On May 28, JX Advanced Metals, Mitsubishi Materials (MMC), Mitsui Kinzoku, and Marubeni signed a final agreement to integrate MMC’s copper concentrate procurement and sales of cathode copper, sulfuric acid, and other by-products into Pan Pacific Copper (PPC), while establishing a wholly-owned subsidiary, "PPC Material." The integration will be executed via a company split: PPC first absorbs the target business, then transfers it to the newly established PPC Material on the same day. Originally planned for end-March, the process was delayed by about two months due to detailed discussions. Post-integration, PPC’s ownership stands at: JX 32.50%, MMC 32.00%, Mitsui Kinzoku 21.90%, and Marubeni 13.60%. PPC becomes an equity-method affiliate of all four companies, with PPC Material as its wholly-owned subsidiary. Currently, PPC subcontracts smelting/refining to JX Metal Smelting and Hibi Smelting; after the deal, MMC will also become a subcontractor. Japan’s copper concentrate procurement windows will shrink from three to two, held by Sumitomo Metal Mining and PPC Material. The move aims to counter intensifying overseas competition and sharply deteriorated TC/RC through centralized procurement and cost efficiency. The transaction is planned for October 1, 2026, pending regulatory approvals.

The minutes of Xingye Silver&Tin's investor briefing announced on May 27 show: 1. Question: Mr. Sun! After the commissioning of Yinman Phase II, the plan is to mainly process lead-zinc-silver series ore, and the ore type and grade are expected to show relatively small changes compared to the Phase I lead-zinc system. Simply put, Zone 1 and Zone 4 are important resource replacement areas for Yinman Mining in the future, but currently they still belong to "potential zones" and cannot be directly classified into the "core rich ore" category like Orebody No. 17. Xingye Silver&Tin's response: Thank you for your attention! As of now, Orebody No. 17 is the main orebody that has been proven at Yinman. 2. Question: Hello, could you share the company's outlook on its own resources going forward and its assessment of the future market? Xingye Silver&Tin's response: Thank you for your attention! As an important participant in China's mineral resources sector and one of the world's leading silver-tin polymetallic mining enterprises, the company is firmly optimistic about its strategic layout, resource reserves, and industry prospects. 3. Question: Mr. Sun, over the past two years, the company has continuously pursued project acquisitions with an expanding financing scale. Can talent and technology be guaranteed? Can timely operations and safety be ensured? Xingye Silver&Tin's response: Thank you for your attention! In recent years, the company has prudently conducted project acquisitions and financing activities centered on its core business, with the overall expansion pace being controllable. Currently, the company has a complete talent pipeline and mature core technologies, and has established a standardized operational management and safety and environmental protection-related controls system, which can fully ensure the stable operation of all acquired projects and effectively prevent various risks. 4. Question: Mr. Sun, was your increase in shareholding in 2026 because you are optimistic about the company's several major projects this year? Xingye Silver&Tin's response: Thank you for your attention! Like other small and medium investors of the company, I am firmly optimistic about the company's potential investment value and plan to hold for the long term. 5. Question: @Director, Vice President and Board Secretary Sun Kai. Dear Secretary Sun, the company's Hong Kong IPO prospectus disclosed a 2026 tin production guidance of 5,500 mt, but Q1 production was only 777 mt, annualized at only 3,100 mt, far below the full-year guidance. May I ask: 1) Was the low Q1 production due to the technological transformation ramp-up of Yinman's copper-tin system, equipment commissioning, or low recovery rates? 2) What is the capacity release pace in subsequent quarters, and can the full-year guidance of 5,500 mt be achieved? 3) What are the timetable for reaching full production after technological transformation and the recovery rate improvement targets? Xingye Silver&Tin's response: Thank you for your attention! Based on the principles of comprehensive resource recovery and safe and efficient mining, the company simultaneously mines Orebody No. 17 and other copper-tin orebodies. For the company's production data, please refer to the periodic reports published on the company's designated information disclosure media. 6. Question: After the acquisition of Weiling Co., the company's related resources will inevitably be tilted toward that company. Please terminate the acquisition of Weiling Co. Xingye Silver&Tin's response: Thank you for your attention! Regarding the progress of the Weiling Co. project, please follow the relevant announcements disclosed by the company on designated media. 7. Question: What are the respective positioning of Xingye Silver&Tin A-shares, Xingye Silver&Tin H-shares, and Weiling Co.? Xingye Silver&Tin's response: Thank you for your attention! Regarding the progress of the Weiling Co. project, please follow the relevant announcements disclosed by the company on designated media. 