Indonesia holds over 60% of the world's nickel reserves and plays a central role in nickel resource supply and processing. In 2023, Indonesia achieved a breakthrough in refined nickel exports, increasing from zero to substantial volumes, with exports reaching 43,600 mt in 2024. New refined nickel projects are currently under construction, and Indonesia's refined nickel capacity is expected to increase to 180,000 mt by 2026. Future exports are anticipated to expand further, making Indonesia's refined nickel price trends significantly influential in the global nickel market. To actively respond to changes in the Indonesian refined nickel market, meet the urgent needs of users for Indonesian refined nickel FOB prices, and enhance market information transparency, SMM has decided: Starting from September 19, 2025, to publish the‘SMM Indonesia Refined Nickel, FOB Indonesia, USD/tonne’price Price details are as follows: Description: SMM Indonesia Refined Nickel, FOB Indonesia, USD/tonne Quality: Ni 99.80% min Definition: FOB Indonesia main ports Unit: USD/tonne Quantity: Min 30 tonnes Timing: 1-3 months Payment Terms: L/C/TT at sight in USD , or other payment terms normalized Publication: Weekly, Friday 10:30 AM Jakarta Time

As the world's largest exporter of tin ingots, Indonesia plays a significant role in the global tin industry landscape. Its tin ingot exports impact the international market structure. In recent years, Indonesia's tin ingot exports have fluctuated due to factors such as policy adjustments and changes in resource reserves. Against this industry backdrop, timely Indonesia tin FOB prices are crucial for upstream and downstream enterprises in the global tin industry chain. In response to market changes, to meet the broad user demand for Indonesia tin ingot FOB price discovery, and to enhance market information transparency, SMM has decided: Starting from September 19, 2025, to publish the ‘SMM Tin 99.9% Ingot premium, FOB Indonesia, USD/tonne’ price. Price details are as follows: - Description: SMM Tin 99.9% Ingot premium, FOB Indonesia, USD/tonne - Quality: Tin ingot with 99.9% purity, conforming to LME specification (BS EN 610:1996) and containing 200 - 300 ppm lead. - Definition: FOB Indonesia, excluding tax, premium on top of LME cash prices - Unit: USD/tonne - Quantity: Min 5 tonnes - Timing: Within 2 weeks - Payment Terms: Cash against document, telegraphic transfer, other terms normalized - Publication: Weekly, Friday 10:30 AM Beijing Time SMM Tin Industry Research Department September 12, 2025

Singapore, as a globally significant transshipment hub for tin ingots, holds a critical position in the global tin industry landscape. In recent years, due to policy adjustments in major producing countries and changes in global tin resource reserves, the volume of tin ingots transshipped through Singapore has fluctuated at different stages. Against this industry backdrop, the Singapore Tin Ingot FOB price is of paramount importance to upstream and downstream enterprises in the global tin industry chain. In response to market changes, to meet the broad user demand for Singapore Tin Ingot FOB price discovery, and to enhance market information transparency, SMM has decided: Starting from September 26, 2025, to publish the ‘SMM Tin 99.9% Ingot premium, FOB Singapore, USD/tonne’ price. Price details are as follows: - Description: SMM Tin 99.9% Ingot premium, FOB Singapore, USD/tonne - Quality: Tin ingot with 99.9% purity, conforming to LME specification (BS EN 610:1996) and containing 200 - 300 ppm lead. - Definition: FOB Singapore, excluding tax, premium on top of LME cash prices - Unit: USD/tonne - Quantity: Min 5 tonnes - Timing: Within 2 weeks - Payment Terms: Cash against document, telegraphic transfer, other terms normalized - Publication: Weekly, Friday 10:30 AM Beijing Time SMM Tin Industry Research Department September 23, 2025

As the world's core consumer of the tin industry, China holds a pivotal position in the global tin industry chain. In recent years, influenced by factors such as adjustments in domestic and overseas policies, changes in global tin resource reserves, and fluctuations in consumer demand, the trade volume of Shanghai tin ingots has also exhibited periodic variations. Against this industry backdrop, the Shanghai tin ingot CIF price is crucial for upstream and downstream enterprises in the global tin industry chain. To actively respond to market changes, meet the widespread user demand for Shanghai tin ingot CIF price discovery, and enhance market information transparency, SMM has decided: Starting from September 26, 2025, to publish the ‘SMM Tin 99.9% Ingot premium, CIF Shanghai, USD/tonne’ price. Price details are as follows: - Description: SMM Tin 99.9% Ingot premium, CIF Shanghai, USD/tonne - Quality: Tin ingot with 99.9% purity, conforming to LME specification (BS EN 610:1996) and containing 200 - 300 ppm lead. - Definition: CIF Shanghai, excluding tax, premium on top of LME cash prices - Unit: USD/tonne - Quantity: Min 5 tonnes - Timing: Within Two Weeks - Payment Terms: Cash against document, telegraphic transfer, other terms normalized - Publication: Weekly, Friday 10:30 AM Beijing Time SMM Tin Industry Research Department September 23, 2025

