When asked, "What are the technological content and barriers of the company's rolled copper foil? Who are the domestic and international competitors? Which companies are downstream clients?" North Copper responded on the investor interaction platform on June 25: The technological content and barriers of the company's rolled copper foil are reflected in: 1. The long process flow of rolled copper foil, involving disciplines such as smelting, rolling, metal heat treatment, and electrochemistry, requires continuous trial production to accumulate a process database. This represents a long-term experiential barrier that cannot be quickly reverse-engineered. 2. Capital and hardware thresholds, with extremely high equipment investment, high barriers for equipment installation, commissioning, and operation, and severe limitations on product width and ultra-thin gauge. 3. Barriers in rolling and forming processes, which are also the highest thresholds—covering product thickness, sheet flatness, internal structure, and mechanical properties, as well as the synergistic barriers of dozens of interconnected processing steps. The consistency control across the entire process is far more demanding than the single-step electrodeposition process for copper cathode foil. Regarding the statement, "The CCL construction portion of the company's 50,000 mt high-performance rolled copper foil and 2 million m² copper clad laminate (CCL) project has not yet commenced due to insufficient relevant technology and talent reserves, out of prudence. Next, the company will decide on the CCL investment and construction plan based on thorough market surveys and scientific validation," North Copper responded on the investor interaction platform on June 25: The CCL construction portion of the company's 50,000 mt high-performance rolled copper foil and 2 million m² CCL project has not yet commenced due to insufficient relevant technology and talent reserves, out of prudence. Next, the company will decide on the CCL investment and construction plan based on thorough market surveys and scientific validation. North Copper responded on the investor interaction platform on June 25: The company seizes market opportunities, closely monitors downstream market demand, focuses on R&D for mid-to-high-end copper strip products and structural adjustments for rolled copper foil products, and is committed to filling gaps in its process lines and reaching its capacity standard, striving to turn losses into profits as soon as possible. Regarding the question, "When will the company's semi-annual report performance forecast announcement be released?", North Copper responded on the investor interaction platform on June 25: The company has scheduled the disclosure of its 2026 semi-annual report for August 27. If the conditions for a performance forecast are met, the company will release the announcement within the stipulated time. When asked, "After the implementation of the 'Regulations on the Implementation of the Mineral Resources Law of the People's Republic of China', has the related work on applying for the mining permit for the newly added copper ore at the Tongkuangyu Mine been accelerated? Could you discuss the company's near-term plans? If progress goes smoothly, based on the ore's copper grade and after deducting relevant costs, how much profit is this expected to bring to the company?" North Copper responded on the investor interaction platform on June 24: The detailed survey of deep-seated replacement resources at the Tongkuangyu Mine is a project to add reserves outside the current mining right's boundary at depth (elevation range: 80m to -325m), which is conducive to increasing the company's copper resource reserves and extending the mine's service life. Given that the replacement resources identified by the detailed survey have reached a large scale, according to reserve review and filing requirements, the exploration level must be achieved for resource reserve filing and for initiating the transition from exploration to mining. As the mine's production level shifts downward, the company will conduct further exploration work for deep-seated replacement resources at the next production level. The company currently has no relevant deep exploration plans. Regarding the question, "As a third-generation core substrate material for IC lead frames, could you briefly introduce the production and latest order