Zimbabwe announces 14 minerals including lithium and nickel as 'critical minerals,' mandating state ownership – otherwise mining is not allowed. Chinese executive: mainly targets new mining projects, limited impact on existing ones.

The minutes of Xingye Silver&Tin's investor briefing announced on May 27 show: 1. Question: Mr. Sun! After the commissioning of Yinman Phase II, the plan is to mainly process lead-zinc-silver series ore, and the ore type and grade are expected to show relatively small changes compared to the Phase I lead-zinc system. Simply put, Zone 1 and Zone 4 are important resource replacement areas for Yinman Mining in the future, but currently they still belong to "potential zones" and cannot be directly classified into the "core rich ore" category like Orebody No. 17. Xingye Silver&Tin's response: Thank you for your attention! As of now, Orebody No. 17 is the main orebody that has been proven at Yinman. 2. Question: Hello, could you share the company's outlook on its own resources going forward and its assessment of the future market? Xingye Silver&Tin's response: Thank you for your attention! As an important participant in China's mineral resources sector and one of the world's leading silver-tin polymetallic mining enterprises, the company is firmly optimistic about its strategic layout, resource reserves, and industry prospects. 3. Question: Mr. Sun, over the past two years, the company has continuously pursued project acquisitions with an expanding financing scale. Can talent and technology be guaranteed? Can timely operations and safety be ensured? Xingye Silver&Tin's response: Thank you for your attention! In recent years, the company has prudently conducted project acquisitions and financing activities centered on its core business, with the overall expansion pace being controllable. Currently, the company has a complete talent pipeline and mature core technologies, and has established a standardized operational management and safety and environmental protection-related controls system, which can fully ensure the stable operation of all acquired projects and effectively prevent various risks. 4. Question: Mr. Sun, was your increase in shareholding in 2026 because you are optimistic about the company's several major projects this year? Xingye Silver&Tin's response: Thank you for your attention! Like other small and medium investors of the company, I am firmly optimistic about the company's potential investment value and plan to hold for the long term. 5. Question: @Director, Vice President and Board Secretary Sun Kai. Dear Secretary Sun, the company's Hong Kong IPO prospectus disclosed a 2026 tin production guidance of 5,500 mt, but Q1 production was only 777 mt, annualized at only 3,100 mt, far below the full-year guidance. May I ask: 1) Was the low Q1 production due to the technological transformation ramp-up of Yinman's copper-tin system, equipment commissioning, or low recovery rates? 2) What is the capacity release pace in subsequent quarters, and can the full-year guidance of 5,500 mt be achieved? 3) What are the timetable for reaching full production after technological transformation and the recovery rate improvement targets? Xingye Silver&Tin's response: Thank you for your attention! Based on the principles of comprehensive resource recovery and safe and efficient mining, the company simultaneously mines Orebody No. 17 and other copper-tin orebodies. For the company's production data, please refer to the periodic reports published on the company's designated information disclosure media. 6. Question: After the acquisition of Weiling Co., the company's related resources will inevitably be tilted toward that company. Please terminate the acquisition of Weiling Co. Xingye Silver&Tin's response: Thank you for your attention! Regarding the progress of the Weiling Co. project, please follow the relevant announcements disclosed by the company on designated media. 7. Question: What are the respective positioning of Xingye Silver&Tin A-shares, Xingye Silver&Tin H-shares, and Weiling Co.? Xingye Silver&Tin's response: Thank you for your attention! Regarding the progress of the Weiling Co. project, please follow the relevant announcements disclosed by the company on designated media. 8. Question: Dear Board Secretary, is the Q1 performance sustainable? What are the current capacity and inventory of silver and tin respectively? Xingye Silver&Tin's response: Thank you for your attention! In Q1 2026, the company's mined silver production was 78.95 mt and mined tin production was 777.33 mt. As of the end of Q1 2026, silver inventory was 15.04 mt and tin inventory was 83.67 mt. 9. Question: Is there a preliminary timetable for the Hong Kong listing? Can it be completed before the end of December this year? Among the company's plans, no projects have been implemented in Xinjiang yet. What kind of resources is the company planning for in the Xinjiang segment? Xingye Silver&Tin's response: Thank you for your attention! The company will release progress announcements on designated media in a timely manner based on project developments. Please stay tuned! 10. Question: Dear Board Secretary, how does the company view the sustained growth in silver and tin demand driven by AI and new energy? Tin production was 8,900 mt in 2024, but the 2026 guidance was lowered to 5,500 mt. What is the core reason? What is the pace of subsequent capacity release for the Yinman technological transformation and the Morocco project? Xingye Silver&Tin's response: Thank you for your attention! The materials related to the Hong Kong listing adopt the JORC Code, a technical standard developed by Australia. For example, the JORC Code defines "ore reserves" as the economically mineable part of measured and/or indicated mineral resources. The above standard differs to some extent from China's standards, resulting in certain deviations between the relevant data under planning and actual production and operations. Specific production data shall be subject to the data disclosed in the company's periodic reports. 