On July 29, the China Nonferrous Metals Industry Association (CNIA) held a press conference on the H1 2026 performance of the nonferrous metals industry, both in-person and online. Chen Xuesen, Standing Committee Member of the Party Committee, Vice President and Spokesperson of CNIA, reported on the industry's H1 performance and answered questions from media and enterprise representatives together with relevant department heads. Chen Xuesen stated that the industry's overall operation was stable and improving, with growth in multiple core indicators including production, investment, foreign trade, prices, and profitability. First, production of major varieties grew steadily, while new energy metals diverged. Data from the National Bureau of Statistics (NBS) showed that total production of ten nonferrous metals in H1 reached 41.513 million mt, up 3.3% YoY. Among the 23 nonferrous metal products monitored, production of 13 products increased YoY, while that of 10 products fell YoY. Production and sales of traditional bulk metals were stable with slight gains: copper cathode output was 7.608 million mt (up 5.2%), copper semis 11.982 million mt (up 0.3%), alumina 45.772 million mt (up 3.3%), and primary aluminum 23.187 million mt (up 3.8%). However, upstream mines and downstream processing sectors faced periodic pressure: metal content of six mined metals was 2.955 million mt (down 5.8%) and aluminum semis production was 32.303 million mt (down 2.4%). Industry value-added grew 0.3% in H1, with value-added of the mining and beneficiation sector up 3.2% and that of smelting and processing edging down 0.3%. Production of key new energy metals diverged: silicon metal output was 2.231 million mt (up 2.5% YoY); lithium carbonate capacity release was significant, with production at 563,000 mt (surging 33.9% YoY); refined nickel and refined cobalt output contracted to 221,000 mt and 60,000 mt, down 4.8% and 41.8% YoY respectively. Second, fixed asset investment edged up, with prominent investment vitality in the mining and beneficiation sector. The growth rate of fixed asset investment in the industry narrowed significantly from Q1 in H1. On one hand, project construction progress was constrained by high temperatures and heavy rainfall in some regions; on the other hand, resource constraints became prominent and capacity "involution" intensified, so enterprises had weak willingness for medium and long-term capital expansion domestically and turned more to overseas markets. Overall, the industry's fixed asset investment edged up only 0.4% YoY, down 10.3 percentage points from the Q1 growth rate, with notable sector divergence: investment in nonferrous metals mining and beneficiation rose 21.2%, while investment in smelting and processing declined 4.1%. Private investment was under pressure overall, with industry private investment down 1.0% YoY in H1. By sector, private investment in smelting, rolling and processing fell 3.0%, while that in mine mining and beneficiation grew 8.1%, becoming the main driver of private investment in the industry. Third, foreign trade scale surged significantly, and gold products became the core engine of trade growth. Amid sluggish global economic recovery and intertwined geopolitical turmoil, the industry's foreign trade saw improvements in both volume and quality, with import and export scale expanding substantially. Customs data showed that in H1, total imports and exports of nonferrous metal products reached $347.13 billion, up 68.0% YoY. Specifically, import value was $280.91 billion, up 81.7%, driven mainly by gold products, while export value was $66.22 billion, up 27.3%. The share of gold product imports and exports in the industry's total trade rose to 41.8%, playing a prominent role in boosting overall foreign trade. Bulk raw material imports and exports showed mixed changes. Among them, imports of copper ores and concentrates were 14.61 million mt, down 0.9% YoY, while bauxite imports were 120 million mt, up 17.4%. Imports and exports of copper and aluminum semis showed a pattern of "reduced imports and increased exports." Specifically, imports of unwrought copper and copper semis were 2.49 million mt, down 5.3%, while exports were 879,000 mt, up 18.2%; imports of unwrought aluminum and aluminum semis were 1.88 million mt, down 5.1%, while exports were 3.396 million mt, up 16.3%. In addition, exports of aluminum products (including aluminum alloy wheel hubs) were 2.576 million mt, up 16.4%. Foreign trade in new energy metals continued to gain momentum. Specifically, lithium carbonate imports were 179,000 mt, up 52.3% YoY, silicon metal exports were 379,000 mt, up 11.4%, and unwrought nickel exports contracted sharply to 12,000 mt, down 86.9%. Fourth, market prices consolidated at high levels, with most product prices falling back MoM in June. Affected by overseas resource monopolies and the transmission of geopolitical conflict premiums, major nonferrous metal prices stayed high in H1, but the high prices also forced downstream enterprises to advance material substitution, which to some extent squeezed the industry's demand growth space. In June, market prices saw a phased correction, with 17 of the 24 products monitored by the China Nonferrous Metals Industry Association (CNIA) seeing MoM declines. In terms of H1 average prices, seven products declined YoY, but mainstream products such as copper, aluminum, gold, zinc, tungsten and molybdenum saw price increases. In the domestic spot market in H1, among traditional metals, apart from lead, whose average price was 16,649 yuan/mt, down 1.5% YoY, copper averaged 101,964 yuan/mt, up 31.4%, aluminum averaged 24,124 yuan/mt, up 18.8%, zinc averaged 24,276 yuan/mt, edging up 4.2%, while for precious metals, the average spot gold price was 1,058.4 yuan/g, up 45.9%, and silver averaged 19.7 yuan/g, surging 141.1%. New energy metals