SMM will update its Alumina Monthly Cost Model from January 2026, incorporating VAT into bauxite costs and discontinuing certain regional indicators.

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

[SMM Announcement] Announcement on Discontinuing 11 SMM Copper Cathode Production by Province Series and Adding Corresponding Provincial Production Forecasts Dear User, Greetings! 1. Due to data compliance requirements, and following extensive and in-depth market surveys and full communication with numerous industry enterprises, SMM has decided to adjust the provincial production data. Discontinuation: The monthly production data for the following 11 provinces: "SMM Copper Cathode Production: by Province: Jilin (10kt)", "SMM Copper Cathode Production: by Province: Anhui (10kt)", "SMM Copper Cathode Production: by Province: Shanxi (10kt)", "SMM Copper Cathode Production: by Province: Xinjiang (10kt)", "SMM Copper Cathode Production: by Province: Jiangsu (10kt)", "SMM Copper Cathode Production: by Province: Hubei (10kt)", "SMM Copper Cathode Production: by Province: Hunan (10kt)", "SMM Copper Cathode Production: by Province: Tibet (10kt)", "SMM Copper Cathode Production: by Province: Liaoning (10kt)", "SMM Copper Cathode Production: by Province: Qinghai (10kt)", and "SMM Copper Cathode Production: by Province: Heilongjiang (10kt)". Discontinuation Date: November 10, 2025. 2. These data points will be consolidated into "SMM Copper Cathode Production: by Province: Other Regions (10kt)". Launch Date: November 10, 2025. 3. Addition of forecast values for the production of the corresponding provinces. Launch Date: November 10, 2025. We welcome more relevant enterprises from both upstream and downstream of the industry chain to participate and support SMM in better serving new energy industry chain related enterprises. For any questions, please feel free to contact Long Huachen at 021-51595821 or shumlong@smm.cn . SMM Copper Research Team October 30, 2025