This week, the Pb50 domestic TC (weekly) held steady at 150 yuan/mt Pb, and the Pb60 import TC (weekly) held steady at -$170/dmt. Recently, ore-derived lead smelters in Inner Mongolia, Hunan, Henan and other parts of China were nearing maintenance cycles, and overall lead ore procurement volume was low. However, domestic ore-side disruptions also increased, with some mines suspending operations one after another, which reduced domestic ore supply; overall, both supply and demand were weak; on the import side, transaction prices for high-grade imported concentrates from Peru, Brazil, and Russia remained between -$200 and -$260/dmt during the week, while overall TCs were largely stable. The lead ore market remained in undersupply, and with silver prices rebounding and silver ore supply tight, the supply available to lead ore was limited. If domestic mine maintenance and production cuts increase going forward, or incremental output release falls short of expectations, lead concentrate TCs may still have room to decline. In addition, silver payable indicators in lead concentrates were largely stable as silver prices rebounded and the indicators were already at high levels.

Atalaya Mining released its Q2 and H1 2026 results, surface preparatory works are ongoing at Masa Valverde, which hosts 16.9 Mt of measured and indicated resources grading 0.66% copper, 1.55% zinc, 0.65% lead, 0.55 g/t gold and 27 g/t silver. The company also advanced engineering work for a Riotinto polymetallic circuit designed to process zinc and lead concentrates in addition to copper concentrates. The circuit is estimated to require about €88 million of capital and around 1.5 years to implement; Atalaya said it is not essential for the next nine to ten years of copper-only ore processing. Waste stripping continued at San Dionisio, which contains open-pit copper resources and copper-zinc-lead polymetallic mineralisation.

“ In the critical period of global energy transition and the reshaping of the manufacturing landscape, the lead-zinc industry chain is undergoing profound structural adjustments. Upstream mine resources remained tight continuously, smelting and processing profits were under pressure, while downstream application fields represented by batteries and galvanizing faced opportunities and challenges from new technology iterations and green low-carbon transformation. Against this backdrop, collaboration and price risk management across the industry chain are more important than ever before. SMM deeply insights into industry needs and dedicates to creating a unique industry conference. This conference will focus on downstream applications and long-term contract supply-demand matching, aiming to build a high-end communication platform integrating macro outlook, price analysis, and long-term contract negotiations. The conference will not only analyze in depth the market trends of lead, zinc, precious metals, copper, tin, antimony, bismuth, and other associated metals, but also innovatively set up a long-term contract supply-demand negotiation meeting as a highlight, striving to help clients seize market opportunities in 2027 and foster business cooperation through precise data services and practical agenda design. In the golden autumn of October, we sincerely invite leading enterprises and elites of the lead-zinc industry chain from China and overseas to gather together, to have open exchanges and seek common development in a relaxed and pleasant negotiation atmosphere! Nandan County Zhenghua Non-Ferrous Metals Company will attend this grand event, discussing industry development trends with industry peers and jointly promoting the lead-zinc industry to a new height. Click on the to register immediately, and join us to witness and participate in this significant and far-reaching industry event, creating a new chapter of brilliance together! Nandan County Zhenghua Non-Ferrous Metals Company was founded in 2000, with a history of over 20 years. Located at Xiaoping Tun, Daping Village, Chehe Town, Nandan County (within Hechi-Nandan Non-Ferrous Metal New Material Industrial Park), the company is mainly engaged in non-ferrous metal rolling and processing. It completed construction of a lead-antimony smelting production process using the advanced "oxygen-enriched bottom side-blowing bath smelting-oxidation-reduction fuming triple furnace—smelting flue gas double conversion and double absorption acid-making" technology to process antimony-lead concentrates, gold-antimony ore, and comprehensively recover gold, silver, copper, and bismuth, and has a complete antimony industry chain deep processing enterprise. Designed total metal capacity is 45,000 mt/year, including antimony ingot (10,000 mt/year), antimony trioxide (10,000 mt/year), lead ingot (25,000 mt/year), silver ingot (100 mt), gold ingot (2 mt), sulfuric acid (60,000 mt), and comprehensive recovery of other valuable metals. Total investment is 850 million yuan, covering a total area of 172 mu. The company has obtained certifications for quality management system, environmental management system, occupational health and safety management system, and energy management system from the national quality certification center, and has been rated as a Guangxi S&T enterprise, high-tech enterprise, specialized and sophisticated enterprise, enterprise technical center, gazelle enterprise, and national-level green factory. Zhenghua Nonferrous Metals Co., Ltd. has a group of experienced and skilled management personnel, technical personnel, and operators, forming an excellent management team with high enforcement capability. The company has departments such as Office, Production Department, Safety and Environmental Protection Department, Finance Department, Operations Department, Logistics Department, Engineering Department, and Electrical and Mechanical Section, with over 400 employees, including 60 professional and technical personnel. Over the years, with the care and support from Party committees and governments at all levels, peers in the industry, and people from all walks of life, Zhenghua Company has been committed to the concepts of safe production, circular economy, green development, honest operation, and win-win cooperation, dedicated to serving users wholeheartedly, committed to gathering talents and building a first-class management team, and striving to advance towards the goal of "10 billion Zhenghua". Contact Information zhenghuayelian@163.com Long Press to Scan and Sign Up Now 2026 SMM Lead-Zinc Annual Conference

This week, Pb50 domestic TCs (weekly) rose by 150 yuan/mt Pb WoW, while Pb60 imported TCs (weekly) remained flat at -$170/dmt. In August, TCs were largely stable. Although recent safety inspections at some domestic mines have increased, causing some disruption to mine production, domestic ore-derived lead smelters also underwent maintenance. Coupled with the arrival of imported lead, zinc, and silver ores as supplement, overall standard concentrate TCs were largely stable. Due to the increase in silver prices, TCs of silver-bearing ore declined somewhat, but the payable indicator for silver in lead concentrates has not changed yet.

Bunker Hill Mining Corp has shipped the first concentrate from its Bunker Hill zinc-lead-silver mine in Idaho to Teck Resources’ integrated Trail lead-zinc smelter in British Columbia. The company’s new 1,800 t/d processing plant has completed commissioning and begun producing concentrate, marking the mine’s first concentrate-sale revenue in more than 45 years. Bunker Hill is continuing to optimise plant performance during commissioning and is targeting full commercial production by year-end. Concentrate is analysed by Silver Valley Analytical before being trucked about 220 km to Trail for processing under Bunker Hill’s offtake arrangements. The restart introduces a new source of zinc-lead concentrate supply, while ramp-up performance remains the key item to monitor.

"Tin" Leads the Future: Industry Transformation and Value Reshaping in the New Cycle Conference Background Currently, the global tin industry is at a historic turning point. Traditional cyclical logic has been completely shattered, and strategic value has been fully highlighted. The tin market in 2026 is exhibiting an unprecedented complex pattern and profound transformation: I. Deep Reconstruction of Supply-Demand Pattern, Unprecedented Enhancement of Strategic Attributes The global static reserve-to-production ratio of tin resources is only 14 years, with scarcity becoming increasingly prominent. The supply side faces "triple pressure": the repeated delays in production resumptions in Myanmar, persistently tightening policies in Indonesia, and high geopolitical risks in the DRC. Resource constraints have become the new normal. Meanwhile, the demand structure is undergoing a fundamental shift, and tin has become a strategic resource connecting traditional manufacturing with the digital future. II. Price System Breaks Historical Records, Industry Ecology Faces Reshaping In early 2026, SHFE tin prices broke through 470,000 yuan/mt, reaching a historical high. This price breakthrough not only reflects supply-demand imbalance but also marks a revaluation of the tin industry's value. Traditional trade models, risk management systems, and supply chain collaboration methods all urgently need innovation and breakthroughs. III. Technology-Driven and Green Transformation Foster