Meridian Mining (TSX, LSE: MNO) has successfully commenced trading on the London Stock Exchange’s Main Market after raising £25 million ($34 million), a strategic move aimed at securing future inclusion in the FTSE All-Share and FTSE 250 indices. The capital injection will accelerate the development of its Cabaçal gold-copper project in Mato Grosso, Brazil, an advanced-stage open-pit operation with an estimated post-tax IRR of 61% and a net present value of US$984 million. This London listing expands the company's global footprint beyond Toronto and Frankfurt, positioning the Cabaçal volcanogenic massive sulphide deposit as a scalable platform for the company's South American growth strategy.

[Overseas Zinc Concentrate Production] Volcan released its 2025 Q4 report, which showed total zinc concentrate metal production of 59,500 mt for the quarter. Full-year 2025 zinc concentrate production totaled 235,500 mt, up 2.3% YoY.

[Frequent Supply Disruptions; Imported TCs Continued to Decline]: Weekly data showed that the average weekly TC for SMM Zn50 domestic remained flat at 1,550 yuan/mt in metal content, while the SMM Imported Zinc Concentrate Index fell by $8.37/dmt MoM to $15.38/dmt...

Fulcrum Lithium announced that its new project *Dry Canyon* in Lander County, Nevada, has completed 201 mining claim filings, covering approximately 17 km², and that high-grade lithium claystone surface samples have been collected, with lithium content reaching up to 1,219 ppm. Of the 62 samples assayed, 31 returned over 300 ppm and 6 exceeded 1,000 ppm, confirming the presence of abundant volcanic source rocks, enclosed sedimentary environments, and other geological characteristics favorable for lithium clay formation in the basin. The company plans to commence drilling in Q1 2026 to test the subsurface extension of the high-grade surface mineralization. The Dry Canyon project will be advanced in parallel with Fulcrum’s existing Alkali Flats lithium discovery program, further expanding the company’s lithium resource portfolio in Nevada.

Macro News 1. A spokesperson for the Ministry of Foreign Affairs announced that He Lifeng, Member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, will visit the UK from June 8 to 13 at the invitation of the UK government. During the visit, he will hold the first meeting of the China-US Economic and Trade Consultation Mechanism with the US side. 2. In response to a reporter's question about China's export control measures on medium-heavy rare earth, a spokesperson for the Ministry of Commerce stated that rare earth-related items have both military and civilian applications, and implementing export controls on them is in line with international common practices. With the development of industries such as robotics and NEVs, the demand for medium-heavy rare earth in civilian applications is growing across countries. As a responsible major country, China fully considers the reasonable demands and concerns of various countries in civilian applications and reviews export license applications for rare earth-related items in accordance with laws and regulations. It has approved a certain number of compliant applications in accordance with the law and will continue to strengthen the review of compliant applications. China is willing to further strengthen communication and dialogue on export controls with relevant countries to facilitate compliant trade. 3. According to PBOC data, China's gold reserves stood at 73.83 million ounces (approximately 2,296.37 mt) at the end of May, up 60,000 ounces (approximately 1.86 mt) MoM, marking the seventh consecutive month of gold purchases. 4. Data shows that the PBOC conducted reverse repo operations totaling 930.9 billion yuan in the open market last week, while reverse repos totaling 1,602.6 billion yuan matured in the open market last week. Consequently, the PBOC achieved a net withdrawal of 671.7 billion yuan from the open market on a full-caliber basis last week. This week, reverse repos totaling 930.9 billion yuan will mature in the PBOC's open market operations. 5. According to statistics from the State Administration of Foreign Exchange, as of the end of May 2025, China's foreign exchange reserves stood at $3,285.3 billion, up $3.6 billion from the end of April, representing an increase of 0.11%. 6. In response to a reporter's question about Minister Wang Wentao's talks with European Commission Executive Vice President Valdis Dombrovskis, responsible for Trade and Economic Security, during his visit to France, the Ministry of Commerce stated that Minister Wang Wentao and Executive Vice President Dombrovskis held professional and in-depth discussions on the EV case, making significant progress towards a proper resolution of the case. Currently, price commitment negotiations between China and the EU on the EV case have entered the final stage, but efforts from both sides are still needed. Industry News 1. On June 6, Li Lecheng, Minister of the Ministry of Industry and Information Technology, chaired a meeting of the Ministry's Leading Group for the Integration of Informatization and Industrialization. The meeting called for the implementation of the "AI + Manufacturing" initiative to accelerate the intelligent upgrading of key industries and create an "upgraded version" of smart manufacturing. By focusing on industrial intelligence, the meeting aimed to deepen the industrial application of AI and drive the innovation and iteration of industrial datasets and large industrial models. 2. The State-owned Assets Supervision and Administration Commission of the State Council (SASAC) issued the "Administrative Measures for the Development Planning of Central State-owned Enterprises", placing greater emphasis on industrial orientation. A three-tier planning system has been established, comprising the "Overall Development Plan for Central State-owned Enterprises + Key Task Planning + Enterprise Planning". Industrial optimization and adjustment have been identified as the key focus of this three-tier planning, with the aim of channeling state capital into critical industries and key sectors vital to national security and the lifeline of the national economy, as well as into public services, emergency response capabilities, and public welfare sectors that are crucial to the national economy and people's livelihoods, and further into forward-looking and strategic emerging industries. 3. The Shanghai Stock Exchange (SSE) held a symposium on high dividends, significant returns, and enhancing the value of publicly listed firms. Relevant officials from the SSE stated that in the future, the SSE will encourage publicly listed firms to further increase dividend payouts and frequency, and effectively utilize market value management tools such as share buybacks, mergers and acquisitions, and investor communications to continuously enhance the investment value of companies. 