Driven by intensifying global competition for energy and mineral resources, the reshaping of refined copper trade flows, and the resurgence of U.S. manufacturing policies, the U.S. market has once again emerged as a key pricing anchor in international refined copper distribution. According to SMM research, U.S. annual refined copper consumption is estimated at 1.6–1.8 million metric tons, with the Midwest — home to a high concentration of copper-intensive manufacturing — serving as the country’s largest region for copper processing, delivery, and end-use. Over time, this region has developed a mature spot trading market under the DDP (Delivered Duty Paid) delivery model. Since 2025, global copper trade dynamics have shifted significantly. The U.S. has become increasingly reliant on imports from Latin America, Europe, and Africa. With frequent tariff policy changes, a surge in COMEX stock levels, more active trade tenders, and renewed long-term contract negotiations, the Midwest DDP premium has become an essential reference point for industrial trade and arbitrage models across the supply chain. Against this backdrop, Shanghai Metals Market (SMM) will officially launch the Copper grade 1 cathode premium, ddp Midwest US on February 1, 2026. Quoted in US cents per pound (¢/lb), this premium will be based on representative spot DDP trades in the U.S. Midwest. The price reflects a weighted average considering warehouse transfer costs, regional logistics fees, trading activity levels, and brand preferences — offering an objective and actionable settlement benchmark for market participants. The price will be updated daily and published on both the SMM official website. Historical curves and price analytics will also be made available. This price release aims to enhance pricing transparency across the refined copper supply chain and provide more granular tools for trade execution, long-term contract negotiations, and production planning — supporting more efficient and accurate price discovery in the global market. Key specifications of the SMM U.S. Midwest DDP Refined Copper Premium are as follows:

Dear users, As the core raw material for the steel industry, the price fluctuations of iron ore directly determine the cost and profit stability of the steel industry chain. In recent years, the endowment of global iron ore resources has shown significant changes, with the proportion of high-grade ore production continuously declining. To actively respond to market changes, enhance the guiding significance of the index for the Spot Market, and improve market information transparency, SMM has decided to launch the "MMI 61% Iron Ore Port Stock Index (IOPI)" and the "MMI 61% Iron Ore Seaborne Index (IOSI)" from 5th January 2026. The specific price point details are as follows: Index Price Point: MMI 61% Iron Ore Port Stock Index (IOPI) Quality specifications: Fe content base 61%, aluminum base 2.5%, silica base 4.5%, phosphorus base 0.1%, sulfur base 0.02%, Moisture base 8% Definition: FOT Qingdao Port, VAT included. Normalized for any Chinese Port. Unit: RMB/wet tonnes Quantity: min 5,000 tonnes Timing: within 1 week Payment Terms: Payment at sight Publication: Working Day, 6 PM Beijing Time Index Price Point: MMI 61% Iron Ore Seaborne Index (IOSI) Quality specifications: Fe content base 61%, aluminum base 2.5%, silica base 4.5%, phosphorus base 0.1%, sulfur base 0.02%, Moisture base 8% Definition: CFR Qingdao Port. Normalized for any Chinese Port. Unit: USD/dry tonnes Quantity: min 50,000 tonnes Timing: within 2 months Payment Terms: L/C or payment at sight Publication: Working Day, 6 PM Beijing Time SMM Iron Ore Research January 5, 2026

Against this backdrop, SMM will begin publishing the US Midwest DDP aluminum premium starting February 27, 2026. Through daily market communication, SMM will introduce ......

