According to SMM, the 4090 market shows significant divergence: a toC platform acquired a long-term contract at 5,800/month last October and is now renting at 6,800/month; the platform expects to purchase at 6,000 or even lower, but a certain XX company clearly states that it is currently a seller's market, with the 4090 market price around 7,000/month, and it is impossible to find resources below 6,000. Large clusters of 4090 are out of stock. Last October, the 4090 was basically above 6,000. A distinction must be made between idle resources (leftover stock from data centers) and market rates.

[SMM Lithium Battery Anode Raw Material Market Weekly Review: Artificial Graphite Remains Firm and Stable Natural Graphite Market Stagnant Consolidation] July 2 news: This week, China's artificial graphite anode material prices remained stable overall. Although earlier cost-side pressure has gradually been absorbed, overall industry profitability remains at a low level.

[SMM Rare Earth Weekly Review: Pr-Nd Prices Surge, Medium-Heavy Rare Earth Market Prices Relatively Stable] This week, Pr-Nd oxide prices held up well overall. Driven by large-scale purchases and the arrival of the peak season, bullish sentiment in the market strengthened significantly. Downstream procurement inquiries also improved in activity, and suppliers raised their quoted prices. As of today, the price of Pr-Nd oxide was raised to 750,000-755,000 yuan/mt.

[SMM Lithium Battery Electrolyte Market Weekly Review: Electrolyte prices remained stable this week (2026.6.29-7.2)] From June 29 to July 2, 2026, electrolyte prices remained stable. The future market price trend of electrolyte will still need to be continuously tracked for raw material price fluctuations and their transmission.

SMM July 2: Domestic bauxite: Supply disruptions pushed up domestic ore prices; alumina enterprises' long-term contract procurement prices rose overall Affected by events related to Shanxi coking coal, mining at main domestic bauxite production areas like Shanxi and Henan faced certain disruptions in the short term, leading to phased changes in ore supply. Driven by expectations of supply tightening, the price center of domestic ore edged up slightly. Meanwhile, alumina prices remained at relatively high levels, and alumina enterprises had moderate tolerance for raw material price increases, mainly passively accepting current ore prices in the short term. As of today, in Shanxi, bauxite with an Al/Si ratio of 5 and 60% alumina content, excluding VAT, EXW crusher plant transaction prices were approximately 530-550 yuan/mt, with the average price up 10 yuan/mt MoM; in Henan, bauxite with an Al/Si ratio of 5 and 60% alumina content, excluding VAT, EXW crusher plant transaction prices were around 500-540 yuan/mt, with the average price up 20 yuan/mt MoM; in Guiyang, bauxite with an Al/Si ratio of 6 and 60% alumina content, including VAT, EXW price was 490-540 yuan/mt, with the average price up 20 yuan/mt MoM; in Guangxi, bauxite with an Al/Si ratio of 6 and 53% alumina content, excluding VAT, EXW crusher plant transaction prices were 320-335 yuan/mt. Imported bauxite: Guinea shipments pulled back alongside pending long-term contracts, with imported ore prices consolidating at highs According to data as of June 26, weekly port departures of bauxite from Guinea's main ports totaled 3.3834 million mt, down 409,200 mt from the previous week, with shipments pulling back. Ocean freight rates from Guinea to China fell to a range of $30-32/mt, with the lowest quote at $29/mt. Although ocean freight rates declined significantly from the previous $36/mt, market feedback generally indicated difficulty in securing shipping schedules and matching prices. With quota policies yet to be implemented and negotiations on July long-term contract prices still ongoing, coupled with the impact of Guinea's traditional rainy season, the market returned to a wait-and-see sentiment, and Guinean mines continued to control bauxite shipments. As for Australia, as of June 26, weekly port departures of bauxite from Australia's main ports totaled 1.0058 million mt, down 224,200 mt from the previous week. Attention should be paid to the shipment pace of Australian mines and changes in port departures. As of June 26, port arrivals of bauxite in China totaled 4.7276 million mt, down 666,900 mt from the previous week. Continuous attention is needed on the impact of high and fluctuating oil prices and ocean freight rates on forward arrival pace and landed costs. Price, there was still no news on the Guinean long-term contract price for July, with sources indicating that negotiations on the relevant long-term contract price were still underway. Meanwhile, domestic alumina refinery bauxite inventories remained high. This week, alumina refinery bauxite inventories were relatively stable, with days of inventories at around 95 days, exerting some top pressure on ore prices. For Guinean bauxite, ocean freight rates for spot cargoes to China began to pull back, but with market rumors that the Guinean quota policy was about to be implemented, the price tug-of-war between buyers and sellers continued. Guinean bauxite prices continued to consolidate at highs. As of Thursday this week, the FOB quote for Guinean bauxite was $38-40/mt, with the average price flat compared to last Thursday; the CIF price for Guinean bauxite was reported at $70-72/mt, with the average price flat compared to last Thursday; the SMM imported bauxite index price was reported at $69.98/mt, up $0.02/mt from last Thursday. Going forward, bauxite prices will still depend on various factors including mine costs, Guinea's traditional rainy season, the negotiation of the Guinean long-term contract price for July, and the impact of the Guinean government's bauxite export quota policy on overall shipments. SMM will continue to closely monitor bauxite market trends and transaction activities. Overall , domestic ore market prices maintained current levels; meanwhile, domestic alumina refinery inventories remained high (around 95 days), and the price tug-of-war between buyers and sellers continued. The uncertainty of Guinea's July long-term contract price and quota policy, together with the traditional rainy season, also put some upward pressure on bauxite costs. In the short term, due to reduced shipments caused by the dual impact of costs and policy, imported ore prices are expected to continue the high-level consolidation pattern. Going forward, the key focus will be on the implementation of Guinea's quota policy and ocean freight rate trends.