8. Question: Dear Board Secretary, is the Q1 performance sustainable? What are the current capacity and inventory of silver and tin respectively? Xingye Silver&Tin's response: Thank you for your attention! In Q1 2026, the company's mined silver production was 78.95 mt and mined tin production was 777.33 mt. As of the end of Q1 2026, silver inventory was 15.04 mt and tin inventory was 83.67 mt. 9. Question: Is there a preliminary timetable for the Hong Kong listing? Can it be completed before the end of December this year? Among the company's plans, no projects have been implemented in Xinjiang yet. What kind of resources is the company planning for in the Xinjiang segment? Xingye Silver&Tin's response: Thank you for your attention! The company will release progress announcements on designated media in a timely manner based on project developments. Please stay tuned! 10. Question: Dear Board Secretary, how does the company view the sustained growth in silver and tin demand driven by AI and new energy? Tin production was 8,900 mt in 2024, but the 2026 guidance was lowered to 5,500 mt. What is the core reason? What is the pace of subsequent capacity release for the Yinman technological transformation and the Morocco project? Xingye Silver&Tin's response: Thank you for your attention! The materials related to the Hong Kong listing adopt the JORC Code, a technical standard developed by Australia. For example, the JORC Code defines "ore reserves" as the economically mineable part of measured and/or indicated mineral resources. The above standard differs to some extent from China's standards, resulting in certain deviations between the relevant data under planning and actual production and operations. Specific production data shall be subject to the data disclosed in the company's periodic reports. 11. Question: Has the land certificate and construction permit for Yinman Phase II been obtained? Please do not respond with "please follow the relevant announcements disclosed by the company on designated media." Xingye Silver&Tin's response: Thank you for your attention! Yinman Phase II is expected to commence construction on July 1. After construction begins, the company will promptly disclose relevant progress announcements. Please stay tuned! 12. Question: Last year, the company was bullish on silver prices continuing to rise and chose to stockpile. Now silver prices are under pressure and the company did not hedge. Is the company still bullish on silver?The stock price has been continuously under pressure. Will the company proactively manage this? Xingye Silver&Tin replied: Thank you for your attention! As of now, the company has not conducted any futures hedging business. The company's hedging is carried out prudently at appropriate times based on actual production and operations as well as market conditions, with strict control over transaction risks. 13. Question: What is the current tin recovery rate at Yinman? The report for the Hong Kong listing shows a significant decline in grade. Is this in line with the company's current situation? If based on that report, it seems the company does not need to proceed with the Phase II expansion of Yinman, which appears somewhat contradictory. When will all of the company's capacity reach full production? After all capacity reaches full production, what will be the approximate production of silver and tin? Atlantic Tin has a gold exploration right. Could you briefly introduce the situation of that mine? Does the company have any plans to increase its equity stake in Far East Gold in the future? Xingye Silver&Tin replied: Thank you for your attention! The technical standards used in the Hong Kong listing materials are based on the JORC Code formulated by Australia. For example, the JORC Code defines "Ore Reserves" as the economically mineable part of Measured and/or Indicated Mineral Resources. The above standards differ to some extent from China's standards, resulting in certain deviations between the relevant data in the long-term planning and actual production and operations. Specific production data shall be subject to the data disclosed in the company's periodic reports. 14. Question: Hello, Secretary of the Board. The resource volumes and capacity plans for Yinman and Yubang Mining disclosed in the Hong Kong IPO prospectus are lower than the company's previous communication figures. What is the core reason? Is it due to differences in the JORC Code methodology (only including Measured and Indicated Resources, excluding Inferred Resources)? Does it involve resource reductions, grade downgrades, or mining plan adjustments? Is there room for future resource additions or upward revisions? Xingye Silver&Tin replied: Thank you for your attention! The technical standards used in the Hong Kong listing materials are based on the JORC Code formulated by Australia. For example, the JORC Code defines "Ore Reserves" as the economically mineable part of Measured and/or Indicated Mineral Resources. The above standards differ to some extent from China's standards, resulting in certain deviations between the relevant data in the long-term planning and actual production and operations. Specific production data shall be subject to the data disclosed in the company's periodic reports. 