On the evening of April 20, Chengtun Mining's Q1 report showed that the company achieved total operating revenue of 9.354 billion yuan, up 65.08% YoY; net profit attributable to the parent company was 1.02 billion yuan, up 250.40% YoY. Regarding the main reasons for the increase in Q1 revenue and net profit, Chengtun Mining stated that the company's main copper products saw higher production and sales volumes YoY, copper prices rose YoY, and profits improved; the company enhanced quality and efficiency in production and operations, controllable costs declined YoY, and performance grew during the period. In addition, Chengtun Mining also announced on April 20 that as of the disclosure date, the cumulative total outstanding external guarantees of the publicly listed firm and its controlling subsidiaries amounted to 10.854 billion yuan, accounting for 65.86% of the most recently audited net assets of the publicly listed firm. Of this, the cumulative total guarantees provided to associates was 172.04 million yuan; the cumulative total guarantees provided to controlling subsidiaries was 10.682 billion yuan, accounting for 64.82% of the most recently audited net assets of the publicly listed firm. None of the company's external guarantees were overdue. Chengtun Mining announced on April 8 that its wholly-owned subsidiary Preeminence Holdings Limited plans to acquire 50% equity of Nkoyi Leopard Mining and Investment Limited, a wholly-owned subsidiary of Novel Mining and Services Limited, a company registered in the Emirate of Abu Dhabi, UAE, for $300 million, thereby indirectly obtaining a 30% interest in specific copper-cobalt mining rights located in the DRC. Upon completion of this transaction, Nkoyi will become an associate of the company and will not be consolidated into the financial statements. Under the agreement, Preeminence plans to acquire 50% equity of Nkoyi for $300 million. Nkoyi's wholly-owned subsidiary has entered into a joint venture agreement for specific copper-cobalt mining rights, holding a 60% interest in such mining rights. Therefore, after this transaction, the company will hold a 30% interest in such mining rights. Nkoyi was established in October 2024 and has not yet commenced production or operations; its core asset is the aforementioned 60% interest in the copper-cobalt mine project. The counterparty, Novel Mining, was established in March 2026 and registered in Abu Dhabi, with its core project being the copper-cobalt mining rights. On April 2, Chengtun Mining responded to investor questions on an interactive platform, stating that the company continuously monitors relevant risks in its overseas operating locations, and that its operating projects in the DRC are currently running stably. On April 2, Chengtun Mining responded to investor questions on an interactive platform, stating that to effectively manage price fluctuations of non-ferrous metals and exchange rate risks, the company has adopted multiple risk management measures, including hedging and locking in selling prices of some mine product inventory and copper, gold and other products through bears futures contracts. When market prices of metal products rise, losses are reflected on the futures side. In 2025, market prices of copper, gold and other metals rose significantly, resulting in large unrealized losses on the futures side, which are offset by corresponding gains on the spot cargo side. The futures team will diligently carry out hedging operations in a prudent manner centered on the company's core business within the framework of the company's management systems. Chengtun Mining's previously released 2025 annual report showed that in 2025, the global non-ferrous metals industry entered a new development stage of supply-demand restructuring and value reassessment. Energy metals such as copper, cobalt and nickel were boosted by rigid demand from new energy, AI computing power, global power grid upgrades and other sectors, coupled with rigid supply-side constraints, driving the price center continuously upward. Precious metals such as gold saw a value opportunity amid global geopolitical conflicts and rising safe-haven demand. The new energy battery industry achieved high-quality advancement amid structural opportunities. Facing new industry development opportunities, the company adhered to its resource-oriented and internationalization strategy, deepened its entire industry chain layout of "controlling upstream resources and expanding downstream materials," strengthened operational measures of "controlling costs, focusing on details, and enhancing quality and efficiency," continuously consolidated core capabilities in global resource exploration, construction and operations, and enhanced the industry chain extension value of smelting, processing and materials manufacturing, continuously strengthening operational quality and resilience against cyclical fluctuations amid industry value restructuring. In 2025, the company achieved new breakthroughs in global resource deployment and industry chain