[Zinc Concentrates Production] According to SMM, a lead-zinc ore mine in Southwest China is expected to resume work and production in mid-March, and is expected to add around 2,000 mt in metal content of zinc concentrates MoM in March.

The domestic supply of lead concentrates remains tight. After the price adjustment of imported ore with a Pb60TC, the market has seen a situation where prices are quoted but there is little actual trading. Some traders have quoted prices for silver-lead ore in the range of -$60 to -$80 per dry metric ton (dmt), and smelters are adopting a cautious stance with low purchase intentions. In the domestic market, the routine maintenance of some smelters in late June and the increase in production at lead-zinc ore projects in Xinjiang, Tibet, and other regions have slightly alleviated the supply deficit pressure of lead concentrates in some local areas. Smelters in multiple regions, including Inner Mongolia and Henan, have not shown any intention to adjust the domestic Pb50TC prices. However, the expected insufficient supply of imported ore, combined with the recent tight supply of other lead-bearing materials and crude lead, is expected to persist, and there is no anticipated rebound in lead concentrate TCs in the short term. Regarding the silver pricing coefficient in lead concentrates, despite silver prices reaching new highs in June, smelters generally indicate that there is no room for further increases in the silver pricing coefficient in lead concentrates after several rounds of price hikes. The silver pricing coefficient in various types of silver-bearing lead concentrates has remained unchanged for the time being. 》Click to view the SMM Metal Industry Chain Database

[SMM Flash News] On June 5, Gansu International Logistics Group achieved another significant breakthrough in the import of mineral products from South America! The first batch of 1,000 mt of lead-zinc ore from Peru successfully crossed the ocean via the Port of Callao and arrived at Huadu Port in Guangzhou. This not only expanded the range of imported products but also injected new momentum into the stability of the domestic smelting industry supply chain. The Peru lead-zinc ore import business continued the mature "South American overseas warehouse + ocean shipping" model operated by the group's supply chain company. The goods were collected from Peruvian mines, sorted and packaged at the overseas warehouse, and then transported to the Port of Callao. After being shipped to main ports in China and completing customs clearance procedures, they were finally delivered to domestic partner enterprises and will enter the smelting and processing stage later.

SMM May 23 News: Recently, Zhuzhou Smelter Group Co., Ltd. released its performance announcements for Q1 2025 and the full year of 2024. In Q1 2025, the company achieved a total revenue of 4.803 billion yuan, up 8.5% YoY. Net profit attributable to shareholders of the publicly listed firm reached 277 million yuan, up 74.07% YoY. Regarding the reasons for the YoY increase in Q1 performance, Zhuzhou Smelter Group stated that precious metals, represented by gold, fluctuated at highs and continuously hit new highs in Q1 this year, bringing a profit-boosting effect to the company. Currently, the global precious metals market is influenced by expectations of interest rate cuts in developed economies, geopolitical risks, and growth in industrial demand, leading to a sustained upward trend in the prices of gold, silver, and other precious metals. The company significantly improved its unit output value and profit contribution by extracting precious metals through mining and refining externally purchased raw materials. According to public information, Zhuzhou Smelter Group is mainly engaged in the smelting, processing, and sales of zinc, lead, and their alloys, while also involved in comprehensive recovery of rare and precious metals, R&D of new materials, and other fields. The company's main smelting products include zinc ingots, hot-dip galvanizing alloys, foundry zinc alloys, lead ingots, lead-based alloys, gold, silver, etc. By-products include sulphuric acid, copper matte, antimony white powder, etc. Mineral products include copper concentrates and gold-sulfur concentrates, as well as minor products such as bismuth ingots, tellurium ingots, cadmium ingots, and indium ingots. On the evening of April 10, Zhuzhou Smelter Group released its 2024 annual report. According to the announcement, in 2024, the company achieved a total operating revenue of approximately 19.759 billion yuan, up 1.82% YoY. Net profit attributable to shareholders of the publicly listed