SMM, July 31: Sentiment in the A-share semiconductor industry chain futures market recovered, as improving industry chain fundamentals transmitted upward, driving a strong rally in the upstream strategic minor metal sector. As of around 10:15 on July 31, the minor metal sector index had risen 4.54%. Among individual stocks, Dongfang Tantalum and Yunnan Germanium hit their daily limit up, while Yunnan Tin, Xiamen Tungsten, China Rare Earth Nonferrous, China Tungsten High-Tech, Zhangyuan Tungsten, Xianglu Tungsten, and Dongfang Zirconium were among the top gainers. The rally in the minor metal sector was driven by the resonance of multiple industry dynamics. On one hand, demand for semiconductors and AI computing recovered, and expansion expectations for high-speed optical modules and AI servers improved. Germanium and tantalum, as core raw materials for semiconductor optoelectronic devices and high-end tantalum capacitors, saw continued strengthening of downstream demand from emerging industries. On the other hand, germanium and tantalum are strategic dispersed metals with concentrated global supply. Supply tightening expectations arose from geopolitical uncertainties outside China and domestic resource controls. Meanwhile, the ongoing localisation of high-end semiconductor materials further boosted market allocation sentiment, lifting the sector's performance. News [Yunnan Germanium: subsidiary signs major indium phosphide wafer supply contract worth 570 million to 855 million yuan; H1 net profit expected to rise YoY] Yunnan Germanium announced on July 24 that its controlling subsidiary Yunnan Xinyao recently signed a supply agreement with a client to sell indium phosphide wafers (substrates). The total contract value is estimated at between 570.08 million yuan and 855.12 million yuan (tax inclusive), representing 53.48% to 80.23% of the company's audited operating revenue in 2025. The contract will be performed from August 1, 2026, to December 31, 2027. Regarding the impact on the listed company, Yunnan Germanium stated: If the contract is successfully executed, it is expected to have a positive impact on the company's operating results for the performance years. The specific impact and the reporting periods affected will depend on the actual fulfillment of the contract and will be subject to the revenue confirmed by the company's audit. [Dongfang Tantalum: domestic demand for high value-added products such as superalloys and semiconductor tantalum targets is gradually rising] Dongfang Tantalum stated during an institutional survey on July 23 that with the sustained development of China's high-tech and new infrastructure sectors, domestic demand for high value-added products such as superalloys, semiconductor tantalum targets, and high-purity niobium materials is gradually rising. In recent years, the company has been fully advancing the technological upgrading and capacity expansion of its production lines, rationally organizing production, and gradually releasing new capacity. Guided by the strategy of achieving self-reliance in the industry chain, the localisation substitution process has evolved from individual product breakthroughs to systematic solutions, providing a solid foundation for the growth of tantalum, niobium and their alloy products. [Yunnan Tin: Expects H1 2026 Net Profit of 1.47–1.57 Billion Yuan, Up 38.43%–47.85% YoY] Yunnan Tin disclosed an earnings forecast on the evening of July 14, expecting attributable net profit in H1 2026 to be 1.47 billion to 1.57 billion yuan, up 38.43%–47.85% YoY; and recurring net profit is expected to be 1.88 billion to 1.98 billion yuan, up 44.23%–51.91% YoY. Spot Market Tin Overnight, some US chip stocks rebounded, and the Philadelphia Semiconductor Index surged, boosting the performance of tin, known as the “computing metal.” SHFE tin opened higher on July 31, lifting spot prices. In the tin spot market: On July 31, the average price of SMM 1# tin was 425,850 yuan/mt, up 1.51% from the previous trading day. As tin prices rose, spot market trading was sluggish. Fundamentals: (1) Supply: Tight ore and ingot supply, low inventory, amplifying elasticity. Myanmar’s rainy season extends through end-August, with mine flooding and logistics disruptions; Wa State’s June tin ore output was only 6,392 mt in physical content. China’s tin ore imports in July are expected to be basically flat MoM. The slow pace of production resumptions in Wa State has been priced in ahead of time, with no major shutdowns in the near term, but supply contraction expectations during the rainy season have yet to fully materialize. Indonesia’s tin ingot imports in July are expected to show some recovery MoM. (2) Demand: Improved solder operating rates, but acceptance of high prices needs to be tested. The operating rate at solder enterprises was 78.8% in June, up 4.6 percentage points from May; however, after the sharp spot price rally on July 30, downstream users were cautious and stayed on the sidelines, and whether high-priced spot cargoes can be absorbed still requires verification. Stockpiling for new Apple/Huawei models in late August is the next demand trigger point. Institutional Views A research report from Minmetals