operational capabilities. Overseas core projects achieved remarkable results in quality and efficiency improvement. After the completion of the Phase II expansion of the BMS copper smelting project, capacity increased significantly, reaching 120,000 mt in metal content by year-end, with annual production of 106,300 mt in metal content, and the profitability resilience of the copper-cobalt business continued to strengthen. The Kalongwe integrated mining and smelting project in the DRC advanced full-process technological transformation and engineering construction, achieving comprehensive upgrades in product quality control, production energy consumption reduction, comprehensive utilization of resources, and refined cost management. Indonesia's Youshan Nickel maintained stable operations amid industry fluctuations. The domestic segment made progress on multiple fronts: the Guizhou project further released industry chain extension value, Huajin Mining achieved steady growth in gold production, and the Dali Sanxin copper mine construction progressed in an orderly manner. In 2025, the company achieved operating revenue of 30.003 billion yuan, up 16.60% YoY; net profit attributable to shareholders of the publicly listed firm was 1.961 billion yuan, down 2.19% YoY. Chengtun Mining stated in its 2025 annual report that the company is committed to the development and utilization of energy metal resources, especially metal varieties required for new energy batteries, while also expanding into precious metals such as gold. The company focuses on copper, nickel, cobalt and gold. Its main business segments include energy metals, base metals, metal trading and others. Regarding its main business operations, Chengtun Mining provided the following overview: 1. Energy metals business: During the reporting period, the company's energy metals business achieved revenue of 20.384 billion yuan, with a gross margin of 25.69%, down 2.71 percentage points from the previous year. In 2025, copper products production was 207,400 mt in metal content, up 17.48% from the previous year; copper products revenue reached 14.071 billion yuan, up 34.20% YoY, with a gross margin of 28.88%, down 6.35 percentage points YoY; cobalt products production was 9,200 mt in metal content, down 30.58% from the previous year, with revenue of 1.011 billion yuan, down 30.64% from the previous year, and a gross margin of 53.76%, up 10.21 percentage points from the previous year; nickel products production was 49,400 mt in metal content, up 50.42% from the previous year, with revenue of 4.286 billion yuan, up 13.16% from the previous year, and a gross margin of 0.32%, down 3.25 percentage points from the previous year. (1) Copper-cobalt segment: ① The company actively advanced production, construction, quality improvement and efficiency enhancement of its copper-cobalt segment in the DRC. By the end of the reporting period, the company's total copper capacity in the DRC reached 230,000 mt in metal content per year. The company's copper-cobalt smelting projects CCR and CCM maintained stable production and operations while continuously optimizing process flows, keeping product qualification rates at high levels. BMS successfully completed its Phase II expansion, officially entering the ranks of enterprises with annual copper production capacity of over 120,000 mt in metal content. The Kalongwe copper-cobalt project coordinated full-process technological transformation and engineering construction in 2025, successfully completing the implementation of core technological transformation projects, achieving comprehensive upgrades in product quality control, production energy consumption reduction, comprehensive utilization of resources, and refined cost management, with significant cost reduction and efficiency improvement results. ② Dali Sanxin actively processed mine construction-related permits and has obtained the project approval report, among others. Land use and safety and environmental assessment procedures are progressing steadily. ③ During the reporting period, the company actively sought sustainable resource security through exploration in high-potential areas and pursuing acquisitive copper ore resource M&A and cooperation opportunities. (2) Indonesia nickel segment: During the reporting period, the Youshan Nickel project achieved stable production and operations. In 2025, nickel prices fluctuated downward overall under an oversupply pattern, with a rebound at year-end due to Indonesian policy disruptions. Through comprehensive measures including improving management, optimizing production processes, and rationally arranging production and operations, as well as forming industry chain synergies with related domestic industries, the industry chain's risk resistance was enhanced. The company will continue to seek further development opportunities in the nickel segment on both the mine resource side and the smelting side. (3) Deep processing and materials segment: ① In 2025, amid the severe raw material shortage caused by the DRC's "cobalt