On July 3, JL MAG Rare-Earth's share price rose, closing 3.79% higher at 34.25 yuan per share. On the news front, JL MAG's H1 performance forecast released on July 1 showed: net profit attributable to parent for H1 2026 is expected to be 400 million to 460 million yuan, up 31.17% to 50.84% YoY. Regarding the reasons for performance changes, JL MAG stated in an announcement: 1. In H1 2026, the management adhered to the annual operating policy of "adhering to compliance and regulations, being customer-oriented, focusing on the magnetic materials main business, constructing 20,000 mt of new capacity on schedule, actively deploying embodied robot motor rotors, and reaching new heights." Through measures including technological innovation, organizational optimization, digitalization, and lean management, the company ensured full contract fulfillment and delivery to customers while achieving steady business growth. The company continued to strengthen its leading position in new energy and environmental protection sectors and actively explored emerging markets, with revenue expected to increase by about 30% YoY. Specifically, revenue from the NEV and auto parts sector rose about 30% YoY; in the robot and industrial servo motor sector, revenue rose about 90% YoY, with small-batch deliveries of embodied robot motor rotors already underway. 2. During the reporting period, non-recurring gains and losses are expected to impact net profit by approximately 32.00 million yuan, compared to 70.9405 million yuan (after tax) in the same period last year. 3. In this reporting period, due to A-share and H-share equity incentives as well as H-share convertible bond issuance, total related share-based payment expenses and financial expenses amounted to about 121 million yuan. There were no such expenses in the same period last year. A recent JL MAG announcement shows: to implement the company's development strategy and strengthen comprehensive competitiveness, it plans to acquire a 9.24% equity stake in Baotou Rare Earth Products Exchange Co., Ltd. held by China Northern Rare Earth, through public listing and transfer on the Inner Mongolia Property Rights Exchange Center . According to the valuation report issued by Northern Yashi Asset Evaluation Co., Ltd., as of the valuation date December 31, 2025, the total equity value of the exchange under the market approach was 239.00 million yuan, representing an appreciation of 27.8551 million yuan, or 13.19%, over the net asset book value of 211.1449 million yuan. The expected transaction price for the subject equity is 22.0836 million yuan. Under the Shenzhen Stock Exchange ChiNext Listing Rules and the company's articles of association, this external investment falls within the CEO's approval authority. This investment does not constitute a related party transaction, nor does it constitute a material asset restructuring as defined in the *Administrative Measures for the Material Asset Restructuring of Publicly Listed Firms*. Regarding the company's main business and product applications, JL MAG Rare-Earth introduced in its 2025 annual report: The company is a high-tech enterprise integrating R&D, production, and sales of high-performance NdFeB permanent magnet materials, magnetic assemblies, embodied robot motor rotors, and comprehensive utilization of rare earth recycling. It is a leading supplier of rare earth permanent magnet materials in the new energy and environmental protection sectors. The company’s products are widely used in NEVs and auto parts, energy-saving variable-frequency air conditioners, wind power generation, robotics and industrial servo motors, 3C, low-altitude aircraft, energy-saving elevators, rail transit, and other fields, and it has established long-term and stable cooperative relationships with industry leaders both in and outside China in these sectors. The company actively positions itself in the robotics field. On one hand, it collaborates with internationally renowned technology companies to conduct R&D and capacity building for embodied robot motor rotors, with small-batch product deliveries already made. On the other hand, through direct investment or participation in industry funds, it strategically lays out key links in the relevant industry chain to accelerate industrial synergy and commercialization. Regarding the operating plan for 2026, JL MAG Rare-Earth introduced in its 2025 annual report: The company's operating policy for 2026: "Adhere to legal compliance, adhere to client orientation, focus on the magnetic material main business, build 20,000 mt of new capacity on schedule, actively position embodied robot motor rotors, and scale new peaks." Based on this operating policy and under the premise of legal compliance, the company will focus on advancing the following tasks: 1. Orderly release of capacity under construction. In 2026, some of the company's projects under construction will gradually release capacity. The specific release progress will consider factors such as equipment commissioning and market demand, advancing the commissioning and ramp-up of new capacity in an orderly manner. 2. Continuous improvement of R&D capabilities. 3. Continuous optimization of the product mix. The company will continue to enrich its product matrix for different application scenarios based on client needs, enhancing product structure resilience and client stickiness. Meanwhile, it will steadily advance the layout of projects such as magnetic assemblies and embodied robot motor rotors, equip dedicated production lines and professional teams, and drive the upgrade of small-batch pilot lines to large-scale, standardized manufacturing and quality systems. 4. Continuous improvement of operational capabilities. 5. Strengthening capital expenditure efficiency. 6. Improving incentive mechanisms and shareholder returns. 7. Advancing the construction of the ESG system. Regarding potential risks the company may face, when introducing the risk of rare earth raw material price fluctuations, JL MAG Rare-Earth stated: Rare earth metals are the main raw materials for producing NdFeB magnets. China is an important global supply base for rare earth raw materials, and wild swings in rare earth raw material prices will adversely affect the company's production and sales in the short term. Mitigation measures: The company has built production plants in Ganzhou, Jiangxi, the main production area for heavy rare earth, and in Baotou, Inner Mongolia, the main production area for light rare earth. The company has established long-term cooperative relationships with major rare earth raw material suppliers, including China Northern Rare Earth Group and China Rare Earth Group. Meanwhile, through measures such as procuring rare earth raw material in advance based on orders on hand, establishing price adjustment mechanisms with key clients, optimizing formulations, and improving processes, the company strives to reduce the adverse impact of rare earth raw material price fluctuations on its operating performance. A review of Pr-Nd alloy’s price performance in H1 this year shows : The average price of Pr-Nd alloy on June 30 was 905,000 yuan/mt. Compared with its average price of 735,000 yuan/mt on December 31, 2025, the increase in H1 this year was 23.13%. The annual daily average price of Pr-Nd alloy in H1 this year was 904,650.86 yuan/mt. Compared with its annual daily average price of 529,559.83 yuan/mt in H1 2025, the semiannual daily average price rose by 375,091.03 yuan/mt, up 70.83% YoY. According to SMM quotations: On July 3, the Pr-Nd alloy price was 920,000-930,000 yuan/mt, with an average of 925,000 yuan/mt, up 1.09% from the previous trading day. Currently, rare earth market prices overall are showing a broad upward trend. Driven by a marked increase in market trading activity on July 2, low-priced supply of Pr-Nd oxide tightened, and suppliers of oxides raised their quotations one after another. However, overall inquiry activity in the market declined somewhat compared with yesterday, and actual transactions were not ideal. In the metal market, supported by oxide costs, prices also rose. However, downstream magnetic material enterprises made fewer inquiries, and metal enterprises were not very proactive in offering quotations, resulting in a generally sluggish trading atmosphere and relatively strong wait-and-see sentiment. In the short term, affected by the tightening of low-priced supply in the market, Pr-Nd product prices are expected to drift higher amid consolidation. Recommended reading:

On July 1, the stock price of Xingye Silver&Tin rose. As of the close on July 1, Xingye Silver&Tin gained 0.24% to 33.04 yuan per share. In terms of news: On June 30, Xingye Silver&Tin announced that its wholly-owned subsidiary, Xingye Gold (Hong Kong) Mining Co., Ltd., through its subsidiary, Atlantic Tin Pte. Ltd., currently holds 3,180,525 shares (75% equity) of Atlas Tin SAS (hereinafter referred to as the “Target Company”), making it the controlling shareholder of the Target Company. To fully control the project resources and rights, maximize the release of value from the tin ore assets, and enhance core competitiveness and sustainable operations, the company intends to acquire, through a newly established subsidiary outside China (not yet established, subject to final registration of equity transfer), the aggregate 1,060,175 shares (the remaining 25% equity) of the Target Company held by Toyota Tsusho Corporation and Nittetsu Mining Co., Ltd. (collectively, the “Counterparties”). As the new overseas subsidiary has not yet been incorporated, the company and its wholly-owned subsidiary Xingye Gold (Hong Kong) will first sign a Share Purchase Agreement with the Counterparties, which stipulates that the acquisition will be completed by an entity designated by the acquirer. On June 30, 2026, the company and Xingye Gold (Hong Kong) completed the signing of the Share Purchase Agreement with the Counterparties. Upon completion of this transaction, the company will indirectly hold 100% equity of the Target Company through its subsidiaries, achieving full ownership. Details of the acquisition are as follows: 1. The company will designate a newly established overseas subsidiary (not yet established, subject to final registration of equity transfer) as the transferee to acquire 848,139 shares (20% equity) of the Target Company held by Toyota Tsusho Corporation for a consideration of $15,300,000, funded by its own funds or self-raised funds. 2. Xingye Gold (Hong Kong), a wholly-owned subsidiary, will designate a newly established overseas subsidiary (not yet established, subject to final registration) as the transferee to acquire 212,036 shares (5% equity) of the Target Company held by Nittetsu Mining Co., Ltd. for a consideration of $7,813,570, funded by its own funds or self-raised funds. These two transactions together will acquire a total of 1,060,175 shares, representing 25% equity of the Target Company, for an aggregate consideration of $23,113,570. The transaction is accompanied by the signing of a Termination and Release Agreement, which will fully terminate the original Shareholders' Agreement of the Target Company upon completion of the closing, clarifying the historical rights and obligations of all parties. Regarding the mining rights of the transaction target, Xingye Silver&Tin introduced that the Target Company holds the Achmmach tin mine project, with the following details: 1. Basic Information of Mining Rights 2. Achmmach Tin Ore Resources In May 2026, Beijing SRK Resource Technology Co., Ltd. prepared the “Morocco Achmmach Project Competent Person's Report” in accordance with the JORC Code. As of December 31, 2025, with an underground mining tin cut-off grade of 0.27%, the mineral resources of the Achmmach project are as follows: The acquisition of all remaining equity held by the Japanese shareholder aims to achieve full ownership of the target company, terminate the original shareholder agreement, streamline the governance structure and enhance decision-making efficiency, secure full control of project resource rights and interests, maximize the release of value from the tin ore assets, strengthen synergy between operations in and outside China, and align with the company's global resource deployment strategy. Xingye Silver&Tin also outlined the impact of this transaction on the company: the target company has been included in the consolidated financial statements, and this acquisition of minority equity will not have a material impact on the company's current-period profit. In the future, all net profit of the target company will be attributable to shareholders of the publicly listed firm, continuously enhancing earnings attributable to parent company shareholders. The company has ample liquidity reserves, and there is no obstacle to paying the transaction consideration, which will not have a material adverse impact on the liquidity of daily operating funds. Following full ownership, the company can coordinate and advance mine construction and operations, leverage its mining development and management experience, accelerate project implementation, solidify tin resource reserves, and have a positive effect on the company's long-term operating performance. On June 26, Xingye Silver&Tin stated on an interactive platform while responding to investor inquiries that secondary market stock prices are affected by multiple factors such as the macro environment, industry cycles, and market sentiment. The company attaches great importance to secondary market performance, will continue to strengthen investor relations management and market communication, actively carry out information dissemination and market capitalization management, and earnestly safeguard the legitimate rights and interests of all shareholders. On June 26, Xingye Silver&Tin stated on an interactive platform while responding to investor inquiries that, in accordance with the JORC Code, the Competent Person SRK uses only the current Measured and Indicated Mineral Resources as the basis for ore reserve conversion and production scheduling. However, in actual operations, through ongoing production drilling and exploration activities, the company may upgrade a portion of Inferred Mineral Resources and subsequently incorporate them into the actual mine mining and processing plan. Furthermore, the stope shapes generated by SRK using Deswik software through stope optimization may not align with the stope layout adopted in the company's daily production planning. Therefore, the company's future actual production schedule and operational performance may differ from the production schedule and related forecasts presented by SRK. On the performance front: Xingye Silver&Tin disclosed in its Q1 report that from January to March 2026, the company achieved operating revenue of RMB2,129.8691 million, up 85.32% YoY; net profit attributable to shareholders of the listed company was RMB1,337.6722 million, up 257.32% YoY. As of March 31, 2026, the company's total assets