4. Last Saturday, a Boeing 737 MAX aircraft took off from Seattle, US, and landed in Hawaii before continuing its journey to China. This aircraft, originally a new plane awaiting delivery at Boeing's Zhoushan factory, was returned to the US in April. This marks the first time since April that Boeing has resumed aircraft deliveries to China. 5. The People's Bank of China (PBOC) and the Hong Kong Monetary Authority (HKMA) are actively promoting the interconnection of the two regions' fast payment systems. The project is progressing smoothly, with some services expected to be launched by mid-year. Details will be announced in due course. 6. Cui Dongshu, Secretary General of the China Passenger Car Association (CPCA), wrote that with the strengthening of national sales promotion subsidies for scrappage and renewal, the market has rebounded, significantly boosting the automotive market. Consequently, the pressure from price wars has relatively eased from January to mid-May. Due to competitive differentiation, the promotional efforts for new energy vehicles (NEVs) in May have rebounded significantly. In May 2025, the promotional discounts for NEVs dropped to a mid-to-high level of 11%, representing an increase of 1.3 percentage points compared to the same period last year and a 1.6 percentage point increase MoM. 7. Hong Kong SAR Chief Executive John Lee Ka-chiu attended and delivered a speech at the opening ceremony of the 16th Cross-Strait and Hong Kong-Macao Economic and Trade Cooperation Symposium hosted by the Chinese Manufacturers' Association of Hong Kong last Saturday. Lee stated that Hong Kong is actively developing the artificial intelligence (AI) industry and will establish a "Technology and Innovation Industry Guidance Fund" with a scale of HK$10 billion to strengthen the guidance of market funds and promote the development of strategic emerging and future industries such as AI and robotics. 8. Amidst the 618 shopping festival promotions, national subsidy policies for home appliances in multiple regions, including Jiangsu, Chongqing, Hubei, and Guangdong, have been suspended or adjusted to a limited supply model. A reporter from Cailian Press learned through on-site visits that in Jiangsu Province, consumers wishing to use national subsidies offline need to queue up at merchants to "snatch" quotas, with digital products being in high demand and quotas hard to come by. Similarly, consumers in Guangdong Province also need to compete for coupons for redemption. According to data from the Ministry of Commerce, sales from trade-in policies have exceeded 1 trillion yuan. Industry analysts believe that the main reason for the current policy adjustment is the rapid depletion of national subsidy funds, which is a temporary phenomenon, and a new round of subsidies may be reintroduced. 9. Recently, a team led by professors Peng Jun and Zhang Xiaohong from Soochow University, in collaboration with the University of New South Wales in Australia and the White Horse Lake Laboratory in Zhejiang Province, achieved a significant breakthrough in the field of single-junction perovskite solar cells. The certified steady-state efficiency of their 0.1 cm² single-junction perovskite cell reached 27.3%, while that of the 1 cm² single-junction perovskite cell reached 26.9%, both setting new world records for their respective sizes. Corporate News 1. LONGi Green Energy announced that shareholder HHLR plans to reduce its stake by no more than 0.5% of the company's shares. 2. Desay SV announced that shareholders Huichuangtou and Shenhua Investment plan to reduce their stakes by 3% and 1.45% of the company's shares, respectively. 3. Royo announced that Langzi plans to reduce its stake by no more than 3% of the company's shares. 4. LB Group announced that it plans to repurchase between 500 million and 1 billion yuan worth of the company's shares. 5. Roborock announced that it plans to issue H shares and list them on the Hong Kong Stock Exchange. 6. *ST Haiyue announced that it has been investigated by the China Securities Regulatory Commission for suspected violations of information disclosure regulations. On the same day, the company also announced that it has received a decision to delist its shares, with the expected last trading date being July 4. 7. Vanke A announced that Shenzhen Metro Group plans to provide the company with a loan of no more than 3 billion yuan. 8. Sinowealth Electronics announced that its controlling shareholder is planning changes to the company's control, and trading in its shares has been suspended. 9. BlueFocus announced that it is planning to issue H shares and list them on the main board of the Hong Kong Stock Exchange. 10. Honghui Fruits & Vegetables announced that its controlling shareholder is planning changes to the company's control, and trading in its shares has been suspended. 11. Canadian Solar announced that shareholder Yuanhe Chongyuan plans to reduce its stake by no more than 3% of the company's shares. 12. Jiechuang Intelligence announced that it plans to purchase servers worth no more than 600 million yuan for its intelligent computing cloud services. Global Markets 1. The three major U.S. stock indexes closed higher collectively last Friday, with the Dow Jones Industrial Average rising 1.05% and gaining 1.17% for the week; the Nasdaq Composite rising 1.2% and gaining 2.18% for the week; and the S&P 500 rising 1.03% and gaining 1.5% for the week. Popular tech stocks generally rose, with Google and Tesla gaining over 3%, Amazon rising over 2%, and Nvidia, Apple, and Meta each rising over 1%, while Broadcom fell 5%. Cryptocurrency and automobile manufacturing sectors led the gains. 2. Starting on the morning of the 6th, federal agencies such as the U.S. Immigration and Customs Enforcement (ICE) deployed a large number of law enforcement officers to carry out operations targeting illegal immigrants in multiple locations across Los Angeles County, California, leading to numerous street confrontations, chaos, and clashes. On the 7th local time, law enforcement officers clashed with local residents for the second consecutive day. The most intense conflict on the 7th occurred in Paramount, approximately 30 kilometers south of downtown Los Angeles, an area predominantly inhabited by Latino immigrants. Hundreds of heavily armed federal law enforcement officers confronted and clashed with several hundred protesters. 