[SMM Aluminum Alloy Daily Review] Today, ADC12 market quotations showed an overall upward trend, with the SMM ADC12 price rising by 100 yuan/mt from the previous day to 23,800 yuan/mt. Market sentiment recovered somewhat, and enterprises’ willingness to follow the price increase strengthened significantly. Meanwhile, procurement costs of aluminum scrap remained at a relatively high level, with the cost side continuing to support ADC12 prices, prompting enterprises to actively push up their quotations. However, from the demand side, the improvement in downstream procurement sentiment was limited, end-user orders remained mediocre, and market transactions were dominated by just-in-time procurement. The actual transaction situation after the price increase still needs further verification.

[Pr-Nd Oxide Quotations Raised, High-Price Transactions in Rare Earth Market Remain Difficult] Yesterday, scrap market prices edged up slightly, mainly influenced by the slight increase in oxide quotations. Recycling enterprises raised their external purchase quotations in tandem, but downstream suppliers showed strong overall wait-and-see sentiment, and actual market transactions were mediocre.

[Geopolitical Risk Premium Continues to Narrow, Aluminum Prices in the Doldrums] Progress has been made in indirect technical talks between the US and Iran, with discussions on fund repatriation and Strait security. Consultations on the nuclear issue are about to begin. The geopolitical risk premium continues to narrow. The dispute over management rights of the Strait of Hormuz persists, and uncertainty remains over the resumption of Strait navigation. The Federal Reserve's hawkish pivot boosted the US dollar index, weighing on nonferrous metal prices. Under macro headwinds, aluminum prices fell in and outside China. In the short term, bearish factors dominate, and aluminum prices are expected to stay in the doldrums.

[SMM Silicon-based PV Morning Meeting Summary: EVA Inventory Pressure Significantly Eased, Cell Cost Support Further Reduced] Topcon full-size quotes continued their downward trend, with transaction ranges for 183N and 210R moving down to 0.27-0.28 yuan/W. Mainstream producers quoted mainly at 0.275 yuan/W, and some, to facilitate deals, were willing to negotiate actual orders down to 0.27 yuan/W. The market transaction center kept declining. At this stage, producers' inventory backlogs and shipment pressures have not eased, downstream module procurement volume has not seen a significant release, and buyers' push for lower prices is strong, making it more difficult to secure new orders. Solar cell plants can only passively follow the market and sell at reduced margins to move shipments. Short-term futures still have room for further decline.

