According to data from the China Passenger Car Association (CPCA), the pickup truck market showed a boost in production and sales during the late spring and early summer period, with exports being particularly strong in June. In June 2026, pickup truck market sales reached 62,000 units, up 29.1% YoY and 2.8% MoM, the second-highest level for the month in the past five years. Sales from January to June totaled 343,000 units, up 11.9% YoY.

[SMM Analysis: “Tight Resource Balance” Meets “Computing Power Revaluation”—2026 H1 Tin Price Deep Review and H2 Outlook] In 2026 H1, tin prices exhibited a wide-ranging tug-of-war pattern of “reaching record highs—pulling back to consolidate—rallying again—consolidating at highs.” The most-traded LME tin contract surged from about $42,000/mt at the beginning of the year to a record high of $59,000/mt, pulled back to $40,500 in March, rallied again to around $58,000 from April to May, and fell below $50,000 at end-June; the most-traded SHFE tin contract surged from 330,000 yuan/mt at the beginning of the year to a record high of 470,000 yuan/mt, dipped to 322,600 yuan/mt in March, touched 451,000 yuan/mt again in early June, and pulled back below 400,000 yuan/mt at month-end.

In June, market expectations for US Fed interest rate hikes heated up, driving the US dollar index up more than 2% for the month. This coincided with the electronics industry entering the traditional off-season and weak end-use demand, while doubts lingered over the sustainability of the AI sector rally. Profit-taking on earlier high-price positions intensified, and these combined factors dragged tin prices lower. SHFE tin fell 7.08% in June, while LME tin dropped 6.68% over the same period. Since the start of July, comments from Warsh at the Sintra Forum that "inflation expectations have declined over the past four weeks, and inflation risks have also diminished," together with US June non-farm payrolls data missing expectations, have cooled market expectations for US Fed rate hikes. At the same time, tech stocks rebounded. These multiple positive drivers pushed tin prices to drift higher in early July. As of around 16:51 on July 6, LME tin was up 1.26% to $52,970/mt, with its month-to-date July gain at 2.56%; SHFE tin was up 3.09% to 410,360 yuan/mt, with a 5.4% month-to-date rise. Spot Market Tin prices fell over 8% in June; spot prices rose for consecutive days in July but wait-and-see sentiment prevails Spot tin prices: SMM #1 tin spot price rose for four consecutive days, with the July 6 quote at 406,900-415,300 yuan/mt and the average price at 411,100 yuan/mt, up 2.96% from the previous trading day. As tin prices rebounded, wait-and-see sentiment intensified in the spot market. Only some rigid demand purchases were made, and overall market trading activity was subdued. Looking at the monthly trend, the average spot price of SMM #1 tin stood at 387,800 yuan/mt on June 30, compared with 425,000 yuan/mt on May 29—a drop of 37,200 yuan/mt, or 8.75%, in just over a month. Notably, as tin prices fell to around 380,000 yuan/mt, downstream restocking demand saw a phase of release. Fundamentals ►Production: Refined tin production edged up MoM in June According to SMM data based on market communication, China's refined tin production edged slightly higher MoM in June 2026, with overall output remaining relatively stable. The slight rise in June refined tin production was driven by two main factors. Supply side, raw material availability showed marginal improvement: earlier overseas tin ore import increases became more evident, and while production resumptions at Myanmar mines were slow, ore continued to flow out, somewhat easing tightness in domestic raw materials. On the other hand, rising arrivals of imported ore at ports drove smelting TCs higher, bringing a phase of relief to the prolonged raw material tightness and creating conditions for smelters to raise operating rates and boost output. However, subsequent production expansion faces multiple constraints: May to July is the traditional rainy season in Myanmar, which limits open-pit mining operations and ore transportation, leading to expectations of a MoM pullback in short-term imported ore arrivals. Overall, the refined tin supply-side is marginally loose at the current stage, but downstream industries are entering the traditional consumption off-season. With both supply and demand weakening, output is unlikely to see a significant surge in the short term. ► Imports: Tin ore imports rose both YoY and MoM in May, with imports from Myanmar surging 384.5% YoY. China's tin ore imports in May were 16,800 mt (equivalent to about 6,408 mt in metal content), up 7.07% MoM and 25.61% YoY, an increase of 1,221 mt in metal content from April (which was equivalent to about 5,187 mt in metal content). Cumulative imports from January to May were 85,900 mt, up 71.41% YoY. China's tin ingot imports in May were 1,838 mt, down 34.4% MoM and 11.46% YoY, with cumulative imports from January to April at 11,196 mt, up 17.75% YoY. Trade data for the tin industry chain from 2025 to May 2026 show the global tin market's supply-demand pattern is undergoing significant structural adjustment, characterized by accelerating supply recovery from overseas mines, easing domestic raw material supply pressure, and downstream smelting increasing supply due to lower raw material costs, while weak overseas demand hinders exports. On the raw material supply side, cumulative tin ore imports from January to May 2026 reached 85,998 mt, surging 71.41% YoY, with May imports alone at 16,831 mt, up 7.07% MoM and soaring 25.61% YoY. This strong rebound was mainly driven by the recovery of Myanmar ore, with tin ore imports from Myanmar reaching 6,634 mt in May, surging 384.5% YoY, and cumulative YoY growth from January to May soaring to 203.49%; in contrast, while tin ore imports from countries outside Myanmar maintained a cumulative positive growth of 34.72%, May single-month volumes still fell 15.23% YoY, indicating a relatively moderate supply recovery from non-Myanmar sources. ► Inventories: SMM weekly tin ingot social inventory across three regions declined for four consecutive weeks. China tin ingot social inventory: According to SMM statistics, as of July 4, 2026, total tin ingot social inventory across three regions in China stood at 7,299 mt, down sharply by 1,374 mt from 8,673 mt the previous week (June 26), a decline of 15.84% WoW. Looking at the trend, since hitting a near-term peak of 13,604 mt in early June, China's tin ingot social inventory has declined for four consecutive weeks, with cumulative destocking over the past month reaching as high as 46.4%. The destocking slope exhibited a "gradual then steep" pattern, and the current inventory level has pulled back to a year-to-date low, signaling marked marginal improvement in the market supply-demand pattern. By region, inventory in Shanghai dropped to 3,750 mt, a weekly decline of 996 mt, contributing 72.5% of the total weekly destocking and making it the dominant force in this round of destocking, reflecting accelerated trade flows in east China and a substantial rebound in downstream purchase willingness. Inventory in Guangdong also declined to 3,449 mt, down 378 mt WoW, accounting for 27.5% of total destocking, confirming that downstream rigid demand in south China, represented by solder enterprises, remained resilient and the pace of stockpiling accelerated. Analyzing the underlying logic, on the one hand, it was driven by restocking after price pullbacks. The dampening effect of previously high tin prices on downstream purchases gradually faded as prices returned to rational