Dear User, To better serve upstream and downstream enterprises in the aluminum industry chain, assist the market in promptly grasping price dynamics of caustic soda—a key auxiliary material for alumina production—and meet the reference needs of various parties for 50% ionic membrane liquid caustic soda transactions and settlements in different regions, Shanghai Metals Market (SMM), based on thorough market research and data accumulation, has decided to officially commence the daily publication of the " 50% Ion-membrane process caustic soda solution POT, ex-works Shanxi, China, VAT included, yuan/tonne " starting December 29, 2025. This will provide a fair and timely price reference for market transactions of this product. General Principles of SMM Price Methodology: Shanghai Metals Market (hereinafter referred to as SMM) is a fully independent third-party service provider. SMM does not participate in any substantive transactions but maintains close communication with buyers or sellers in the market as an observer or organizer and provides related services to the market. SMM continuously develops, reviews, and revises its methodology through communication with industry professionals, adopting the most common product specifications, trade terms, and conditions within the industry. Equal importance is given to normal transactions that meet the standard specifications. SMM reserves the right to exclude any price information deemed less reliable or unrepresentative from its price assessments. SMM publishes daily metal spot prices (or price indices, including for the Chinese market, markets outside China, and global markets), commonly referred to as SMM Prices. SMM has established corresponding methodologies for all published SMM Prices (all of which are available for inquiry on SMM's official website news.metal.com ). These methodologies stipulate the methods and procedures for generating and publishing SMM Prices, which are strictly followed. To align with the actual conditions of the spot market, SMM will make necessary revisions to the SMM Price methodologies and will announce such revisions on the SMM official website before their formal implementation. For any questions or suggestions regarding SMM Prices and their methodologies, please contact SMM customer service (contact information can be found on SMM's official website news.metal.com ). Aluminum Team SMM Information & Technology Co., Ltd. December 26, 2025

Dear Industry Peers, Imported manganese ore is a key raw material for manufacturing products such as silicomanganese alloy and ferromanganese alloy, with high-quality manganese ore being particularly favored by the market. Australian manganese ore is a mainstream and high-frequency oxide ore globally, serving as an important reference standard for global manganese ore pricing, and its price fluctuations directly impact the cost chain of global manganese-based alloys. Tianjin Port and Qinzhou Port are the main unloading ports for imported manganese ore in China. Equipped with complete storage facilities, these two ports feature high single-vessel unloading efficiency and large manganese ore reserve capacity. The formed complementary pattern of "Tianjin in the north and Qinzhou in the south" has enhanced China's bargaining power in global manganese ore trade. Prices at Tianjin Port (north) and Qinzhou Port (south) serve as benchmarks for global manganese ore pricing, which are referenced by both domestic and foreign ore merchants. To actively respond to market changes, meet the urgent demand of users for understanding the prices of Australian Mn42% manganese ore at Tianjin Port and Qinzhou Port, and improve the transparency of market information, SMM has decided: Commencing December 31, 2025, SMM will officially launch two new price: SMM Mn Ore, Australia Block 42%, In-whs-Tianjin Port, Yuan/ton-degree SMM Mn Ore, Australia Block 42%, In-whs-Qinzhou Port, Yuan/ton-degree Details of this price point are as follows: Description: SMM Mn Ore, Australia Block 42%, In-whs-Tianjin Port, Yuan/ton-degree Quality: Mn 42% Quantity: Min 100 tonnes Definition: EX-warehouse-Tianjin Port Brand Listing: South 32,etc Timing: Prompt Unit: Yuan/ton-degree Payment Terms: Cash on same day, other payment terms normalized Pulication: Daily, by 11am Beijing Time (i.e., before 4:00 AM London Summer Time before 3:00 AM London Winter Time) Description: SMM Mn Ore, Australia Block 42%, In-whs-Qinzhou Port, Yuan/ton-degree Quality: Mn 42% Quantity: Min 100 tonnes Definition: EX-warehouse-Qinzhou Port Brand Listing: South 32,etc Timing: Prompt Unit: Yuan/ton-degree Payment Terms: Cash on same day, other payment terms normalized Pulication: Daily, by 11am Beijing Time (i.e., before 4:00 AM London Summer Time before 3:00 AM London Winter Time) SMM Nickel Industry Research Department December 26, 2025

