Dear User, Hello! In order to promote international trade in the tungsten market, assist global upstream and downstream enterprises in better grasping market dynamics, obtaining timely spot market information, and reducing risks and costs associated with cross-border transactions, while also deepening research on the European tungsten industry chain, we will be adding two new price points starting December 1st for market reference: APT CIF (Rotterdam port) and Ferrotungsten (in-whs Rotterdam) . Price Point: APT CIF (Rotterdam port) Product Description: Ammonium Paratungstate (APT), WO₃ ≥ 88.5%, CIF Port of Rotterdam, Netherlands Product Standard: White, fine, free-flowing crystals. WO₃ 88.5% min, Al 0.001% max, As 0.0005% max, Bi 0.0005% max, Ca 0.001% max, Cd 0.0005% max, Co 0.0005% max, Cr 0.0005% max, Cu 0.0005% max, Fe 0.001% max, K 0.001% max, Mn 0.001% max, Mg 0.001% max, Mo 0.002% max, Na 0.001% max, Ni 0.0005% max, P 0.001% max, Pb 0.0005% max. Pricing Method: USD per metric ton unit (USD/mtu) Minimum Quantity Requirement: ≥ 20 metric tons Release Schedule: Weekly, by 12:00 PM London time on working Thursdays Price Point: Ferrotungsten (in-whs Rotterdam) Product Description: Ferrotungsten FeW ≥ 75%, in-warehouse Rotterdam, Netherlands Product Standard: Lumpy. W 75.00% min, C 0.40% max, S 0.08% max, Mn 0.50% max, As 0.10% max, Sn 0.08% max, P 0.05% max, Si 0.70% max, Cu 0.15% max, Sb 0.05% max. Pricing Method: USD per kilogram of tungsten (USD/kg W) Minimum Quantity Requirement: ≥ 3 metric tons Release Schedule: Weekly, by 12:00 PM London time on working Thursdays SMM Tungsten & Molybdenum Industry Research Team November 25, 2025

Dear Valued Client, To keep pace with the rapid development of the secondary copper industry and meet the market's need for in-depth analysis of the recycling industry and the supply-demand pattern of copper cathode, our company has conducted a deep optimization of our data models. We are now systematically upgrading and adjusting the standards and content of monthly supply-demand balance data related to China's copper scrap, with the following treatment applied to historical data: I. Adjustments Made The following data points have been newly launched: "Copper Scrap New and Old Scrap Production: Domestic Old Scrap: Annual", "Copper Scrap New and Old Scrap Production: Domestic New Scrap: Annual", "Copper Scrap New and Old Scrap Production: Domestic Copper Scrap: Annual", "Copper Scrap New and Old Scrap Production: Domestic Old Scrap - Forecast: Annual", "Copper Scrap New and Old Scrap Production: Domestic New Scrap - Forecast: Annual", and "Copper Scrap New and Old Scrap Production: Domestic Copper Scrap - Forecast: Annual"—a total of six new data points. (Access path for new data: Database - Copper - Copper Scrap - Production - Domestic Copper Scrap Production) II. Historical Data Processing The following four historical data series will cease to be updated starting from December 2025: "Domestic Copper Scrap Supply (Metal Content), ID: a10031747", "SMM Domestic Copper Scrap Supply: YoY, ID: a10031748", "Domestic Copper Scrap Supply (Metal Content) - Forecast, ID: a12731971", and "SMM Domestic Copper Scrap Supply YoY - Forecast, ID: a12731972". Going forward, the new standards will be uniformly applied for data releases, with the revised data traceable back to 2020. Should you have any questions, please feel free to contact the SMM customer service team at any time. Thank you for your continued support and trust! III. Effective Date February 1, 2026 SMM Information & Technology Co., Ltd. SMM Copper Research Team Liang Kaihui, 86-21-5159-5826 January 22, 2026

[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

Dear Customer, To keep pace with the rapid development of the recycled copper raw materials industry and meet the market's demand for in-depth analysis of the recycling industry and the supply-demand pattern of copper cathode, our company has conducted a comprehensive optimization of the data model. We are now systematically upgrading and adjusting the standards and content of China's monthly supply-demand balance data for recycled copper raw materials, with the following treatment applied to historical data: I. Adjustments This upgrade primarily optimizes and updates the following indicators in the balance table: "Supply of Old Scrap from Recycled Copper Raw Materials," "Supply of New Scrap from Recycled Copper Raw Materials," "Processing Volume of Recycled Copper Raw Materials," and "Smelting Volume of Recycled Copper Raw Materials." (Data modification path: Database > Copper > SMM Recycled Copper > Monthly Supply-Demand Balance Table for Copper Scrap) II. Historical Data Treatment Historical monthly supply-demand balance data for recycled copper raw materials will no longer be updated starting from September 2025. Subsequent data will be uniformly released under the new standard, with the revised data retroactively applied from January 2025. Should you have any questions, please feel free to contact the SMM Customer Service Team. Thank you for your continued support and trust! IV. Effective Date Effective from January 1, 2026 SMM Information & Technology Co., Ltd. SMM Copper Research Team Liang Kaihui 86-21-5159-5826 December 19, 2025