15. Question: Mr. Sun, based on the materials disclosed for the company's Hong Kong listing, the company's production of silver and especially tin is significantly lower than previous expectations. Is this estimate, this guidance, the company's true guidance, or a theoretical guidance made by SRK based on their assessment? Does the company plan to issue a medium and long-term guidance that is in line with the company's actual production plans to clarify these expectations?Otherwise, these expectations may have a significant negative impact on the company and noticeably undermine investor confidence. In fact, this is also unfavorable for the company's listing on international capital markets for financing and further development. Xingye Silver&Tin's response: Thank you for your attention! The Hong Kong listing-related materials adopt the JORC Code established by Australia as the technical standard. For example, the JORC Code defines "Ore Reserves" as the economically mineable part of Measured and/or Indicated Mineral Resources. The above standards differ to some extent from China's standards, resulting in certain deviations between the relevant data in the long-term plan and actual production and operations. Specific production data shall be subject to the data disclosed in the company's periodic reports. 16. Question: Mr. Sun, hello. The prospectus explains that there will be discrepancies between the Competent Person's planned mineral processing production schedule and the enterprise's actual situation. Could Mr. Sun please introduce the production plan for silver and tin from 2028 to 2030? Xingye Silver&Tin's response: Thank you for your attention! The Hong Kong listing-related materials adopt the JORC Code established by Australia as the technical standard. For example, the JORC Code defines "Ore Reserves" as the economically mineable part of Measured and/or Indicated Mineral Resources. The above standards differ to some extent from China's standards, resulting in certain deviations between the relevant data in the long-term plan and actual production and operations. Specific production data shall be subject to the data disclosed in the company's periodic reports. 17. Question: Specifically regarding Yinman Mining: according to SRK's data, there will be significant grade decline in the future. In addition, the feed grade differs considerably from the company's disclosures in the 2025 annual report and previous annual reports. Is it necessary to issue a specific announcement to provide an explanation based on the different mining standards? Xingye Silver&Tin's response: Thank you for your attention! The Hong Kong listing-related materials adopt the JORC Code established by Australia as the technical standard. For example, the JORC Code defines "Ore Reserves" as the economically mineable part of Measured and/or Indicated Mineral Resources. The above standards differ to some extent from China's standards, resulting in certain deviations between the relevant data in the long-term plan and actual production and operations. Specific production data shall be subject to the data disclosed in the company's periodic reports. 18. Question: Have the specific construction commencement dates been confirmed for Yinman Phase II, Yubang Phase II, the Morocco tin mine, and the Budun Yingen mine managed by the controlling shareholder? Could you also provide the commissioning and full production timelines? Thank you. Xingye Silver&Tin's response: Thank you for your attention! Yinman Phase II is expected to commence construction on July 1; the Yubang 8.25 million mt/year project is expected to commence construction in Q3; the Atlantic Tin project has obtained all construction permits and is currently carrying out preliminary preparation work including contractor tender and equipment transportation, with construction expected to commence in mid-July; all the above projects are expected to achieve commissioning with feed materials in Q4 2028. The managed company Budun Yingen plans to commence construction in Q4, with production expected to begin in 2029. 19. Question: Director Sun, in a previous institutional survey, you clearly stated that the company's quarterly tin production of 3,600 mt can be achieved on a regular basis. Is there an opportunity to achieve this quarterly target this year? Xingye Silver&Tin's response: Thank you for your attention! Adhering to the principles of comprehensive resource recovery and safe, efficient mining, the company simultaneously mines Orebody No. 17 and other copper-tin orebodies. For the company's production data, please refer to the periodic reports published by the company on designated information disclosure media. 20. Question: Does the company have the right to abandon the acquisition of the relevant equity in Weiling Shares? Xingye Silver&Tin's response: Thank you for your attention! For the progress of the Weiling Shares project, please refer to the relevant announcements disclosed by the company on designated media. 21. Question: Director Sun, in the records of a previous institutional survey, the company responded that Yinman's quarterly tin production of 3,600 mt can be achieved on a regular basis, but it seems this has not been realized subsequently. Is there a possibility of attempting to reach this record this year? Xingye Silver&Tin's response: Thank you for your attention! Adhering to the principles of comprehensive resource recovery and safe, efficient mining, the company simultaneously mines Orebody No. 17 and other copper-tin orebodies. For the company's production data, please refer to the periodic reports published by the company on designated information disclosure media. 22. Question: Is there a plan to spin off minor metals other than silver and tin to Weiling Shares? Xingye Silver&Tin's response: Thank you for your attention! For the progress of the Weiling Shares project, please refer to the relevant announcements disclosed by the company on designated media. 23. Question: Has the matter of acquiring Weiling been terminated? Xingye Silver&Tin's response: Thank you for your attention! For the progress of the Weiling Shares project, please refer to the relevant announcements disclosed by the company on designated media. 