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

SMM News, May 27: Metals market: As of the midday close, most domestic base metals rose, while SHFE copper edged down. SHFE aluminum rose 0.8%. SHFE lead rose 0.33%, SHFE zinc fell 0.72%. SHFE tin rose 0.63%. SHFE nickel rose 1.91%. In addition, the most-traded casting aluminum futures rose 0.52%, the most-traded alumina contract rose 0.96%. The most-traded lithium carbonate contract fell 1.09%. The most-traded silicon metal contract rose 0.47%. The most-traded polysilicon futures contract fell 2.17%. Ferrous metals mostly fell. Iron ore fell 0.19%, rebar fell 0.69%, hot-rolled coil fell 0.44%, and stainless steel rose 1.49%. Coking coal and coke: the most-traded coking coal contract fell 1.48%, and the most-traded coke contract fell 1.77%. Overseas base metals, as of 11:38, LME metals rose across the board. LME copper rose 0.6%. LME aluminum rose 0.39%. LME lead rose 0.05%. LME zinc rose 0.4%. LME tin rose 1.24%. LME nickel rose 0.32%. Precious metals, as of 11:38, COMEX gold rose 0.08%, COMEX silver rose 0.63%. Domestic precious metals: the most-traded SHFE gold contract fell 1.05%, the most-traded SHFE silver contract fell 0.73%. In addition, as of the midday close, the most-traded platinum futures contract fell 1.15%, and the most-traded palladium futures contract fell 0.98%. As of the midday close, the most-traded Europe containerized freight index contract rose 0.77%, closing at 2,949 points. As of 11:38 on May 27, midday futures quotes for selected contracts: Spot Cargo and Fundamentals Alumina: SMM statistics show that the scale of alumina projects under construction and under planning in Guinea has exceeded... Macro Front China: [NBS: From January to April, profits of China's above-scale industrial enterprises rose 18.2%; non-ferrous metals sector profits surged 117.8%] NBS data showed that from January to April, total profits of China's above-scale industrial enterprises reached 2.44 trillion yuan, up 18.2% YoY. From January to April, the mining sector posted profits of 361.84 billion yuan, up 26.0% YoY; the manufacturing sector posted profits of 1.80 trillion yuan, up 20.4%; and the electricity, heat, gas, and water production and supply sector posted profits of 272.01 billion yuan, down 1.9%. From January to April, profitability of major industries was as follows: non-ferrous metals smelting and rolling processing (up 1.2x YoY), computer, communications, and other electronic equipment manufacturing (up 1.1x), chemical raw materials and chemical products manufacturing (up 73.4%), coal mining and washing (up 21.0%), textile (up 11.2%), petroleum and natural gas extraction (up 8.1%), petroleum, coal, and other fuel processing (turned from loss to profit), general equipment manufacturing (down 0.6%), electricity and heat production and supply (down 2.5%), special equipment manufacturing (down 7.2%), electrical machinery and equipment manufacturing (down 11.4%), agricultural and sideline food processing (down 11.8%), automobile manufacturing (down 16.8%), non-metallic minerals products (down 50.7%), and ferrous metals smelting and rolling processing (down 51.5%). [PBOC Conducts 177.6 Billion Yuan in Open Market Reverse Repo Operations with Net Injection of 127.6 Billion Yuan in a Single Day] The PBOC conducted 177.6 billion yuan in 7-day reverse repo operations in the open market at an operation rate of 1.40%, unchanged from the previous day. 50 billion yuan in reverse repos matured today. US Dollar: As of 11:38, the US dollar index fell 0.05% to 99.1. According to Nikkei, Fed's Kashkari stated that the US Fed may implement a "series" of interest rate hikes in response to inflation concerns triggered by the Middle East situation. During the late-April FOMC meeting, the US Fed kept interest rates unchanged. Kashkari and two other officials dissented against the decision to include language in the Fed's statement hinting at future monetary easing. In a written interview, Kashkari said: "I think the next rate adjustment could be an interest rate cut, or it could be a rate hike." He used this to express his differing views. Kashkari said the outcome would depend on inflation trends, which depend on whether the Strait of Hormuz would reopen soon or remain effectively closed due to further damage to infrastructure in the region, the latter of which would exacerbate the global energy shortage. Kashkari said the concern was that long-term inflation expectations of enterprises