11. Question: Has the land certificate and construction permit for Yinman Phase II been obtained? Please do not respond with "please follow the relevant announcements disclosed by the company on designated media." Xingye Silver&Tin's response: Thank you for your attention! Yinman Phase II is expected to commence construction on July 1. After construction begins, the company will promptly disclose relevant progress announcements. Please stay tuned! 12. Question: Last year, the company was bullish on silver prices continuing to rise and chose to stockpile. Now silver prices are under pressure and the company did not hedge. Is the company still bullish on silver?The stock price has been continuously under pressure. Will the company proactively manage this? Xingye Silver&Tin replied: Thank you for your attention! As of now, the company has not conducted any futures hedging business. The company's hedging is carried out prudently at appropriate times based on actual production and operations as well as market conditions, with strict control over transaction risks. 13. Question: What is the current tin recovery rate at Yinman? The report for the Hong Kong listing shows a significant decline in grade. Is this in line with the company's current situation? If based on that report, it seems the company does not need to proceed with the Phase II expansion of Yinman, which appears somewhat contradictory. When will all of the company's capacity reach full production? After all capacity reaches full production, what will be the approximate production of silver and tin? Atlantic Tin has a gold exploration right. Could you briefly introduce the situation of that mine? Does the company have any plans to increase its equity stake in Far East Gold in the future? Xingye Silver&Tin replied: Thank you for your attention! The technical standards used in the Hong Kong listing materials are based on the JORC Code formulated by Australia. For example, the JORC Code defines "Ore Reserves" as the economically mineable part of Measured and/or Indicated Mineral Resources. The above standards differ to some extent from China's standards, resulting in certain deviations between the relevant data in the long-term planning and actual production and operations. Specific production data shall be subject to the data disclosed in the company's periodic reports. 14. Question: Hello, Secretary of the Board. The resource volumes and capacity plans for Yinman and Yubang Mining disclosed in the Hong Kong IPO prospectus are lower than the company's previous communication figures. What is the core reason? Is it due to differences in the JORC Code methodology (only including Measured and Indicated Resources, excluding Inferred Resources)? Does it involve resource reductions, grade downgrades, or mining plan adjustments? Is there room for future resource additions or upward revisions? Xingye Silver&Tin replied: Thank you for your attention! The technical standards used in the Hong Kong listing materials are based on the JORC Code formulated by Australia. For example, the JORC Code defines "Ore Reserves" as the economically mineable part of Measured and/or Indicated Mineral Resources. The above standards differ to some extent from China's standards, resulting in certain deviations between the relevant data in the long-term planning and actual production and operations. Specific production data shall be subject to the data disclosed in the company's periodic reports. 15. Question: Mr. Sun, based on the materials disclosed for the company's Hong Kong listing, the company's production of silver and especially tin is significantly lower than previous expectations. Is this estimate, this guidance, the company's true guidance, or a theoretical guidance made by SRK based on their assessment? Does the company plan to issue a medium and long-term guidance that is in line with the company's actual production plans to clarify these expectations?Otherwise, these expectations may have a significant negative impact on the company and noticeably undermine investor confidence. In fact, this is also unfavorable for the company's listing on international capital markets for financing and further development. Xingye Silver&Tin's response: Thank you for your attention! The Hong Kong listing-related materials adopt the JORC Code established by Australia as the technical standard. For example, the JORC Code defines "Ore Reserves" as the economically mineable part of Measured and/or Indicated Mineral Resources. The above standards differ to some extent from China's standards, resulting in certain deviations between the relevant data in the long-term plan and actual production and operations. Specific production data shall be subject to the data disclosed in the company's periodic reports. 16. Question: Mr. Sun, hello. The prospectus explains that there will be discrepancies between the Competent Person's planned mineral processing production schedule and the enterprise's actual situation. Could Mr. Sun please introduce the production plan for silver and tin from 2028 to 2030? Xingye Silver&Tin's response: Thank you for your attention! The Hong Kong listing-related materials adopt the JORC Code established by Australia as the technical standard. For example, the JORC Code defines "Ore Reserves" as the economically mineable part of Measured and/or Indicated Mineral Resources. The above standards differ to some extent from China's standards, resulting in certain deviations between the relevant data in the long-term plan and actual production and operations. Specific production data shall be subject to the data disclosed in the company's periodic reports. 17. Question: Specifically regarding Yinman Mining: according to SRK's data, there will be significant grade decline in the future. In addition, the feed grade differs considerably from the company's disclosures in the 2025 annual report and previous annual reports. Is it necessary to issue a specific announcement to provide an explanation based on the different mining standards? Xingye Silver&Tin's response: Thank you for your attention! The Hong Kong listing-related materials adopt the JORC Code established by Australia as the technical standard. For example, the JORC Code defines "Ore Reserves" as the economically mineable part of Measured and/or Indicated Mineral Resources. The above standards differ to some extent from China's standards, resulting in certain deviations between the relevant data in the long-term plan and actual production and operations. Specific production data shall be subject to the data disclosed in the company's periodic reports. 