Securities points out: Germanium accounts for 60% of applications in optical communication and satellite PV fields, making it a metal for “AI computing power + space energy.” With its excellent refractive index tuning capability and radiation resistance, germanium has become a key material for AI data center optical interconnects and low-earth-orbit satellite PV systems. Looking at changes in demand structure, from 2020 to 2026, downstream germanium consumption grew from 160 mt to 240 mt, with optical communication’s share rising to 40% and satellite PV’s share to 20%, together accounting for 60% of total downstream demand. It expects that 90% of the demand growth in 2027 will come from two high-growth sectors: AI hardware and satellite PV. A research report from Caitong Securities shows: As AI computing power demand explodes, the market size of indium phosphide, used as a chip substrate material, will continue to expand. Indium resources are scarce and subject to policy restrictions, and product prices are entering an uptrend. High-purity red phosphorus is a very important semiconductor base material, with high purification technology barriers. Against the backdrop of accelerated AI application deployment driving related infrastructure construction, the indium phosphide substrate industry chain is expected to see dual opportunities from demand growth and domestic substitution. It is recommended to focus on enterprises with resource and technological advantages in the links of indium phosphide, indium, and high-purity red phosphorus. A research report from Datong Securities shows that minor metals have staged an independent rally, with tightened supply combined with strategic attributes leading to a value revaluation. The rare earth sector is preemptively pricing in new regulatory controls, with Myanmar ore imports disrupted, tight spot supply of Pr-Nd oxide driving prices sharply higher; tungsten and antimony ore grades are declining along with environmental protection-driven production restrictions, widening the supply gap, while PV and hard alloy demand remains firm during the off-season, and inventories are at low levels. AI computing power and communications sectors are boosting demand for gallium and germanium, and coupled with export control policies, concentrated stockpiling outside China is widening the price spread between Chinese and overseas markets. Scarce resources are resonating with financial attributes, and the sector continues to be favoured by capital. Recommended Reads:

On July 30, Chengtun Mining’s share price declined. As of 13:22 on the 30th, Chengtun Mining was down 5.03% at 10.2 yuan per share. On the news front: Chengtun Mining’s 2026 semi-annual report released on July 30 showed that in H1 2026, the company achieved total operating revenue of 19.264 billion yuan, up 39.56% YoY; net profit attributable to shareholders of 1.804 billion yuan, up 71.37% YoY; and net profit after deducting non-recurring items of 1.913 billion yuan, up 64.63% YoY. Regarding its core business, Chengtun Mining stated in its semi-annual report that the company was 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 focused primarily on copper, nickel, cobalt, and gold, with its main business types being energy metals, base metals, metal trading, and others. Chengtun Mining’s semi-annual report showed that in H1 2026, the company’s DRC copper-cobalt segment delivered stable output, with copper production reaching 132,200 mt in metal content, of which Brother Mining (BMS) achieved copper production of 74,400 mt in metal content. BMS’s specialized energy management system took shape. The Kalongwe project advanced in a coordinated manner in optimizing the production system and engineering construction; multiple technological transformation initiatives reduced material consumption, and optimized reuse of return water lowered energy consumption and enabled refined cost control. The copper-cobalt smelting projects CCR and CCM maintained stable production and operations. The company also carried out exploration in prospective areas and extension-style resource M&A to strengthen the foundation for sustainable development. In the Indonesia nickel segment, Youshan Nickel maintained stable production and operations amid global nickel market price consolidation, achieving operating revenue of 1.663 billion yuan; by improving management, optimizing processes, and strengthening industry-chain synergies, it successfully withstood market shocks. Phase I capacity of the Guizhou project was gradually released, process flows became increasingly mature, and product quality improved steadily; Phase II of the project carried out trial production. Huajin Mining operated steadily, achieving gold sales of 156.31 kg and operating revenue of 145 million yuan. During the reporting period, operating revenue from production and manufacturing was 18.756 billion yuan, accounting for 97.36% of the company’s total revenue, up 2.92 percentage points YoY, and it continued to maintain high-quality operations. Regarding the status of its core businesses, Chengtun Mining’s semi-annual report showed: 1. Energy Metals Business. During the reporting period, the company’s energy