showed divergent price changes, with the average price of silicon metal at 9,079 yuan/mt, down 10.7%; battery-grade lithium carbonate at 159,000 yuan/mt, surging 128.1%; nickel at 142,000 yuan/mt, up 12.5%; and cobalt at 417,000 yuan/mt, up 101.5%. Fifth, industry profits increased significantly, with the smelting segment becoming the core pillar of profitability. In H1, the profitability of the industry achieved a leap-forward improvement. The 12,362 enterprises above designated size recorded total operating revenue of 5,769.68 billion yuan, up 21.7% YoY, and total profit of 418.39 billion yuan, up 94.0% YoY. The profit growth accounted for 32.6% of the total profit growth of industrial enterprises above designated size nationwide, boosting the total profit growth of national designated industrial enterprises by 6.1 percentage points, ranking among the top in the industrial sector in terms of profit growth rate. Meanwhile, cost control showed positive results, with the cost per hundred yuan of operating revenue for the above-designated-size enterprises at 90.0 yuan, down 2.7 yuan YoY. The sharp profit increase was driven by multiple favorable factors resonating together: First, tight ore supply and rising scarcity premiums pushed profits toward upstream mines. Second, emerging industries such as AI computing infrastructure, power batteries, energy storage, and NEVs continued to release rigid demand, strongly supporting non-ferrous metal product prices and market demand. Third, geopolitical conflicts periodically pushed up aluminum and sulphuric acid prices, generating phased profit gains; combined with the low price base in H1 2025, these factors jointly drove a sharp YoY increase in profits this year. The profit structure of the industry chain showed a pattern of smelting leading, mining following, and processing being relatively weak. The contribution rates of the mining, smelting, and processing segments to industry profit growth were 23.6%, 65.5%, and 11.0%, respectively, boosting industry profit growth by 22.1, 61.6, and 10.3 percentage points. The profitability difference across the industry chain was significant, with operating profit margins for mining, smelting, and processing standing at 40.6%, 8.9%, and 2.0%, respectively, up 10.3, 3.4, and 0.7 percentage points YoY. The profit increase in the smelting segment was 132.74 billion yuan, accounting for 65.5% of the industry’s profit growth. Aluminum smelting and gold smelting contributed 56.7% and 17.3% of the profit increase in the smelting segment, making them the main drivers of profit growth in the segment. By product, the aluminum sector had the most prominent boosting effect, with a profit growth contribution rate of 43.5%. Dividends from supply-side structural reform in aluminum continued to be released, and global supply tightened due to geopolitical disruptions, pushing aluminum prices persistently higher. The contribution rates of gold, copper, and tungsten & molybdenum were 13.0%, 13.6%, and 9.0%, respectively. Together, these four categories contributed 79% of the industry’s profit growth, becoming the main force behind the profit rise. Profits in only two categories, antimony and silicon metal, were under pressure, while all other metal types achieved positive revenue increases. Chen Xuesen pointed out that since this year, the industry has demonstrated strong development resilience under the dual tests of external risk shocks and internal structural constraints. H1 operations presented three features: support from emerging industry demand, synchronized improvement in industry volume, price, and profit, diversified expansion of overseas resource deployment and continuous improvement of international resource guarantee systems, and prominent domestic resource supply constraints, with primary ores and recycled resources synergistically shoring up weaknesses. Taking all factors into account, the China Nonferrous Metals Industry Association (CNIA) makes the following projections for the industry's 2026 trajectory: H2 nonferrous industry value-added growth rate is expected to be higher than H1, with a full-year industry value-added growth rate of 2%~3%; production of ten nonferrous metals for the full year is up about 3% YoY; major nonferrous metal prices will swing wildly at highs, with geopolitical situations, downstream demand, and overseas supply being the core variables driving price fluctuations; total import and export value will maintain growth for the full year, with import growth being higher, driven by high-price resource procurement and safe-haven demand; exports of copper and aluminum semis and products possess stable resilience, continuing to provide support for stable foreign trade exports; full-year industry operating revenue and total profit remain up YoY, but revenue and profit growth rates will pull back in H2, with the growth rates showing a pattern of stronger first half and weaker second half; the profit allocation pattern remains unchanged, profit advantage at the resource end remains solid, and except for aluminum smelting, the room for profit improvement in other types of smelting and processing is relatively limited. Chen Xuesen stated that in the next step, the industry will closely follow the deployment and requirements of the CPC Central Committee and the State Council, focusing on three core tasks: strengthening the resource security baseline, expanding the recycled resource circular industry, accelerating the green and low-carbon transition and proactively addressing international green trade barriers, and cultivating new development momentum and activating enterprise innovation vitality. Multiple measures will be taken to solidify the foundations of the industry chain and supply chain, promoting both quality and efficiency improvements. (China Nonferrous Metals News)