18. Question: Have the specific construction commencement dates been confirmed for Yinman Phase II, Yubang Phase II, the Morocco tin mine, and the Budun Yingen mine managed by the controlling shareholder? Could you also provide the commissioning and full production timelines? Thank you. Xingye Silver&Tin's response: Thank you for your attention! Yinman Phase II is expected to commence construction on July 1; the Yubang 8.25 million mt/year project is expected to commence construction in Q3; the Atlantic Tin project has obtained all construction permits and is currently carrying out preliminary preparation work including contractor tender and equipment transportation, with construction expected to commence in mid-July; all the above projects are expected to achieve commissioning with feed materials in Q4 2028. The managed company Budun Yingen plans to commence construction in Q4, with production expected to begin in 2029. 19. Question: Director Sun, in a previous institutional survey, you clearly stated that the company's quarterly tin production of 3,600 mt can be achieved on a regular basis. Is there an opportunity to achieve this quarterly target this year? Xingye Silver&Tin's response: Thank you for your attention! Adhering to the principles of comprehensive resource recovery and safe, efficient mining, the company simultaneously mines Orebody No. 17 and other copper-tin orebodies. For the company's production data, please refer to the periodic reports published by the company on designated information disclosure media. 20. Question: Does the company have the right to abandon the acquisition of the relevant equity in Weiling Shares? Xingye Silver&Tin's response: Thank you for your attention! For the progress of the Weiling Shares project, please refer to the relevant announcements disclosed by the company on designated media. 21. Question: Director Sun, in the records of a previous institutional survey, the company responded that Yinman's quarterly tin production of 3,600 mt can be achieved on a regular basis, but it seems this has not been realized subsequently. Is there a possibility of attempting to reach this record this year? Xingye Silver&Tin's response: Thank you for your attention! Adhering to the principles of comprehensive resource recovery and safe, efficient mining, the company simultaneously mines Orebody No. 17 and other copper-tin orebodies. For the company's production data, please refer to the periodic reports published by the company on designated information disclosure media. 22. Question: Is there a plan to spin off minor metals other than silver and tin to Weiling Shares? Xingye Silver&Tin's response: Thank you for your attention! For the progress of the Weiling Shares project, please refer to the relevant announcements disclosed by the company on designated media. 23. Question: Has the matter of acquiring Weiling been terminated? Xingye Silver&Tin's response: Thank you for your attention! For the progress of the Weiling Shares project, please refer to the relevant announcements disclosed by the company on designated media. 24. Question: Has the company already dispatched personnel to take over the production and operations of Jiayu Mining? Xingye Silver&Tin's response: Thank you for your attention! For the progress of the Weiling Shares project, please refer to the relevant announcements disclosed by the company on designated media. 25. Question: After acquiring Weiling Shares, our company will become an AAH (Xingye Weiling H) publicly listed firm. What is the company's positioning for the three listing platforms? Xingye Silver&Tin's response: Thank you for your attention! For the progress of the Weiling Shares project, please refer to the relevant announcements disclosed by the company on designated media. 26. Question: In the company's 2025 annual report, the company stated "solidly advancing the subsequent acquisition and integration of Weiling Shares," but Weiling Shares has been subject to a delisting risk warning. What is the purpose of our acquisition of Weiling? Xingye Silver&Tin's response: Thank you for your attention!For updates on the progress of Weiling shares project, please refer to the relevant announcements disclosed by the company on designated media. Xingye Silver&Tin's Q1 report showed that from January to March 2026, the company achieved operating revenue of 2.13 billion yuan, up 85.32% YoY; net profit attributable to shareholders of the publicly listed firm was 1.338 billion yuan, up 257.32% YoY. As of March 31, 2026, the company's total assets were 19.689 billion yuan, and net assets attributable to shareholders of the publicly listed firm were 10.825 billion yuan. Operating revenue breakdown: From January to March 2026, the proportion of operating revenue from the company's main mineral products to total operating revenue was as follows: ore-derived silver (1.41 billion yuan, 66.21%), ore-derived tin (234 million yuan, 10.99%), ore-derived zinc (228.12 million yuan, 10.71%), ore-derived lead (71.85 million yuan, 3.37%), ore-derived antimony (53.1 million yuan, 2.49%), ore-derived gold (51.02 million yuan, 2.40%), ore-derived iron (44.17 million yuan, 2.07%), ore-derived copper (35.65 million yuan, 1.67%), and ore-derived indium (524,100 yuan, 0.02%). Among them, ore-derived tin and ore-derived silver combined accounted for 77.19% of total operating revenue. Xingye Silver&Tin's Q1 report stated that operating profit for the current period increased 238.16% compared with the previous period, total profit increased 236.36%, and net profit attributable to the parent company's shareholders increased 257.32%. The main reasons were: During the reporting period, the selling prices of the company's main mineral products such as silver and tin rose YoY; Yubang Mining's capacity was gradually released, with ore-derived silver production and sales increasing significantly YoY; and the transfer of 60% equity in Shuangyuan Non-ferrous realized investment income of 321 million yuan. Xingye Silver&Tin's 2025 annual report showed that in 2025, the company achieved operating revenue of 5.555 billion yuan, up 30.09% YoY; total profit of 2.096 billion yuan, up 18.75% YoY; and net profit attributable to shareholders of the publicly listed firm of 1.704 billion yuan, up 11.40% YoY. Xingye Silver&Tin's announcement showed that in 2025, the proportion of operating revenue from the company's main mineral products to total operating revenue was as follows: ore-derived silver (2.176 billion yuan, 39.17%), ore-derived tin (1.65 billion yuan, 29.70%), ore-derived zinc (975.87 million yuan, 17.57%), ore-derived lead (220.95 million yuan, 3.98%), ore-derived iron (180.38 million yuan, 3.25%), ore-derived copper (133 million yuan, 2.39%), ore-derived antimony (100.36 million yuan, 1.81%), ore-derived gold (82.34 million yuan, 1.48%), and ore-derived bismuth (16.67 million yuan, 0.30%). Among them, ore-derived tin and ore-derived silver combined accounted for 68.86% of total operating revenue. 