export ban," Kelixin achieved value maximization through precise control of production and shipments pace and efficient allocation of limited raw material resources. ② Zhonghe Nickel optimized process technology, further advanced refined management of production sites, achieved results in process control of high-magnesium slag-type materials, and improved the system's adaptability to raw materials from multiple channels. ③ As of the end of December 2025, the Guizhou Phase I project completed its capacity ramp-up and achieved full-capacity operation, while the Guizhou Phase II project construction was actively progressing. The company conducted systematic process benchmarking, further optimized system process flows, strengthened refined management and control requirements for various tasks, and ensured continuous and stable operation of production systems. 2. Base metals business: (1) During the reporting period, Chengtun Zinc & Germanium's zinc smelting operated at full capacity and comprehensively recovered valuable metals including germanium, silver, copper, indium and gold. Germanium product production increased 37.18% YoY, and the industrialisation of indium metal comprehensive recovery achieved phased success. A breakthrough was achieved in smelting furnace control technology, with slag processing volume and valuable metal recovery rates steadily improving, and economic benefits significantly enhanced. (2) During the reporting period, the company actively advanced the processing of domestic mine permits to ensure orderly construction. Baoshan Hengyuan Xinmao obtained the provincial NDRC's approval for the mining engineering project in September 2025. Huajin Mining operated according to plan in 2025, selling 320.75 kg of gold and achieving revenue of 244 million yuan. 3. Metal trading business and others: During the reporting period, metal trading achieved operating revenue of 999 million yuan, down 24.46% YoY, accounting for only 3.33% of total revenue. Currently, the company's main business scale is growing steadily. While the scale and proportion of industrial production and manufacturing have increased, the trading business scale has been gradually reduced, achieving good results on the path of high-quality, sustained and stable development. Regarding the company's business plan, Chengtun Mining stated: In 2026, the company's production and operation targets are: copper products production of 230,000 mt in metal content; cobalt products production of 15,000 mt in metal content; nickel products production of 60,000 mt in metal content; zinc products production of 300,000 mt; and gold products production of 380 kg. In other areas, domestic mines include continuing to advance the full-scale construction and commissioning of the Dali Sanxin copper mine, proceeding with the Baoshan Hengyuan Xinmao mining project construction as planned, increasing Huajin Mining production, and achieving full commissioning of the Guizhou Phase II project. Given the complex and volatile market environment, this business plan serves only as a guiding indicator, is subject to uncertainties, and does not constitute a commitment to achieving the stated production targets. To safeguard the interests of all shareholders, the company reserves the right to revise this business plan in a timely manner based on changes in market conditions, industry policy adjustments, and actual production and operational needs. Investors are advised to pay close attention to industry-specific risks, rationally recognize the uncertainties of forecast information, and make prudent investment decisions. Citi raised its 0-3 month copper price forecast to $13,000 per mt. ANZ believes that demand resilience driven by the energy transition and data center growth will keep the market at a 4%-5% supply gap, thereby supporting copper prices. A Huafu Securities research report dated March 8 showed: Copper — short-term, expectations for US Fed interest rate cuts persist, and the tight fundamental landscape continues to support copper prices; medium and long-term, as deeper US Fed interest rate cuts boost investment and consumption while opening up room for China's monetary policy, coupled with potential inflationary rebound from the Trump administration's possible fiscal easing, the copper price center is expected to shift upward, and strong new energy demand will widen the supply-demand gap, maintaining a bullish outlook on copper prices. Aluminum — short-term, aluminum prices are mainly driven by macro sentiment and capital flows. Currently, the extent of aluminum price gains will depend on the duration of the strait blockade; if the shipping disruption is brief, the impact on prices should be limited, but a prolonged blockade could push aluminum prices to new highs. Individual stocks: Copper — focus on Zijin, CMOC, JCC, Chengtun Mining, Zangge, Jchx and Beibu-Gulf Copper, and H-shares focus on China Nonferrous Mining and Minmetals, etc. Aluminum — focus on Hongqiao Holdings, Tianshan, Yunnan Aluminum, Shenhuo, Huatong and Zhongfu, etc.