Xingye Silver&Tin issued an announcement on July 28 regarding a safety incident at a subsidiary. The announcement showed that at approximately 15:30 on July 26, 2026, an accident occurred during production and construction at the underground mine of West Ujimqin Banner Yinman Mining Co., Ltd. (hereinafter referred to as “Yinman Mining”), a wholly-owned subsidiary of Inner Mongolia Xingye Silver&Tin Mining Co., Ltd. (hereinafter referred to as “the Company”), in Zone 3, Level 750, West Main Haulage between points 19-1 and 25-1, resulting in one fatality and no injuries. After the accident, the Company promptly reported to the local emergency management department in accordance with relevant regulations. The cause of the accident and the cause of death are still under investigation and confirmation, and the Company will fully cooperate with the accident investigation and follow-up work. Currently, Yinman Mining has received the “On-site Treatment Measures Decision” (Xi) Ying Ji Xian Jue [2026] No. 257 issued by the West Ujimqin Banner Emergency Management Bureau. The mining area of Yinman Mining has been shut down, while the beneficiation plant continues normal production. The Company expresses deep condolences to the deceased employee and profound apologies to the bereaved family. To learn a profound lesson from this accident and further strengthen safety production management, the Company will comprehensively and thoroughly conduct safety production self-inspections, implement accident prevention and rectification measures, and further eliminate potential safety hazards. Regarding the expected impact of this accident on the Company, the announcement by Xingye Silver&Tin stated: Yinman Mining is mainly engaged in the mining, beneficiation, and sales of non-ferrous metals such as silver, tin, copper, lead, and zinc, with a capacity of 1.65 million mt/year. In 2025, Yinman Mining achieved operating revenue of RMB 3.062 billion, accounting for 55.12% of the Company’s total consolidated operating revenue, and net profit of RMB 1.346 billion. In Q1 2026, Yinman Mining achieved operating revenue of RMB 961.60 million, accounting for 45.15% of the Company’s total consolidated operating revenue, and net profit of RMB 474.75 million. Currently, the beneficiation plant of Yinman Mining is operating normally. The surface ore stockpile at the mining area amounts to 350,000 mt of ore, which can supply the beneficiation plant for about two and a half months. If the mining area cannot resume normal production in the short term, it will not have a significant impact on the Company’s production and operations, nor will it materially adversely affect the Company’s future performance. The Company will promptly fulfill its information disclosure obligations in accordance with relevant regulations based on the progress of this accident, and reminds investors to be aware of investment risks. In terms of performance: According to the 2025 annual report released by Xingye Silver&Tin, in 2025, the Company achieved operating revenue of RMB 5.555 billion, up 30.09% year-over-year; total profit of RMB 2.096 billion, up 18.75%; and net profit attributable to shareholders of the listed company of RMB 1.704 billion, up 11.40%. The announcement by Xingye Silver&Tin shows: In 2025, the operating revenue from the Company’s main mineral products as a proportion of total operating revenue was as follows: ore-derived silver contributed RMB 2.176 billion, accounting for 39.17%; ore-derived tin RMB 1.650 billion, 29.70%; ore-derived zinc RMB 975.87 million, 17.57%; ore-derived lead RMB 220.95 million, 3.98%; ore-derived iron RMB 180.38 million, 3.25%; ore-derived copper RMB 133.00 million, 2.39%; ore-derived antimony RMB 100.36 million, 1.81%; ore-derived gold RMB 82.34 million, 1.48%; ore-derived bismuth RMB 16.67 million, 0.30%. Notably, the combined revenue shares of ore-derived tin and ore-derived silver reached 68.86%. In discussing 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 beneficiation of non-ferrous and precious metals. As of the disclosure date of this report, the Company has over 20 subsidiaries, of which 8 are producing mining companies, namely Yinman Mining, Qianjinda Mining, Yubang Mining, Rongguan Mining, Xilin Mining, Rongbang Mining, Ruineng Mining, and Bosheng Mining; the Achmmach tin mine under Atlantic Tin SAS, a subsidiary of Atlantic Tin, is under construction; Tanghe Shidai Mining is in suspension, while Yitong Mining and Yunnan Xigui are in the exploration stage. Hainan Fund is primarily engaged in equity investment management; Xingye Gold (Hong Kong) mainly engages in metals and mining trade, corporate M&A, and is responsible for expanding markets outside China and acquiring high-quality overseas mineral resources; Hainan Guomao and Tianjin Guomao primarily sell non-ferrous mineral products and procure some raw materials; Xingye Ruijin mainly conducts process research, technology R&D, and transformation in areas such as prospecting, mining and beneficiation, and comprehensive tailings recovery. Xizang Shannan Antimony-Gold, Xizang Xinda Mining, and Xing’an Meng Fuxingtun Mining serve as regional resource integration platforms for the Company. During the reporting period, the Company successfully acquired an 85% stake in Yubang Mining. According to data from the World Silver Survey as of the end of 2023, Yubang Mining’s single 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. At the same time, using its subsidiary Xingye Gold (Hong Kong) as the investment vehicle, the Company increased its investments in overseas mineral resources, successfully acquiring a 100% stake in Atlantic Tin. This acquisition was an important step in implementing the Company’s “going global” strategy. According to the Classification for Mineral Resources and Reserves Scale (DZ/T 0400-2022), a large-scale tin mine standard, the Achmmach tin mine owned by Atlantic Tin is now