Data released by the General Administration of Customs’ online query platform showed that China’s imports of copper cathode in May 2026 were 316,094.23 mt, up 0.09% MoM and up 7.99% YoY. In May, China imported 128,615.64 mt of copper cathode from the DRC, down 12.76% MoM and up 42.43% YoY. In May, China imported 29,851.08 mt from Russia, up 22.80% MoM and down 20.88% YoY. On the export side, China’s exports of copper cathode in May 2026 were 19,857.06 mt, down 22.45% MoM and down 41.14% YoY. In May, China exported 7,663.11 mt of copper cathode to Thailand, down 10.32% MoM and up 9.65% YoY. In May, China exported 4,600.10 mt to Vietnam, up 13.11% MoM and down 41.58% YoY. Below is a breakdown of import data by origin based on China Customs statistics: Origin May 2026 (mt) MoM YoY DRC 128,615.64 -12.76% 42.43% Russia 29,851.08 22.80% -20.88% Zambia 20,244.03 84.03% 126.32% Japan 15,969.24 -2.79% -0.05% South Korea 15,370.53 178.87% 116.61% China 14,928.75 5.50% -48.96% Chile 14,028.31 -6.06% -39.16% Kazakhstan 12,726.46 -34.96% -21.19% Uzbekistan 8,967.50 98.20% 137.48% Australia 8,321.78 6.14% 44.62% Indonesia 5,021.60 -22.57% -0.95% Serbia 4,990.42 252.61% -40.42% Poland 4,680.62 39.05% 29.53% Pakistan 4,402.80 -42.32% 15.73% Myanmar 4,379.73 -21.38% 130.09% India 4,008.66 -39.87% 370.26% Peru 3,881.38 -42.17% -10.35% South Africa 2,285.43 -5.57% 6.68% Netherlands 1,981.23 299.77% -73.37% Tanzania 1,482.72 98.52% 257.03% Turkey 1,360.46 66.96% -11.60% Belgium 1,056.91 117.86% - Laos 957.40 23.77% 74.70% Malaysia 744.93 -23.19% -38.74% Morocco 701.01 48.93% 176.47% Thailand 682.26 0.86% -37.37% UAE 674.85 35.03% -87.68% Spain 502.10 - - Mongolia 394.03 -23.37% -72.77% Oman 328.22 8.95% 218.26% Qatar 315.13 -25.49% -75.29% Tajikistan 308.94 -62.58% 10.48% Mexico 204.16 - -87.48% Jordan 200.85 169.09% 290.61% Bolivia 200.09 - 373.33% Gabon 192.18 155.67% 160.26% Guinea 180.01 76.46% 1.64% Taiwan, China 178.58 -31.28% -30.34% Egypt 137.44 -74.79% -50.63% Saudi Arabia 118.12 626.46% -32.27% Mauritius 97.27 90.65% 259.46% Canada 87.93 152.35% 129.61% Angola 75.49 -80.03% - France 50.64 - - Sierra Leone 50.62 -33.69% - Georgia 43.59 82.22% 81.61% Lebanon 39.79 - - Brazil 23.03 - -14.72% Rwanda 22.08 -11.68% - Germany 15.01 - -36.77% Tunisia 13.02 - - US 0.20 -1.51% - Total 316,094.23 0.09% 7.99% Source: China Customs Below is a breakdown of export data by destination based on China Customs statistics: Destination May 2026 (mt) MoM YoY Thailand 7,663.11 -10.32% 9.65% Vietnam 4,600.10 13.11% -41.58% Taiwan, China 4,397.79 -32.29% 21.12% Indonesia 1,702.60 -14.81% 325.62% Brazil 693.46 - - Malaysia 499.18 -83.89% -44.48% Japan 300.32 - - South Korea 0.50 -99.91% - Total 19,857.06 -22.45% -41.14% Source: China Customs (Wenhua Composite)