【SMM Steel】Salzgitter's SZMF launched Project KLASSE to recover strategic metals like vanadium and manganese from steel slag. Combining "cold" processing with direct reduction, the process uses far less energy than conventional methods. Remaining mineral fractions will be used for high-quality construction. The three-year project aims to cut import dependence and turn slag into a sustainable resource.

Korea Zinc is in talks with major U.S. technology companies to recover valuable metals from data-center electronic waste. The initiative aims to extract multiple metals including copper and other strategic materials. Analysts say the project reflects the growing importance of electronic waste recycling in global metal supply chains.

In January 2026, silver production increased by about 0.6% MoM and 9.91% YoY compared to January 2025.

As the world places greater emphasis on sustainable development, the recycling and reuse of metal resources not only effectively reduces resource waste but also mitigates environmental pollution, thereby promoting a green transformation of the economy.

[20,000 mt Lithium Battery Crushing and Recycling System Project Lands] Recently, the Yichang Municipal Bureau of Ecology and Environment in Hubei Province issued the first public announcement on the environmental impact assessment of the "20,000 mt Lithium Battery Crushing and Recycling System Project of Yichang Banghui Recycling New Energy Co., Ltd.", which has attracted widespread attention within the industry. The project has a total investment of 35 million yuan and is located in the Wufeng National Industrial Park in Yichang City. It involves the construction of a 15,000 m² factory building, as well as automated production lines for battery crushing, pole piece washing, separator washing, copper-aluminum separation, and the dismantling, crushing, separation, and metal recovery of scrap power batteries. Supporting systems for dust collection, exhaust gas purification, and wastewater recycling are also included, enabling the annual treatment and comprehensive utilisation of 20,000 mt of scrap power batteries.

On May 16, at the 2025 SMM (6th) Silver Industry Chain Innovation Conference , hosted by SMM Information & Technology Co., Ltd. (SMM), co-organized by Ningbo Haoshun Precious Metals Co., Ltd. and Quanda New Materials (Ningbo) Co., Ltd., and strongly supported by sponsors including Fujian Zijin Precious Metals Materials Co., Ltd., Huizhou Yian Precious Metals Co., Ltd., Jiangsu Jiangshan Pharmaceutical Co., Ltd., Zhengzhou Jinquan Mining and Metallurgical Equipment Co., Ltd., Hunan Shengyin New Materials Co., Ltd., Zhejiang Weida Precious Metals Powder Materials Co., Ltd., Guangxi Zhongma Zhonglianjin Cross-border E-commerce Co., Ltd., Suzhou Xinghan New Materials Technology Co., Ltd., Yongxing Zhongsheng Environmental Protection Technology Co., Ltd., IKOI S.p.A, Hunan Zhengming Environmental Protection Co., Ltd., Kunshan Hongfutai Environmental Protection Technology Co., Ltd., and Shandong Humon Smelting Co., Ltd., SMM silver analyst Wang Huilin discussed the topic of "Evolution of Silver Supply and Demand and Price Outlook." 1. Current Status of Silver Mine and Refined Silver Supply In 2024, global silver-bearing mineral reserves totaled 640,000 mt in metal content. Silver associated with polymetallic ores accounts for more than two-thirds of the world's silver mineral resources. The self-sufficiency rate of domestic silver concentrates is approximately 50%, with imported silver concentrate processing trade being the main trade mode. In 2024, the total imports of silver concentrates reached nearly 1.68 million mt, with silver mine resources in South America being the primary source of domestic silver concentrate imports. Distribution of Domestic Refined Silver Production In 2024, SMM 1# silver production exceeded 17,000 mt, with large-scale silver smelting capacity concentrated in Henan, Yunnan, Shandong, and other regions. SMM 1# silver production is expected to continue to record positive growth in 2025. The main sources of mineral silver supply are by-products associated with lead concentrates and copper concentrates. ►SMM Analysis • Normalization of lead smelting losses, prioritization