equivalent to five large deposits. Through this integration of overseas tin resources, the Company further improved its global tin layout and reserved significant strategic resources for long-term development. The Company’s main performance derives from its non-ferrous metal mining and beneficiation business, which accounted for 99.64% of total operating revenue in 2025. Key factors affecting the performance of the mining and beneficiation segment include production and sales volumes of major products, market prices, and costs associated with non-ferrous and precious metal mining and beneficiation operations. Regarding the operating plan, Xingye Silver&Tin stated in its 2025 annual report: 2026 marks the final year of the Company’s “23” Plan. The Board will closely focus on high-quality development, fully implement the established work targets, continuously deepen the philosophy of “trust and synergy,” and go all out to achieve the goals of the “23” Plan, with emphasis on the following tasks: 1. Adhere to the bottom line of safety and environmental protection, using 2026 as the “Year of Safety Management Implementation” to fully solidify safety responsibilities, consolidate the achievements of the “Year of Collective Safety Calmness,” strengthen risk anticipation and process control, resolutely prevent all types of safety and environmental incidents, and achieve safe, steady, green, and low-carbon development. 2. Vigorously promote the construction of key projects, strengthen full-process management of project budgets, schedules, and quality, and coordinate the implementation of projects such as the 2.97 million mt expansion and upgrade of Yinman Mining, the 8.25 million mt expansion and upgrade of Yubang Mining, the Morocco project, and the Budun Yingen Mining (trusteeship) project, ensuring timely completion, full capacity, and the release of capacity benefits. 3. Continuously intensify exploration and reserve expansion, properly balancing production operations with geological exploration, steadily advancing exploration of existing mines and surrounding areas, accelerating resource-to-reserve upgrades, and continuously consolidating the resource base. 4. Deepen industrial synergy and resource integration, leveraging the core regional advantages of Inner Mongolia while steadily expanding overseas resource deployment; adhere to silver and tin as the main business direction, enriching and optimizing resource varieties. Solidly advance the subsequent acquisition and integration of Weiling Shares, actively track high-quality mineral project opportunities both in and outside China, and enhance overall competitiveness through industrial synergy M&A. 5. Further strengthen system enforcement and internal control management, promoting the effective implementation of various systems, processes, and control requirements, and elevating the level of refined management; strengthen enforcement to ensure that production plans, comprehensive budgets, and all work deployments are fully executed, and deeply integrate corporate culture with operational management. 6. Fully promote preparations for a Hong Kong stock listing, accelerate the establishment of dual capital market platforms both at home and abroad, enhance cross-border capital operation capabilities, provide stronger financial support for resource integration and strategy implementation, and drive the Company’s high-quality sustainable development to a new level. In a research report released on July 25, Huaxi Securities commented: Silver’s macro logic is similar to gold’s, but it also has stronger industrial attributes, with its price driven by a resonance of fundamentals, policy, and trading. From a core support perspective, silver’s inclusion in the US “critical minerals” list has triggered sustained capital attention and hoarding effects, serving as a key policy catalyst for price increases. Although short-term demand has pulled back, the supply-side gap remains prominent, providing core fundamental support for silver prices. The supply-demand gap for silver is expected to widen further in the coming years. Coupled with industrial recovery demand under an easing cycle, silver’s price elasticity is significantly higher than gold’s, and it is likely to rise amid an accommodative environment and industrial demand, with a positive long-term outlook for silver prices. Currently, the silver sector is in a pullback consolidation phase, suppressed in the short term by a stronger US dollar and delayed interest rate cut expectations, but it still holds medium- and long-term investment value. Beneficiaries of silver: [Shengda Resources], [Xingye Silver&Tin]. A research report from Guosen Securities on April 24 showed: In recent years, the Company’s production of major minerals has steadily increased. In 2025, both volume and price increases of silver drove growth, while high tin prices offset the impact on production. M&A achievements were significant, with silver and tin resource reserves reaching new heights. In 2025, the Company completed two major strategic acquisitions. 1) Acquisition of an 85% stake in Yubang Mining: In January 2025, the Company acquired an 85% stake in Yubang Mining for RMB 2.388 billion. Yubang Mining is the largest single silver mine in Asia and the fifth largest globally. This acquisition increased the Company’s silver metal resources to 29,800 mt, significantly enhancing its industry standing. 2) Acquisition of a 100% stake in Atlantic Tin: In August 2025, the Company completed the acquisition of Atlantic Tin, obtaining its Achmmach tin mine in Morocco. The mine holds tin metal resources of 213,300 mt, equivalent to five large tin deposits, bringing the Company’s total tin metal resources to 391,600 mt. Risk warnings: risks that the Company’s resource development progress may fall short of expectations; risks of wild swings in metal prices.

