SMM will update its Alumina Monthly Cost Model from January 2026, incorporating VAT into bauxite costs and discontinuing certain regional indicators.

Dear Valued Client, To keep pace with the rapid development of the secondary copper industry and meet the market's need for in-depth analysis of the recycling industry and the supply-demand pattern of copper cathode, our company has conducted a deep optimization of our data models. We are now systematically upgrading and adjusting the standards and content of monthly supply-demand balance data related to China's copper scrap, with the following treatment applied to historical data: I. Adjustments Made The following data points have been newly launched: "Copper Scrap New and Old Scrap Production: Domestic Old Scrap: Annual", "Copper Scrap New and Old Scrap Production: Domestic New Scrap: Annual", "Copper Scrap New and Old Scrap Production: Domestic Copper Scrap: Annual", "Copper Scrap New and Old Scrap Production: Domestic Old Scrap - Forecast: Annual", "Copper Scrap New and Old Scrap Production: Domestic New Scrap - Forecast: Annual", and "Copper Scrap New and Old Scrap Production: Domestic Copper Scrap - Forecast: Annual"—a total of six new data points. (Access path for new data: Database - Copper - Copper Scrap - Production - Domestic Copper Scrap Production) II. Historical Data Processing The following four historical data series will cease to be updated starting from December 2025: "Domestic Copper Scrap Supply (Metal Content), ID: a10031747", "SMM Domestic Copper Scrap Supply: YoY, ID: a10031748", "Domestic Copper Scrap Supply (Metal Content) - Forecast, ID: a12731971", and "SMM Domestic Copper Scrap Supply YoY - Forecast, ID: a12731972". Going forward, the new standards will be uniformly applied for data releases, with the revised data traceable back to 2020. Should you have any questions, please feel free to contact the SMM customer service team at any time. Thank you for your continued support and trust! III. Effective Date February 1, 2026 SMM Information & Technology Co., Ltd. SMM Copper Research Team Liang Kaihui, 86-21-5159-5826 January 22, 2026

Dear Users, To optimize the data structure and enhance your data retrieval and analysis efficiency, we will adjust the classification hierarchy of "Magnesium" data in our Database Pro, effective from February 1, 2026. Before Adjustment: After Adjustment: Reason for Adjustment: Sustained Growth in User Attention: We have observed that in recent years, user query frequency, analysis depth, and attention to magnesium-related data have significantly increased. This adjustment aims to respond to your needs, making the classification structure more aligned with your usage habits and enabling easier access and retrieval of relevant data. Impact and Recommendations for You: • Change in Data Access Path: After the adjustment, you can directly locate the "Magnesium" category under the Minor & Precious Metals classification directory in the database, without needing to access it through the "Minor Metal" category. • This adjustment will not result in any loss of historical data, nor will it affect data usage permissions it only changes the classification hierarchy. We believe this adjustment will provide you with a clearer and more efficient data service experience. We sincerely apologize for any inconvenience caused by this adjustment and greatly appreciate your understanding and support. SMM Information & Technology Co., Ltd. January 22, 2026