levels recently, and pent-up rigid orders were released in a concentrated manner, accelerating the digestion of visible inventory. LME tin inventory: On June 30, LME tin inventory data stood at 8,575 mt, compared to 8,850 mt on May 29, indicating that LME tin inventory declined in June. SMM Outlook On the macro front, a number of macro events in and outside China will continue to disturb tin price movements in July. Outside China, key focus will be on US CPI and PCE inflation data, as well as the US Fed's interest rate meeting at month-end. Earlier, Walsh said that inflation risks have receded, and coupled with the June non-farm payrolls data falling short of expectations, market bets on rate hikes have temporarily cooled. If subsequent inflation data rebounds again and the Fed releases a hawkish tone, a stronger US dollar will suppress tin price trends; conversely, if easing expectations continue, they will provide valuation support for tin prices. At the domestic level, the central bank increased liquidity injections, ultra-long-term special government bonds were steadily implemented, and stimulus policies related to technological transformation of high-end manufacturing and equipment renewal gradually took effect, which are positive for the consumption of tin downstream industries such as semiconductors, AI computing power, and new energy in the medium and long term. However, the weak pattern of the electronics industry during the off-season is hard to reverse quickly in the short term, and the pace of policy dividend releases regarding domestic demand will directly determine the intensity of downstream spot restocking. Fundamentals: On the supply side, the overall tight supply situation of tin ore remained unchanged, but marginal increase signals increased. Smelters maintained stable production with no large-scale production cuts for the time being. On the demand side, entering the traditional consumption off-season, downstream solder enterprises were generally cautious in procurement, and the market relied solely on rigid demand purchases, with high prices significantly dampening purchase willingness. On the inventory side, tin inventories both in and outside China maintained a destocking trend, providing inventory support for tin prices. In summary, changes in macro expectations combined with the performance of the technology sector will affect the fluctuation range of tin prices. Tight ore supply and low overall inventory formed strong fundamental bottom support, acting as a floor for tin prices. However, the sluggish demand during the current off-season will continue to drag on futures, limiting the upside room for tin prices. Looking ahead, it is crucial to closely track US Fed policy direction, the sentiment of the semiconductor industry chain, and continuously monitor the pace of destocking in and outside China. Only when there is a substantial recovery in demand can it provide new upward driving force for tin prices. Recommended reading:

While order delivery at industry leaders was relatively stable, the release of new demand was insufficient, and enterprises lacked strong motivation to hike operating rates. Going forward, the operating rate of primary aluminum alloy at industry leaders is expected to stay around current levels, likely moving sideways near 59.6% in the short term.

From June 3 to June 5, the Indonesia Critical Minerals 2026 was held at the Pullman Jakarta Central Park in Jakarta, Indonesia. The conference was organized by Shanghai Metals Market (SMM) and co-organized by the Indonesia Nickel Miners Association (APNI) , the Ministry of Foreign Affairs of the Republic of Indonesia , the National Economic Council of Indonesia , and MMR , in a strategic partnership with the Jakarta Futures Exchange . The conference featured six dedicated forums: the main forum, the nickel and cobalt forum, the tin forum, the coal & energy transition forum, the aluminum forum, and dedicated sub-forums, attracting more than 3,500+ attendees from 45 countries and regions worldwide, featuring more than 150+ speakers sharing insights on market prices, supply-demand patterns, industry policies, low-carbon development, and ESG development, etc. Conference Background In the process of global industrial upgrading, the strategic value of critical metals has become increasingly prominent, and Southeast Asia has gradually emerged as a highly dynamic segment of the global mining landscape. As a major regional mineral producer, Indonesia has successively introduced multiple industrial policies for critical metals such as nickel, tin, aluminum, and copper, adjusting and optimizing areas including mining quotas, pricing mechanisms, tax policies, export management, and domestic market obligation over recent years. These efforts are guided by the goals of strengthening the regulatory framework, enhancing industrial added value, and optimizing resource revenues, and have had a significant impact on the global metal supply chain and market dynamics. As Indonesia’s premier flagship event for the mineral industry, this conference focuses on supply chain security of critical minerals including nickel, cobalt and tin, and adopts a dual-driven model of mining and energy. It commits to promoting Indonesia’s industrial upgrading from raw material export to high-value industrial chain development, while providing solid resource support and practical cooperation paradigms for regional and global energy transition. 》Click to view the photo gallery of the conference June 3: Main Forum Opening Ceremony Adam Fan, Chairman, Shanghai Metals Market Nanan Soekarna, Chairman, APNI Arif Havas Oegroseno, Vice Minister, Ministry of Foreign Affairs Ciyong Zou, Deputy to the Director General and Managing Director of the Directorate of Technical Cooperation and Sustainable Industrial Development, UNIDO (United Nations Industrial Development Organization) Sherly Tjoanda, Governor of North Maluku, North Maluku Government Todotua Pasaribu, Vice Minister, Ministry of Investment and Downstream Industry of Indonesia Drum Performance & Dance Show Opening Address Speaker: Adam Fan, Chairman of SMM Adam stated that this year marks the 4th year of the Indonesia Critical Minerals Conference. This flagship industry event is dedicated to building a global platform connecting Indonesia with the world. Empowering mineral resources through technology, the conference links producers and consumers to facilitate industrial chain and business cooperation. Boasting a record-high attendance, this year’s event gathers 3,500+ participants and 150+ speakers. The growing participation of global countries, enterprises and industry professionals demonstrates rising international trust and confidence in Indonesia’s critical mineral ecosystem. As cross-border collaboration is essential for building a robust global critical minerals supply chain, the conference strives to enhance supply chain transparency, interconnectivity and in-depth global industrial cooperation by bringing together industry insights and resources. Speaker: Nanan Soekarna, Chairman of APNI Nanan Soekarna stated in his remarks that the 4th Indonesia Critical Minerals was the largest to date in terms of attendance, demonstrating the global industry’s full confidence in Indonesia’s minerals industry, cross-border cooperation models, and Indonesia’s roadmap for sustainable mining development, and he extended his sincere gratitude to all participating partners. He noted that the core of development in the critical minerals sector has shifted from a simple contest of resources and capacity to the transformation of the sustainable value of natural resources, balancing