status of your company's 5,000 mt chromium zirconium copper alloy product?", North Copper responded on the investor interaction platform on June 23: Our company has completed the casting ingot product for C18150 (chromium zirconium copper alloy); the subsequent copper strip process is currently under trial production. There are no orders at present. On June 17, North Copper stated on the interaction platform in response to an investor's question that the company has not yet established a cooperative relationship with NVIDIA. On June 17, North Copper stated on the interaction platform in response to an investor's question that the company has a comprehensive market cap management system, consistently centering market cap management on enhancing intrinsic value. Through methods such as focusing on core business growth, optimizing governance structures, strengthening information disclosure, and implementing shareholder return plans, it is committed to achieving long-term alignment between the company's value and its market performance. Should there be arrangements such as share buybacks or capital increase plans, the company will promptly issue relevant announcements. On June 15, North Copper stated on the interaction platform in response to an investor's question that, relying on scientific research breakthroughs at the Shanxi Provincial Key Laboratory of New Copper-based Materials, the company's copper strip and foil product structure is undergoing further adjustment and optimization. All production and operation activities are proceeding in an orderly manner, and product orders are growing steadily. On June 4, North Copper stated on the interaction platform in response to an investor's question that the company's management places high importance on extending the industry chain and has made positive progress in deep copper processing. During the 15th Five-Year Plan period, the company will rely on its existing copper strip and foil production lines to achieve new breakthroughs in scientific research, product structure adjustment, and capacity enhancement, thereby empowering the company's high-quality development. Performance: North Copper's previously released 2026 Q1 report showed that in Q1, the company achieved operating revenue of 10.044 billion yuan, up 46.89% YoY; net profit attributable to shareholders of the parent company was 615 million yuan, with a YoY increase reaching 65.74%. Regarding the reasons for the increase in operating revenue, North Copper stated in its Q1 report that it was mainly due to an increase in product sales volume and rising prices. Additionally, North Copper's 2025 annual performance report showed that the company achieved operating revenue of 27.916 billion yuan in 2025, up 15.80% YoY; net profit attributable to the parent company was 791 million yuan, up 29.01% YoY. 2025 main product production: copper cathode produced was 300,300 mt, sulphuric acid 766,000 mt, gold ingots 6.4 mt, and silver ingots 68.5 mt. In its 2025 annual report, North Copper described: The company's main business is the mining, beneficiation, smelting, and rolling processing of copper metal. Currently, its captive mine has an annual ore processing capacity of 9 million mt and self-produced copper content of 43,000 mt. Its copper smelting capacity is 320,000 mt, along with gold ingots 10.8 mt, silver ingots 170 mt, and sulphuric acid 1.22 million mt, while it also comprehensively recovers valuable metals like platinum, palladium, selenium, and bismuth. Deep copper processing products include high-performance copper and copper alloy strips, rolled copper foil, etc., of which copper alloy strip capacity is 25,000 mt/year and rolled copper foil capacity is 5,000 mt/year. The company already possesses an integrated industry chain from mining, beneficiation, and smelting to rolling processing. The company's 'Zhongtiaoshan' brand Grade A copper is registered on the Shanghai Futures Exchange and the Shanghai International Energy Exchange, and its 'Zhongtiaoshan' brand gold and silver ingots are registered on the Shanghai Futures Exchange. The mineral exploration situation disclosed in North Copper's 2025 annual report showed that the company completed the detailed survey project of deep-seated replacement resources at the Tongkuangyu Copper Mine (below 80m elevation), with primary completed workloads: prospecting roadway 140.6m, 12 drill chambers/2,823.6m³, 