On July 1, the stock price of Xingye Silver&Tin rose. As of the close on July 1, Xingye Silver&Tin gained 0.24% to 33.04 yuan per share. In terms of news: On June 30, Xingye Silver&Tin announced that its wholly-owned subsidiary, Xingye Gold (Hong Kong) Mining Co., Ltd., through its subsidiary, Atlantic Tin Pte. Ltd., currently holds 3,180,525 shares (75% equity) of Atlas Tin SAS (hereinafter referred to as the “Target Company”), making it the controlling shareholder of the Target Company. To fully control the project resources and rights, maximize the release of value from the tin ore assets, and enhance core competitiveness and sustainable operations, the company intends to acquire, through a newly established subsidiary outside China (not yet established, subject to final registration of equity transfer), the aggregate 1,060,175 shares (the remaining 25% equity) of the Target Company held by Toyota Tsusho Corporation and Nittetsu Mining Co., Ltd. (collectively, the “Counterparties”). As the new overseas subsidiary has not yet been incorporated, the company and its wholly-owned subsidiary Xingye Gold (Hong Kong) will first sign a Share Purchase Agreement with the Counterparties, which stipulates that the acquisition will be completed by an entity designated by the acquirer. On June 30, 2026, the company and Xingye Gold (Hong Kong) completed the signing of the Share Purchase Agreement with the Counterparties. Upon completion of this transaction, the company will indirectly hold 100% equity of the Target Company through its subsidiaries, achieving full ownership. Details of the acquisition are as follows: 1. The company will designate a newly established overseas subsidiary (not yet established, subject to final registration of equity transfer) as the transferee to acquire 848,139 shares (20% equity) of the Target Company held by Toyota Tsusho Corporation for a consideration of $15,300,000, funded by its own funds or self-raised funds. 2. Xingye Gold (Hong Kong), a wholly-owned subsidiary, will designate a newly established overseas subsidiary (not yet established, subject to final registration) as the transferee to acquire 212,036 shares (5% equity) of the Target Company held by Nittetsu Mining Co., Ltd. for a consideration of $7,813,570, funded by its own funds or self-raised funds. These two transactions together will acquire a total of 1,060,175 shares, representing 25% equity of the Target Company, for an aggregate consideration of $23,113,570. The transaction is accompanied by the signing of a Termination and Release Agreement, which will fully terminate the original Shareholders' Agreement of the Target Company upon completion of the closing, clarifying the historical rights and obligations of all parties. Regarding the mining rights of the transaction target, Xingye Silver&Tin introduced that the Target Company holds the Achmmach tin mine project, with the following details: 1. Basic Information of Mining Rights 2. Achmmach Tin Ore Resources In May 2026, Beijing SRK Resource Technology Co., Ltd. prepared the “Morocco Achmmach Project Competent Person's Report” in accordance with the JORC Code. As of December 31, 2025, with an underground mining tin cut-off grade of 0.27%, the mineral resources of the Achmmach project are as follows: The acquisition of all remaining equity held by the Japanese shareholder aims to achieve full ownership of the target company, terminate the original shareholder agreement, streamline the governance structure and enhance decision-making efficiency, secure full control of project resource rights and interests, maximize the release of value from the tin ore assets, strengthen synergy between operations in and outside China, and align with the company's global resource deployment strategy. Xingye Silver&Tin also outlined the impact of this transaction on the company: the target company has been included in the consolidated financial statements, and this acquisition of minority equity will not have a material impact on the company's current-period profit. In the future, all net profit of the target company will be attributable to shareholders of the publicly listed firm, continuously enhancing earnings attributable to parent company shareholders. The company has ample liquidity reserves, and there is no obstacle to paying the transaction consideration, which will not have a material adverse impact on the liquidity of daily operating funds. Following full ownership, the company can coordinate and advance mine construction and operations, leverage its mining development and management experience, accelerate project implementation, solidify tin resource reserves, and have a positive effect on the company's long-term operating performance. On June 26, Xingye Silver&Tin stated on an interactive platform while responding to investor inquiries that secondary market stock prices are affected by multiple factors such as the macro environment, industry cycles, and market sentiment. The company attaches great importance to secondary market performance, will continue to strengthen investor relations management and market communication, actively carry out information dissemination and market capitalization management, and earnestly safeguard the legitimate rights and interests of all shareholders. On June 26, Xingye Silver&Tin stated on an interactive platform while responding to investor inquiries that, in accordance with the JORC Code, the Competent Person SRK