Awalé Resources has reported new drilling results from its Newmont-backed Odienné gold-copper project in Côte d'Ivoire, confirming that the high-grade core of the BBM deposit extends beneath the existing open-pit resource, highlighting underground development potential. Drill hole BBDD-31 intersected 7 metres grading 7.04 g/t gold and 0.16% copper from 385 metres depth, while hole BBDD-30 returned 46 metres grading 1.93 g/t gold and 0.39% copper. The company said the results are the first from a 12-hole deep drilling program targeting mineralization beneath the BBM deposit. Odienné currently hosts an inferred resource of 32.4 million tonnes grading 1.33 g/t gold and 0.33% copper, containing approximately 1.4 million ounces of gold and 93,000 tonnes of copper. Exploration is managed by Awalé under a joint venture funded by Newmont.

Eastport Critical Metals reported the first batch of assay results from drilling at the Matsitama copper project in Botswana. Five of six holes confirmed thick copper-rich mineralisation at Nakalakwana, with three holes intersecting more than 100 metres of copper mineralisation including higher-grade internal zones of 0.5% to over 1.5% copper.

SMM News, July 20: To deepen industry exchanges, facilitate information channels, and jointly explore development trends and market dynamics in the lead and zinc industry, on July 20, Geng Zhiyao, Senior Analyst for Copper, Lead and Zinc at SMM Information & Technology Co., Ltd. (SMM), Li Hanyu, Senior Analyst for Zinc, and Dai Junxiu, Senior Business Manager, headed to Mengzi Mining and Metallurgy Co., Ltd. for a visit and discussions, and were warmly received by the company’s leaders. During the meeting, the two sides held in-depth and pragmatic discussions on comprehensive market topics across the lead and zinc industry, focusing on core issues such as the global zinc ore supply-demand pattern, the operational logic of mine TCs, supply-demand fundamentals and price trends of zinc ingots and lead ingots, social inventory changes, and import-export flows. At the same time, they communicated in detail and exchanged views on SMM’s metal pricing methodology, spot pricing models for lead and zinc, industry index applications and platform empowerment, enterprises’ raw material procurement status, production operation pace, and overseas market layout plans, further consolidating industry consensus and breaking down information barriers. This visit effectively narrowed the cooperation gap between SMM and Mengzi Mining and Metallurgy, strengthening the foundation of mutual trust. In the future, the two sides will continue to deepen regular exchanges and cooperation, leveraging their respective resources and professional strengths to precisely meet industry needs, share industry data and research results, support stable corporate operations and high-quality industry development, and achieve mutual benefit, win-win outcomes, and coordinated development. About Mengzi Mining and Metallurgy Co., Ltd. Mengzi Mining and Metallurgy Co., Ltd., founded on June 9, 1996, with registered address at No. 66 Tianma Road, Mengzi City, Honghe Prefecture, Yunnan Province, and a registered capital of 51.11 million yuan, is a private mining and metallurgy enterprise integrating resource exploration, mining, beneficiation, and smelting, with a primary focus on comprehensive resource recovery and utilization. With over 20 years of deep engagement in the industry, the company has achieved cumulative operating revenue of nearly 35 billion yuan and paid taxes totaling 3.5 billion yuan. It is a core pillar enterprise in Mengzi City and a key backbone non-public enterprise in Yunnan Province. The company has a well-established industrial layout and complete business portfolio, comprising one main mine, two auxiliary mines, three beneficiation plants, and one smelting branch, along with a wholly owned subsidiary for technology development and multiple wholly owned subsidiaries in trade and supply chain. It has an independent geological exploration team and holds mining rights covering nearly several hundred square kilometers across Honghe, Wenshan, and Lincang prefectures in Yunnan. The main mine, Bainiushan Silver Polymetallic Mine, has proven abundant resources, laying a solid foundation for development. The company’s main products include lead ingots, zinc ingots, antimony ingots, silver ingots, and sulphuric acid, with comprehensive recovery of various