24. Question: Has the company already dispatched personnel to take over the production and operations of Jiayu Mining? Xingye Silver&Tin's response: Thank you for your attention! For the progress of the Weiling Shares project, please refer to the relevant announcements disclosed by the company on designated media. 25. Question: After acquiring Weiling Shares, our company will become an AAH (Xingye Weiling H) publicly listed firm. What is the company's positioning for the three listing platforms? Xingye Silver&Tin's response: Thank you for your attention! For the progress of the Weiling Shares project, please refer to the relevant announcements disclosed by the company on designated media. 26. Question: In the company's 2025 annual report, the company stated "solidly advancing the subsequent acquisition and integration of Weiling Shares," but Weiling Shares has been subject to a delisting risk warning. What is the purpose of our acquisition of Weiling? Xingye Silver&Tin's response: Thank you for your attention!For updates on the progress of Weiling shares project, please refer to the relevant announcements disclosed by the company on designated media. Xingye Silver&Tin's Q1 report showed that from January to March 2026, the company achieved operating revenue of 2.13 billion yuan, up 85.32% YoY; net profit attributable to shareholders of the publicly listed firm was 1.338 billion yuan, up 257.32% YoY. As of March 31, 2026, the company's total assets were 19.689 billion yuan, and net assets attributable to shareholders of the publicly listed firm were 10.825 billion yuan. Operating revenue breakdown: From January to March 2026, the proportion of operating revenue from the company's main mineral products to total operating revenue was as follows: ore-derived silver (1.41 billion yuan, 66.21%), ore-derived tin (234 million yuan, 10.99%), ore-derived zinc (228.12 million yuan, 10.71%), ore-derived lead (71.85 million yuan, 3.37%), ore-derived antimony (53.1 million yuan, 2.49%), ore-derived gold (51.02 million yuan, 2.40%), ore-derived iron (44.17 million yuan, 2.07%), ore-derived copper (35.65 million yuan, 1.67%), and ore-derived indium (524,100 yuan, 0.02%). Among them, ore-derived tin and ore-derived silver combined accounted for 77.19% of total operating revenue. Xingye Silver&Tin's Q1 report stated that operating profit for the current period increased 238.16% compared with the previous period, total profit increased 236.36%, and net profit attributable to the parent company's shareholders increased 257.32%. The main reasons were: During the reporting period, the selling prices of the company's main mineral products such as silver and tin rose YoY; Yubang Mining's capacity was gradually released, with ore-derived silver production and sales increasing significantly YoY; and the transfer of 60% equity in Shuangyuan Non-ferrous realized investment income of 321 million yuan. Xingye Silver&Tin's 2025 annual report showed that in 2025, the company achieved operating revenue of 5.555 billion yuan, up 30.09% YoY; total profit of 2.096 billion yuan, up 18.75% YoY; and net profit attributable to shareholders of the publicly listed firm of 1.704 billion yuan, up 11.40% YoY. Xingye Silver&Tin's announcement showed that in 2025, the proportion of operating revenue from the company's main mineral products to total operating revenue was as follows: ore-derived silver (2.176 billion yuan, 39.17%), ore-derived tin (1.65 billion yuan, 29.70%), ore-derived zinc (975.87 million yuan, 17.57%), ore-derived lead (220.95 million yuan, 3.98%), ore-derived iron (180.38 million yuan, 3.25%), ore-derived copper (133 million yuan, 2.39%), ore-derived antimony (100.36 million yuan, 1.81%), ore-derived gold (82.34 million yuan, 1.48%), and ore-derived bismuth (16.67 million yuan, 0.30%). Among them, ore-derived tin and ore-derived silver combined accounted for 68.86% of total operating revenue. Regarding the company's main business and key performance drivers, Xingye Silver&Tin stated in its 2025 annual report: The company is a large mining group primarily engaged in the exploration, mining, and ore processing of non-ferrous metals and precious metals. As of the disclosure date of this report, the company had over 20 subsidiaries, of which 8 were operating mining companies, namely Yinman Mining, Qianjinda Mining, Yubang Mining, Rongguan Mining, Xilin Mining, Rongbang Mining, Ruineng Mining, and Bosheng Mining. Atlas Tin SAS under Atlantic Tin was in the construction phase for the Achmmach tin mine. Tanghe Times Mining was in a suspended construction phase, while Yitong Mining and Yunnan Xigui were in the exploration phase. Hainan Fund was primarily engaged in equity investment management; Xingye Gold (Hong Kong) was primarily engaged in metals and mining trading, corporate M&A, and was responsible for expanding markets outside China and acquiring quality mineral resources ex-China; Hainan Guomao and Tianjin Guomao were primarily engaged in non-ferrous metal mineral product sales and partial raw material procurement; Xingye Ruijin was primarily engaged in process research, technology R&D and upgrading in areas such as exploration, mining and processing, and comprehensive tailings recovery and utilization. Tibet Shannan Antimony Gold, Tibet Xinda Mining, and Xing'an League Fuxingtun Mining served as the company's regional resource integration platforms. During the reporting period, the company successfully acquired 85% equity in Yubang Mining. According to data compiled by the Silver Institute as of the end of 2023, Yubang Mining's monomer silver mine ranked first in Asia and