When asked, "What are the technological content and barriers of the company's rolled copper foil? Who are the domestic and international competitors? Which companies are downstream clients?" North Copper responded on the investor interaction platform on June 25: The technological content and barriers of the company's rolled copper foil are reflected in: 1. The long process flow of rolled copper foil, involving disciplines such as smelting, rolling, metal heat treatment, and electrochemistry, requires continuous trial production to accumulate a process database. This represents a long-term experiential barrier that cannot be quickly reverse-engineered. 2. Capital and hardware thresholds, with extremely high equipment investment, high barriers for equipment installation, commissioning, and operation, and severe limitations on product width and ultra-thin gauge. 3. Barriers in rolling and forming processes, which are also the highest thresholds—covering product thickness, sheet flatness, internal structure, and mechanical properties, as well as the synergistic barriers of dozens of interconnected processing steps. The consistency control across the entire process is far more demanding than the single-step electrodeposition process for copper cathode foil. Regarding the statement, "The CCL construction portion of the company's 50,000 mt high-performance rolled copper foil and 2 million m² copper clad laminate (CCL) project has not yet commenced due to insufficient relevant technology and talent reserves, out of prudence. Next, the company will decide on the CCL investment and construction plan based on thorough market surveys and scientific validation," North Copper responded on the investor interaction platform on June 25: The CCL construction portion of the company's 50,000 mt high-performance rolled copper foil and 2 million m² CCL project has not yet commenced due to insufficient relevant technology and talent reserves, out of prudence. Next, the company will decide on the CCL investment and construction plan based on thorough market surveys and scientific validation. North Copper responded on the investor interaction platform on June 25: The company seizes market opportunities, closely monitors downstream market demand, focuses on R&D for mid-to-high-end copper strip products and structural adjustments for rolled copper foil products, and is committed to filling gaps in its process lines and reaching its capacity standard, striving to turn losses into profits as soon as possible. Regarding the question, "When will the company's semi-annual report performance forecast announcement be released?", North Copper responded on the investor interaction platform on June 25: The company has scheduled the disclosure of its 2026 semi-annual report for August 27. If the conditions for a performance forecast are met, the company will release the announcement within the stipulated time. When asked, "After the implementation of the 'Regulations on the Implementation of the Mineral Resources Law of the People's Republic of China', has the related work on applying for the mining permit for the newly added copper ore at the Tongkuangyu Mine been accelerated? Could you discuss the company's near-term plans? If progress goes smoothly, based on the ore's copper grade and after deducting relevant costs, how much profit is this expected to bring to the company?" North Copper responded on the investor interaction platform on June 24: The detailed survey of deep-seated replacement resources at the Tongkuangyu Mine is a project to add reserves outside the current mining right's boundary at depth (elevation range: 80m to -325m), which is conducive to increasing the company's copper resource reserves and extending the mine's service life. Given that the replacement resources identified by the detailed survey have reached a large scale, according to reserve review and filing requirements, the exploration level must be achieved for resource reserve filing and for initiating the transition from exploration to mining. As the mine's production level shifts downward, the company will conduct further exploration work for deep-seated replacement resources at the next production level. The company currently has no relevant deep exploration plans. Regarding the question, "As a third-generation core substrate material for IC lead frames, could you briefly introduce the production and latest order status of your company's 5,000 mt chromium zirconium copper alloy product?", North Copper responded on the investor interaction platform on June 23: Our company has completed the casting ingot product for C18150 (chromium zirconium copper alloy); the subsequent copper strip process is currently under trial production. There are no orders at present. On June 17, North Copper stated on the interaction platform in response to an investor's question that the company has not yet established a cooperative relationship with NVIDIA. On June 17, North Copper stated on the interaction platform in response to an investor's question that the company has a comprehensive market cap management system, consistently centering market cap management on enhancing intrinsic value. Through methods such as focusing on core business growth, optimizing governance structures, strengthening information disclosure, and implementing shareholder return plans, it is committed to achieving long-term alignment between the company's value and its market performance. Should there be arrangements such as share buybacks or capital increase plans, the company will promptly issue relevant announcements. On June 15, North Copper stated on the interaction platform in response to an investor's question that, relying on scientific research breakthroughs at the Shanxi Provincial Key Laboratory of New Copper-based Materials, the company's copper strip and foil product structure is undergoing further adjustment and optimization. All production and operation activities are proceeding in an orderly manner, and product orders are growing steadily. On June 4, North Copper stated on the interaction platform in response to an investor's question that the company's management places high importance on extending the industry chain and has made positive progress in deep copper processing. During the 15th Five-Year Plan period, the company will rely on its existing copper strip