“Tin” Leading the Future: Industry Transformation and Value Reshaping in the New Cycle Conference Background At present, the global tin industry is standing at a historic turning point. Traditional cycle logic has been completely disrupted, and its strategic value has become fully evident. In 2026, the tin market is exhibiting an unprecedentedly complex landscape and profound changes: I. Deep Restructuring of the Supply-Demand Pattern, with Strategic Attributes Reaching an Unprecedented Level The global tin resource static reserve-to-production ratio is only 14 years, and scarcity is becoming increasingly prominent. The supply side is facing “triple pressure”: repeated setbacks in Myanmar’s production resumptions, continued tightening of Indonesia’s policies, and elevated geopolitical risks in the DRC; resource constraints have become the new normal. Meanwhile, the demand structure has undergone a fundamental shift, and tin has become a strategic resource connecting traditional manufacturing with the digital future. II. The Pricing System Breaks Historical Records, and the Industry Ecosystem Faces Reshaping In early 2026, SHFE tin prices broke through 470,000 yuan/mt, setting a record high. This price breakthrough is not only a reflection of the supply-demand imbalance, but also a sign of value reassessment in the tin industry. Traditional trading models, risk management systems, and supply chain collaboration approaches are all in urgent need of innovative breakthroughs. III. Technology-Driven and Green Transformation Gives Rise to a New Symbiotic Ecosystem Digital and intelligent technologies are deeply empowering the tin industry chain. Global green transformation requires the tin industry to upgrade toward low-carbonisation and a circular economy; recycled tin recovery and green smelting processes have become the only way forward. All links of the industry chain must shift from competition to collaboration, building an open, resilient, and innovative symbiotic system. Against this backdrop, on August 19-21, 2026 in Changsha, Hunan the 2026 SMM (16th) Tin Industry Chain Conference will bring together global industry elites for joint discussions. Guangxi Huaxi Nonferrous Metals Co., Ltd. will attend this grand event, joining industry peers to discuss industry development trends and work together to drive the tin industry to new heights. Click to register for the conference immediately, and jointly witness and participate in this extraordinary and far-reaching industry event, creating a brilliant new chapter together! Guangxi Huaxi Nonferrous Metals Co., Ltd. (hereinafter referred to as “Huaxi Nonferrous”: 600301) is a publicly listed firm actually controlled by Guangxi Key Metals Industry Development Group Co., Ltd. (hereinafter referred to as the “Key Metals Group”), a large state-owned enterprise directly under the People’s Government of the Guangxi Zhuang Autonomous Region. It is also the only state-controlled publicly listed entity in Guangxi’s nonferrous metals industry, bearing the core mission of safeguarding the strategic security of the nation’s key metals and promoting high-quality regional industrial development. Guangxi Huaxi Nonferrous Metal Co., Ltd (hereinafter referred to as “GHNM”, stock code: 600301) is a listed company effectively controlled by Guangxi Critical Metals Industry Development Group Co., Ltd. (hereinafter referred to as the “Critical Metals Group”), a large state-owned enterprise directly under the People’s Government of Guangxi Zhuang Autonomous Region. GHNM is also the only state-owned listed company in the nonferrous metals industry in Guangxi, undertaking the core mission of safeguarding national strategic security of critical metals and promoting high-quality regional industrial development. As a Guangxi-based enterprise with a global reach in the nonferrous critical metals industry, GHNM is headquartered in Nanning and operates more than ten branches and subsidiaries. The Company manages total assets exceeding RMB 12 billion and employs over 6,600 staff. It has established an entire industry chain layout covering exploration, mining, mineral processing, smelting, deep processing, and advanced materials, with its tin smelting business ranking among the top five producers globally. The Company possesses exceptional resource endowments. Its core mining cluster (including Tongkeng Mine, Gaofeng Tin-Antimony Mine, Wuji Lead-Antimony Mine, and Fozichong Lead-Zinc Mine) has proven reserves of six key minerals—tin, antimony, indium, zinc, lead, and silver—all ranking first in Guangxi. Among them, the retained resources of critical metals tin, antimony, and indium rank among the top globally, laying a solid resource foundation for the Company's sustainable development. As a Guangxi-based enterprise with a global reach in the nonferrous critical metals industry, GHNM is headquartered in Nanning and operates more than ten branches and subsidiaries. The Company manages total assets exceeding RMB 12 billion and employs over 6,600 staff. It has established a fully integrated industrial chain covering exploration, mining, mineral processing, smelting, deep processing, and advanced materials, with its tin smelting business ranking among the top five globally. The Company possesses strong resource endowment. Its core mining cluster (including Tongkeng Mine, Gaofeng Tin-Antimony Mine, Wuji Lead-Antimony Mine, and Fozichong Lead-Zinc Mine), has identified reserves of six key minerals including tin, antimony, indium, zinc, lead, and silver, which all rank first in Guangxi. Among them, the critical metals retained reserves of tin, antimony, and indium rank among the top globally, providing a solid resource foundation for the Company’s sustainable development. GHNM is deeply engaged in the high-end manufacturing track. Its main products cover basic metal products such as tin ingots, antimony ingots, indium ingots, lead ingots, zinc ingots, and precious metals, as well as high-end new materials including high-purity metals, solder, and alloys, which are widely used in strategic emerging industries such as new energy, PV, AI chips, aerospace, and intelligent equipment. The “Jin Hai” brand tin ingots are registered on the Shanghai Futures Exchange and the London Metal Exchange, and