fifth globally. This acquisition further strengthened the company's resource advantages and laid a solid resource foundation for sustainable development. Meanwhile, using its subsidiary Xingye Gold (Hong Kong) as the investment vehicle, the company increased investment in mineral resources outside China and successfully acquired 100% equity in Atlantic Tin. This acquisition was an important step in implementing the company's "going global" strategy. According to the classification standards for large-scale tin mines in the "Standards for Classification of Mineral Resource Reserve Scales" (DZ/T 0400-2022), the Achmmach tin mine owned by Atlantic Tin currently amounts to the equivalent of 5 large deposits. Through this integration of tin ore resources outside China, the company further improved its international tin ore layout and also reserved important strategic resources for long-term development. The company's main performance was derived from non-ferrous metal mining and processing operations. During the reporting period, revenue from non-ferrous metal mining and processing accounted for 99.64% of total operating revenue in 2025. Key factors affecting the operating performance of the mining and processing segment included production and sales volumes of major products, market prices, and costs of non-ferrous metal and precious metal mining and processing operations. Regarding the business plan, Xingye Silver&Tin stated in its 2025 annual report: 2026 is the concluding year of the company's "Second Three-Year" plan. The Board of Directors will closely focus on the theme of high-quality development, fully implement established work objectives, continue to deepen the philosophy of "Trust and Collaboration," and make an all-out push to achieve the closing targets of the "Second Three-Year" plan, with emphasis on the following areas of work: 1. Uphold the bottom line of safety and environmental protection. Using 2026 as the "Year of Safety Management Implementation," the company will comprehensively enforce safety responsibilities, consolidate the achievements of the "Year of Collective Safety Vigilance," strengthen risk anticipation and process control, resolutely prevent all types of safety and environmental protection incidents, and achieve safe, steady, green, and low-carbon development. 2. Advance key project construction at full speed, strengthen full-process management of project budgets, schedules, and quality, and coordinate the implementation of projects including the 2.97 million mt expansion of Yinman Mining, the 8.25 million mt expansion of Yubang Mining, the Morocco project, and the Budun Yingen Mining (under trusteeship) project, ensuring on-schedule completion, reaching full production, and releasing capacity benefits. 3. Continue to intensify exploration and reserve expansion efforts, properly balance production operations with geological exploration, steadily advance exploration of existing mines and surrounding areas, accelerate the conversion and upgrading of resource volumes, and continuously strengthen the resource foundation. 4. Deepen industrial synergy and resource integration. Leveraging the core regional advantages in Inner Mongolia, the company will steadily expand its resource layout outside China; adhering to silver and tin as the main business direction, it will enrich and optimize resource varieties. The company will solidly advance the subsequent acquisition and integration of Weiling shares, actively track quality mineral project opportunities in and outside China, and enhance overall competitiveness through synergistic industrial M&A. 5. Further strengthen institutional enforcement and internal control management, drive the effective implementation of various systems, processes, and control requirements, and enhance the company's refined management capabilities; strengthen enforcement capacity building to ensure production plans, comprehensive budgets, and various work deployments are fully implemented, and promote deep integration of corporate culture with business management. 6. Advance Hong Kong stock listing preparations at full speed, accelerate the establishment of a dual capital market platform at home and abroad, enhance cross-border capital operation capabilities, provide stronger financial support for the company's resource integration and strategy implementation, and drive the company's high-quality sustainable development to new heights. Reviewing the 2025 price performance of spot silver: the average price of SMM 1# silver (Ag99.99%) on December 31, 2025 was 18,430 yuan/kg, compared with 7,440 yuan/kg on December 31, 2024, representing an increase of 10,990 yuan/kg, or 147.71%. Recently, spot silver prices have been fluctuating. On May 27, the morning quote for SMM 1# silver (Ag99.99%) was 18,654–18,684 yuan/kg, with an average price of 18,669 yuan/kg, up 0.54% from the previous trading day. Compared with the average price of 18,430 yuan/kg on December 31, 2025, the price edged up by 239 yuan/kg, a gain of 1.3%. Regarding the outlook for precious metals, some institutions' views are as follows: FXTM Senior Research Analyst Lukman Otunuga stated: "As hopes for a US-Iran peace deal waver, gold prices have pulled back and are approaching the $4,450 support level. In addition, market expectations for a US Fed rate hike are steadily building amid conflict-driven price pressures, which is also exerting further downward pressure on gold prices." "Ultimately, if more signs emerge that price pressures are rising, it could further reinforce market bets that the US Fed will keep interest rates higher for longer, which