Against the backdrop of global sustainable development, the recycled metal industry is gaining importance. As the conflict between resource shortages and growing demand intensifies, countries are increasing policy and technology investment in this sector to promote a green economy. Japan, as a key recycled resource hub in Asia, possesses advanced technologies (such as aluminum dross processing) and closed-loop recycling models, and plans to expand the scale of e-waste recycling. However, its domestic capacity to absorb secondary aluminum is limited, necessitating expansion into markets outside China; secondary copper capacity is also expanding simultaneously. Sino-US trade issues have also highlighted the necessity of supply chain stability. Against this backdrop, with the theme "Voice of Low Carbon, Global Resonance," the will be held in Tokyo, Japan, on May 11–12, 2026. At this conference, will participate as an attending company, with Chairman Javier Riba Mas and Asia Manager Jose Maria Lozoya Fontanals in attendance. Global sustainability highlights the importance of the recycled metal sector. With resource shortages intensifying, countries (notably Japan, Asia's recycling hub) are advancing tech and policies. Japan aims to expand e-waste recycling but needs markets outside China for secondary aluminum; secondary copper output is also growing. Sino-US trade tensions further emphasize supply chain stability. 2026 SMM (3rd) Global Renewable Metal Industry Chain Summit (Theme: Voice of Low Carbon, Global Resonance ) is scheduled for May 11–12, 2026 , in Tokyo, Japan . At this conference, RIBA FARRE will attend, with Chairman Javier Riba Mas and Asia Manager Jose Maria Lozoya Fontanals in attendance. Your Trusted Global Partner in Non-Ferrous Metals Processor with more than 85 years experience Your Trusted Global Partner with Over 85 Years of Expertise in Non-Ferrous Metal Processing Comercial Riba Farré was established in 1940 and has long been deeply engaged in the non-ferrous metal recycling sector. Leveraging profound industry experience , the enterprise has firmly established itself in the Spanish domestic market while fully expanding into global markets. Drawing on years of accumulated expertise, we rigorously benchmark against London Metal Exchange quotations daily, updating purchase and sale prices in real time. Riba Farré firmly believes that long-term, sustainable business operations never rely on short-term arbitrage transactions, but rather on a solid corporate structure and persistent, dedicated operations. Our current industry standing is a powerful testament to this philosophy. Comercial Riba Farré se creó en 1940 y desde entonces ha desarrollado su actividad en el sector del reciclaje de metales no férricos. Nuestra EXPERIENCIA nos ha permitido consolidarnos dentro del mercado español y los mercados internacionales. Es la misma experiencia que nos permite garantizar la máxima actualización diaria de los precios de compra y venta de material según la Bolsa de Londres. En Riba Farré estamos convencidos que un NEGOCIO próspero no se basa en transacciones rápidas que ofrezcan beneficios inmediatos, sino en una estructura sólida y en el trabajo constante a lo largo de los años. Y nuestra posición actual confirma esa convicción. The outstanding development of an enterprise is inseparable from a professional, efficient, and motivated core team . The company continuously conducts skills training and implements people-oriented management to constantly enhance the team's overall capabilities. Meanwhile, it is equipped with industry-leading production equipment to fully ensure refined processing and sorting of non-ferrous metals. We consistently introduce cutting-edge intelligent equipment to achieve efficient operations with state-of-the-art capacity. Gran parte de este éxito se debe a la alta calificación, y a la motivación de nuestro EQUIPO . Dos aspectos que Riba Farré potencia cada día mediante la formación continua y el trato personalizado. Nuestro equipo está además plenamente respaldado por la mejor MAQUINARIA para el tratamiento y la clasificación de metales no férricos. Creemos que la máxima eficacia solo se consigue incorporando las máquinas más innovadoras en cada momento. In addition to the core metal recycling business, the group operates the RAEECICLA dedicated division, which specializes in the recycling and processing of e-waste and used electrical appliances. También, a parte de Riba Farré, contamos con RAEECICLA, la división de residuos informáticos y electrónicos. Main Products Productos principales Copper, aluminum, brass, lead, zinc Stainless steel, bronze, nickel, tin Cobre, aluminio, latón, plomo, zinc Acero inoxidable, bronce, níquel, estaño Our Advantages Nuestras ventajas Stable and controllable quality with fully standardized processing Flexible allocation tailored to various supply needs Long-term stable cooperation building reliable partnerships Global presence: Spain, Colombia, China, and India Calidad estable y controlada, procesamiento estandarizado en todo el ciclo. Suministro flexible adaptado a todo tipo de necesidades. Cooperación estable a largo plazo y alianzas comerciales fiables. Presencia global: España, Colombia, China e India. Key Reasons to Choose Riba Farré Por qué elegir Riba Farré Over 80 years of deep industry expertise Extensive global presence across international markets A hands-on producer, not merely a trade intermediary Committed to sustainable circular development Más de 80 años de experiencia consolidada en el sector. Fuerte presencia y expansión en mercados internacionales. Procesador industrial, no solo intermediario comercial. Compromiso firme con la economía circular y la sostenibilidad. Contact Information Contacto +34 932 643 630 INFO@RIBAFARRE.COM SMM Conference Contact Zhang Xiaoyao Mobile: +86 15729506965 Email:

On the evening of April 20, Chengtun Mining's Q1 report showed that the company achieved total operating revenue of 9.354 billion yuan, up 65.08% YoY; net profit attributable to the parent company was 1.02 billion yuan, up 250.40% YoY. Regarding the main reasons for the increase in Q1 revenue and net profit, Chengtun Mining stated that the company's main copper products saw higher production and sales volumes YoY, copper prices rose YoY, and profits improved; the company enhanced quality and efficiency in production and operations, controllable costs declined YoY, and performance grew during the period. In addition, Chengtun Mining also announced on April 20 that as of the disclosure date, the cumulative total outstanding external guarantees of the publicly listed firm and its controlling subsidiaries amounted to 10.854 billion yuan, accounting for 65.86% of the most recently audited net assets of the publicly listed firm. Of this, the cumulative total guarantees provided to associates was 172.04 million yuan; the cumulative total guarantees provided to controlling subsidiaries was 10.682 billion yuan, accounting for 64.82% of the most recently audited net assets of the publicly listed firm. None of the company's external guarantees were overdue. Chengtun Mining announced on April 8 that its wholly-owned subsidiary Preeminence Holdings Limited plans to acquire 50% equity of Nkoyi Leopard Mining and Investment Limited, a wholly-owned subsidiary of Novel Mining and Services Limited, a company registered in the Emirate of Abu Dhabi, UAE, for $300 million, thereby indirectly obtaining a 30% interest in specific copper-cobalt mining rights located in the DRC. Upon completion of this transaction, Nkoyi will become an associate of the company and will not be consolidated into the financial statements. Under the agreement, Preeminence plans to acquire 50% equity of Nkoyi for $300 million. Nkoyi's wholly-owned subsidiary has entered into a joint venture agreement for specific copper-cobalt mining rights, holding a 60% interest in such mining rights. Therefore, after this transaction, the company will hold a 30% interest in such mining rights. Nkoyi was established in October 2024 and has not yet commenced production or operations; its core asset is the aforementioned 60% interest in the copper-cobalt mine project. The counterparty, Novel Mining, was established in March 2026 and registered in Abu Dhabi, with its core project being the copper-cobalt mining rights. On April 2, Chengtun Mining responded to investor questions on an interactive platform, stating that the company continuously monitors relevant risks in its overseas operating locations, and that its operating projects in the DRC are currently running stably. On April 2, Chengtun Mining responded to investor questions on an interactive platform, stating that to effectively manage price fluctuations of non-ferrous metals and exchange rate risks, the company has adopted multiple risk management measures, including hedging and locking in selling prices of some mine product inventory and copper, gold and other products through bears futures contracts. When market prices of metal products rise, losses are reflected on the futures side. In 2025, market prices of copper, gold and other metals rose significantly, resulting in large unrealized losses on the futures side, which are offset by corresponding gains on the spot cargo side. The futures team will diligently carry out hedging operations in a prudent manner centered on the company's core business within the framework of the company's management systems. Chengtun Mining's previously released 2025 annual report showed that in 2025, the global non-ferrous metals industry entered a new development stage of supply-demand restructuring and value reassessment. Energy metals such as copper, cobalt and nickel were boosted by rigid demand from new energy, AI computing power, global power grid upgrades and other sectors, coupled with rigid supply-side constraints, driving the price center continuously upward. Precious metals such as gold saw a value opportunity amid global geopolitical conflicts and rising safe-haven demand. The new energy battery industry achieved high-quality advancement amid structural opportunities. Facing new industry development opportunities, the company adhered to its resource-oriented and internationalization strategy, deepened its entire industry chain layout of "controlling upstream resources and expanding downstream materials," strengthened operational measures of "controlling costs, focusing on details, and enhancing quality and efficiency," continuously consolidated core