and foil production lines to achieve new breakthroughs in scientific research, product structure adjustment, and capacity enhancement, thereby empowering the company's high-quality development. Performance: North Copper's previously released 2026 Q1 report showed that in Q1, the company achieved operating revenue of 10.044 billion yuan, up 46.89% YoY; net profit attributable to shareholders of the parent company was 615 million yuan, with a YoY increase reaching 65.74%. Regarding the reasons for the increase in operating revenue, North Copper stated in its Q1 report that it was mainly due to an increase in product sales volume and rising prices. Additionally, North Copper's 2025 annual performance report showed that the company achieved operating revenue of 27.916 billion yuan in 2025, up 15.80% YoY; net profit attributable to the parent company was 791 million yuan, up 29.01% YoY. 2025 main product production: copper cathode produced was 300,300 mt, sulphuric acid 766,000 mt, gold ingots 6.4 mt, and silver ingots 68.5 mt. In its 2025 annual report, North Copper described: The company's main business is the mining, beneficiation, smelting, and rolling processing of copper metal. Currently, its captive mine has an annual ore processing capacity of 9 million mt and self-produced copper content of 43,000 mt. Its copper smelting capacity is 320,000 mt, along with gold ingots 10.8 mt, silver ingots 170 mt, and sulphuric acid 1.22 million mt, while it also comprehensively recovers valuable metals like platinum, palladium, selenium, and bismuth. Deep copper processing products include high-performance copper and copper alloy strips, rolled copper foil, etc., of which copper alloy strip capacity is 25,000 mt/year and rolled copper foil capacity is 5,000 mt/year. The company already possesses an integrated industry chain from mining, beneficiation, and smelting to rolling processing. The company's 'Zhongtiaoshan' brand Grade A copper is registered on the Shanghai Futures Exchange and the Shanghai International Energy Exchange, and its 'Zhongtiaoshan' brand gold and silver ingots are registered on the Shanghai Futures Exchange. The mineral exploration situation disclosed in North Copper's 2025 annual report showed that the company completed the detailed survey project of deep-seated replacement resources at the Tongkuangyu Copper Mine (below 80m elevation), with primary completed workloads: prospecting roadway 140.6m, 12 drill chambers/2,823.6m³, 12 drill holes (including 3 hydrogeological holes), drilling footage 7,268.62m, 1:2000 special hydrogeological, engineering geological, and environmental geological survey 6㎢, geophysical logging 2,065.61m, and pumping tests for 3 holes; 8,091 samples analyzed and tested, 46 rock/mineral test groups, 99 small-weight samples, 20 copper phase analysis samples, 10 complete chemical analysis samples, and 12 complete water quality analysis samples. On February 20, 2025, the Shanxi Mining Association organized the completion of supervision and field acceptance work for the resource detailed survey project, issuing supervision and field acceptance reports. In early March, the company completed the compilation of the 'Special Hydrogeological, Engineering Geological and Environmental Geological Detailed Survey Report for the Deep Part of the Tongkuangyu Mine'. On March 17, the Shanxi Mining Association organized an expert review which was passed. In May, the company completed the compilation of the 'Detailed Survey Report on Deep-seated Replacement Resources at the Tongkuangyu Copper Mine in Yuanqu County, Shanxi Province' (hereinafter referred to as the report). On May 23, the Shanxi Mining Association organized an expert review which was passed, and an review opinion was issued. According to the report, as of December 31, 2024, within the 80m to -325m elevation range of the Tongkuangyu mining area, cumulative identified industrial orebody (No. 5) resources amounted to 103.718 million mt of copper ore with an average grade of 0.84% and a metal content of 869,600 mt. Associated gold metal content was 8,930 kg at an avg. grade of 0.09g/t; associated molybdenum metal content was 3,727 mt at an avg. grade of 0.011%. Low-grade copper ore resources amounted to 34.625 million mt with an avg. grade of 0.25% and a metal content of 88,200 mt. The scale of discovered resources reached large-size, marking a significant prospecting achievement and providing a solid resource guarantee for the company's industry chain layout. Regarding the company's copper ore resource reserves, North Copper announced in its annual report, As of year-end 2025, the Tongkuangyu Mine had retained copper ore resources above 80m elevation of 204.664 million mt, with a copper metal content of 1.2501 million mt. Additionally, below 80m elevation at the base of the Tongkuangyu Mine's current mining right, the cumulative identified industrial orebody (No. 5) copper ore resources was 103.718 million mt, with an average grade of 0.84% and a metal content of 869,600 mt. For the 2026 production and operation plan, North Copper mentioned in its 2025 annual report: Main product production: copper cathode 300,000 mt, sulphuric acid 800,000 mt, gold ingots 6 mt, silver ingots 60 mt, to maximize economic benefits. A research report from Huaxi Securities on June 14 pointed out: In the medium and long term, copper, as a key metal for energy transition, possesses strategic allocation value under the policy guidance of the 15th Five-Year Plan. On the supply side, entering 2026, major mines globally have continued to experience strikes and production halts this year, keeping the supply profile relatively tight. From a macro perspective, the probability of a US Fed interest rate cut during the year still exists. In the long term, the macro environment supports copper prices, and the US dollar is expected to continue depreciating, supporting a positive outlook on copper prices. Furthermore, strong supply-demand fundamentals support copper prices. China's macro policies are expected to continue exerting force, and stimulus measures in sectors like electric power infrastructure, NEVs, and home appliance consumption could further expand. Beneficiary stocks: [Zijin Mining], [CMOC], [JCHX], [Jiangxi Copper Corporation], [Western Mining Co., Ltd.], [North Copper], [Tongling Nonferrous Metals], [Yunnan Copper].