a New Symbiotic Ecosystem Digitalization and intelligent technologies are deeply empowering the tin industry chain. The global green transformation requires the tin industry to upgrade towards low-carbon and circular economy, with recycled tin recovery and green smelting processes becoming the inevitable path. All links in the industry chain must shift from competition to collaboration, building an open, resilient, and innovative symbiotic system. Against this backdrop, on August 19-21, 2026 in Changsha, Hunan held 2026 SMM (16th) Tin Industry Chain Conference will gather global industry elites for joint discussions. Shanghai Jiushi Metal Materials Co., Ltd. will attend this grand event, discussing industry development trends with peers and jointly promoting the tin industry to new heights. Click to register now and attend the conference, to witness and participate in this extraordinary and far-reaching industry event, and to jointly create a brilliant new chapter! Founded in 2008 with a registered capital of 100 million yuan, Shanghai Jiushi Metal Materials Co., Ltd. is a comprehensive enterprise specializing in non-ferrous metal raw material trading and integrating domestic and international trade resources. For over a decade, the company has deeply cultivated its main business in non-ferrous metals, consistently adhering to a philosophy of steady operation and professional service capabilities, steadily consolidating its brand and market foundation. It has accumulated a solid cooperation foundation and a good market reputation within the industry. The company primarily deals in electrolytic tin ingots, #1 electrolytic lead ingots, silver, nickel plates, zinc ingots, lead concentrates, and other non-ferrous metal products. It has formed a multi-category, full-chain supply chain service system, with a processing capacity of 30,000 mt of alloys, capable of meeting clients' diversified and integrated procurement and processing needs. After years of prudent strategic planning, the company has maintained a steady trade scale with ample supply reserves. Its current annual sales include 15,000 mt of tin ingots, 2,000 mt of silver, 200,000 mt of No.1 primary lead ingots, 300,000 mt of zinc ingots, 20,000 mt in metal content of lead concentrates, and 50,000 mt of nickel plates. Its total trade volume exceeded 10 billion yuan in 2025, demonstrating large-scale, regular, and sustainable stable supply capabilities. The company has always adhered to the business philosophy of "integrity and quality assurance, customer first, mutual benefit and symbiosis, and win-win cooperation," deeply cultivating the upstream and downstream of the industry chain and establishing a mature and stable supply-demand cooperation system. Upstream, it has long connected with large smelters in core production areas such as Yunnan, Guangxi, Zhejiang, Jiangxi, and Inner Mongolia, maintaining long-term stable strategic cooperation to control purity and quality at the source, ensuring sufficient supply and stable quality of tin ingots and various non-ferrous metal raw materials. Downstream, with Shanghai and Guangdong as core hubs, it has built a nationwide sales and service network covering east China, south China, and north China, offering rapid service response and stable, efficient delivery. With tin ingot trade as its core business, the company relies on ample spot reserves, stable source supply, and large-scale supply advantages to precisely connect with various downstream end-users, mainly serving clients in manufacturing fields such as electronics, PV, new energy, alloys, and chemicals. It can continuously and stably supply high-purity tin ingots and supporting non-ferrous metal raw materials according to different customers' production standards and material requirements. With service advantages of precise matching, controllable quality, and timely delivery, it has served a wide range of partners over the long term, accumulating a solid customer base and a strong industry reputation. In terms of operations and management, the company has established a standardized internal management system and a rigorous risk control and compliance system, strictly adhering to compliance bottom lines and tightly controlling operational risks to ensure long-term stable business operations. At the same time, leveraging deep industry expertise and market insights, it continuously optimizes its trade service models, flexibly uses diversified financial and trade financing tools, and customizes suitable cooperation plans based on actual customer needs, achieving mutual benefit and win-win outcomes for both sellers and buyers under the premise of sound risk control. Looking ahead, Shanghai Nine Stone Metal