uses only the current Measured and Indicated Mineral Resources as the basis for ore reserve conversion and production scheduling. However, in actual operations, through ongoing production drilling and exploration activities, the company may upgrade a portion of Inferred Mineral Resources and subsequently incorporate them into the actual mine mining and processing plan. Furthermore, the stope shapes generated by SRK using Deswik software through stope optimization may not align with the stope layout adopted in the company's daily production planning. Therefore, the company's future actual production schedule and operational performance may differ from the production schedule and related forecasts presented by SRK. On the performance front: Xingye Silver&Tin disclosed in its Q1 report that from January to March 2026, the company achieved operating revenue of RMB2,129.8691 million, up 85.32% YoY; net profit attributable to shareholders of the listed company was RMB1,337.6722 million, up 257.32% YoY. As of March 31, 2026, the company's total assets amounted to RMB19,688.8316 million, and net assets attributable to shareholders of the listed company were RMB10,825.4666 million. Operating Revenue Composition: For January to March 2026, the operating revenue of the company's main mineral products as a share of total operating revenue was as follows: ore-derived silver revenue was RMB1,410.1104 million (66.21%), ore-derived tin revenue was RMB234.0354 million (10.99%), ore-derived zinc revenue was RMB228.1249 million (10.71%), ore-derived lead revenue was RMB71.8509 million (3.37%), ore-derived antimony revenue was RMB53.1029 million (2.49%), ore-derived gold revenue was RMB51.0181 million (2.40%), ore-derived iron revenue was RMB44.1733 million (2.07%), ore-derived copper revenue was RMB35.6489 million (1.67%), and ore-derived indium revenue was RMB0.5241 million (0.02%). Among these, the combined operating revenue share of ore-derived tin and ore-derived silver reached 77.19%. Xingye Silver&Tin's Q1 report announcement stated: operating profit for the current period increased 238.16% YoY, total profit increased 236.36% YoY, and net profit attributable to owners of the parent company increased 257.32% YoY. The main reasons: During the reporting period, the selling prices of the company's main mineral products such as silver and tin rose compared with the same period last year; Yubang Mining's capacity was gradually released, leading to significant YoY increases in ore-derived silver production and sales volume; and the disposal of a 60% stake in Shuangyuan Nonferrous generated investment income of RMB321 million. Xingye Silver&Tin's 2025 annual report shows that in 2025, the company achieved operating revenue of RMB5,555.2536 million, up 30.09% YoY; total profit of RMB2,096.2370 million, up 18.75% YoY; and net profit attributable to shareholders of the listed company of RMB1,704.2393 million, up 11.40% YoY. Xingye Silver&Tin’s announcement shows: In 2025, the operating revenue of the company's main mineral products as a share of total operating revenue was as follows: ore-derived silver revenue was RMB2,175.7825 million (39.17%), ore-derived tin revenue was RMB1,649.6398 million (29.70%), ore-derived zinc revenue was RMB975.8673 million (17.57%), ore-derived lead revenue was RMB220.9450 million (3.98%), ore-derived iron revenue was RMB180.3799 million (3.25%), ore-derived copper revenue was RMB133.0043 million (2.39%), ore-derived antimony revenue was RMB100.3568 million (1.81%), ore-derived gold revenue was RMB82.3402 million (1.48%), and ore-derived bismuth revenue was RMB16.6744 million (0.30%). Among these, the combined operating revenue share of ore-derived tin and ore-derived silver reached 68.86%. Regarding the company's main business and key performance drivers, Xingye Silver&Tin stated in its 2025 annual report: The company is a large mining group principally engaged in the exploration, mining, and beneficiation of non-ferrous and precious metals. As of the disclosure date of this report, the company has over 20 subsidiaries, including 8 mining companies in operation: Yinman Mining, Qianjinda Mining, Yubang Mining, Rongguan Mining, Xilin Mining, Rongbang Mining, Ruineng Mining, and Bosheng Mining. The Achmmach tin mine under Atlas Tin SAS, a subsidiary of Atlantic Tin, is in the construction phase; Tanghe Shidai Mining is in suspension, while Yitong Mining and Yunnan Xigui are in the exploration phase. Hainan Fund is primarily engaged in equity investment management; Xingye Gold (Hong Kong) is mainly engaged in metals and mining trade and corporate M&A, responsible for expanding into markets outside China and acquiring high-quality overseas mineral resources; Hainan International Trade and Tianjin International Trade are primarily engaged in non-ferrous metal ore product sales and some raw material procurement; Xingye Ruijin primarily undertakes process research, technology R&D, and upgrading in areas such as prospecting, mining and beneficiation, and comprehensive tailings recycling. Tibet Shannan Antimony Gold, Tibet Xinda Mining, and Xing'an League Fuxingtun Mining serve as the company's regional resource integration platforms. During the reporting period, the company successfully acquired an 85% stake in Yubang Mining. According to statistics from the Silver Institute as of the end of 2023, Yubang Mining's single silver mine ranks first in Asia and fifth globally. This acquisition