Dear Useres, With the deep reshaping of the new energy industry chain, the strategic position of sulphur, a traditional bulk raw material, is undergoing a fundamental transformation. Historically, price fluctuations in sulphur-sulphuric acid primarily affected traditional industries such as phosphate fertilisers and titanium dioxide. However, as lithium iron phosphate (LFP) has become the mainstream cathode material for power batteries, the production of its core precursor, iron phosphate, heavily relies on high-purity phosphoric acid, which in turn uses sulphuric acid as its raw material. This enables price fluctuations in the sulphur-sulphuric acid chain to be directly and rapidly transmitted to the cost of LFP. Similarly, in areas such as nickel-cobalt smelting and precursor preparation, sulphuric acid is a key auxiliary material, and its price directly impacts the cost of products like battery-grade nickel sulphate and cobalt sulphate. The emergence of new demands: Sulphur itself, as a key sulphur source for lithium sulphide and sulphide solid-state electrolytes (such as LPSC), is seeing its material purity and supply stability begin to attract attention from cutting-edge battery technology R&D. As an authoritative information institution long dedicated to the non-ferrous metals and new energy materials sectors, SMM, after a period of consolidation and market surveys, plans to introduce new sulphur price points starting December 12, aiming to provide the market with more precise pricing anchors and price references. The specific new price points are as follows: Sulphur: Solid, Sulphur (S) content ≥99.0%, Price Description: Ex-factory price (buyer's self pick-up price), including 13% VAT. SMM New Energy Research Team December 04, 2025 Sulphur Price

1. SMM 8μm Lithium Battery Copper Foil premium, CIF US, USD/tonne Methodology 1.1 General Principles of SMM Price Assessment Methodology SMM (hereinafter referred to as SMM) is a completely independent third-party service provider that does not participate in any substantive transactions. Instead, it maintains close communication with buyers or sellers in transactions as a market observer or organizer, and provides relevant services to the market. SMM continuously formulates, reviews, and revises its methodologies through communication with industry insiders, adopting the most common product specifications, trade terms, and trade conditions in the industry. It attaches equal importance to normal transactions that meet the specification standards. SMM reserves the right to exclude any price data information deemed to be of poor reliability or non-representative 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, SMM has established a corresponding methodology (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 provisions when producing and releasing SMM prices. To align with the actual conditions of the spot market, SMM may make necessary revisions to its price assessment methodology. Such revisions will be announced on SMM’s official website, www.smm.cn, 28 days prior to their formal implementation. For any questions or suggestions regarding SMM prices or their methodology, please contact SMM customer service (contact information can be found on SMM’s official website, www.smm.cn). This document outlines the standards for establishing SMM 8μm Lithium Battery Copper Foil premium, CIF US, USD/tonne. The purpose of SMM in developing this standard is to establish a transparent and verifiable mechanism for SMM price determination. The SMM Benchmark Management Committee also regularly reviews the methodology and its assessment and publication processes. This committee oversees SMM’s methodology and compilation process, ensuring that the prices or indices reflect, as accurately as possible, 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 current methodology or processes, thereby enhancing the quality of the prices or indices published by SMM. 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 SMM 8μm Lithium Battery Copper Foil premium, CIF US, USD/tonne 2.1 Significance of the Price Assessment In recent years, with the implementation of domestic and overseas new energy vehicle policies and the rapid expansion of NEV production, copper foil used as the anode carrier in lithium-ion batteries has shown a surge in demand. The wave of new infrastructure represented by 5G, along with rapid developments in artificial intelligence, big data, and automotive electronics, has increasingly expanded the demand for copper foil in related electronic circuit industries. The copper foil industry is also moving towards higher precision, density, and reliability. With the rise and development of industry capacity, overseas markets such as the US increasingly require a fair and standardized operating environment. Copper foil processing fees have long been beneficial for enterprises to control risks and facilitate management, playing a crucial role in the industry's development. In view of this, SMM will officially launch weekly price assessments for 8μm Lithium Battery Copper Foil premium, CIF US, USD/tonne starting October 10, 2025. SMM price members will be able to simultaneously access historical prices at that time. 2.2 SMM 8μm Lithium Battery Copper Foil premium, CIF US, USD/tonne Price Assessment Methodology 2.2.1 Product Specifications and Standards Given the wide variety of copper foil specifications, SMM uses the 8μm with the largest market share for copper foil premium assessments. The premium assessment adopts 8μm thickness product width: 700-1,000 mm product type: Power Battery with Ordinary Tensile Strength. 2.2.2 Price Terms The price is a VAT-excluded CIF price at major ports on the US east coast based on the premium over LME CSP, with a quotation period of M+0 (M being the month of shipment), quoted in US dollars per metric ton. 2.2.3 Payment Terms The price assessment reflects payment terms for cash transactions in the month of the transaction. Reference is made to major international payment methods (including D/P documents against payment, D/A documents against acceptance, T/T telegraphic transfer, etc.). If significant deviations from this standard occur, SMM will consider whether to exclude individual samples based on trade volume. For forward payments or letter of credit payments, SMM will adjust based on prevailing interest rates to align with this standard. 2.2.4 Delivery Time Within 2 months. 2.2.5 Reference Transaction Volume Min 25 tonnes. 2.2.6 Delivery Location Major Ports on the US East Coast. 2.2.7 Price Publication Time Weekly, by 1:00 US time. 2.2.8 Price Format The assessed price are presented as a range, indicating the lowest and highest prices. For example: 8μm Lithium Battery Copper Foil premium, CIF US, USD/tonne range 5,000-6,000 USD/tonne, average: 5,500 USD/tonne. 2.2.9 Price Collection Method 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. 2.2.9.1 Assessment (Calculation) of Published Prices Step-1: The final dataset from the previous chapter, which exists as a processing fee range, is split into several lower limit values and several upper limit values for two different types of enterprise classifications in this methodology version: copper foil producers and downstream end-users. Arithmetic averages are calculated for both sets and rounded to the nearest whole number. Among these: - When both transaction information and offer/counteroffer information are present, the weight of transaction information is set at 60%, and offer/counteroffer information at 40%. - When transaction information, offer/counteroffer information, and other information are all present, the weight of transaction information is set at 50%, offer/counteroffer information at 40%, and other information at 10%. - When only offer/counteroffer information and other information are present, the weight of offer/counteroffer information is set at 90%, and other information at 10%. Step-2: The two price ranges derived from the previous step, which exist as processing fee states, are split into two lower limit values and two upper limit values. Weights are applied, and weighted averages are calculated, then rounded to the nearest whole number. In this methodology version, copper foil producers are weighted at 60%, and downstream enterprises at 40%. Step-3: The relevant calculation coefficients above will be adjusted every six months to ensure timeliness. 2.2.9.2 Data Standardization 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. 2.2.9.3 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 foil industry chain. For inquiries, please contact: Shanghai Metals Market Copper Research Team, Shanyu Jiang Contact: 021-20707916, +86 15615750662