valuable metals such as tin, copper, antimony, bismuth, cadmium, iron, sulphur, and gold. The company's operations mainly span the upstream and midstream segments of the lead-zinc industry, with an industry chain encompassing mining, mineral processing, smelting, and trading. It has a sound trade management system and a professional trading team, implementing a major client sales strategy primarily covering procurement and sales. Most of its collaborative suppliers are large state-owned enterprises, publicly listed firms, and industry leaders. Mengzi Mining and Metallurgy Co., Ltd. has six subsidiaries, including three wholly owned subsidiaries and one joint-stock subsidiary, which are mainly engaged in trading and technology businesses. Leveraging its solid industrial strength and robust technological innovation capabilities, the company has garnered numerous prestigious accolades. In 2025, it ranked 41st on the "Yunnan Top 100 Non-Public Enterprises" list, 62nd on the "Yunnan Top 100 Enterprises" list, and 26th on the "Yunnan Top 100 High-Tech Enterprises" list. In 2024, it was awarded the Second Prize of the National Science and Technology Progress Award jointly by the Central Committee of the Communist Party of China and the State Council. It is a renowned local enterprise, a pillar enterprise in Mengzi City, a Yunnan Provincial Green Factory, a National High-Tech Enterprise, and its overall efficiency ranks among the top 5 in the industry. Within Yunnan's lead-zinc smelting sector, the company's actual lead and zinc metal capacity is second only to Yunnan Chihong Zn & Ge Co., Ltd. 1. Lead and Zinc Smelting (1) Zinc Smelting The smelter was completed and put into operation at the end of 2006, with a design scale of 49,000 mt of zinc ingot and 50 mt of indium ingot per year, and comprehensive recovery of valuable metals such as sulphuric acid, silver, copper, and cadmium. Currently, the main products and production capacities of the company's zinc smelting segment are: Main products: 80,000 mt of zinc ingot, 135,000 mt of 98% sulphuric acid (with an actual capacity of up to 170,000 mt), and 80 mt of indium ingot. By-products: 900 mt of copper sulphate, 400 mt of cadmium ingot, 4,000 mt of lead metal from lead-rich wet-process sludge (of which 3,000 mt is self-produced, and 1,000 mt comes from low-grade zinc oxide from the comprehensive plant), and 10 mt of silver metal from silver-rich wet-process sludge. (2) Lead Smelting The company's lead smelting segment, which enables comprehensive recovery of valuable metals such as silver, antimony, and copper, began construction in 2012 and was completed and commissioned in March 2014. The equipment is currently in good condition, and all permits related to safety, environmental protection, occupational health, and fire safety are valid and meet all relevant national requirements. The production capacity for the main products of the company's lead smelting segment is: 60,000 mt of lead ingot, 100 mt of silver ingot, 3,500 mt of antimony ingot, 60,000 mt of sulphuric acid, 1,000 mt of lead matte (copper metal), and 5,000 mt of zinc oxide metal. 2. Lead-Zinc Ore Mining and Processing The Mengzi Mining and Metallurgy mine is located at Bainiuchang Village Committee, Laozhai Township, Mengzi City, Honghe Prefecture, Yunnan Province (referred to as the Bainiuchang Mine). The mining area extends from Niuzuodi River in the north to Yutang Village in the south, and from Miwei Village in the west to Awei Village in the east, covering a mining and exploration rights area of 30 km². The mine is 60 km from downtown Mengzi and 9 km from the Mengzi–Wenshan third-class highway, ensuring convenient transportation. Roads within the mining area connect to the beneficiation plant, villages, and various adits, facilitating smooth access. Since the development of the Bainiuchang mine, essential industrial sites and auxiliary facilities have been gradually established to meet production and daily living needs. These include the mine headquarters, surface facilities and living quarters for Work Areas 1, 2, 3, and 4, the Baiyang No. 8 waste dump, No. 1 and No. 4 waste dumps, and surface material and equipment warehouses. An internal and external road transport system has been developed, providing direct access to all adits. The mining area comprises five ore blocks—Baiyang, Duimenshan, Chuanxindong, Awei, and Miwei—stretching approximately 5 km east–west and 5 km