SMM Clarification Statement SMM Information & Technology Co., Ltd. (hereinafter referred to as "SMM" or "the Company"), as a professional spot market price reporting agency and information provider, has recently noticed the circulation of false information regarding the fairness of SMM's price assessment. To avoid market misunderstandings, maintain a healthy and transparent market environment, and protect the Company's legitimate rights and interests, SMM hereby makes the following solemn clarification and statement: I. The Difference Between Spot Prices and Futures Prices is a Normal Reflection of Market Mechanisms According to basic economic principles, spot prices reflect the immediate supply-demand relationship and deliverable transaction conditions of the underlying asset, while futures prices reflect market expectations for future supply and demand, including factors such as capital cost and carrying costs. Both follow the principle of "convergence at maturity," meaning that futures prices gradually converge towards spot prices as the contract expiration date approaches. Therefore, during the life of the contract, the difference between spot prices and futures prices, especially with far-month contracts, is a normal phenomenon under the market pricing mechanism. II. Historical Data Proves the Rationality of the Price Spread Structure To objectively present the facts, SMM has made a price spread analysis chart based on publicly available market data: The chart clearly shows that from September 2023 to 2025, the monthly price spread between the SMM battery-grade lithium carbonate average price and the GFEX lithium carbonate futures contract prices fluctuated between positive and negative territory, always remaining within a reasonable range, and exhibited a significant convergence trend as the contract expiration date approached. This fully aligns with the market rule of futures and spot price convergence. Comparing a certain periods' futures prices (especially those of far-month most-traded contracts) with spot assessment prices and concluding that there is a "consistent significant deviation" is fundamentally flawed in methodology and can easily mislead market judgment. Any behavior that selectively highlights short-term trends in the price spread without considering the broader context is partial and irresponsible, failing to reflect the overall market situation. III. Recent Market Risk Control Measures Recently, to maintain the stable operation of the lithium carbonate futures market and prevent potential risks, the Guangzhou Futures Exchange, in accordance with its risk management rules, issued multiple notifications consecutively between November and December 2025, implementing a series of risk control measures for relevant contracts, including adjustments to transaction fee standards and trading limits. These measures represent the exchange's commitment to fulfill its self-regulatory duties in accordance with the law during specific market periods, aiming to promote the steady development of the market. IV. The Emergence, Nature, and Harm of False Information It is noteworthy that during this sensitive period, when the aforementioned risk control measures were being intensively implemented, a significant amount of false information began circulating on the Internet. While such information varies in content, it shares an identical core narrative: False claims have been made that SMM’s prices "consistently and significantly deviate from fair value and futures prices" and that "there are illegal benefit-related connections with certain institutions". These claims are entirely groundless. The timing and manner of their dissemination indicate that their purpose is not professional discussion but rather an attempt to exert improper pressure on SMM by confusing the price logic of spot and futures markets, interfere with the neutrality of spot price assessments, and consequently potentially mislead market expectations and disrupt the normal relationship between futures and spot prices. SMM hereby solemnly declares that SMM is always committed to price discovery in the spot market, does not participate in any futures market trading operations, and resolutely maintains market order. V. The Compliance, Neutrality, and Supervision Mechanisms of SMM's Price Assessment As a professional market price assessment agency, SMM always adheres to the principles of neutrality, objectivity, and fairness. SMM's price assessment methodology strictly follows the International Organization of Securities Commissions (IOSCO) "Principles for Financial Benchmarks" and is subject to audits by independent third-party audit firms. In terms of internal governance, SMM has established a comprehensive firewall system to ensure that personnel and management involved