Background: Pangkalpinang Case Triggered Wider REE Scrutiny Indonesia’s recent rare earth element (REE), or Logam Tanah Jarang (LTJ) , inspection issue appears to have been triggered by stricter government scrutiny following the Pangkalpinang case. The initial case was linked to alleged irregularities involving around 390 tonnes of REE-containing material and involved PT Putraprima Mineral Mandiri, PT Sucofindo, and the Pangkalpinang Customs office. This raised a broader regulatory question: when a mining product contains rare earth elements or radioactive elements as associated content, should it still be treated as its main export product, or should it fall under rare-earth-related export restrictions? This issue quickly affected Indonesia’s wider mineral export chain. Products such as NPI, ferronickel, MHP, alumina, and tin-related products are not exported as rare earth products. However, they may contain trace amounts of associated REE or radioactive elements. As a result, surveyors and customs became more cautious, causing delays in LS issuance and customs clearance for some cargoes. For the nickel industry, the issue became an immediate concern because both NPI/ferronickel and MHP exports were affected by additional testing requirements. Market feedback indicated that some cargoes were temporarily stuck, and the disruption was not limited to one company. Some traders also reported that QMB-related cargoes could not be shipped smoothly during the disruption period. Why REE Matters: Indonesia Moves to Protect Critical Mineral Value Before Export REE matters because rare earth elements are strategic materials used in high-value industries such as electric vehicles, permanent magnets, electronics, renewable energy, and defense-related materials. For Indonesia, the issue is not only about export clearance, but also about resource-value control. The government is increasingly focused on identifying and protecting critical mineral value before it leaves the country. The challenge is that REE often appears not as a standalone product, but as an associated or trace element in other mineral products. If every product containing small REE content is treated as a restricted rare earth export, normal mineral shipments could be delayed. However, if REE content is not monitored at all, Indonesia may lose control over strategic mineral value. The 17 rare earth elements generally include lanthanum, cerium, praseodymium, neodymium, promethium, samarium, europium, gadolinium, terbium, dysprosium, holmium, erbium, thulium, ytterbium, lutetium, yttrium, and scandium . In the recent market discussion, testing was understood to cover these 17 REE elements, while radioactive elements such as thorium and uranium also became part of the inspection concern. The problem is that rare earth elements are often not produced as standalone products. They can appear as associated elements in other mining products. This creates a regulatory grey area. If every exported product containing trace REE must be treated as a rare earth export, then many normal mineral shipments could be delayed. But if associated REE content is not checked at all, Indonesia risks losing control over strategic mineral value. Therefore, the market concern is not only whether nickel exports are blocked. The larger concern is whether Indonesia is entering a new phase where exports of mineral products require more detailed chemical-content verification. What Happened in the Market: LS Delays and Additional Testing Disrupted Mineral Shipments According to SMM’s market understanding, the recent inspection requirement temporarily affected exports of several Indonesian processed mineral products. For nickel products, the impact was mainly reflected in three areas. LS issuance slowed down. The LS report is a key export document, so delays directly affected customs clearance and shipment release. According to SMM’s understanding on July 24, it is reported that around 102 surveyor reports were delayed due to differences in interpretation regarding REE checks during export verification. Some cargoes were temporarily stuck at ports. Market participants reported delays in NPI and MHP shipments, while some traders also mentioned that QMB-related cargoes faced similar obstacles. Exporters had to organize additional testing. The government required checks on 17 REE elements and radioactive elements in certain products. Some companies were still waiting for test results or clarification from surveyors and customs. Therefore, this was not a direct export ban on nickel products. It was mainly a temporary administrative and testing bottleneck caused by unclear implementation standards for associated REE and radioactive elements. Impact on the Nickel Market: NPI and other Nickel Product Exports Affected Mainly Through Shipment Delays For the NPI and ferronickel market, the short-term impact was mainly reflected in shipment timing rather than production. Some port-side cargoes were delayed because LS reports and customs clearance were affected. According to SMM’s latest market understanding, LS reports are currently being