and households "could become unanchored." He said the FOMC "may well need to respond forcefully," and rate hikes, or even a series of rate hikes, could be necessary measures. According to CME "FedWatch": the probability of the US Fed keeping rates unchanged through June was 99.2%, with a 0.8% probability of a cumulative 25-basis-point interest rate cut. The probability of the US Fed keeping rates unchanged through July was 88.6%, with an 11.3% probability of a cumulative 25-basis-point rate hike and a 0% probability of a cumulative 25-basis-point interest rate cut. (Jin10 Data) A CITIC Securities research report noted that the resilience of the global economy is being tested by the Middle East conflict, while a glimmer of hope for the resumption of navigation through the Strait of Hormuz has emerged. The US economy is likely to continue growing mildly but unevenly this year, the pace of the EU's weak recovery is being delayed, and Japan's private-sector demand is inevitably subject to disruptions from energy shortages. High oil prices are already pushing up global inflation, with headline inflation rates in Europe and the US likely to fluctuate at highs this year, while Japan's headline inflation rate may continue its mild performance. The US Fed may not cut interest rates at all this year, while potential rate hikes by the European and Japanese central banks are imminent, and the "unrestrained" fiscal stances of Japanese and European political circles could constitute a source of market risk this year. We maintain our view that US equities will outperform US Treasuries and the US dollar index will find support, while gold prices are expected to break out of their current range as tail risks to inflation dissipate. Other currencies: The Reserve Bank of New Zealand (RBNZ) kept rates unchanged for the third consecutive meeting, opting to continue observing the impact of the global energy shock on domestic consumption and medium-term inflation. The RBNZ's Monetary Policy Committee on Wednesday held the Official Cash Rate (OCR) at 2.25%, in line with market expectations. The RBNZ's latest projections show a rising likelihood of at least two 25bp rate hikes before year-end. In its post-meeting statement, the RBNZ said: "Taken together, the OCR will likely need to be raised sooner and by more than projected in the February Monetary Policy Statement." "The pace of hikes will depend on the relative impact of persistent wage and pricing behavior versus weakening economic activity on medium-term inflation pressures." Following the statement, NZD/USD rose. (Jin10 Data) Bank of Japan (BoJ) Governor Ueda Kazuo said vigilance is needed regarding the impact of surging oil prices on underlying inflation trends, but did not clearly signal how this factor would influence next month's policy meeting outcome. Ueda said on Wednesday: "Japan's experience shows that oil price shocks are never just oil price shocks; they actually test the entire inflation mechanism." Reviewing the impact of oil crises since the 1970s, he noted: "We are in fact experiencing the fifth oil price shock." "If a temporary shock alters wages, inflation expectations, and corporate pricing behavior, it may evolve into persistent inflation." Ueda did not directly signal the future policy path, but as his remarks reflected concerns over the impact of high oil prices, markets may further strengthen speculation about the prospect of a rate hike at the BoJ's June meeting. Overnight swap market pricing shows traders currently assign roughly a 75% probability to a 25bp rate hike by the BoJ next month. (Jin10 Data) Australia's April core inflation rate remained above the upper bound of the Reserve Bank of Australia's (RBA) target range, further reinforcing market expectations that the RBA will maintain its hawkish stance after consecutive rate hikes this year. Data on Wednesday showed the closely watched core inflation gauge—the annual trimmed mean inflation rate excluding volatile items—rose 3.4% YoY, in line with economists' expectations. The RBA targets keeping inflation near the midpoint of its 2%-3% target band. Interest rate swap markets currently price the probability of another rate hike in August at around 50%, down from 64% before the data release. Under the dual pressure of high borrowing costs and surging fuel prices driven by the Iran war, the Australian economy is beginning to show signs of weakness. The unemployment rate in April rose to a four-and-a-half-year