metals business achieved revenue of 14.543 billion yuan, with a gross margin of 27.03%, basically in line with the gross margin in the same period last year. In H1 2026, output of copper products was 133,200 mt in metal content, cobalt products 3,700 mt in metal content, and nickel products 21,200 mt in metal content. ( 1) Copper-Cobalt Segment ① During the reporting period, the company’s DRC copper-cobalt segment delivered stable output, with copper production reaching 132,200 mt in metal content, of which Brother Mining achieved 74,400 mt in metal content. The company addressed power shortage issues through a multi-type energy mix, building a modern energy system that is specialized, intensive, and integrated, driving synchronized growth in operating efficiency and scale effects. ② Dali Sanxin actively advanced mine construction and aimed to achieve trial production in Q4. At present, land and other related procedures had been completed, shaft construction was basically completed, and surface civil works construction was being actively advanced. ③ In April 2026, the company disclosed that it planned to acquire a 50% equity interest in Nkoyi Leopard Mining and Investment Limited to indirectly obtain a 30% interest in a large, specific copper-cobalt mining right. The project completed the equity closing in July 2026, and subsequent cooperation matters regarding the mine were progressing normally. During the reporting period, the company actively sought resource security for sustainable development through exploration in prospective areas and by pursuing extension-style M&A and cooperation for copper ore resources. (2) Indonesia Nickel Segment During the reporting period, the global nickel market fluctuated amid the interplay of Indonesia policy adjustments and rising cost side pressures. Youshan Nickel maintained stable production and operations, achieving operating revenue of 1.663 billion yuan and demonstrating strong operating resilience. (3) Deep Processing and Materials Segment ① During the reporting period, Keli Xin’s operating revenue increased by 25.6% from the same period last year, with rapid growth in operating performance. Meanwhile, the company continued to expand its product lines and enrich product models to meet different battery systems’ requirements for high voltage and high safety, effectively improving client response speed and product compatibility. ② Zhonghe Nickel optimized process technologies, further advanced refined on-site production management, improved recovery rates of valuable metals, and enhanced the production system’s adaptability to multi-channel raw material sources. ③ Phase I capacity of the Guizhou project was gradually released, process flows became increasingly mature, and through various refined control measures, it ensured continuous and stable production operations, with product quality improving steadily. Phase II of the Guizhou project smoothly entered trial production. 2. Base Metals Business. During the reporting period, the base metals business achieved sales revenue of 4.213 billion yuan, with a gross margin of 9.50%, up 5.61 percentage points from the same period last year. (1) During the reporting period, Chengtun Zinc & Germanium operated steadily, with notable results in comprehensive recovery; indium and germanium recovery rates both improved. Technical breakthroughs achieved cost reductions in auxiliary material and a record high in silver recovery indicators; multi-dimensional cost reduction and efficiency enhancement significantly lowered logistics and inventory expenses, and overall production operations remained stable. (2) During the reporting period, the company actively advanced the orderly construction of domestic and overseas mines. Construction of the Baoshan Hengyuan Xinmao mining engineering project progressed steadily; Huajin Mining operated steadily, selling 156.31 kg of gold and achieving revenue of 145 million yuan. 3. Metal Trading Business and Others. During the reporting period, the metal trading business achieved operating revenue of 307 million yuan. At present, the scale of the company’s core businesses continued to grow steadily, the proportion of the trading business gradually declined, and the business structure continued to be optimized, achieving solid results on the path of high-quality development. In addition, Chengtun Mining announced on July 23 that the cumulative deviation in the increase of its stock’s closing price exceeded 20% over three consecutive trading days on July 21, July 22, and July 23, 2026, constituting abnormal fluctuations in stock trading. After verification, the company found no media reports or market rumors that needed clarification or response, and found no other material events that could have a significant impact on the company’s share price. As of the date of this announcement, other than information publicly disclosed by the company in designated media, there was no other material information that should have been disclosed but had not been disclosed, including but not limited to planning major asset restructurings involving publicly listed firms, share issuances, major transactions, business restructurings, share repurchases, equity