Data from the online query platform of customs statistics showed that China's imports of copper ores and concentrates in May 2026 were 2,360,706.88 mt, up 0.39% MoM and down 1.74% YoY. In May, China imported 711,404.02 mt of copper ores and concentrates from Chile, up 1.10% MoM and down 2.90% YoY. In May, China imported 691,924.04 mt of copper ores and concentrates from Peru, up 19.15% MoM and up 11.98% YoY. On the export side, China's exports of copper ores and concentrates in May 2026 were 2,711.03 mt, up 19.71% MoM and up 514.63% YoY. In May, China exported 2,297.60 mt of copper ores and concentrates to Malaysia, up 1.50% MoM. In May, China exported 412.23 mt of copper ores and concentrates to Mongolia, up 176,064.53% MoM and down 0.43% YoY. The following is a breakdown of imports based on data from the website of the General Administration of Customs of China: Origin May 2026 (mt) MoM YoY Chile 711,404.02 1.10% -2.90% Peru 691,924.04 19.15% 11.98% Mongolia 186,875.99 -7.29% 4.26% Russia 125,158.75 5.58% 126.45% Kazakhstan 107,825.54 36.13% 23.95% Serbia 69,862.17 38.32% 63.32% Ecuador 66,026.07 97.53% 14.72% Mexico 54,655.35 -42.07% -50.19% Saudi Arabia 47,728.89 311.30% 711.73% Spain 38,136.31 -52.73% 293.96% DRC 28,509.28 -49.18% -63.38% Australia 28,422.81 -42.38% -55.52% Botswana 27,327.14 -23.38% -17.56% Laos 26,013.43 108.82% 131.43% Philippines 25,631.95 134.06% -5.58% Brazil 22,712.93 -46.74% -36.68% Canada 18,835.75 -52.72% -60.50% Armenia 16,817.88 -57.68% 26.56% Eritrea 9,980.67 -8.03% -52.89% Taiwan, China 9,002.08 - -17.47% Zambia 6,209.27 -52.53% 47.73% Albania 5,372.45 -20.27% -10.54% Pakistan 4,720.49 -17.25% 78.70% Namibia 4,117.14 59.60% 858.62% Mauritania 3,790.08 -33.33% -56.20% Morocco 3,687.66 99.79% 21.96% Colombia 3,642.41 2,087.96% -57.22% Azerbaijan 3,042.82 55.75% 886.21% Oman 2,537.84 -78.08% -65.58% Dominican Republic 2,502.75 -68.98% -64.07% Nicaragua 1,922.67 -22.65% 65.96% UAE 1,135.84 -13.28% -48.26% Turkey 809.08 -92.58% -90.95% Myanmar 724.65 -2.22% -6.91% Madagascar 534.97 30.16% 4.50% Congo Republic 505.85 -26.88% -20.16% Mozambique 483.28 -46.93% 96.40% South Africa 369.92 -83.64% -93.75% Kenya 364.00 44.45% - Bolivia 338.21 -25.80% - Tanzania 294.82 -53.33% -64.87% Nigeria 221.00 689.29% 310.09% Ethiopia 197.45 9,872,200.00% 1,645,283.33% Thailand 136.40 - 50.85% Angola 130.81 - - Vietnam 63.84 - - Papua New Guinea 0.09 - - Netherlands 0.05 6.25% 10.87% Total 2,360,706.88 0.39% -1.74% Data source: General Administration of Customs The following is a breakdown of exports based on data from the website of the General Administration of Customs of China: Destination May 2026 (mt) MoM YoY Malaysia 2,297.60 1.50% - Mongolia 412.23 176,064.53% -0.43% UK 0.52 13.60% 1,626.67% Netherlands 0.49 150.76% 8,133.33% Kazakhstan 0.09 - - Belgium 0.05 -27.54% 13.64% Australia 0.04 21.21% - Total 2,711.03 19.71% 514.63% Data source: General Administration of Customs (Comprehensive by Wenhua)