firm, excluding non-recurring gains and losses, reached approximately 730 million yuan, up 29.71% YoY. The net cash flow generated from operating activities was 1.107 billion yuan, up 60.32% YoY, indicating high operational quality. Zhuzhou Smelter Group stated that the company's operating performance demonstrated strong resilience. Despite the continued sluggishness of processing fees in the market, the smelting segment achieved the annual profit target, while the mining segment achieved increased profits and revenue. Production volumes of copper, lead, and zinc concentrates, gold, and other products all reached new highs, with significant growth in total annual profit and net profit. According to the annual report data, in 2024, Zhuzhou Smelter Group produced approximately 640,000 mt of zinc and zinc alloys and approximately 640,000 mt of sulphuric acid, and completed the production of approximately 100,000 mt of lead and lead alloys, remaining in the first tier of domestic lead and zinc production. Meanwhile, the company achieved a gold production of 3,710.30 kg, up 8.05% YoY, and gold sales of 4,074.96 kg, up 36.42% YoY. Taking the lead and zinc industry as an example, reviewing the market situation over the past year, the supply of lead and zinc concentrates was tight in 2024, with processing fees for lead and zinc concentrates falling repeatedly throughout the year, all dropping below historical lows. According to SMM historical price data, domestic zinc concentrate TCs plummeted to 1,450 yuan/mt (metal content) on August 2, 2024, while imported zinc concentrate TCs fell to -$40/dmt on August 16, 2024, both hitting record lows. In 2024, due to ore shortages and narrowing profit margins, domestic smelters even called for "joint production cuts." Regarding lead concentrate TCs, they also continued to decline amid tight lead concentrate supply in the market. On July 26, 2024, the average domestic lead concentrate TC fell to 550 yuan/mt (metal content), hitting a record low. The lowest imported lead concentrate TC reached -$50/dmt on the same day, also marking a historic low for negative TCs. Even in July 2024, due to insufficient lead concentrate supply, scrap batteries temporarily became a common raw material for secondary lead smelters and some primary lead smelters. The lead paste extracted from dismantled scrap batteries by primary lead smelters became a major source of raw material supplementation. Against this backdrop, Zhuzhou Smelter Group still achieved its annual profit targets on the smelting side, increased profits and revenue on the mining side, and set new production records for copper, lead, and zinc concentrates, as well as gold. Its risk-resistance capabilities are beyond doubt. As a byproduct of lead-zinc ore smelting, gold performed exceptionally well in 2024, with precious metal prices surging strongly throughout the year. International gold and silver prices repeatedly hit record highs. Driven by stronger-than-expected US economic performance and the market's "Trump trade," the US dollar index surged after Trump's election victory, while the RMB depreciated sharply against the US dollar amid potential tariff pressures. Overall, gold and silver prices underperformed overseas markets during the year, with SHFE gold rising approximately 30% and SHFE silver increasing around 32%. However, after entering 2025, the tight supply of zinc concentrates has significantly eased. As of May 16, domestic zinc concentrate TCs have rebounded to 3,300-3,700 yuan/mt (metal content), with an average price of 3,500 yuan/mt (metal content). This represents a 2,050 yuan/mt (metal content) increase from the previous historic low of 1,450 yuan/mt (metal content), marking a 141.38% surge. 》Click to view SMM spot quotes for zinc products In fact, as early as October 2024, with the rebound in SMM's seven-port inventory and a slight increase in domestic imported ore circulation, domestic zinc concentrate supply received some supplementation. Moreover, zinc prices remained high in October, driving up mine profits. Coupled with gradual improvements in raw material inventories at some domestic smelters, the market sentiment was strongly bullish. Based on these factors, some smelters negotiated with mines to raise domestic TCs, leading to a slight rebound in TCs across multiple regions in China in October. After that, domestic smelters continued to operate at low capacity utilization rates, and the days of raw material inventories at smelters continued to recover. In December, domestic zinc concentrate TCs increased slightly on a MoM basis, reversing the previous trend of consecutive declines. In January 