capabilities in global resource exploration, construction and operations, and enhanced the industry chain extension value of smelting, processing and materials manufacturing, continuously strengthening operational quality and resilience against cyclical fluctuations amid industry value restructuring. In 2025, the company achieved new breakthroughs in global resource deployment and industry chain operational capabilities. Overseas core projects achieved remarkable results in quality and efficiency improvement. After the completion of the Phase II expansion of the BMS copper smelting project, capacity increased significantly, reaching 120,000 mt in metal content by year-end, with annual production of 106,300 mt in metal content, and the profitability resilience of the copper-cobalt business continued to strengthen. The Kalongwe integrated mining and smelting project in the DRC advanced full-process technological transformation and engineering construction, achieving comprehensive upgrades in product quality control, production energy consumption reduction, comprehensive utilization of resources, and refined cost management. Indonesia's Youshan Nickel maintained stable operations amid industry fluctuations. The domestic segment made progress on multiple fronts: the Guizhou project further released industry chain extension value, Huajin Mining achieved steady growth in gold production, and the Dali Sanxin copper mine construction progressed in an orderly manner. In 2025, the company achieved operating revenue of 30.003 billion yuan, up 16.60% YoY; net profit attributable to shareholders of the publicly listed firm was 1.961 billion yuan, down 2.19% YoY. Chengtun Mining stated in its 2025 annual report that the company is committed to the development and utilization of energy metal resources, especially metal varieties required for new energy batteries, while also expanding into precious metals such as gold. The company focuses on copper, nickel, cobalt and gold. Its main business segments include energy metals, base metals, metal trading and others. Regarding its main business operations, Chengtun Mining provided the following overview: 1. Energy metals business: During the reporting period, the company's energy metals business achieved revenue of 20.384 billion yuan, with a gross margin of 25.69%, down 2.71 percentage points from the previous year. In 2025, copper products production was 207,400 mt in metal content, up 17.48% from the previous year; copper products revenue reached 14.071 billion yuan, up 34.20% YoY, with a gross margin of 28.88%, down 6.35 percentage points YoY; cobalt products production was 9,200 mt in metal content, down 30.58% from the previous year, with revenue of 1.011 billion yuan, down 30.64% from the previous year, and a gross margin of 53.76%, up 10.21 percentage points from the previous year; nickel products production was 49,400 mt in metal content, up 50.42% from the previous year, with revenue of 4.286 billion yuan, up 13.16% from the previous year, and a gross margin of 0.32%, down 3.25 percentage points from the previous year. (1) Copper-cobalt segment: ① The company actively advanced production, construction, quality improvement and efficiency enhancement of its copper-cobalt segment in the DRC. By the end of the reporting period, the company's total copper capacity in the DRC reached 230,000 mt in metal content per year. The company's copper-cobalt smelting projects CCR and CCM maintained stable production and operations while continuously optimizing process flows, keeping product qualification rates at high levels. BMS successfully completed its Phase II expansion, officially entering the ranks of enterprises with annual copper production capacity of over 120,000 mt in metal content. The Kalongwe copper-cobalt project coordinated full-process technological transformation and engineering construction in 2025, successfully completing the implementation of core technological transformation projects, achieving comprehensive upgrades in product quality control, production energy consumption reduction, comprehensive utilization of resources, and refined cost management, with significant cost reduction and efficiency improvement results. ② Dali Sanxin actively processed mine construction-related permits and has obtained the project approval report, among others. Land use and safety and environmental assessment procedures are progressing steadily. ③ During the reporting period, the company actively sought sustainable resource security through exploration in high-potential areas and pursuing acquisitive copper ore resource M&A and cooperation opportunities. (2) Indonesia nickel segment: During the reporting period, the Youshan Nickel project achieved stable production and operations. In 2025, nickel prices fluctuated downward overall under an oversupply pattern, with a rebound at year-end due to Indonesian policy disruptions. Through comprehensive measures including improving management, optimizing production processes, and rationally arranging production and operations, as well as forming industry chain synergies with related domestic industries, the industry chain's risk resistance was enhanced. The company will continue to seek further development opportunities