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 primarily engaged in the exploration, mining, and ore processing of non-ferrous metals and precious metals. As of the disclosure date of this report, the company had over 20 subsidiaries, of which 8 were operating mining companies, namely Yinman Mining, Qianjinda Mining, Yubang Mining, Rongguan Mining, Xilin Mining, Rongbang Mining, Ruineng Mining, and Bosheng Mining. Atlas Tin SAS under Atlantic Tin was in the construction phase for the Achmmach tin mine. Tanghe Times Mining was in a suspended construction phase, while Yitong Mining and Yunnan Xigui were in the exploration phase. Hainan Fund was primarily engaged in equity investment management; Xingye Gold (Hong Kong) was primarily engaged in metals and mining trading, corporate M&A, and was responsible for expanding markets outside China and acquiring quality mineral resources ex-China; Hainan Guomao and Tianjin Guomao were primarily engaged in non-ferrous metal mineral product sales and partial raw material procurement; Xingye Ruijin was primarily engaged in process research, technology R&D and upgrading in areas such as exploration, mining and processing, and comprehensive tailings recovery and utilization. Tibet Shannan Antimony Gold, Tibet Xinda Mining, and Xing'an League Fuxingtun Mining served as the company's regional resource integration platforms. During the reporting period, the company successfully acquired 85% equity in Yubang Mining. According to data compiled by the Silver Institute as of the end of 2023, Yubang Mining's monomer silver mine ranked first in Asia and fifth globally. This acquisition further strengthened the company's resource advantages and laid a solid resource foundation for sustainable development. Meanwhile, using its subsidiary Xingye Gold (Hong Kong) as the investment vehicle, the company increased investment in mineral resources outside China and successfully acquired 100% equity in Atlantic Tin. This acquisition was an important step in implementing the company's "going global" strategy. According to the classification standards for large-scale tin mines in the "Standards for Classification of Mineral Resource Reserve Scales" (DZ/T 0400-2022), the Achmmach tin mine owned by Atlantic Tin currently amounts to the equivalent of 5 large deposits. Through this integration of tin ore resources outside China, the company further improved its international tin ore layout and also reserved important strategic resources for long-term development. The company's main performance was derived from non-ferrous metal mining and processing operations. During the reporting period, revenue from non-ferrous metal mining and processing accounted for 99.64% of total operating revenue in 2025. Key factors affecting the operating performance of the mining and processing segment included production and sales volumes of major products, market prices, and costs of non-ferrous metal and precious metal mining and processing operations. Regarding the business plan, Xingye Silver&Tin stated in its 2025 annual report: 2026 is the concluding year of the company's "Second Three-Year" plan. The Board of Directors will closely focus on the theme of high-quality development, fully implement established work objectives, continue to deepen the philosophy of "Trust and Collaboration," and make an all-out push to achieve the closing targets of the "Second Three-Year" plan, with emphasis on the following areas of work: 1. Uphold the bottom line of safety and environmental protection. Using 2026 as the "Year of Safety Management Implementation," the company will comprehensively enforce safety responsibilities, consolidate the achievements of the "Year of Collective Safety Vigilance," strengthen risk anticipation and process control, resolutely prevent all types of safety and environmental protection incidents, and achieve safe, steady, green, and low-carbon development. 2. Advance key project construction at full speed, strengthen full-process management of project budgets, schedules, and quality, and coordinate the implementation of projects including the 2.97 million mt expansion of Yinman Mining, the 8.25 million mt expansion of Yubang Mining, the Morocco project, and the Budun Yingen Mining (under trusteeship) project, ensuring on-schedule completion, reaching full production, and releasing capacity benefits. 3. Continue to intensify exploration and reserve expansion efforts, properly balance production operations with geological exploration, steadily advance exploration of existing mines and surrounding areas, accelerate the conversion and upgrading of resource volumes, and continuously strengthen the resource foundation. 4. Deepen industrial synergy and resource integration. Leveraging the core regional advantages in Inner Mongolia, the company will steadily expand its resource layout outside China; adhering to silver and tin as the main business direction, it will enrich and optimize resource varieties. The company will solidly advance the subsequent acquisition and integration of Weiling shares, actively track quality mineral project opportunities in and outside China, and enhance overall competitiveness through synergistic industrial M&A. 5. Further strengthen institutional enforcement and internal control management, drive the effective implementation of various systems, processes, and control requirements, and enhance the company's refined management capabilities; strengthen enforcement capacity building to ensure production plans, comprehensive budgets, and various work deployments are fully implemented, and promote deep integration of corporate culture with business management. 