2025, the pressure on smelters' raw materials continued to ease. Coupled with the sustained high zinc prices in Q4 2024, smelters were able to negotiate with mines to increase zinc concentrate TCs, leading to a significant increase in domestic zinc concentrate TCs in January. While domestic TCs were rising, smelters showed low purchase willingness for imported zinc ore TCs, which also prompted a noticeable rebound in imported zinc ore TCs. In February, domestic zinc concentrate TCs continued to rise, mainly due to the Chinese New Year holiday, during which some enterprises conducted maintenance and took holidays, leading to a decrease in overall production. This boosted the continuous rebound in both domestic and imported TCs. Additionally, smelters continued to refuse to budge on prices to achieve profitability. The days of raw material inventories at domestic smelters remained at around 28 days, indicating a relatively high level of raw material stocking. Coupled with the intermittent opening of the import window, the port arrivals of zinc concentrates increased, and port inventories once surged to over 400,000 mt, replenishing smelters' raw material inventories and maintaining them at a high level overall. Under the combined influence of these factors, the supply of zinc concentrates in February was loose, and TCs continued to rise. Entering March, driven by the supplement of imported ore and the expectation of the gradual resumption of production at domestic mines, domestic smelters continued to raise their TCs quotes. As of March 28, domestic zinc concentrate TCs increased to 3,400 yuan/mt (metal content). In the past two months, the increase in domestic zinc concentrate TCs has significantly slowed down. SMM learned that although some smelters will conduct maintenance in May and smelters continue to refuse to budge on prices, considering profit factors, miners have a strong willingness to keep zinc concentrate TCs flat in May. Under continuous negotiations between the two parties, the increase in zinc concentrate TCs in May compared to April is limited. Looking ahead, despite the significant increase in overseas zinc mine output this year, there is no obvious increase in domestic zinc mine output except for Huoshaoyun. Moreover, with improved profits, smelters are highly motivated to produce, and new smelters put into operation in Q2 in China are also gradually ramping up production. With both supply and demand increasing, there may be limited room for future increases in domestic zinc concentrate TCs, and it is necessary to continuously monitor the subsequent inflow of imported zinc ore. In addition, the announcement also mentioned that the company has a lead-zinc-copper mining and beneficiation capacity of 860,000 mt, with relatively high lead-zinc geological grades, making it a well-endowed mine in China with a certain advantageous position. From the perspective of resource value, lead-zinc mines are rich in gold and silver, with high value per ton of ore. According to the data from the annual reserve report of the Shuikoushan Lead-Zinc Mine mining right, the Kangjiawan mining area under the Shuikoushan Lead-Zinc Mine mining right has a reserved resource volume of 11.807 million mt and a reserve volume of 4.953 million mt, placing its overall mine value among the top in the country. The company has a production capacity of 860,000 mt for lead-zinc-copper mining and beneficiation, 680,000 mt for zinc products, and 100,000 mt for lead products. It also comprehensively recovers various rare and precious metals such as copper, gold, silver, bismuth, indium, cadmium, and tellurium. Relying on the copper-lead-zinc industrial base, it has significant industrial synergy advantages. In 2025, the company aims to produce 643,000 mt of zinc and zinc alloy products, 103,500 mt of lead and lead alloy products, 860,000 mt of raw ore from mines, 3.8 mt of gold, and 295 mt of silver. In terms of mines, the company holds the mining rights for the Shuikoushan Lead-Zinc Mine and the Baifang Copper Mine, operating three mines (the Kangjiawan Mine and the Lead-Zinc Mine both fall under the Shuikoushan Lead-Zinc Mine mining rights) and one beneficiation plant, with an annual raw ore mining and beneficiation capacity of 860,000 mt. In zinc smelting, it has a zinc smelting capacity of 300,000 mt, a deep-processing capacity of 380,000 mt for zinc-based alloys, and a total zinc product capacity of 680,000 mt, ranking among the top in the country. In lead smelting, it operates two lead and precious metal smelters, with a production capacity of 100,000 mt for lead smelting, 4,500 kg of gold, and 470 mt of silver.