diverse economic, social, and environmental benefits. By deepening downstream industry chain expansion, Indonesia aims both to enhance industrial value-added and to strengthen Indonesia's industrial positioning international and credibility in the global market. In the future, the core of global mining competition will not lie in resource reserves, but in transparent, responsible, and sustainable resource governance capabilities. Relying on global partners, Indonesia will uphold the philosophy of sustainable mining development and, through high-quality cooperation and shared value principles, work together to build the future of the critical minerals industry that balances ecology, benefits, and long-term development. Speaker: Arif Havas Oegroseno, Vice Minister, Ministry of Foreign Affairs Arif Havas Oegroseno mentioned that critical minerals are increasingly becoming a focal point of global geopolitical competition, with elements such as energy, minerals, and trade and economic rules being instrumentalized from time to time. Leveraging its domestic resource endowments, Indonesia is vigorously advancing downstream deep processing of minerals; this strategy is not limited to industrial upgrading, but is also a comprehensive development initiative that boosts employment, consolidates science and technology innovation capabilities, enhances industry chain resilience, and delivers inclusive gains from green development. In response to procurement demands from multiple parties, Indonesia adheres to a diversified cooperation approach by expanding a diverse range of procurement partners and promoting deeper participation by resource countries in technology R&D and industry chain value-added, thereby avoiding the risks of dependence on a single partnership. He also noted that for the future governance of critical minerals, ESG should truly become a competitive advantage for enterprises rather than a trade barrier, with its original purpose being to optimize environmental management, improve social responsibility, and empower enterprises to enhance quality and efficiency. In the face of a new round of industrial transformation, critical minerals serve as the core raw materials for energy transition, the digital economy, and the development of high-tech industries. Based on its resource endowment, Indonesia is determined to transform from a mineral resource producer into a reliable partner in the global industry chain and a co-builder of industry rules. It invites global investors, industry chain producers, and resource-producing countries to join hands, uphold the spirit of partnership, reject unreasonable additional conditions, and jointly build a new global pattern for critical minerals that is inclusive and universally beneficial. Keynote Speech: Investing in Critical Minerals Downstreaming: Unlocking the Full Value of Indonesia's Resources Guest Speaker: Todotua Pasaribu, Vice Minister, Ministry of Investment and Downstream Industry of Indonesia Todotua Pasaribu stated that against the backdrop of climbing global demand for critical minerals and concentrated resource origins, the strategic attributes of this category continue to stand out. Indonesia, leveraging its resource endowment, vigorously promotes the downstream transformation of the entire industry chain, which is a core national policy to boost the economy and optimize supply chain structures. Under the president's policy deployment, Indonesia has designated mineral deep processing as a pillar of industrial upgrading. The authorities have delineated 28 categories of strategic minerals across eight major sectors and estimated potential investment in related tracks at approximately $618 billion, which is expected to create 3 million new jobs annually upon implementation. The country has set investment attraction targets from 2024 to 2029, accompanied by annual implementation plans. The 2026 target is clear, and investment implementation progress in the first quarter has been steady. In recent years, downstream industry investment has accounted for nearly 30% of national fixed asset investment, becoming a key driver to boost the economy and helping the country sprint toward the 8% economic growth target by 2029. He further explained that Indonesia has already established downstream layouts in multiple critical mineral tracks, including nickel, tin, aluminum, copper, PV raw materials, and semiconductor raw materials. The nickel industry has extended from stainless steel production to the entire power battery industry chain, while the tin, aluminum, and copper sectors continue to expand into deep processing, electronic materials, and other high-value-added categories, synchronously deploying supporting industry chains for PV and semiconductors. To solidify the conditions for industrial implementation, Indonesia has optimized the business environment in three aspects: accelerating approval processes, providing infrastructure support, and offering policy incentives. It has shortened project approval cycles, improved supporting facilities for hydropower, ports, and transportation, and implemented supportive measures such as tax reductions and tariff preferences, continuously attracting global capital and technological cooperation. This drives the country's transformation from a raw material exporter to a high-value-added product manufacturer, relying on multi-party collaboration to convert local mineral resources into sustainable industrial benefits. Guest Speaker: Ciyong Zou, Deputy to the Director General and Managing Director of the Directorate of Technical Cooperation and Sustainable Industrial Development, UNIDO (United Nations Industrial Development Organization) Zou Ciyong said global demand for critical minerals continues to rise along with the rapid development of clean energy and digital industries, and the role of resource countries in ensuring stable mineral supply is becoming increasingly critical. Indonesia's transformation path from raw material extraction to deep processing can provide reference for resource countries in the Global South. Currently, mining development still faces multiple challenges such as environmental protection, carbon emissions, and livelihood supporting facilities. Sustainable development has become an imperative for the industry, which needs to balance economic benefits, green development and social inclusion. Leveraging its multilateral platform advantages, UNIDO empowers its member states in multiple dimensions, including industrial policy, technology transfer, investment and financing, and capacity building, promotes the establishment of a Global Green Mining Cooperation Alliance, and has implemented a demonstration project of the Indonesia Nickel Industry Eco-Industrial Park, using the project as a model to explore a sustainable development path for global mining. He pointed out that the long-term development of the critical minerals industry cannot be separated from in-depth international cooperation, and it is necessary to establish transparent public-private partnerships, build resilient supply chains, and uniformly implement common industry standards. Indonesia intends to join forces with partners from all sectors to tap the development potential of the industry, while insisting on placing environmental protection and sustainability at the forefront of industrial development. In the future, UNIDO will continue to engage with governments, industries and capital from multiple parties, working together to achieve coordinated economic, social and environmental benefits from mineral resources. Keynote Speeches Keynote Speech: Beyond Volume: How North Maluku Can Lead Indonesia’s