6. Advance Hong Kong stock listing preparations at full speed, accelerate the establishment of a dual capital market platform at home and abroad, enhance cross-border capital operation capabilities, provide stronger financial support for the company's resource integration and strategy implementation, and drive the company's high-quality sustainable development to new heights. Reviewing the 2025 price performance of spot silver: the average price of SMM 1# silver (Ag99.99%) on December 31, 2025 was 18,430 yuan/kg, compared with 7,440 yuan/kg on December 31, 2024, representing an increase of 10,990 yuan/kg, or 147.71%. Recently, spot silver prices have been fluctuating. On May 27, the morning quote for SMM 1# silver (Ag99.99%) was 18,654–18,684 yuan/kg, with an average price of 18,669 yuan/kg, up 0.54% from the previous trading day. Compared with the average price of 18,430 yuan/kg on December 31, 2025, the price edged up by 239 yuan/kg, a gain of 1.3%. Regarding the outlook for precious metals, some institutions' views are as follows: FXTM Senior Research Analyst Lukman Otunuga stated: "As hopes for a US-Iran peace deal waver, gold prices have pulled back and are approaching the $4,450 support level. In addition, market expectations for a US Fed rate hike are steadily building amid conflict-driven price pressures, which is also exerting further downward pressure on gold prices." "Ultimately, if more signs emerge that price pressures are rising, it could further reinforce market bets that the US Fed will keep interest rates higher for longer, which would expose gold to greater downside risk." (Jin10 Data APP) CITIC Futures stated: Renewed tensions in US-Iran geopolitics have dampened risk appetite, while rising oil prices have reignited inflation concerns and strengthened market bets on a US Fed rate hike within the year, with multiple factors dragging silver prices lower. On one hand, US economic data still showed resilience, with the latest Chicago Fed National Activity Index for April at 0.14, significantly better than the previous reading of -0.15. The US May Conference Board Consumer Confidence Index and Present Situation Index both pulled back from prior readings, but the confidence index still beat market expectations. Combined with renewed US-Iran tensions pushing oil prices higher and sparking inflation concerns, market pricing for a year-end US Fed rate hike has strengthened. On the other hand, spot silver's fundamental drivers remained weak, with London market silver lease rates running at persistently low levels. In the short term, silver is expected to maintain a fluctuating trend, with overall capital interest still relatively low. Attention should be paid to US-Iran negotiation progress and strait navigation resumption. If US-Iran negotiations progress smoothly, this could drive a short-term silver rebound, but interest rate expectations will continue to suppress the trend. If geopolitical tensions escalate again and push oil prices higher, caution is warranted regarding further medium-term suppression of silver's industrial products elasticity and potential supply disruptions. Over the long term, weakening US dollar credibility, safe-haven demand, and investment demand provide solid support for silver prices. (Jin10 Data APP) A CITIC Securities research report noted that the resilience of the global economy is being tested by the Middle East conflict, with a glimmer of hope for the resumption of navigation through the Strait of Hormuz. The US economy may continue to grow mildly but unevenly this year, the pace of the EU's weak recovery is being delayed, and Japan's private-sector demand will inevitably be disrupted by energy shortages. High oil prices are already pushing up global inflation, with headline inflation rates in Europe and the US likely to fluctuate at highs this year, while Japan's headline inflation rate may continue its mild performance. The US Fed may not cut interest rates at all this year, while potential rate hikes by the ECB and BOJ are imminent, and the "unrestrained" fiscal stance of Japanese and European political circles may constitute a source of market risk this year. We maintain our view that US equities will outperform US bonds and that the US dollar index has support, and gold prices are expected to break free from their predicament as tail risks of inflation dissipate. ANZ analyst Kumar, Soni recently stated that inflation expectations, rising US Treasury yield, and a stronger US dollar are unfavourable factors putting gold prices under pressure. These factors will persist until we can clearly determine how long this conflict will last. Gold has fallen more than 14% since the outbreak of war in late February. OANDA Senior Market Analyst Kelvin Wong stated that since early March, the overall trend of the 10-year US Treasury yield has remained in a medium-term upward phase. Therefore, at this juncture, gold bulls may not be as aggressive in pushing prices higher. Gold is expected to continue weakening over the next few trading days, with resistance at $4,645 and support at $4,456. (Jin10 Data) Goldman Sachs stated that central banks are expected to increase gold purchases, helping gold prices rebound by year-end. Analysts Thomas, Lina and Struyven, Daan stated in a research report published on May 15 that the average monthly central bank gold purchases in 2026 are expected to rise to 60 mt. Based on the revised accumulation model, the 12-month average of central bank gold purchases in March reached 50 mt, compared with a previous figure of 29 mt. Citing internal surveys, the analysts noted that central banks have long-term rigid allocation demand for gold, and recent changes in the geopolitical landscape are likely to continue driving countries to accelerate asset diversification. JPMorgan lowered its 2026 average gold price forecast from $5,708 per ounce to $5,243 per ounce. As demand is expected to re-accelerate in H2 2026, the base case still projects gold prices reaching $6,000/ounce by year-end.