high, while approximately one-third of enterprises reported declining revenue over the past four weeks, and half reported rising operating costs. The market widely expects that after raising rates at all three meetings earlier this year, the Reserve Bank of Australia will hold the cash rate unchanged at 4.35% in June. Sue-Ellen Luke, head of price statistics at the Australian Bureau of Statistics, said: "Automotive fuel prices currently remain 23.5% higher than before the outbreak of the Middle East conflict. The impact of rising oil prices is also reflected in goods and services with higher transportation and logistics costs." (Jin10 Data) Data: Today will see the release of the RBNZ interest rate decision as of May 27, Switzerland's May ZEW Investor Confidence Index, US weekly ADP employment change for the week ending May 9, and the US May Richmond Fed Manufacturing Index, among other data. In addition, attention should be paid to: Bank of Japan Governor Ueda Kazuo delivering a speech at a monetary policy conference hosted by the BOJ; the RBNZ releasing its interest rate decision and monetary policy statement; RBNZ Governor Breman holding a monetary policy press conference. Crude oil: As of 11:38, both benchmarks declined, with WTI down 2.03% and Brent down 1.75%. Oil prices fell in Asian early trading as traders weighed the prospects of a US-Iran deal. Front-month Brent crude declined. Despite a resurgence in hostilities, hopes remain for an agreement to reopen the Strait of Hormuz. Tehran signaled that the attacks would not derail negotiations, while US Secretary of State Rubio said it would take a few days to finalise a potential deal. Uncertainty remains high. Kieran Tomkins of Capital Economics noted that while crude oil options data suggest investors expect prices to pull back over the next three months, their conviction is unusually low. He said options indicate investors see a swift resumption of supply through the strait as the most likely outcome, but their implied expectations suggest a 37% probability that oil prices will exceed $100 per barrel in three months. (Zhitong Finance) On the evening of May 26 local time, the Public Relations Department of the Islamic Revolutionary Guard Corps (IRGC) Navy announced that over the past 24 hours, 25 vessels including oil tankers, container ships, and other commercial vessels passed through the Strait of Hormuz with permission, under the coordination and security guarantee of the IRGC Navy. Meanwhile, the IRGC Navy stated that it is exercising "effective and authoritative" control over the Strait of Hormuz, and any act of aggression will be met with a severe response. (CCTV News) (Jin10 Data APP) Spot market overview: ► ► ► ► ► ► ► ► ► ► ► ► ►

May 26, 2026 The gold market is currently putting investors through a real stress test: Since the outbreak of the U.S.-Iran conflict in late February, the spot price has fallen by about 14%. Oil price shocks, renewed inflation fears, and a strong US dollar are taking a massive toll on the precious metal. But while short-term capital is flowing out, major banks like JPMorgan continue to see entry opportunities in the medium term. Toxic macro environment is holding investors back The steep rise in oil prices has dashed hopes for rapid interest rate cuts by the US Federal Reserve for the time being. For gold , the combination of persistent inflation, rising bond yields, and a robust dollar is creating strong headwinds. Market data reflects this as well: institutional investors’ buying interest has almost completely dried up. Aggregated open interest and volume data for COMEX gold futures are weak, ETF inflows are stagnating, and the net positioning of speculative capital (“managed money”) remains at low levels. Quite simply, too little fresh capital is flowing into the market. Analysts adjust—but the trend remains intact Major banks have now reacted to this short-term buyer’s strike. On Sunday, JPMorgan lowered its average gold price forecast for 2026 from $5,708 to $5,243 per ounce. Shortly before that, ANZ had already revised its year-end target downward to $5,600. What is remarkable, however, is not the adjustment itself, but what remains unchanged: the fundamental long-term assessment. The $6,000 scenario for 2026 Despite the current dip, JPMorgan is sticking to a price target in the $6,000 range for the end of 2026. The analysts’ reasoning: Once the geopolitically driven energy shock subsides and inflation data stabilizes, monetary policy pressure will ease. If this scenario materializes—expected to begin in the second half of 2026—the path will be clear for a double wave of demand: Institutional investors will return to the market, while central banks are likely to resume their gold accumulation. Conclusion: The gold market is undergoing a painful but logical transition phase. The recent downward revisions to forecasts merely alter the timeline, not the fundamental direction. Those who weather the current macroeconomic turbulence are positioning themselves for the next major demand cycle. Source： https://goldinvest.de/en/gold-why-banks-are-targeting-usd6-000-despite-a-14-price-drop