issued in batches, and some high-grade NPI cargoes at ports have started to be released. As the current disruption mainly occurred during the export documentation and clearance process, the direct impact on NPI production was limited. If LS issuance and customs clearance continue to normalize, the impact on the overall NPI market is expected to remain limited. At this stage, the issue is more related to temporary export procedure disruption rather than a confirmed structural restriction on NPI exports. For the MHP market, some shipments were also affected by the REE-related inspection requirement. According to market feedback, certain MHP cargoes, were temporarily unable to be shipped smoothly during the disruption period. Similar to NPI, the key issue was mainly related to LS issuance, testing requirements, and customs clearance rather than a direct restriction on MHP production. The government’s latest coordination result clarified that export procedures should refer to the main mining product and its derivatives, rather than automatically treating associated REE or radioactive elements as the basis for export restriction. Market Feedback and Industry Concerns: Lack of Technical Standards Created Uncertainty for Exporters Market feedback shows that the REE-related inspection requirement has created practical disruption for Indonesia’s mineral export chain. According to FINI Chairman Arif Perdanakusumah, at least 120 commodity vessels were unable to sail or leave ports due to the requirement to test rare earth element content. He noted that the situation caused losses not only for companies, but also for the government, mainly because there was still no clear regulation providing technical guidance on REE content limits. Industry associations generally understand that the policy is part of the government’s effort to improve mineral governance. However, they also emphasized that the technical implementation needs to be reviewed, especially because many mining products contain REE only as associated or trace elements rather than as the main product. This distinction is important for commodities such as nickel, bauxite, tin, and copper, where companies are licensed and designed to produce the main commodity, while REE content may naturally appear as a by-product or associated element. The bauxite industry also raised similar concerns. ABI Chairman Ronald Sulistyanto stated that the REE issue should be returned to its core technical framework and handled by the Ministry of Energy and Mineral Resources, as the ministry has the relevant mining and mineral expertise. He stressed that the key question is whether REE is the main product or only an associated element. If it is the main product, then specific export restrictions may apply. However, if it is only an associated element, the issue requires more detailed technical clarification rather than broad export disruption. IMA Executive Director Sari Esayanti also highlighted that most mining companies are currently oriented toward their main licensed commodity and existing processing design. In many commodities such as tin, bauxite, nickel, and copper, REE generally appears as an associated element. She also noted that most mining companies do not yet have sufficient facilities or technology to identify, separate, or economically utilize REE elements. As a result, new interpretations around REE reporting or export obligations have created uncertainty for business players. From the industry’s perspective, the most urgent requirement is technical certainty. Companies need clearer parameters, testing methodology, and reporting mechanisms so that all exporters, surveyors, and customs authorities apply the same standard. Without consistent technical guidance, similar shipment delays could occur again even if the current bottleneck is gradually resolved. Government Update and Resolution The most important update came from the Indonesian government coordination letter dated July 31, 2026. According to the letter, Indonesia’s Coordinating Ministry for Economic Affairs held a coordination meeting on July 30 to discuss export obstacles related to REE and/or radioactive content in mining products and derivatives. Key points from the government coordination result: Exports should continue to follow existing trade regulations , including Minister of Trade Regulation No. 23/2023 on export policies and arrangements, and Minister of Trade Regulation No. 22/2023 on prohibited export goods, as amended by later regulations. The regulation should apply to the main mining product and its derivatives, not automatically to associated elements contained in those products. This is the most important clarification for NPI, ferronickel, MHP, alumina, and other processed mineral products. Products containing radioactive elements may still be exported if the content is classified as Naturally Occurring Radioactive Material, or NORM. This helps reduce the risk that trace radioactive content automatically blocks exports. Exporters, surveyors, and customs should refer to the main product classification when processing exports. This