Eurasian Resources Group (ERG) announced that Nature Energy Solutions has acquired a 39.3% stake in the company through purchases from co-founder Patokh Chodiev and the heirs of Alexander Machkevitch. ERG is a major producer of copper, cobalt, ferroalloys, iron ore, and aluminum, with significant mining assets in Kazakhstan and the Democratic Republic of Congo (DRC). Market attention remains focused on the company’s shareholder restructuring and its strategic exposure to global copper and cobalt supply chains.

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

Recently, Yunnan Yuntianhua Co., Ltd. issued an announcement disclosing that its investee subsidiary, Yunnan Yuntianhua Julin New Materials Co., Ltd., plans to invest in the construction of the Wanchang phosphate mine mining project with a capacity of 10 million tons per year. The total estimated investment for the project is approximately 8.169 billion yuan. Yuntianhua will fulfill its capital contribution obligations according to its 35% shareholding ratio, with a subscribed capital contribution of 700 million yuan, of which 455 million yuan has been actually paid as of the announcement date. Its main construction content includes an underground mining project with a capacity of 10 million tons per year and supporting auxiliary facilities.

On April 14, a delegation from SMM Information & Technology Co., Ltd. (SMM), including Ye Jianhua, Director and Supervisor of SMM's Industry Research Department, Feng Chundi, Expert at SMM's Industry Research Institute, and Wu Tao, SMM's Copper and Tin Overseas Marketing Manager, visited Chambishi Copper Smelter Limited (CCS) for exchange and survey. The delegation received warm hospitality from CCS's leadership. During the visit, both parties engaged in pragmatic communication based on their respective core businesses. Leveraging its core strengths in non-ferrous metal price index R&D, industry chain big data monitoring, copper market analysis and forecasting, in-depth industry research, and global non-ferrous resource connectivity, SMM shared insights on international copper market operating logic and price trend analysis with the enterprise, in the context of the current global copper smelting supply-demand pattern, raw material procurement landscape, and TC fluctuation trends. As a core copper smelting producer outside China, CCS provided a detailed introduction to its production and operation status, smelting process advantages, capacity release pace, raw material procurement, and product exports layout, and elaborated on the practical experience of ex-China copper smelters in production management, cost control, green production, and localized operations. Meanwhile, both parties exchanged views on common industry topics including development pain points of the copper smelting industry outside China, raw material supply security, finished product circulation and trade, industry policy changes, and low-carbon smelting development trends. They also reached preliminary consensus on future directions such as industry chain information sharing, market data exchange, joint market analysis, and industry resource coordination, laying a solid foundation for deepening regular exchanges and promoting high-quality collaborative development of the copper smelting industry chain. Introduction to Chambishi Copper Smelter Limited (CCS) Chambishi Copper Smelter Limited (CCS) is the first large-scale modern pyrometallurgy copper smelting enterprise invested by China overseas, entirely self-designed and constructed. Located in the Zambia-China Economic and Trade Cooperation Zone, the company has 170 Chinese staff and 1,600 Zambian employees. The company has always focused on its vision of "building an internationally first-class smelting enterprise with enduring prosperity," upheld the corporate spirit of "self-transcendence, continuous breakthroughs, and pursuit of excellence," benchmarked against first-class standards with meticulous craftsmanship, and continuously strengthened and optimized enterprise management, with its comprehensive competitiveness steadily improving. As of the end of 2024, the company had produced over 3.3 million mt of copper products and 8.7 million mt of sulphuric acid, with cumulative sales revenue of approximately $21 billion, effectively driving local economic development in Zambia and becoming a shining pearl along the Belt and Road! Enterprise History and Development Achievements (Pursuing Excellence, Benchmarking Against the Best and Forging Ahead) To extend the industry chain and retain more added value locally, in 2006, China Nonferrous Metal Mining (Group) Co., Ltd. cooperated with Yunnan Copper to introduce the advanced ISA copper smelting process to Zambia, with shareholding ratios of 60% and 40% respectively. From the design stage, the Company drew on successful experience in China and incorporated the characteristics of Zambian raw materials to re-optimize and re-innovate the key processes and technologies of the ISASMELT process, strengthening system integration. This resulted in multiple innovative achievements, including "Integration Innovation and Application of ISASMELT Furnace" and "Comprehensive Automated Control System," which were awarded the First Prize for Scientific and Technological Progress by China Nonferrous Metals Industry Association (CNIA) in 2010. The ISASMELT furnace campaign life broke world records multiple times, with the second campaign reaching 218 weeks and the third campaign reaching 244 weeks, establishing an international benchmark. In 2021 and 2022, the Company's copper production exceeded the designed capacity of 250,000 mt for two consecutive years, making history. In 2024, production further surpassed 260,000 mt, setting a new historical