3. According to a June 7 report by The Washington Post, the US State Department notified embassies and consulates worldwide on June 6 to resume visa processing for international students planning to study at Harvard University. This decision overturned the visa rejection order issued just the day before. Currently, no relevant information has been published on the US State Department's official website. Investment Opportunities Reference 1. Intelligent driving has become a focal point of competition among major automakers, with the demand for such core hardware continuously rising. Samsung has formed partnerships with Infineon and NXP to jointly develop next-generation automotive chip solutions. This collaboration will be based on Samsung's 5-nanometer process, with a focus on optimizing the co-design of memory and processors, and aims to "enhance chip security performance and real-time processing capabilities." Samsung is reportedly developing highly integrated SoC solutions in this field to achieve better energy efficiency ratios. Everbright Securities pointed out that in the era of domain controllers, heterogeneous SoC chips with high computing power, high performance, and high integration will become the core components of intelligent driving. In addition to domain controllers, intelligent driving SoC chips are also core components of front-view integrated machines. By 2025, the penetration rate of urban NOA in car models priced below RMB 150,000 will rapidly increase, driving up the demand for medium-to-high computing power chips. Additionally, from a technological perspective of intelligent driving, by 2025, new end-to-end technologies will focus on VLA and world models, with "parking lot to parking lot" intelligent driving functions becoming a focal point of competition among major automakers, posing higher requirements for chip computing power, solution provider capabilities, and OEM self-research capabilities. Against the backdrop of automotive OEMs such as BYD and Geely implementing "intelligent driving equity" strategies, third-party SoC producers are expected to benefit first, with the trend of "chip pre-embedding" bringing high growth certainty to the industry. 2. Another low-orbit satellite successfully launched, with institutions stating that China's commercial aerospace industry has completed the "from 0 to 1" phase. Recently, China successfully launched the Internet of Satellites Low-Orbit Group 04 satellites into their predetermined orbits using a Long March 6A carrier rocket at the Taiyuan Satellite Launch Center, with the launch mission achieving complete success. Western Securities stated that the progress of the satellite Internet industry is accelerating, with potential for valuation expansion. The satellite Internet industry is a core component of new quality productive forces. From a policy perspective, policies and regulations in areas such as terminal-to-satellite direct connectivity, satellite network coordination, and access for private satellite enterprises have been successively introduced in the past two years, with a relatively complete top-level policy framework for the satellite industry now in place. From the product and user perspectives, the number of Tiantong package subscribers has exceeded 2 million, with over 16 million terminal devices in use. Moreover, Huawei's public testing of satellite internet is expected to commence in the second half of 2025 (H2), with the user base for satellite internet access in China gradually being established. Fu Chenshuo from CITIC Securities stated that with breakthroughs achieved in satellite manufacturing, rocket launches, ground equipment, and operational services, China's commercial aerospace industry has completed the "0 to 1" phase and is on the verge of entering a rapid development stage. 3. Indonesia Considering Procurement of China's J-10 Fighter Jets: Institutions Say China's Military Trade Ushers in a New Cycle According to media reports, on June 5 local time, the Indonesian military announced that the Indonesian government is conducting a feasibility assessment on the procurement of China-made J-10 fighter jets. Taufanto, the Deputy Minister of Defense of Indonesia, stated that this move aims to enhance the modern combat capabilities of the Indonesian Air Force while also considering cost-effectiveness within the national defense budget. Taufanto pointed out that the performance of China's J-10 fighter jets in the India-Pakistan conflict is one of the key factors influencing Indonesia's consideration of this model. Additionally, compared to similar Western fighter jets, the J-10 is more competitively priced and its technical configuration meets Indonesia's demand for "cost-effective advanced equipment." Taufanto revealed that Indonesia is currently focusing on reviewing the compatibility of the J-10 with its existing national defense system, after-sales maintenance support, and specific procurement terms. The procurement scope may not be limited to fighter jets but could also include China-made warships, frigates, and other weaponry. Shenwan Hongyuan stated that amid geopolitical conflicts, the attention on China's military trade will continue to rise. The intense conflict between India and Pakistan has drawn significant attention to China's military-industrial foreign trade products, with their maturity expected to gain high international recognition, thereby continuously promoting the opening up of the international market for China's military trade products and ushering in a new cycle for China's military trade, thus expanding the market space and valuation of the entire industry. 4. Volcano Engine's Motive Power Conference to Be Held, ByteDance Recently Launches Multiple AI Products The 2025 Volcano Engine Motive Power Conference - Spring will be held from June 11 to 12, focusing on cutting-edge fields such as large models and AI cloud-native technologies. Topics include agent development, multimodal understanding, deep thinking, AI cloud-native, and more. Recently, there have been continuous advancements in ByteDance's AI sector. On May 20, Volcano Engine launched the Doubao Voice Podcast Model, enabling the instant conversion of text content into a two-person dialogue-style podcast without complex editing, allowing hot topics to be instantly transformed into engaging podcasts. On the same day, Volcano Engine unveiled the Large Model Ecosystem Square - MCPServers. On May 8, Volcano Engine released the DiskANNRaBitQ vector algorithm engine, which, through the deep integration of the DiskANN algorithm and the ExtendedRaBitQ vector quantization technology, achieves an 115% improvement in query performance compared to the HNSW algorithm in high-performance vector retrieval scenarios, reduces memory resource consumption by 90%, and lowers the overall cost of the user's vector database by 75%, accelerating the application of AI technology across various industries. On May 7, Volcengine launched China's first intelligent database assistant, DBCopilot, which covers three core scenarios of data storage, management, and acquisition through AI technology. Guotai Haitong Securities stated that ByteDance has become a leading force in China's AI development, with its models and applications advancing in tandem, continuously bringing fresh blood to the development of China's AI ecosystem, and also reflecting the current vibrant state of AI development in China.