incentives, bankruptcy reorganizations, major business cooperation, introduction of strategic investors, and other major matters. The company’s current operating conditions were normal, and there had been no material changes in the internal and external operating environment. Chengtun Mining announced on July 9 that the transaction in which its wholly owned great-grand subsidiary Preeminence Holdings Limited (Preeminence) acquired a 50% equity interest in Nkoyi Leopard Mining and Investment Limited (Nkoyi) had made new progress. As of the date of this announcement, Nkoyi had completed the change of its shareholder register, and all registration and filing procedures for changes involving directors and senior management in this transaction had been completed. Preeminence had now obtained a 50% equity interest in Nkoyi, and the company had, in accordance with the Share Purchase Agreement under the transaction, paid the equity acquisition consideration to the target company. In Huafu Securities’ nonferrous metals weekly report released on July 26, its commentary on industrial metals mentioned: Industrial metals: tight inventory coupled with geopolitical tailwinds lifted copper prices strongly. From a macro perspective, the Middle East US-Iran geopolitical conflict continued to recur. Multiple parties mediated to advance ceasefire talks, but differences between the two sides were difficult to bridge quickly, and the market continued to trade the potential risk of disrupted shipping through the Strait of Hormuz. Once passage through the waterway is restricted, it would not only push up international crude oil prices and raise global smelting and logistics costs, but also affect outbound shipments of Middle Eastern sulfur, directly disrupting the supply of raw materials for ex-China hydrometallurgical copper production, continuously injecting a geopolitical risk premium into copper prices; repeated changes in news flow also amplified intraday fluctuations in LME copper. This week, tensions in the US-Iran Strait of Hormuz situation remained elevated, and shipping risks in the strait continued to affect market sentiment. Individual stocks: Copper—watch JCC, CMOC, Chengtun, Zangge, JCHX, and Beitong; for H-shares, watch NFC and Minmetals, among others. Aluminum—watch Tianshan, Hongchuang, Yunnan Aluminum, Shenhuo, Huatong, Hongqiao, and Zhongfu, among others. Citigroup recently published a report stating that it held a constructive view on the copper market over the coming weeks, maintaining its expectations unchanged for a 0–3 month short-term copper price target of $14,500 per mt and a year-end target of $15,000 per mt. Citigroup noted that over the past month, despite a pullback in speculative long positions and overall weakness in commodities, copper prices remained resilient. While demand growth remained weak, the supply side faced greater pressure. Global mine supply remained under pressure, while year-to-date scrap supply appeared to respond weakly to high prices. Chilean mine supply risks and sulfur supply constraints could, at the margin, lift market sentiment. A CITIC Securities research report said that multiple positive factors drove copper prices to again challenge $14,000, and that core drivers such as declining inventory and supply disruptions were expected to persist; most potential tariff paths remained positive for copper, and under a neutral assumption, copper prices were expected to challenge $15,000 within the year. The copper sector was still at the beginning of a valuation recovery, and the formation of expectations for price hike and improvements in market sentiment would continue to drive valuation recovery.

“Tin” Guiding the Future: Industrial Transformation and Value Reshaping in a New Cycle Conference Background Currently, the global tin industry stands at a historic turning point. The logic of traditional cycles has been completely shattered, and its strategic value is fully emerging. The tin market in 2026 presents an unprecedentedly complex pattern and profound transformation: 1. In-depth reconstruction of the supply-demand pattern, with its strategic attributes elevated to an unprecedented level. The global static reserve-to-production ratio of tin is only 14 years, and its scarcity is increasingly pronounced. The supply side faces “triple pressure”: repeated setbacks in Myanmar’s production resumptions, continuously tightening policies in Indonesia, and high geopolitical risks in the DRC. Resource constraints have already become the new normal. Meanwhile, a fundamental shift is taking place in the demand structure. Tin has become a strategic resource bridging traditional manufacturing and the digital future. 2. A historic breakthrough in the price system, reshaping the industrial ecosystem. In early 2026, SHFE tin prices breached 470,000 yuan/mt, setting a new record high. This price breakthrough not only reflects the supply-demand imbalance but also marks a revaluation of the tin industry. Traditional trade models, risk management systems, and supply chain collaboration methods all urgently require innovative breakthroughs. 