On April 17, a delegation from SMM Information & Technology Co., Ltd. (SMM), including Ye Jianhua, Director and Supervisor of SMM's Industry Research Department, Feng Chundi, Expert of SMM's Industry Research Institute, and Wu Tao, SMM's Overseas Marketing Manager for Copper and Tin, visited Nanjing Hanrui Cobalt Co., Ltd. for an on-site survey and exchange. The management of Hanrui Cobalt extended a warm reception. During the exchange, the relevant heads of Hanrui Cobalt provided a detailed introduction to the enterprise's development history and overall industrial layout. The two sides engaged in in-depth discussions on practical topics such as cobalt-copper deep processing production and operations, raw material supply assurance, industrial upgrading, competitive landscape in niche segments, and future market trends. They also exchanged experiences and ideas on industrial quality upgrading, industry risk management, and regular information sharing. The meeting was productive and smooth, further deepening mutual understanding and laying a solid foundation for subsequent industry collaboration and bilateral exchanges. Introduction to Nanjing Hanrui Cobalt Co., Ltd. Hanrui Cobalt was founded in 1997 and is headquartered in the Jiangning Development Zone, Nanjing. After nearly three decades of development, it has grown into a multinational group enterprise with 23 subsidiaries, with businesses covering cobalt-copper mine exploration and operation, ore mining, mineral processing, smelting, new energy, new materials, as well as the production and sales of copper-cobalt product series. Group Members Resources Segment ►Mikas Mining Co., Ltd. In 2007, we established the earliest Mikas plant in the DRC. In 2008, the Phase I project of Mikas Mining, comprising cobalt concentrates and crude cobalt carbonate production lines, was completed and put into operation, making it the earliest Chinese-funded enterprise with SX-EW copper-cobalt smelting capabilities in the DRC. ►Hanrui Metal (Congo) Co., Ltd. In 2018, Hanrui invested $229 million to establish Hanrui Metal (Congo) Co., Ltd. in Kolwezi, DRC, covering an area of 750,000 m², with an annual production capacity of 5,000 mt of cobalt hydroxide (in metal content), 50,000 mt of electrodeposition copper, 1,500 mt of refined cobalt, and 50,000 mt of sulphuric acid, ensuring a sufficient resource supply for Hanrui and laying a solid foundation for the company's sustained development. ►PT Hanrui Nickel Industry Indonesia In 2023, Hanrui invested in establishing PT Hanrui Nickel Industry Indonesia on Sulawesi Island, Indonesia, and launched an oxygen-enriched continuous blowing high-grade nickel matte project. The project had a total investment of approximately $350 million, adopting advanced oxygen-enriched continuous side-blowing technology, with an annual production capacity of 20,000 mt of nickel in metal content. PT Hanrui Nickel Industry Indonesia achieved strategic integration between the industry and upstream resources, injecting stable support into the source of the industry chain for Hanrui's core business. New Energy Segment ►Ganzhou Hanrui New Energy Technology Co., Ltd. Ganzhou Hanrui was established in 2017, located in the Ganzhou High-tech Industrial Park, Jiangxi Province, with a total investment of 1.9 billion yuan, covering an area of 678 mu. Focusing on waste battery recycling and new energy materials as its core business, it has an annual production capacity of 5,000 mt of electrodeposition cobalt and 10,000 mt of refined nickel, achieving green, automated, and intelligent production. It represents an important part of Hanrui Group's layout for the development of the entire industry chain in new energy. ►Nanjing Hanrui New Materials Co., Ltd. Hanrui New Materials Co., Ltd. has realized Hanrui's new energy industry layout with raw materials in Indonesia, precursors in Ganzhou, and materials in Nanjing. This complete new energy industry chain, following the reverse manufacturing complete industry chain of Ganzhou new energy, represents another forward manufacturing emerging new energy complete industry chain, which will comprehensively consolidate Hanrui's important position in the new energy sector. Superhard Materials Segment ►Anhui Hanrui New Materials Co., Ltd. Anhui Hanrui focuses on "superhard materials," with a fully automated production line for 5,000 mt of refined cobalt powder, leading globally in both capacity and automation level, with cobalt powder exports leading nationwide. Its sales network has covered 31 countries and regions worldwide, with sales branches established in multiple countries including South Korea, Japan, Germany, Switzerland, Israel, India, and the US. Financial Investment Segment Industry Vision Ø Comprehensively expanding the NEV industry chain: with upstream lithium, copper, cobalt, and nickel resources as the core, expanding downstream into superhard materials, and building a complete industry chain. Ø In the cobalt sub-sector, already possessing two world-leading bases. Ø In the future, each segment will form an industrial group, interdependent yet developing independently. Ø Integrating cost, technology, and market advantages across the industry chain, in parallel with financial advantages, controlling resources upstream and expanding markets downstream, achieving comprehensive development. Committed to pursuing sustainable development, fully building four major segments of ore resources, superhard materials, new energy materials, and financial investment, achieving four-wheel drive with superior core competitiveness and development advantages. Scheduled to be held on September 15-16, 2026 in Lusaka, Zambia. Welcome to participate~ Conference Contact : Wu Tao: 18270916376 jennywu@smm.cn