amounted to RMB19,688.8316 million, and net assets attributable to shareholders of the listed company were RMB10,825.4666 million. Operating Revenue Composition: For January to March 2026, the operating revenue of the company's main mineral products as a share of total operating revenue was as follows: ore-derived silver revenue was RMB1,410.1104 million (66.21%), ore-derived tin revenue was RMB234.0354 million (10.99%), ore-derived zinc revenue was RMB228.1249 million (10.71%), ore-derived lead revenue was RMB71.8509 million (3.37%), ore-derived antimony revenue was RMB53.1029 million (2.49%), ore-derived gold revenue was RMB51.0181 million (2.40%), ore-derived iron revenue was RMB44.1733 million (2.07%), ore-derived copper revenue was RMB35.6489 million (1.67%), and ore-derived indium revenue was RMB0.5241 million (0.02%). Among these, the combined operating revenue share of ore-derived tin and ore-derived silver reached 77.19%. Xingye Silver&Tin's Q1 report announcement stated: operating profit for the current period increased 238.16% YoY, total profit increased 236.36% YoY, and net profit attributable to owners of the parent company increased 257.32% YoY. The main reasons: During the reporting period, the selling prices of the company's main mineral products such as silver and tin rose compared with the same period last year; Yubang Mining's capacity was gradually released, leading to significant YoY increases in ore-derived silver production and sales volume; and the disposal of a 60% stake in Shuangyuan Nonferrous generated investment income of RMB321 million. Xingye Silver&Tin's 2025 annual report shows that in 2025, the company achieved operating revenue of RMB5,555.2536 million, up 30.09% YoY; total profit of RMB2,096.2370 million, up 18.75% YoY; and net profit attributable to shareholders of the listed company of RMB1,704.2393 million, up 11.40% YoY. Xingye Silver&Tin’s announcement shows: In 2025, the operating revenue of the company's main mineral products as a share of total operating revenue was as follows: ore-derived silver revenue was RMB2,175.7825 million (39.17%), ore-derived tin revenue was RMB1,649.6398 million (29.70%), ore-derived zinc revenue was RMB975.8673 million (17.57%), ore-derived lead revenue was RMB220.9450 million (3.98%), ore-derived iron revenue was RMB180.3799 million (3.25%), ore-derived copper revenue was RMB133.0043 million (2.39%), ore-derived antimony revenue was RMB100.3568 million (1.81%), ore-derived gold revenue was RMB82.3402 million (1.48%), and ore-derived bismuth revenue was RMB16.6744 million (0.30%). Among these, the combined operating revenue share of ore-derived tin and ore-derived silver reached 68.86%. Regarding the company's main business and key performance drivers, Xingye Silver&Tin stated in its 2025 annual report: The company is a large mining group principally engaged in the exploration, mining, and beneficiation of non-ferrous and precious metals. As of the disclosure date of this report, the company has over 20 subsidiaries, including 8 mining companies in operation: Yinman Mining, Qianjinda Mining, Yubang Mining, Rongguan Mining, Xilin Mining, Rongbang Mining, Ruineng Mining, and Bosheng Mining. The Achmmach tin mine under Atlas Tin SAS, a subsidiary of Atlantic Tin, is in the construction phase; Tanghe Shidai Mining is in suspension, while Yitong Mining and Yunnan Xigui are in the exploration phase. Hainan Fund is primarily engaged in equity investment management; Xingye Gold (Hong Kong) is mainly engaged in metals and mining trade and corporate M&A, responsible for expanding into markets outside China and acquiring high-quality overseas mineral resources; Hainan International Trade and Tianjin International Trade are primarily engaged in non-ferrous metal ore product sales and some raw material procurement; Xingye Ruijin primarily undertakes process research, technology R&D, and upgrading in areas such as prospecting, mining and beneficiation, and comprehensive tailings recycling. Tibet Shannan Antimony Gold, Tibet Xinda Mining, and Xing'an League Fuxingtun Mining serve as the company's regional resource integration platforms. During the reporting period, the company successfully acquired an 85% stake in Yubang Mining. According to statistics from the Silver Institute as of the end of 2023, Yubang Mining's single silver mine ranks first in Asia and fifth globally. This acquisition further strengthened the company's resource advantages and laid a solid resource foundation for its sustainable development. At the same time, using its subsidiary Xingye Gold (Hong Kong) as the investment vehicle, the company intensified investments in mineral resources outside China and successfully acquired a 100% stake in Atlantic Tin, a key move in executing its "going global" strategy. Based on the large-scale tin mine classification standard in the "Classification Standard for Resource/Reserve Scale of Mineral Resources" (DZ/T 0400-2022), the Achmmach tin mine owned by Atlantic Tin is now equivalent to five large deposits. Through this consolidation of overseas tin ore resources, the company has further refined its international tin layout and reserved vital strategic resources for long-term development. The company's main performance is derived from its non-ferrous metal mining and beneficiation business. During the reporting period, revenue from this segment accounted for 99.64% of total 2025 operating revenue. The main factors influencing the operating performance of the mining and beneficiation segment include the production and sales volume of major products, market prices, and the costs of the non-ferrous and precious metal mining and beneficiation business. Regarding its operating plan, Xingye Silver&Tin stated in its 2025 annual report: 2026 is the final year of the company's "Second Three-Year" Plan. The board will closely focus on the theme of high-quality development, fully implement established work objectives, continuously deepen the concept of "trust and collaboration," and make an all-out push toward the plan's concluding goals, with a focus on the following: 1. Uphold the bottom lines of safety and environmental protection, using the 2026 "Year of Implementing Safety Management" as a lever to fully enforce safety responsibilities, consolidate the achievements of the "Year of Collective Safety Calm," and enhance risk anticipation and process control to resolutely prevent all types of safety and environmental accidents, achieving safe, stable, and green-low carbon development. 2. Vigorously advance key project construction, strengthen whole-process management of project budgets, schedules, and quality, and coordinate the implementation of projects including the 2.97 million mt capacity upgrade and expansion at Yinman Mining, the 8.25 million mt capacity upgrade and expansion at Yubang Mining, the Morocco project, and the Budun Yingen Mining (trusteeship) project, ensuring they are completed and reach full production on schedule to release capacity benefits. 3. Continue to intensify exploration and resource increase efforts, balance the relationship between production operations and geological exploration, steadily advance exploration at existing mines and surrounding areas, accelerate resource-to-reserve conversion and upgrades, and continuously strengthen the resource foundation. 