of by-product revenue Lead smelters prioritize high silver-content raw materials for comprehensive recovery to increase profit output and offset losses from lead treatment charges (TC). • Decline in silver recovery from imported copper ores The continuous decline in imported copper ore TC in 2025 has affected the supply of copper smelting raw materials, with the main YoY decline in refined silver production in the first half of 2025 coming from precious and rare metal recovery in copper smelters. Distribution of Recycled Silver Recovery Capacity According to SMM estimates, with the construction of new silver recovery capacity, the estimated annual production of recycled silver in 2025 has exceeded 5,000 mt. ►SMM Analysis • Traditional recycled silver recovery capacity: Distributed in Hunan, Zhejiang, and Guangdong, with raw materials mainly consisting of metallurgical slag and other electronic and electrical materials. • High-value precious and rare metal recovery capacity: Recovery of catalysts and various silver-based new materials containing platinum, rhodium, palladium, etc., with comprehensive recovery of multiple precious and rare metals. • Emerging recycled silver recovery capacity: Able to rely on the rapid development of the PV industry chain, with a focus on solar cells, silver paste, wiping cloths, etc. The increase in recycled silver from the PV industry component recycling market brings long-term supply pressure. It analyzed this from the perspectives of the expected market size and growth rate of PV silver recycling from 2022-2050, as well as the estimated proportion of waste component sources. 2. Industrial Demand and Future Trends of Silver The two end-use sectors with the most significant growth in silver end-use consumption are PV and NEVs. The analysis incorporates data on PV installed capacity and projections from 2010-2030, solar cell production and projections from 2020-2030, the expected share of different solar cell technologies from 2024-2030, and NEV sales data from 2015-2025E. ►SMM Analysis Despite the current technological trends of silver reduction and substitution, the silver paste consumption per GW for mainstream Topcon solar cells remains at 11-13 mt/GW. Therefore, it is estimated that silver consumption from domestic solar cell production will exceed 6,000 mt in 2025. Silver's industrial demand has a wide range of end-use applications, with consumption demand outside of PV and NEVs remaining relatively stable. The industrial demand for silver is gradually increasing, with global industrial demand accounting for approximately 62% of total demand in 2025. Among the global silver consumption demand, China is the major silver consumer. In 2025, domestic silver consumption demand is expected to reach approximately 19,000 mt, accounting for over 40% of global consumption demand. 3. Current Development Status of Silver Nitrate, Silver Powder, and Silver Paste in China 3.1 Silver Nitrate Market - Changes in Domestic Silver Nitrate Capacity and Expectations for New Projects ►SMM Analysis Ø The rigid demand for silver nitrate driven by PV installations and other new energy sectors is the primary factor driving the expansion of silver nitrate capacity. Ø With qualifications prioritized, after the concentrated release of capacity, the commissioning progress of newly approved projects has slowed down. Following the rapid expansion of silver nitrate capacity, industry competition has intensified, and operating rates have declined. ►SMM Analysis Ø The growth in silver nitrate production is correlated with the expansion of downstream silver powder and silver paste. However, the growth in silver nitrate production has not kept pace with the progress of capacity investment, leading to a decline in the industry's overall operating rate. 3.2 Silver Powder Market - Domestic Demand for Silver Powder In 2022, silver powder localisation occurred, and the demand for imported silver powder weakened. ►SMM Analysis Ø The substitution process of domestically produced silver powder has accelerated. Imported silver powder still holds certain advantages in technical parameters, with Japan's DOWA being the world's largest supplier of silver powder for PV silver