12 drill holes (including 3 hydrogeological holes), drilling footage 7,268.62m, 1:2000 special hydrogeological, engineering geological, and environmental geological survey 6㎢, geophysical logging 2,065.61m, and pumping tests for 3 holes; 8,091 samples analyzed and tested, 46 rock/mineral test groups, 99 small-weight samples, 20 copper phase analysis samples, 10 complete chemical analysis samples, and 12 complete water quality analysis samples. On February 20, 2025, the Shanxi Mining Association organized the completion of supervision and field acceptance work for the resource detailed survey project, issuing supervision and field acceptance reports. In early March, the company completed the compilation of the 'Special Hydrogeological, Engineering Geological and Environmental Geological Detailed Survey Report for the Deep Part of the Tongkuangyu Mine'. On March 17, the Shanxi Mining Association organized an expert review which was passed. In May, the company completed the compilation of the 'Detailed Survey Report on Deep-seated Replacement Resources at the Tongkuangyu Copper Mine in Yuanqu County, Shanxi Province' (hereinafter referred to as the report). On May 23, the Shanxi Mining Association organized an expert review which was passed, and an review opinion was issued. According to the report, as of December 31, 2024, within the 80m to -325m elevation range of the Tongkuangyu mining area, cumulative identified industrial orebody (No. 5) resources amounted to 103.718 million mt of copper ore with an average grade of 0.84% and a metal content of 869,600 mt. Associated gold metal content was 8,930 kg at an avg. grade of 0.09g/t; associated molybdenum metal content was 3,727 mt at an avg. grade of 0.011%. Low-grade copper ore resources amounted to 34.625 million mt with an avg. grade of 0.25% and a metal content of 88,200 mt. The scale of discovered resources reached large-size, marking a significant prospecting achievement and providing a solid resource guarantee for the company's industry chain layout. Regarding the company's copper ore resource reserves, North Copper announced in its annual report, As of year-end 2025, the Tongkuangyu Mine had retained copper ore resources above 80m elevation of 204.664 million mt, with a copper metal content of 1.2501 million mt. Additionally, below 80m elevation at the base of the Tongkuangyu Mine's current mining right, the cumulative identified industrial orebody (No. 5) copper ore resources was 103.718 million mt, with an average grade of 0.84% and a metal content of 869,600 mt. For the 2026 production and operation plan, North Copper mentioned in its 2025 annual report: Main product production: copper cathode 300,000 mt, sulphuric acid 800,000 mt, gold ingots 6 mt, silver ingots 60 mt, to maximize economic benefits. A research report from Huaxi Securities on June 14 pointed out: In the medium and long term, copper, as a key metal for energy transition, possesses strategic allocation value under the policy guidance of the 15th Five-Year Plan. On the supply side, entering 2026, major mines globally have continued to experience strikes and production halts this year, keeping the supply profile relatively tight. From a macro perspective, the probability of a US Fed interest rate cut during the year still exists. In the long term, the macro environment supports copper prices, and the US dollar is expected to continue depreciating, supporting a positive outlook on copper prices. Furthermore, strong supply-demand fundamentals support copper prices. China's macro policies are expected to continue exerting force, and stimulus measures in sectors like electric power infrastructure, NEVs, and home appliance consumption could further expand. Beneficiary stocks: [Zijin Mining], [CMOC], [JCHX], [Jiangxi Copper Corporation], [Western Mining Co., Ltd.], [North Copper], [Tongling Nonferrous Metals], [Yunnan Copper].

SMM Morning Meeting Summary: Last Friday night, LME copper opened at $13,625.5/mt, dipped to $13,584.6/mt early in the session, then fluctuated upward to a high of $13,675.7/mt, and finally closed at $13,587/mt, down 0.50%. Trading volume reached 10,500 lots, and open interest reached 253,000 lots, an increase of 2,615 lots from the previous trading day, reflecting bearish position building. Meanwhile, SHFE copper was closed last Friday night due to a holiday.