4. Deepen industrial synergy and resource integration, leverage the core regional advantages of Inner Mongolia, steadily expand overseas resource deployment; adhere to silver and tin as the main business direction, enriching and optimizing the resource portfolio. Solidly advance the subsequent acquisition and integration of Weiling Shares, actively track high-quality mineral project opportunities in and outside China, and enhance overall competitiveness through industrial synergy-driven M&A. 5. Further strengthen institutional enforcement and internal control management, ensure that all systems, processes, and control requirements are effectively implemented, and elevate the company's refined management level; reinforce enforcement capacity to guarantee that production plans, comprehensive budgets, and all work deployments are fully executed, and promote deep integration of corporate culture and operational management. 6. Push forward preparations for a Hong Kong listing at full speed, accelerate the establishment of dual capital market platforms in and outside China, enhance cross-border capital operation capabilities, provide stronger financial support for resource integration and strategy execution, and propel the company's high-quality sustainable development to a new level. A Guosen Securities research report dated April 24 showed: The company's production of major mineral species has steadily increased in recent years. In 2025, growth was driven by both higher silver prices and volumes, while the surge in tin prices offset the impact on production volume. Externally-driven M&A achieved notable results, lifting silver and tin resource reserves to a new level. In 2025, the company completed two major strategic acquisitions. 1) Acquisition of an 85% stake in Yubang Mining: The company acquired the 85% stake for RMB2.388 billion in January 2025. Yubang Mining is the largest single silver mine in Asia and the fifth largest globally. This acquisition increased the company's silver metal resources to 29,800 mt, significantly elevating its industry standing. 2) Acquisition of a 100% stake in Atlantic Tin: The company completed the acquisition in August 2025, gaining its Achmmach tin mine in Morocco. The mine holds tin metal resources of 213,300 mt, equivalent to five large tin deposits, boosting the company's total tin metal resources to 391,600 mt. Risk warnings: risks that the company's resource development progress falls short of expectations; risk of wild swings in metal prices.

When asked, "The company extracts the following by-products during copper smelting: rhenium, germanium, indium, gallium, bismuth, selenium, tellurium, platinum, palladium, antimony, and cadmium. Is this true? And what was the annual production of each in tonnes in 2025? Please reply, thank you!" Tongling Nonferrous Metals responded on the investor interaction platform on June 29 that the company fully leverages its comprehensive resource utilization advantages, recovering associated platinum, palladium, rhenium, and other rare and scattered metals during the copper smelting process to enhance by-product profit contribution, and the overall production volume accounts for a relatively small share. The company's overall operating performance of the rare and scattered metals business in 2025 has been reflected in the annual report. Tongling Nonferrous Metals replied to investor questions on the investor interaction platform on June 29: (1) The company's main business includes copper ore mining and beneficiation, smelting, and copper processing, and it has competitive advantages in mineral resource reserves, copper smelting, and deep processing. It is one of the most comprehensive integrated copper producers in China, with horizontal expansion and vertical extension of its industry chain, giving it a competitive edge in industry chain integration. (2) As of now, the specific projects related to the industrial park mentioned above are still in the preliminary survey and proposal evaluation stage; no final decisions have been made, nor have internal reviews or relevant administrative approval procedures been carried out. There is a degree of uncertainty about project implementation. The company will strictly comply with information disclosure laws, regulations, and regulatory requirements, and will perform its information disclosure obligations in a timely manner when the projects achieve substantive progress and meet disclosure thresholds. All material matters of the company are subject to the formal announcements published on the designated information disclosure media. Investors are advised to invest rationally and be mindful of investment risks. (3) Regarding the client situation of Jinxin Copper Branch, please refer to the company's announcements on statutory information disclosure platforms. Tongling Nonferrous Metals stated on the investor interaction platform on June 29: The copper wire rod capacity of Jinxin Copper Branch is in the process of gradual release; subsequently, based on market demand and its existing capacity, it will effectively plan capacity to ensure efficient resource allocation. As of now, Jinxin Copper's orders are normal and all operations are proceeding in an orderly manner. For specific orders and shipment volumes, please refer to the company's announcements on the statutory information disclosure platform. In response to the questions: "1. What was the average selling price of the 6.21 million mt of sulphuric acid produced in 2025? And what were the sales volume and average selling price of sulphuric acid in the first five months of this year? 2. What is the specific reason for the asset impairment loss of 1.627 billion yuan in Q1 2026? With non-ferrous metal prices generally rising, is the company's earlier provision for inventory impairment hiding profits? After the inventory for which impairment has been provided is sold, will profit be restored by an equivalent amount? 3. The company holds 600 million shares of Tongguan Copper Foil. Based on today's closing price of 200 yuan, the equity position has an unrealized gain of 119 billion yuan. Does the company plan to sell at an opportune time to realize the investment gain?" Tongling Nonferrous Metals replied on the investor interaction platform on June 26: 1. Regarding sulphuric acid sales volume and average selling price: Sulphuric acid is a by-product of the company's smelting process, and its selling price is market-oriented, affected by multiple factors including regional supply-demand patterns and demand from downstream fertilizer and chemical industries. The company's overall operating performance of the sulphuric acid business in 2025 has been reflected in the annual report, and 2026 operating data should be referred to in subsequent periodic reports disclosed by the company. The company will continue to monitor the sulphuric acid market and dynamically optimize production and sales pace to maximize the operating profit of by-products. 2. For the reasons for the Q1 2026 asset impairment provision, please refer to the company's Announcement on Asset Impairment Provision (Announcement No.: 2026-024) disclosed on cninfo.com.cn on April 29, 2026. The company strictly follows accounting standards for enterprise accounting treatment, and there is no hiding of profits. According to accounting standards, when inventory for which a price decline provision has been made is subsequently sold, the corresponding inventory price decline provision is simultaneously written off, reducing the current period's operating costs, thereby positively restoring profit for the period. However, it is not an equivalent amount; the write-off amount is capped at the originally provided amount for that inventory and will not generate additional profit beyond the original provision. 