Next Phase of Sustainable Downstream Growth? Guest Speaker: Sherly Tjoanda, Governor of North Maluku Province Sherly Tjoanda elaborated on how North Maluku can lead Indonesia's next phase of sustainable downstream development from the perspectives of geographical location, transportation advantages, skilled talent reserves, and the fact that North Maluku's nickel ore is high-grade ore. Keynote Speech: Two Decades of Critical Minerals: 2016-2036 - How Supply Structures Shape Market Dynamics Guest Speaker: Shirley Wang, VP, Shanghai Metals Market The Rule —Why resource-rich nations must process, not just mine A 1931 Question: Mine Today, or Wait? Hotelling gave mining a theoretical anchor. It was elegant — and incomplete. A rational resource-based country should ensure the rate of price increase is exactly equal to the return on investment (Interest rate) Four Reasons the Real World Departs from the Formula Substitution, policy shifts, demand surprises, and costs — each bends the expected path The Quiet Force Behind All of This Ore grades decline everywhere. Building downstream is not ambition. It is adaptation. Shirley analyzed this by comparing ore grades for nickel, tin, copper, alumina, and others for the years 2016, 2026, and 2036. ► Strategic Insight: Why Low-Grade Ore Is Changing the Rules • Continuously declining grades are forcing industrial upgrading and iteration. Deteriorating raw ore quality is driving mines and smelters to optimize production, increasing the utilization of low-grade ore, the application of new processes, and the recycling of secondary resources. • Pricing power is gradually shifting from trading markets to resource-rich governments. As high-grade mineral deposits are depleted, the impact of short-term supply and demand on prices weakens, and the pace at which resource-rich nations release supply becomes the core variable. Industry Mainline: Commonalities in Two Decades of Development Across Five Metals Nickel: Where One Country Anchors the Market Indonesia influences marginal incremental nickel supply, and the commissioning pace of its domestic industry dominates global nickel price movements. The analysis incorporated the global distribution of nickel mine capacity. Cost Structures Are Moving Apart RKEF costs face the steepest climb. Scale mattered yesterday. Cost discipline matters tomorrow. The Ore Base Is Quietly Shifting Looking at changes in the global nickel production cost structure, the primary low-cost raw material was high-grade primary nickel ore before 2015. From 2016 to 2026, the share of low-grade ore and laterite nickel ore mining has been climbing steadily. Currently, laterite nickel ore stands as the most cost-competitive raw material. As laterite nickel ore grades decline, future nickel production based on sulphide ore may increase. Keynote Speech: Indonesia's Green Nickel: From Us To The Next Generation Guest Speaker: Joseph Hong, President Commissioner, Neo Energy Keynote Speech: AI is NOT optional! Guest Speaker: Adam Fan, Chairman of SMM Adam noted that AI has become an essential requirement for the digital upgrade of the commodity industry. Leveraging a new AI technology system, SMM integrates macro and micro data, market intelligence, and industrial information through full-process intelligent processing, and with human-machine collaboration automatically generates in-depth industry reports — surpassing traditional manual approaches comprehensively in terms of timeliness, coverage, personalization, and depth of analysis. SMM has now deployed a mature industry AI solution: leveraging SMM’s massive database and customized AI capabilities, enterprises can enable intelligent inquiries, interactive reviews, and dynamic strategy simulations, accurately serving transaction analysis, production planning, and inventory strategies for non-ferrous metals such as cobalt, nickel, and copper. SMM AI Data Services offer a three-tier progressive intelligent solution for the metals industry: Instant Inquiry → Xiao Jin (Metrix): access real-time price trends and market insights, with data sourced from a premium subscription-grade database and insights calibrated by senior analysts; In-depth Research → Deep Report: a chapter-by-chapter analysis by product and region, featuring traceable charts and citations, and continuously updated as market conditions evolve; System Integration → MCP Data Services: covering over 200,000 real-time data indicators and more than 60 products across the entire industry chain, a single integration embeds the service into the enterprise AI framework. Keynote Speech: Indonesia's Post-Election Economy: Can the Country Sustain 5–6% Growth Amid Fiscal Pressures, Weak Export Prices and Heavy Industrial Power Subsidies? Speaker: Andre Simangunsong, Head of Mandiri Institute, Office of Chief Economist, Bank Mandiri Andre Simangunsong said Indonesia’s GDP grew by 5.6% in Q1 2026, with a full-year baseline forecast of 5.2%. The strong Q1 growth was primarily driven by a low base effect from delayed fiscal spending in 2025 and the front-loading of this year’s fiscal disbursements. The full year faces uncertainties from rising crude oil prices, geopolitical fluctuations, and a widening fiscal deficit. The 2026 fiscal budget is approximately IDR 2,000 trillion, focusing on eight key areas such as education and food security; 19 major industrial projects have already commenced, with nickel smelting and industry chain parks accelerating establishment, propelling the mineral sector’s transformation from raw resource exports to high-value-added deep processing. Indonesia has revised nickel ore royalty rules, introducing progressive royalty rates, promoting the upgrade of nickel products from nickel pig iron (NPI) to MHP and nickel sulphate, and laying out hydrometallurgical processing for low-grade ores; the outlook for the tin industry is positive. The banking sector’s loan-to-deposit ratio remains stable at 85%, and Bank Mandiri is advancing digital transformation and ESG-compliant lending to empower downstream industry projects. By combining industrial, fiscal, and financial strengths, Indonesia is expected to maintain a growth range of 5%–6% in the medium and long term. CXO Panel: Senior Executives' Roadmaps to Overcome Resource, Cost, Technology & ESG Challenges Moderator: Laksmi Kusumawati, Director of Downstream Planning and International Economic Cooperation, Ministry of National Development Planning/Bappenas Panelists: Bernardus Irmanto, President Director, PT Vale Indonesia Alex Sun, Chief Sustainability Officer and Vice President, Integrated Energy Service and Carbon Management, Envision Group Marvin R. Reinhart, Portfolio Management Department Head, Indonesia Battery Corporation Ilhamsyah Mahendra, Production & Commercial Director, PT Timah Tbk Keynote Speech: Breaking the Diesel Dependency: Reliable, Affordable Energy for Island Mines Speaker: Mr. Fred Ge, C&I BESS Technical Solution Manager in Asia-Pacific, Sungrow Panel Discussion: The "Green Premium" Myth vs. Reality: Who Will Pay for Decarbonization in the Critical Minerals Supply Chain? Moderator： MARCO KAMIYA， UNIDO Representative, Regional Office in Jakarta for Indonesia, Timor Leste and the Philippines UNIDO (United Nations Industrial Development Organization) Panelists: Ary Sudijanto, Deputy for Climate Change Control and Carbon Economic Value Governance, Ministry of Environment, Government of Indonesia Antti Koulumies, CEO, Terrafame Anna Stancher, Senior Project Manager, Responsible Minerals Initiative Yumo Li, Head of ESG Office in Tsingshan Board, Tsingshan Holding Group Lihui Sun, Vice President, Chief Sustainability Officer, Huayou