On July 9, Xingye Silver&Tin's stock price fell, closing down 2.65% at 32.35 yuan per share on the 9th. In terms of news: On July 8, Xingye Silver&Tin stated on the investor interaction platform that the company's current capacity supply mainly relies on existing mines in operation, and details of annual capacity can be found in the company's periodic reports. On July 8, Xingye Silver&Tin stated on the investor interaction platform that, the preparatory work for the Yinman Phase II project has been largely completed, and the company is currently coordinating and finalizing arrangements for the commencement of construction, planning to start in July. Once the specific start date is determined, the company will disclose it through an announcement as soon as possible. On July 8, Xingye Silver&Tin stated on the investor interaction platform that, according to the JORC Code, the Competent Person SRK only uses the current Measured and Indicated Resources as the basis for ore reserve conversion and the production schedule plan. However, in actual operations, through continuous production drilling and exploration, the company may upgrade some Inferred Resources, which will then be incorporated into the actual mining and processing plan. Meanwhile, the Competent Person SRK uses Deswik software to generate stope shapes through stope optimization, which may be inconsistent with the stope layouts adopted in the company's routine production planning. Therefore, the company's actual future production schedule and operating performance may differ from the production schedule and related forecasts presented by the Competent Person SRK. On July 8, Xingye Silver&Tin stated on the investor interaction platform that regarding the production of various metals in H1, please refer to the 2026 Semi-Annual Report scheduled to be released on August 29, 2026, in designated information disclosure media. On the evening of June 30, Xingye Silver&Tin announced that it plans to acquire a 25% stake in Atlas Tin SAS held by Toyota Tsusho Corporation and Nittetsu Mining Co., Ltd. through a newly established overseas subsidiary, for a total consideration of $23.1136 million. After the transaction, the company will indirectly hold 100% equity in the target company, achieving full ownership of the Achmmach Tin Mine Project, aiming to simplify the governance structure, improve decision-making efficiency, and maximize the release of value from the tin ore assets. In terms of performance: Xingye Silver&Tin disclosed in its Q1 report that in January–March 2026, the company achieved operating revenue of 2,129.8691 million yuan, an increase of 85.32% over the same period last year; net profit attributable to shareholders of the listed company was 1,337.6722 million yuan, an increase of 257.32% over the same period last year. As of March 31, 2026, the company’s total assets were 19,688.8316 million yuan, and the net assets attributable to shareholders of the listed company were 10,825.4666 million yuan. Revenue composition: For January–March 2026, the proportion of operating revenue from the company’s main ore products to total operating revenue was as follows: ore-derived silver RMB1,410.11 million, accounting for 66.21%; ore-derived tin RMB234.04 million, 10.99%; ore-derived zinc RMB228.12 million, 10.71%; ore-derived lead RMB71.85 million, 3.37%; ore-derived antimony RMB53.10 million, 2.49%; ore-derived gold RMB51.02 million, 2.40%; ore-derived iron RMB44.17 million, 2.07%; ore-derived copper RMB35.65 million, 1.67%; ore-derived indium RMB524,100, 0.02%; of which, ore-derived tin and ore-derived silver combined accounted for 77.19%. Xingye Silver&Tin stated in its Q1 report: Operating profit for the current period increased by 238.16% compared with the previous period, total profit increased by 236.36%, and net profit attributable to owners of the parent company increased by 257.32%; the main reasons were: Selling prices of the company’s main ore products such as silver and tin rose YoY during the reporting period; Yubang Mining’s capacity was gradually released, leading to a significant YoY increase in ore-derived silver production and sales volume; the transfer of a 60% equity interest in Shuangyuan Nonferrous resulted in investment income of RMB321 million. Xingye Silver&Tin’s published 2025 annual report shows that in 2025, the company achieved operating revenue of RMB5,555.25 million, up 30.09% YoY; total profit of RMB2,096.24 million, up 18.75% YoY; and net profit attributable to shareholders of the listed company of RMB1,704.24 million, up 11.40% YoY. According to Xingye Silver&Tin’s announcement: In 2025, the proportion of operating revenue from the company’s main ore products to total operating revenue was as follows: ore-derived silver RMB2,175.78 million, accounting for 39.17%; ore-derived tin RMB1,649.64 million, 29.70%; ore-derived zinc RMB975.87 million, 17.57%; ore-derived lead RMB220.95 million, 3.98%; ore-derived iron