will continue to uphold the development concept of pragmatism, innovation, and steady progress, continuously optimizing its risk control system and enhancing the professional capabilities of its team. It will further improve the entire industry chain layout of non-ferrous metals, consolidate its core advantages in tin materials, steadily expand downstream markets and emerging application fields, and continuously advance high-quality and stable development. The company will join hands with industry peers and clients to cooperate and create mutual success. Founded in 2008 with a registered capital of RMB 100 million, Shanghai Nine Stone Metal Materials Co., Ltd. is a professional integrated enterprise engaged in non-ferrous metal commodity trading and global supply chain resource integration. With more than ten years of focused cultivation in the non-ferrous metal sector, the company has upheld a conservative operational strategy and premium service norms, steadily strengthened its brand equity and market foothold, and fostered stable cooperative relationships and a prestigious market standing within the industry. The company’s mainstream product lineup comprises electrolytic tin ingots, 1# standard electrolytic lead ingots, fine silver, nickel cathode plates, zinc ingots and lead concentrates, covering a full range of mainstream non-ferrous metal commodities. It has built a one-stop diversified supply chain service system, paired with an annual alloy processing capacity of 30,000 tons, to satisfy clients’ comprehensive customized procurement and processing demands. Supported by long-term strategic market deployment, the company boasts sustainable trading scale and adequate spot inventory. Its annual trading volume stands at 15,000 tons of tin ingots, 2,000 tons of fine silver, 200,000 tons of 1# standard electrolytic lead ingots, 300,000 tons of zinc ingots, 20,000 metal tons of lead concentrates and 50,000 tons of nickel plates. The company’s total trading turnover exceeded RMB 10 billion in 2025, enabling large-scale, standardized and enduring bulk commodity supply capacity. Adhering to the corporate principle of Integrity and Quality Priority, Customer Centricity, Mutual Benefit and Win-Win Partnership, the company has deeply penetrated the upstream and downstream segments of the industrial chain and established a mature and stable supply-demand collaboration system. Upstream, it maintains long-term strategic cooperative partnerships with benchmark smelting enterprises in core producing areas including Yunnan, Guangxi, Zhejiang, Jiangxi and Inner Mongolia. Through strict source quality control over product purity and specifications, the company guarantees stable supply and consistent quality uniformity of tin ingots and all non-ferrous metal commodities. Downstream, with Shanghai and Guangdong as core regional hubs, it has established a nationwide sales and after-sales service network covering East, South and North China, featuring rapid response and reliable full-cycle delivery efficiency. Centering on tin ingot bulk trading as its core pillar business, the company serves terminal manufacturing enterprises across electronics, photovoltaic, new energy, alloy manufacturing and fine chemical industries, relying on sufficient spot stock reserves, stable upstream resource channels and large-scale bulk supply advantages. It is capable of supplying high-purity tin ingots and supporting non-ferrous metal materials in a sustained manner in compliance with clients’ customized production criteria and material technical requirements. Driven by precise commodity matching, standardized quality control and on-time delivery assurance, the company has served a large number of long-term strategic partners and accumulated solid customer resources and superior industrial credibility. In corporate governance and operational management, the company has implemented standardized internal management mechanisms and established a rigorous compliance and risk management & control (RMC) system. It strictly abides by industrial specifications and regulatory policies, effectively mitigates operational risks, and ensures the long-term stable and compliant operation of all trading businesses. Drawing on profound industrial experience and forward-looking market insight, the company continuously optimizes its trading service model, flexibly applies diversified trade financing and financial instruments, and develops personalized cooperation solutions tailored to clients’ actual operational needs, realizing sustainable mutual benefit and win-win development for both supply and demand parties under standardized risk control. Looking forward, Shanghai Nine Stone Metal will continue to