SMM Morning Meeting Summary: Last Friday night, LME copper opened at $13,625.5/mt, dipped to $13,584.6/mt early in the session, then fluctuated upward to a high of $13,675.7/mt, and finally closed at $13,587/mt, down 0.50%. Trading volume reached 10,500 lots, and open interest reached 253,000 lots, an increase of 2,615 lots from the previous trading day, reflecting bearish position building. Meanwhile, SHFE copper was closed last Friday night due to a holiday.

Data from the online query platform of customs statistics showed that China's imports of copper ores and concentrates in May 2026 were 2,360,706.88 mt, up 0.39% MoM and down 1.74% YoY. In May, China imported 711,404.02 mt of copper ores and concentrates from Chile, up 1.10% MoM and down 2.90% YoY. In May, China imported 691,924.04 mt of copper ores and concentrates from Peru, up 19.15% MoM and up 11.98% YoY. On the export side, China's exports of copper ores and concentrates in May 2026 were 2,711.03 mt, up 19.71% MoM and up 514.63% YoY. In May, China exported 2,297.60 mt of copper ores and concentrates to Malaysia, up 1.50% MoM. In May, China exported 412.23 mt of copper ores and concentrates to Mongolia, up 176,064.53% MoM and down 0.43% YoY. The following is a breakdown of imports based on data from the website of the General Administration of Customs of China: Origin May 2026 (mt) MoM YoY Chile 711,404.02 1.10% -2.90% Peru 691,924.04 19.15% 11.98% Mongolia 186,875.99 -7.29% 4.26% Russia 125,158.75 5.58% 126.45% Kazakhstan 107,825.54 36.13% 23.95% Serbia 69,862.17 38.32% 63.32% Ecuador 66,026.07 97.53% 14.72% Mexico 54,655.35 -42.07% -50.19% Saudi Arabia 47,728.89 311.30% 711.73% Spain 38,136.31 -52.73% 293.96% DRC 28,509.28 -49.18% -63.38% Australia 28,422.81 -42.38% -55.52% Botswana 27,327.14 -23.38% -17.56% Laos 26,013.43 108.82% 131.43% Philippines 25,631.95 134.06% -5.58% Brazil 22,712.93 -46.74% -36.68% Canada 18,835.75 -52.72% -60.50% Armenia 16,817.88 -57.68% 26.56% Eritrea 9,980.67 -8.03% -52.89% Taiwan, China 9,002.08 - -17.47% Zambia 6,209.27 -52.53% 47.73% Albania 5,372.45 -20.27% -10.54% Pakistan 4,720.49 -17.25% 78.70% Namibia 4,117.14 59.60% 858.62% Mauritania 3,790.08 -33.33% -56.20% Morocco 3,687.66 99.79% 21.96% Colombia 3,642.41 2,087.96% -57.22% Azerbaijan 3,042.82 55.75% 886.21% Oman 2,537.84 -78.08% -65.58% Dominican Republic 2,502.75 -68.98% -64.07% Nicaragua 1,922.67 -22.65% 65.96% UAE 1,135.84 -13.28% -48.26% Turkey 809.08 -92.58% -90.95% Myanmar 724.65 -2.22% -6.91% Madagascar 534.97 30.16% 4.50% Congo Republic 505.85 -26.88% -20.16% Mozambique 483.28 -46.93% 96.40% South Africa 369.92 -83.64% -93.75% Kenya 364.00 44.45% - Bolivia 338.21 -25.80% - Tanzania 294.82 -53.33% -64.87% Nigeria 221.00 689.29% 310.09% Ethiopia 197.45 9,872,200.00% 1,645,283.33% Thailand 136.40 - 50.85% Angola 130.81 - - Vietnam 63.84 - - Papua New Guinea 0.09 - - Netherlands 0.05 6.25% 10.87% Total 2,360,706.88 0.39% -1.74% Data source: General Administration of Customs The following is a breakdown of exports based on data from the website of the General Administration of Customs of China: Destination May 2026 (mt) MoM YoY Malaysia 2,297.60 1.50% - Mongolia 412.23 176,064.53% -0.43% UK 0.52 13.60% 1,626.67% Netherlands 0.49 150.76% 8,133.33% Kazakhstan 0.09 - - Belgium 0.05 -27.54% 13.64% Australia 0.04 21.21% - Total 2,711.03 19.71% 514.63% Data source: General Administration of Customs (Comprehensive by Wenhua)

According to customs statistics, in the first five months of 2026, China's total goods trade import and export value reached 20.68 trillion yuan, a YoY increase of 15.3% (the same hereinafter). Exports totaled 11.91 trillion yuan, up 11.8%, while imports totaled 8.77 trillion yuan, up 20.5%. In May alone, total goods trade import and export value stood at 4.45 trillion yuan, up 16.9%. Exports were 2.59 trillion yuan, up 13.8%, and imports were 1.86 trillion yuan, up 21.5%. By trade mode, in the first five months, China's Ordinary Trade imports and exports reached 12.47 trillion yuan, up 8.3%; processing trade imports and exports reached 3.95 trillion yuan, up 22.9%; and bonded logistics imports and exports reached 3.59 trillion yuan, up 41.8%. By trading partner, China's trade with ASEAN totaled 3.52 trillion yuan, up 16.6%; with the EU, 2.53 trillion yuan, up 10.3%; and with the US, 1.61 trillion yuan, down 6.6%. Over the same period, combined imports and exports with countries jointly building the Belt and Road reached 10.57 trillion yuan, up 13.6%. By type of enterprise, in the first five months, private enterprises' imports and exports reached 11.81 trillion yuan, up 15.5%; foreign-invested enterprises, 6.02 trillion yuan, up 15.7%; and