3. Tongguan Copper Foil is a controlled subsidiary of the company, and the company holds 72.38% of its equity. Its financial data are fully consolidated into the company's consolidated financial statements. From an accounting perspective, fluctuations in the secondary market share price of a controlled subsidiary represent changes in market valuation only. In cases where equity is not disposed of, or is partially disposed of without losing control, it will not affect the net profit in the company's consolidated statements for the current period. As of now, the company has no plan to sell Tongguan Copper Foil shares opportunistically. If equity disposal is involved in the future, the company will strictly comply with state-owned asset supervision and securities regulatory requirements, fulfilling review procedures and information disclosure obligations. An investor asked on the investor interaction platform: Dear Board Secretary, regarding the Mirador Phase II (Mirador) Mining Contract Amendment (Adenda), its status was updated from "awaiting signature" to "signed/notification process" when a shareholder inquired on April 21, 2026. May I ask whether ECSA, controlled by the company, has now received formal notification of the signing of the mining contract for the Mirador Phase II copper mine project? Tongling Nonferrous Metals stated on the investor interaction platform on May 21 that as of now, China Railway Construction Tongguan Investment Co., Ltd. (of which ECSA is the main operating entity for the Mirador copper mine) has not yet received formal notification of the signing of the mining contract for the Mirador Phase II copper mine project. Please refer to the company's announcements on the statutory information disclosure platform for updates. Tongling Nonferrous Metals released its Q1 report showing: The company achieved operating revenue of 64.67 billion yuan in Q1 2026, up 83.61% YoY; net profit attributable to shareholders of the listed company was 1.338 billion yuan, up 19.12% YoY; and net cash flow from operating activities was 6.632 billion yuan, up 473.09% YoY. Tongling Nonferrous Metals announced in its Q1 report matters concerning project delays at a controlled subsidiary: In recent years, Ecuador's political situation has been volatile with frequent personnel changes, and leadership changes at the competent ministry have led to personnel changes at the working level, greatly affecting policy continuity and administrative efficiency, thereby impacting the progress of signing the Mining Contract for the Mirador Phase II copper mine project. Since 2025, the company and ECSA have strengthened engagement with the relevant authorities of Ecuador's new government through multiple channels and at various levels. The latest round of preliminary negotiations for the Mining Contract for the Mirador Phase II copper mine project has been completed and submitted to the competent ministry for review. Given the significant differences in investment and operating environments between Ecuador and China, the volatile political situation, and the lack of stability in the legal environment, the specific timing for signing the Mining Contract for the Mirador Phase II project is still uncertain. As a result of the aforementioned factors, the formal commissioning of the Mirador Phase II project, once completed, can only commence after its Mining Contract is signed. For details, please refer to the company's Announcement on Subsidiary Project Delay disclosed on cninfo.com.cn on January 5, 2026. Tongling Nonferrous Metals disclosed in its 2025 annual report: In 2025, the company achieved total operating revenue of 172.825 billion yuan, up 18.68% YoY; net profit attributable to the parent company was 2.415 billion yuan, down 14.02% YoY. Tongling Nonferrous Metals announced: In 2025, the company overcame unfavourable factors such as tight copper concentrate supply and low TCs, and carried out in-depth activities to increase production and efficiency, and reduce costs and tap potential. In 2025, the company produced 197,700 mt of copper in self-produced copper concentrates, 1.9548 million mt of copper cathode, 400,700 mt of semi-finished copper products, 6.2185 million mt of sulphuric acid, 20.51 mt of gold, 579.55 mt of silver, 376,200 mt of iron ore concentrates, and 382,100 mt of sulphur concentrates, successfully achieving the annual production tasks. Regarding its main business activities, Tongling Nonferrous Metals stated in its 2025 annual report: The company is a large-scale integrated copper producer covering copper mining and beneficiation, smelting, processing, and trading, with main products including copper cathode, sulphuric acid, gold, silver, copper foil, and copper plate/sheet and strip. The company has deep technical accumulation, a leading industry position, and significant competitive advantages in copper mining and beneficiation, copper smelting, and copper foil processing. The 2026 operating plan disclosed by Tongling Nonferrous Metals in its 2025 annual report shows: 1. Core operating indicators In 2026, the company will strive to achieve various core product production targets, specifically: 227,600 mt of copper in self-produced copper concentrates, 2.108 million mt of copper cathode, 455,000 mt of semi-finished copper products, 22,000 kg of gold, 650 mt of silver, 7.07 million mt of sulphuric acid, 344,000 mt of iron ore concentrates (60%), and 308,000 mt of sulphur concentrates (35%), anchoring production and operational objectives with quantified indicators. A research report from Guosen Securities published on April 22 indicated that the company's copper smelting segment's profitability is industry-leading. In 2025, Jinlong Copper achieved a net profit of 800 million yuan; if simply converted by capacity, Jinguan Copper Branch's net profit was approximately 1.22 billion yuan. Excluding the newly commissioned Jinxin Branch, the three existing smelters had a combined annual net profit of 2.64 billion yuan. The decent profit of copper smelters including the company in 2025 can be attributed to factors such as raw material inventory cycles, high sulphuric acid prices, high copper smelting recovery rates, and high prices for by-product gold and silver. Compared with several other large copper smelters, whose main smelters had net profit margins mostly around 0.5%, Tongling Nonferrous Metals' main smelters all had net profit margins around 2%, significantly above the industry average. Mirador Phase II may come online in August. The company expects to produce 228,000 mt of copper concentrates in 2026. Based on past trends, domestic copper ore production is 50,000 mt per year, and Mirador Phase I production is 130,000 mt per year, so Mirador Phase II is scheduled to produce 50,000 mt in 2026, implying production start-up around August 2026. In 2025, China Railway Construction Tongguan Investment achieved a net profit of 1.93 billion yuan, and the Mirador project company reached a net profit of 3.79 billion yuan, demonstrating strong profitability. Mirador Phase II mining and beneficiation costs are only about 70% of Phase I. If Phase I costs are 28,000 yuan/mt, a rough calculation puts Phase II costs at 19,600 yuan/mt. If by-product gold and silver partially offset copper costs, Mirador Phase II costs could be negative. Risk warnings: risk of wild swings in copper prices, risk of copper concentrate TC declines.