Cobalt From June 3 to June 5, Indonesia Critical Minerals 2026 was held at the Pullman Jakarta Central Park in Jakarta, Indonesia. The conference was organized by Shanghai Metals Market (SMM) and co-organized by the Indonesia Nickel Miners Association (APNI) , the Ministry of Foreign Affairs of the Republic of Indonesia , the National Economic Council of Indonesia , and MMR , in a strategic partnership with the Jakarta Futures Exchange . The conference featured six dedicated forums: the main forum, the nickel and cobalt forum, the tin forum, the coal & energy transition forum, the aluminum forum, and dedicated sub-forums, attracting 3,500+ attendees from 45 countries and regions worldwide, featuring more than 120+ speakers sharing insights on market prices, supply-demand patterns, industry policies, low-carbon development, and ESG development, etc. Additionally, SMM has also meticulously arranged two rounds of panel discussions: Senior Executives' Roadmaps to Overcome Resource, Cost, Technology & ESG Challenges The "Green Premium" Myth vs. Reality: Who Will Pay for Decarbonization in the Critical Minerals Supply Chain? Conference Background In recent years, global nickel and cobalt raw material supply has frequently encountered various disruptions: Indonesia significantly lowered its nickel ore mining quota to 260–270 million mt, tightening nickel resource release at the source; the DRC continuously reduced cobalt ore export quotas, leading to a marked contraction in tradable cobalt raw materials worldwide. Multiple supply variables continued to roil nickel and cobalt commodity futures. Meanwhile, Indonesia is not only the core hub of the global nickel industry chain but also a key production area for global new cobalt supply at this stage. Its industrial control policies, commissioning pace of capacity, and industry chain layout changes directly shape the evolution of the global nickel-cobalt supply-demand pattern. Currently, the global nickel and cobalt industry is at a critical development stage featuring supply-demand restructuring, policy innovation, and value reassessment. To accurately forecast the nickel and cobalt market trends in 2026, deeply analyze the latest industrial control details in Indonesia, and help upstream and downstream players across the industry chain break down collaboration barriers, the Nickel and Cobalt Forum was launched. The forum brought together global mines, smelters, trading firms, downstream end-users, and investment and financing institutions to conduct in-depth discussions on key topics such as market supply and demand trends, policies and regulations, production technology iteration, and cross-border industrial cooperation, jointly exploring new growth drivers for high-quality industry development. Ni & Co Forum Keynote Speech: Mining Regulatory Outlook: RKAB Quota Planning and Indonesia's Next-Phase Downstream Mineral Expansion Path Guest Speaker: Totoh Abdul Fatah, Secretary General of the Directorate General of Mineral and Coal, Ministry of Energy and Mineral Resources Totoh Abdul Fatah noted that RKAB is the key policy instrument for Indonesia to regulate mineral output, coordinate the orderly rollout of industries, and align with the nation's downstream industrialization priorities. Indonesia is endowed with exceptional mineral and coal resources, with significant reserves and capacity in several key strategic commodities including nickel, cobalt, copper, tin, bauxite, gold and silver, and iron ore. Leveraging these unique resource advantages, Indonesia holds a critical strategic position in the global mineral supply chain, and its value is especially prominent in the energy transition wave, providing strong support for the development of power batteries, renewable energy equipment, and high-end manufacturing. The next phase of downstream mineral development is not about curbing growth, but about improving development quality, clarifying development direction, strengthening regulatory management, and reinforcing the sustainability of growth. Future smelter layout must match ore supply capability, be aligned with resource conservation, and coordinate multiple factors including energy infrastructure readiness, environmental protection access standards, and domestic industry value addition. In light of these considerations, the Indonesian government is promoting an industrial logic shift from pure capacity expansion to strategic optimization of resource allocation, ensuring that mineral resources are precisely directed to industry segments that can maximize national economic benefits. Indonesia's downstream mineral industrialization has made concrete progress. Currently, 14 smelters are in operation, primarily producing products such as nickel oxide, pig iron, and copper cathode. Covering both existing operating plants and new projects under construction, the entire industry chain has attracted a total realized investment of $7.849 billion. Breakdown: nickel sector investment of $2.535 billion, aluminum sector $2.181 billion, iron ore projects $47 million, and copper sector $3.084 billion. This is continuously improving the supporting system of the domestic mineral industry chain. This progress demonstrates that Indonesia's downstream mineral policy has achieved tangible results. However, challenges remain for the industry: not only must new smelting projects be completed and commissioned on schedule, but they also require stable supporting supply to achieve efficient operations, green and low-carbon production, and deep integration into the domestic industry chain value system. Indonesia's development direction is very clear: the downstream transformation of minerals will continue to advance, and during the implementation process, policy enforcement constraints and top-level strategic guidance will be further strengthened. The RKAB management system and ore source allocation control rules are key to building a robust and more resilient industrial ecosystem. Future smelting project planning needs to coordinate four key dimensions: sustainable resource development, supply-demand market equilibrium, ESG compliance implementation, and enhancement of national value added. Indonesia has always been open to quality investment, especially high-quality investment, relying on foreign capital to achieve technology transfer and localization, expand local employment, and support long-term economic growth. In other words, Indonesia's industrial development not only pursues growth, but is committed to achieving high-quality growth that is compliant, sustainable, and globally competitive. Keynote Speech: Nickel at a Crossroads：A Five-Year Outlook on Global Nickel — Navigating Policy, Supply, and Demand Shifts Speaker: Thomas Feng, Head of Industry Research, Shanghai Metals Market Feng projects that the global primary nickel market will show a supply deficit in 2026, continue the oversupply trend in 2027, and shift to a tight balance in 2029. Regarding refined nickel prices, on the cost side, global sulfur supply and demand will face a persistent deficit in the next 2–3 years. In the case of short-term strait blockades, sulfur prices remain high, strengthening the cost support for the sulfur-MHP-refined nickel chain. From a macro perspective, the U.S.