would expose gold to greater downside risk." (Jin10 Data APP) CITIC Futures stated: Renewed tensions in US-Iran geopolitics have dampened risk appetite, while rising oil prices have reignited inflation concerns and strengthened market bets on a US Fed rate hike within the year, with multiple factors dragging silver prices lower. On one hand, US economic data still showed resilience, with the latest Chicago Fed National Activity Index for April at 0.14, significantly better than the previous reading of -0.15. The US May Conference Board Consumer Confidence Index and Present Situation Index both pulled back from prior readings, but the confidence index still beat market expectations. Combined with renewed US-Iran tensions pushing oil prices higher and sparking inflation concerns, market pricing for a year-end US Fed rate hike has strengthened. On the other hand, spot silver's fundamental drivers remained weak, with London market silver lease rates running at persistently low levels. In the short term, silver is expected to maintain a fluctuating trend, with overall capital interest still relatively low. Attention should be paid to US-Iran negotiation progress and strait navigation resumption. If US-Iran negotiations progress smoothly, this could drive a short-term silver rebound, but interest rate expectations will continue to suppress the trend. If geopolitical tensions escalate again and push oil prices higher, caution is warranted regarding further medium-term suppression of silver's industrial products elasticity and potential supply disruptions. Over the long term, weakening US dollar credibility, safe-haven demand, and investment demand provide solid support for silver prices. (Jin10 Data APP) A CITIC Securities research report noted that the resilience of the global economy is being tested by the Middle East conflict, with a glimmer of hope for the resumption of navigation through the Strait of Hormuz. The US economy may continue to grow mildly but unevenly this year, the pace of the EU's weak recovery is being delayed, and Japan's private-sector demand will inevitably be disrupted by energy shortages. High oil prices are already pushing up global inflation, with headline inflation rates in Europe and the US likely to fluctuate at highs this year, while Japan's headline inflation rate may continue its mild performance. The US Fed may not cut interest rates at all this year, while potential rate hikes by the ECB and BOJ are imminent, and the "unrestrained" fiscal stance of Japanese and European political circles may constitute a source of market risk this year. We maintain our view that US equities will outperform US bonds and that the US dollar index has support, and gold prices are expected to break free from their predicament as tail risks of inflation dissipate. ANZ analyst Kumar, Soni recently stated that inflation expectations, rising US Treasury yield, and a stronger US dollar are unfavourable factors putting gold prices under pressure. These factors will persist until we can clearly determine how long this conflict will last. Gold has fallen more than 14% since the outbreak of war in late February. OANDA Senior Market Analyst Kelvin Wong stated that since early March, the overall trend of the 10-year US Treasury yield has remained in a medium-term upward phase. Therefore, at this juncture, gold bulls may not be as aggressive in pushing prices higher. Gold is expected to continue weakening over the next few trading days, with resistance at $4,645 and support at $4,456. (Jin10 Data) Goldman Sachs stated that central banks are expected to increase gold purchases, helping gold prices rebound by year-end. Analysts Thomas, Lina and Struyven, Daan stated in a research report published on May 15 that the average monthly central bank gold purchases in 2026 are expected to rise to 60 mt. Based on the revised accumulation model, the 12-month average of central bank gold purchases in March reached 50 mt, compared with a previous figure of 29 mt. Citing internal surveys, the analysts noted that central banks have long-term rigid allocation demand for gold, and recent changes in the geopolitical landscape are likely to continue driving countries to accelerate asset diversification. JPMorgan lowered its 2026 average gold price forecast from $5,708 per ounce to $5,243 per ounce. As demand is expected to re-accelerate in H2 2026, the base case still projects gold prices reaching $6,000/ounce by year-end.

In 2026, global competition for critical minerals has entered a white-hot stage. Geopolitical maneuvering continues to deepen, and global industry and supply chains are undergoing accelerated restructuring. A new round of technological revolution centered on AI semiconductors, new energy, high-end manufacturing, and aerospace is propelling the minor metals industry into a historic period of development opportunities and profound transformation! Globally, the EU Critical Raw Materials Act and the US Inflation Reduction Act (IRA) are being implemented continuously. The Minerals Security Partnership continues to expand, and the trends of localization and regionalization of critical mineral supply chains are intensifying. The resource contests, technical barriers, and trade rule restructuring surrounding strategic minor metals—such as antimony, indium, gallium, germanium, bismuth, selenium, tellurium, and rhenium—have become the core focus of global high-end manufacturing competition. As the world’s core supplier of minor metals, China holds a dominant position in the smelting and supply of many minor metal varieties. Against this backdrop, the 