25 May 2026 3:10PM Goldman Sachs reiterated its bullish view on gold, sticking with its forecast for prices to reach $5,400 per troy ounce by year-end as the bank lifted its expectations for central bank demand and projected stronger official-sector buying through 2026. The Wall Street bank revised its proprietary model tracking central bank gold purchases after determining that it had been consistently undercounting demand since August 2025. Under the updated calculations, its 12-month moving average estimate climbed to 50 tonnes per month in March, up from 29 tonnes previously. The revised data suggest central banks acquired 66 tonnes of gold in January, compared with an earlier estimate of only 12 tonnes. Goldman said the change was prompted by a widening disconnect between falling inventories in London vaults and official U.K. trade statistics. Although bullion outflows from London storage facilities continued to rise, British export figures no longer appeared to fully account for those movements, implying that some sovereign transactions were taking place outside recorded trade flows. “We therefore adjust our nowcast by adding the discrepancy between London vault outflows and UK net exports as unrecorded sovereign gold flows,” Goldman strategists Lina Thomas and Daan Struyven said in a note. The bank now expects central bank purchases to average 60 tonnes per month throughout 2026, citing survey results that showed “strong underlying interest in gold.” Goldman added that geopolitical developments “are likely to reinforce diversification over time — both for central banks and private investors.” Still, the strategists cautioned that gold could face short-term pressure during periods of market stress. “Gold’s high liquidity makes it a natural source of cash if private investors face liquidity needs,” they wrote, warning that equity market weakness tied to higher interest rates or slowing growth could trigger temporary selling. Goldman’s forecasting model relies heavily on U.K. customs data because London’s over-the-counter gold market remains the main hub for sovereign bullion transactions. With minimal domestic production in the U.K., all gold traded there must first be imported before being stored or exported, making trade flows an effective proxy for tracking the final destination of global gold demand. This article was written by the editorial team at InvestorsHub/ADVFN and is provided for informational purposes only. In some cases, editorial staff may use artificial intelligence–based tools to assist in the research, drafting, or editing of content, under human review and oversight. This article does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. The views expressed are based on publicly available information believed to be reliable at the time of publication, but accuracy or completeness is not guaranteed. Readers should conduct their own independent research and consult a qualified financial professional before making any investment decisions. Source： https://uk.advfn.com/market-news/article/16208/goldman-reiterates-bullish-gold-forecast-on-stronger-central-bank-demand

Fri, May 22, 2026 at 9:56 PM GMT+8 JPMorgan has reduced its gold price forecasts for 2026, pointing to softer short-term demand conditions, although the bank continues to hold a bullish longer-term outlook and still expects gold to climb toward $6,000 per troy ounce by the end of the year. The bank lowered its 2026 average gold price forecast to $5,243 per ounce from a previous estimate of $5,708, citing weaker investor participation and subdued market positioning in the near term. According to JPMorgan, gold is currently trading within a narrow technical range between its 200-day moving average near $4,340 per ounce and its 50-day moving average around $4,730 per ounce, while futures market