[Emerita Reports Major Resource Upgrade at Iberian Belt West, Highlighting Significant Zinc, Copper, Silver, and Gold Gains] On May 17, Emerita Resources released an updated NI 43-101 technical report confirming a substantial increase in resources at its Iberian Belt West (IBW) Project in Andalusia, Spain. The report outlines a 35% increase in Indicated resources to 18.96 Mt and a 44% increase in Inferred resources to 6.80 Mt, across three volcanogenic massive sulphide (VMS) deposits: La Romanera, La Infanta, and the newly delineated El Cura. The project hosts zinc, lead, copper, silver, and gold. The updated Indicated resources include 547 kt of zinc, 94 kt of copper, 269 kt of lead, 40.3 Moz of silver, and 783 koz of gold, while Inferred resources comprise 221 kt of zinc, 49 kt of copper, 102 kt of lead, 12.3 Moz of silver, and 168 koz of gold. La Infanta averages a high 16.61% zinc equivalent grade, and El Cura brings new copper-rich, high-grade gold mineralization to the project. Metallurgical tests at La Romanera achieved recoveries of 91.3% for zinc, 85.8% for copper, 80.5% for silver, and 64.3% for gold. The project was recently granted "Strategic Project" designation by the Andalusian government, which is expected to significantly accelerate permitting. Once granted, the exploitation license will provide a 30-year term renewable up to 90 years.

[KoBold, Backed by Gates and Bezos, to Acquire Stake in Congo Lithium Project] KoBold Metals, a mining startup backed by Bill Gates and Jeff Bezos, is expanding its footprint in the Democratic Republic of the Congo (DRC) after reaching a framework agreement with AVZ Minerals to acquire its stake in the Manono lithium mine. The agreement aims to resolve a long-standing ownership dispute and develop one of the world's largest hard-rock lithium deposits, a key component in EV batteries. The Manono project, located in southeastern DRC, has been mired in legal disputes since 2023, when the Congolese government revoked AVZ's mining rights and subsequently awarded a portion of the deposit to China's Zijin Mining. KoBold's proposed acquisition includes a framework for AVZ to receive appropriate compensation for relinquishing its interests, enabling KoBold to develop the southern part of the deposit while Zijin Mining retains control of the northern region. The company said the deal would allow KoBold to invest $1 billion in developing the project and bring its lithium resources to Western markets. This strategic move aligns with the US government's efforts to secure critical mineral supplies and reduce reliance on mineral sources controlled by China. US Senior Advisor for Africa Judd Devermont recently met with DRC President Félix Tshisekedi to discuss strengthening bilateral relations and promoting US investment in the country's mining sector. In February this year, the DRC offered the US exclusive access to critical minerals and infrastructure projects in exchange for security assistance, as its eastern region faces insurgencies backed by neighboring Rwanda. The Manono deposit is estimated to hold 669 million mt of lithium resources, making it a crucial asset in the global transition to clean energy. The acquisition, pending the signing of a final agreement and regulatory approvals, is expected to expedite the development of this critical resource while also benefiting the economic interests of the US and the DRC. KoBold, which focuses on using artificial intelligence to identify undeveloped critical mineral deposits, has approximately 60 active projects across four continents. In Africa, its primary focus is on Zambia, where the company discovered the largest copper deposit in a century last year. Entering the DRC means the company will have operations in two of Africa's largest copper-producing countries. Neither KoBold nor AVZ has disclosed the financial terms of the agreement.The completion of the deal depends on resolving ongoing legal disputes and obtaining necessary approvals from relevant authorities. Source: mining.com 【BYD and Tsingshan Holding Abandon Plans to Build Lithium Plant in Chile】 According to a report by local newspaper Diario Financiero on Wednesday, Chinese automaker BYD and metals giant Tsingshan Holding have abandoned plans to build a lithium processing plant in Chile. BYD has submitted a withdrawal notice to the Ministry of National Assets. Tsingshan Holding informed Corfo, Chile's Economic Development Agency, through its subsidiary Yongqing Technology that it would no longer proceed with its lithium battery project. Corfo confirmed the withdrawal and noted that Tsingshan Holding had not yet been officially registered in Chile. In 2023, Corfo had selected these two companies as strategic investors to develop value-added lithium products, such as cathode materials and batteries. The agreement included obtaining lithium carbonate at preferential prices and with guaranteed supply from SQM (Chile's state-owned partner and the world's second-largest lithium producer) until 2030. In exchange, the two companies committed to investing a total of US$523 million in Chile and creating nearly 1,200 jobs. The collapse in lithium prices, global market instability, and delays in bureaucratic procedures derailed both projects before the contracts could be finalized. BYD was the first to raise concerns. Diario Financiero reported that a year ago, the company had pointed out delays in acquiring land for its US$290 million cathode material plant project in Antofagasta, which was originally planned to produce 50,000 mt of lithium iron phosphate (LFP) annually. The plant was intended to produce cathodes, the most expensive component in EV battery cells. Corfo acknowledged the company's concerns and stated that BYD had requested further information to reassess its plans. BYD, known for producing affordable EVs and having in-house manufacturing capabilities, had originally planned to anchor its LFP cathode material production in northern Chile. Tsingshan Holding, as one of China's largest privately-owned conglomerates, had originally planned to invest US$233 million to build a battery plant in Mejillones, north of Antofagasta. Both projects have now been officially shelved. Chile's current lithium strategy, launched by President Gabriel Boric in 