Nickel 28 Capital reported strong fiscal Q1 2027 results, driven by stable operations at the Ramu Nickel-Cobalt project in Papua New Guinea. During the quarter ended April 30, 2026, Ramu produced 8,785 mt of contained nickel and 855 mt of contained cobalt in MHP, while sales reached 8,632 mt of nickel and 838 mt of cobalt. Net production costs were US$2.81/lb of contained nickel. Nickel 28 recorded a US$4.0 million share of operating profit from Ramu and posted net profit of US$2.1 million, supported by favorable nickel and cobalt prices, strong payability, and relatively low operating costs.

On June 30, JL MAG Rare-Earth's stock price rose. As of the close on June 30, JL MAG gained 4.83%, closing at 30.85 yuan per share. On the news front: An announcement released by JL MAG Rare-Earth earlier showed that, in order to implement the company's development strategy and enhance its comprehensive competitiveness, it plans to acquire a 9.24% equity stake in Baotou Rare Earth Products Exchange Co., Ltd. held by China Northern Rare Earth (Group) High-Tech Co., Ltd. through a public listing and transfer on the Inner Mongolia Property Rights Exchange Center. According to the appraisal report issued by North Asia Asset Appraisal Co., Ltd., as of the appraisal base date of December 31, 2025, the total equity value of the Exchange appraised using the market approach was 239 million yuan, representing an increase of 27.8551 million yuan over the net asset book value of 211.1449 million yuan on the base date, reflecting a value-added rate of 13.19%. The expected transaction price for the target equity is 22.0836 million yuan. In accordance with relevant provisions such as the Rules Governing the Listing of Stocks on the ChiNext Board of the Shenzhen Stock Exchange and the Articles of Association, this external investment falls within the approval authority of the company's CEO. This investment does not constitute a related-party transaction, nor does it constitute a major asset restructuring as defined by the Administrative Measures for the Material Asset Restructurings of Listed Companies. Discussing the purpose of the investment and its impact on the company, the JL MAG announcement stated: Rare earths are the core raw material for producing NdFeB permanent magnet materials. The Exchange serves as a specialized trading platform for rare earth (metal) resources. If this equity acquisition is successfully completed, it will further enhance the company's ability to secure rare earth raw material supply, strengthen its overall competitiveness, and consolidate its market position in the rare earth permanent magnet industry. In line with the principles of cooperative, co-construction, and mutual benefit, the company will fully leverage and utilize its own advantages to support the Exchange's efforts to build a national-level rare earth (metal) resource trading platform. Funds for this acquisition of the Exchange's equity will come from the company's own funds and will not have a material adverse impact on the company's financial condition and operating results. It is conducive to achieving the company's strategic objectives and does not compromise the interests of the company and its shareholders. In its announcement, JL MAG Rare-Earth also highlighted existing risks: 1. The company's planned acquisition of a partial stake in the Exchange constitutes a transfer of state-owned assets, requiring strict compliance with statutory procedures such as state-owned asset transaction approvals and public listings. There is uncertainty as to whether this equity transfer will be implemented smoothly. 2. As a domestic spot exchange specializing in various rare earth products, the Exchange provides services to upstream and downstream enterprises in the rare earth industry chain, and its operations will be subject to various factors including macroeconomic conditions, industry cycles, and the market environment. Regarding the main risks of the investment, the company will promptly follow up on and cooperate with the approval process for this state-owned asset transfer, while leveraging its own industrial strengths to strengthen collaborative development with the Rare Earth Exchange and manage post-investment and risk control effectively to mitigate investment risks. The company will fulfill its information disclosure obligations in strict compliance with relevant regulations based on subsequent progress of this equity transfer. Investors are advised to exercise caution regarding investment risks. In terms of performance, JL MAG Rare-Earth’s previously disclosed Q1 2026 report showed that during the quarter, the company achieved total revenue of RMB 2.036 billion, up 16.05% YoY, with a net profit attributable to the parent company of RMB 193 million, up 20.09% YoY. JL MAG Rare-Earth’s Q1 2026 report revealed: In Q1 2026, facing a complex landscape where total NEV sales declined YoY while the price of the key raw material Pr-Nd experienced short-term wild swings, the company’s management upheld the annual operating policy of "adhering to legal and regulatory compliance, maintaining a client-centric approach, focusing on the core magnetic materials business, constructing 20,000 mt of new capacity on schedule, actively deploying embodied robot motor rotors, and scaling new heights." By driving technological innovation, organizational optimization, digital transformation, and lean management initiatives, the company mobilized employee initiative to ensure contract fulfillment and on-time delivery to clients while achieving steady business performance growth. In Q1 2026, the company recorded revenue of RMB 2.036 billion, up 16.05% YoY; net profit attributable to shareholders of the publicly listed firm of RMB 193 million, up 20.09% YoY; and non-recurring gain/loss-adjusted net profit attributable to shareholders of the publicly listed firm of RMB 176 million, up 65.95% YoY. The income statement included equity incentive-related share-based payment expenses of RMB 49.9682 million. Net profit excluding the share-based payment impact was RMB 235 million, up 44.57% YoY, and non-recurring gain/loss-adjusted net profit excluding the share-based payment impact was RMB 219 million, up 106.82% YoY. Robots liberate human productivity and represent a critical direction in the next wave of technological transformation, with broad industry growth prospects. In Q1 2026, the company’s robotics and industrial servo motor segment generated revenue of RMB 118 million, up 