the product quality is highly recognized by the industry. GHNM is deeply engaged in the high-end manufacturing sector of Critical Metals. Its core products include refined metals such as tin ingots, antimony ingots, indium ingots, lead ingots, zinc ingots, and precious metals, as well as advanced new materials including high-purity metals, solders, and alloys. These products are widely applied in strategic emerging industries such as new energy, photovoltaics, AI chips, aerospace, and intelligent equipment manufacturing. The Company’s “Jinhai” brand tin ingots are registered with the Shanghai Futures Exchange (SHFE) and the London Metal Exchange (LME), and their quality is highly recognized by the industry. Leveraging strong capabilities in technological innovation and green transformation, GHNM has established one of the first national demonstration bases for the comprehensive utilization of mineral resources, a national demonstration base for the comprehensive utilization of indium, tin and antimony resources, and unmanned and intelligent mining demonstration stopes in hazardous operating areas. GHNM has received numerous prestigious honors, including “National Outstanding Unit in Geological Exploration,” “National Green Mine Enterprise,” and “State-owned Enterprise Reform Demonstration Enterprise” recognized by the State-owned Assets Supervision and Administration Commission of the State Council (SASAC). GHNM has also been recognized as a leading “chain owner” enterprise in Guangxi, ranked among the Top 50 manufacturing enterprises in the region, and selected as an outstanding sustainable development case among Chinese listed companies. Leveraging strong capabilities in technological innovation and green transformation, GHNM has established one of the first national demonstration bases for the comprehensive utilization of mineral resources, a national demonstration base for the comprehensive utilization of indium, tin and antimony resources, and unmanned and intelligent mining demonstration stopes in hazardous operating areas. GHNM has received numerous prestigious honors, including “National Outstanding Unit in Geological Exploration,” “National Green Mine Enterprise,” and “State-owned Enterprise Reform Demonstration Enterprise” recognized by the State-owned Assets Supervision and Administration Commission of the State Council (SASAC). GHNM has also been recognized as a leading “chain owner” enterprise in Guangxi, ranked among the Top 50 manufacturing enterprises in the region, and selected as an outstanding sustainable development case among Chinese listed companies. Adhering to the corporate mission of “Sustainably serving society with limited resources through diligence and wisdom,” GHNM, guided by the strategic layout of the critical metals group, is accelerating mine expansion, industry chain extension, and the cultivation of new quality productive forces, and will further improve the industrial ecosystem and release growth potential. Guided by its mission of “leveraging diligence and wisdom to ensure that finite resources sustainably serve society,” GHNM is advancing under the strategic direction of the Critical Metals Group, accelerating mine capacity expansion, extending the industrial chain, and fostering new quality productive forces. The Company will continue to enhance its industrial ecosystem and unlock new growth potential. Going forward, GHNM will continue to deepen its strategy of “strengthening, supplementing, and extending the industrial chain,” drive the transformation of resource advantages into development strengths through technological innovation, and fully build a critical metals industrial chain with national influence and international competitiveness. The Critical Metals Group and GHNM sincerely invite enterprises in and outside China and talented professionals from all sectors to visit Guangxi, discuss cooperation, seek common development, and jointly realize the beautiful vision of “Silver gracing the globe, happiness coalescing in Huaxi.” Looking ahead, GHNM will continue to deepen its strategy of strengthening, complementing, and extending the industrial chain, leveraging technological innovation to transform resource advantages into development strengths, and striving to build a Critical Metals value chain with strong national influence and global competitiveness. The Critical Metals Group and Huaxi Nonferrous sincerely invite partners from across China and around the world, as well as talented professionals from all sectors, to visit Guangxi, explore opportunities, and pursue shared development. Together, we aim to realize the vision of “Silver gracing the globe, happiness coalescing in Huaxi.” Contact Tel: 0771-3160697 15877261682 Email: hxys-yx@china-tin.com Website: https://www.china-tin.com/ Long press or scan to register now 2026 SMM (16th) Tin Industry Chain Conference

"Tin" Leads the Future: Industrial Transformation and Value Reshaping in the New Cycle Conference Background Currently, the global tin industry is at a historic turning point, with traditional cyclical logic completely disrupted and strategic value fully highlighted. The tin market in 2026 is exhibiting an unprecedentedly complex landscape and profound transformation: 1. Profound Restructuring of the Supply-Demand Pattern, Unprecedented Enhancement of Strategic Attributes Global tin reserves have a static reserve-to-production ratio of just 14 years, underscoring growing scarcity. The supply side faces "threefold pressure": repeated setbacks in Myanmar’s production resumption, continuously tightening policies in Indonesia, and elevated geopolitical risk in the DRC. Resource constraints have become the new normal. Meanwhile, the demand structure is undergoing a fundamental shift, making tin a strategic resource that bridges traditional manufacturing and the digital future. 2. A Historic Breakthrough in the Price System, Industry Ecology Facing a Remaking In early 2026, the SHFE tin price broke through 470,000 yuan/mt, hitting a record high. This price breakthrough not only reflects supply-demand imbalance but also marks a revaluation of the tin industry. Traditional trade models, risk management systems, and supply chain collaboration methods urgently require breakthrough innovations. 