2023, requires companies like Albemarle (NYSE: ALB) and SQM (NYSE: SQM) to allocate a portion of their production at preferential prices to companies willing to invest in local lithium-based technologies. Despite the setback of BYD and Tsingshan Holding's withdrawal, Chile remains a core player in the global lithium market, with production second only to Australia. Source: mining.com [Lake Resources Initiates Strategic Review of Argentine Lithium Project] Australia's Lake Resources announced on Wednesday that it has initiated a strategic review of its flagship Kachi lithium project in Argentina, stating that despite the surge in long-term demand for battery metals, the project's assets remain significantly undervalued. The review aims to explore various options, including selling a stake in the project and the potential sale or merger of the lithium developer. According to the company, the Kachi lithium brine project is the largest independent project in the "Lithium Triangle" region of South America, with total resources exceeding 10.6 million tonnes of lithium carbonate equivalent (LCE). Lake Resources stated that the decision to explore strategic alternatives is also supported by recent cases where companies with lithium projects in Argentina have received proposals that far exceed their current market capitalizations. Source: mining.com [Peloton Minerals Obtains Drilling Permits for North Elko Lithium Project in Nevada] On May 6, 2025, Peloton has obtained two drilling permits from the US Bureau of Land Management (BLM) within the boundaries of the North Elko Lithium Project (NELP) in northeastern Nevada, covering 442 mining claims, 37 square kilometers, or 14.25 square miles. Under these permits, a total of 24 drill pads have been approved, with the possibility of adding more drill pads with BLM approval. One drilling permit covers the eastern region of NELP, and the second permit covers the central and western regions. The maximum disturbance area for each drilling permit is limited to 5 acres (totaling 10 acres). According to the BLM's calculation formula, the total disturbance area for the current drilling plan and drill pads between the two permits is 5.12 acres. In early 2023, the relevant mineral exploration company announced the discovery of significant clay lithium resources in an area adjacent to the NELP mining claims it has held since 2018. Since the discovery, the company has reported an inferred resource of 11.24 million tonnes of LCE, with a grade of 3,010 ppm Li, considered the highest-grade lithium clay resource in North America. NELP is currently in the drilling phase, following surface exploration work conducted by Peloton, including airborne hyperspectral imaging, soil geochemical surveys across the entire mining area, geological mapping, prospecting and sampling, X-ray diffraction analysis of over 500 surface samples, and tTEM surface geophysical surveys. The results of each phase are summarized below: Hyperspectral imaging data shows that lithium-bearing clay layers frequently outcrop at the surface across almost the entire mining area. Soil geochemical analysis indicates elevated lithium anomalies (up to 18 times the background value), covering an area exceeding 25 square kilometers or 9.65 square miles. Geological mapping indicates that NELP is located in an alkaline paleolake environment within a tectonic depression bounded by north-dipping normal faults. X-ray diffraction analysis reveals that NELP is situated within layered alkaline lake sediments and pyroclastic rocks. The mineralogical characteristics of the layered volcanic rocks are consistent with magma that could be a source of lithium. tTEM surface geophysical data show a clay-rich horizon beneath almost the entire {{ore}} property. Source: junior mining network

Information from Xingye Yinxi's 2024 Annual and 2025 Q1 Performance Briefing indicates the following: 1. The status of several of the company's future construction projects, such as Yinman Phase II and Yubang. Response: The status of several of the company's future construction projects is as follows: ① Yinman Phase II has already obtained project approval and is actively communicating with the local government to advance land acquisition. ② Yubang Mining's 8.25 million mt/year expansion project for mining and beneficiation is currently applying for construction permits from the Ministry of Emergency Management. Construction can commence once the permits are obtained. ③ The Atlantic Tin project has already obtained all necessary pre-construction permits, including mining rights, environmental impact assessments, and land acquisition. Construction can commence once the above conditions are met, as required by the local government. The project is expected to commence production in Q4 2027, with an estimated annual tin metal production capacity of approximately 6,000 mt upon reaching full production. 2. What is the reason for the company's consideration of issuing overseas bonds? Response: The company plans to apply to the National Development and Reform Commission (NDRC) to issue USD 300 million in overseas bonds, primarily to support the subsequent construction of the Morocco project, further broaden the company's financing channels, optimize its financing structure, and promote the sustained, healthy, and rapid development of its business. The final amount of funds raised will depend on the NDRC's approval and the company's issuance situation at that time. 3. How is the cost of Atlantic Tin calculated, and what is the ore processing capacity? Response: Based on the information currently available to the company, according to feasibility studies and designs, the average grade of tin in the Atlantic Tin project is 0.55%, with a recovery rate of approximately 70%. The estimated cost of mining and beneficiation per mt of ore is around RMB 200. The mine's current designed capacity is 900,000 mt of ore per year for mining and beneficiation. After taking over the mine, the company plans to fully promote its expansion to 1.5 million mt of ore per year for mining and beneficiation. 