3. Technology-driven innovation and the green transition are fostering a new symbiotic ecosystem. Digital and intelligent technologies are deeply empowering the tin industry chain. The global green transition requires the tin industry to upgrade toward low-carbon and circular economy models, making recycled tin recovery and green smelting processes essential paths. All links in the industry chain must move from competition to collaboration, building an open, resilient, and innovative symbiotic system. Against this backdrop, the August 19-21, 2026 in Changsha, Hunan held 2026 SMM (16th) Tin Industry Chain Conference will bring together global industry elites for discussion. Yunnan Tin Co., Ltd. will attend this grand event, discuss industry development trends with peers, and jointly propel the tin industry to new heights. Click the to register now, and join us to witness and participate in this extraordinary, far-reaching industry event, creating a brilliant new chapter together! Yunnan Tin Co., Ltd. (hereinafter referred to as the Company) was restructured and established in 1998, with its predecessor tracing back to the Gejiu Factory Affairs Investment Bureau, which was founded in 1883 (the ninth year of the Guangxu reign of the Qing Dynasty) with official funds from the imperial court. In February 2000, the Company was listed on the Shenzhen Stock Exchange under the stock name “Tin Industry Co., Ltd.” and stock code 000960. The Company has been ranked on the Fortune China 500 for consecutive years, placing 1st among the 2023 Yunnan High-Tech Enterprises Top 100 and 2nd among the 2023 Yunnan Manufacturing Enterprises Top 100. The Company holds the world’s largest reserves of tin and indium resources, and operates China’s largest tin production and processing base. It has built up a capacity of 80,000 mt/year of tin smelting, 125,000 mt/year of cathode copper, 100,000 mt/year of zinc smelting, and 60 mt/year of indium smelting. Its key equity-holding subsidiary has a capacity of 43,000 mt/year of tin materials and 27,100 mt/year of tin chemicals. Meanwhile, the Company is the only enterprise in China that holds the qualification for processing trade with imported materials for both tin concentrates and copper concentrates, with the right to re-export. Among the Company’s main products, key products such as tin ingots, indium ingots, and deep-processed tin and indium products have unique market and brand advantages. The “YT” brand tin ingots registered on the London Metal Exchange are an internationally renowned brand and a “China Famous Brand” product certified for export quality. The Company has established a marketing and distribution system covering major tin product markets in and outside China, with offices in Chinese cities like Beijing, Shanghai, and Shenzhen as well as in Hong Kong, the US, and Germany. Its products are sold to more than 30 countries worldwide. Tin product sales account for roughly half of the Chinese market and a quarter of the global market. Since 2005, the Company’s tin production and sales volume has ranked first globally. In the future, Yunnan Tin will take the inclusion in the list of “Creating World-class Professional Exemplary Enterprises” released by the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) as a major opportunity, deepen the creation work, focus on enhancing core competitiveness and strengthening core functions, further strengthen resource expansion, modern mining, raw material manufacturing, reinforce conservation-oriented development and utilization of resources, promote intelligent mining and intelligent smelting, and strive to become a world-class provider of key non-ferrous metal raw materials featuring distinctive professional advantages, innovation-driven development, lean management, and distinctive characteristics. Yunnan Tin Co., Ltd. was restructured and incorporated in 1998, with its origin tracing back to the Gejiu Mining & Merchants Bureau funded and established by the imperial court in 1883. In February 2000, the Company was listed on the Shenzhen Stock Exchange under the stock short name "Yunnan Tin" and stock code 000960. It has been featured on the Fortune China 500 list for consecutive years, ranking No.1 among Yunnan Top 100 High-tech Enterprises 2023 and No.2 among Yunnan Top 100 Manufacturing Enterprises 2023. The Company holds the world’s largest reserves of tin and indium resources, and operates China’s largest tin production and processing base. Its self-owned production capacities stand at 80,000 tons of tin smelting, 125,000 tons of cathode copper, 100,000 tons of zinc smelting and 60 tons of indium smelting per annum. Key invested subsidiaries boast annual capacities of 43,000 tons of tin materials and 27,100 tons of tin chemicals. Meanwhile, it is the only domestic enterprise qualified for import and re-export processing of both tin and copper concentrates in China. Among the Company’s core products, tin ingots, indium ingots, and deep-processed tin-indium products enjoy distinctive market and brand advantages. The registered "YT" brand tin ingot on the London Metal Exchange (LME) is a world-famous brand and a national "China Top Brand" for export quality. The Company has built a marketing and distribution network covering major domestic tin product markets