state-owned enterprises, 2.81 trillion yuan, up 14%. In terms of key commodities, on the export side, China's exports of mechanical and electrical products reached 7.58 trillion yuan, up 18.4%; labor-intensive products, 1.61 trillion yuan, down 3.1%; and agricultural products, 300.79 billion yuan, up 1.6%. On the import side, imports of mechanical and electrical products reached 3.54 trillion yuan, up 25.3%; crude oil, 218 million mt, down 4.8%; and agricultural products, 618.16 billion yuan, up 7.6%. SMM has compiled the import and export data for selected metal industry products based on figures released by the General Administration of Customs, as follows: Exports: Rare earth exports in May 2026 5,490.4 mt, a YoY decrease of 6.4% vs. May 2025 . Cumulative exports in January-May 2026 reached 25,378.0 mt, a YoY increase of 2.2% vs. the same period of 2025. Steel exports in May 2026 10.341 million mt, a YoY decrease of 2.2% vs. May 2025 . Aluminum semis exports in January-May 2026 totaled 4,455.4 mt, on a YoY basis from January-May 2025, down 8.1 %. Exports of unwrought aluminum and aluminum semis in May 2026 reached 632,000 mt, on a YoY basis from May 2025, up 15.5% . Cumulative exports in the first five months of 2026 reached 2.685 million mt, on a YoY basis from January-May 2025, up 10.4%. Imports: Imports of iron ore and concentrates in May 2026 reached 97.711 million mt, on a YoY basis from May 2025, down 0.4% . Cumulative imports in the first five months of 2026 reached 516.258 million mt, on a YoY basis from January-May 2025, up 6.3%. Imports of copper ore and concentrates in May 2026 reached 2.361 million mt, on a YoY basis from May 2025, down 1.4% . Cumulative imports in the first five months of 2026 reached 12.275 million mt, on a YoY basis from January-May 2025, down 1% . Imports of coal and lignite in May 2026 reached 33.265 million mt, on a YoY basis from May 2025, down 7.7% . Cumulative imports in the first five months of 2026 reached 182.623 million mt, on a YoY basis from January-May 2025, down 3.2%. Imports of rare earths in May 2026 reached 6,770.2 mt, on a YoY basis from May 2025, down 42.1% . Cumulative imports in the first five months of 2026 reached 47,628.0 mt, on a YoY basis from January-May 2025, down 2.8%. Imports of steel in May 2026 reached 451,000 mt, on a YoY basis from May 2025, down 6.2%. Cumulative imports in the first five months of 2026 reached 2.255 million mt, on a YoY basis from January-May 2025, down 12.2%. Imports of unwrought copper and copper semis in May 2026 reached 446,000 mt, on a YoY basis from May 2025, up 4.4% . Cumulative imports in the first five months of 2026 reached 2.013 million mt, on a YoY basis from January-May 2025, down 7 % .

The latest data released by the General Administration of Customs on June 9 showed that China's imports of copper ores and concentrates in May were 2.3607 million mt, with cumulative imports over January-May reaching 12.2753 million mt, down 1.0% YoY; imports of unwrought copper and copper semis in May were 445,700 mt, with cumulative imports in January-May at 2.0128 million mt, down 7.0% YoY. On the export side, China's exports of unwrought aluminum and aluminum semis in May were 632,400 mt, and cumulative exports in January-May reached 2.6854 million mt, up 10.4% YoY. The detailed data are as follows (unit: 100 million yuan): Category Unit May Jan-May Cumulative Jan-May 2025 Cumulative YoY % Change Volume Value Volume Value Volume Value Volume Value Imports Copper Ores & Concentrates 10kt 236.07 588.41 1227.53 3056.32 1240.09 2307.89 -1.00 32.40 Unwrought Copper & Copper Semis 10kt 44.57 416.49 201.28 1838.53 216.50 1509.00 -7.00 21.80 Exports Unwrought Aluminum & Aluminum Semis 10kt 63.24 178.33 268.54 733.65 243.20 609.02 10.40 20.50 Note: "Express" data are preliminary monthly summaries from customs statistics and are subject to revision based on the official monthly data formed after correcting errors in the original statistical records. (Wenhua Comprehensive)

On May 20, Sinomine Resource Group Co., Ltd. and Peru Kingda Mining Co., Ltd. signed a cooperation agreement at Sinomine Resource Group's headquarters on the La Haya copper mine project. Under the agreement, Peru Kingda Mining will re-register the mining rights of the La Haya copper mine located in Peru under a joint venture jointly established by both parties and controlled by Sinomine Resource Group. Sinomine Resource Group will provide funding, technology, and industry chain resource support to jointly advance the development of this copper ore resource. In the initial phase, the project will carry out Phase I exploration work, with drilling advancing simultaneously.