4. Could Mr. Zheng introduce the mineral resources and exploration prospects of the Atlantic Tin project? Response: The Morocco project covers four mining licenses and 140 square kilometers, including an 8-kilometer-long cassiterite-tourmaline mineralization belt. At the northeastern end is the Achmmach tin mine, with over 300 boreholes and 110,000 meters of drilling, indicating 213,300 mt of indicated resources with an average grade of 0.55%. The main ore vein is approximately 1.5 kilometers long, with no boreholes having exhausted the ore body, indicating significant potential for deep exploration. To the southwest of the mineralization belt is the BauEIJaj tin mine, with mining licenses covering approximately 1 kilometer in length and a relatively low level of exploration. In the middle is the SAMINE fluorite mine, with a 5-kilometer-long mineralized metamorphic belt and the discovery of ore-bearing granite. Tin mineralization is closely related to granite. Field surface reconnaissance and sampling have revealed a 20-meter-thick ore body with a tin grade of approximately 1%, representing a significant potential area for major reserve increases. 5. Progress on the restructuring of the controlling shareholder. Reply: The restructuring of the controlling shareholder, Xingye Group, is currently proceeding in an orderly manner in accordance with the restructuring plan. As far as we know, there are no substantive obstacles. If there are any phased developments, the company will issue an announcement at the earliest opportunity. 6. In 2024, why were the sales volumes of metals such as silver, tin, and antimony lower than the production volumes of the company? Reply: In daily production and sales, the company will appropriately adjust its sales strategies and pace based on market conditions and fluctuations in metal prices. 7. What is the approximate interest rate level for the company's offshore bond issuance? Reply: The interest rate for the offshore bond issuance will be determined based on the external debt market conditions at the time of issuance, pending approval from the National Development and Reform Commission (NDRC). 8. Will the construction of Yinman Phase II affect the existing production at Yinman? Reply: Since Q3 2023, the underground engineering and shaft and drift development for Yinman Phase II have commenced. By the end of 2024, approximately 50% of the total work volume for shaft and drift development had been completed. The shaft and drift development for Yinman Phase II will indeed have a certain impact on the mining operations of Yinman Phase I, but it will not cause a significant impact. The company will make every effort to mitigate the related impacts, which will ultimately be eliminated upon the completion of the shaft and drift development for Yinman Phase II. 9. The company has numerous future construction projects, resulting in significant capital expenditures in the coming years. What is the current cash flow situation of the company? Reply: As the company's future projects progress, the comprehensive credit lines extended by financial institutions to the company are gradually increasing. At the same time, in conjunction with its own cash flow, the company is also gradually broadening its financing channels and reducing financing costs. The company currently has a sound cash flow situation and abundant financing tools and space, which can ensure project funding and the company's stable operation. Investors can rest assured. 10. Current situations of Bosheng Mining and Qianjinda Mining. Reply: ① Bosheng Mining's production last year was affected by an accident. Currently, the beneficiation plant of Bosheng Mining has officially resumed production on April 24, 2025. There are approximately 240,000 mt of ore on the surface, which can supply the beneficiation plant of Bosheng Mining for one and a half years. Next, Bosheng Mining will accelerate the implementation of the regulatory authorities' rectification requirements for the roadway cross-section, simultaneously carry out technological transformation of the mining area, and optimize the mining methods and processes. Prior to implementing the aforementioned rectifications and technological transformations, the main tasks include preparing field trip reports, designing technological transformation plans, and fulfilling relevant reporting and approval procedures. Bosheng Mining will make every effort to advance the related work and strive for an early resumption of operations in the mining area. ② Qianjinda Mining achieved a net profit of approximately 245 million yuan in 2024, representing a year-on-year increase of 39.16% and achieving a year-by-year increase in performance. 11. Will the reserve increase be conducted before the construction of the second phase of Yinman? Reply: The reserve increase is not a prerequisite for the construction of the second phase of Yinman. 12. If shield tunneling machines are needed for mining, will it be for the second phase of Yinman or Yubang, or both? Reply: The "Strategic Cooperation Framework Agreement" signed by the company with China Railway Tunnel Group is an indicative framework agreement. If a formal cooperation agreement is signed subsequently, the company will disclose the information based on the progress. If shield tunneling technology can be applied in the future, both the second phase of Yinman and Yubang Mining can utilize this technology for mine development. 13. Will the second phase of Yinman mainly produce silver or tin? Reply: The products of the second phase of Yinman are consistent with the first phase, mainly producing lead, zinc, silver, copper, tin, and antimony. 14. Can you provide a detailed introduction to the deep exploration and reserve increase of Yinman and Yubang? Reply: Currently, the company is fully engaged in the exploration work of Yinman Mining, Yubang Mining, and other key projects, and invests a significant amount of exploration funds annually. According to the current exploration work, the deep rock mass of Yinman Mining contains ore, and there is good prospecting potential in the deep, with geological conditions suitable for forming porphyry deposits. Yubang Mining has already drilled over 50,000 meters with good results, and the company will fully promote the exploration and reserve increase work of Yubang Mining in the future. 