provides a basis for LS issuance and customs clearance to gradually resume. A Legal Opinion from the Attorney General’s Office will be prepared in parallel to support the regulatory clarification. The government plans to accelerate revisions to Minister of Trade Regulation No. 23/2023, Minister of Trade Regulation No. 22/2023, and Minister of ESDM Regulation No. 25/2018. Discussions are expected to start on August 3, 2026, with completion targeted within around one week. SMM View: Short-Term Export Disruption, but a Longer-Term Signal of Stricter Mineral Supervision SMM believes the REE inspection issue is a short-term disruption, but also an important policy signal. In the short term, the impact on NPI and MHP exports should gradually ease as LS reports are issued and customs interpretation becomes clearer. If cargo clearance continues to normalize, the impact on overall nickel supply-demand balance should remain limited. However, the event shows that Indonesia is strengthening supervision over critical mineral content, export documentation, and resource-value protection. Even after the current disruption is resolved, exporters may face stricter testing, clearer reporting requirements, and closer coordination among surveyors, customs, ESDM, the Ministry of Trade, and other agencies. Going forward, the market should monitor: Whether all delayed LS reports can be fully cleared. Whether future shipments will require full REE and radioactive-content testing. Whether the government will set clear thresholds for REE, thorium, uranium, and NORM classification. Whether the revised regulations clearly distinguish main export products from associated trace elements. Whether NPI, ferronickel, MHP, alumina, and tin-related products will face different implementation standards. Overall, this event should not be interpreted as a direct ban on NPI or MHP exports. It is more accurately a regulatory clarification process triggered by Indonesia’s stronger focus on rare earth and radioactive element content in mineral products. If implementation becomes clear quickly, the impact will remain temporary. If rules remain vague, shipment delays and administrative friction could reappear.

“Tin” Leads the Future: Industrial Transformation and Value Reshaping in the New Cycle Conference Background At present, the global tin industry is standing at a historic turning point. The traditional cycle logic has been completely broken, and tin’s strategic value has become fully evident. In 2026, the tin market is presenting an unprecedentedly complex landscape and profound transformation: I. The Supply-Demand Pattern Is Being Deeply Restructured, and Strategic Attributes Are Rising to an Unprecedented Level The global tin resource static reserve-to-production ratio is only 14 years, and scarcity is becoming increasingly prominent. The supply side is facing “triple pressure”: repeated twists and turns in Myanmar’s production resumptions, continued tightening of Indonesia’s policies, and elevated geopolitical risks in the DRC. Resource constraints have become the new normal. Meanwhile, the demand structure has undergone a fundamental shift, and tin has become a strategic resource connecting traditional manufacturing with the digital future. II. The Pricing System Breaks Through History, and the Industry Ecosystem Faces Reshaping In early 2026, SHFE tin prices broke through 470,000 yuan/mt, setting a record high. This price breakthrough is not only a reflection of the supply-demand imbalance, but also a sign of value reassessment across the tin industry. Traditional trading models, risk management systems, and supply chain collaboration approaches are all in urgent need of innovative breakthroughs. III. Technology-Driven and Green Transformation Give Rise to a New Symbiotic Ecosystem Digital and intelligent technologies are deeply empowering the tin industry chain. The global green transformation requires the tin industry to upgrade toward low-carbon development and a circular economy. Recycled tin recovery and green smelting processes have become the only way forward. Every link of the industry chain must shift from competition to collaboration, building an open, resilient, and innovative symbiotic system. Against this backdrop, on August 19-21, 2026 , held in Changsha, Hunan , the 2026 SMM (16th) Tin Industry Chain Conference will bring together global industry elites for joint discussions. Honghe Prefecture Jucheng Industrial Co., Ltd. will attend this grand event to discuss industry development trends with industry peers and work together to drive the tin industry to new heights. Click the to register for the conference now, and jointly witness and participate in this extraordinary and far-reaching industry event, creating a brilliant new chapter together! Honghe Prefecture Jucheng Industrial Co., Ltd. (hereinafter referred to as the Company) is a comprehensive enterprise deeply engaged in the tin ingot import trade sector. With a global resource footprint, entire industry chain collaboration advantages, and an innovative and enterprising development strategy, it has