across Beijing, Shanghai, Shenzhen and other cities, as well as Hong Kong, the United States, Germany and other overseas regions, with products sold to more than 30 countries worldwide. Its tin product sales account for roughly half of China’s total market demand and one quarter of the global market, and the Company has maintained the world’s top position in tin output and sales volume since 2005. Being shortlisted in the State-owned Assets Supervision and Administration Commission’s list of "Enterprises Pioneering the Development of World-Class Professional Leading Companies" as a major strategic opportunity, Yunnan Tin will thoroughly advance related development initiatives. Centering on boosting core competitiveness and reinforcing core functions, the Company will further consolidate resource expansion, modern mine construction and raw material manufacturing businesses. It will strengthen the protective development and utilization of mineral resources, advance smart mining and intelligent smelting, and strive to grow into a world-class supplier of key non-ferrous metal raw materials featuring prominent professional advantages, innovation-driven development, lean management and distinctive industrial characteristics. Contact Information Tin Ingot Product Sales: Luo Huayuan 18516225787 Tin Material Product Sales: Zhang Xuefeng 13577064765 Tin Chemical Product Sales: Lin Jun 18687193400 Tin Raw Material Procurement: Duan Pengfei 13577328782 Long Press to Scan QR Code to Register Now 2026 SMM (16th) Tin Industry Chain Conference

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

SMM, July 21 – To deepen industry exchanges, smooth information channels, and accurately grasp development trends and market dynamics in the zinc and indium sectors, on July 21, a team from SMM Information & Technology Co., Ltd. (SMM) — including Geng Zhiyao, Senior Analyst for Copper, Lead and Zinc; Li Hanyu, Senior Zinc Analyst; and Dai Junxiu, Senior Business Manager — visited Yunnan Tin Wenshan Zinc Indium Smelting Co., Ltd. for an exchange and was warmly received by relevant leaders of the company. During the exchange, the two parties had in-depth discussions on core industry topics, such as current zinc and indium price trends, the enterprise’s comprehensive recovery technologies for zinc and indium metals, existing production and processing capacity, and the regional layout of new mine capacity. Meanwhile, the SMM team introduced in detail the platform’s existing pricing system, pricing logic, and mainstream market application scenarios, conducted in-depth exchanges with the enterprise on industry pricing standards and market quotation applications, fully listened to frontline production and market demands, and further broke down information barriers between upstream and downstream. This visit effectively consolidated the foundation for information sharing across the industry and provided strong support for accurately assessing zinc and indium market trends and promoting the green, high-quality, and standardized development of the industry. Profile of Yunnan Tin Wenshan Zinc Indium Smelting Co., Ltd. Yunnan Tin Wenshan Zinc Indium Smelting Co., Ltd. is a wholly-owned subsidiary of Yunnan Tin Co., Ltd. Established in May 2016 with a registered capital of 1.1 billion yuan and 843 registered employees, it is a state-owned enterprise integrating production, R&D, and trade, mainly engaged in the smelting, processing, sales, and trading of non-ferrous metals and ore products. After six years of independent process and equipment R&D, the company overcame the industrialization challenges of hematite technology and equipment. In 2018, it invested 2.44 billion yuan to build China’s first and the world’s second demonstration plant for hematite iron removal hydrometallurgical zinc smelting. The plant reached full production and standards within one year, with core indicators leading the industry: zinc recovery rate >98%, indium recovery rate >83%, copper recovery rate >95%, lead and silver recovery rate >99%, iron resource utilization rate >95%, comprehensive energy consumption for zinc electrowinning 99.96%, and tail gas SO 2 <60 mg/Nm 3 . Leveraging its technological and green development strengths, the company has received more than 30 honors, including national-level “Quality Engineering” award, national-level specialized and sophisticated key “Little Giant” enterprise, national-level green factory, and high-tech enterprise. It holds 42 authorized patents (including 21 invention patents), and three of its core technologies have won the First Prize of China Nonferrous Metals Industry Science and Technology Award. The “New Green and Efficient Zinc Smelting Technology for Complex Polymetallic Iron-bearing Sphalerite” and the “Hematite Process for Iron Removal and Zinc Smelting” have been respectively listed by the National Development and Reform Commission (NDRC), the Ministry of Industry and Information Technology (MIIT), and other authorities in the industry carbon peak action plan and energy-saving and carbon-reduction guide, and are promoted as key advanced technologies. SMM Contact: Geng Zhiyao Tel: 13818541149

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