in the nickel segment on both the mine resource side and the smelting side. (3) Deep processing and materials segment: ① In 2025, amid the severe raw material shortage caused by the DRC's "cobalt export ban," Kelixin achieved value maximization through precise control of production and shipments pace and efficient allocation of limited raw material resources. ② Zhonghe Nickel optimized process technology, further advanced refined management of production sites, achieved results in process control of high-magnesium slag-type materials, and improved the system's adaptability to raw materials from multiple channels. ③ As of the end of December 2025, the Guizhou Phase I project completed its capacity ramp-up and achieved full-capacity operation, while the Guizhou Phase II project construction was actively progressing. The company conducted systematic process benchmarking, further optimized system process flows, strengthened refined management and control requirements for various tasks, and ensured continuous and stable operation of production systems. 2. Base metals business: (1) During the reporting period, Chengtun Zinc & Germanium's zinc smelting operated at full capacity and comprehensively recovered valuable metals including germanium, silver, copper, indium and gold. Germanium product production increased 37.18% YoY, and the industrialisation of indium metal comprehensive recovery achieved phased success. A breakthrough was achieved in smelting furnace control technology, with slag processing volume and valuable metal recovery rates steadily improving, and economic benefits significantly enhanced. (2) During the reporting period, the company actively advanced the processing of domestic mine permits to ensure orderly construction. Baoshan Hengyuan Xinmao obtained the provincial NDRC's approval for the mining engineering project in September 2025. Huajin Mining operated according to plan in 2025, selling 320.75 kg of gold and achieving revenue of 244 million yuan. 3. Metal trading business and others: During the reporting period, metal trading achieved operating revenue of 999 million yuan, down 24.46% YoY, accounting for only 3.33% of total revenue. Currently, the company's main business scale is growing steadily. While the scale and proportion of industrial production and manufacturing have increased, the trading business scale has been gradually reduced, achieving good results on the path of high-quality, sustained and stable development. Regarding the company's business plan, Chengtun Mining stated: In 2026, the company's production and operation targets are: copper products production of 230,000 mt in metal content; cobalt products production of 15,000 mt in metal content; nickel products production of 60,000 mt in metal content; zinc products production of 300,000 mt; and gold products production of 380 kg. In other areas, domestic mines include continuing to advance the full-scale construction and commissioning of the Dali Sanxin copper mine, proceeding with the Baoshan Hengyuan Xinmao mining project construction as planned, increasing Huajin Mining production, and achieving full commissioning of the Guizhou Phase II project. Given the complex and volatile market environment, this business plan serves only as a guiding indicator, is subject to uncertainties, and does not constitute a commitment to achieving the stated production targets. To safeguard the interests of all shareholders, the company reserves the right to revise this business plan in a timely manner based on changes in market conditions, industry policy adjustments, and actual production and operational needs. Investors are advised to pay close attention to industry-specific risks, rationally recognize the uncertainties of forecast information, and make prudent investment decisions. Citi raised its 0-3 month copper price forecast to $13,000 per mt. ANZ believes that demand resilience driven by the energy transition and data center growth will keep the market at a 4%-5% supply gap, thereby supporting copper prices. A Huafu Securities research report dated March 8 showed: Copper — short-term, expectations for US Fed interest rate cuts persist, and the tight fundamental landscape continues to support copper prices; medium and long-term, as deeper US Fed interest rate cuts boost investment and consumption while opening up room for China's monetary policy, coupled with potential inflationary rebound from the Trump administration's possible fiscal easing, the copper price center is expected to shift upward, and strong new energy demand will widen the supply-demand gap, maintaining a bullish outlook on copper prices. Aluminum — short-term, aluminum prices are mainly driven by macro sentiment and capital flows. Currently, the extent of aluminum price gains will depend on the duration of the strait blockade; if the shipping disruption is brief, the impact on prices should be limited, but a prolonged blockade could push aluminum prices to new highs. Individual stocks: Copper — focus on Zijin, CMOC, JCC, Chengtun Mining, Zangge, Jchx and Beibu-Gulf Copper, and H-shares focus on China Nonferrous Mining and Minmetals, etc. Aluminum — focus on Hongqiao Holdings, Tianshan, Yunnan Aluminum, Shenhuo, Huatong and Zhongfu, etc.