established an outstanding brand image in the non-ferrous metals trading industry. HHZJC Industrial & Commercial Co., Ltd. ("the Company" for short) is a comprehensive enterprise engaged in tin ingot import. Leveraging a global resource layout, synergistic advantages across the entire industrial chain, and innovative, enterprising development strategies, the Company has established an outstanding brand image in the non-ferrous metals trading sector. The Company was incorporated on December 29, 2022, as a state-owned holding subsidiary of Honghe Prefecture State-owned Assets (Holding) Management Co., Ltd., with a registered capital of RMB 100 million. The Company was established on December 29, 2022, as a state-owned holding subsidiary of Honghe Autonomous Prefecture State-owned Assets Holding Management Limited Company, with a registered capital of RMB 100 million. The Company's team has been deeply engaged in the industry for a decade, possessing extensive resources and experience across the entire industrial chain. It pursues progress while ensuring stability, with a global perspective. As a trailblazer focused on tin ingot import and export, the Company stands out amid fierce market competition thanks to its outstanding resource integration capabilities, professional service team, and innovative development philosophy. It now serves as a vital bridge linking domestic and international tin ingot markets. The Company's team has been deeply engaged in the industry for a decade, possessing extensive resources and experience across the entire industrial chain. It pursues progress while ensuring stability, with a global perspective. As a trailblazer focused on tin ingot import and export, the Company stands out amid fierce market competition thanks to its outstanding resource integration capabilities, professional service team, and innovative development philosophy. It now serves as a vital bridge linking domestic and international tin ingot markets. 1. Globalized Supply Source Network, Strengthening the Foundation of Supply and Marketing 1. Globalized Sourcing Network, Strengthening the Foundation of Supply and Marketing Overseas, the Company has established long-term and stable strategic partnerships with key production regions, including Indonesia, Singapore, Peru, Colombia, and Nigeria. Indonesia, with its advanced smelting technology and abundant mineral resources, provides us with high-purity, high-quality tin ingots; Singapore, leveraging its status as an international shipping hub, facilitates efficient logistics transshipment; and the distinctive tin ore resources of Peru, Colombia, and Nigeria cater to diversified client needs. In China, the Company has forged deep cooperation with major smelters. Through a stable local supply network, it achieves complementary advantages between domestic and overseas resources, establishing a flexible and efficient raw material supply and marketing system that ensures supply stability and cost competitiveness. Internationally, the Company has established long-term and stable strategic partnerships with key production regions, including Indonesia, Singapore, Peru, Colombia, and Nigeria. Indonesia, with its advanced smelting technology and abundant mineral resources, provides the Company with high-purity, high-quality tin ingots. Singapore leverages its role as an international shipping hub to facilitate efficient logistics and transshipment. The distinctive tin ore resources from Peru, Colombia, and Nigeria satisfy the diversified needs of the Company's customers. Domestically, the Company has achieved deep collaborations with major smelters. By maintaining a stable local supply network, the Company has complemented domestic and international resource advantages and built a flexible and efficient raw material supply and marketing system to ensure stable product supply and cost competitiveness. 2. Synergy Across the Entire Industrial Chain, Unlocking Aggregated Efficiency 2. Synergy Across the Entire Industrial Chain, Unlocking Aggregated Efficiency As a result of the group's strategic layout, the Company has numerous sister enterprises, with operations spanning the full industrial chain, including tin exploration and mining, mineral processing and refining, and warehousing and logistics. By collaborating closely with these sister enterprises, the Company has exercised full control over the entire process—from tin mining to tin ingot manufacturing. This has not only greatly enhanced production efficiency and reduced overall costs, but also strictly ensured product quality. Thanks to the comprehensive industrial chain advantage, the Company offers customized procurement solutions and responds rapidly to order requirements, establishing itself as a highly competitive resource integration platform within the industry. As a result of the group's strategic layout, the Company has numerous sister enterprises, with operations spanning the full industrial chain, including tin exploration and mining, mineral processing and refining, and warehousing and logistics. By collaborating closely with these sister enterprises, the Company has exercised full control over the entire process—from tin mining to tin ingot manufacturing. This has not only greatly enhanced production efficiency and reduced overall costs, but also strictly ensured product quality. Thanks to the comprehensive industrial chain advantage, the Company offers customized procurement solutions and responds rapidly to order requirements, establishing itself as a highly competitive resource integration platform within the industry. 