north–south. To date, the company holds three mining rights certificates and four exploration rights certificates for the mine. The Bainiuchang mine (the following are separate ore blocks within the same mining property) 3. Hazardous Waste Processing The enterprise has obtained a hazardous waste operating permit, with an annual treatment capacity of 98,000 mt. It can reprocess slag generated from its own smelting operations. Yunnan Province currently has a total of 69 Comprehensive Operation Permits under the Yunnan Province Hazardous Waste Operation Permit system, of which approximately 15 cover lead- and zinc-related hazardous waste. The company is the largest processor of hazardous waste materials for publicly listed state-owned enterprises such as Yunnan Copper Zinc, Yunnan Chihong Zn & Ge Co., Ltd., and Luoping Zinc & Electricity. 4. Sales and Trading The company operates a well-established trade management system supported by a professional trading team, implementing a key account sales strategy. It primarily handles procurement and sales, with most of its supplier partnerships formed with large state-owned enterprises, publicly listed firms, and industry leaders. Among its downstream clients, Xiamen Xiangyu Logistics Group Co., Ltd. is a state-owned enterprise, a Fortune Global 500 publicly listed firm, and one of China’s largest lead ingot traders. It mainly purchases zinc ingots from the mining and smelting company, with ingot trading accounting for over 70% of its total purchase and sales volume. Honghe Prefecture Hongtou Industrial Co., Ltd. is a state-controlled enterprise under Honghe Prefecture Development and Investment Holding Group Co., Ltd. It is a diversified company engaged in domestic and international trade in goods and technologies, materials supply and distribution, project investment and construction management, and new energy development and construction. It is a strategic trade partner introduced by the company. SMM Contact: Geng Zhiyao Tel: 13818541149

SMM July 21 News: Metals Market: Overnight, base metals on the domestic market mostly fell. SHFE copper rose 0.69%, SHFE aluminum fell 0.78%, SHFE lead edged up 0.06%, SHFE zinc fell 0.16%, and SHFE tin fell 0.21%. SHFE nickel fell 0.35%. In addition, the most-traded alumina futures contract fell 0.8%, while the most-traded cast aluminum contract rose 0.63%. Overnight, ferrous metals mostly fell. Stainless steel edged up, iron ore fell 1.12%, rebar fell 0.77%, and hot-rolled coil fell 0.7%. Coking coal and coke: the most-traded coking coal futures contract fell 2.73%, and the most-traded coke futures contract fell 2.23%. Overnight, on the overseas market, LME base metals nearly all moved lower. LME copper rose 0.86%. LME aluminum fell 0.96%, LME lead fell 0.53%, LME zinc fell 0.37%, LME tin fell 0.18%, and LME nickel fell 0.79%. Overnight, Precious Metals : COMEX gold fell 0.17%, and COMEX silver rose 0.6%. Overnight, the most-traded SHFE gold futures contract edged up 0.05%, and the most-traded SHFE silver futures contract continued its upward momentum from the previous trading day, rising 1.13%. As of 7:03 AM on July 21, overnight closing prices: Macro Front China: [Zheng Shanjie chairs private enterprise symposium: accelerate cultivation of new consumption growth points, promote smooth transition between old and new growth drivers] On July 20, Zheng Shanjie, head of the National Development and Reform Commission (NDRC), chaired a private enterprise symposium to communicate with five enterprises—Sanquan Food, HYC (Hua Xing Yuan Chuang), Yeahmobi, Galbot, and Feishang Technology—covering sectors such as food processing, industrial automation test equipment manufacturing, marketing services, humanoid robot R&D, and IoT services. The discussion focused on the H1 economic situation and H2 economic work. The NDRC will thoroughly implement the decisions and deployments of the CPC Central Committee and the State Council, leverage the combined effects of existing and incremental policies, accelerate the cultivation of new consumption growth points, continue promoting the implementation of major projects under the 15th Five-Year Plan, promote a smooth transition between old and new growth drivers, accelerate scenario cultivation and openness, further build a high-quality data supply system, and push forward with the construction of a unified national market, continuously strengthening the endogenous driving forces of economic