SMM, July 23: To deepen exchanges within the zinc industry, smooth industrial information channels, and accurately grasp development trends and market dynamics, an SMM team—Geng Zhiyao, Senior Analyst for Copper, Lead & Zinc; Li Hanyu, Senior Analyst for Zinc; and Dai Junxiu, Senior Business Manager— visited Yunnan Chihong Zn & Ge Co., Ltd. on July 23 for discussions and was warmly received by the company’s leadership. During the talks, the two sides conducted in-depth discussions on topics including the zinc raw material supply landscape, smelting capacity changes in and outside China, zinc price operating logic, and downstream demand evolution trends. They also exchanged views on issues such as mining cost control, zinc smelting process optimization, comprehensive recovery of associated rare and precious metals, green smelting upgrade pathways, overseas resource development opportunities, and industry cycle risk prevention. Leveraging industry big data, the SMM team shared their current supply-demand market assessments and medium to long-term industry outlook. Yunnan Chihong Zn & Ge, drawing on its resource presence both in and outside China and its entire industry chain operational practices, outlined its enterprise production and operating plans as well as its development ideas on technological innovation and green transformation. This visit established a strong communication platform. SMM gained on-the-ground understanding of the actual production and operating conditions of a leading zinc enterprise, enriching its frontline survey information; Yunnan Chihong Zn & Ge simultaneously obtained cutting-edge industry information to inform its daily production and operations. Both sides agreed to maintain ongoing communication and exchange, share industry information, and jointly support the high-quality, sustainable development of the zinc industry. About Yunnan Chihong Zn & Ge Co., Ltd. Yunnan Chihong Zn & Ge Co., Ltd. (referred to as "Chihong Zn & Ge") is a tertiary-level operating enterprise under Chalco. Founded on July 18, 2000, its predecessor was the Yunnan Huize Lead-Zinc Mine, one of the 156 key construction projects under China’s First Five-Year Plan. Its affiliated Lanping Lead-Zinc Mine is a world-renowned lead-zinc mine, and both are important pillars of China’s lead and zinc industry. After 74 years of industrial accumulation and innovation empowerment, the company has continuously pursued advancements in resource security, technological innovation, green transformation, and industry chain extension. It has developed a complete industrial chain covering resource exploration, mining, beneficiation and smelting, deep processing, and comprehensive recovery. Its industrial footprint spans 7 provinces across 3 countries, with lead and zinc resource reserves, concentrate and refined product production, and overall competitive strength ranking first in China and fourth globally in the lead and zinc industry. The company is highly competitive within the industry: its mine C3 cost is in the top quartile, and its smelting C3 cost is in the top half of the industry. Multiple technical and economic indicators lead the sector, with its zinc beneficiation recovery rate, lead beneficiation recovery rate, lead crude smelting recovery rate, total electro-zinc smelting recovery rate, and zinc hydrometallurgical direct recovery rate all reaching world-class levels. Built 7 green mines and 6 green factories, with crude lead, electrolytic zinc, and electrolytic lead products rated as National Energy Efficiency "Pacesetters". It holds 1,381 valid patents, and multiple scientific research projects have been successively awarded the Yunnan Provincial Science and Technology Progress Special Prize and the National Science and Technology Progress Second Prize. It has undertaken key projects of the State Council SASAC's "Rejuvenation Action" and "Voyage Action", owns 10 national high-tech enterprises, and has been successively honored with titles such as "Advanced Grassroots Party Organization of Central State-Owned Enterprises" and "Nomination for the National Quality Award". SMM Contact Person: Geng Zhiyao Contact Number: 13818541149