On April 20 (Monday), two industry sources said that Zambia's two largest copper smelters and sulphuric acid producers plan to carry out extended maintenance shutdowns later this year, which will further squeeze the country's copper production and the supply of sulphuric acid used to process copper and cobalt. The Iran war has disrupted global supplies of this critical acid and other leaching chemicals, forcing mines in neighboring Congo, the world's largest cobalt producer and second-largest copper producer, to reduce usage or consider production cuts. Zambia's mining ministry said that, as Africa's second-largest producer of critical metals needed for clean energy technologies, the country's copper smelters generate approximately 2 million mt of sulphuric acid annually, mainly as a by-product for use by local mines, with the surplus exported to the DRC. First Quantum Minerals' country head in Zambia said that Zambia's own sulphuric acid inventory had been severely depleted, leaving virtually no export capacity. Meanwhile, miners in neighboring DRC were also struggling to cope with tightening chemical supplies. *Mopani's long-overdue maintenance* A chemicals trader said that although copper smelters typically shut down for about 30 days each year for routine maintenance, Mopani and Chambishi copper mines will face longer shutdowns this year. A mining executive said Mopani copper mine had not undergone maintenance for some time and plans to shut down for three days in June, followed by an extended shutdown of approximately 40-45 days, August-mid-September. The chemicals trader said Chambishi copper mine plans to shut down for approximately two months throughout August, but did not elaborate on the reasons for the planned extended shutdown. Zambia tightened controls on sulphuric acid exports this month, requiring traders to obtain permits. The country said the move was aimed at protecting domestic industries. First Quantum's Zambia country director Anthony Mukutuma said the measures were reasonable but exports were unlikely in the short term. *Global copper supply expected to decline* Global copper supply will tighten this year as years of underinvestment have constrained mine production growth. Zambia produced 890,346 mt of the red metal last year, falling short of the 1 million mt target. Meanwhile, according to shipping data, Congo's copper exports declined in Q1 this year. The mining executive said Mopani copper mine was operating well below its 225,000 mt finished copper capacity due to a shortage of copper concentrates caused by years of underinvestment. The executive said the main owner, UAE-based International Resources Holding, was simultaneously developing and mining the mine, which forced intermittent production stoppages and further constrained output. (Wenhua Consolidated)

According to CMOC’s official WeChat account: On March 27, CMOC released its 2025 annual results report, which showed that the company’s operating revenue reached 206.684 billion yuan, standing firmly above the 200 billion yuan mark for the second consecutive year; net profit attributable to shareholders came in at 20.339 billion yuan, up 50.30% YoY and setting a new record for the fifth consecutive year; net operating cash flow reached the second-highest level in its history at 20.843 billion yuan; and total assets exceeded 200 billion yuan for the first time, reaching 200.932 billion yuan, up 18.03% YoY. In particular, in Q4, the company recorded operating revenue of 61.198 billion yuan, net profit attributable to shareholders of 6.059 billion yuan, and copper production of nearly 200,000 mt, all setting record highs for a single quarter. In 2025, with organisational upgrading as its main focus, the company built a “specialised, internationalised, and younger” team, refined its operations, and, together with rising prices for major products and strong production and sales, pushed its performance to a new peak. Specifically— Operating quality continued to improve. Revenue from the mining segment reached 77.713 billion yuan, accounting for 38% of total operating revenue, with the “mining” share up about 7 percentage points from 2024. Among this, revenue from copper products was 55.096 billion yuan, accounting for 27% of total operating revenue and 71% of mining-segment revenue. Both “copper” share indicators increased by about 7 percentage points YoY. This was attributable to the continued debottlenecking of two world-class copper mines, TFM and KFM, based on their existing six production lines. During the reporting period, the company’s copper production reached 741,100 mt, setting another record high and consolidating its