development and stimulating market vitality. [National teleconference on mid-year work progress for consumer goods trade-ins held in Beijing] On July 17, the Ministry of Commerce held a national teleconference on mid-year work progress for consumer goods trade-ins, summarizing the progress and results of policy implementation in H1 and deploying key tasks for the next step. Assistant Minister of Commerce Yuan Xiaoming attended and delivered a speech, and commerce departments from Hebei, Henan, Hubei, and Sichuan made exchange speeches. The meeting noted that since 2026, the Ministry of Commerce has earnestly implemented the decisions and deployments of the CPC Central Committee and the State Council, working with various regions and relevant departments to solidly and orderly promote the implementation of the consumer goods trade-in policy, continuously expanding its coverage to benefit over 150 million person-times, effectively driving consumption upgrading and promoting resource recycling, achieving multiple policy effects. The meeting emphasized that all regions and departments should further enhance their political stance, establish and practice a correct view of performance, and meticulously implement the trade-in policy; further intensify efforts, strengthen inter-departmental coordination, widely publicize the policy, and broaden its coverage; and continue to enrich offline consumption scenarios, optimize the process for subsidy review and disbursement, making it easier for the public to participate in and benefit from the policy, thereby enhancing their sense of gain. (Ministry of Commerce website) [Just now, Wu Qing speaks out: fully maintain stable market operations] On the morning of July 21, Wu Qing, Party Secretary and Chairman of the China Securities Regulatory Commission, conducted a survey at a securities business department in Beijing and chaired an investor symposium, engaging in face-to-face exchanges with eight representatives of various investors, including large, medium, and small retail investors, to solicit opinions and suggestions on promoting stable and healthy development of the capital market. [China Coal Transportation and Marketing Association: Key monitored coal enterprises saw decreases in both ten-day production and sales in early July] The China Coal Transportation and Marketing Association released its ten-day coal market dispatch report. In early July, due to stricter safety supervision, mine maintenance, and rainfall in producing areas, overall coal supply contracted somewhat, with key monitored coal enterprises seeing decreases in both ten-day production and sales. Looking at demand by sector: In the power sector, increased rainfall boosted hydropower generation, and combined with increased new energy output, thermal power generation and power plant coal consumption pulled back. The steel industry showed clear off-season characteristics, with weak demand; pig iron production and coal consumption by key monitored coke and steel enterprises were below levels seen in the same period last year. US Dollar: Overnight, the US dollar index continued its upward momentum from the previous two trading days, rising another 0.21% to 100.97. Recurring US-Iran tensions drove wild swings in oil prices, which intensified market concerns about inflation and raised expectations for US Fed interest rate hikes. Fed’s Hammack stated that inflation is too high and broad-based, and persistently high inflation is a greater concern. According to CME "FedWatch": The probability of the Fed keeping rates unchanged in July is 84.5%, while the probability of a cumulative 25-basis-point rate hike is 15.5%. For September, the probability of the Fed keeping rates unchanged is 36%, the probability of a cumulative 25-basis-point hike is 55.1%, and the probability of a cumulative 50-basis-point hike is 8.9%. (Jinshi Data APP) The spread between 10-year and 2-year US Treasury yields will narrow further in the coming months, and rising tensions in the Strait of Hormuz could lead to a full inversion of the yield curve, according to Capital Economics. "One reason for this difference is that short-term real rate expectations have risen more than long-term real rate expectations, likely reflecting strong economic data," Capital Economics also expects that the 2-year and 10-year yield curve will flatten further as investors price in additional rate hikes. "We forecast the Fed will hike rates