To better serve industrial clients and stay closer to the market, SMM is adding 6 new scrap copper price assessments for Japan/US regions, officially launching on 16/1/2026. 1. New Price Points Copper Scrap - East Asia - Japan Millberry CIF China - Japan Millberry CIF China Taiwan - Japan Millberry CIF Korea Copper Scrap - America - United States Millberry CIF Japan - United States No.1 Copper Material CIF Japan - United States No.2 Copper Material CIF Japan 2. SMM Price Methodology General Principles Shanghai Metals Market (hereinafter referred to as "SMM") is a completely independent third-party service provider that does not participate in any actual transactions. Instead, SMM maintains close communication with buyers and sellers as a market observer or organizer and provides related services to the market. This document sets forth the standards for SMM's East Asia and US scrap copper price assessments. The purpose of establishing these standards is to create a transparent and verifiable SMM price formation mechanism. 3. Formation of SMM East Asia and US Scrap Copper Price Assessments 3.1 Significance of the Assessments In recent years, Japan and the United States have continued to play important roles in the global scrap copper trading system. Their export prices for berry copper and copper scrap hold strong reference value for major Asian consumer markets. Due to differences in origin quality structure, trade flows, and regional demand, actual transaction prices vary across different destinations. To more accurately reflect the true price levels of Japanese and US scrap copper in cross-regional circulation, reduce information asymmetry risks, and help upstream and downstream enterprises more reasonably evaluate procurement costs and formulate trading strategies, SMM plans to add price points including Japan Berry Copper CIF China, Japan Berry Copper CIF South Korea, Japan Berry Copper CIF Taiwan China, US Berry Copper CIF Japan, US No.1 Copper CIF Japan, and US No.2 Copper CIF Japan. These will be collected according to a unified methodology and publicly released to the market for industry reference. SMM price members will be able to access relevant historical price data simultaneously. 3.2 SMM East Asia and US Scrap Copper Price Assessment Methodology 3.2.1 Product Specifications and Standards Currently, scrap copper reference standards follow ISRI standards. If changes occur, SMM will revise accordingly based on actual circumstances. 3.2.2 Price Terms Prices are CIF indicative prices, expressed as a coefficient (%) unit. 3.2.3 Payment Terms Prices reflect payment conditions including TT or other conventional payment methods. 3.2.4 Quote Format and Timing Quoted prices are in range format, showing minimum and maximum prices. For example: Japan Millberry CIF China: 97.5%-98%. New price points will be assessed weekly. SMM will publish prices on the website front page at 3:30 PM on the last day of each working week. 3.2.5 Data Collection Method According to the data collection confirmation agreement, SMM price analysts will regularly collect price information from scrap copper industry contacts in Japan through telephone, WeChat, email, and other methods. This price information includes completed transaction prices and the most likely anticipated transaction prices expected by the enterprise. All instant messaging content and any face-to-face communication records will be archived telephone communication details will be recorded and entered into the database. SMM analysts must comply with the Compliance System when reporting to their supervisors any coerced or threatened communications from market participants, or any inducements attempting to influence assessments. After price publication, SMM will not make corrections or adjustments on that day. 3.2.6 Data Standardization Although SMM has standardized definitions for our prices, market transactions exist in various forms. Each transaction price is influenced by numerous factors, including order size, material brand, delivery time, payment terms, etc. SMM will comprehensively consider market quotes, bids, and transaction information and align them with our standards. We welcome more relevant enterprises along the industry chain to participate in and support SMM in better serving scrap copper industry-related enterprises. For any questions, please contact us. Shanghai Metal Market Copper Department - Aw Yong Yi Cheong Contact: +6011-25798397 Email add: awyong.yicheong@smm.cn