uphold the development tenet of pragmatism, innovation and steady progression. The company will further iterate and upgrade its risk control system, improve the professional competency of its core team, optimize the full industry chain layout of non-ferrous metal commodities, and consolidate its leading edge in tin material trading. It will steadily expand downstream market coverage and emerging industry application scenarios, promote high-quality and sustainable corporate development, and join hands with industrial peers and global clients to deepen strategic cooperation and create shared industrial value. Contact Information Zhou Long 15821697119 Wang Lin 18616349359 Long press to scan the code for immediate registration 2026 SMM (16th) Tin Industry Chain Conference

This week, the weekly Pb50 domestic TC was flat at 150 yuan/mt Pb, and the weekly Pb60 imported TC was flat at -$170/dmt. During the week, enterprises were mainly negotiating TCs for the next month. Based on current negotiations, concentrates rich in associated metals are expected to edge down, while standard concentrates are expected to see relatively small changes. This is mainly because profits from minor metals such as sulphuric acid and silver have become the primary support for ore-derived lead smelting profits. During the week, it was heard that lead concentrates containing silver and antimony with separate valuation were transacted at a TC of -450 yuan/mt Pb. Meanwhile, some lead concentrates were sold together with zinc concentrates, with the lead concentrates containing copper, gold, and silver, settling at a TC of -200 yuan/mt Pb. Some high-silver concentrates with a small amount of unvalued copper were transacted at a TC price of -3,700 yuan/mt Pb. In July, some domestic mines reduced or halted production due to safety and environmental protection inspections and the rainy season. Production is expected to recover in August, while domestic ore-derived lead smelters are anticipated to undergo maintenance in late August. It is expected that there will be limited room for further declines in domestic lead concentrate TCs in August. On the imported concentrates side, port lead concentrate inventory stood at a relatively high level of over 30,000 mt, and with the ratio at low levels, mainstream transaction prices for imported concentrates remained unchanged, mainly steady.

Maronan Metals said its Northwest Queensland silver-lead-copper-gold project is progressing from a Scoping Study toward a pre-feasibility study. The Scoping Study covered less than 25% of the global resource in the Starter Zone and outlined a 1.2 Mtpa operation with a 10-year mine life and approximately A$260 million of capital expenditure. It generated an NPV8 of A$377 million at a silver price of A$36/oz. The company estimates project NPV at about A$750 million at current spot silver prices, but this remains a company estimate subject to further resource definition, engineering and permitting. A 40,000 m infill drilling program is nearly 25% complete, with about 10,000 m drilled. Maronan expects a resource update before the end of the financial year, followed by a PFS and its first ore reserve around the middle of next year. Metallurgical test work has returned lead and silver recoveries above 90%, with lead concentrate grading above 70% lead and containing at least 1,500 g/t silver. An exploration decline has been permitted, while the planned mining-lease application is targeted for year-end; the decline development itself is not yet fully funded.

This week, Pb50 domestic TCs (weekly) were flat at 150 yuan/mt Pb, and Pb60 import TCs (weekly) were flat at -$170/dmt. Nearing month-end, enterprises mainly focused on prior negotiations, with limited actual transactions. From the current supply-demand situation, overall ore tightness has remained unchanged, and enterprises generally reported that TCs stayed at low levels. Some small mines in the north, which had halted production due to earlier safety and environmental protection inspections, gradually resumed operations. Meanwhile, considering the Q3 maintenance season, room for further TC declines was relatively limited, and some smelters began purchasing Q4 ore. In addition, silver prices rebounded from lows this week, boosting smelters' confidence in purchasing high-silver-content ore, and the payable indicator for silver in lead ore was largely stable. It is also learned that zinc payable terms in lead concentrates have changed from the previous period: the mainstream has shifted from 8-degree-based pricing to 5-degree-based pricing, with a small portion using 7-degree-based pricing, and the pricing method gradually expands the coefficient based on the degree.