Western Mining Co., Ltd.'s share price rose on April 28. As of 13:45 on the 28th, the company's shares were up 0.84%, trading at 15.57 yuan per share. Western Mining Co., Ltd.'s Q1 2025 report showed that from January to March 2025, the company achieved operating revenue of 16.542 billion yuan, up 50.74% YoY, total profit of 1.795 billion yuan, and net profit attributable to shareholders of the parent company of 808 million yuan, up 9.61% YoY. Copper production increased 14.35% YoY and 5.81% MoM, zinc production increased 18.17% YoY and 6.95% MoM, and lead production increased 38.38% YoY and 32.76% MoM. Details are as follows: Regarding the reasons for the increase in operating revenue, Western Mining Co., Ltd. stated that the production and sales volumes of smelted copper, smelted lead, and gold ingots increased compared to the same period last year. Western Mining Co., Ltd. announced in an evening announcement on April 17 that Xikuang Asset had cumulatively increased its stake in the company by approximately 6.46 million shares (including an initial increase of approximately 1.17 million shares) through centralized bidding transactions, accounting for 0.271% of the company's total share capital. The total amount of the increase was 96.747 million yuan, all from its own funds. The relevant shareholding increase plan has been completed. Western Mining Co., Ltd.'s 2024 annual report, previously released, showed that the company achieved operating revenue of 50.026 billion yuan in 2024, up 17% YoY, total profit of 5.992 billion yuan, up 27% YoY, and net profit of 5.294 billion yuan, including net profit attributable to shareholders of the parent company of 2.932 billion yuan, up 5% YoY. The main reasons were the increase in non-ferrous metal prices and the increase in copper production and sales volumes compared to the same period last year. Western Mining Co., Ltd.'s 2024 annual report showed that in 2024, the company's affiliated mine units operated at high levels in accordance with the annual production and operation plans, achieving significant increases in copper, molybdenum, and smelted copper production. The company ranked among the top domestic super-large mine enterprises. In 2024, the company produced 177,543 mt (metal content) of copper, up 35% YoY, including 159,084 mt (metal content) produced by Yulong Copper, up 39.10% YoY, 4,009 mt (metal content) of molybdenum, up 18% YoY, 1,376,891 mt of iron ore concentrates, up 15% YoY, and 130,829 kg of silver in concentrate, up 6% YoY. Smelting units comprehensively optimized and upgraded their smelting systems, achieving 263,771 mt of smelted copper, including 178,499 mt produced by Qinghai Copper and 80,617 mt produced by Western Copper Semis. Salt lake chemical enterprises actively participated in the development and utilization of salt lake resources, producing 114,834 mt of high-purity magnesium hydroxide and 39,022 mt of high-purity magnesium oxide. The main products planned for production by Western Mining Co., Ltd. in 2025, as announced in its 2024 annual report, are as follows: Copper production of 168,208 mt (metal content), zinc production of 124,581 mt (metal content), lead production of 65,672 mt (metal content), molybdenum production of 4,005 mt (metal content), nickel production of 1,565 mt, iron ore concentrate production of 1,457,679 mt, gold in concentrate production of 183 kg, silver in concentrate production of 132.92 mt, smelted copper production of 354,003 mt, smelted lead production of 240,008 mt, and smelted zinc production of 200,000 mt. The company plans to achieve operating revenue of 55 billion yuan and total profit of 5 billion yuan in 2025. In its research report on Western Mining Co., Ltd.'s Q1 2025 results, China Galaxy Securities pointed out that the increase in both volume and price of copper production, coupled with manageable impacts from the smelting segment and the elimination of asset impairments, led to a significant improvement in 25Q1 performance MoM: 1) Mine segment: In 25Q1, the company's copper, zinc, lead, molybdenum, and iron ore concentrate production volumes were 4.4, 3, 1.7, 0.1, and 338,000 mt, respectively, up 14.4%, 18.2%, 38.4%, 43.6%, and 14.7% YoY, and up 5.8%, 7%, 32.8%, 20.4%, and -13.5% MoM, achieving 26%, 24%, 25%, 31%, and 23% of the planned targets, respectively. The average domestic prices of copper, zinc, and lead in 25Q1 were 77,000, 24,000, and 17,000 