record. In September 2013, the Company was honored with the title of Advanced Collective of Central State-Owned Enterprises. In July 2021, it was successfully selected as a Benchmarking Enterprise under the administration of the State-owned Assets Supervision and Administration Commission of the State Council (SASAC). Process Flow (Dedicated and Professional, Striving for Excellence to Drive Development) The Company adopts the internationally advanced and mature process of "oxygen-enriched top-blown submerged bath smelting, electric furnace settling and separation, PS converter blowing, and anode furnace pyrometallurgy refining" to produce copper anode, and employs the "double-conversion double-absorption" process to produce sulphuric acid. Adhering to the concept of sustainable development, the Company has built a slag flotation recovery system with a daily processing capacity of 1,500 mt of furnace slag, and a bismuth recovery system with a daily processing capacity of 6 mt of flue dust, continuing to recover metals such as copper, cobalt, and bismuth from smelting slag and flue dust. Social Responsibility (Cooperation and Sharing, Giving Back to Society with Strong Responsibility) The Company actively practices its core values of "Dedication, Cooperation, and Sharing," consistently focusing on its core business of copper pyrometallurgy smelting, engaging in extensive cooperation with upstream and downstream clients, and sharing development achievements with employees and local communities. Since its establishment, the Company has cumulatively paid over $300 million in various taxes and fees in Zambia, created over 5,000 employment opportunities, and cooperated with more than 300 local suppliers, contributing to Zambia's green, harmonious, and shared development. The Company actively fulfills its social responsibilities by increasing investment in social welfare programs for local communities in Zambia, covering infrastructure, education, healthcare, and sanitation. These efforts include sponsoring the renovation of clinics in Kalulushi, supporting the Bushifire Orphanage, donating the construction of classrooms at Buyantashi School, Luato Market, Kankuko Bridge, Chibuluma Community Tennis Court, Chimfunshi Chimpanzee Rescue Center, and Modern Stars Football Club, among others. With a cumulative investment of over $4 million, the Company has earned high praise from local government and warm welcome from the public, establishing a strong corporate image. The Company actively promotes employee localization and continuously achieves skills transfer. The company invested over 5 million Kwacha, and externally carried out technical and non-technical training programs in electric welding, electrical power, pneumatics, technical control, management supervision, and equipment maintenance through the China-Zambia Vocational and Technical College, the TEVETA Fund, and other channels. Internally, through mentorship programs and other approaches, the company conducted business training in masonry, fitting, and other skills. The localization rate of the company's employees reached over 92%, the skills of local employees were significantly enhanced, and technical expertise was exported to the DRC. Vision and Outlook (Staying True to Our Original Aspiration, Building Tomorrow with a Shared Destiny) Innovation-driven development knows no bounds. Over the past decade and more, the company has upheld a sense of survival crisis and market competition awareness, adhered to innovation-driven development, and achieved high-quality growth. In 2021, the company's information technology infrastructure was completed and successfully put into use, with a commitment to building an automated, digitalized, and intelligent factory. In August 2023, the company's anode furnace pyrometallurgy refining system technical renovation project was completed and put into operation. In November 2024, the company's three-year action plan for technology-empowered safety and environmental protection was officially finalized, focusing on technology empowerment and fostering new quality productive forces, propelling the company's high-quality development to a new level. Through collaborative development, benchmarking against first-class standards, technological innovation, and increased production and efficiency, the company continues to advance toward its corporate vision of "becoming an evergreen, world-class smelter." The conference is scheduled to be held on September 15–16, 2026 in Lusaka, Zambia. You are cordially invited to participate! Conference Contact : Wu Tao: 18270916376 jennywu@smm.cn

During a conference call on April 27, Sungrow clarified that it has no plans to enter upstream battery cell manufacturing, opting instead to maintain an asset-light operational strategy. The company emphasized its "cell-neutral" principle, focusing on collaborative innovation with partners in winding and stacking technologies to define cell specifications. Citing the high risks of asset-heavy operations, Sungrow intends to deepen ties with cell manufacturers through strategic cooperation, supply chain integration, R&D synergy, and potential cross-shareholding.

Bahrain Aluminum Extrusion Company (Balexco) plans to convert into a public shareholding company and pursue a listing on the Bahrain Bourse, subject to feasibility studies. The company also approved a 5% capital increase through 4.65 million bonus shares, raising paid-up capital to BD 9.773 million. For FY2025, it approved profit distribution of BD 1.166 million, including a 5% cash dividend and equal bonus shares. The company reported stable performance with sales growing for four consecutive years. The listing plan and capital measures aim to enhance competitiveness and support future growth.