position among the world’s top 10 copper producers. Based on the midpoint of production guidance, the completion rate was 118%, while maintaining double-digit growth of 13.99% YoY. Sales were 730,200 mt, up 5.90% YoY. Together with higher prices, copper revenue increased 31.63% YoY. Production of other products also exceeded expectations: niobium production hit a record high of 10,348 mt, with a completion rate of 103%; phosphate fertiliser production was 1.2135 million mt, with a completion rate of 106%; cobalt production was 117,500 mt, with a completion rate of 107%; molybdenum production was 13,906 mt, with a completion rate of 103%; and tungsten production was 7,114 mt, with a completion rate of 102%. In addition, the company recorded physical trading volume of 4.71 million mt, with a completion rate of 111%; IXM’s gross margin under IFRS was 2.11%, a recent high. The results of “cost reduction and efficiency improvement” became even more evident. Full-year operating costs were 157.229 billion yuan, down 11.56% YoY. In 2025, mining areas worldwide focused on key words such as innovation, technological transformation, and process optimisation, putting the concept of “refined operations” into practice. In Q4, TFM’s overall copper beneficiation and smelting recovery rate, equipment operating rate, and raw ore throughput all exceeded the calendar schedule; KFM established an ore characteristics database and ore blending model, lifting grinding efficiency by more than 30% YoY; at CMOC Brazil’s niobium segment, the recovery rates of two beneficiation plants rose by about 2 percentage points from the previous year, setting record highs; in China, recovery rates at Shangfanggou molybdenum and Sandaozhuang molybdenum and tungsten increased by 3.24 and 2.65, and 3.17 percentage points YoY, respectively, also reaching record highs. Centered on “multiple products, multiple countries, and multiple stages,” the company built a “copper + gold” dual-pole structure in 2025, adding gold resources last year. Together with the greenfield gold mine in Ecuador and four operating gold mines in Brazil, the company will have gold production capacity of 20 mt in South America by 2029. The Ecuador gold mine is expected to start production in 2029, with land acquisition and power supply assurance advancing rapidly; the Brazil gold mines achieved output above target in the first two months, and are expected to produce 6-8 mt of gold this year. Targeting copper production of 800,000-1 million mt in 2028, the company is building Phase II of the KFM project, which is expected to add annual copper capacity of 100,000 mt after coming into operation in 2027; TFM identified resource potential in relevant deposits, and preliminary preparations for Phase III construction are accelerating. In addition, the company completed the issuance of a $1.2 billion one-year zero-coupon convertible bond, broadening financing channels to support the implementation of its strategy. Alongside earnings growth, the company consistently practiced high-standard ESG principles. During the reporting period, ESG governance was further improved and digitalisation advanced; environmental performance led globally: the carbon emission intensity of its copper products was lower than that of 70% of mining companies worldwide, while the shares of renewable energy and water recycling increased further from 2024 to 38% and 89%, respectively; total global economic contribution reached 182.42 billion yuan, and global community investment was 488 million yuan. 2026 is a critical year for the company to fully implement its new development strategy and deepen platform-based operations and refined management. The company will further build a platform-based organisation: with the global supply chain centre as the pioneer, it will enhance synergies and cost competitiveness; relying on the “622” model, supplemented by multinational mine management experience and standardised business processes, it will improve its global control system. Centered on the “copper-gold dual poles,” the company will further transform its resource advantages into capacity and production advantages, while continuing to seek high-quality targets. With the goal of becoming a “globally leading, distinctive world-class mining company,” the company will continue to forge ahead in the mining industry.

SMM Analysis: In 2025, China's smelting and refining capacity grew, while the TC for copper concentrates continued to deteriorate. Against this backdrop, smelters were compelled to adjust their raw material mix, with copper scrap, blister copper, and anode plates becoming key substitutes and supplements...