Recently, disruptions caused by the shutdown of the Strait of Hormuz have significantly pushed up logistics and raw material costs across the copper smelting supply chain in the Democratic Republic of the Congo (DRC). Based on on-the-ground field visits, SMM has compiled a summary of the current operating conditions of copper producers in the DRC.

A senior official from the mining union in the Democratic Republic of the Congo revealed that U.S. company Virtus Minerals and its Indian partner Lloyds Metals & Energy plan to fully restart production at Chemaf, a copper and cobalt mining firm in the DRC, in January 2027 following the completion of the Washington-backed acquisition. The joint venture stated that it would retain the existing workforce and resume production as soon as possible. It also informed employees that production at Chemaf’s only currently operating mine in Lubumbashi would be temporarily suspended for up to two months for maintenance, while construction work in both Kolwezi and Lubumbashi would be accelerated, with the goal of launching simultaneous full production at the two sites in January 2027.

ERG’s major production cuts and gradual recovery in Congo highlight shifting output dynamics in copper-cobalt operations, impacting broader supply chains.

U.S. companies are showing strong interest in Congo’s copper and cobalt assets as part of efforts to secure critical minerals and counter China’s influence.

SMM Morning Meeting Summary: Overnight, LME copper opened at $13,237/mt, touched a low of $13,213/mt early in the session before the center fluctuated upward, reached a high of $13,330/mt and then began to fluctuate downward, ultimately closing at $13,245/mt, down 0.78%, with trading volume at 18,000 lots and open interest at 281,000 lots, an increase of 478 lots from the previous trading day, indicating bears adding positions. Overnight, the most-traded SHFE copper 2606 contract opened at 102,500 yuan/mt, quickly tested a high of 102,830 yuan/mt early in the session, then copper prices dropped sharply to a low of 102,280 yuan/mt, and subsequently fluctuated downward to ultimately close at 102,490 yuan/mt, down 0.13%, with trading volume at 31,000 lots and open interest at 199,000 lots, an increase of 2,351 lots from the previous trading day, indicating bears adding positions.

On April 20 (Monday), two industry sources said that Zambia's two largest copper smelters and sulphuric acid producers plan to carry out extended maintenance shutdowns later this year, which will further squeeze the country's copper production and the supply of sulphuric acid used to process copper and cobalt. The Iran war has disrupted global supplies of this critical acid and other leaching chemicals, forcing mines in neighboring Congo, the world's largest cobalt producer and second-largest copper producer, to reduce usage or consider production cuts. Zambia's mining ministry said that, as Africa's second-largest producer of critical metals needed for clean energy technologies, the country's copper smelters generate approximately 2 million mt of sulphuric acid annually, mainly as a by-product for use by local mines, with the surplus exported to the DRC. First Quantum Minerals' country head in Zambia said that Zambia's own sulphuric acid inventory had been severely depleted, leaving virtually no export capacity. Meanwhile, miners in neighboring DRC were also struggling to cope with tightening chemical supplies. *Mopani's long-overdue maintenance* A chemicals trader said that although copper smelters typically shut down for about 30 days each year for routine maintenance, Mopani and Chambishi copper mines will face longer shutdowns this year. A mining executive said Mopani copper mine had not undergone maintenance for some time and plans to shut down for three days in June, followed by an extended shutdown of approximately 40-45 days, August-mid-September. The chemicals trader said Chambishi copper mine plans to shut down for approximately two months throughout August, but did not elaborate on the reasons for the planned extended shutdown. Zambia tightened controls on sulphuric acid exports this month, requiring traders to obtain permits. The country said the move was aimed at protecting domestic industries. First Quantum's Zambia country director Anthony Mukutuma said the measures were reasonable but exports were unlikely in the short term. *Global copper supply expected to decline* Global copper supply will tighten this year as years of underinvestment have constrained mine production growth. Zambia produced 890,346 mt of the red metal last year, falling short of the 1 million mt target. Meanwhile, according to shipping data, Congo's copper exports declined in Q1 this year. The mining executive said Mopani copper mine was operating well below its 225,000 mt finished copper capacity due to a shortage of copper concentrates caused by years of underinvestment. The executive said the main owner, UAE-based International Resources Holding, was simultaneously developing and mining the mine, which forced intermittent production stoppages and further constrained output. (Wenhua Consolidated)