Dear Users, Due to recent volatility in the international trade environment, and to ensure the accuracy and reference value of price information, Shanghai Metals Market (SMM) has conducted a careful assessment and decided to temporarily suspend the update of Magnesium Ingot 9990 CFR (Japan) spot prices effective immediately. We will resume updates for this price category once market trading normalizes and a stable, reliable pricing basis is reestablished. Thank you for your ongoing trust and support. If you have any questions, please feel free to contact us through official channels. Shanghai Metals Market Information Technology Co., Ltd. Magnesium Research Team January 8, 2026

Dear User: Due to the persistently low operating rate of silicon enterprises in Fujian, stable and effective price information cannot be obtained. SMM is expected to cease updating the price points for #421 silicon (Fujian), #3303 silicon (Fujian), #2202 silicon (Fujian), #2202 silicon (east China), and #2202 silicon (Huangpu Port) starting from October 9, while retaining historical price query access. The SMM Silicon Research Team is committed to providing better services for enterprises in the silicon industry chain. Should you have any questions during this announcement period, please feel free to contact us at luminping@smm.cn.

Dear User, Greetings! With the deep restructuring of the new energy industry chain, the strategic position of sulfur, a traditional bulk raw material, is undergoing a fundamental transformation. To better align with global industry development trends, SMM now officially releases monthly data on Indonesia's sulfur imports and exports . The data series begins in January 2025 and will be updated on the seventh working day of each month with figures for the month two months prior. Thank you for your continued trust and support in SMM's data services. Should you have any questions or require further information, please do not hesitate to contact us. SMM Nickel Industry Research Department January 9, 2026

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