Data from the online query platform of customs statistics showed that China's copper cathode imports in March 2026 totaled 279,368.28 mt, up 37.22% MoM and down 21.12% YoY. China imported 99,134 mt of copper cathode from the DRC in March, up 40.29% MoM and down 11.90% YoY. China imported 50,000.35 mt of copper cathode from Russia in March, up 161.09% MoM and down 31.48% YoY. Export side, China's copper cathode exports in March 2026 totaled 58,213.02 mt, down 25.59% MoM and down 14.40% YoY. China exported 20,773.82 mt of copper cathode to Taiwan, China in March, down 27.00% MoM and down 1.54% YoY. China exported 14,825.88 mt of copper cathode to Vietnam in March, up 324.68% MoM and up 109.54% YoY. Below is a breakdown of import data compiled from the General Administration of Customs website: Origin Mar 2026 (mt) MoM YoY DRC 99,134 40.29% -11.90% Russia 50,000.35 161.09% -31.48% Chile 22,176.40 -12.79% -50.96% Japan 16,813.32 149.84% 1.38% Kazakhstan 14,609.34 70.94% -27.94% Zambia 11,917.14 -48.13% -8.35% Australia 10,361.24 3,338.25% 179.50% Pakistan 8,398.21 14.35% 64.90% Myanmar 5,120.18 8.98% 278.21% Indonesia 5,019.44 340.72% 284.62% Peru 4,153.01 -22.79% -59.93% Uzbekistan 4,085.00 30.57% 44.14% Serbia 4,013.21 223.16% 71.66% Netherlands 3,492.23 - - South Africa 3,158.74 75.66% 93.03% UAE 2,332.17 -32.74% -82.42% Qatar 1,490.99 81.41% 2.66% Laos 1,240.29 149.66% 120.76% India 1,135.97 -17.24% 23.41% Spain 1,112.20 - 95.25% Poland 1,040.86 -65.70% -67.21% Belgium 991.46 - -63.55% South Korea 955.28 380.10% -74.44% Egypt 741.65 288.74% 486.40% Turkey 679.23 37.84% -65.17% Thailand 672.95 35.89% -22.71% Malaysia 613.67 -31.49% -74.16% Congo Republic 526.09 - 26.03% China 494.64 -93.81% -87.52% Morocco 393.22 -85.83% -34.82% Oman 344.97 0.02% 584.33% Georgia 328.85 192.31% 47.21% Mexico 306.63 -38.01% -85.20% Mongolia 266.98 -63.16% -86.27% Tajikistan 214.46 -36.44% 8.38% Taiwan, China 184.36 794.98% -51.82% Guinea 127.41 -29.09% -28.30% Sierra Leone 103.81 39.79% - Gabon 98.77 36.40% 113.83% Bolivia 84.3 1,045.38% -78.08% Canada 82.92 245.42% 63.55% Jordan 75.4 - -24.74% Mauritius 70.29 188.67% - Angola 50.48 -66.97% - Mozambique 48.2 - - Kenya 25 - - Brazil 23.48 - - Hong Kong, China 20.98 - 419,500.00% Germany 20.09 -40.76% 143.80% Finland 18.41 -38.81% - US 0.02 118.18% - Italy 0.02 - 15.00% Total 279,368.28 37.22% -21.12% Source: General Administration of Customs Below is a breakdown of export data compiled from the General Administration of Customs website: Destination Mar 2026 (mt) MoM YoY Taiwan, China 20,773.82 -27.00% -1.54% Vietnam 14,825.88 324.68% 109.54% Thailand 9,501.22 86.48% 99.85% South Korea 4,974.88 -79.95% -57.72% Malaysia 4,372.73 157.42% 631.26% Indonesia 1,403.09 -24.76% 99.96% India 1,202.46 -77.01% 9,249,569.23% Pakistan 548.46 171.61% 265.62% Bangladesh 504.81 25,140.40% - UAE 100.48 - - Tanzania 4.57 - - Hong Kong, China 0.61 - - UK 0.01 1,000.00% - Belgium 0.01 66.67% - Total 58,213.02 -25.59% -14.40% Source: General Administration of Customs (Wenhua Comprehensive)