3. Young Elite Team, Empowering Professional Services 3. Young Elite Team, Empowering Professional Services The company has assembled a young, energetic, and enterprising professional team. With an average age of 33, the team members possess multidisciplinary expertise covering international trade, supply chain management, and financial services. Leveraging their sharp insight into industry trends and innovative thinking, they efficiently handle complex trade processes. Adhering to the "customer first" service philosophy, the team provides meticulous, full-cycle services to clients, spanning market analysis, order execution, and after-sales support, winning the trust of global partners with its professionalism and passion. The Company has assembled a young, dynamic, and ambitious professional team. Averagely aged 33, the team combines professional expertise in international trade, supply chain management, financial services, and other fields. With sharp insight into industry trends and innovative thinking, team members handle complex trade processes efficiently. Upholding the "customer first" ethos, the team delivers meticulous, full-cycle services, spanning market analysis, order execution, and after-sales support. It earns the trust of global partners with its professionalism and passion. 4. Strategic Upgrading, Pioneering a New Blueprint for the Industry 4. Strategic Upgrading, Pioneering a New Blueprint for the Industry Building on its existing strengths, the Company has formulated a clear strategic plan: it will continue to extend the industry chain by acquiring high-quality solder manufacturers, entering the advanced tin processing sector, and expanding the application scenarios of tin products. The goal is to create an integrated industry closed loop encompassing "raw material supply—smelting production—advanced processing." This strategic initiative will not only enhance product added value and strengthen the Company's resilience to market risks, but also further consolidate its core position in the tin industry. It will provide clients with more comprehensive industry chain solutions and collaborate with industry partners to forge a sustainable future. Building on its existing strengths, the Company has developed a clear strategic plan: it will continue to extend the industrial chain by acquiring high-quality solder manufacturers. It is expected to enter the field of advanced tin processing and expand the application scenarios of tin products. The goal is to establish an integrated industrial ecosystem encompassing raw material supply, smelting and production, and advanced processing. This strategic initiative will not only increase the added value of products and enhance the Company's resilience to market risks, but also further strengthen its core position in the tin industry. It will provide customers with more comprehensive industry chain solutions and work together with industry partners to create a sustainable future. Contact Information Tai Jinqiu Amelie 19519581373 Long press and scan to register now 2026 SMM (16th) Tin Industry Chain Conference

Xingye Silver&Tin issued an announcement on July 28 regarding a safety incident at a subsidiary. The announcement showed that at approximately 15:30 on July 26, 2026, an accident occurred during production and construction at the underground mine of West Ujimqin Banner Yinman Mining Co., Ltd. (hereinafter referred to as “Yinman Mining”), a wholly-owned subsidiary of Inner Mongolia Xingye Silver&Tin Mining Co., Ltd. (hereinafter referred to as “the Company”), in Zone 3, Level 750, West Main Haulage between points 19-1 and 25-1, resulting in one fatality and no injuries. After the accident, the Company promptly reported to the local emergency management department in accordance with relevant regulations. The cause of the accident and the cause of death are still under investigation and confirmation, and the Company will fully cooperate with the accident investigation and follow-up work. Currently, Yinman Mining has received the “On-site Treatment Measures Decision” (Xi) Ying Ji Xian Jue [2026] No. 257 issued by the West Ujimqin Banner Emergency Management Bureau. The mining area of Yinman Mining has been shut down, while the beneficiation plant continues normal production. The Company expresses deep condolences to the deceased employee and profound apologies to the bereaved family. To learn a profound lesson from this accident and further strengthen safety production management, the Company will comprehensively and thoroughly conduct safety production self-inspections, implement accident prevention and rectification