yuan/mt, respectively, up 11.5%, 14.5%, and 5.8% YoY, and up 2.5%, -5.9%, and 1.0% MoM. 2) Smelting segment: In 25Q1, the company's smelted copper (including SX-EW copper), smelted zinc, and smelted lead production volumes were 90,000, 34,000, and 44,000 mt, respectively, up 54.8%, 19.2%, and 1752% YoY, and up 11.6%, 2.5%, and 30.6% MoM. The significant increase in smelted lead production was mainly due to the infrastructure period of precious metals in 2024, during which smelted lead production was suspended from February to September. Despite the continued pressure on copper smelting processing fees, as the company's raw material purchases were mostly domestic ore and anode plates, and Yulong Copper Mine had a high self-sufficiency rate for the company's copper smelting products, the overall impact on the smelting segment was manageable. Benefiting from the increase in both volume and price of mine copper production and the improvement in smelting segment profitability, the company's gross profit increased 67% MoM to 2.88 billion yuan in 25Q1. Key projects are progressing in an orderly manner, with significant increases expected from Yulong Phase III: In the copper segment, with the completion and effectiveness of the expansion project for Yulong Copper Mine's Phase I and II beneficiation plants, the copper ore processing capacity has been increased to 22.8 million mt/year. In 2024, copper and molybdenum production reached 163,000 mt. Currently, Yulong Copper is handling the preliminary procedures for the 30 million mt expansion project. In the lead-zinc segment, the lead-zinc system of Huo Geqi Copper Polymetallic Mine was successfully upgraded and put into operation as scheduled in 2024, with a lead-zinc ore processing capacity of 1.5 million mt/year and annual production of lead and zinc exceeding 40,000 mt. In the iron segment, the Shuangli No. 2 Iron Mine is advancing the open-pit to underground expansion project, with a designed annual mining and beneficiation capacity of 3.4 million mt/year. With the future commissioning of the Phase III expansion project at Yulong Copper Mine, the company's main mine, copper production is expected to drive performance growth through increases in both volume and price. Risk warnings: 1) Risk of a significant decline in copper prices; 2) Risk of slower-than-expected global economic recovery; 3) Risk of slower-than-expected interest rate cuts by the US Fed; 4) Risk of changes in overseas geopolitical situations; 5) Risk of the impact of tariff hikes between China and the US exceeding expectations. According to Dongxing Securities' research report, in 2024, Western Mining Co., Ltd. achieved increases in both volume and price of copper production, with Yulong Copper Mine producing 159,000 mt. Smelting profit pressures and asset impairment losses dragged down 24Q4 performance. The company's 2025 business plan includes copper production of 168,208 mt (metal content), zinc production of 124,581 mt (metal content), lead production of 65,672 mt (metal content), molybdenum production of 4,005 mt (metal content), nickel production of 1,565 mt, iron ore concentrate production of 1,457,679 mt, gold in concentrate production of 183 kg, silver in concentrate production of 132.92 mt, smelted copper production of 354,003 mt, smelted lead production of 240,008 mt, and smelted zinc production of 200,000 mt. The company plans to achieve operating revenue of 55 billion yuan and total profit of 5 billion yuan in 2025. Key projects are progressing in an orderly manner, with significant increases expected from Yulong Phase III: In the copper segment, with the completion and effectiveness of the expansion project for Yulong Copper Mine's Phase I and II beneficiation plants, the copper ore processing capacity has been increased to 22.8 million mt/year. In 2024, copper and molybdenum production reached 163,000 mt. Currently, Yulong Copper is handling the preliminary procedures for the 30 million mt expansion project. In the lead-zinc segment, the lead-zinc system of Huo Geqi Copper Polymetallic Mine was successfully upgraded and put into operation as scheduled in 2024, with a lead-zinc ore processing capacity of 1.5 million mt/year and annual production of lead and zinc exceeding 40,000 mt. In the iron segment, the Shuangli No. 2 Iron Mine is advancing the open-pit to underground expansion project, with a designed annual mining and beneficiation capacity of 3.4 million mt/year.