SMM, July 23: To deepen exchanges within the lead and zinc industry, facilitate information channels, and accurately capture zinc industry development trends and market movements, on July 22, a team from SMM Information & Technology Co., Ltd. (SMM), including copper-lead-zinc senior analyst Geng Zhiyao and zinc senior analyst Li Hanyu, visited Yunnan Luoping Zinc & Electricity Co., Ltd. for an exchange meeting and were warmly received by relevant company leaders. During the meeting, relevant personnel from Luoping Zinc & Electricity introduced the company's operational status, industry chain layout, and medium and long-term strategic plans to the SMM team. The two sides engaged in in-depth discussions on topics including domestic zinc raw material supply, smelting cost changes, zinc product market trends, downstream demand trajectories, comprehensive recovery of associated rare and precious metals, and the development direction of green smelting. Leveraging SMM's industry database, SMM analysts shared supply-demand analyses for the zinc market, price dynamics, and potential industry opportunities, and exchanged views with the company on challenges in industrial development. Luoping Zinc & Electricity, drawing on its own strengths in hydropower integration, mine resources, and integrated smelting and deep processing, outlined its advancement approaches in resource expansion, technological R&D, and extension into new materials. This visit established a bridge for industry information sharing. In the future, both parties will maintain regular communication and exchanges, continuously collaborate to explore paths of industrial synergy, and jointly promote the steady and high-quality development of the zinc industry. About Yunnan Luoping Zinc & Electricity Co., Ltd. Yunnan Luoping Zinc & Electricity Co., Ltd. was established in 2000 and listed on the main board of the Shenzhen Stock Exchange in 2007 (stock code 002114). Its largest shareholder is Qujing Development and Investment Group, holding a 22.3960% stake, and the actual controller is the Qujing Municipal State-owned Assets Supervision and Administration Commission. Key Assets: It encompasses three core resource sectors: minerals, hydropower, and zinc smelting, housing production units such as the Fule Lead-Zinc Mine, Lazhuang Power Plant, zinc smelter, comprehensive utilization plant, and ultrafine zinc powder plant. The company boasts an integrated capacity of processing 100,000 mt of raw ore annually, producing 120,000 mt of electrolytic zinc, 140,000 mt of sulphuric acid, 12,000 mt of ultrafine zinc powder, and generating 250 million kWh of electricity per year, with an annual output value exceeding 2 billion yuan. This forms a complete industry chain of "power generation — mining — smelting — rare and precious metals recovery — new materials." Coupled with its self-contained hydropower energy loop, this creates a unique core competitive advantage, positioning the company as a leader in the non-ferrous metal smelting sector in Southwest China. Main Businesses: Hydropower generation, mining of non-ferrous metals such as lead and zinc, zinc smelting, and production and sale of extended products. The products include zinc sulfide concentrates, lead concentrates, zinc ingot, industrial sulphuric acid, cadmium, ultrafine zinc powder, germanium concentrates, silver concentrates, copper concentrates, zinc alloy, industrial and residential electricity, and edible rapeseed oil. The company has successively received honors such as “Contract-honoring and Credit-worthy Enterprise” at provincial and municipal levels, “Key Industrial Enterprise of Qujing City”, National Intellectual Property Advantage Enterprise, High-tech Enterprise, and National Laboratory Accreditation Certificate. Strategic Development: In terms of hydropower resource development, first, it invested in and participated in the construction of the Luoping County Laodukou Hydropower Station with an installed capacity of 37,500 kW, holding 37% equity; second, it invested in and participated in the construction of the Laojiāngdǐ Hydropower Station in Xingyi City, Guizhou Province, with an installed capacity of 100,000 kW, holding 33% equity. In terms of lead-zinc mine development, first, it invested in and participated in the development of the Jinsha Lead-zinc Mine in Yongshan County, holding 23.2% equity. Second, through a private placement of shares, it completed the overall acquisition of Puding County Xiangrong Mining, Derong Mining, and Hongtai Mining Co., Ltd. under Guizhou Fanhua Mining Group Co., Ltd., gaining control of the mine assets held by the three companies. In terms of business development, first, it acquired the sulphuric acid plant of the former Luoping County Zinc Electric Company. Second, it built a rapeseed oil production line with a capacity of 10,000 mt per year. Third, it established a wholly-owned subsidiary, Yunnan Luoping Zinc Electric New Materials Co., Ltd., to extend the industry chain through zinc alloy products. Technological Innovation: The company holds 78 patents. Among them, the comprehensive treatment and recovery of valuable metals from high-iron, low-germanium zinc oxide calcine and zinc sulfite is at an industry-leading level. SMM Contact: Geng Zhiyao Tel: 13818541149