further strengthened the company's resource advantages and laid a solid resource foundation for its sustainable development. At the same time, using its subsidiary Xingye Gold (Hong Kong) as the investment vehicle, the company intensified investments in mineral resources outside China and successfully acquired a 100% stake in Atlantic Tin, a key move in executing its "going global" strategy. Based on the large-scale tin mine classification standard in the "Classification Standard for Resource/Reserve Scale of Mineral Resources" (DZ/T 0400-2022), the Achmmach tin mine owned by Atlantic Tin is now equivalent to five large deposits. Through this consolidation of overseas tin ore resources, the company has further refined its international tin layout and reserved vital strategic resources for long-term development. The company's main performance is derived from its non-ferrous metal mining and beneficiation business. During the reporting period, revenue from this segment accounted for 99.64% of total 2025 operating revenue. The main factors influencing the operating performance of the mining and beneficiation segment include the production and sales volume of major products, market prices, and the costs of the non-ferrous and precious metal mining and beneficiation business. Regarding its operating plan, Xingye Silver&Tin stated in its 2025 annual report: 2026 is the final year of the company's "Second Three-Year" Plan. The board will closely focus on the theme of high-quality development, fully implement established work objectives, continuously deepen the concept of "trust and collaboration," and make an all-out push toward the plan's concluding goals, with a focus on the following: 1. Uphold the bottom lines of safety and environmental protection, using the 2026 "Year of Implementing Safety Management" as a lever to fully enforce safety responsibilities, consolidate the achievements of the "Year of Collective Safety Calm," and enhance risk anticipation and process control to resolutely prevent all types of safety and environmental accidents, achieving safe, stable, and green-low carbon development. 2. Vigorously advance key project construction, strengthen whole-process management of project budgets, schedules, and quality, and coordinate the implementation of projects including the 2.97 million mt capacity upgrade and expansion at Yinman Mining, the 8.25 million mt capacity upgrade and expansion at Yubang Mining, the Morocco project, and the Budun Yingen Mining (trusteeship) project, ensuring they are completed and reach full production on schedule to release capacity benefits. 3. Continue to intensify exploration and resource increase efforts, balance the relationship between production operations and geological exploration, steadily advance exploration at existing mines and surrounding areas, accelerate resource-to-reserve conversion and upgrades, and continuously strengthen the resource foundation. 4. Deepen industrial synergy and resource integration, leverage the core regional advantages of Inner Mongolia, steadily expand overseas resource deployment; adhere to silver and tin as the main business direction, enriching and optimizing the resource portfolio. Solidly advance the subsequent acquisition and integration of Weiling Shares, actively track high-quality mineral project opportunities in and outside China, and enhance overall competitiveness through industrial synergy-driven M&A. 5. Further strengthen institutional enforcement and internal control management, ensure that all systems, processes, and control requirements are effectively implemented, and elevate the company's refined management level; reinforce enforcement capacity to guarantee that production plans, comprehensive budgets, and all work deployments are fully executed, and promote deep integration of corporate culture and operational management. 6. Push forward preparations for a Hong Kong listing at full speed, accelerate the establishment of dual capital market platforms in and outside China, enhance cross-border capital operation capabilities, provide stronger financial support for resource integration and strategy execution, and propel the company's high-quality sustainable development to a new level. A Guosen Securities research report dated April 24 showed: The company's production of major mineral species has steadily increased in recent years. In 2025, growth was driven by both higher silver prices and volumes, while the surge in tin prices offset the impact on production volume. Externally-driven M&A achieved notable results, lifting silver and tin resource reserves to a new level. In 2025, the company completed two major strategic acquisitions. 1) Acquisition of an 85% stake in Yubang Mining: The company acquired the 85% stake for RMB2.388 billion in January 2025. Yubang Mining is the largest single silver mine in Asia and the fifth largest globally. This acquisition increased the company's silver metal resources to 29,800 mt, significantly elevating its industry standing. 2) Acquisition of a 100% stake in Atlantic Tin: The company completed the acquisition in August 2025, gaining its Achmmach tin mine in Morocco. The mine holds tin metal resources of 213,300 mt, equivalent to five large tin deposits, boosting the company's total tin metal resources to 391,600 mt. Risk warnings: risks that the company's resource development progress falls short of expectations; risk of wild swings in metal prices.