measures, and further eliminate potential safety hazards. Regarding the expected impact of this accident on the Company, the announcement by Xingye Silver&Tin stated: Yinman Mining is mainly engaged in the mining, beneficiation, and sales of non-ferrous metals such as silver, tin, copper, lead, and zinc, with a capacity of 1.65 million mt/year. In 2025, Yinman Mining achieved operating revenue of RMB 3.062 billion, accounting for 55.12% of the Company’s total consolidated operating revenue, and net profit of RMB 1.346 billion. In Q1 2026, Yinman Mining achieved operating revenue of RMB 961.60 million, accounting for 45.15% of the Company’s total consolidated operating revenue, and net profit of RMB 474.75 million. Currently, the beneficiation plant of Yinman Mining is operating normally. The surface ore stockpile at the mining area amounts to 350,000 mt of ore, which can supply the beneficiation plant for about two and a half months. If the mining area cannot resume normal production in the short term, it will not have a significant impact on the Company’s production and operations, nor will it materially adversely affect the Company’s future performance. The Company will promptly fulfill its information disclosure obligations in accordance with relevant regulations based on the progress of this accident, and reminds investors to be aware of investment risks. In terms of performance: According to the 2025 annual report released by Xingye Silver&Tin, in 2025, the Company achieved operating revenue of RMB 5.555 billion, up 30.09% year-over-year; total profit of RMB 2.096 billion, up 18.75%; and net profit attributable to shareholders of the listed company of RMB 1.704 billion, up 11.40%. The announcement by Xingye Silver&Tin shows: In 2025, the operating revenue from the Company’s main mineral products as a proportion of total operating revenue was as follows: ore-derived silver contributed RMB 2.176 billion, accounting for 39.17%; ore-derived tin RMB 1.650 billion, 29.70%; ore-derived zinc RMB 975.87 million, 17.57%; ore-derived lead RMB 220.95 million, 3.98%; ore-derived iron RMB 180.38 million, 3.25%; ore-derived copper RMB 133.00 million, 2.39%; ore-derived antimony RMB 100.36 million, 1.81%; ore-derived gold RMB 82.34 million, 1.48%; ore-derived bismuth RMB 16.67 million, 0.30%. Notably, the combined revenue shares of ore-derived tin and ore-derived silver reached 68.86%. In discussing 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 primarily 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, of which 8 are producing mining companies, namely Yinman Mining, Qianjinda Mining, Yubang Mining, Rongguan Mining, Xilin Mining, Rongbang Mining, Ruineng Mining, and Bosheng Mining; the Achmmach tin mine under Atlantic Tin SAS, a subsidiary of Atlantic Tin, is under construction; Tanghe Shidai Mining is in suspension, while Yitong Mining and Yunnan Xigui are in the exploration stage. Hainan Fund is primarily engaged in equity investment management; Xingye Gold (Hong Kong) mainly engages in metals and mining trade, corporate M&A, and is responsible for expanding markets outside China and acquiring high-quality overseas mineral resources; Hainan Guomao and Tianjin Guomao primarily sell non-ferrous mineral products and procure some raw materials; Xingye Ruijin mainly conducts process research, technology R&D, and transformation in areas such as prospecting, mining and beneficiation, and comprehensive tailings recovery. Xizang Shannan Antimony-Gold, Xizang Xinda Mining, and Xing’an Meng Fuxingtun Mining serve as regional resource integration platforms for the Company. During the reporting period, the Company successfully acquired an 85% stake in Yubang Mining. According to data from the World Silver Survey as of the end of 2023, Yubang Mining’s single silver mine ranked first in Asia and fifth globally. This acquisition further strengthened the Company’s resource advantages and laid a solid resource foundation for sustainable development. At the same time, using its subsidiary Xingye Gold (Hong Kong) as the investment vehicle, the Company increased its investments in overseas mineral resources, successfully acquiring a 100% stake in Atlantic Tin. This acquisition was an important step in implementing the Company’s “going global” strategy. According to the Classification for Mineral Resources and Reserves Scale (DZ/T 0400-2022), a large-scale tin mine standard, the Achmmach tin mine owned by Atlantic Tin is now equivalent to five large deposits. Through this integration of overseas tin resources, the Company further improved its global tin layout and reserved significant strategic resources for long-term development. The Company’s main performance derives from its non-ferrous metal mining and beneficiation business, which accounted for 99.64% of total operating revenue in 2025. Key factors affecting the performance of the mining and beneficiation segment include production and sales volumes of major products, market prices, and costs associated with non-ferrous and precious metal mining and beneficiation operations. Regarding the operating plan, Xingye