Conclusion first: cobalt prices in H2 are more likely to rise than fall. Any disruption from external factors could further exacerbate tight supply, thereby pushing cobalt prices higher. Most Chinese-invested miners own self-built smelters or have cross-shareholding and long-term close cooperative relationships with downstream enterprises. Therefore, the DRC export quotas obtained by Chinese-invested companies will be delivered to China's downstream market in a timely and stable manner. We calculate the quotas of Chinese-invested and foreign-invested companies separately. I. Based on current market conditions, we make the following assumptions: 1. DRC shipment pace: maintaining current efficiency. It is expected that in July this year, goods from 25Q4 and 26Q1 will arrive at ports successively; by the end of 2026, goods from 26Q2-3 will arrive in batches. 2. Indonesian MHP supply: even with disruptions from external factors such as Middle East geopolitical conflicts, cobalt supply from Indonesian MHP will at least not decline YoY. Total cobalt imports from MHP in 2025 were 53,000 mt in metal content, and 2026 is expected to be no less than 53,000 mt in metal content. 3. China recycling volume: annualized based on enterprise recycling volumes in 26Q1. Monthly ternary cobalt recycling volume is expected to be no less than 1,000 mt in metal content, and high-cobalt recycling volume no less than 1,500 mt in metal content. 4. Raw material supply structure: intermediate product supply directed to ternary cathode is expected to decline to approximately 7,000 mt in metal content in H2 2026; no major shifts in other existing supply structures. 5. China inventory buffer: current upstream and downstream enterprise raw material inventories can sustain supply through June this year. Before intermediate products arrive in bulk during June-July, no supply disruption will occur across the market. Moreover, apart from refined cobalt, other raw materials no longer have large inventories. II. Supply and Demand 1. Ternary sector: Demand side: full-year 2026 ternary cobalt demand is estimated at 58,000 mt in metal content. Supply side: cobalt imports from MHP in 2026 at 53,000 mt in metal content; ternary cobalt recycling at approximately 12,000 mt in metal content; intermediate product supply to ternary in H2 2026 at 7,000 mt in metal content. 2. LCO, cathode additives, and cobalt powder: Demand side: total full-year 2026 demand for LCO, cathode additives, and cobalt powder is estimated at 81,000 mt in metal content. H1 is primarily focused on digesting inventories and high-cobalt recycling, with H2 (July-December) demand at approximately 42,000 mt in metal content. Supply side (H2): non-DRC quota sources combined with high-cobalt recycling are expected to provide at least 12,000 mt in metal content; from DRC export intermediate products, counting only the Chinese-invested enterprise portion, approximately 40,000 mt in metal content can be supplied. Total H2 supply is approximately 52,000 mt in metal content. 3. Refined Cobalt Rigid demand production: certain downstream industries have rigid demand for refined cobalt, consuming approximately 400 mt in metal content of intermediate products per month for refined cobalt production, with all raw materials being intermediate products. This volume is not high overall but remains stable. Inventory impact: under the high-priced intermediate product environment, the current large inventory of refined cobalt will have a significant impact on the production side. Therefore, we currently calculate based primarily on rigid demand production. 4. Chemicals Industries such as feed and adhesives have relatively stable monthly demand for cobalt hydroxide. On average, monthly demand is approximately 1,000 mt in metal content, with raw materials primarily being MHP. Considering all the above, inventory buildup by the end of 2026 is 8,000 mt in metal content for MHP and 7,000 mt in metal content for intermediate products. Miner behavior: some miners are currently purchasing intermediate products on the market at relatively high prices, close to or reaching the level of $26/lb. Judging from this behavior, market participants generally have expectations for the H2 market, and the likelihood of selling at low prices is relatively small. III. Future Expectations Based on the above supply-demand balance analysis, whether on the upstream supply or downstream demand side, any shortfall in supply versus expectations or any recovery in downstream demand will impact the current fragile balance, at which point foreign-invested goods will need to enter the market to supplement supply. Therefore, the overall tone for the 2026 cobalt market is considered to be more likely to rise than fall. Wang Zhaoyu 15927163529

On April 16 (Thursday), the DRC, through a state-backed marketing agency, increased the volume of copper it plans to sell to the US to 500,000 mt, a fivefold increase from its initial commitment in January. As first reported by Semafor, the deal was led by state-owned mining company Gécamines, with sales conducted through a joint venture with Mercuria Energy Group and backed by the U.S. International Development Finance Corporation. The deal aimed to sell copper produced from Gécamines' minority stakes in major operations including Kamoto Copper Company and Tenke Fungurume Mining. The expanded agreement underscored the DRC's growing influence in the global copper market while intensifying competition for control over critical minerals supply chains. The Kinshasa government is seeking to convert passive shareholdings into direct revenue and gain greater commercial control. Gécamines has been working to convert its stakes in some of the country's largest mines into physical copper that can be sold independently. Its holdings include Glencore's Kamoto Copper Company and Tenke Fungurume, operated by Chinese enterprises — one of the world's highest-grade copper-cobalt deposits. Although the partnership aimed to enhance transparency and control, Mercuria remained the seller of record while Gécamines established its internal trading division. Analysts noted that this transformation required substantial investment in financing, insurance, and risk management, as well as access to physical markets. The DRC's copper production surged to 3.5 million mt in 2025, consolidating its position as the world's second-largest supplier after Chile. The production growth was driven by record copper prices and surging demand fueled by the expansion of EVs, renewable energy, and data centers. (Wenhua Composite)