SMM, July 31 – Sentiment on A-share semiconductor industry chain futures recovered, and the improved industry chain prosperity transmitted upstream, driving a sharp rally in the strategic minor metal sector. As of the close on July 31, the minor metal sector had risen 2.96%. Among individual stocks, Yunnan Tin and Yunnan Germanium both surged over 8%, while Orient Tantalum, Zhongxi Nonferrous, Xiamen Tungsten, Haotong Technology, Western Metal Materials, Zhangyuan Tungsten, Huaxi Nonferrous, and Shenghe Resources led the gains. This round of minor metal strength was driven by the resonance of multiple industrial dynamics. On one hand, the semiconductor and AI computing track regained heat, with expectations for demand expansion in high-speed optical modules, AI servers, and other fields improving. Germanium and tantalum, as core raw materials for semiconductor optoelectronic devices and high-end tantalum capacitors, are seeing steadily strengthened demand support from downstream emerging industries. On the other hand, germanium and tantalum are strategic dispersed metals with concentrated global supply. Coupled with overseas geopolitical disruptions and expectations of supply tightening from domestic resource controls, while the ongoing localisation of related high-end semiconductor materials continued to advance, this further boosted market allocation sentiment and pushed the sector higher. News [Yunnan Germanium: Subsidiary Signs Major Indium Phosphide Wafer Supply Order Worth RMB 570–855 Million, H1 Net Profit Expected to Increase YoY] Yunnan Germanium announced on July 24 that its controlled subsidiary Yunnan Xinyao recently signed a supply agreement with a client for the sale of indium phosphide wafers (substrates). The total estimated contract value ranges from RMB 570.08 million to RMB 855.12 million (tax inclusive), accounting for 53.48% to 80.23% of the company’s audited revenue for 2025. The contract term runs from August 1, 2026, to December 31, 2027. Regarding the contract’s impact on the listed company, Yunnan Germanium stated that if the contract is fulfilled smoothly, it is expected to have a positive impact on the company’s operating results for the performance years. The specific amount and reporting periods affected will depend on the actual performance of the contract and will be based on the company’s audited revenue. [Orient Tantalum: Domestic Demand for High-Value-Added Products Such as Superalloys and Semiconductor Tantalum Targets Is Gradually Rising] Orient Tantalum stated during an institutional survey on July 23 that, with the continuous development of China’s high-tech and new infrastructure sectors, domestic demand for high-value-added products such as superalloys, semiconductor tantalum targets, and high-purity niobium materials is gradually rising. In recent years, the company has vigorously promoted technical transformation and capacity expansion projects, organized production rationally, and gradually released new capacity. Under the guidance of the strategy for autonomous and controllable industry chains, the localisation substitution process has evolved from breakthroughs in individual products to systematic solutions, laying a solid foundation for the growth of tantalum, niobium, and their alloy products. [Yunnan Tin: Expects H1 2026 Net Profit of 1.47–1.57 Billion Yuan, Up 38.43%–47.85% YoY] Yunnan Tin disclosed an earnings forecast on the evening of July 14, expecting attributable net profit in H1 2026 to be 1.47 billion to 1.57 billion yuan, up 38.43%–47.85% YoY; and recurring net profit is expected to be 1.88 billion to 1.98 billion yuan, up 44.23%–51.91% YoY. Spot Market Tin Overnight, some US chip stocks rebounded, and the Philadelphia Semiconductor Index surged, boosting the performance of tin, known as the “computing metal.” SHFE tin opened higher on July 31, lifting spot prices. In the tin spot market: On July 31, the average price of SMM 1# tin was 425,850 yuan/mt, up 1.51% from the previous trading day. As tin prices rose, spot market trading was sluggish. Fundamentals: (1) Supply: Tight ore and ingot supply, low inventory, amplifying elasticity. Myanmar’s rainy season extends through end-August, with mine flooding and logistics disruptions; Wa State’s June tin ore output was only 6,392 mt in physical content. China’s tin ore imports in July are expected to be basically flat MoM. The slow pace of production resumptions in Wa State has been priced in ahead of time, with no major shutdowns in the near term, but supply contraction expectations during the rainy season have yet to fully materialize. Indonesia’s tin ingot imports in July are expected to show some recovery MoM. (2) Demand: Improved solder operating rates, but acceptance of high prices needs to be tested. The operating rate at solder enterprises was 78.8% in June, up 4.6 percentage points from May; however, after the sharp spot price rally on July 30, downstream users were cautious and stayed on the sidelines, and whether high-priced spot cargoes can be absorbed still requires verification. Stockpiling for new Apple/Huawei models in late August is the next demand trigger point. Institutional Views A research report from Minmetals Securities points out: Germanium accounts for 60% of applications in optical communication and satellite PV fields, making it a metal for “AI computing power + space energy.” With its excellent refractive index tuning capability and radiation resistance, germanium has become a key material for AI data center optical interconnects and low-earth-orbit satellite PV systems. Looking at changes in demand structure, from 2020 to 2026, downstream germanium consumption grew from 160 mt to 240 mt, with optical communication’s share rising to 40% and satellite PV’s share to 20%, together accounting for 60% of total downstream demand. It expects that 90% of the demand growth in 2027 will come from two high-growth sectors: AI hardware and satellite PV. A research report from Caitong Securities shows: As AI computing power demand explodes, the market size of indium phosphide, used as a chip substrate material, will continue to expand. Indium resources are scarce and subject to policy restrictions, and product prices are entering an uptrend. High-purity red phosphorus is a very important semiconductor base material, with high purification technology barriers. Against the backdrop of accelerated AI application deployment driving related infrastructure construction, the indium phosphide substrate industry chain is expected to see dual opportunities from demand growth and domestic substitution. It is recommended to focus on enterprises with resource and technological advantages in the links of indium phosphide, indium, and high-purity red phosphorus. A research report from Datong Securities shows that minor metals have staged an independent rally, with tightened supply combined with strategic attributes leading to a value revaluation. The rare earth sector is preemptively pricing in new regulatory controls, with Myanmar ore imports disrupted, tight spot supply of Pr-Nd oxide driving prices sharply higher; tungsten and antimony ore grades are declining along with environmental protection-driven production restrictions, widening the supply gap, while PV and hard alloy demand remains firm during the off-season, and inventories are at low levels. AI computing power and communications sectors are boosting demand for gallium and germanium, and coupled with export control policies, concentrated stockpiling outside China is widening the price spread between Chinese and overseas markets. Scarce resources are resonating with financial attributes, and the sector continues to be favoured by capital. Recommended Reads:

"Tin" Leading the Future: Industrial Transformation and Value Reshaping in a New Cycle Conference Background Currently, the global tin industry is at a historic turning point, traditional cyclical logic has been completely broken, and its strategic value has been fully underscored. In 2026, the tin market is presenting an unprecedentedly complex pattern and profound transformation: 1. Supply-Demand Pattern Undergoes Profound Restructuring, Strategic Attributes Elevated to Unprecedented Levels The global static reserve-to-production ratio of tin resources is only 14 years, with scarcity becoming increasingly pronounced. The supply side faces "triple pressures": Myanmar's production resumptions have been repeatedly disrupted, Indonesia's policies continue to tighten, and geopolitical risks in the DRC remain elevated. Resource constraints have become the new normal. Meanwhile, the demand structure is undergoing a fundamental shift, and tin has become a strategic resource linking traditional manufacturing and the digital future. 2. Price System Breaks Through Historical Highs, Industry Ecosystem Faces Restructuring In early 2026, SHFE tin prices broke through 470,000 yuan/mt, hitting an all-time high. This price breakthrough is not only a manifestation of supply-demand imbalance, but also a symbol of the value revaluation of the tin industry. Traditional trade models, risk management systems, and supply chain collaboration methods all urgently need innovative breakthroughs. 3. Technology-Driven and Green Transformation Foster a New Symbiotic Ecosystem Digital and intelligent technologies are deeply empowering the tin industry chain, the global green transition requires the tin industry to upgrade toward low-carbon and circular economy, recycled tin recovery and green smelting processes become the necessary path. All segments of the industry chain must shift from competition to collaboration, building an open, resilient, and innovative symbiotic system. Against this backdrop, August 19-21, 2026 in Changsha, Hunan held 2026 SMM (16th) Tin Industry Chain Conference will gather global industry elites to explore together. Hongchen Metals Trading Co., Ltd. will attend this grand event, discuss industry development trends with industry peers, and jointly promote the tin industry to new heights. Click to register now to attend, jointly witness and participate in this extraordinary and far-reaching industry event, and co-create a brilliant new chapter! Founded in April 2012, Hongchen Metals Trading Co., Ltd. is headquartered in Beijing, with representative offices in Shanghai, Yunnan, Tianjin, Hong Kong, and Thailand. After years of development, the company has built a comprehensive metals trading platform integrating import and export trade and domestic sales. Our core business focuses on tin ore, tungsten ore, tantalum-niobium ore, tin ingot, and other non-ferrous metals, earning broad recognition in and outside China. The company has an experienced trading and research team that has accumulated deep expertise and experience in non-ferrous metals industry operations, market price trends, trading and business execution, and has built strong upstream and downstream industry chain resources and warehousing and logistics networks, with business spanning major non-ferrous metal producing and consuming regions globally. Upholding the "integrity-based, service first" business philosophy, the company consistently serves every client with a professional, dedicated and responsible attitude. Looking ahead, Hong Kin Metals will deepen strategic collaboration with global partners, further expand its business scope in import and export trade and the integration of futures and physicals, while strengthening internal operational efficiency, continuously enhancing industry expertise and enriching resources in and outside China, striving to become a first-class non-ferrous metal trading service provider in the industry. Hong Kin Metals was established in April 2012, with its headquarters in Beijing. It has also set up representative offices in Shanghai, Yunnan, Tianjin, Hong Kong and Thailand. After years of development, the company has built a comprehensive metal trading platform integrating import and export trade and domestic sales. Our business focus on tin, tungsten, tantalum and other non-ferrous metals, and has gained wide recognition in both domestic and international markets. The company has accumulated profound expertise and experience on market price trends, transactions and operations in the metals industry with an experienced trading and research team. We have established a strong upstream and downstream industrial chain resources, warehousing and logistics network, with operations in major non-ferrous metals producing and consuming regions around the world. Hong Kin Metals adhering to the "integrity-based, service first" business philosophy, has always been professional, conscientious, responsible attitude to serve every customer. Hong Kin Metals will deepen the strategic cooperation with global partners, further expand the business scope of trading, enrich China and the global resources, and strive to be as a first-class trading company in the industry. Contact Cui Juan 18501019852 Mo Naiyun 15300056805 Long press and scan to register now 2026 SMM (16th) Tin Industry Chain Conference

“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

[SMM Tin Midday Review: US Fed Decision Settles, the Most-Traded SHFE Tin Contract Shot Up Quickly in the Morning Before Pulling Back Under Pressure]

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.

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