RMB180.38 million, 3.25%; ore-derived copper RMB133.00 million, 2.39%; ore-derived antimony RMB100.36 million, 1.81%; ore-derived gold RMB82.34 million, 1.48%; ore-derived bismuth RMB16.67 million, 0.30%; of which, ore-derived tin and ore-derived silver combined accounted for 68.86%. Regarding its main business and key performance drivers, Xingye Silver&Tin stated in its 2025 annual report: "The company is a large-scale mining group principally engaged in the exploration, mining and mineral processing of non-ferrous metals and precious metals."As of the disclosure date of this report, the Company has more than 20 subsidiaries, including 8 in-production mining companies, namely Yinman Mining, Qianjinda Mining, Yubang Mining, Rongguan Mining, Xilin Mining, Rongbang Mining, Ruineng Mining, and Bosheng Mining; the Achmmach tin mine of Atlas Tin SAS under Atlantic Tin is in the construction phase; Tanghe Shidai Mining is in the suspension phase; Yitong Mining and Yunnan Xingui are in the exploration phase. Hainan Fund is mainly engaged in equity investment management; Xingye Gold (Hong Kong) is principally involved in metals and mining trade and enterprise mergers and acquisitions, and is responsible for expanding markets outside China and acquiring high-quality mineral resources ex-China; Hainan Guomao and Tianjin Guomao are mainly engaged in the sale of non-ferrous metal ore products and the procurement of some raw materials; Xingye Ruijin primarily conducts process research, technology R&D, and upgrading in areas such as prospecting, mining and dressing, and the comprehensive recycling and utilization of tailings. Tibet Shannan Antimony & Gold, Tibet Xinda Mining, and Hinggan League Fuxingtun Mining serve as the Company's regional resource integration platforms. During the reporting period, the Company successfully acquired an 85% equity stake in Yubang Mining. Based on statistics as of the end of 2023 compiled by The Silver Institute, the Yubang single-silver mine ranks first in Asia and fifth globally. This acquisition further strengthened the Company's resource advantages and laid a solid resource foundation for its sustainable development. Simultaneously, using its subsidiary Xingye Gold (Hong Kong) as the investment vehicle, the Company intensified its investment in mineral resources ex-China and successfully acquired a 100% equity stake in Atlantic Tin. This acquisition is a key measure in implementing the Company's "going global" strategy. According to the classification criteria for large-scale tin mines in the "Standards for Classification of Mineral Resources/Reserves Scale" (DZ/T 0400-2022), the Achmmach tin mine owned by Atlantic Tin is now equivalent to 5 large deposits. Through this integration of tin resources outside China, the Company has further improved its international tin mining footprint and reserved significant strategic resources for its long-term development. The Company's primary source of performance is its non-ferrous metal mining and dressing business. During the reporting period, revenue from the non-ferrous metal mining and dressing segment accounted for 99.64% of total operating revenue in 2025. Key factors affecting the operating performance of this segment include the production and sales volumes of major products, market prices, and the costs of the non-ferrous metal and precious metal mining and dressing business. Regarding its operating plan, Xingye Silver&Tin stated in its 2025 annual report: 2026 is the final year of the Company's "Second Three-Year" Plan. The Board of Directors will focus closely on the theme of high-quality development, fully implement established work targets, continue to deepen the concept of "Trust and Collaboration," and make every effort to achieve the final targets of the "Second Three-Year" Plan, with an emphasis on the following tasks: 1. Uphold the bottom line of safety and environmental protection. Using the 2026 "Year of Safety Management Implementation" initiative as a lever, comprehensively consolidate safety responsibilities, reinforce the achievements of the "Collective Calm Year in Safety," strengthen risk anticipation and process control, and resolutely prevent all types of safety and environmental incidents to achieve safe, steady, green, and low-carbon development. 2. Fully advance the construction of key projects, strengthen whole-process management of project budgets, schedules, and quality, and coordinate the implementation of the Yinman Mining 2.97 million mt expansion, the Yubang Mining 8.25 million mt expansion, the Morocco project, the Budong Yin’gen Mining (entrusted) project, and others, ensuring they are completed on schedule to reach full production and release capacity benefits. 