Silver&Tin stated in its 2025 annual report: 2026 marks the final year of the Company’s “23” Plan. The Board will closely focus on high-quality development, fully implement the established work targets, continuously deepen the philosophy of “trust and synergy,” and go all out to achieve the goals of the “23” Plan, with emphasis on the following tasks: 1. Adhere to the bottom line of safety and environmental protection, using 2026 as the “Year of Safety Management Implementation” to fully solidify safety responsibilities, consolidate the achievements of the “Year of Collective Safety Calmness,” strengthen risk anticipation and process control, resolutely prevent all types of safety and environmental incidents, and achieve safe, steady, green, and low-carbon development. 2. Vigorously promote the construction of key projects, strengthen full-process management of project budgets, schedules, and quality, and coordinate the implementation of projects such as the 2.97 million mt expansion and upgrade of Yinman Mining, the 8.25 million mt expansion and upgrade of Yubang Mining, the Morocco project, and the Budun Yingen Mining (trusteeship) project, ensuring timely completion, full capacity, and the release of capacity benefits. 3. Continuously intensify exploration and reserve expansion, properly balancing production operations with geological exploration, steadily advancing exploration of existing mines and surrounding areas, accelerating resource-to-reserve upgrades, and continuously consolidating the resource base. 4. Deepen industrial synergy and resource integration, leveraging the core regional advantages of Inner Mongolia while steadily expanding overseas resource deployment; adhere to silver and tin as the main business direction, enriching and optimizing resource varieties. Solidly advance the subsequent acquisition and integration of Weiling Shares, actively track high-quality mineral project opportunities both in and outside China, and enhance overall competitiveness through industrial synergy M&A. 5. Further strengthen system enforcement and internal control management, promoting the effective implementation of various systems, processes, and control requirements, and elevating the level of refined management; strengthen enforcement to ensure that production plans, comprehensive budgets, and all work deployments are fully executed, and deeply integrate corporate culture with operational management. 6. Fully promote preparations for a Hong Kong stock listing, accelerate the establishment of dual capital market platforms both at home and abroad, enhance cross-border capital operation capabilities, provide stronger financial support for resource integration and strategy implementation, and drive the Company’s high-quality sustainable development to a new level. In a research report released on July 25, Huaxi Securities commented: Silver’s macro logic is similar to gold’s, but it also has stronger industrial attributes, with its price driven by a resonance of fundamentals, policy, and trading. From a core support perspective, silver’s inclusion in the US “critical minerals” list has triggered sustained capital attention and hoarding effects, serving as a key policy catalyst for price increases. Although short-term demand has pulled back, the supply-side gap remains prominent, providing core fundamental support for silver prices. The supply-demand gap for silver is expected to widen further in the coming years. Coupled with industrial recovery demand under an easing cycle, silver’s price elasticity is significantly higher than gold’s, and it is likely to rise amid an accommodative environment and industrial demand, with a positive long-term outlook for silver prices. Currently, the silver sector is in a pullback consolidation phase, suppressed in the short term by a stronger US dollar and delayed interest rate cut expectations, but it still holds medium- and long-term investment value. Beneficiaries of silver: [Shengda Resources], [Xingye Silver&Tin]. A research report from Guosen Securities on April 24 showed: In recent years, the Company’s production of major minerals has steadily increased. In 2025, both volume and price increases of silver drove growth, while high tin prices offset the impact on production. M&A achievements were significant, with silver and tin resource reserves reaching new heights. In 2025, the Company completed two major strategic acquisitions. 1) Acquisition of an 85% stake in Yubang Mining: In January 2025, the Company acquired an 85% stake in Yubang Mining for RMB 2.388 billion. 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 enhancing its industry standing. 2) Acquisition of a 100% stake in Atlantic Tin: In August 2025, the Company completed the acquisition of Atlantic Tin, obtaining its Achmmach tin mine in Morocco. The mine holds tin metal resources of 213,300 mt, equivalent to five large tin deposits, bringing the Company’s total tin metal resources to 391,600 mt. Risk warnings: risks that the Company’s resource development progress may fall short of expectations; risks of wild swings in metal prices.