in the price assessment process do not hold any related futures or spot positions, thereby eliminating conflicts of interest at an institutional level. SMM also has no history of any penalties from securities regulatory authorities for violations. We consistently maintain an open attitude towards market supervision based on facts. VI. Appeal to the Public SMM strongly condemns the recent malicious fabrication and dissemination of false information in the market, which damages SMM's commercial reputation and attempts to disrupt the order of the futures and spot markets, and has initiated legal proceedings to protect its rights. Currently, SMM is comprehensively and continuously collecting and preserving evidence related to the infringements. For suspected infringing acts, the Company will take all legal measures, including but not limited to reporting to relevant regulatory authorities and filing complaints with relevant online platforms, to resolutely pursue the legal liability of the infringing parties. SMM reserves the right to pursue all legal consequences against the relevant responsible parties. We once again call on all market participants to enhance their legal awareness and professional discernment capabilities, obtain information from authoritative channels, analyze the market rationally, resolutely resist and refuse to spread any unverified and unfounded rumors, and jointly maintain a fair, orderly, and healthy development environment for the industry chain. SMM Information & Technology Co., Ltd. Dec 26, 2025

Dear User: Hello! In recent years, China has formed multiple consumption centers for spot aluminum ingot trading. With the development of the aluminum industry chain in the Southwest region, market attention to the Southwest region has gradually increased. Among them, Guangyuan is an important hub for aluminum trading in Sichuan, Shaanxi, Gansu, and Chongqing, and is also the location of the designated settlement warehouse for aluminum futures of the Shanghai Futures Exchange , where aluminum product trading has become increasingly frequent. Therefore, there is an urgent need to compile and release a price index that can fully reflect the spot price of A00 aluminum ingots in the Guangyuan region of our country, so as to objectively, truthfully, and timely reflect the supply and demand situation of the A00 aluminum ingot Spot Market in our country. Based on this, SMM will start to newly release the SMM A00 Aluminum (Guangyuan) and Premium Spot Price Points from November 20, 2025. 1. General Principles of SMM Price Methodology Shanghai Metals Market (hereinafter referred to as SMM) is a completely independent third-party service provider that does not participate in any substantial transactions. Instead, it maintains close communication with the buyers or sellers of transactions as a market observer or organizer and provides relevant services to the market. SMM continuously formulates, reviews, and revises its methodology through communication with industry insiders, adopts the most common product specifications, trade terms, and trade conditions in the industry, and equally values normal transactions that meet the specification standards. SMM reserves the right to exclude any price information deemed to be of poor reliability or unrepresentative from its quotation judgment. SMM publishes daily metal spot prices (or price indices, including those for the Chinese market, markets outside China, and the global market), commonly referred to as SMM Prices. SMM has developed corresponding methodologies for all published SMM Prices (which will be published on SMM's official website www.smm.cn for reference), and the methodologies specify the methods and procedures for the generation and publication of SMM Prices, with SMM Prices being generated and published strictly in accordance with the provisions of the methodologies. To align with the actual situation of the Spot Market, SMM will make necessary revisions to the SMM Price Methodology and announce them on the SMM official website prior to formal implementation. If you have any questions or suggestions regarding SMM prices and their methodology, please contact SMM Client Server staff (please check the contact information on the SMM official website www.smm.cn). 2. Formation of the Spot Price Point of SMM A00 (Guangyuan) 2.1 Definitions The SMM A00 (Guangyuan) Spot Price is an indicative price generated and published by SMM in accordance with this methodology, which can be adopted by both trading parties as a reference basis for the settlement of spot trade of A00 aluminum ingots in the Guangyuan region. This price reflects the most likely range of spot transaction prices before the release time of the SMM A00 aluminum ingot spot quotation on each complete working day. This price is based on the trading conditions in the Guangyuan region on the day, and other regions can adjust the actual settlement price during trading based on the market correlation between different regions on the basis of this price. 