SMM reported on May 16: Previously, Yuguang Gold and Lead Group released a record of investor activities, which mentioned the production, pricing, and sales of copper, gold, silver, and sulphuric acid. The company stated that its copper capacity reached 150,000 mt, with raw material procurement pricing following the "copper grade × coefficient" model to accurately calculate costs. In sales, the company uses the market prices on the Nonferrous Metals Network as a benchmark to ensure fair and transparent transaction prices, closely following market dynamics to effectively balance costs and revenues. For gold, the annual capacity is approximately 15 mt, produced through lead ore smelting, with the main sales channel being the Shanghai Gold Exchange. In procurement, pricing is based on the gold grade in lead ore multiplied by a coefficient, and sales prices fluctuate with the market, closely following market dynamics. For silver, the company has an annual capacity of 1,800 mt, produced as a by-product of lead ore smelting. The company mainly earns processing fees, with mines playing a dominant role in the profit distribution of the industry chain. For sulphuric acid, the annual capacity is approximately 900,000 mt, with significant regional price differences and sharp fluctuations. Prices could reach over 600 yuan/mt at their peak and currently maintain at over 500 yuan/mt, with considerable uncertainty in price trends. In addition, the company also stated that its by-products include various minor metals such as zinc oxide and antimony, all of which are derivatives from the lead smelting process. Due to the low grade of raw ore for these by-products, they are often priced at low costs or even not priced at all during raw material procurement, resulting in significantly lower production costs compared to main products. Leveraging this cost advantage, the company has achieved a high gross profit margin in the by-product production sector, becoming an important supplement to profit growth. According to the company's previously released 2024 annual report and Q1 2025 performance report, the company achieved a total revenue of 39.345 billion yuan in 2024, up 22.40% YoY. The net profit attributable to shareholders of the publicly listed firm was 807 million yuan, up 38.88% YoY. In the annual report, the company stated that in 2024, it achieved a total production of 555,600 mt of lead products, 164,900 mt of copper cathode, 15.13 mt of gold, and 1,566.24 mt of silver, representing increases of 0.31%, 7.53%, 29.11%, and 2.25% YoY, respectively. Revenue, profit, and tax revenue all reached their highest levels in history. Yuguang Gold and Lead Group stated that during the reporting period, the company's revenue and operating costs from non-ferrous metals, precious metals, and chemical products all increased, primarily due to the increase in production and sales volume of the company's main products, coupled with rising market prices. In addition, during the reporting period, the increase in production and sales volume of the company's main products, including primary lead, copper cathode, gold, and silver, along with rising market prices, led to increases in revenue, operating costs, and gross profit for products such as lead, copper, gold, and silver. The rising market prices of antimony products and sulphuric acid have led to a significant increase in operating revenue and gross profit. Regarding the production and operation targets for 2025, Yuguang Gold and Lead Group stated that it aims to produce 702,000 mt of lead products, 15 mt of gold, 1,700 mt of silver, 155,000 mt of copper cathode, and 875,000 mt of sulphuric acid in 2025. In terms of Q1 performance, the company achieved operating revenue of approximately 10.395 billion yuan, up 21.29% YoY. Net profit attributable to shareholders of the publicly listed firm was approximately 229 million yuan, up 35.38% YoY. The company's production and sales of major products in Q1 are as follows: As can be seen from the figure, the company's lead product production in Q1 reached 160,000 mt, with sales of 150,000 mt, both showing an upward trend. In particular, production increased by 16.89% YoY. It is worth mentioning that the performance of lead prices in Q1 was also remarkable. The main SHFE lead contract rose from 16,825 yuan/mt at the beginning of 2025 to 17,445 yuan/mt, with a total increase of 620 yuan/mt, or 3.68%. In terms of spot prices, according to SMM spot quotes, the SMM 1# lead ingot spot price was 16,775 yuan/mt at the beginning of 2025 and rose to an average spot price of 17,150 yuan/mt on March 31, with a quarterly increase of 2.24%. 》Click to view SMM lead product spot quotes On April 10, Yuguang Gold and Lead Group was also asked about the impact of US tariffs on its operations. The company stated that it currently has no export business to the US. In terms of imports, the amount of ore purchased from the US each year accounts for a relatively small proportion. Given the widespread distribution of global mineral resources, the lead ore the company purchases from other countries can effectively replace resources. Therefore, the current impact of Sino-US tariff policies on the company's operations is relatively small. However, the US's move to impose tariff hikes on numerous countries globally has already triggered severe fluctuations in the commodity and capital markets. The subsequent impact on the company's business is temporarily difficult to predict, and the company will closely monitor the development of related events.