3. Technology-Driven and Green Transition Foster a New Symbiotic Ecosystem Digital and intelligent technologies are deeply empowering the tin industry chain. The global green transition calls for the tin industry to upgrade toward a low-carbon, circular economy, with recycled tin recovery and green smelting processes becoming the necessary path. All links in the industry chain must shift from competition to collaboration, building an open, resilient, and innovative symbiotic system. Against this backdrop, August 19-21, 2026 in Changsha, Hunan , the 2026 SMM (16th) Tin Industry Chain Conference will bring together global industry elites to jointly explore. Jiangxi Zili Environmental Protection Technology Co., Ltd. will attend this grand event, discuss industry development trends with industry peers, and join hands to drive the tin industry to new heights. Click to register now, witness and participate in this significant and far-reaching industry event, and jointly write a brilliant new chapter! Jiangxi Zili Environmental Protection Technology Co., Ltd. is a wholly-owned subsidiary of Zhejiang Shenlian Environmental Protection Group Co., Ltd. , extracting non-ferrous and precious metals from non-ferrous metal hazardous waste, solid waste, and other recycled materials. With an annual production capacity of 120 kt of copper cathode, 10 kt of electrolytic tin, 20 kt of electrolytic zinc, 10 kt of lead-antimony alloy, and 50 kt of battery-grade nickel sulphate, it comprehensively recovers precious and rare metals such as gold, silver, platinum, palladium, ruthenium, rhodium, and iridium. In 2025, it achieved sales revenue of 12 billion yuan. The company is dedicated to the noble cause of resource regeneration, circular economy, and environmental protection, with a deep focus on the non-ferrous metal hazardous waste treatment sector. It strives to become the largest environmental protection technology enterprise in China specializing in non-ferrous metal hazardous waste treatment, resource recycling, and circular economy development. Our company makes large-scale, year-round purchases of raw materials containing tin, copper, and precious metals. Leaders at all levels and clients are welcome to call or visit our company to discuss business. Contact Information Product Sales Contact: Pan Guowei 13868171169 Fang Wujun 13607949805 Raw Material Procurement Contact: Pan Guowei 13868171169 Dong Junlin 13868184456 Long press or scan the QR code to register now 2026 SMM (16th) Tin Industry Chain Conference

SMM News, July 20: To deepen industry exchanges, facilitate information channels, and jointly explore development trends and market dynamics in the lead and zinc industry, on July 20, Geng Zhiyao, Senior Analyst for Copper, Lead and Zinc at SMM Information & Technology Co., Ltd. (SMM), Li Hanyu, Senior Analyst for Zinc, and Dai Junxiu, Senior Business Manager, headed to Mengzi Mining and Metallurgy Co., Ltd. for a visit and discussions, and were warmly received by the company’s leaders. During the meeting, the two sides held in-depth and pragmatic discussions on comprehensive market topics across the lead and zinc industry, focusing on core issues such as the global zinc ore supply-demand pattern, the operational logic of mine TCs, supply-demand fundamentals and price trends of zinc ingots and lead ingots, social inventory changes, and import-export flows. At the same time, they communicated in detail and exchanged views on SMM’s metal pricing methodology, spot pricing models for lead and zinc, industry index applications and platform empowerment, enterprises’ raw material procurement status, production operation pace, and overseas market layout plans, further consolidating industry consensus and breaking down information barriers. This visit effectively narrowed the cooperation gap between SMM and Mengzi Mining and Metallurgy, strengthening the foundation of mutual trust. In the future, the two sides will continue to deepen regular exchanges and cooperation, leveraging their respective resources and professional strengths to precisely meet industry needs, share industry data and research results, support stable corporate operations and high-quality industry development, and achieve mutual benefit, win-win outcomes, and coordinated development. About Mengzi Mining and Metallurgy Co., Ltd. Mengzi Mining and Metallurgy Co., Ltd., founded on June 9, 1996, with registered address at No. 66 Tianma Road, Mengzi City, Honghe Prefecture, Yunnan Province, and a registered capital of 51.11 million yuan, is a private mining and metallurgy enterprise integrating resource exploration, mining, beneficiation, and smelting, with a primary focus on comprehensive resource recovery and utilization. With over 20 years of deep engagement in the industry, the company has achieved cumulative operating revenue of nearly 35 billion yuan and paid taxes totaling 3.5 billion yuan. It is a core pillar enterprise in Mengzi City and a key backbone non-public enterprise in Yunnan Province. The company has a well-established industrial layout and complete business portfolio, comprising one main mine, two auxiliary mines, three beneficiation plants, and one smelting branch, along with a wholly owned subsidiary for technology development and multiple wholly owned subsidiaries in trade and supply chain. It has an independent geological exploration team and holds mining rights covering nearly several hundred square kilometers across Honghe, Wenshan, and Lincang prefectures in Yunnan. The main mine, Bainiushan Silver Polymetallic Mine, has proven abundant resources, laying a solid foundation for development. The company’s main products include lead ingots, zinc ingots, antimony ingots, silver ingots, and sulphuric acid, with comprehensive recovery of various valuable metals such as tin, copper, antimony, bismuth, cadmium, iron, sulphur, and gold. The company's operations mainly span the upstream and midstream segments of the lead-zinc industry, with an industry chain encompassing mining, mineral processing, smelting, and trading. It has a sound trade management system and a professional trading team, implementing a major client sales strategy primarily covering procurement and sales. Most of its collaborative suppliers are large