Data from the online query platform of customs statistics showed that China's imports of copper ores and concentrates in May 2026 were 2,360,706.88 mt, up 0.39% MoM and down 1.74% YoY. In May, China imported 711,404.02 mt of copper ores and concentrates from Chile, up 1.10% MoM and down 2.90% YoY. In May, China imported 691,924.04 mt of copper ores and concentrates from Peru, up 19.15% MoM and up 11.98% YoY. On the export side, China's exports of copper ores and concentrates in May 2026 were 2,711.03 mt, up 19.71% MoM and up 514.63% YoY. In May, China exported 2,297.60 mt of copper ores and concentrates to Malaysia, up 1.50% MoM. In May, China exported 412.23 mt of copper ores and concentrates to Mongolia, up 176,064.53% MoM and down 0.43% YoY. The following is a breakdown of imports based on data from the website of the General Administration of Customs of China: Origin May 2026 (mt) MoM YoY Chile 711,404.02 1.10% -2.90% Peru 691,924.04 19.15% 11.98% Mongolia 186,875.99 -7.29% 4.26% Russia 125,158.75 5.58% 126.45% Kazakhstan 107,825.54 36.13% 23.95% Serbia 69,862.17 38.32% 63.32% Ecuador 66,026.07 97.53% 14.72% Mexico 54,655.35 -42.07% -50.19% Saudi Arabia 47,728.89 311.30% 711.73% Spain 38,136.31 -52.73% 293.96% DRC 28,509.28 -49.18% -63.38% Australia 28,422.81 -42.38% -55.52% Botswana 27,327.14 -23.38% -17.56% Laos 26,013.43 108.82% 131.43% Philippines 25,631.95 134.06% -5.58% Brazil 22,712.93 -46.74% -36.68% Canada 18,835.75 -52.72% -60.50% Armenia 16,817.88 -57.68% 26.56% Eritrea 9,980.67 -8.03% -52.89% Taiwan, China 9,002.08 - -17.47% Zambia 6,209.27 -52.53% 47.73% Albania 5,372.45 -20.27% -10.54% Pakistan 4,720.49 -17.25% 78.70% Namibia 4,117.14 59.60% 858.62% Mauritania 3,790.08 -33.33% -56.20% Morocco 3,687.66 99.79% 21.96% Colombia 3,642.41 2,087.96% -57.22% Azerbaijan 3,042.82 55.75% 886.21% Oman 2,537.84 -78.08% -65.58% Dominican Republic 2,502.75 -68.98% -64.07% Nicaragua 1,922.67 -22.65% 65.96% UAE 1,135.84 -13.28% -48.26% Turkey 809.08 -92.58% -90.95% Myanmar 724.65 -2.22% -6.91% Madagascar 534.97 30.16% 4.50% Congo Republic 505.85 -26.88% -20.16% Mozambique 483.28 -46.93% 96.40% South Africa 369.92 -83.64% -93.75% Kenya 364.00 44.45% - Bolivia 338.21 -25.80% - Tanzania 294.82 -53.33% -64.87% Nigeria 221.00 689.29% 310.09% Ethiopia 197.45 9,872,200.00% 1,645,283.33% Thailand 136.40 - 50.85% Angola 130.81 - - Vietnam 63.84 - - Papua New Guinea 0.09 - - Netherlands 0.05 6.25% 10.87% Total 2,360,706.88 0.39% -1.74% Data source: General Administration of Customs The following is a breakdown of exports based on data from the website of the General Administration of Customs of China: Destination May 2026 (mt) MoM YoY Malaysia 2,297.60 1.50% - Mongolia 412.23 176,064.53% -0.43% UK 0.52 13.60% 1,626.67% Netherlands 0.49 150.76% 8,133.33% Kazakhstan 0.09 - - Belgium 0.05 -27.54% 13.64% Australia 0.04 21.21% - Total 2,711.03 19.71% 514.63% Data source: General Administration of Customs (Comprehensive by Wenhua)

According to customs statistics, in the first five months of 2026, China's total goods trade import and export value reached 20.68 trillion yuan, a YoY increase of 15.3% (the same hereinafter). Exports totaled 11.91 trillion yuan, up 11.8%, while imports totaled 8.77 trillion yuan, up 20.5%. In May alone, total goods trade import and export value stood at 4.45 trillion yuan, up 16.9%. Exports were 2.59 trillion yuan, up 13.8%, and imports were 1.86 trillion yuan, up 21.5%. By trade mode, in the first five months, China's Ordinary Trade imports and exports reached 12.47 trillion yuan, up 8.3%; processing trade imports and exports reached 3.95 trillion yuan, up 22.9%; and bonded logistics imports and exports reached 3.59 trillion yuan, up 41.8%. By trading partner, China's trade with ASEAN totaled 3.52 trillion yuan, up 16.6%; with the EU, 2.53 trillion yuan, up 10.3%; and with the US, 1.61 trillion yuan, down 6.6%. Over the same period, combined imports and exports with countries jointly building the Belt and Road reached 10.57 trillion yuan, up 13.6%. By type of enterprise, in the first five months, private enterprises' imports and exports reached 11.81 trillion yuan, up 15.5%; foreign-invested enterprises, 6.02 trillion yuan, up 15.7%; and state-owned enterprises, 2.81 trillion yuan, up 14%. In terms of key commodities, on the export side, China's exports of mechanical and electrical products reached 7.58 trillion yuan, up 18.4%; labor-intensive products, 1.61 trillion yuan, down 3.1%; and agricultural