Data from the online query platform of customs statistics showed that China's copper cathode imports in March 2026 totaled 279,368.28 mt, up 37.22% MoM and down 21.12% YoY. China imported 99,134 mt of copper cathode from the DRC in March, up 40.29% MoM and down 11.90% YoY. China imported 50,000.35 mt of copper cathode from Russia in March, up 161.09% MoM and down 31.48% YoY. Export side, China's copper cathode exports in March 2026 totaled 58,213.02 mt, down 25.59% MoM and down 14.40% YoY. China exported 20,773.82 mt of copper cathode to Taiwan, China in March, down 27.00% MoM and down 1.54% YoY. China exported 14,825.88 mt of copper cathode to Vietnam in March, up 324.68% MoM and up 109.54% YoY. Below is a breakdown of import data compiled from the General Administration of Customs website: Origin Mar 2026 (mt) MoM YoY DRC 99,134 40.29% -11.90% Russia 50,000.35 161.09% -31.48% Chile 22,176.40 -12.79% -50.96% Japan 16,813.32 149.84% 1.38% Kazakhstan 14,609.34 70.94% -27.94% Zambia 11,917.14 -48.13% -8.35% Australia 10,361.24 3,338.25% 179.50% Pakistan 8,398.21 14.35% 64.90% Myanmar 5,120.18 8.98% 278.21% Indonesia 5,019.44 340.72% 284.62% Peru 4,153.01 -22.79% -59.93% Uzbekistan 4,085.00 30.57% 44.14% Serbia 4,013.21 223.16% 71.66% Netherlands 3,492.23 - - South Africa 3,158.74 75.66% 93.03% UAE 2,332.17 -32.74% -82.42% Qatar 1,490.99 81.41% 2.66% Laos 1,240.29 149.66% 120.76% India 1,135.97 -17.24% 23.41% Spain 1,112.20 - 95.25% Poland 1,040.86 -65.70% -67.21% Belgium 991.46 - -63.55% South Korea 955.28 380.10% -74.44% Egypt 741.65 288.74% 486.40% Turkey 679.23 37.84% -65.17% Thailand 672.95 35.89% -22.71% Malaysia 613.67 -31.49% -74.16% Congo Republic 526.09 - 26.03% China 494.64 -93.81% -87.52% Morocco 393.22 -85.83% -34.82% Oman 344.97 0.02% 584.33% Georgia 328.85 192.31% 47.21% Mexico 306.63 -38.01% -85.20% Mongolia 266.98 -63.16% -86.27% Tajikistan 214.46 -36.44% 8.38% Taiwan, China 184.36 794.98% -51.82% Guinea 127.41 -29.09% -28.30% Sierra Leone 103.81 39.79% - Gabon 98.77 36.40% 113.83% Bolivia 84.3 1,045.38% -78.08% Canada 82.92 245.42% 63.55% Jordan 75.4 - -24.74% Mauritius 70.29 188.67% - Angola 50.48 -66.97% - Mozambique 48.2 - - Kenya 25 - - Brazil 23.48 - - Hong Kong, China 20.98 - 419,500.00% Germany 20.09 -40.76% 143.80% Finland 18.41 -38.81% - US 0.02 118.18% - Italy 0.02 - 15.00% Total 279,368.28 37.22% -21.12% Source: General Administration of Customs Below is a breakdown of export data compiled from the General Administration of Customs website: Destination Mar 2026 (mt) MoM YoY Taiwan, China 20,773.82 -27.00% -1.54% Vietnam 14,825.88 324.68% 109.54% Thailand 9,501.22 86.48% 99.85% South Korea 4,974.88 -79.95% -57.72% Malaysia 4,372.73 157.42% 631.26% Indonesia 1,403.09 -24.76% 99.96% India 1,202.46 -77.01% 9,249,569.23% Pakistan 548.46 171.61% 265.62% Bangladesh 504.81 25,140.40% - UAE 100.48 - - Tanzania 4.57 - - Hong Kong, China 0.61 - - UK 0.01 1,000.00% - Belgium 0.01 66.67% - Total 58,213.02 -25.59% -14.40% Source: General Administration of Customs (Wenhua Comprehensive)