Data from the online query platform of customs statistics showed that China's imports of copper ore and concentrates in March 2026 totaled 2,629,996.23 mt, up 13.84% MoM and up 9.99% YoY. China imported 820,975.96 mt of copper ore and concentrates from Chile in March, up 9.86% MoM and up 1.61% YoY. China imported 655,587.09 mt of copper ore and concentrates from Peru in March, up 33.96% MoM and up 17.12% YoY. Export side, China's exports of copper ore and concentrates in March 2026 totaled 441.66 mt, up 57,483.31% MoM and up 4,788.37% YoY. China exported 440.29 mt of copper ore and concentrates to Mongolia in March, up 204,684.65% MoM and up 44,028,600.00% YoY. China exported 0.63 mt of copper ore and concentrates to the UK in March, up 108.67% MoM and up 5,116.67% YoY. Below is a breakdown of import data compiled from the website of China's General Administration of Customs: Origin Mar 2026 (mt) MoM YoY Chile 820,975.96 9.86% 1.61% Peru 655,587.09 33.96% 17.12% Mongolia 216,179.71 8.99% 30.00% Russia 130,003.95 84.67% 120.85% Kazakhstan 113,192.78 1.84% -3.49% Mexico 110,475.43 -6.45% -0.58% Serbia 88,460.26 38.98% 68.17% DRC 67,621.60 66.76% 70.74% Ecuador 60,735.30 83.44% -13.98% Australia 53,948.73 25.39% 51.52% Canada 49,086.07 -25.93% 168.17% Brazil 47,986.63 -16.70% 99.48% Armenia 26,008.34 1.92% 51.56% Botswana 23,428.58 -25.88% -35.58% Oman 21,629.46 1,290.47% 587.34% Spain 21,091.23 -59.50% -79.07% Laos 20,138.62 74.01% -3.91% Saudi Arabia 14,005.64 -61.74% -74.34% Philippines 13,780.69 33.35% 916.20% Zambia 10,402.22 -2.43% 523.63% South Africa 10,120.44 8,000.50% 205.01% Eritrea 9,909.68 5.40% -68.35% Turkey 7,500.47 -16.77% -29.31% Morocco 6,694.51 317.57% 189.56% Pakistan 5,754.75 12.62% 1,086.79% UAE 4,527.43 285.35% - Iran 3,531.54 92.06% 2,207,112.50% Namibia 3,359.64 247.39% -8.90% Albania 2,334.52 0.50% 99.12% Dominican Republic 2,297.50 -19.65% -57.56% India 2,149.50 -56.08% 42,989,900.00% Mauritania 1,895.04 0% -71.28% Nicaragua 937.32 700.81% -4.92% Myanmar 893.12 182.94% -53.26% Zimbabwe 729.18 832.99% 458.03% Cambodia 556.34 94.91% - Congo Republic 491.01 117.10% -10.06% Bolivia 431.23 -82.07% 0.62% Colombia 363.69 -94.35% 169.39% Madagascar 308.2 -53.36% 83.45% Tanzania 131.99 -40.54% 73.23% Nigeria 131.36 366.97% 1,313,500.00% Malaysia 79.49 -99.75% 1,135,428.57% Thailand 75.38 - - Vietnam 54.54 -73.90% -83.73% Netherlands 0.07 195.65% 65.85% Romania 0.01 - -100.00% Total 2,629,996.23 13.84% 9.99% Data source: General Administration of Customs Below is a breakdown of export data compiled from the website of China's General Administration of Customs: Destination Mar 2026 (mt) MoM YoY Mongolia 440.29 204,684.65% 44,028,600.00% UK 0.63 108.67% 5,116.67% Netherlands 0.45 156.00% 44,700.00% Belgium 0.21 994.74% 890.48% Australia 0.04 18.75% - Oman 0.01 - - Chile 0.01 0% - India 0.01 100.00% - Total 441.66 57,483.31% 4,788.37% Data source: General Administration of Customs

【SMM Steel】Serbia's Utva Silosi AD Kovin selected Danieli to supply a new ERW tube line. The investment will expand capabilities, with ops scheduled for H1 2027. The line will produce tubes for various industrial uses, including structural and high-precision auto tubes. It will produce tubes up to 50 mm OD and 3 mm wall thickness at >160 m/min. The line includes continuous coil joining and a high-frequency welder. Downstream ops will produce square, rectangular, and round sections.