state-owned enterprises, publicly listed firms, and industry leaders. Mengzi Mining and Metallurgy Co., Ltd. has six subsidiaries, including three wholly owned subsidiaries and one joint-stock subsidiary, which are mainly engaged in trading and technology businesses. Leveraging its solid industrial strength and robust technological innovation capabilities, the company has garnered numerous prestigious accolades. In 2025, it ranked 41st on the "Yunnan Top 100 Non-Public Enterprises" list, 62nd on the "Yunnan Top 100 Enterprises" list, and 26th on the "Yunnan Top 100 High-Tech Enterprises" list. In 2024, it was awarded the Second Prize of the National Science and Technology Progress Award jointly by the Central Committee of the Communist Party of China and the State Council. It is a renowned local enterprise, a pillar enterprise in Mengzi City, a Yunnan Provincial Green Factory, a National High-Tech Enterprise, and its overall efficiency ranks among the top 5 in the industry. Within Yunnan's lead-zinc smelting sector, the company's actual lead and zinc metal capacity is second only to Yunnan Chihong Zn & Ge Co., Ltd. 1. Lead and Zinc Smelting (1) Zinc Smelting The smelter was completed and put into operation at the end of 2006, with a design scale of 49,000 mt of zinc ingot and 50 mt of indium ingot per year, and comprehensive recovery of valuable metals such as sulphuric acid, silver, copper, and cadmium. Currently, the main products and production capacities of the company's zinc smelting segment are: Main products: 80,000 mt of zinc ingot, 135,000 mt of 98% sulphuric acid (with an actual capacity of up to 170,000 mt), and 80 mt of indium ingot. By-products: 900 mt of copper sulphate, 400 mt of cadmium ingot, 4,000 mt of lead metal from lead-rich wet-process sludge (of which 3,000 mt is self-produced, and 1,000 mt comes from low-grade zinc oxide from the comprehensive plant), and 10 mt of silver metal from silver-rich wet-process sludge. (2) Lead Smelting The company's lead smelting segment, which enables comprehensive recovery of valuable metals such as silver, antimony, and copper, began construction in 2012 and was completed and commissioned in March 2014. The equipment is currently in good condition, and all permits related to safety, environmental protection, occupational health, and fire safety are valid and meet all relevant national requirements. The production capacity for the main products of the company's lead smelting segment is: 60,000 mt of lead ingot, 100 mt of silver ingot, 3,500 mt of antimony ingot, 60,000 mt of sulphuric acid, 1,000 mt of lead matte (copper metal), and 5,000 mt of zinc oxide metal. 2. Lead-Zinc Ore Mining and Processing The Mengzi Mining and Metallurgy mine is located at Bainiuchang Village Committee, Laozhai Township, Mengzi City, Honghe Prefecture, Yunnan Province (referred to as the Bainiuchang Mine). The mining area extends from Niuzuodi River in the north to Yutang Village in the south, and from Miwei Village in the west to Awei Village in the east, covering a mining and exploration rights area of 30 km². The mine is 60 km from downtown Mengzi and 9 km from the Mengzi–Wenshan third-class highway, ensuring convenient transportation. Roads within the mining area connect to the beneficiation plant, villages, and various adits, facilitating smooth access. Since the development of the Bainiuchang mine, essential industrial sites and auxiliary facilities have been gradually established to meet production and daily living needs. These include the mine headquarters, surface facilities and living quarters for Work Areas 1, 2, 3, and 4, the Baiyang No. 8 waste dump, No. 1 and No. 4 waste dumps, and surface material and equipment warehouses. An internal and external road transport system has been developed, providing direct access to all adits. The mining area comprises five ore blocks—Baiyang, Duimenshan, Chuanxindong, Awei, and Miwei—stretching approximately 5 km east–west and 5 km north–south. To date, the company holds three mining rights certificates and four exploration rights certificates for the mine. The Bainiuchang mine (the following are separate ore blocks within the same mining property) 3. Hazardous Waste Processing The enterprise has obtained a hazardous waste operating permit, with an annual treatment capacity of 98,000 mt. It can reprocess slag generated from its own smelting operations. Yunnan Province currently has a total of 69 Comprehensive Operation Permits under the Yunnan Province Hazardous Waste Operation Permit system, of which approximately 15 cover lead- and zinc-related hazardous waste. The company is the largest processor of hazardous waste materials for publicly listed state-owned enterprises such as Yunnan Copper Zinc, Yunnan Chihong Zn & Ge Co., Ltd., and Luoping Zinc & Electricity. 4. Sales and Trading The company operates a well-established trade management system supported by a professional trading team, implementing a key account sales strategy. It primarily handles procurement and sales, with most of its supplier partnerships formed with large state-owned enterprises, publicly listed firms, and industry leaders. Among its downstream clients, Xiamen Xiangyu Logistics Group Co., Ltd. is a state-owned enterprise, a Fortune Global 500 publicly listed firm, and one of China’s largest lead ingot traders. It mainly purchases zinc ingots from the mining and smelting company, with ingot trading accounting for over 70% of its total purchase and sales volume. Honghe Prefecture Hongtou Industrial Co., Ltd. is a state-controlled enterprise under Honghe Prefecture Development and Investment Holding Group Co., Ltd. It is a diversified company engaged in domestic and international trade in goods and technologies, materials supply and distribution, project investment and construction management, and new energy development and construction. It is a strategic trade partner introduced by the company. SMM Contact: Geng Zhiyao Tel: 13818541149

SMM reported on July 20 that customs data revealed China’s imports of other antimony ores and concentrates reached 10,688.6 tonnes in June 2026, edging down slightly from May’s volume of 10,980.1 tonnes. Nevertheless, import volumes of antimony ores and concentrates still stayed above the 10,000-tonne mark.