Data from the online query platform of customs statistics showed that China's imports of copper ore and concentrates in March 2026 totaled 2,629,996.23 mt, up 13.84% MoM and up 9.99% YoY. China imported 820,975.96 mt of copper ore and concentrates from Chile in March, up 9.86% MoM and up 1.61% YoY. China imported 655,587.09 mt of copper ore and concentrates from Peru in March, up 33.96% MoM and up 17.12% YoY. Export side, China's exports of copper ore and concentrates in March 2026 totaled 441.66 mt, up 57,483.31% MoM and up 4,788.37% YoY. China exported 440.29 mt of copper ore and concentrates to Mongolia in March, up 204,684.65% MoM and up 44,028,600.00% YoY. China exported 0.63 mt of copper ore and concentrates to the UK in March, up 108.67% MoM and up 5,116.67% YoY. Below is a breakdown of import data compiled from the website of China's General Administration of Customs: Origin Mar 2026 (mt) MoM YoY Chile 820,975.96 9.86% 1.61% Peru 655,587.09 33.96% 17.12% Mongolia 216,179.71 8.99% 30.00% Russia 130,003.95 84.67% 120.85% Kazakhstan 113,192.78 1.84% -3.49% Mexico 110,475.43 -6.45% -0.58% Serbia 88,460.26 38.98% 68.17% DRC 67,621.60 66.76% 70.74% Ecuador 60,735.30 83.44% -13.98% Australia 53,948.73 25.39% 51.52% Canada 49,086.07 -25.93% 168.17% Brazil 47,986.63 -16.70% 99.48% Armenia 26,008.34 1.92% 51.56% Botswana 23,428.58 -25.88% -35.58% Oman 21,629.46 1,290.47% 587.34% Spain 21,091.23 -59.50% -79.07% Laos 20,138.62 74.01% -3.91% Saudi Arabia 14,005.64 -61.74% -74.34% Philippines 13,780.69 33.35% 916.20% Zambia 10,402.22 -2.43% 523.63% South Africa 10,120.44 8,000.50% 205.01% Eritrea 9,909.68 5.40% -68.35% Turkey 7,500.47 -16.77% -29.31% Morocco 6,694.51 317.57% 189.56% Pakistan 5,754.75 12.62% 1,086.79% UAE 4,527.43 285.35% - Iran 3,531.54 92.06% 2,207,112.50% Namibia 3,359.64 247.39% -8.90% Albania 2,334.52 0.50% 99.12% Dominican Republic 2,297.50 -19.65% -57.56% India 2,149.50 -56.08% 42,989,900.00% Mauritania 1,895.04 0% -71.28% Nicaragua 937.32 700.81% -4.92% Myanmar 893.12 182.94% -53.26% Zimbabwe 729.18 832.99% 458.03% Cambodia 556.34 94.91% - Congo Republic 491.01 117.10% -10.06% Bolivia 431.23 -82.07% 0.62% Colombia 363.69 -94.35% 169.39% Madagascar 308.2 -53.36% 83.45% Tanzania 131.99 -40.54% 73.23% Nigeria 131.36 366.97% 1,313,500.00% Malaysia 79.49 -99.75% 1,135,428.57% Thailand 75.38 - - Vietnam 54.54 -73.90% -83.73% Netherlands 0.07 195.65% 65.85% Romania 0.01 - -100.00% Total 2,629,996.23 13.84% 9.99% Data source: General Administration of Customs Below is a breakdown of export data compiled from the website of China's General Administration of Customs: Destination Mar 2026 (mt) MoM YoY Mongolia 440.29 204,684.65% 44,028,600.00% UK 0.63 108.67% 5,116.67% Netherlands 0.45 156.00% 44,700.00% Belgium 0.21 994.74% 890.48% Australia 0.04 18.75% - Oman 0.01 - - Chile 0.01 0% - India 0.01 100.00% - Total 441.66 57,483.31% 4,788.37% Data source: General Administration of Customs

In March 2026, China’s refined copper imports totaled 234,600 mt, up 53.33% MoM but down 24.03% YoY. Exports stood at 58,200 mt, down 25.60% MoM and 14.40% YoY.