploring the local copper mining industry's supply-demand pattern, cost landscape, and medium and long-term development trends. In addition, both parties exchanged views on potential cooperation directions, including information sharing across the copper industry chain, joint analysis of market trends, and collaboration on ex-China mining resources. This exchange effectively connected the business synergies between both parties, deepened mutual understanding and industry consensus, and laid a solid communication foundation for subsequent positive interactions in copper industry data services, market research, and resource collaboration, as well as for exploring diversified cooperation opportunities and pursuing mutual benefits. Introduction to ZCCM INVESTMENTS HOLDINGS PLC ZCCM Investments Holdings Plc is a diversified mining investment holding company with a strategic focus on Zambia's mining and energy sectors. The group's investment portfolio covers commodities including copper, gold, amethyst, manganese, limestone, and electricity/thermal energy. VISION : "To be a world-class mining and energy investment company for the benefit of the Zambian people." MISSION : "To sustainably create tangible wealth for the Zambian people and all stakeholders." TAGLINE : "Unlocking national wealth value for all stakeholders." The above vision and mission reflect the company's renewed focus on the mining sector and the strategic theme of " Investing S.M.A.R.T.L.Y ." "SMARTLY" represents seven strategic pillars: ZCCM-IH is committed to Sustainability , deeply integrating Environmental, Social, and Governance (ESG) principles into its business model; the team proactively Managed related operations, driving portfolio and revenue growth through business Accretive value and agility; while ensuring investments are Risk mitigated , advancing projects in a Timely and efficient manner; upholding the goal of business **Longevity**, and ultimately delivering returns on investment and maximizing shareholder value (Yields). VALUES : The realization of our vision and mission is underpinned by the enterprise's deeply rooted core values. These principles guide all actions of the enterprise. The following values form the cornerstone of our corporate culture. ZCCM-IH Portfolio ZCCM-IH holds a unique strategic position in Zambia's mining and energy sectors, with core interests in both fields. The following is a list of enterprises covered by the ZCCM-IH portfolio: ZCCM-IH Growth Portfolio Future Outlook The ZCCM-IH Strategic Plan, 2020-2026 sets out the core direction for the company's development, helping the enterprise fully unlock asset value, maximize asset returns, and deliver tangible benefits to all shareholders. During this phase, the company focuses on three core strategic priorities: deepening engagement in the mining sector and advancing diversification of mineral product categories; innovating revenue generation models, developing diversified income streams, and unlocking the value of the existing asset portfolio; and strengthening operational management and financial control capabilities to build and continuously enhance long-term core shareholder value. The company is deeply committed to social responsibility, dedicated to creating sound and compliant business performance, sustainable development outcomes, and social benefits for shareholders, local communities, and Zambia as a whole. Leveraging the comprehensive strengths accumulated through over fifty years of deep engagement in the mining industry, combined with a professional and experienced core team, the company is expected to continue driving the implementation of its strategic plans and sustained growth, while consolidating existing development achievements. Scheduled to be held on October 13-14, 2026 in Lusaka, Zambia. You are welcome to participate! Conference Contact : Wu Tao: 18270916376 jennywu@smm.cn