-Israel-Iran conflict has triggered wild swings in energy prices, pushing up inflation expectations. In the short term, global commodity prices will face considerable fluctuations. In the long term, global geopolitical uncertainty may become the new normal in the future, increasing the volatility of refined nickel prices. Nickel Ore Upstream Repricing: Indonesia's Benchmark Price Raise, Quota Tightening, and Increased Dependence on the Philippines Indonesia Nickel Ore RKAB Quotas: Tight Balance Emerges as the 2026 Main Theme According to SMM analysis, following the Indonesian Ministry of Energy and Mineral Resources' (ESDM) official denial of market rumors that RKAB production quotas would be raised across the board by 25%–30%, the government will handle supplementary quotas under strict case-by-case reviews starting from H2 2026, evaluating each miner's compliance, capacity, and resource reserves. At its core, this constitutes a routine and orderly optimisation of the existing 260–270 million wmt quota cap, paving the way for a more stable and sustainable market environment. Supply RKAB Approval Progress: As of April, Indonesia's cumulative approved RKAB quotas stand at 240 million wmt. SMM expects that, under expectations of continued nickel ore supply tightening, supplementary quotas around mid-year 2026 will be approximately 15%. Philippine Import Driver: SMM expects that this year, Indonesia's nickel ore imports from the Philippines will rise from approximately 15 million in 2025 to 22 million. Tightness in the domestic trade nickel ore supply will accelerate supplementation through imports from the Philippines. Demand Affected by the tight sulfur supply, MHP output has fallen short of earlier expectations. As a result, Indonesia's nickel ore demand for full-year 2026 is expected to be reduced to 303 million wmt. In 2026, actual nickel ore production will remain constrained by factors such as the rainy season and the pace of RKAB quota approvals, leaving overall output below theoretical supply levels. Panel Discussion: Upstream Opportunities & Challenges for Nickel Mine Owners Moderator: Enzo Brooklyn, Senior Nickel Analyst, SMM Panelists: Luca Maiotti, Policy Analyst, Organisation for Economic Co-operation and Development (OECD) Aldo Namora, President Director, PT Ceria Metalindo Prima Jerome Baudelet, CEO, Eramet Indonesia Patrick Lim, Country Head, HyperStrong Indonesia Keynote Speech: Achieving Energy Efficiency and Operational Success: The MMD Approach at Mah Moe Speaker: Fuad Budidarma Pratama, General Manager, MMD Mining Machinery Indonesia Keynote Speech: Global Nickel Market Outlook Speaker: Ricardo Ferreira, Director of Market Research and Statistics, International Nickel Study Group (INSG) Ricardo Ferreira noted that global primary nickel production is estimated to have declined by approximately 4% YoY, measured across the full chain from raw ore mining to finished primary nickel products. Most of this decrease originated from Indonesia, while expectations also pointed to a pullback in Chinese nickel output. According to the monthly bulletin released earlier, global primary nickel already edged down by about 1% in Q1, with Indonesia down roughly 3% and China down about 1%. Keynote Speech: New Refining Technologies for Laterite Nickel and Spent Batteries Speaker: Dr. Chunwei Liu, Managing Director of Resource Extraction, Botree Recycling Technologies Distribution of Laterite Nickel Ore Resources Laterite nickel ore accounts for 55% of global nickel resources and is the main source of nickel for industrial production worldwide. With the continuous development and promotion of high-nickel batteries, market demand for nickel—and consequently for laterite nickel ore processing—has grown significantly. Geographic concentration: Mainly distributed in tropical countries within 30° north and south of the equator. Three core regions: Southeast Asia: Indonesia, the Philippines (major laterite nickel ore producing areas). Americas: Cuba, Brazil. Oceania: Australia, New Caledonia. Panel Discussion: Nickel Price Volatility, Product Spreads, and Policy Shifts: What Will Define the Market in the next 5 years? Moderator: Slupek Kamila, Secretary-General, INSG Panelists: Jim Lennon, Analyst, Macquarie Septian Hario Seto, Member, National Economic Council Republic of Indonesia Denis Sharypin, Strategic Marketing Director, Norilsk Nickel Edric Koh, Head of Corporate Sales, Asia, London Metal Exchange Mark Selby, CEO & Director, Canada Nickel Company Keynote Speech: Korean Battery Supply Chain Strategy and Indonesia's Role Speaker: James (IKHWAN) Choi, Country Manager, Korea Office, SMM Korea Office Keynote Speech: Retreat or Evolve? The Counter-Attack of High-Nickel Batteries under the LFP Siege: Solid State, 4680, and the "Range Anxiety" Premium Speaker: Jared Zhu, Head of Consulting, Renewable Energy & Non-ferrous Metals, Shanghai Metals Market Jared noted that LFP batteries have steadily increased their market share in power battery and energy storage markets in recent years. With the rapid development of emerging sectors such as humanoid robots, industrial robots, and electric vertical take-off and landing vehicles (eVTOL), ternary batteries, leveraging their performance advantages, are more competitive than LFP batteries. Solid-state batteries are regarded by the industry as a must-win field for future competition, but it is worth noting that this new technology, capable of rewriting industry rules, still has a long development cycle before full commercialization. Positioning in the LFP Era LFP Accelerates Replacement of Ni-Co-Mn in Energy Storage and EVs, Leading in Scale and Growth SMM forecasts the global share of EV power battery types from 2026 to 2027, expecting LFP batteries to account for around 68% in 2026, with that ratio rising to about 70% in 2027. For ESS battery types, from 2022 to 2025, the share of LFP batteries in global ESS batteries continued to rise, and in 2026, it is expected to increase to around 99%. Keynote Speech: QMAG - Market Leader of Calcined Magnesia for Nickel/Cobalt MHP Production Speaker: Christoph Beyer, Managing Director of Queensland Magnesia (QMAG) Dr. Keynote Speech: Cobalt in Focus: Powering the Next Chapter of Critical Minerals Speaker: Dinah McLeod, Director General, Cobalt Institute June 5: Nickel and Cobalt Forum Keynote Speeches Keynote Speech: Balancing Risk and Reward: Investing in Indonesia's Nickel and Cobalt Value Chain Speaker: Izzie Huo, Senior Research Fellow, Shanghai Metals Market Panel Discussion: Too Much Nickel? Balancing Oversupply Risks with Long-Term Investment in Indonesia Moderator: Jean Tang, Commercial Director, Shanghai Metals Market Panelists: Ali Safdar, Managing Director & Partner, BCG (Boston Consulting Group) Arif Perdana Kusumah, Chairman, Forum Industri Nikel Indonesia (FINI) Ditya Maharhani Harninda, Senior Vice President Corporate Banking 2, PT Bank Negara Indonesia Tbk (Persero) Keynote Speech: Valve Solutions for Severe Service in HPAL Speaker: Changsong Deng, President of International Business Division, ANTIWEAR Keynote Speech: Breaking the Import Dependency: Economics and Feasibility of Pyrite-based Acid Production for Indonesia's HPAL Supply Chain Speaker: Bede Beresford Evans, President Director, PT Sumbawa Timur Mining Keynote Speech: Key Technology and Economic Analysis of AI Power Microgrid Solutions in Mining Speaker: Frank Qi, CEO, Ai Power (Suzhou) Technology Co., Ltd. Keynote Speech: Value of Analytical Solutions in Mining Processes Speaker: Toh Tiong Yen, Sales Manager, Malvern Panalytical Keynote Speech: New Caledonia's Nickel Landscape Speaker: Gabriel Bensimon, Special Advisor to the President of the Government on Nickel and Mining-Related Matters, The Government of New Caledonia Keynote Speech: Global Flow of Nickel from Mining to End-Use Speaker: Dr. Steukers Veronique, President, Nickel Institute Primary nickel production is now dominated by Indonesia. In 2025, Indonesia produced around 50% of the world's primary nickel, compared to just 6% a decade