3. Continuously strengthen exploration and reserve expansion, properly balance production operations with geological exploration, steadily advance exploration in existing mines and surrounding areas, accelerate the conversion and upgrading of resources into reserves, and constantly consolidate the resource base. 4. Deepen industrial synergy and resource integration, leverage the core regional advantages of Inner Mongolia, and steadily expand resource deployment outside China; adhere to the focus on silver and tin as the main business, enriching and optimizing resource varieties. Solidly promote the subsequent acquisition and integration of Weiling Co., actively track high-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 all systems, processes, and control requirements, and improve the company’s lean management; strengthen enforcement, ensuring production plans, comprehensive budgets, and all work deployments are fully executed, and promote the deep integration of corporate culture with business management. 6. Fully advance preparations for the Hong Kong stock listing, accelerate the establishment of dual capital market platforms at home and abroad, enhance cross-border capital operation capabilities, provide stronger financial support for the company’s resource integration and strategy execution, and push the company’s high-quality sustainable development to a new level. Looking back at the price performance of tin in 2025 and Q1 this year, we can see: the average price of SMM 1# tin spot on December 31, 2025 was 326,450 yuan/mt, up 80,450 yuan/mt from the average of 246,000 yuan/mt on December 31, 2024, for a 32.7% increase in 2025. The SMM 1# tin spot price on March 31 this year was 371,550 yuan/mt, up 45,100 yuan/mt from the average of 326,450 yuan/mt on December 31, 2025, for a 13.82% increase in Q1 this year. As for tin spot prices: SMM 1# tin spot was quoted at 408,500–411,000 yuan/mt, with an average price of 409,750 yuan/mt, up 0.11% from the previous trading day. On July 9, tin market transactions displayed phased characteristics along with futures fluctuations. Throughout the day, futures maintained wild swings; when intraday prices dipped to near 400,000 yuan/mt, spot transactions recovered slightly from the previous trading day, with some enterprises showing tentative purchase willingness and making small-scale purchases. However, as futures prices rose and surged in the afternoon, the buyer’s chasing-high sentiment rapidly cooled. Overall, the current tin market trend remains closely tied to macro sentiment. From a fundamental perspective, however, the release of downstream rigid demand during the recent price correction consumed some spot cargo supply, resulting in a stalemate between low inventory and weak trading. In the near term, the most-traded SHFE tin contract is expected to maintain a fluctuating trend. Looking back at the spot price performance of silver in 2025 and Q1 2026, the SMM 1# silver (Ag99.99%) average price on December 31, 2025 was 18,430 yuan/kg, and on December 31, 2024 was 7,440 yuan/kg, with the average price rising by 10,990 yuan/kg in 2025, a gain of 147.71%. The SMM 1# silver price on March 31 was 18,341 yuan/kg, which fell by 89 yuan/kg (down 0.48%) compared to the December 31, 2025 average of 18,430 yuan/kg. In the silver spot market on July 9, some suppliers began offering at premiums. Overall demand was weak, resulting in sluggish trading, with downstream transactions mainly driven by negotiations. Morning quotes in Shanghai were concentrated around parity to a premium of 10 yuan/kg against the TD contract. Large producers’ delivery brand offers were firm, but actual transaction prices might dip toward the lower end. In Shenzhen, some nationally-standard sources were quoted around a small discount to a premium of 5 yuan/kg against the TD contract, with small premium quotes being cleared quickly. Premiums against the most-traded SHFE 2608 contract were quoted at a discount of 15 to 35 yuan/kg on the day. Overall, the precious metals macro trend was falling under pressure, weighed down by both heightened geopolitical risks and divergence among US Fed policy stances. Spot premiums weakened slightly, with transactions leaning toward parity. Demand was soft, reflecting a ‘rush to buy amid continuous price rise and hold back amid price downturn’ mentality in the market. Recommended Reads:

SMM Morning Brief: Overnight, LME copper opened at $13,385/mt, dipped to $13,320/mt early in the session, then its price center drifted higher, touching a high of $13,422/mt near the close, and finally settled at $13,411/mt, up 0.4%. Trading volume reached 11,700 lots and open interest stood at 249,000 lots, down 579 lots from the previous trading day, reflecting short-covering. Overnight, the most-traded SHFE copper 2608 contract opened at 102,630 yuan/mt, with the copper price center dipping to 102,610 yuan/mt at the open, then drifting higher all the way, touching a high of 103,270 yuan/mt near the close, and finally settling at 103,090 yuan/mt, up 0.01%. Trading volume reached 19,000 lots and open interest stood at 150,000 lots, down 1,235 lots from the previous trading day, reflecting short-covering.