SMM, July 23: To deepen exchanges within the lead and zinc industry, facilitate information channels, and accurately capture zinc industry development trends and market movements, on July 22, a team from SMM Information & Technology Co., Ltd. (SMM), including copper-lead-zinc senior analyst Geng Zhiyao and zinc senior analyst Li Hanyu, visited Yunnan Luoping Zinc & Electricity Co., Ltd. for an exchange meeting and were warmly received by relevant company leaders. During the meeting, relevant personnel from Luoping Zinc & Electricity introduced the company's operational status, industry chain layout, and medium and long-term strategic plans to the SMM team. The two sides engaged in in-depth discussions on topics including domestic zinc raw material supply, smelting cost changes, zinc product market trends, downstream demand trajectories, comprehensive recovery of associated rare and precious metals, and the development direction of green smelting. Leveraging SMM's industry database, SMM analysts shared supply-demand analyses for the zinc market, price dynamics, and potential industry opportunities, and exchanged views with the company on challenges in industrial development. Luoping Zinc & Electricity, drawing on its own strengths in hydropower integration, mine resources, and integrated smelting and deep processing, outlined its advancement approaches in resource expansion, technological R&D, and extension into new materials. This visit established a bridge for industry information sharing. In the future, both parties will maintain regular communication and exchanges, continuously collaborate to explore paths of industrial synergy, and jointly promote the steady and high-quality development of the zinc industry. About Yunnan Luoping Zinc & Electricity Co., Ltd. Yunnan Luoping Zinc & Electricity Co., Ltd. was established in 2000 and listed on the main board of the Shenzhen Stock Exchange in 2007 (stock code 002114). Its largest shareholder is Qujing Development and Investment Group, holding a 22.3960% stake, and the actual controller is the Qujing Municipal State-owned Assets Supervision and Administration Commission. Key Assets: It encompasses three core resource sectors: minerals, hydropower, and zinc smelting, housing production units such as the Fule Lead-Zinc Mine, Lazhuang Power Plant, zinc smelter, comprehensive utilization plant, and ultrafine zinc powder plant. The company boasts an integrated capacity of processing 100,000 mt of raw ore annually, producing 120,000 mt of electrolytic zinc, 140,000 mt of sulphuric acid, 12,000 mt of ultrafine zinc powder, and generating 250 million kWh of electricity per year, with an annual output value exceeding 2 billion yuan. This forms a complete industry chain of "power generation — mining — smelting — rare and precious metals recovery — new materials." Coupled with its self-contained hydropower energy loop, this creates a unique core competitive advantage, positioning the company as a leader in the non-ferrous metal smelting sector in Southwest China. Main Businesses: Hydropower generation, mining of non-ferrous metals such as lead and zinc, zinc smelting, and production and sale of extended products. The products include zinc sulfide concentrates, lead concentrates, zinc ingot, industrial sulphuric acid, cadmium, ultrafine zinc powder, germanium concentrates, silver concentrates, copper concentrates, zinc alloy, industrial and residential electricity, and edible rapeseed oil. The company has successively received honors such as “Contract-honoring and Credit-worthy Enterprise” at provincial and municipal levels, “Key Industrial Enterprise of Qujing City”, National Intellectual Property Advantage Enterprise, High-tech Enterprise, and National Laboratory Accreditation Certificate. Strategic Development: In terms of hydropower resource development, first, it invested in and participated in the construction of the Luoping County Laodukou Hydropower Station with an installed capacity of 37,500 kW, holding 37% equity; second, it invested in and participated in the construction of the Laojiāngdǐ Hydropower Station in Xingyi City, Guizhou Province, with an installed capacity of 100,000 kW, holding 33% equity. In terms of lead-zinc mine development, first, it invested in and participated in the development of the Jinsha Lead-zinc Mine in Yongshan County, holding 23.2% equity. Second, through a private placement of shares, it completed the overall acquisition of Puding County Xiangrong Mining, Derong Mining, and Hongtai Mining Co., Ltd. under Guizhou Fanhua Mining Group Co., Ltd., gaining control of the mine assets held by the three companies. In terms of business development, first, it acquired the sulphuric acid plant of the former Luoping County Zinc Electric Company. Second, it built a rapeseed oil production line with a capacity of 10,000 mt per year. Third, it established a wholly-owned subsidiary, Yunnan Luoping Zinc Electric New Materials Co., Ltd., to extend the industry chain through zinc alloy products. Technological Innovation: The company holds 78 patents. Among them, the comprehensive treatment and recovery of valuable metals from high-iron, low-germanium zinc oxide calcine and zinc sulfite is at an industry-leading level. SMM Contact: Geng Zhiyao Tel: 13818541149

According to SMM, a lead-zinc mine in northern China is expected to undergo routine maintenance for 10-15 days in August, which is expected to affect over one-third of its production.

Arrow Minerals has completed an infill gravity survey at its Yarraloola Copper Project in Western Australia’s Pilbara region. The survey covered 791 stations across the Ava, Fraser and Mr Thomas targets and is designed to refine drill targets for a planned exploration campaign later in 2026. The company has also secured funding under the Western Australian Government’s Exploration Incentive Scheme to conduct a detailed electromagnetic survey. The programme will use induced polarisation and fixed-loop electromagnetic techniques to identify potential massive sulphide bodies adjacent to known mineralisation. Results will be integrated with existing magnetic, gravity and geological data to finalise drilling targets. Historical drilling at Yarraloola has intersected polymetallic mineralisation containing copper, silver, lead and zinc. Arrow Minerals completed the acquisition of an 80% interest in the project in June 2026 and is now expanding its exploration programme.

Affected by the 10th typhoon this year, "Maysak," many areas in Guangxi were hit by continuous heavy rainfall. Places including Fangchenggang, Qinzhou, Guigang, and Nanning experienced rainstorms to heavy rainstorms, with locally extreme rainstorms, causing severe waterlogging in some urban areas, surging river levels, and risks at multiple reservoirs. Based on this, SMM conducted a survey of zinc smelters in Guangxi and learned that production has not been affected yet, but severe port waterlogging has hindered the transportation of raw materials and finished products. It is also learned that in July, some lead-zinc mines in Guangxi have already suspended production for maintenance due to the impact of the rainy season.

Hunan Province has launched the second round of its provincial ecological and environmental protection inspection "look-back" campaign. The first batch of seven inspection teams has been fully deployed since June 13, 2026, covering the cities of Changsha, Zhuzhou, Yueyang, Shaoyang, Hengyang, Huaihua, and Zhangjiajie. According to market sources, some lead-zinc mines have suspended production as a result of the inspections. SMM will continue to monitor and assess the potential impact on zinc concentrate supply.