[CleanTech Is About to Sign a 40-Year Operating Contract With the Chilean Government for the Laguna Verde Lithium Project] CleanTech Lithium, an Anglo-Australian company, is about to sign a 40-year contract with the Chilean government to develop the Laguna Verde lithium project in the Atacama Region, enabling it to advance extraction of this mineral at one of the salt lakes opened to the private sector. After reaching agreement with the Ministry of Mining on the terms of the Special Lithium Operating Contract (CEOL), Chile’s Office of the Comptroller General is now expected to approve the document in Q2 2026. CleanTech, its subsidiary Atacama Salt Lakes, and minority shareholders that are among the consortium members established to advance the Laguna Verde project have begun celebrating this new phase, as it provides greater certainty for their investment. [Rio Tinto Begins Commercial Lithium Exports From the Rincon Project] Rio Tinto’s milestone achievement in commencing commercial lithium exports from the Rincon project marked a pivotal moment for the global lithium market. Miners are currently contending with the complex interplay of resource scarcity, geopolitical tensions, and the accelerating popularization of EVs. The traditional supply-chain dependencies that have defined battery materials sourcing for decades are being reshaped by new producers launching commercial operations in previously underexplored regions. These developments signify not merely a slight increase in capacity, but a fundamental shift in how critical minerals move from extraction sites to manufacturing hubs, with implications far beyond quarterly production data. Rio Tinto’s commercial lithium exports from the Rincon project reflected its prudent positioning in one of the world’s most fiercely contested mining regions for this mineral. Following the suspension of the Jadar project in Serbia in 2025, the company shipped 200 mt of battery-grade lithium carbonate from Buenos Aires to Shanghai in March 2026, marking the official start of operations at its core South American lithium asset. The timing of this market entry reflected broader industry dynamics across the Lithium Triangle. Argentina’s regulatory environment has increasingly favoured large-scale international mining operations. In addition, the Rincon project is located in Salta Province, placing Rio Tinto within a geographic cluster that contains significant global lithium resources across Argentina, Chile, and Bolivia. [The Geothermal Plant Behind Europe’s Lithium Push] The town of Landau in der Pfalz, near the French-German border, has long been at the heart of the local winemaking industry. The region is also home to the Upper Rhine Valley brine fields, which contain Europe’s largest lithium resources and have now made it a hub for Europe’s push to advance EV development. The planned integrated geothermal-lithium extraction plant forms part of renewable energy producer Vulcan Energy’s ambition to build a carbon-neutral EV supply chain in Europe. The project will use geothermal wells to extract lithium-rich brine from depths of up to 5 kilometers. The high-temperature brine will be pumped to the surface, where lithium will be extracted before being transported to a plant. There, the lithium will be converted through electrolysis into lithium hydroxide monohydrate (LHM). The brine will then be reinjected underground, while LHM will be delivered to offtakers, including automaker Stellantis, which owns automotive brands such as Citroen and Peugeot. [Liontown's Interim Loss Widens as It Bets on a Recovery in Lithium Prices] Australia's Liontown said on Thursday that its loss widened in H1 due to a non-cash accounting charge, and added that it is evaluating potential expansion options for its Kathleen Valley mine as lithium prices are expected to rise. The miner of this raw material used in EV batteries has been seeing an initial price recovery after nearly two years of weakness. Previously, EV adoption was slower than generally expected, resulting in oversupply. Liontown said in its December quarter report that prices improved, with the selling price reaching $900/mt, up 28% from the previous quarter. As its flagship project transitioned to underground mining, the company sold 190,000 mt of spodumene, a lithium raw material, in H1. Source: https://www.investing.com