81.84% YoY, serving clients that include multiple global industrial robot and servo motor producers. The company is actively collaborating with a world-renowned tech firm on the R&D of embodied robot motor rotors and has delivered small-batch products. Additionally, through direct investments and participation in industry funds, the company is making strategic moves in key nodes of the industry chain to accelerate industrial synergy and commercialization. After the introduction of export control measures on medium-heavy rare earth-related items, the company carried out export declaration work in accordance with relevant national regulations, has successively obtained export licenses issued by the national competent authority, and became one of the first enterprises granted a general license by the state. The company's export business was basically stable. During the reporting period, export sales revenue reached 381 million yuan, accounting for 18.7% of operating revenue, up 22.16% YoY. The company has established long-term strategic partnerships with major rare earth raw material suppliers, including China Northern Rare Earth Group and China Rare Earth Group, and fully leverages the advantage of its controlled subsidiary Yinhai New Materials' upstream rare earth recycling business to build a diversified rare earth resource supply system. In Q1 2026, the company achieved a consolidated gross margin of 21.83%, an increase of 6.13 percentage points YoY; net cash flow from operating activities was 358 million yuan, a significant improvement from -350 million yuan in the same period last year, with overall operating cash flow remaining healthy; as of the end of the reporting period, the company held cash and cash equivalents of 3.298 billion yuan, certificates of deposit maturing within one year of 860 million yuan, and certificates of deposit maturing beyond one year of 571 million yuan, reflecting a strong cash reserve. In addition, JL MAG Rare-Earth's 2025 annual report shows: In 2025, the company achieved total operating revenue of 7.718 billion yuan and core business revenue of 7.028 billion yuan, up 14.11% and 19.00% YoY, respectively, both hitting record highs. Of this, domestic sales revenue was 6.447 billion yuan, up 16.36% YoY; overseas sales revenue was 1.27 billion yuan, up 3.92% YoY, of which export sales to the US were 501 million yuan, up 39.80% YoY. Net profit attributable to shareholders of the publicly listed firm was 706 million yuan, up 142.44% YoY; net profit attributable to shareholders of the publicly listed firm after deducting non-recurring gains and losses was 620 million yuan, up 264.00% YoY. The consolidated gross margin reached 21.18%, up 10.05 percentage points from 11.13% in the previous year. The income statement included share-based payment expenses from equity incentives and financial expenses for convertible bonds recognized using the effective interest method, totaling approximately 107 million yuan, of which only 5.11 million yuan will require actual cash outflow in the future. Overall operating cash flow remained healthy. Regarding the company's main businesses and product applications, JL MAG Rare-Earth's 2025 annual report describes: The company is a high-tech enterprise integrating R&D, production, and sales of high-performance NdFeB permanent magnet materials, magnetic assemblies, motor rotors for embodied robots, and comprehensive rare earth recycling. It is a leading supplier of rare earth permanent magnet materials in the new energy and energy-saving and environmental protection sectors. The company's products are widely used in NEVs and automotive parts, energy-saving inverter air conditioners, wind power generation, robots and industrial servo motors, 3C, low-altitude aircraft, energy-saving elevators, rail transit, and other fields, and it has established long-term, stable cooperative relationships with industry leaders both in and outside China in each field. The company has actively deployed in the robotics field: on the one hand, it cooperates with internationally renowned technology companies to conduct R&D on motor rotors for embodied robots and capacity building, with small-batch product deliveries already achieved; on the other hand, through direct investments or participation in industry funds, it strategically deploys in key links of the relevant industry chain, accelerating industry synergy and commercialization. JL MAG Rare-Earth, in its annual report, discussed its industry situation during the reporting period and touched on rare earth price trends: In 2025, Pr-Nd alloy prices fluctuated upward overall. According to data from the China Rare Earth Industry Association, the average price of Pr-Nd alloy in 2025 was 601,300 yuan/mt, a YoY increase of 23.8%. Rare earth prices are generally determined by the interplay of multiple factors, including supply, demand, policies, inventory, and market expectations. Meanwhile, compared to short-term fluctuations in rare earth prices, the industry places greater emphasis on medium- and long-term changes, as relatively stable rare earth prices are conducive to the industry's high-quality development. Regarding its outlook for future development, JL MAG Rare-Earth stated: (1) Corporate Development Strategy The company will continue to uphold its vision of "becoming a global leader in the rare earth permanent magnet industry" and its development strategy of "providing clients with full-category magnetic material solutions," centered on rare earth permanent magnets, focusing on application scenarios related to new energy and energy conservation and emission reduction, to continuously enhance product performance and cost efficiency. At the same time, the company adheres to group-oriented operations and collaborative industry chain deployment, guided by client needs and the principle of long-termism, steadily advancing capacity construction and technological upgrades. 1. Commitment to Stable Operations: The company steadfastly upholds intrinsic safety bottom lines, strictly implements national regulations in areas such as export permits, production safety, and environmental protection, solidly pursues compliant operations and comprehensive risk control, and always maintains a prudent financial strategy. It remains focused on its core business, making technological innovation and process improvement long-term core investment priorities, continuously strengthening the automation, digitalization, and intelligent construction of production operations, and gradually building sustainable capabilities for product iteration and lean cost optimization. 