The investor relations activity record of Yunnan Copper for May 26–27, 2026 shows: 1 What is the company's planned copper concentrate production from captive mines this year, and what is the approximate cost level of the mining enterprises? According to the company's 2026 financial budget and production plan, full-year self-produced copper concentrates are expected to contain 69,800 mt of copper metal content. The company's current mining enterprises mainly include Diqing Nonferrous, Liangshan Mining, Yuxi Mining, and Diqing Mining. Due to differences in resource endowment and the life cycle stage of each mine, cost levels vary, with Diqing Nonferrous, Liangshan Mining, and Yuxi Mining having relatively lower costs. Meanwhile, the company strives to maintain overall cost stability through measures such as lean operations and increasing mining volumes. 2 What is the progress of the Hongnipo copper mine construction project of Liangshan Mining? The Hongnipo copper mine is currently under construction, with cumulative verified resource reserves of 16.06 million mt of ore, an average copper grade of 1.42%, and copper metal content of 592,900 mt. The project is progressing in an orderly manner as planned and is expected to be completed and ready for commissioning in 2026. 3 Will the mine resources under the company's major shareholder be injected into the publicly listed firm? Asset injection involves complex systematic work that requires comprehensive consideration of development strategy, asset conditions, regulatory requirements, and shareholder interests. The company will continue to focus on and strive to enhance the quality of the publicly listed firm, and if there are any new relevant arrangements, it will strictly follow prescribed decision-making and disclosure procedures. 4 Has the company set a target for resource self-sufficiency rate? The company regards improving resource self-sufficiency rate as an important long-term strategic task, relying primarily on three paths: commissioning of projects under construction, tapping potential of existing mines, and external resource acquisitions. Regarding projects under construction, the company successfully completed the acquisition of 40% equity in Liangshan Mining in December 2025, and the Hongnipo project is expected to be completed and ready for commissioning in 2026. Regarding tapping potential of existing mines, the company leverages its major mines to continuously intensify deep and peripheral exploration efforts, steadily advancing resource succession and reserve additions. Regarding external resource acquisitions, while managing existing mines and smelters well, the company actively monitors quality mineral resource projects and prudently conducts field trips and evaluations based on strategic positioning and market demand. 5 What proportion can the company's copper smelting TC long-term contracts approximately reach? The company follows the principles of marketization and maximization of comprehensive benefits in externally purchasing raw materials. As one of the larger copper concentrate purchasers in China, the company has long maintained good, stable, long-term cooperative relationships with major suppliers, and actively negotiates with copper concentrate suppliers to stabilize long-term contract supply and ensure orderly production. 6 What were the company's sulphuric acid selling price and production in Q1 2026? According to the company's 2026 production plan, planned annual sulphuric acid production is 5.76 million mt. In Q1 2026, sulphuric acid production progressed in an orderly manner as planned. Price side, as a by-product of copper smelting, sulphuric acid selling prices are influenced by multiple factors including regional market supply and demand, transportation conditions, and industry prosperity. Since the beginning of this year, driven by robust downstream demand and tight supply in some producing areas, sulphuric acid selling prices have stayed high. The company seized market opportunities, reasonably arranged production and sales, and made positive contributions to operating performance. Meanwhile, the company will continue to monitor price changes and dynamically optimize production and sales pace. 7 Does the company have further cost reduction plans? The company's mining and smelting enterprises continuously pursue lean cost reduction to build low-cost competitive advantages. For example, the company is comprehensively advancing the "Three-Year Cost Reduction 3.0" initiative, continuously promoting cost reduction and efficiency improvement, and lowering unit production costs through technological upgrades, process optimization, and improved management efficiency. 8 What major capital expenditures are expected in the future? The company's future major capital expenditures will primarily focus on the following strategic directions: first, resource acquisition—continuously strengthening exploration and acquisition of quality copper mineral resources in and outside China to enhance resource security capabilities; second, intelligent manufacturing—advancing automation, digitalization, and intelligent upgrades of mines and smelting plants to improve production efficiency and safety levels; third, green and low-carbon development—increasing investment in environmental protection, energy conservation, and other areas to promote sustainable development. Performance side: Yunnan Copper's Q1 2026 report disclosed on April 24 showed that the company achieved total operating revenue of 52.959 billion yuan, up 49.62% YoY; net profit attributable to the parent was 675 million yuan, up 7.93% YoY. Regarding the reasons for the increase in operating revenue, Yunnan Copper stated that it was mainly due to higher product prices compared to the same period last year and increased sales volumes compared to the same period last year. Yunnan Copper's 2025 annual report showed that in 2025, the company firmly established market entity awareness, strengthened its lean operations system, and solidly carried out production organization, cost control, indicator optimization, marketing value creation, and other work, with main product production reaching record highs and key technical and economic indicators continuously optimized. Full-year production included copper cathode of 1.6411 million mt, gold of 26.04 mt, silver of 735.38 mt, and sulphuric acid of 6.189 million mt, with copper cathode, gold, and silver production all reaching record highs. Full-year operating revenue reached 79.542 billion yuan and net profit attributable to the parent was 1.301 