2026 SMM (14th) Minor Metals Industry Conference brings together enterprises along the entire industry chain of antimony, indium, gallium, germanium, bismuth, selenium, tellurium, and rhenium, as well as research institutes, government agencies, financial and investment institutions, and trade service providers to build a high-standard, full-chain, and in-depth exchange and cooperation platform. The conference will deeply interpret global policy shifts, analyze supply-demand patterns and price trends, identify growth opportunities in end-use applications, and match government-enterprise resources with cross-border cooperation opportunities, helping enterprises accurately grasp industry trends, break through development bottlenecks, optimize supply chain layouts, and seize market opportunities, jointly promoting the high-quality and sustainable development of China's minor metals industry. Shandong Humon Smelting Co., Ltd. will make a grand appearance at this conference. We will keep pace with the times, set our sights on our goals, forge ahead with determination and courage! Click to register now. We look forward to meeting you at the conference. Shandong Humon Smelting Co., Ltd. (hereinafter referred to as "Shandong Humon Smelting") was established in 1988 and is committed to building a world-class precious metal smelting enterprise with happy employees, satisfied customers, and environmental harmony. On May 20, 2008, it was listed on the Shenzhen Stock Exchange (stock code: 002237). In 2019, Jiangxi Copper Corporation became the controlling shareholder. Riding the east wind of reform and opening-up and leveraging its expertise in technological innovation, the company has steadfastly followed a market-oriented and international business path. Through over 30 years of trailblazing entrepreneurship, it has ranked as China’s largest gold smelter for 12 consecutive years. In 2025, the company achieved operating revenue of 112 billion yuan and produced 100 mt of gold. As a pioneer and leader in pyrometallurgy, the company takes fire as its foundation and integrates the entire chain, having established a comprehensive "cyanide-free pyrometallurgical environmental protection technology system." It has been recognized with two National Science and Technology Progress Second Prizes and 11 provincial/ministerial First Prizes for scientific and technological progress. Focusing on the transformation and upgrading of gold mining and smelting, the company has proposed the strategic vision of "developing limited resources for unlimited value and leading the green development of gold mining and smelting." While developing gold and silver products, it also achieves the comprehensive extraction of copper, lead, zinc, antimony, selenium, tellurium, platinum, and other metals. It has formed a development pattern featuring diversified advancement in gold mining, metal smelting, international trade, and high-purity materials. Looking ahead, the company will be guided by the lines, principles, and policies of the Party and the state, integrate global mineral resources to create wealth for China in the new era, embark on a new journey of high-quality, leapfrog development, and strive tirelessly to become a world-class precious metal mining and smelting enterprise. Contact: Wang Lu 0535-4631040 Email: manage@hbyl.cn Address: No. 11, Jinzheng Street, Shuidao Town, Muping District, Yantai City Meeting Contact: Zhu Wei zhuwei@smm.cn

In mid-April, CATL announced plans to invest 30 billion yuan to establish a wholly-owned subsidiary, Times Resources Group, registered in Xiamen and positioned as a professional investment, operation, and management platform in the new energy minerals sector. This major move is not only a key step for CATL in building a closed-loop entire industry chain of "ore — materials — battery — recycling," but will also inject strong momentum into the extraction and reuse of rare and precious metal resources, driving the battery recycling industry from standardized development toward a new phase of technological breakthroughs and scale expansion. The core mission of Times Resources Group is to integrate global critical minerals resources such as lithium, nickel, and cobalt, while expanding into high-quality rare and precious metal mining projects. From an industry perspective, lithium, nickel, and cobalt are core raw materials for power batteries, while rare and precious metals such as gold, silver, and platinum group metals are indispensable in electronic devices and catalysts. Through this 30 billion yuan capital deployment, CATL can both ensure that its primary lithium resources self-supply rate rises above 35% and keep lithium chemicals costs below 50,000 yuan/mt, while also establishing stable raw material connection channels for rare and precious metal regeneration after battery recycling through full industry chain control of mineral resources. More notably, CATL hired Chen Jinghe, founder of Zijin Mining, as a mining consultant, leveraging his extensive experience in mineral exploration and extraction to further optimize resource development processes. This means the upstream extraction segment will place greater emphasis on green and efficient technology applications, such as adopting efficient leaching technology for low-grade ore and comprehensive recovery processes for rare and precious metal associated ore, improving resource utilization rate from the source, laying the raw material foundation for rare and precious metal regeneration in subsequent battery recycling, and achieving synergy between "primary extraction + secondary recycling."