earlier. Primary nickel production in the rest of the world declined. In 2025, primary nickel production in the rest of the world, excluding Indonesia and China, accounted for just over 20% of the global total, down from 65% a decade earlier. Indonesia and China are the core driving forces shaping the global nickel supply chain landscape. From the perspective of nickel product circulation structure, NPI, backed by Indonesia's capacity advantage, firmly dominates the circulation mainstream; in terms of global nickel raw material supply by grade, Class 2 nickel accounts for approximately 58%, Class 1 nickel for just under 30%, and nickel chemical products for the remaining around 13%. Panel Discussion: Meet the Future of ESG: Standard, Challenges and Opportunities in Mining and Processing Moderator: Katz Benjamin, Policy Analyst, OECD Panelists: Dr. Chris Schlekat, Executive Director of NIPERA, Nickel Institute Ning Wang, Manager, Sustainable Development Department, China Chamber of Commerce of Metals, Minerals & Chemicals Importers & Exporters Yumo Li, Head of ESG Office in Tsingshan Board, Tsingshan Holding Group Vinícius Mendes Ferreira, Executive Advisor for Nickel Downstreaming, PT Vale Indonesia Fan Li, Sustainability and ESG Services Manager, dss+ Tom Fairlie, Senior Sustainability Manager, Cobalt Institute Tin Forum June 4 Visit to the Association of Indonesian Tin Exporters (AETI) Shanghai Metals Market (SMM) is pleased to announce that an SMM-led delegation, headed by SMM Copper & Tin Overseas Marketing Manager Jenny Wu and made up of delegates from the Indonesia Critical Minerals Conference & Expo 2026 , conducted a formal visit to the Association of Indonesian Tin Exporters (AETI) on June 4. The event was organized by SMM and co-organized by Indonesia’s Ministry of Foreign Affairs, National Economic Council, Indonesia Nickel Miners Association (APNI), and MMR, with the Jakarta Futures Exchange as the strategic partner. This visit underscores SMM’s commitment to fostering long-term, win-win partnerships between Indonesia’s top mineral exporters and global metals industry stakeholders. Supply and Demand Exchange Session June 5 Opening Remarks Speaker: Adam Fan, Chairman of SMM Keynote Speech Keynote Speech: DRC Tin Ore: Current Supply Status and Market Dynamics Insights Speaker: Raj Chug, General Manager, Mining Mineral Resources Keynote Speech: African Tin Ore: Resource Potential and Supply Chain Breakthrough Paths Amid Supply Shortages Speaker: Egyul Mamoko， Metallurgist Expert， CTCPM (Cellule Technique de Coordination et de Planification Minière) [Panel Discussion] Global Tin Mine Supply Seminar: Current Status, Opportunities, and Future Challenges Moderator: Vicky Qiao, Senior Analyst at SMM Panelists: Egyul Mamoko, Metallurgist Expert, CTCPM (Cellule Technique de Coordination et de Planification Minière) Erwin Setyawan, Head of Trading & Operation, Jakarta Futures Exchange Joseph G. Miller Esq, Strategic & Defense Metals Specialist/Director, Mission Critical Metals, Mission Critical Metals Keynote Speech: The Development Trend of the Tin Market in China Speaker: Zheyu Zhang, Tin Market Analyst, Marketing Department, Yuntin (Honghe) Investment Development Co., Ltd. Keynote Speech: Opportunities and Challenges for Smelters Under Indonesia's New Tin Industry Policies Speaker: Yazid Kanca Surya, Chief Executive Officer, Jakarta Futures Exchange Fragmented Global Supply Chain System Reshaping of the Geopolitical Landscape : Trade disputes and geopolitical tensions are profoundly altering traditional commodity trade patterns. Industrial Security :Countries are increasingly prioritizing long-term stable supply of strategic resources over short-term price advantages. Focus on Critical Minerals : Tin’s industry role is no longer isolated; it has become a core issue in the global energy transition and high-end manufacturing sectors. Evolution of the Tin Market The industry is entering a new phase where credibility is as important as capacity. Promoting Downstream Industrialisation (Hilirisasi) •Historical Development Background: Indonesia has long been dominated by the supply of primary processed products, with most downstream value addition achieved outside China. • Strategic Goals : Indonesia is adjusting export policies, trade management, and supply chain oversight to retain high-value-added industries within the country. Strengthening regulation and cracking down on illegal mining are not punitive measures, but rather efforts to build a transparent system to help the local area vigorously promote the development of downstream industries. Smelters Under Pressure Upstream uncertainties: Illegal mining disrupts the market, raw material supply fluctuates, and price trends are difficult to predict. Downstream market requirements: Strict compliance standards, full transparency in raw material traceability, and continuously rising screening thresholds for buyers. Market Volatility Intensifies The uncertainty in the current operating environment has increased significantly. Enterprises must not only cope with production risks, but also simultaneously address the multiple pressures arising from external shocks and rising operating costs. Investment Barriers in Deep Processing Keynote Speech: Deepening Downstream Diversification, Joining Hands to Foster Long-term Prosperity Guest Speaker: HARRY BUDI SIDHARTA, S.T, MM., Vice President Director, PT Timah (Persero) Tbk Keynote Speech: Challenges and Opportunities for China's Tin Industry amid Global Tin Ore Supply Changes Guest Speaker: Huanbo Qin, Market Analyst, International Tin Association China Keynote Speech: Analysis of Global Tin Price Trends and Future Outlook Speaker: Vicky Qiao, Senior Analyst, Shanghai Metals Market Price Trend Overview Price Review: Amid macroeconomic and geopolitical disruptions, market fundamentals have provided structural support Key Points: Tight mine-side supply has established a long-term price floor, while macro liquidity has primarily driven price fluctuations. Tin Resources and Mine Supply Landscape Supply elasticity is limited, accompanied by a high geographic concentration of reserves; the global static mine life is less than 15 years. Rising mine production alongside shrinking global resources has accelerated reserve depletion in producing countries. DRC: Output from major mines remained stable; however, M23 militant activities increased market uncertainty. ►Risks 1. The M23 armed conflict has spread to the Masisi region east of the Bisie mine and the Goma border crossing between the DRC and Rwanda, directly disrupting the original tin ore transportation route via Goma to Dar es Salaam. 