15. May I ask how the subsequent planning of Budun Silver Mine is, will it be injected into the publicly listed firm before construction, or after the construction is completed? Reply: Currently, the controlling shareholder Xingye Group is executing the restructuring plan. After the restructuring plan is completed, it will be determined based on subsequent arrangements. 16. What metal varieties have been discovered in the deep exploration of Yubang Mining? Reply: According to the current exploration, the main varieties discovered are copper, silver, and tin. 17. Can the company increase the dividend ratio to allow investors to share the company's development achievements? Reply: Your suggestion will be promptly fed back to the board of directors. The company will formulate a reasonable profit distribution plan based on future capital expenditures and the sustainable development of the company. 18. I noticed that the company has a futures hedging quota of 500 million, will this pose financial risks? Reply: The company has approved a quota of 500 million annually in recent years, but the final implementation scale is relatively small. Moreover, the company has strict systems and a professional leading group to guide related work, effectively controlling the risks of hedging. 19. Safety issues have always been a concern for everyone, can you elaborate on this! Response: Safety production is the top priority for our company. We regard the safety of our employees as the lifeline of the enterprise. The company has established a safety responsibility system and created a practical training system that integrates responsibilities with business operations and combines theory with practice, continuously improving training efficiency and achieving excellent training results. With the acceleration of mine mechanization, targeted risk management and control measures have been formulated for safety risks in mines. For example, regarding the risk of roof management, the company has implemented a strict hierarchical roof management model, scientifically formulated control measures, and continuously enhanced the effectiveness of roof risk management. Another example is the risk of equipment-related injuries. The company has currently implemented a "three fixed" management approach, which assigns fixed personnel, machines, and locations. After implementing this management measure, there has been a qualitative improvement in management effectiveness. The above are just a few examples. Regarding mine safety management, we are committed to ensuring comprehensive risk management and control, timely governance of potential accidents, and safeguarding the safety of our employees and the high-quality development of the enterprise. We are confident in our ability to excel in safety management. 20. Could you introduce Mr. Zheng's professional background and work experience? When did he join the company? What key roles has he played in the company's subsequent development? Response: Introduction to Mr. Zheng Wenbao, the company's Chief Geological Engineer: ① Academic and Work Experience: In June 2012, he earned his Ph.D. in Mineralogy, Petrology, and Mineral Deposit Geology from Chengdu University of Technology. In the same year, he was hired by the Institute of Mineral Resources, Chinese Academy of Geological Sciences, and has been engaged in mineral resource exploration and research in Tibet. During this period, he concurrently served as the Chief Consultant for Tibet Huayu Mining. In 2018, in response to the State Council's call for scientific and technological talents to leave their posts to start businesses, he began his entrepreneurial journey. In 2019, he co-founded a geological exploration company with Pengxin Resources in Shanghai, responsible for geological exploration and mergers and acquisitions of projects in Africa. In April 2021, he was hired as the Chief Geologist of Xingye Yinxi. ② Main Work Achievements: During his more than ten years of work in Tibet, he, along with his mentor, completed the exploration and research of super-large mineral deposits such as the Jiama Copper-Polymetallic Mine owned by Tibet Huatailong Mining, the Zhaxikang Antimony-Lead-Zinc-Silver Mine owned by Tibet Huayu Mining, and the Tinggong Copper Mine owned by Tibet Mining. Since joining Xingye Yinxi, he first discovered the variability in the occurrence and spatial distribution of ore in the main Yiman No. 17 tin-polymetallic orebody, directly guiding breakthroughs in deep prospecting of the No. 17 orebody and improving ore dressing recovery rates. Secondly, he discovered the existence of an ancient volcanic crater between Yiman and Budengyingen, which led to the discovery of the deep porphyry tin-copper-silver deposit at Yiman. As exploration and research efforts continue to deepen, Mr. Zheng Wenbao and the company's geological team will strive to achieve even greater prospecting results in projects such as Yiman, Yubang, Atlantic Tin, and Xilin. 21. The company's contract liabilities increased significantly in Q1 2025. What are the specific reasons for this increase? Reply: The main reason for the increase in contract liabilities is the rise in advance payments received from customers. According to the 2024 annual report released by Xingye Yinxi, in 2024, the company achieved an operating revenue of 4,270.3872 million yuan, up 15.22% YoY; total profit reached 1,765.2261 million yuan, up 64.69% YoY; and net profit attributable to shareholders of the publicly listed firm was 1,529.8586 million yuan, up 57.82% YoY. Xingye Yinxi introduced that in 2024, the proportion of operating revenue from the company's main mineral products in the total operating revenue was as follows: tin ore contributed 1,415.3906 million yuan, accounting for 33.14%; silver ore contributed 1,165.409 million yuan, accounting for 27.29%; zinc ore contributed 981.0361 million yuan, accounting for 22.97%; iron ore contributed 234.7111 million yuan, accounting for 5.50%; lead ore contributed 230.3635 million yuan, accounting for 5.39%; copper ore contributed 129.711 million yuan, accounting for 3.04%; antimony ore contributed 62.8116 million yuan, accounting for 1.47%; and gold ore contributed 13.7186 million yuan, accounting for 0.32%. Among them, the combined operating revenue from tin ore and silver ore accounted for 60.43% of the total. Xingye Yinxi