activity and ETF inflows remain relatively muted. “Gold is on the back burner for most investors at the moment,” analysts led by Gregory Shearer wrote, adding that concerns over the possibility of Federal Reserve interest rate increases in response to energy-driven inflation are limiting investor confidence in the short term. Despite the downgrade to its forecasts, JPMorgan stressed that it views the recent weakness as a temporary pause rather than a fundamental change in trend. The bank said its constructive long-term thesis — based on fiscal risks, currency debasement concerns, geopolitical fragmentation and uncertainty surrounding U.S. policymaking — remains intact, but is “on hold until more clarity arrives around a resolution of the Iran conflict.” One of the key developments JPMorgan is monitoring is a possible reopening of the Strait of Hormuz, which the bank’s oil analysts expect could occur in June. Analysts believe such a development would ease inflation-related risks and begin reversing recent gains in the U.S. dollar and real bond yields, potentially triggering a recovery in gold prices toward technical resistance levels between $4,900 and $5,100 per ounce. The bank also expects investors who previously reduced gold exposure to gradually return to the market, supporting a rebound in demand during the second half of the year. JPMorgan reduced its forecast for central bank gold purchases in 2026 to 640 tonnes from 800 tonnes previously, after officially reported net buying dropped to just 16 tonnes during the first quarter amid increased selling activity. However, including unreported purchases, total central bank buying still reached 244 tonnes during the quarter, based on estimates from the World Gold Council and Metals Focus. The bank additionally cut its forecast for ETF inflows to around 400 tonnes for the full year from an earlier projection of 580 tonnes, although it noted that global ETF holdings remain up by 108 tonnes since the start of the year. Analysts said the largest risk to their outlook would be a scenario in which strong U.S. labour market conditions and rising inflation force the Federal Reserve into a prolonged cycle of interest rate hikes, potentially leading to sustained outflows from Western gold-backed ETFs. Source： https://finance.yahoo.com/markets/commodities/articles/goldman-maintains-bullish-gold-outlook-141040865.html

May 22, 2026 7:07 AM EDT Key Points Central banks sold gold to defend currencies amid 2026 US-Israel-Iran conflict and energy crisis. Jeffrey Currie predicts gold could fall to $3,750 before rallying as structural buyers return. Long-term, AI-driven demand and underinvestment may push gold prices toward $10,000 per ounce. Gold has always been the asset investors run to when they stop believing in everything else. It is the trade that pays off when central banks lose credibility, when currencies wobble, when geopolitics get loud, and when the rest of the stock market finally cracks. For most of the past three years, that playbook worked beautifully. Sovereign buyers from Beijing to Warsaw to Ankara stacked bullion at a pace not seen in half a century. Retail piled in behind them. The metal blew through one all-time high after another, and the bears went quiet. Then 2026 happened. A US-Israeli war on Iran shut down the Strait of Hormuz, sent energy prices vertical, and forced some of the same central banks that drove the rally to start unloading their gold to defend collapsing currencies. The yellow metal has now given back almost all of its year-to-date gains, hovering near $4,534 an ounce on May 19, according to Fortune . Now one of Wall Street ’s most respected commodity voices is telling clients the pain is far from over. And the eventual payoff, if his call lands, will dwarf anything the gold market has ever produced. Why this gold selloff is just getting started The bear in question is Jeffrey Currie, the former global head of commodities research at Goldman Sachs ( GS ), who spent 27 years at the firm before leaving in 2023 and is now chief strategy officer of energy pathways at Carlyle Group ( CG ), according to Carlyle . He is best known for calling the 2000s commodity supercycle and predicting oil’s run past $100 a barrel. In a recent thread on X , the former Twitter, Currie wrote that he has been “short gold” since March despite describing himself as a “gold perma bull”. His thesis is mechanical, not philosophical. The Iran conflict and the prolonged closure of the