by 75 basis points over the next year, compared to the 40 basis points currently priced in by markets," they said. (Jinshi Data APP) Macro Front: Today, data releases include Switzerland's June trade balance, the UK's May ILO unemployment rate (3-month), UK June public sector net borrowing, UK June unemployment rate, UK June claimant count change, Germany's July ZEW economic sentiment index, the Eurozone's July ZEW economic sentiment index, and the US weekly change in ADP employment for the week ending July 4, among others. Crude Oil: Overnight, both oil futures contracts continued their upward momentum from the previous trading day, with WTI oil rising 0.78% and Brent oil rising 0.81%. The oil market experienced significant swings on Monday. The ninth round of bombing by Iran pushed oil prices initially higher, but subsequent diplomatic statements regarding a 10-day ceasefire negotiation caused prices to pull back. According to Xinhua News Agency, Trump hinted that the US military would launch a tough retaliation against Iran. However, the Trump administration has not completely ruled out seeking a diplomatic solution. US Secretary of State Rubio stated in an interview on the evening of the 19th that the Trump administration "remains open to diplomatic solutions." According to Xinhua, a senior Iranian official said that mediators in the US-Iran talks have proposed an initiative to Iran aimed at de-escalating the current situation, suggesting a 10-day ceasefire to seek the resumption of the memorandum of understanding reached between the two nations last month. However, a Wallstreetcn article pointed out that shipping in the Strait of Hormuz had nearly stalled, with a Greek shipowner reporting that two oil tankers had been attacked. Data from the monitoring website Hormuz Strait Monitor shows that transits on July 20 were around 12 vessels per day, a plunge of over 89% from the pre-conflict daily average of 110 vessels, severely restricting the shipment of crude oil and LNG. (Wallstreetcn) Additionally, according to Bloomberg, as the US continues to strike Iran, vessels in the Strait of Hormuz are being targeted by Iran, bringing traffic in this vital waterway to a near standstill on Monday. Ship tracking data showed a Marshall Islands-flagged bulk carrier was one of the few vessels apparently attempting to transit the strait, switching off its transponder as it moved from the Persian Gulf toward Omani waters near the strait. An LPG carrier flagged as part of the "dark fleet" involved in Iranian exports also appeared to head toward the strait. Another bulk carrier registered in the Marshall Islands began emitting signals from the Gulf of Oman after previously indicating it was in the Persian Gulf on Sunday morning, suggesting it had transited the Strait of Hormuz with its transponder switched off. (Bloomberg)

The latest data from the General Administration of Customs shows that in June 2026, China's air conditioner exports reached 5.11 million units, up 11.5% YoY; cumulative exports from January to June totaled 39.16 million units, down 4.6% YoY.

Dateline Resources has achieved strong results from the first round of rock chip sampling at its district-scale Music Valley heavy rare earth project in California, with one sample returning a total rare earth oxide (TREO) grade of up to 7.13%. The company stated that the exploration model was strongly validated, as all 33 samples collected from surface showed anomalous rare earth grades, confirming the widespread presence of mineralization and highlighting multiple targets within the 20,000-acre large project area. These results provided the first geochemical validation of targets generated by Dateline's recent high-resolution airborne magnetic and radiometric surveys.

European Resources reported an Inferred Mineral Resource for Korsnäs, expanding it to 15.4 million mt at a grade of 1.00% TREO, and set a conceptual exploration target of 18 million to 32 million mt. ANSTO Minerals achieved notable results, delivering an overall magnetic rare earth recovery of 83%, with recovery rates of 88% for praseodymium and 83% for neodymium, although recovery rates for heavy rare earths such as dysprosium and terbium remained below 50%. At the end of the quarter, the company held only A$1.76 million in cash, sufficient to sustain operations for only about 2.47 quarters at the current rate. Given this, the company is likely to require additional funding.