Zhongke Fuhai Technology Co., Ltd., a domestic enterprise in the low-temperature equipment field, recently completed a Pre-IPO round of equity financing, with a financing amount of 1 billion yuan , and the investor is Guoke Capital under the Chinese Academy of Sciences. Public information shows that Zhongke Fuhai has completed multiple rounds of financing previously. The company completed its Series A financing in December 2020, led by CICC Capital; its Series B financing in May 2022, led by Sinopec Capital; and its Series C financing in August 2023, co-led by Chengtong Mixed-Reform Fund and CCB Equity, with a post-investment valuation reaching 7.8 billion yuan. In September of the same year, Zhongke Fuhai was listed among the 2023 China Hydrogen Energy Unicorn Enterprises. In terms of capital operations, Zhongke Fuhai completed its joint-stock transformation in October 2024. In April 2025, the company transferred 43,311,094 shares, accounting for 13.11% of the total share capital. The relevant transfer announcement shows that, given the uncertainty regarding the listing time on the STAR Market, the company was planning a Hong Kong stock market listing plan at that time. On October 13, 2025, Zhongke Fuhai handled tutoring and filing registration with the Beijing Securities Regulatory Bureau, with the tutoring institution being Zhongtai Securities; the legal service institution and accounting firm were Beijing Tongshang Law Firm and Baker Tilly China, respectively. After the completion of this Pre-IPO round of financing, the company's subsequent capital market process has drawn attention. According to information, Zhongke Fuhai was established in August 2016, headquartered in Beijing, and originated from the Technical Institute of Physics and Chemistry of the Chinese Academy of Sciences. It is a high-tech enterprise transformed from low-temperature engineering technology achievements. The company's business covers low-temperature system design, manufacturing, and operation, and it is an integrated service provider in the fields of energy equipment, gas engineering, and green gas. With the expanding applications of liquid hydrogen, green hydrogen, and low-temperature equipment, the company's role in the hydrogen energy industry chain is expected to be further strengthened.

[SMM Analysis: Anode-Free Sodium-Ion Battery Track Heats Up, Inpower Technology's Pre-A+ Round Outlines "Technology + Capital + Industry" Synergy] SMM, July 2: The sodium-ion battery track has witnessed another landmark event. Recently, Inpower Technology, an anode-free sodium-ion battery enterprise, announced the completion of its Pre-A+ funding round at the 100 million yuan level. This round was co-led by Qifu Capital and the Fudan Science and Technology Innovation Fund, with follow-on investments from Su Science and Technology Innovation, Xianghe Capital, and a global top-tier player in lead-acid batteries. Judging by the composition of investors, this funding round has transcended mere financial support, presenting a composite structure of triple empowerment: "technology endorsement + industrial resources + regional policies." This reflects that the sodium-ion battery industry is accelerating its shift from the technology verification phase to the large-scale volume ramp-up phase...