Against the backdrop of an evolving global economic landscape and ongoing industrial development, the lead-zinc industry, as a vital foundational sector, is facing unprecedented opportunities and challenges. On one hand, the rise of the new energy industry has brought about new market demands for the lead-zinc sector, such as the continuous application of lead-acid batteries in the ESS sector and the innovative use of zinc in new-type materials. On the other hand, environmental protection pressure is increasing, prompting the industry to accelerate its transformation and upgrading, exploring more green and sustainable production methods. Meanwhile, with the end of the pandemic, the resumption of overseas smelters and the impact of various countries' policies on mineral resource protection, tariff adjustments, and trade barriers are affecting the import and export landscape of lead and zinc, forcing companies to reassess their market strategies and expand diversified supply and sales channels. At this critical juncture, the 2025SMM (20th) International Lead-Zinc Conference and Industry Expo comes into being. This summit will bring together leading enterprises, experts, scholars, government officials, and professionals from the domestic and overseas lead-zinc industries to discuss hot topics in industry development, share the latest technological achievements and management experiences, and build a high-end, professional, and practical exchange platform for promoting the sustainable development of the lead-zinc industry. At this conference, Yantai Jinpeng Mining Machinery Co., Ltd. will make a grand appearance, joining peers in the upstream and downstream of the lead-zinc industry to engage in in-depth discussions on the pain points and difficulties in industry development, jointly explore business opportunities for win-win cooperation, and discuss ways to promote high-quality industry development. Click registration form to register now, grasp the trends in the lead-zinc industry, and lead the future of the industry. See you in Nanjing. Yantai Jinpeng Mining Machinery Co., Ltd. is located in the Jinpeng Industrial Park, Yantai Development Zone, covering an area of 250,000 m², with a planned construction area of 150,000 m². It is a national high-tech enterprise and a national specialized, refined, unique, and new "little giant" company. The company currently has over 500 employees, including more than 200 technical personnel. The group company includes a Mineral Processing and Metallurgy Research Institute, a Metallurgical and Mining Design Institute, a Machinery Equipment Factory, an Automation Research Institute, and an Installation and Commissioning Company. With strong technical capabilities and advanced processing equipment, Jinpeng can provide EPC services, including mineral processing test research, mine design, equipment manufacturing, installation and commissioning, and personnel training, for gold, silver, copper, lead-zinc, iron, manganese, chrome, fluorite, lithium, graphite, silica sand, and potassium-sodium feldspar mines of all sizes. The Mineral Processing and Metallurgy Research Institute has proprietary technologies in several areas, including difficult-to-process gold, copper-lead-zinc ore processing, molybdenum ore processing, white tungsten and fluorite ore processing, graphite ore processing, lithium ore processing, and bacterial oxidation of gold ores, and has achieved multiple national-level scientific research results and nearly a hundred patents. The Metallurgical and Mining Design Institute holds Grade A consulting and design qualifications and Grade B metallurgical and mining design qualifications. Since its establishment, the design institute has completed the design work for hundreds of mining and beneficiation projects both domestically and overseas, earning high praise from customers. The Machinery Equipment Factory adheres to the production policy of "safety first, quality paramount," implementing strict full-process quality control for every piece of equipment produced. It was the first in the industry to pass the ISO 9001:2015 Quality Management System certification and CE certification, and has been rated as an outstanding supplier in the Chinese gold industry for five consecutive