Xie Cun, spokesperson for the Ministry of Industry and Information Technology and Director of the Information and Communication Administration, said that by the end of June, the number of 5G base stations had reached 5.102 million, and 10G PON ports capable of providing gigabit network services had reached 32.86 million. The commercial network construction of 5G-A is being actively promoted, and 10-gigabit optical networks have been deployed on a trial basis in scenarios such as residential communities, factories, and industrial parks. The types of smart terminals based on 5G are continuously expanding, with products such as AI-powered phones and computers, smart robots, AI glasses, and AI toys becoming new hot topics in information consumption. Approval has been granted for the use of 6 GHz band frequencies for 6G trials, and the second phase of 6G technology trials is being accelerated. The level of opening-up and development has been steadily improving. The pilot program for expanding the opening-up of value-added telecom services has been implemented, yielding notable results in attracting and utilizing foreign investment. As of now, the cumulative number of foreign-invested telecom enterprises has reached 3,219, up 23.9% compared to the same period last year.

Skyharbour Resources has signed a non-binding letter of intent (LoI) with Purecore Metals regarding a potential option for up to a 100% interest in the Yurchison uranium property in northern Saskatchewan, Canada. The project comprises 22 claims covering approximately 35,029 hectares and is located about 75 km south of Cameco’s Rabbit Lake operation. Historical exploration returned uranium grades ranging from 0.09% to 0.30% U3O8 and molybdenum values of 2,500–6,400 ppm from surface samples. In addition to uranium, the geological setting is considered prospective for copper, zinc and molybdenum mineralisation. However, no defined zinc resource or recent zinc-focused drilling results have been reported. The proposed transaction remains subject to due diligence, definitive agreements, board approvals and regulatory clearances.

According to a report by Mining.com citing Bloomberg, NGEx Minerals has expanded the high-grade Jupiter zone at its Lunahuasi copper-gold-silver project in northern Argentina, while the Saturn zone has also expanded in scale. Drillhole DPDH077 in the Jupiter zone intersected 10 m at a depth of 89 m, grading 0.88% copper, 3.14 g/mt gold and 12.2 g/mt silver, including a 7.6 m interval grading 18.84% copper, 5.54 g/mt gold and 336.7 g/mt silver. Company CEO Wojtek Wodzicki said, "The results from hole DPDH077 show that the Jupiter zone cannot be overlooked; this zone was the first orebody intersected in the Lunahuasi discovery hole." Although the number of drillholes in Jupiter is less than in the Saturn and Mars targets, the mineralization intersected over an area of 400 m by 500 m at Jupiter indicates the potential of this main zone, Wodzicki added. Recent sample assay results once again demonstrate the strength of Lunahuasi as one of the highest-grade new copper-gold-silver discoveries in the world. Drilling is continuing to expand and connect zones to increase resource potential. The mineralization intersected at Jupiter demonstrates the significant potential of this zone, and it will be a priority target for the Phase 5 plan. The company has not specified when Phase 5 will begin. In the Saturn zone, drillhole DPDH069 intersected 13 m at a depth of 437 m, grading 1.07% copper, 1.31 g/mt gold and 37.6 g/mt silver. Hole DPDH072 intersected 34 m at a depth of 193 m, grading 1.43% copper, 1.8 g/mt gold and 40.2 g/mt silver, including a 6 m interval grading 3.75% copper, 4.82 g/mt gold and 93.1 g/mt silver. This intersection may indicate the presence of a new zone to the east of Saturn, NGEx said. Saturn may be a large, structurally controlled disseminated and stockwork orebody cut by high- to extremely high-grade veins. These results are from the Phase 4 drilling program of the Lunahuasi project, comprising 32 drillholes for a total of 27,318 m. Lunahuasi is located approximately 1,300 km northwest of Buenos Aires.