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

Domestic Selenium Market Remains Weakly Stable Amid Seasonal Lull and Increased Supply

SMM, June 11 — According to official information from Baiyin Nonferrous Group Co., Ltd., Baiyin Nonferrous Group plans to sell 33 tonnes of crude selenium, with pricing determined through competitive bidding based on a premium/discount basis. The reserve discount price is RMB 11,000/tonne. A minimum of three registered bidders is required for the auction to proceed. The registration deadline is 17:00 on June 24, 2026, with bidding commencing at 15:00 on June 25, 2026.

SMM, June 11 — According to SMM, Shandong Hengbang has today launched a public tender for the sale of its high-purity selenium head and tail materials. This batch comprises 4,000 kilograms of high-purity selenium head and tail materials. Per official information, the product is packaged in iron drums. Delivery is by buyer self-pickup, with freight costs borne by the buyer. Transportation must be carried out using hazardous chemical vehicles with full and valid qualifications, in compliance with national regulations. The buyer is required to collect the goods before June 20, 2026. Delivery location: Shandong Hengbang Smelting Co., Ltd.

In 2026, global competition for critical minerals has entered an intense phase, with deepening geopolitical rivalries and an accelerated restructuring of global industry and supply chains. The new round of technological revolution, centered on AI semiconductors, new energy, high-end manufacturing, and aerospace, is propelling the minor metal industry into a historic period of development opportunities and profound transformation. Globally, the EU's Critical Raw Materials Act and the US Inflation Reduction Act (IRA) continue to be implemented, the Minerals Security Partnership (MSP) is steadily expanding, and the trend toward localization and regionalization of critical mineral supply chains is intensifying. The resource competition, technical barriers, and trade rule restructuring surrounding strategic minor metals such as antimony, indium, gallium, germanium, bismuth, selenium, tellurium, and rhenium have become a core focus of global high-end manufacturing competition. As the world's core supplier of minor metals, China holds a dominant position in the smelting and supply of multiple minor metal varieties. Against this backdrop, the 2026 SMM (14th) Minor Metal Industry Conference will bring together upstream and downstream enterprises across the entire industry chain for antimony, indium, gallium, germanium, bismuth, selenium, tellurium, rhenium, and more, alongside scientific research institutes, government agencies, financial and investment institutions, and trade service providers, to build a high-standard, full-chain, and in-depth exchange and cooperation platform. The conference will provide in-depth interpretation of global policy shifts, assess the supply-demand pattern and price trends, dissect growth opportunities in end-use applications, and connect government-enterprise resources with cross-border cooperation opportunities. It will help enterprises accurately grasp industry trends, break through development bottlenecks, optimize supply chain layouts, and seize market opportunities, jointly promoting the high-quality and sustainable development of China's minor metal industry. Foshan Juchuang Automation Co., Ltd. will make a grand appearance at this conference. We will keep pace with the times, set our sights on the target, forge ahead with determination, and march forward courageously! Click the to register for the conference immediately. We look forward to meeting you at the event. Foshan Juchuang Automation Co., Ltd. is a manufacturer specializing in soldering equipment. Its main products include soldering pots, extruders, rolling mills, wire drawing machines, winding machines, horizontal continuous casting machines, and solder bar molds, making it a professional manufacturer integrating design, production, and sales. Our company possesses strong technical capabilities, with an R&D team composed of senior and mid-level R&D engineers in various industry products, all from the machinery and non-standard equipment industries. "Dare to strive, strive to innovate" is the guiding belief of the Juchuang team. Adhering to the principle of "high-quality products, professional service," the company provides clients with high-quality, economical, and durable products through high cost-effectiveness, fast delivery dates, and enthusiastic, attentive service, thereby earning unanimous praise from clients. We will live up to our clients' expectations and trust, striving to provide them with high-quality products and excellent after-sales service, and endeavoring to become an outstanding supplier in the soldering equipment industry. Main Products Meeting Contact: Zhu Wei zhuwei@smm.cn