On July 1, the stock price of Xingye Silver&Tin rose. As of the close on July 1, Xingye Silver&Tin gained 0.24% to 33.04 yuan per share. In terms of news: On June 30, Xingye Silver&Tin announced that its wholly-owned subsidiary, Xingye Gold (Hong Kong) Mining Co., Ltd., through its subsidiary, Atlantic Tin Pte. Ltd., currently holds 3,180,525 shares (75% equity) of Atlas Tin SAS (hereinafter referred to as the “Target Company”), making it the controlling shareholder of the Target Company. To fully control the project resources and rights, maximize the release of value from the tin ore assets, and enhance core competitiveness and sustainable operations, the company intends to acquire, through a newly established subsidiary outside China (not yet established, subject to final registration of equity transfer), the aggregate 1,060,175 shares (the remaining 25% equity) of the Target Company held by Toyota Tsusho Corporation and Nittetsu Mining Co., Ltd. (collectively, the “Counterparties”). As the new overseas subsidiary has not yet been incorporated, the company and its wholly-owned subsidiary Xingye Gold (Hong Kong) will first sign a Share Purchase Agreement with the Counterparties, which stipulates that the acquisition will be completed by an entity designated by the acquirer. On June 30, 2026, the company and Xingye Gold (Hong Kong) completed the signing of the Share Purchase Agreement with the Counterparties. Upon completion of this transaction, the company will indirectly hold 100% equity of the Target Company through its subsidiaries, achieving full ownership. Details of the acquisition are as follows: 1. The company will designate a newly established overseas subsidiary (not yet established, subject to final registration of equity transfer) as the transferee to acquire 848,139 shares (20% equity) of the Target Company held by Toyota Tsusho Corporation for a consideration of $15,300,000, funded by its own funds or self-raised funds. 2. Xingye Gold (Hong Kong), a wholly-owned subsidiary, will designate a newly established overseas subsidiary (not yet established, subject to final registration) as the transferee to acquire 212,036 shares (5% equity) of the Target Company held by Nittetsu Mining Co., Ltd. for a consideration of $7,813,570, funded by its own funds or self-raised funds. These two transactions together will acquire a total of 1,060,175 shares, representing 25% equity of the Target Company, for an aggregate consideration of $23,113,570. The transaction is accompanied by the signing of a Termination and Release Agreement, which will fully terminate the original Shareholders' Agreement of the Target Company upon completion of the closing, clarifying the historical rights and obligations of all parties. Regarding the mining rights of the transaction target, Xingye Silver&Tin introduced that the Target Company holds the Achmmach tin mine project, with the following details: 1. Basic Information of Mining Rights 2. Achmmach Tin Ore Resources In May 2026, Beijing SRK Resource Technology Co., Ltd. prepared the “Morocco Achmmach Project Competent Person's Report” in accordance with the JORC Code. As of December 31, 2025, with an underground mining tin cut-off grade of 0.27%, the mineral resources of the Achmmach project are as follows: The acquisition of all remaining equity held by the Japanese shareholder aims to achieve full ownership of the target company, terminate the original shareholder agreement, streamline the governance structure and enhance decision-making efficiency, secure full control of project resource rights and interests, maximize the release of value from the tin ore assets, strengthen synergy between operations in and outside China, and align with the company's global resource deployment strategy. Xingye Silver&Tin also outlined the impact of this transaction on the company: the target company has been included in the consolidated financial statements, and this acquisition of minority equity will not have a material impact on the company's current-period profit. In the future, all net profit of the target company will be attributable to shareholders of the publicly listed firm, continuously enhancing earnings attributable to parent company shareholders. The company has ample liquidity reserves, and there is no obstacle to paying the transaction consideration, which will not have a material adverse impact on the liquidity of daily operating funds. Following full ownership, the company can coordinate and advance mine construction and operations, leverage its mining development and management experience, accelerate project implementation, solidify tin resource reserves, and have a positive effect on the company's long-term operating performance. On June 26, Xingye Silver&Tin stated on an interactive platform while responding to investor inquiries that secondary market stock prices are affected by multiple factors such as the macro environment, industry cycles, and market sentiment. The company attaches great importance to secondary market performance, will continue to strengthen investor relations management and market communication, actively carry out information dissemination and market capitalization management, and earnestly safeguard the legitimate rights and interests of all shareholders. On June 26, Xingye Silver&Tin stated on an interactive platform while responding to investor inquiries that, in accordance with the JORC Code, the Competent Person SRK uses only the current Measured and Indicated Mineral Resources as the basis for ore reserve conversion and production