The Democratic Republic of Congo will begin enforcing a long-delayed requirement for mining companies to offer local ownership stakes from July 31, according to foreign media reports. The decision comes despite concerns from major copper and cobalt producers regarding its potential operational and legal impact on the sector. The initiative stems from provisions in the country's 2018 Mining Code that mandate international mining operators transfer 10% of their equity to Congolese nationals, with 5% specifically designated for employees. To date, no major foreign mining operator has formally demonstrated compliance, citing unresolved questions regarding implementation and regulatory structures. According to foreign media reports, letters issued by Kinshasa instructed major international miners including Glencore, Ivanhoe Mines, CMOC, and Huayou Cobalt to submit proof of compliance by the end of July or face potential regulatory sanctions. The mines ministry reaffirmed this timeline following high-level discussions with mining executives regarding the final decree. Following the consultations, government officials and mining representatives agreed that the implementation decree will be signed after incorporating limited technical amendments. An ad hoc committee has been established to finalize these adjustments, which may include mechanisms such as interest-free loans or employee cooperatives to facilitate worker equity acquisition. The local equity mandate remains distinct from the state's existing 10% non-dilutable free-carry interest in mining assets. While specific sanctions for non-compliance after the July 31 deadline have not been publicly detailed, the enforcement push underscores broader regional efforts across the Central African Copperbelt to secure higher local value retention amid elevated global commodity demand.

The Democratic Republic of Congo (DRC) has reaffirmed that it will begin enforcing the local equity participation requirements under its 2018 Mining Code from 31 July, despite concerns raised by several international mining companies. Under the legislation, mining companies are required to transfer 10% of their equity to Congolese nationals, including 5% allocated to employees. As the implementing regulations have remained unclear for several years, no mining company has yet complied with the requirement. In January, the DRC government instructed mining companies, including Glencore, Ivanhoe Mines, CMOC and Huayou Cobalt, to demonstrate compliance by the end of July or face sanctions, although the specific penalties for non-compliance have not yet been disclosed. Following a meeting with mining companies on 22 July, the DRC Ministry of Mines reiterated the 31 July compliance deadline and announced that the implementation decree would be signed after a limited number of technical amendments. An ad hoc committee has also been established to finalise the revisions. To help employees acquire their required equity stakes, the government is considering measures such as interest-free loans and support through cooperatives. Amid rising commodity prices, resource-rich African countries, including the DRC, have increasingly sought to secure a larger share of the value generated from their mineral resources. Under the 2018 Mining Code, the DRC government is already entitled to a 10% free, non-dilutable interest in mining projects and may further increase its ownership through paid acquisitions upon the renewal of mining licences.

[Yinman Mining Receives Land Approval for 2.97 Mtpa Expansion Project] Yinman Mining Co., Ltd., a wholly owned subsidiary of Inner Mongolia Xingye Silver & Tin Mining Co., Ltd., has received official approval from the People's Government of Inner Mongolia Autonomous Region for the construction land required for its 2.97 Mtpa expansion project at the Baiyinchagan Dongshan Copper-Lead-Tin-Silver-Zinc Mine in West Ujimqin Banner. The project has now met all conditions for construction and will soon commence site preparation and underground development. According to the project schedule, commissioning with ore feed is expected in Q4 2028. As the company's flagship producing mine, Yinman Mining primarily produces silver, tin, zinc, copper, lead, and antimony. Upon completion, the expansion pr