In 2026, global competition for critical minerals has entered a heated phase, as geopolitical rivalries deepen and global industry and supply chains undergo accelerated restructuring. A new wave of technological revolution centered on AI semiconductors, new energy, high-end manufacturing, and aerospace is propelling the minor metal industry into a historic period of development opportunities and profound transformation. Globally, the implementation of the EU's Critical Raw Materials Act and the US's Inflation Reduction Act (IRA) continues, the Minerals Security Partnership constantly expands, and trends toward localization and regionalization of critical mineral supply chains intensify. The resource rivalry, technological barriers, and restructuring of trade rules surrounding strategic minor metals such as antimony, indium, gallium, germanium, bismuth, selenium, tellurium, and rhenium have become the core focus of global high-end manufacturing competition. As the world's core supplier of minor metals, China holds a dominant global position in the smelting and supply of many minor metal varieties. The continued implementation of the Regulations on Export Control of Dual-Use Items is driving a comprehensive transformation of China's minor metal industry from "scale-based supply" to "high quality, high technology, and high added value," with the industry landscape facing a profound reshaping. Against this backdrop, the 2026 SMM (14th) Minor Metal Industry Conference will take place in Guiyang, Guizhou, gathering upstream and downstream enterprises across the entire industry chain for antimony, indium, gallium, germanium, bismuth, selenium, tellurium, and rhenium, along with research institutes, government agencies, financial and investment institutions, and trade service providers, to build a high-specification, full-chain, and in-depth exchange and cooperation platform. The conference will provide an in-depth interpretation of global policy shifts, assess supply-demand patterns and price trends, dissect growth opportunities in end-use applications, and connect government-enterprise resources and cross-border cooperation opportunities. It will help enterprises accurately grasp industrial trends, break through development bottlenecks, optimize supply chain layouts, and seize market opportunities, jointly promoting the high-quality and sustainable development of China's minor metal industry. Guangxi Yusheng Germanium High-Tech Co., Ltd. will grandly attend this conference. We will keep pace with the times, aim at our goals, forge ahead with determination, and move forward courageously! Click the to register now and attend the conference. We look forward to meeting you there. Guangxi Yusheng Germanium High-Tech Co., Ltd. is a rare and dispersed metals smelting and deep processing enterprise strategically attracted by Hechi City. Deeply engaged in the germanium industry, the company's germanium capacity firmly ranks among the top in China, making it a key enterprise in China's germanium sector. It focuses on the green development, deep processing, and technological innovation of germanium, contributing to the high-quality development of China's indium, germanium, and gallium industries. I. Core Strengths and Honors in the Germanium Industry Established in July 2016, the company achieved an output value of 2.4 billion yuan in 2025 and was selected as one of Guangxi's Top 100 Manufacturing Enterprises for two consecutive years in 2024 and 2025. In the germanium industry, the company possesses strong technical capabilities, with its key germanium purification technology winning the Second Prize of the China Nonferrous Metals Industry Science and Technology Award. It has led the establishment of a major pilot-scale platform for the efficient separation and extraction of germanium, indium, lead, and silver, supported by the provincial Department of Science and Technology, continuously driving technological breakthroughs in the germanium industry. The company has been recognized as a high-tech and SRDI enterprise, and has passed multiple certifications, such as green factory, practicing the green development philosophy of the germanium industry. II. Germanium Resource Security and Industrial Layout The company has outstanding resource security advantages, with 10 self-owned mines and 3 beneficiation plants. It has established nonferrous metal resource production sites in Guizhou, Guangxi, Xinjiang, and other regions, relying on its high-quality, germanium-rich zinc ore to provide a stable raw material support for germanium production. Currently, the company has 17 subsidiaries (including controlled stakes) and has set up branch offices in multiple core cities. It is moving toward group operation and internationalization, building a complete layout that covers germanium resource development, production and processing, and market expansion. III. Germanium Industrial System and Core Capacity The company has built an integrated germanium industrial system of "green mining and beneficiation—circular smelting—deep processing," with an investment of over 1.2 billion yuan in an intelligent production line. Using globally leading processes for high-germanium zinc concentrates, it significantly enhances germanium recovery rates and achieves green production. Centering on the deep processing of high-purity germanium, it can produce high-purity germanium products with a purity of 7N (99.99999%), widely used in high-end fields such as infrared optics and fiber optic communications. The Phase I project with an annual production of 50 mt of high-purity germanium has been successfully put into operation, with capacity ranking among the top in China. IV. Future Plans for the Germanium Industry In the future, the company will continue to deeply engage in the germanium industry. After all projects reach full production, it will build a high-purity germanium production line with capacity ranking among the top in China, filling the gap in Guangxi's critical metals germanium industry. This will further improve the domestic germanium industry chain layout, enhance the competitiveness of China's germanium industry in the global rare metals field, contribute to national strategic material security, and work with industry peers to promote the coordinated development of the indium, germanium, and gallium industries.