scheduling. However, in actual operations, through ongoing production drilling and exploration activities, the company may upgrade a portion of Inferred Mineral Resources and subsequently incorporate them into the actual mine mining and processing plan. Furthermore, the stope shapes generated by SRK using Deswik software through stope optimization may not align with the stope layout adopted in the company's daily production planning. Therefore, the company's future actual production schedule and operational performance may differ from the production schedule and related forecasts presented by SRK. On the performance front: Xingye Silver&Tin disclosed in its Q1 report that from January to March 2026, the company achieved operating revenue of RMB2,129.8691 million, up 85.32% YoY; net profit attributable to shareholders of the listed company was RMB1,337.6722 million, up 257.32% YoY. As of March 31, 2026, the company's total assets amounted to RMB19,688.8316 million, and net assets attributable to shareholders of the listed company were RMB10,825.4666 million. Operating Revenue Composition: For January to March 2026, the operating revenue of the company's main mineral products as a share of total operating revenue was as follows: ore-derived silver revenue was RMB1,410.1104 million (66.21%), ore-derived tin revenue was RMB234.0354 million (10.99%), ore-derived zinc revenue was RMB228.1249 million (10.71%), ore-derived lead revenue was RMB71.8509 million (3.37%), ore-derived antimony revenue was RMB53.1029 million (2.49%), ore-derived gold revenue was RMB51.0181 million (2.40%), ore-derived iron revenue was RMB44.1733 million (2.07%), ore-derived copper revenue was RMB35.6489 million (1.67%), and ore-derived indium revenue was RMB0.5241 million (0.02%). Among these, the combined operating revenue share of ore-derived tin and ore-derived silver reached 77.19%. Xingye Silver&Tin's Q1 report announcement stated: operating profit for the current period increased 238.16% YoY, total profit increased 236.36% YoY, and net profit attributable to owners of the parent company increased 257.32% YoY. The main reasons: During the reporting period, the selling prices of the company's main mineral products such as silver and tin rose compared with the same period last year; Yubang Mining's capacity was gradually released, leading to significant YoY increases in ore-derived silver production and sales volume; and the disposal of a 60% stake in Shuangyuan Nonferrous generated investment income of RMB321 million. Xingye Silver&Tin's 2025 annual report shows that in 2025, the company achieved operating revenue of RMB5,555.2536 million, up 30.09% YoY; total profit of RMB2,096.2370 million, up 18.75% YoY; and net profit attributable to shareholders of the listed company of RMB1,704.2393 million, up 11.40% YoY. Xingye Silver&Tin’s announcement shows: In 2025, the operating revenue of the company's main mineral products as a share of total operating revenue was as follows: ore-derived silver revenue was RMB2,175.7825 million (39.17%), ore-derived tin revenue was RMB1,649.6398 million (29.70%), ore-derived zinc revenue was RMB975.8673 million (17.57%), ore-derived lead revenue was RMB220.9450 million (3.98%), ore-derived iron revenue was RMB180.3799 million (3.25%), ore-derived copper revenue was RMB133.0043 million (2.39%), ore-derived antimony revenue was RMB100.3568 million (1.81%), ore-derived gold revenue was RMB82.3402 million (1.48%), and ore-derived bismuth revenue was RMB16.6744 million (0.30%). Among these, the combined operating revenue share of ore-derived tin and ore-derived silver reached 68.86%. 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 principally 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, including 8 mining companies in operation: Yinman Mining, Qianjinda Mining, Yubang Mining, Rongguan Mining, Xilin Mining, Rongbang Mining, Ruineng Mining, and Bosheng Mining. The Achmmach tin mine under Atlas Tin SAS, a subsidiary of Atlantic Tin, is in the construction phase; Tanghe Shidai Mining is in suspension, while Yitong Mining and Yunnan Xigui are in the exploration phase. Hainan Fund is primarily engaged in equity investment management; Xingye Gold (Hong Kong) is mainly engaged in metals and mining trade and corporate M&A, responsible for expanding into markets outside China and acquiring high-quality overseas mineral resources; Hainan International Trade and Tianjin International Trade are primarily engaged in non-ferrous metal ore product sales and some raw material procurement; Xingye Ruijin primarily undertakes process research, technology R&D, and upgrading in areas such as prospecting, mining and beneficiation, and comprehensive tailings recycling. Tibet Shannan Antimony Gold, Tibet Xinda Mining, and Xing'an League Fuxingtun Mining serve as the company's regional resource integration platforms. During the reporting period, the company successfully acquired an 85% stake in Yubang Mining. According to statistics from the Silver Institute as of the end of 2023, Yubang Mining's single silver mine ranks first in Asia and fifth globally. This acquisition further strengthened the company's resource advantages and laid a solid resource foundation for its sustainable development. At the same time, using its subsidiary Xingye Gold (Hong Kong) as the investment vehicle, the company intensified investments in mineral resources outside China and successfully acquired a 100% stake in Atlantic Tin, a key move in executing its "going global" strategy. Based on the large-scale tin mine classification standard in the "Classification