years. Large publicly listed firms such as China National Gold Group, Shandong Zhaojin Group, Zijin Mining, Zhaojin Group, and Shandong Humon Smelting, are all partners of Jinpeng Mining Machinery. While focusing on the Chinese market, the company is also actively committed to expanding its international business, with EPC projects spanning over 80 countries and regions, making positive contributions to the economic development of the mining industry in China and around the world. Contact Information Address: No. 11 Fuzhou Road, Yantai Development Zone, Shandong Province Tel: +86-400-6969-268 13806388750 http://www.ytipkj.com E-mail: jpkj2006@ytjpkj.com Scan the QR code to register now 2025SMM (20th) Lead-Zinc Conference and Industry Expo

On the morning of March 24, stimulated by the news of abnormal thallium concentration in surface water at the Dahan滩 automatic monitoring station on the Leishui River between Chenzhou and Hengyang, SHFE lead and SHFE zinc main contracts climbed together. During the session, SHFE zinc reached a maximum increase of 1.72%, and SHFE lead surged to 1.77%. By the close of the day, SHFE lead reported a 1.14% increase to 17,670 yuan/mt, and SHFE zinc reported a 1.64% increase to 24,200 yuan/mt. Following the incident, SMM quickly conducted a survey on the production status of local zinc mines. According to SMM, the current production of local zinc mines and smelters is normal, and they have not been affected by related environmental protection issues. Regarding lead, according to SMM, most local primary lead smelters are maintaining normal production, with only a few small plants potentially experiencing some impact, which is currently relatively small. In terms of secondary lead, a few secondary lead smelters in the area affected by the wastewater, considering their own circumstances, have temporarily stopped accepting scrap batteries. SMM will continue to monitor subsequent environmental developments.

January 17, 2025, Zhejiang Provincial Department of Natural Resources, Detailed Exploration of Xialiao Lead-Zinc Ore in Nanping Township, Tiantai County, Zhejiang Province (Result of Prospecting Right Approval Disclosure): License Number: T3310002009113010036714 Project Name: Detailed Exploration of Xialiao Lead-Zinc Ore in Nanping Township, Tiantai County, Zhejiang Province Prospecting Right Holder: Zhejiang Mineral Resources Group Co., Ltd. Exploration Unit: Zhejiang Mineral Resources Group Co., Ltd. Exploration Mineral Type: Lead Ore Validity Period: November 22, 2023 to November 22, 2028 Coordinates: Longitude 120.99667~121.00500, Latitude 29.07889~29.09139 Total Area: 0.9742 square kilometers Geographical Location: Xialiao Village, Nanping Township, Tiantai County, Zhejiang Province Issuing Authority: Taizhou Municipal Bureau of Natural Resources and Planning

January 17, 2025, Zhejiang Provincial Department of Natural Resources, Detailed Exploration of Xialiao Lead-Zinc Ore in Nanping Township, Tiantai County, Zhejiang Province (Exploration License Approval Result Disclosure): License Number: T3310002009113010036714 Project Name: Detailed Exploration of Xialiao Lead-Zinc Ore in Nanping Township, Tiantai County, Zhejiang Province Exploration License Holder: Zhejiang Mineral Resources Group Co., Ltd. Exploration Unit: Zhejiang Mineral Resources Group Co., Ltd. Exploration Mineral Type: Lead Ore Validity Period: November 22, 2023 to November 22, 2028 Coordinates: Longitude 120.99667~121.00500, Latitude 29.07889~29.09139 Total Area: 0.9742 square kilometers Geographical Location: Xialiao Village, Nanping Township, Tiantai County, Zhejiang Province Issuing Authority: Taizhou Municipal Bureau of Natural Resources and Planning

Western Mining Co., Ltd. (601168) responded to investor inquiries on the investor relations platform on December 31. Investor question: How were your company's exploration results this year? As of the end of December, how much mineral resource volume was added? What is the value of the newly added mineral resources? Western Mining Co., Ltd. replied: In the first three quarters of 2024, the company added 1.3 million mt of lead-zinc ore resources and 17 million mt of iron ore resources through geological prospecting in the deep and peripheral areas of mines.