2.2 Price Generation Method SMM obtains information on the spot price of local A00 aluminum ingots in Guangyuan through standard price benchmarking methods, including the indicative transaction price provided by the price benchmarking unit, the existing transaction spot premium or discount, and the indicative transaction spot premium or discount, etc. 2.3 Product Standards A00 Aluminum Ingot: Complies with the requirements for the "Al99.70" grade in GB/T 1196-2023 Aluminum Ingots for Remelting. 2.4 Pricing Unit and Presentation Form Unit: (Renminbi) Yuan/ton. Presented in interval form, it is a tax-inclusive price (including 13% Value Added Tax) Daily quotations include the highest, lowest, and average prices of SMM A00 Aluminum (Guangyuan) and its premium or discount. 2.5 Delivery Method Same-day delivery, pick up by the buyer at Guangyuan Warehouse 2.6 Release Time 10:15 AM every working day (excluding legal holidays and weekends) 3. Methodology Changes All markets are changing, and SMM has the responsibility to ensure that the methodology for market reports changes in tandem with the market. Therefore, SMM will conduct internal reviews of the appropriateness of the methodology on a regular basis based on industry feedback. For all potential modifications that are substantial but not urgent, SMM will follow the formal external consultation process. Then, significant changes will be announced, with a notice period of at least 28 days provided to invite industry professionals to comment, unless special circumstances, especially force majeure (natural disasters, wars, exchange bankruptcies, etc.), result in a shortened notice period. SMM commits to carefully reviewing all comments regarding the proposed methodological changes, but in some cases, may have to make changes to the methodology against the wishes of some market participants. In addition, SMM has a formal methodology consultation process. SMM commits to conducting a formal consultation on the A00 aluminum quotation once every year. The date of the last consultation and the deadline for SMM's commitment to hold the next consultation are located at the top of the methodology document. In addition, SMM has a formal methodology consultation process. SMM is committed to serving enterprises in the aluminum industry chain and reducing their transaction costs. The newly added price points will be updated at 10:15 a.m. every working day. Please stay tuned. If you have any feedback, please send it to 021-51595811 (Howard Yang). Shanghai Nonferrous Metals Network Information Technology Joint Stock Company Aluminum Business Unit 2025.11.14

Dear User, Hello! To better assist upstream and downstream enterprises in the industry chain in monitoring market fluctuations and promptly reflecting the spot market prices, thereby reducing transaction risks and costs in the metal market, and continuously improving and deepening the research on the metal industry chain, SMM, after a period of preparation and market research, plans to introduce new price points starting from November 1. These include Selenium Powder 99.5% min Europe Delivery, Selenium Powder 99.9% min India Delivery, Selenium Powder 99.9% min USA Delivery, Selenium Powder 99.9% min Russia FOB, Cadmium Ingot 99.99% min USA Delivery, Cadmium Ingot 99.99% min Europe Delivery, and Cadmium Ingot 99.99% min India Delivery, among others, for market reference. I. General Principles of SMM Price Methodology Shanghai Metals Market (hereinafter referred to as SMM) is a fully independent third-party service provider and does not participate in any substantive transactions. Instead, it acts as a market observer or organizer, maintaining close communication with buyers and sellers in transactions and providing relevant services to the market. SMM continuously develops, reviews, and revises its methodology through communication with industry professionals, adopting the most common product specifications, trade terms, and conditions in the industry, while giving equal importance to normal transactions that meet standard specifications. SMM reserves the right to exclude any price information deemed unreliable or unrepresentative from its pricing assessments. SMM publishes daily metal spot prices (or price indices, including the Chinese market, markets outside China, and global markets), commonly referred to as SMM prices. SMM has established corresponding methodologies for all published SMM prices (all of which are available for reference on SMM’s official website, www.smm.cn ). These methodologies specify the methods and procedures for generating and publishing SMM prices, which are strictly adhered to. To align with the actual conditions of the spot market, SMM may make necessary revisions to the SMM price methodology, which will be announced on the SMM official website before formal implementation. For any questions or suggestions regarding SMM