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 Customer, Dear Valued Client, To keep pace with the rapid development of the secondary copper industry and meet the market's need for in-depth analysis of the recycling industry and the supply-demand pattern of copper cathode, our company has conducted a deep optimization of our data models. We are now systematically upgrading and adjusting the standards and content of monthly supply-demand balance data related to China's copper scrap, and implementing the following treatment for historical data: I. Adjustments Made This upgrade primarily optimizes and updates the following indicators in the balance sheet: Discontinuation of "SMM Domestic Copper Scrap Supply" and "SMM Domestic Copper Scrap Supply - Forecasted Value," and adjustment of the two data points under "Domestic Copper Scrap Production": "Domestic Old Scrap Production (Metal Content)" and "Domestic Old Scrap Production (Metal Content) - Forecasted Value." (Data modification path: Database - Copper - Copper Scrap - Production) II. Treatment of Historical Data Historical domestic copper scrap production data will no longer be updated starting from September 2025. Subsequent data will be uniformly released according to the new standards, with the revised data retroactively applied from January 2025. If you have any questions, please feel free to contact the SMM customer service team at any time. Thank you for your continued support and trust! III. Effective Date Effective from February 1, 2026 SMM Information & Technology Co., Ltd. SMM Copper Research Team Liang Kaihui, 86-21-5159-5826 January 21, 2026

Shanghai Metals Market (SMM) officially launched the Copper grade A cathode premium, cif Rotterdam, USD/(tonne) on February 24th, 2026.

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:

To better serve industrial clients and more closely align with the market, SMM has added a weekly price for 1.8mm Tin-Plated Copper Rod Premium (Electroplating), Ex-works China, VAT included, yuan/tonne, which will be officially launched on the SMM website (smm.cn) on December 19, 2025. 1. SMM 1.8mm Tin-Plated Copper Rod Premium (Electroplating), Ex-works China, VAT included, yuan/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 1.8mm Tin-Plated Copper Rod Premium (Electroplating), Ex-works China, VAT included, yuan/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 8mm Tin-Plated Copper Rod Premium (Electroplating), Ex-works China, VAT included, yuan/tonne. 2.1 Significance of the Price Assessment Current copper rod industry faces increasingly prominent overcapacity issues, with low capacity utilization rates. The market for ordinary power-grade rods suffers from homogenized competition, processing fees are caught in internal competition, and profit margins for most enterprises are severely compressed. Against this backdrop, the copper rod industry is gradually transitioning toward high-quality development, enhancing product added value, expanding profit margins, and progressively addressing the structural imbalance of "excess low-end supply and insufficient high-end supply." Tin-plated copper rods, leveraging characteristics such as oxidation resistance, ease of welding, and strong stability due to the tin coating, meet the demands of high-end sectors like new energy vehicles and electronic devices. With the continuous expansion of emerging industries such as new energy and 5G communication, the tin-plated copper rod market holds broad prospects and will become a key direction for the transformation and upgrading of the copper processing industry. 2.2 SMM 1.8mm Tin-Plated Copper Rod Premium (Electroplating), Ex-works China, VAT included, yuan/tonne Price Assessment Methodology 2.2.1 Product Specifications and Standards Given the wide variety of tin-plated copper rod specifications, SMM adopts the 1.8mm diameter, which holds a relatively high market share, as the basis for quoting tin-plated copper rod processing fees, with reference to the standard GB/T3952-2016 Copper Rod for Electrical Purposes. 2.2.2 Price Terms Ex-works, China, 1.8mm Tin-Plated Copper Rod premium top on SMM 1# Copper Cathode 2.2.3 Payment Terms cash, other terms normalized. 2.2.4 Delivery Time Within 3 days. 2.2.5 Reference Transaction Volume Min 1 tones. 2.2.6 Delivery Location China 2.2.7 Price Release Time Weekly, by 11：30 am Beijing time, last working day of every week. 2.2.8 Processing Fee Format The reported processing fees are presented as a range, indicating the lowest and highest prices. For example: 1.8mm Tin-Plated Copper Rod Premium (Electroplating), Ex-works China, VAT included, yuan/tonne range 3,000–4,000 yuan/tonne, average: 3,500 yuan/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

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