Standard for Resource/Reserve Scale of Mineral Resources" (DZ/T 0400-2022), the Achmmach tin mine owned by Atlantic Tin is now equivalent to five large deposits. Through this consolidation of overseas tin ore resources, the company has further refined its international tin layout and reserved vital strategic resources for long-term development. The company's main performance is derived from its non-ferrous metal mining and beneficiation business. During the reporting period, revenue from this segment accounted for 99.64% of total 2025 operating revenue. The main factors influencing the operating performance of the mining and beneficiation segment include the production and sales volume of major products, market prices, and the costs of the non-ferrous and precious metal mining and beneficiation business. Regarding its operating plan, Xingye Silver&Tin stated in its 2025 annual report: 2026 is the final year of the company's "Second Three-Year" Plan. The board will closely focus on the theme of high-quality development, fully implement established work objectives, continuously deepen the concept of "trust and collaboration," and make an all-out push toward the plan's concluding goals, with a focus on the following: 1. Uphold the bottom lines of safety and environmental protection, using the 2026 "Year of Implementing Safety Management" as a lever to fully enforce safety responsibilities, consolidate the achievements of the "Year of Collective Safety Calm," and enhance risk anticipation and process control to resolutely prevent all types of safety and environmental accidents, achieving safe, stable, and green-low carbon development. 2. Vigorously advance key project construction, strengthen whole-process management of project budgets, schedules, and quality, and coordinate the implementation of projects including the 2.97 million mt capacity upgrade and expansion at Yinman Mining, the 8.25 million mt capacity upgrade and expansion at Yubang Mining, the Morocco project, and the Budun Yingen Mining (trusteeship) project, ensuring they are completed and reach full production on schedule to release capacity benefits. 3. Continue to intensify exploration and resource increase efforts, balance the relationship between production operations and geological exploration, steadily advance exploration at existing mines and surrounding areas, accelerate resource-to-reserve conversion and upgrades, and continuously strengthen the resource foundation. 4. Deepen industrial synergy and resource integration, leverage the core regional advantages of Inner Mongolia, steadily expand overseas resource deployment; adhere to silver and tin as the main business direction, enriching and optimizing the resource portfolio. Solidly advance the subsequent acquisition and integration of Weiling Shares, actively track high-quality mineral project opportunities in and outside China, and enhance overall competitiveness through industrial synergy-driven M&A. 5. Further strengthen institutional enforcement and internal control management, ensure that all systems, processes, and control requirements are effectively implemented, and elevate the company's refined management level; reinforce enforcement capacity to guarantee that production plans, comprehensive budgets, and all work deployments are fully executed, and promote deep integration of corporate culture and operational management. 6. Push forward preparations for a Hong Kong listing at full speed, accelerate the establishment of dual capital market platforms in and outside China, enhance cross-border capital operation capabilities, provide stronger financial support for resource integration and strategy execution, and propel the company's high-quality sustainable development to a new level. A Guosen Securities research report dated April 24 showed: The company's production of major mineral species has steadily increased in recent years. In 2025, growth was driven by both higher silver prices and volumes, while the surge in tin prices offset the impact on production volume. Externally-driven M&A achieved notable results, lifting silver and tin resource reserves to a new level. In 2025, the company completed two major strategic acquisitions. 1) Acquisition of an 85% stake in Yubang Mining: The company acquired the 85% stake for RMB2.388 billion in January 2025. 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 elevating its industry standing. 2) Acquisition of a 100% stake in Atlantic Tin: The company completed the acquisition in August 2025, gaining its Achmmach tin mine in Morocco. The mine holds tin metal resources of 213,300 mt, equivalent to five large tin deposits, boosting the company's total tin metal resources to 391,600 mt. Risk warnings: risks that the company's resource development progress falls short of expectations; risk of wild swings in metal prices.

CopperTech Metals has postponed its planned US initial public offering (IPO), citing increased volatility across the global copper mining equity sector. The company had planned to raise approximately US$423.5 million by offering 23.5 million shares, targeting a valuation of up to US$3.57 billion. According to the company, the decision was made after carefully assessing current market conditions and heightened volatility in copper-related equities. Uncertainty surrounding the upcoming US Section 232 copper investigation, shifting supply expectations and broader capital market volatility have weighed on investor sentiment. CopperTech, established by Vedanta Resources, owns and operates Konkola Copper Mines (KCM) in Zambia.