stated in its annual report that during the reporting period, the company's main products included non-ferrous metals and precious metals such as silver, tin, zinc, lead, iron, copper, antimony, and gold. Xingye Yinxi indicated that in 2024, the company made solid progress in various aspects and successfully completed its annual production and operation tasks. Relying on the high-quality operating mines under its umbrella, the company achieved dual growth in production and efficiency , with the effectiveness of its strategic layout becoming increasingly prominent. Xingye Yinxi stated that in 2024, the company produced 8,901.85 mt of tin ore, up 14.58% YoY; 228.93 mt of silver ore, up 14.68% YoY; 59,740.98 mt of zinc ore, up 8.67% YoY; 16,958.57 mt of lead ore, up 8.05% YoY; 2,906.43 mt of copper ore, up 4.94% YoY; 1,351.70 mt of antimony ore, up 32.58% YoY; and 339,100 mt of iron ore, down 3.74% YoY. From 2022 to 2024, the production of the company's main products (excluding bismuth, iron, and gold) increased year by year. Xingye Yinxi introduced that as of the end of 2024 (including Yubang Mining), the company's proven reserves of various metals within the scope of mining licenses for each mine were as follows: Xingye Yinxi also disclosed its 2025 business plan in its annual report: In 2025, the board of directors will strictly comply with legal and regulatory requirements, fully perform the duties entrusted by the "Articles of Association," and give full play to the core role of the board of directors in corporate governance.Guided by the new development philosophy, the Board of Directors will focus on advancing the following strategic deployments: (1) In terms of strategic depth, the Company will solidify its traditional foundation in Inner Mongolia's mining sector, reasonably arrange the new mining sectors in Tibet-Xinjiang-Yunnan, and actively explore new overseas mining spaces. At the resource structure level, the Company will focus on silver and tin as its core businesses, steadily integrate copper and gold resources, and diversify its resource portfolio. (2) The Company will accelerate the capacity expansion and technological upgrading of existing mines, with a focus on advancing the construction of the 2.97 million mt/year expansion project of Yinman Mining and the 8.25 million mt/year expansion project of Yubang Mining. It will continuously promote technological transformation, strengthen the advancement and commercialization of scientific research projects in mining and beneficiation, further enhance the technological breakthroughs in existing production technologies, and overcome technological bottlenecks. (3) The Company will continue to increase investment in geological exploration in and around existing mines, accelerate the conversion of resource reserves at Yinman Mining, strive to achieve breakthroughs in exploration and reserve augmentation, promote the upgrading of the Company's resource reserves, and provide sufficient ore reserves to ensure the stable subsequent production of mines. (4) The Company will prioritize the implementation of the main responsibility for work safety, build a comprehensive safety defense system, effectively enhance the safety awareness and emergency response capabilities of all employees, and resolutely prevent all types of accidents. (5) The Company will strengthen the strategy of revitalizing the enterprise through talents, establish a tiered and categorized training system, and focus on cultivating international and versatile talents. It will optimize the compensation and incentive mechanism, build a learning organization, provide employees with a diversified development platform, and enhance the overall quality of the team. (6) The Company will continuously strengthen corporate governance and internal control construction, improve corporate rules and regulations, refine the risk control system, enhance the scientific and efficient decision-making process, improve the level of standardized corporate operations, and promote the healthy, stable, and high-quality development of the Company.

On Tuesday, the most-traded SHFE zinc ZN2506 contract fluctuated rangebound during the day and traded sideways at night, while LME zinc prices fluctuated. Spot market: The mainstream transaction prices for 0# zinc in Shanghai were concentrated in the range of 22,780-22,975 yuan/mt, with a premium of 210-220 yuan/mt against the 2505 contract. During the holiday, arrivals in Shanghai were limited, and traders were reluctant to sell. However, downstream companies still had raw material inventories and mainly engaged in just-in-time procurement, resulting in sluggish spot transactions. SMM: As of May 6, the total zinc ingot inventory was 84,100 mt, a decrease of 1,800 mt from April 28 and an increase of 7,100 mt from April 30, indicating a buildup in domestic inventory. Glencore's owned zinc production in Q1 2025 was 213,600 mt, 4% higher than in Q1 2024. The company's owned zinc production guidance for 2025 is 930,000-990,000 mt. Volcan: In Q1 2025, the total metal production of zinc concentrates was 57,400 mt, down 10% QoQ and up 14% YoY. The company's zinc concentrate production guidance for 2025 is 250,000-255,000 mt. Overall, China and the US are set to hold high-level economic and trade talks, while the People's Bank of China, the China Securities Regulatory Commission, and other authorities will introduce the "package of financial policies to support market stability and expectations". The macro sentiment is expected to further improve, which is likely to boost zinc prices. From a fundamental perspective, social inventory is expected to increase slightly after the holiday as anticipated, but absolute inventory remains at a low level, providing underlying support. It is expected that zinc futures prices will fluctuate upward during the day. Additionally, as the delivery date approaches, the open interest ratio of the front-month contract remains relatively high, and attention should be paid to liquidity pressure.

【SMM Flash News】Volcan released its Q1 2025 report, which showed that its total zinc concentrates metal production for the quarter was 57,400 mt, down 10% QoQ and up 14% YoY. Its production guidance for zinc concentrates in 2025 is 250,000-255,000 mt.