billion yuan, with operating efficiency steadily improving. Cost and technical indicators were continuously optimized, with mine concentrate copper content and smelting copper cathode unit full cost outperforming annual cost reduction targets. Key technical indicators for smelting and mining remained stable with improvement. In 2025, the copper smelting total recovery rate exceeded the target by 0.07 percentage points, and slag flotation tailings copper content was optimized by 0.01 percentage points versus the target, both reaching industry-leading levels. Yunnan Copper announced that in 2025, the company's concentrate copper content production, on a consolidated statement basis, was 69,400 mt, up 26.64% YoY from 2024, mainly because the company issued shares to acquire 40% equity in Liangshan Mining held by Yunnan Copper Group during 2025, and Liangshan Mining was included in the consolidated statements as of December 31, 2025, with its full-year production included in the statistics. Regarding the company's main businesses, Yunnan Copper introduced in its 2025 annual report: The company's main businesses cover copper exploration, mining and beneficiation, smelting, extraction of precious metals and rare scattered metals, sulphur chemicals, and trading. It is an important copper, gold, silver, and sulphur chemical production site in China. The company has established a relatively complete industry chain in copper and related nonferrous metals and is a copper enterprise with deep industry heritage. Main products include copper cathode, gold, silver, industrial sulphuric acid, and rare and scattered metal products such as molybdenum, platinum, palladium, selenium, and tellurium. The company's main products are all produced according to international standardization organization standards, operating effectively under the international ISO9001 quality management system to ensure strict quality control. The company's main product, copper cathode, is widely used in electrical, light industry, machinery manufacturing, construction, national defense, and other fields; gold and silver are used in finance, jewelry, electronic materials, etc.; industrial sulphuric acid is used as raw material for chemical products and in other sectors of the national economy. The company's "Tiefeng" brand copper cathode is registered on the Shanghai Futures Exchange and the London Metal Exchange; "Tiefeng" brand gold is registered on the Shanghai Gold Exchange (SGE) and the Shanghai Futures Exchange; "Tiefeng" brand silver is registered on the Shanghai Gold Exchange (SGE), the Shanghai Futures Exchange, and the London Bullion Market Association. Regarding the company's future development outlook, Yunnan Copper introduced in its 2025 annual report: Yunnan Copper adheres to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, fully implements the spirit of the 20th National Congress of the Communist Party of China and its successive plenary sessions, and upholds and strengthens the Party's overall leadership. The company actively serves major national strategies, adheres to promoting high-quality development as the theme, fully, accurately, and comprehensively implements the new development philosophy, continuously enhances core functions and improves core competitiveness, and better plays its role in scientific and technological innovation, industrial control, and security support in building a modern industrial system and constructing a new development pattern. The company emphasizes "two guarantees" (important mineral resource guarantee and important metal material guarantee), "two innovations" (scientific and technological innovation and management innovation), "two constructions" (strengthening Party building, especially cadre team building), and "three unwavering commitments" (unwavering in accelerating structural adjustment, unwavering in deepening enterprise reform, and unwavering in international operations and increasing "going global" efforts). The company focuses on "digital-intelligent transformation, expanding resources, refining mines, optimizing smelting, solidifying recycled (copper), and detailing rare scattered (metals)," accelerating the construction of a world-class excellent copper company, and continuously opening new prospects for Yunnan Copper's high-quality development. Guosen Securities' research report commenting on Yunnan Copper on April 11 showed: Quality asset consolidation. Production side, the company's copper ore production was close to 70,000 mt, with major mines maintaining stable production. Copper smelting side, after Southwest Copper reached full production, the company's 2025 copper cathode production was 1.64 million mt, up 440,000 mt or 36% YoY. During the reporting period, the company purchased 40% equity in Liangshan Mining through share issuance to its major shareholder, achieving consolidation. Liangshan Mining is a quality asset, with its mines featuring open-pit mining, abundant reserves, higher grade than the publicly listed firm's existing copper mines, and lower costs than the publicly listed firm's existing copper mines. In H2 2025, profitability of major subsidiaries generally declined. Although copper, gold, and silver prices rose significantly in H2 2025, the company's mining operations saw profit decline QoQ. Smelting operations also declined significantly in H2 2025, which was related to the sharp drop in copper concentrate TCs. As sulphuric acid prices are expected to stay high, the company's smelting business profitability is expected to improve. Gross profit by product side, the company produces over 6 million mt of sulphuric acid annually. Benefiting from sulphuric acid price increases, sulphuric acid business gross profit in 2025 was 2.03 billion yuan, up 1.5 billion yuan YoY, representing a performance highlight. Since early 2026, sulphuric acid prices have continued to rise, and this is expected to further boost earnings. Leveraging the copper industry's high-prosperity cycle in recent years, the company's asset quality has improved, and during the reporting period it achieved consolidation of Liangshan Mining, a quality asset. As the sole copper publicly listed platform under Chalco Group, injection of other quality assets from the major shareholder is anticipated. Although the copper smelting business is under pressure in the short term, the government has issued policies to strictly control new copper smelting capacity, and the company benefits from global copper smelting capacity rationalization, with a favorable long-term industry landscape. Maintain "Outperform" rating.