prices or their methodologies, please contact SMM customer service (contact information can be found on the SMM official website, www.smm.cn ). This document outlines the standards for establishing price points such as Selenium Powder 99.5% min Europe Delivery, Selenium Powder 99.9% min India Delivery, Selenium Powder 99.9% min USA Delivery, Selenium Powder 99.9% min Russia FOB, Cadmium Ingot 99.99% min USA Delivery, Cadmium Ingot 99.99% min Europe Delivery, and Cadmium Ingot 99.99% min India Delivery. The purpose of this standard is to establish a transparent and verifiable mechanism for SMM price determination. II. Formation of SMM Price Points for Selenium Powder 99.5% min Europe Delivery, Selenium Powder 99.9% min India Delivery, Selenium Powder 99.9% min USA Delivery, Selenium Powder 99.9% min Russia FOB, Cadmium Ingot 99.99% min USA Delivery, Cadmium Ingot 99.99% min Europe Delivery, Cadmium Ingot 99.99% min India Delivery, etc. 2.1 Definition SMM price points for Selenium Powder 99.5% min Europe Delivery, Selenium Powder 99.9% min India Delivery, Selenium Powder 99.9% min USA Delivery, Selenium Powder 99.9% min Russia FOB, Cadmium Ingot 99.99% min USA Delivery, Cadmium Ingot 99.99% min Europe Delivery, Cadmium Ingot 99.99% min India Delivery, etc., are formed and published by SMM in accordance with this methodology. They can be used by trading parties as reference for spot trade settlement of these price points. 2.2 New Metal-Related Price Points Added by SMM Selenium Powder 99.5% min Europe Delivery, Selenium Powder 99.9% min India Delivery, Selenium Powder 99.9% min USA Delivery, Selenium Powder 99.9% min Russia FOB, Cadmium Ingot 99.99% min USA Delivery, Cadmium Ingot 99.99% min Europe Delivery, Cadmium Ingot 99.99% min India Delivery, etc. 2.3 Quotation Generation Method SMM collects data for evaluating price points such as Selenium Powder 99.5% min Europe Delivery, Selenium Powder 99.9% min India Delivery, Selenium Powder 99.9% min USA Delivery, Selenium Powder 99.9% min Russia FOB, Cadmium Ingot 99.99% min USA Delivery, Cadmium Ingot 99.99% min Europe Delivery, and Cadmium Ingot 99.99% min India Delivery through data collection (i.e., gathering raw data information that meets SMM standards). This includes bid and ask quotes provided by data providers for transactions not concluded on the same day, as well as actual transaction prices for spot trades provided by data providers. 2.4 Data Collection Method SMM price analysts collect data for price points such as Selenium Powder 99.5% min Europe Delivery, Selenium Powder 99.9% min India Delivery, Selenium Powder 99.9% min USA Delivery, Selenium Powder 99.9% min Russia FOB, Cadmium Ingot 99.99% min USA Delivery, Cadmium Ingot 99.99% min Europe Delivery, and Cadmium Ingot 99.99% min India Delivery regularly (between 9:30 AM and 11:15 AM on each trading day) via phone, QQ, WeChat, fax, and email. This data may include prices of concluded transactions on the same day, companies’ expected most likely prices for pending transactions, and offers. 2.5 Product Standards Price Point Name Reference Standard Selenium Powder 99.5% min Europe Delivery Powder below 200 mesh or 1-5 mm particles. Selenium content not less than 99.5%, other elements unspecified. Selenium Powder 99.9% min India Delivery Powder below 200 mesh or 1-5 mm particles. Selenium content not less than 99.9%, other elements unspecified. Selenium Powder 99.9% min USA Delivery Powder below 200 mesh or 1-5 mm particles. Selenium content not less than 99.9%, other elements unspecified. Selenium Powder 99.9% min Russia FOB Powder below 200 mesh or 1-5 mm particles. Selenium content not less than 99.9%, other elements unspecified. Cadmium Ingot 99.99% min USA Delivery Rod or ingot form. Cadmium content 99.99%, other elements unspecified. Cadmium Ingot 99.99% min Europe Delivery Rod or ingot form. Cadmium content 99.99%, other elements unspecified. Cadmium Ingot 99.99% min India Delivery Rod or ingot form. Cadmium content 99.99%, other elements unspecified. 2.6 Pricing Unit and Presentation Price Point Name Unit Selenium Powder 99.5% min Europe Delivery USD/lb Selenium Powder 99.9% min India Delivery INR/kg Selenium Powder 99.9% min USA Delivery USD/lb Selenium Powder 99.9% min Russia FOB USD/lb Cadmium Ingot 99.99% min USA Delivery USD/lb Cadmium Ingot 99.99% min Europe Delivery USD/lb Cadmium Ingot 99.99% min India Delivery INR/kg 2.7 Delivery Method Pick-up from relevant warehouses. 2.8 Payment Method Cash payment or wire transfer. Other terms handled as per常规. 2.9 Update Time Before 11:30 AM on each trading day. III. Methodology Changes All markets evolve, and SMM has a responsibility to ensure that the methodologies for market reporting keep pace with these changes. Therefore, SMM regularly conducts internal reviews of the appropriateness of its methodologies based on industry feedback. For all substantive but non-urgent potential revisions, SMM will follow a formal external consultation process. Major changes will be announced with a notice period of at least 28 days, inviting industry comments, unless special circumstances, particularly force majeure (natural disasters, war, exchange bankruptcy, etc.), necessitate a shorter notice period. SMM is committed to carefully reviewing all comments on proposed methodology changes. However, in some cases, it may be necessary to make changes to the methodology against the wishes of some market participants. Additionally, SMM has a formal methodology consultation process. Shanghai Metals Market Information Technology Co., Ltd. Precious Metals Team November 1, 2025