2. Collaborative Industry Chain Deployment: The company follows an industry chain layout approach of "upstream recycling collaboration, midstream product diversification, and downstream component extension," comprehensively enhancing collaborative operational efficiency in the industry chain and strengthening its resistance to market fluctuations. Upstream, the company will build a recycling system and deepen resource synergy cooperation, promote the diversification of raw material supply sources, and continuously optimize procurement and inventory management efficiency. Midstream, leveraging existing areas of strength, it will closely target the differentiated needs for magnetic materials across various application scenarios, continuously improve its product portfolio and optimize product structure, steadily transforming from a “single-product supplier” to a “comprehensive solution provider.” Downstream, deeply aligning with core client needs, the company will steadily advance R&D and production capacity building for magnetic assemblies, motor rotors, and other products, continuously enhancing assembly precision and full-process quality control, effectively increasing client stickiness and product added value. 3. Synergistic Strategic Investments In terms of strategic investments, the company will carry out prudent equity investments or partnerships around client needs and key links in the industry chain, adhering to the principle of mutual empowerment between investments and the company’s principal operations. Leveraging industrial funds established in collaboration with professional investment institutions, it will focus on strategic tracks such as high-end manufacturing, embodied AI, and new energy, deepen project layout and value cultivation, and promote industry resource synergy and long-term value enhancement. (II) 2026 Annual Operating Plan The company’s operating policy for 2026: “Adhere to legal and compliant operations, uphold client orientation, focus on the magnetic materials main business, build the 20,000 mt new capacity on schedule, actively position in motor rotors for embodied robots, and reach new heights.” In line with this policy and on the premise of legal and compliant operations, the company will prioritize the following work: 1. Orderly Release of Capacity under Construction In 2026, some of the company’s projects under construction will gradually release capacity. The specific release progress will comprehensively consider factors such as equipment commissioning and market demand, advancing the commissioning and ramp-up of new capacity in an orderly manner. 2. Continuous Enhancement of R&D Capabilities. 3. Continuous Optimization of Product Structure The company will continue to enrich its product matrix for different application scenarios based on client needs, enhancing product structure resilience and client stickiness. At the same time, it will steadily advance the layout of projects such as magnetic assemblies and motor rotors for embodied robots, equip dedicated production lines and specialized teams, and upgrade small-batch production lines to large-scale, standardized manufacturing and quality systems. 4. Continuous Improvement of Operational Capabilities. 5. Strengthening Capital Expenditure Efficiency. 6. Improving Incentive Mechanisms and Shareholder Returns. 7. Advancing the ESG System. Regarding risks the company may face, JL MAG Rare-Earth noted when describing the risk of rare earth raw material price fluctuations: Rare earth metals are the main raw materials for producing NdFeB magnets. China is an important global supplier of rare earth raw materials. Wild swings in rare earth raw material prices will, in the short term, adversely affect the company’s production and sales. Countermeasures: The company has built production plants in Ganzhou, Jiangxi, a major heavy rare earth production area, and Baotou, Inner Mongolia, a major light rare earth production area. It has established long-term cooperative relationships with major rare earth raw material suppliers, including China Northern Rare Earth Group and China Rare Earth Group. At the same time, through measures such as purchasing rare earth raw materials in advance based on orders on hand, setting up price adjustment mechanisms with major clients, optimizing formulations, and improving processes, the company strives to mitigate the adverse impact of rare earth raw material price fluctuations on its business performance. Looking back at the price performance of Pr-Nd alloy in 2025, : The average price of Pr-Nd alloy on December 31, 2025, was 735,000 yuan/mt, compared with the average price of 489,000 yuan/mt on December 31, 2024, representing a 2025 increase of 50.31%. The annual daily average price of Pr-Nd alloy in 2025 was 602,181.07 yuan/mt, compared with the annual daily average of 484,704.55 yuan/mt in 2024, increasing by 117,476.52 yuan/mt, a YoY increase of 24.24%. According to SMM's quotation display: on June 30, the Pr-Nd alloy price was 900,000~910,000 yuan/mt, with an average price of 905,000 yuan/mt, down 0.56% from the previous trading day. Focusing on the Pr-Nd market, on June 30, the increase in Pr-Nd oxide futures prices drove a synchronized rise in suppliers’ spot offer prices, making low-priced oxide hard to find in the market. However, metal enterprises showed a cautious purchasing attitude due to unsatisfactory metal inquiries, resulting in generally moderate overall trading activity. In the metal market, inquiry activity picked up somewhat in the afternoon of the 30th, mainly driven by tender purchases from large magnetic material enterprises. However, most magnetic material enterprises remained on the sidelines, and overall transaction performance was poor. In the short term, given the lack of significant improvement in downstream demand, Pr-Nd product prices are expected to move sideways. Recommended reading:

Yongtai Technology expects to report a net profit of RMB 265–330 million for the first half of 2026, representing a year-on-year increase of 350.68%–461.22%. The company attributed the strong performance to rising demand from the NEV and energy storage sectors, which boosted both sales volume and prices of key lithium battery materials including LiPF₆, LiFSI, VC, and electrolytes. In addition, the continued ramp-up of its 5,000 tpa VC capacity, commissioned at the end of 2025, further supported earnings growth.