On May 28, Shengda Metals announced that its subsidiary Honglin Mining obtained the Safety Production Permit for its mining area. The permit covers underground mining of gold and copper ore at a capacity of 396,000 mt/year. The cumulative identified resources (proven + probable + inferred) of the Caiyuanzi copper-gold mine of Honglin Mining totaled 6.056 million mt of ore, with a gold metal content of 17,049 kg at an average grade of 2.82 g/mt, and a copper metal content of 29,015 mt at an average grade of 0.48%.

SMM Morning Meeting Summary: LME copper was closed overnight. The most-traded SHFE copper 2607 contract opened higher with a gap at 106,300 yuan/mt overnight. Copper prices then quickly shifted their center downward, followed by wild swings during which prices dipped to 105,420 yuan/mt. Near the end of the session, prices fluctuated upward and ultimately closed at 105,780 yuan/mt, up 0.39%. The trading volume reached 26,500 lots, and open interest stood at 181,000 lots, down 1,026 lots from the previous trading day, indicating bears reducing their positions.

Jinchengxin announced on the evening of May 22 that the company held the 22nd meeting of the 5th Board of Directors on May 8, 2025 and the 2nd Extraordinary General Meeting of Shareholders of 2025 on May 26, 2025, at which the "Proposal on the Planned Investment and Construction of the Alacran Copper-Gold-Silver Mine Project" was reviewed and approved. The company agreed to invest approximately $231 million in the construction of the Alacran copper-gold-silver mine project based on the expected shareholding ratio (55%). Currently, the company's equity interest in the Alacran copper-gold-silver mine has increased to 97.5%, and accordingly the company plans to increase project construction investment by $178.67 million in line with the change in equity ratio, bringing the cumulative investment to approximately $409.89 million. Apart from the aforementioned changes in the company's contribution ratio and corresponding investment amount, the investment estimate, construction plan, and other aspects of the Alacran copper-gold-silver mine project remain unchanged, still based on the feasibility study (FS) of the Alacran copper-gold-silver deposit completed in December 2023 (adopting the NI 43-101 standard). Regarding (1) Project Overview, Jinchengxin announced: Investment project: Alacran copper-gold-silver mine open-pit mining and beneficiation project. Based on the feasibility study (FS) of the Alacran copper-gold-silver deposit completed in December 2023 (adopting the NI 43-101 standard), the main content of the project design is as follows: Design scale: This project is a mining and beneficiation project. The mine adopts open-pit mining, with total ore within the designed pit limit of 97.9 million mt. The mine produces surface oxide ore and previously mined and stockpiled tailings (old tailings), as well as mixed ore and primary ore. For different ore properties, a grinding-flotation plant and a gravity separation plant are designed. The grinding-flotation plant mainly processes primary ore and mixed ore, while the gravity separation plant processes surface oxide ore and old tailings. The grinding-flotation plant has a designed processing capacity of 17,600 mt/day, with final products being copper concentrates and gold-silver concentrates; the gravity separation plant has a designed processing capacity of 2,400 mt/day, with final products being gold-silver concentrates. The project is expected to cumulatively recover 797 million pounds of copper, 550,000 ounces of gold, and 5.35 million ounces of silver. Investment estimate: The project investment estimate is $420.4 million, to be used for open-pit mine infrastructure stripping, mining industrial site, raw ore primary crushing station, coarse ore stockpile, grinding-flotation plant and gravity separation plant, concentrates thickening and filtration system, tailings thickening and conveying system, tailings storage facility, mine roads, water supply system, main step-down substation, external power supply lines, external roads, office and living camp, sewage treatment facilities, etc. Company investment amount: The company plans to invest approximately $409.89 million based on a 97.5% shareholding ratio, an increase of $178.67 million over the previously approved amount. Construction plan and service life: The project construction period is 2 years, and the mine life after completion is expected to be 14.2 years. Economic benefit forecast: The project's after-tax net present value (NPV) is $360 million (discount rate 8%), internal rate of return (IRR) is 23.8%, and the investment payback period is expected to be 3 years. The economic benefit calculation is based on copper prices of $3.99/pound, gold prices of $1,715/ounce, and silver prices of $22.19/ounce. For details on the feasibility study (FS) of the Alacran copper-gold-silver deposit, please refer to the "Jinchengxin Progress Announcement on the San Matias Copper-Gold-Silver Project" released by the company on December 19, 2023. Regarding the impact of this investment on the publicly listed firm, Jinchengxin stated: (1) After the project is put into production, it is expected to have a certain impact on the company's future business development and operating performance, which is conducive to the company's further expansion into the mine resource development field, improving the company's industrial layout, and promoting the company's sustained, stable, and healthy development. (2) This investment in the