Strait of Hormuz have driven energy import costs higher and pressured emerging-market currencies. To defend those currencies and pay for fuel, some of the world’s most prolific gold buyers have flipped into sellers. Turkey is the cleanest example. Its central bank sold or swapped roughly 79 tons of gold in the first quarter alone, with “the largest sales from Turkey (60 tonnes) and Russia (16 tonnes) [offsetting] purchases elsewhere,” according to the World Gold Council . “When the marginal central bank flips from structural buyer to forced seller to pay for energy, gold’s biggest bid disappears,” Currie wrote on X . That dynamic, in his view, points to a deeper retracement. He sees gold sliding all the way toward $4,000, with a possible overshoot into the $3,750 range, before sovereign buyers, particularly China, step back in and restart the rally. The bigger thesis behind the $10,000 gold target Currie’s gold call sits inside a much bigger argument about how a decade of capital flows have left commodity markets dangerously under-invested. After running the numbers against his framework myself, the imbalance is more extreme than most equity investors realize. The argument starts with where the money has gone. The Magnificent Seven plus Oracle ( ORCL ) are projected to spend roughly $820 billion on artificial intelligence capital expenditure in 2026 alone, which Currie called “the largest physical commodity bid ever assembled inside eight income statements,” according to Benzinga . Meanwhile, the suppliers cannot keep up. The numbers Currie laid out paint a clear picture: Information Technology and Communication Services make up roughly 43% of the S&P 500 , while Energy and Materials together account for about 6%. Upstream oil and gas investment is down 35% from its 2015 peak. The world’s top 20 mining companies are spending 40% less than during the 2012 peak cycle, per Currie’s analysis. Central banks bought a net 244 tonnes of gold in Q1 2026, up 3% year-on-year. Source: Currie’s analysis via Benzinga Currie calls this transition the move from “HAGO” (Hard Assets, Global Operations) into “ HALO ” (Hard Assets, Local Operations), where physical commodities are repriced upward as supply struggles to meet AI -driven demand. “The price will overshoot first. The capex will follow. Then the new supply,” Currie wrote in his X thread . That sequence, in his framework, is what eventually pushes gold to $10,000. Once central banks stop fighting inflation , pivot back to easier policy, and resume buying physical metal, the same forced sellers of today flip back into structural bidders. What this gold call means for your portfolio None of this guarantees Currie is right. Plenty of veteran strategists have made bold price calls that aged poorly, and the path from $4,000 to $10,000 will almost certainly take years rather than quarters. Iris Cibre, founder of Phoenix Consultancy in Istanbul, has noted that Turkey’s recent gold operations were primarily designed to support the lira during a specific war-driven liquidity crunch, not a verdict on gold’s long-term value, according to the Canadian Mining Report . That distinction matters. Forced selling is not fundamental selling, and a 2025 survey found that 95% of central banks expected global gold holdings to rise over the next 12 months, according to the World Gold Council . In my analysis, what makes Currie’s framework interesting is the structural argument underneath the headline number. Markets have systematically underfunded the physical world for a decade while flooding the digital one with capital. If he is even directionally right, the next gold cycle is less about jewelry, inflation hedges, or fear trades. It is about repricing every ton of metal that an AI data center, an EV plant, or a defense supply chain ultimately needs, an argument that echoes Goldman’s own longer-term outlook for the rest of this decade. For investors holding the SPDR Gold Shares ( GLD ) ETF, which was up 3.32% year-to-date as of last week, the short-term setup looks ugly. Currie himself is positioned for a deeper drawdown first. But the same trade he is shorting today is the one he expects to flip aggressively long once the energy shock starts hurting growth. If you own gold, the next chapter of this story will probably be written by central banks, not by day traders. And central banks have very long memories. Source： https://www.thestreet.com/investing/veteran-goldman-strategist-makes-stunning-10000-gold-call