To better serve industrial clients and more closely align with the market, SMM has added a weekly price for Vietnam 8mm copper cathode rod (CIF) processing fees, which will be officially launched on the SMM website (smm.cn) on December 19, 2025. 1. SMM 8mm Copper Cathode Rod Premium, CIF Vietnam, USD/tonne Methodology 1.1 SMM Price Assessment Methodology General Provisions Shanghai Metals Market (SMM) is a fully independent third-party service organization that does not participate in any actual transactions. Instead, it maintains close communication with buyers or sellers in the market as an observer or organizer and provides relevant services to the market. SMM continuously develops, reviews, and revises its methodology through communication with industry professionals, adopting the most common product specifications, trade terms, and trade conditions in the industry. Equal importance is given to normal transactions that meet the standard specifications. SMM reserves the right to exclude any price information deemed less reliable or unrepresentative from its price assessments. SMM publishes daily spot metal prices (or price indices, including those for the Chinese market, markets outside China, and global markets), commonly referred to as SMM prices. For each published SMM price, a corresponding methodology is established (all of which are available for reference on SMM’s official website, www.smm.cn). The methodology specifies the methods and procedures for generating and publishing SMM prices, and SMM strictly adheres to these guidelines when producing and releasing SMM prices. To align with the actual conditions of the spot market, SMM will make necessary revisions to the SMM price assessment methodology and announce these revisions on the official website www.smm.cn 28 days before their formal implementation. If you have any questions or suggestions regarding SMM prices or the methodology, please contact SMM customer service (contact information can be found on the official website www.smm.cn ). This document specifies the standards for formulating the weekly RC for 8mm Copper Cathode Rod Premium, CIF Vietnam, USD/tonne. The purpose of establishing this standard by SMM is to create a transparent and verifiable mechanism for SMM price formation. The SMM Benchmark Management Committee also regularly reviews the methodology and its assessment and publication processes. This committee oversees SMM’s methodology and compilation procedures, ensuring that the prices or indices accurately reflect the objective conditions of the physical spot market for the relevant commodities. If the committee identifies any issues, it will promptly highlight them and propose external consultation and revisions to the ongoing methodology or processes, thereby improving the quality of SMM’s published prices or indices. The committee may only propose modifications to the methodology and procedures used for future price or index assessments it cannot alter already published prices or indices. 2. Formation of Processing Fees for 8mm Copper Cathode Rod Premium, CIF Vietnam, USD/tonne. 2.1 Significance of the Price Assessment Against the backdrop of global economic integration, Vietnam is emerging as a significant driver of economic growth in Southeast Asia. On one hand, the accelerated investment in power infrastructure expansion, along with the increase in power transmission line and substation projects, has led to a surge in demand for copper rod as a core raw material. On the other hand, industrial upgrades are driving the rapid development of the electronics manufacturing sector, with numerous component and home appliance enterprises establishing operations, leading to a continuous expansion in demand for high-precision 8mm copper rod, and overall market demand is steadily rising. Under the Belt and Road cooperation framework, economic and trade ties between China and Vietnam are becoming increasingly close. Logistics channels such as cross-border railways and highways are continuously being optimized, making transportation more efficient. The implementation of policies such as tariff reductions further lowers trade costs and improves efficiency, laying a solid foundation for the expansion of the China-Vietnam copper rod trade scale. In light of this, SMM will officially launch the weekly price