subsequent construction of the Alacran copper-gold-silver mine project based on the shareholding ratio is in line with the company's long-term development plan, is conducive to promoting the company's sustained, stable, and healthy development, and does not harm the interests of the company and shareholders, especially minority shareholders. Jinchengxin announced on the evening of May 17 that the Environmental Impact Assessment (EIA) for the company's Alacran copper-gold-silver mine in Colombia recently received formal approval from Colombia's National Environmental Licensing Authority (ANLA). The company will subsequently fully implement environmental permit requirements to ensure harmonious coexistence between project operations and local communities. Based on the feasibility study completed in December 2023, the Alacran copper-gold-silver mine project is an open-pit mining and beneficiation project with an investment estimate of $420 million, total ore within the designed pit limit of 97.9 million mt, and expected cumulative recovery of 797 million pounds of copper, 550,000 ounces of gold, and 5.35 million ounces of silver. The company previously reviewed and approved an investment of approximately $231 million based on an expected 55% shareholding to construct the project. Currently, the company's equity interest in the Alacran copper-gold-silver mine has increased to 97.5%, and the company will follow the corresponding review procedures for project construction investment in accordance with the company's articles of association and make timely disclosures. Jinchengxin's Q1 2026 report disclosed on April 28 showed: The company achieved total operating revenue of 3.414 billion yuan, up 21.45% YoY; net profit attributable to the parent company was 601 million yuan, up 42.55% YoY. Regarding the reasons for the increase in Q1 operating revenue and net profit, Jinchengxin announced: This was mainly due to increased sales of mineral resource products (copper cathode, copper concentrates, iron ore) and rising copper ore product prices during the period. Jinchengxin's 2025 annual report showed: The company achieved revenue of 13.894 billion yuan in 2025, up 39.74% YoY; net profit attributable to the parent company was 2.339 billion yuan, up 47.66% YoY. Jinchengxin stated in its 2025 annual report: Operating revenue increased 39.74% YoY and net profit attributable to shareholders of the publicly listed firm increased 47.66% YoY during the period, mainly due to increased production and efficiency at captive mine projects in the mine resource development business during the reporting period. In addition, Jinchengxin stated on the interactive platform on April 28 that the company's copper ore product inventory increased at year-end 2025 and at the end of Q1 2026, mainly because the local rainy season (November–April) affected road conditions and transportation on peripheral roads of the Dikulushi copper mine in the DRC, and the produced mineral products had not yet been sold externally. China Post Securities' commentary on Jinchengxin's performance report showed: The resource segment saw volume-driven growth, while the mining services business was slightly dragged down. By business segment, the mine resource business achieved revenue/gross profit of 6.986/3.121 billion yuan in 2025, up 117.67%/130.20% YoY, while the mining services business achieved combined revenue/gross profit of 6.613/1.515 billion yuan, up 1.06%/down 13.47% YoY. The mining business saw both volume and price increases, while the decline in mining services was mainly due to the Lubambe copper mine being converted to an internal unit after acquisition, resulting in reduced recognized revenue and gross profit, and some projects being affected by declining work volumes/production ramp-up. Volume: Copper metal sales in 2025 were 92,700 mt, up 88.16% YoY; phosphate ore sales were 357,400 mt, down 1.00% YoY. The growth in copper metal production and sales was mainly due to the Lonshi copper mine reaching full production, the Dikulushi and Lonshi copper mines exceeding production plans, and the Lubambe copper mine being consolidated for the full year. In 2026Q1, copper metal production/sales were 22,400/18,100 mt, mainly affected by declining grade and the rainy season. Price: Copper prices were up 7.62% YoY in 2025 and up 36.72% YoY in 2026Q1. Production is expected to grow steadily in 2026, with significant long-term expansion potential. In 2026, the company's captive resource projects plan to produce 100,300 mt of copper metal (equivalent) and sell 99,700 mt of copper metal (equivalent), and produce and sell 300,000 mt of phosphate ore; the Yisitanxinshan magnetite project plans to produce and sell 1.25 million mt of iron ore concentrates. In the longer term, the northern mining area of the Liangchahe phosphate mine is expected to be put into use by the end of 2028, with annual capacity expanding from 300,000 mt to 800,000 mt; after the eastern zone of the Lonshi copper mine is put into production, annual production can expand from 40,000 mt to 100,000 mt; the Lubambe copper mine is undergoing technological transformation, and after completion is expected to produce 35,000 mt of copper annually; the company holds a 97.5% equity stake in the San Matias copper-gold-silver mine, which is in the EIA approval stage. Risk warnings: Price fluctuation risks; project progress falling short of expectations; downstream demand falling short of expectations; model assumptions not matching reality; policy risks exceeding expectations, etc.