On April 15, a delegation from SMM Information & Technology Co., Ltd. (SMM), comprising Ye Jianhua, Director and Supervisor of SMM's Industry Research Department, Feng Chundi, Expert of SMM's Industry Research Institute, and Wu Tao, SMM's Overseas Marketing Manager for Copper and Tin, visited CNMC Luanshya Copper Mines PLC for an on-site survey and consultation. The delegation received a warm welcome from the leadership of CNMC Luanshya. During the exchange, relevant executives of CNMC Luanshya provided a detailed introduction to the enterprise's development history, equity structure, mining-beneficiation-smelting production layout, mineral resource endowment, and daily operational management of overseas mines. They particularly highlighted that the company's core product, "CLM" brand copper cathode, completed LME registration and certification on December 27, 2023. Backed by stringent quality control, the product has gained recognition in the international market, effectively enhancing its global circulation and core competitiveness. The SMM survey team, drawing on industry research and market tracking experience, shared insights on the operational status of the copper industry in and outside China, price trends, policy environment, and upstream and downstream supply-demand patterns. During the discussion, both parties engaged in communication on practical issues including changes in the international copper market, mining-beneficiation-smelting production and operations, responses to raw material and finished product market fluctuations, and overseas mining management models. The communication was conducted in a pragmatic and smooth atmosphere, deepening mutual understanding and laying a solid foundation for ongoing regular exchanges and business collaboration. Brief Introduction to CNMC Luanshya Copper Mines PLC CNMC Luanshya Copper Mines PLC, referred to as "CNMC Luanshya" in Chinese and abbreviated as "CLM," is a Sino-Zambian joint venture mining company restructured and established on November 10, 2009, after China Nonferrous Metal Mining (Group) Co., Ltd. (CNMC Group) participated in an international competitive bidding and successfully acquired the controlling stake in Luanshya Copper Mine that year. The company has a registered capital of $10.01 million, of which China Nonferrous Mining Corporation Limited, a subsidiary of CNMC Group, holds 80%, and Zambia Consolidated Copper Mines Investment Holdings PLC holds 20%. The company's main business covers copper resource mining, beneficiation, and smelting. Its primary products include copper cathode and copper concentrates, with an annual copper metal production of 50,000 mt. It is a large-scale comprehensive mining enterprise integrating geological exploration, mining, beneficiation, and smelting. The company currently holds seven large-scale mining licenses covering a total area of approximately 130 square kilometers. It operates multiple production units and projects, including the Muliashi hydrometallurgy smelter, beneficiation plant, Luanshya New Mine, and open-pit mine, making it one of CNMC Group's largest and most complete copper enterprises in Zambia in terms of investment scale and industry chain coverage. From its establishment in 2009 through the end of 2025, the company had cumulatively produced over 670,000 mt of copper metal, generated cumulative revenue exceeding $4.7 billion, achieved cumulative total profits exceeding $1 billion, and returned $220 million to shareholders, contributing 90% of GDP, 90% of tax revenue, and 70% of stable employment to the Luanshya region. is scheduled to be held on September 15-16, 2026 in Lusaka, Zambia. Your participation is warmly welcomed~ Conference Contact : Wu Tao: 18270916376 jennywu@smm.cn

On April 21, a delegation from SMM Information & Technology Co., Ltd. (SMM), comprising Ye Jianhua, Director and Supervisor of SMM's Industry Research Department, Feng Chundi, Expert of SMM's Industry Research Institute, and Wu Tao, SMM's Overseas Marketing Manager for Copper and Tin, visited Lualaba Copper Smelter S.A. (LCS) for a field trip and exchange. The delegation received a warm and thoughtful reception from the leadership of LCS. During the exchange, relevant heads of LCS provided a detailed introduction to the project's construction history, smelting process routes, current capacity operations, and overall business planning. SMM, drawing on global non-ferrous market trends, shared insights on copper-cobalt raw material supply and demand, the smelting and processing landscape, price fluctuation trends, and industry policy developments. Both parties engaged in in-depth discussions on practical topics including pyrometallurgy production management outside China, raw material supply assurance, environmental protection operations and maintenance, cost control, and industry outlook assessment. They also exchanged experiences and ideas on overseas smelter operations management, risk prevention, and medium and long-term development planning. This field trip and exchange was pragmatic and efficient, effectively enhancing mutual understanding and laying a solid foundation for ongoing industry information sharing and long-term exchange and cooperation. Introduction to Lualaba Copper Smelter S.A. (LCS) Lualaba Copper Smelter S.A. (LCS) is a modern non-ferrous metal smelting enterprise jointly invested and constructed by China Nonferrous Metal Mining (Group) Co., Ltd. and Chalco Yunnan Copper Group, located in Kolwezi, Lualaba Province, DRC. Construction commenced in March 2018, and Phase I was completed and successfully put into operation in October 2019. It is the first large-scale pyrometallurgy copper-cobalt smelter in the DRC and serves as a key strategic pillar of China Nonferrous Metal Mining Group's resource development and industrial deployment in Africa. With copper concentrates smelting as its core business, LCS's main products include blister copper, sulphuric acid, and liquid sulfur dioxide, with an annual capacity of 150,000 mt of blister copper and 300,000 mt of sulphuric acid. As an important participant in the Belt and Road Initiative, LCS has consistently upheld the development philosophy of "serving the nation through resources and pursuing win-win cooperation," actively fulfilling its social responsibilities, promoting local employment and industrial development, and striving to build an internationally competitive copper smelter while continuously enhancing the influence of Chinese mining enterprises in the global non-ferrous metals industry. The conference is scheduled to be held on September 15–16, 2026 in Lusaka, Zambia. You are cordially invited to participate! Contact Person : Wu Tao: 18270916376 jennywu@smm.cn