assessment for 8mm Copper Cathode Rod Premium, CIF Vietnam, USD/tonne starting December 19, 2025. SMM price members will be able to simultaneously access historical prices from that date. 2.2 SMM 8mm Copper Cathode Rod Premium, CIF Vietnam, USD/tonne Price Assessment Methodology 2.2.1 Product Specifications and Standards Product standards are BS EN 1997：2013 Copper and copper alloys. Copper drawing stock (wire rod)、ASTM B49-20 Standard Specification for Copper Rod for Electrical Purposes, product specifications are 8mm copper cathode rod (T1, T2), oxygen content greater than 20ppm. 2.2.2 Price Terms CIF Vietnam, Copper Cathode Rod Premium top on LME CSP, QP M+1（M stands for arrival month) 2.2.3 Payment Terms Cash, other terms normalized. Reference is made to major international payment methods (including D/P, D/A, T/T, etc.). If transactions significantly deviate from this standard, SMM will consider excluding individual samples based on trade volume. For deferred payments or letters of credit, SMM will adjust them according to the prevailing interest rate at the time to align with this standard. 2.2.4 Delivery Time Within 4 weeks. 2.2.5 Reference Transaction Volume Min 200 tones. 2.2.6 Delivery Location Main Ports of Vietnam 2.2.7 Price Release Time Every Friday at 11:30 AM Vietnam Time (except on Chinese statutory holidays and weekends). 2.2.8 Processing Fee Format Reported processing fees are provided as a range, indicating the lowest and highest prices. For example: 8mm Copper Cathode Rod Premium, CIF Vietnam, USD/tonne range $250-270/tonne, average: $260/tonne. 2.2.9 Price Collection Methodology SMM will, in accordance with the price collection confirmation agreement, have price analysts regularly collect price information from copper foil industry price contacts via phone, QQ, WeChat, fax, and email. This price information includes concluded transaction prices, the enterprise's expected most likely pending transaction prices, etc. All instant messaging content, email communications, and any records of face-to-face communications will be archived details of phone communications will be recorded and entered into the database. SMM analysts must comply with the Compliance System when reporting any forced or threatened communications from market participants, or any induced offers attempting to influence the assessment. Once published, SMM will not revise or adjust the price on the same day. 2.2.10 Standardization of Data Although SMM has standardized definitions for our prices, diversity exists in market transactions. The price of each transaction is influenced by numerous factors, including order size, brand of goods, delivery time, payment terms, etc. SMM will comprehensively consider market offers, bids, and transaction information, aligning them with our standards. Each price datum will be electronically recorded or accompanied by written records. All electronic and paper records must be archived by price collection personnel and retained long-term (at least 5 years) in secure network and physical environments. For details, please refer to the SMM Data Retention Policy. 2.2.11 Price Assessment Process The specific process is as follows: 2.3 Methodology Changes All markets change, and SMM has a responsibility to ensure that the methodology for market reports evolves with the market. Therefore, SMM will regularly conduct internal reviews of the methodology's appropriateness based on industry feedback. For all substantive but non-urgent potential modifications, SMM will follow a formal external consultation process. Major changes will then be announced with a notice period of at least 28 days, inviting industry comments, unless special circumstances, particularly force majeure (natural disasters, war, exchange bankruptcy, etc.), necessitate a shorter notice period. SMM is committed to carefully considering all comments on proposed methodology changes, but in some cases, it may be necessary to proceed with changes contrary to the wishes of some market participants. Additionally, SMM has a formal methodology consultation process. SMM commits to holding a formal consultation on the methodology every three years. The date of the last consultation and the deadline for the next consultation committed by SMM are located at the top of the methodology document. 2.4 Compliance with SMM Policies All relevant SMM employees must not only comply with the methodology published by SMM but also adhere to SMM's internal standards and policies. These include: SMM Conflict of Interest Policy, SMM Whistleblower Policy, SMM Error Correction Policy, SMM Methodology Review Consultation and Change Policy, SMM Complaints Policy, etc. Welcome more relevant enterprises in the industry chain to participate and support SMM in better serving related enterprises in the Copper Cathode Rod industry chain. For inquiries, please contact: Shanghai Metals Market Copper Research Team, Xinyang Wang Contact: 021-20707846, +86 15762822325