paste. Ø The import of domestic high-end silver powder products still primarily comes from Japan, the US, and South Korea. Domestic silver powder capacity is mainly distributed in regions such as Hunan, Jiangsu, and Hubei. In 2025, there are still expectations for the expansion of domestic silver powder capacity, with an increase close to 20%, primarily driven by new projects in Hunan and Hubei. Monthly Supply-Demand Balance of Silver Paste Estimated Based on Solar Cell Production • Produce based on sales, with short inventory cycles and high long-term storage costs. •The formulation of silver paste needs to be customized according to user requirements, typically containing 90-92% silver, with the remaining portion consisting of organic carriers, glass oxides, and a small amount of other additives. 4. Silver Supply-Demand Balance and Price Outlook Supply-Demand Balance Table for Silver Ingots (Domestic) China has consistently been a silver exporter. In 2024, the net exports of unwrought silver with a purity of ≥99.99% from China were 3,982 mt. From January to November 2025, the exports of unwrought silver with a purity of ≥99.99% from China were 3,606 mt. Supply and Demand in the Silver Spot Market – SMMTD Premiums and Discounts Data Points Medium and long-term silver prices are expected to fluctuate upward, with bullish factors outweighing bearish ones. 》Click to view the special report on the 2025 SMM (6th) Silver Industry Chain Innovation Conference

[SMM: Industrial demand and ETF investment demand may support silver prices to fluctuate upward in the medium and long-term] SMM silver analyst Wang Huilin discussed the topic of "Evolution of Silver Supply and Demand and Price Outlook". According to SMM's estimates, with the construction of new silver recycling capacity, the estimated annual production of recycled silver in 2025 has exceeded 5,000 mt. Despite the current technological trends towards silver reduction and substitution, the silver paste consumption per GW of mainstream Topcon solar cells remains at 11-13 mt/GW. Therefore, the estimated silver consumption from domestic solar cell production in 2025 exceeds 6,000 mt. Industrial demand for silver is gradually increasing, with global industrial demand for silver accounting for approximately 62% of total demand in 2025.

[Live Broadcast of the Silver Conference: Economic Situation Analysis, Precious Metal Price Interpretation, Prospects for PV Applications, and Sharing of Cutting-Edge Technologies in the Industry] ► Basic Analysis of the Current Economic Situation ► Analysis of China's Copper, Lead, and Zinc Resource Security Capabilities ► Trend Analysis of Silver and Gold Prices ► Current Status and Prospects of Silver Applications in the PV Industry ► Exploring Cutting-Edge Solutions for Innovative PV Silver Recovery Technologies ► Exploring the Innovation-Driven Advancements in Cutting-Edge Technologies and Intelligent Equipment for Precious Metal Recovery and Refining ► Roundtable Discussion: Current Opportunities and Challenges for Silver ► Current Status and Development Trends of China's Silver Nitrate Industry Technology Market ► Global Demand and Trend Prospects for PV Silver Paste ► Research on the Development and Applications of Silver-Based Micro-Nano Conductive Materials ► Current Status and Future Trends of the Silver Market in 2025

[Live Broadcast of Silver Conference: Economic Situation Analysis, Precious Metal Price Interpretation, Prospects for PV Applications, and Sharing of Cutting-Edge Technologies in the Industry] ► Basic Analysis of the Current Economic Situation ► Analysis of China's Copper, Lead, and Zinc Resource Security Capabilities ► Trend Analysis of Silver and Gold Prices ► Current Status and Prospects of Silver Applications in the PV Industry ► Exploring Cutting-Edge Solutions for Innovative PV Silver Recovery Technologies ► Exploring the Innovation-Driven Advancements in Cutting-Edge Technologies and Intelligent Equipment for Precious Metal Recovery and Refining ► Roundtable Discussion: Current Opportunities and Challenges for Silver ► Current Status and Development Trends of China's Silver Nitrate Industry Technology Market ► Global Demand and Trend Prospects for PV Silver Paste