products, 300.79 billion yuan, up 1.6%. On the import side, imports of mechanical and electrical products reached 3.54 trillion yuan, up 25.3%; crude oil, 218 million mt, down 4.8%; and agricultural products, 618.16 billion yuan, up 7.6%. SMM has compiled the import and export data for selected metal industry products based on figures released by the General Administration of Customs, as follows: Exports: Rare earth exports in May 2026 5,490.4 mt, a YoY decrease of 6.4% vs. May 2025 . Cumulative exports in January-May 2026 reached 25,378.0 mt, a YoY increase of 2.2% vs. the same period of 2025. Steel exports in May 2026 10.341 million mt, a YoY decrease of 2.2% vs. May 2025 . Aluminum semis exports in January-May 2026 totaled 4,455.4 mt, on a YoY basis from January-May 2025, down 8.1 %. Exports of unwrought aluminum and aluminum semis in May 2026 reached 632,000 mt, on a YoY basis from May 2025, up 15.5% . Cumulative exports in the first five months of 2026 reached 2.685 million mt, on a YoY basis from January-May 2025, up 10.4%. Imports: Imports of iron ore and concentrates in May 2026 reached 97.711 million mt, on a YoY basis from May 2025, down 0.4% . Cumulative imports in the first five months of 2026 reached 516.258 million mt, on a YoY basis from January-May 2025, up 6.3%. Imports of copper ore and concentrates in May 2026 reached 2.361 million mt, on a YoY basis from May 2025, down 1.4% . Cumulative imports in the first five months of 2026 reached 12.275 million mt, on a YoY basis from January-May 2025, down 1% . Imports of coal and lignite in May 2026 reached 33.265 million mt, on a YoY basis from May 2025, down 7.7% . Cumulative imports in the first five months of 2026 reached 182.623 million mt, on a YoY basis from January-May 2025, down 3.2%. Imports of rare earths in May 2026 reached 6,770.2 mt, on a YoY basis from May 2025, down 42.1% . Cumulative imports in the first five months of 2026 reached 47,628.0 mt, on a YoY basis from January-May 2025, down 2.8%. Imports of steel in May 2026 reached 451,000 mt, on a YoY basis from May 2025, down 6.2%. Cumulative imports in the first five months of 2026 reached 2.255 million mt, on a YoY basis from January-May 2025, down 12.2%. Imports of unwrought copper and copper semis in May 2026 reached 446,000 mt, on a YoY basis from May 2025, up 4.4% . Cumulative imports in the first five months of 2026 reached 2.013 million mt, on a YoY basis from January-May 2025, down 7 % .

The latest data released by the General Administration of Customs on June 9 showed that China's imports of copper ores and concentrates in May were 2.3607 million mt, with cumulative imports over January-May reaching 12.2753 million mt, down 1.0% YoY; imports of unwrought copper and copper semis in May were 445,700 mt, with cumulative imports in January-May at 2.0128 million mt, down 7.0% YoY. On the export side, China's exports of unwrought aluminum and aluminum semis in May were 632,400 mt, and cumulative exports in January-May reached 2.6854 million mt, up 10.4% YoY. The detailed data are as follows (unit: 100 million yuan): Category Unit May Jan-May Cumulative Jan-May 2025 Cumulative YoY % Change Volume Value Volume Value Volume Value Volume Value Imports Copper Ores & Concentrates 10kt 236.07 588.41 1227.53 3056.32 1240.09 2307.89 -1.00 32.40 Unwrought Copper & Copper Semis 10kt 44.57 416.49 201.28 1838.53 216.50 1509.00 -7.00 21.80 Exports Unwrought Aluminum & Aluminum Semis 10kt 63.24 178.33 268.54 733.65 243.20 609.02 10.40 20.50 Note: "Express" data are preliminary monthly summaries from customs statistics and are subject to revision based on the official monthly data formed after correcting errors in the original statistical records. (Wenhua Comprehensive)

On May 20, Sinomine Resource Group Co., Ltd. and Peru Kingda Mining Co., Ltd. signed a cooperation agreement at Sinomine Resource Group's headquarters on the La Haya copper mine project. Under the agreement, Peru Kingda Mining will re-register the mining rights of the La Haya copper mine located in Peru under a joint venture jointly established by both parties and controlled by Sinomine Resource Group. Sinomine Resource Group will provide funding, technology, and industry chain resource support to jointly advance the development of this copper ore resource. In the initial phase, the project will carry out Phase I exploration work, with drilling advancing simultaneously.