2. To mitigate conflict risks, security at the Bisie mine has been reinforced, and freight routes have been adjusted northward to reroute through Uganda, ultimately destined for the port of Mombasa in Kenya. Nevertheless, market concerns persist that further spread of the M23 conflict could disrupt normal production operations at the mine. 3. The DRC recently experienced an Ebola outbreak, with confirmed cases concentrated in Beni and Bunia, areas adjacent to Uganda. Strict disease prevention measures have been implemented at both the mine and along transportation links; Bisie's mining and freight activities have yet to be affected by the pandemic impact. However, the market remains apprehensive about the local mineral supply outlook. Myanmar's Man Maw Tin Mine: Production Resumptions Hindered • 90% of Myanmar's tin ore production is concentrated in Wa State. To ensure rational resource extraction and stable regional development, Wa State suspended all tin ore mining starting in 2023, with new mining permits only reissued in July 2025. Due to the local rainy climate, the mine pits accumulated significant water during the suspension, making drainage the primary challenge upon work resumption. As the water accumulation issue affected multiple pits, the cost-sharing arrangements for drainage among mining enterprises were long delayed and never finalized. The resulting obstruction of drainage work has directly constrained the mine's production resumption progress. •In February 2026, the local government issued detailed rules clarifying the cost-sharing standards for drainage, and the Wa State tin mine immediately began resuming production. •Currently, strict approval and control of civilian explosives in Myanmar, compounded by disruptions to mining and logistics caused by the rainy season, have led to progress in local production resumptions falling short of expectations. Full resumption is expected only by 2027. The number of new tin mine projects globally is scarce, with generally low ore grades and lengthy development-to-production cycles. New projects generally have low ore grades, posing upside risks to future mining costs and increasing operational difficulty. Only three new projects have grades above 1%. Lower ore grades mean that more raw ore must be processed to produce the same amount of tin metal. The future supply landscape will be markedly differentiated, with total planned and under-construction projects reaching 173.5 kt in capacity, and just four major projects accounting for over 67%. Global supply will be highly dependent on these core mine projects, while five new projects in Australia can only bring a small incremental increase with limited impact. Global Tin Ingot Supply The high concentration of primary tin smelting capacity limits the global supply elasticity of tin ingots. Keynote Speech: Achieving the Trading and Risk Hedging of Pure Tin Ingots Through the Standardized Trading Mechanism of the Futures Market – Commodity Futures Trading Regulatory Authority Guest Speaker: Ima Siti Fatimah, Head of the Commodity Futures Trading Development Bureau, Ministry of Trade of the Republic of Indonesia Keynote Speech: Under the Drive of Geopolitical Policies: Global Strategic Metal Tin Trade Restructuring, Breakthroughs in North American Secondary Production, and New Logic in Solder Consumption Guest Speaker: Joseph G. Miller Esq, Strategic & Defense Metals Specialist/Director, Mission Critical Metals, Mission Critical Metals ► Securing Supply: US Plan to Reshore Critical Metal (Tin) Capacity • Lessons drawn from COVID-19 and World War II. • No primary tin capacity currently exists in North America: no tin ore mining operations, no tin ore smelting capacity. • The US secondary tin market is regionally fragmented. • The US government supports the Nathan Trotter primary/secondary tin smelter. • The Trump administration has made multiple investments in the critical metals sector. • Security situation in the DRC and surrounding regions. ► Data Center Tin Consumption Estimates How much tin is consumed per gigawatt of installed data center capacity? • Servers, GPUs, network systems: 500–1,500 mt. • Power systems, switchgear: 100–400 mt. • Control devices, communication equipment, cooling systems: 50–200 mt. • Tin usage per gigawatt of installed AI data center capacity is approximately 1,200–1,500 mt. Additionally, the speaker noted: the PV industry's annual tin consumption is about 25,000 mt, with average annual new installations of around 30 GW, corresponding to tin demand of 36,000–45,000 mt. Keynote Speech: Due Diligence in the Indonesian Tin Sector: A Tradition of Early Adoption and Pathways for ESG Leadership Guest Speaker: Josue Ruiz, Director of Facility Engagement, Responsible Minerals Initiative Keynote Speech: Malaysian Tin Mine: Market Breakthrough and Global Expansion from the Perspective of Critical Minerals Guest Speaker: DATO DEREK TENG, Director of the SETARA JELITA SDN BHD, President of the MALAYSIA MARITIME SILK ROUTE RESEARCH SOCIETY Critical Minerals in the New Era Strategic Positioning and Core Applications of Tin National Strategic Cornerstone: Listed in the “Critical Minerals List” by many countries, it holds an irreplaceable core position in securing national resource security and maintaining the resilience of global supply chains. Modern Industrial Lifeline: The core raw material for electronic solder manufacturing, it supports semiconductor packaging, PCB circuit boards, and other electronic information industries, serving as the “industrial monosodium glutamate” of modern manufacturing. Frontier Technology Engine: Empowering emerging technologies such as 5G communications, NEV batteries, PV modules, and AI chips, it drives the dual transformation of the digital economy and green transition. Tin: The “Industrial MSG” Driving High-Tech Industries ► A Core Member of the Global Critical Minerals System U.S. Official Designation: According to the U.S. Geological Survey (USGS) “2025 Critical Minerals List,” tin is formally listed as a critical mineral, regarded as a strategic resource vital to national economic development and national security. Global Industry Consensus: In the mineral assessment systems of the EU and other developed economies, tin also occupies a core position. It is an indispensable “emerging cornerstone mineral” supporting the global digital economic transformation and the upgrade of the new energy industry. The global tin application structure in 2025 is very clear: 53% is used in semiconductors and high-end electronic solder, 16% in fine tin chemical new materials, 11% in food-grade tinplate and tin cans, and 8% directly in the PV green new energy industry. Tin Applications in High-Growth Sectors Currently, three major high-growth tracks worldwide are continuously driving rigid incremental demand for tin. First, AI computing power and hyperscale data centers: The tin consumption per unit of high-end AI servers is 3–13 times that of ordinary servers. With the explosive growth of global AI computing power demand, the demand for high-end solder will continue to grow rapidly. Second, new energy vehicles: Tin consumption per vehicle is about three times that of internal combustion engine vehicles, and for intelligent car models, it can reach up to 1.5 kg per vehicle. Third, advanced packaging: The solder ball usage of advanced packaging technologies such as HBM (High Bandwidth Memory) is more than five times that of traditional DRAM. Malaysia at a Crossroads The Decline of a Former Empire and Opportunities for Transformation ► Glorious History · Tin Empire: In the 1960s, Malaysia was the world's veritable "Tin Empire." Its tin production once accounted for one-third of the global total, and revenue from tin exports represented as much as 60% of the country's total export revenue, dominating the global tin trade landscape. ► Current Situation · Dual Challenges: However, after industrial iteration, its share of global production was only 0.2% in 2023, with annual output falling to 6,100 mt, marking a sharp decline. Malaysia still holds considerable secondary resource reserves of 780,000 tonnes, with native ore depleted but tailings holding significant potential. ► Future · Reshaping Value Strategic Empowerment: Leverage the new strategic identity of “critical minerals” to enhance discourse power and bargaining power in the international supply chain. Industrial Leap: Shift away from dependence on primary tin ingot exports and move towards high value-added deep processing manufacturing and the establishment of a circular economy system. Core Challenges Faced Currently, Malaysia’s tin industry faces four core structural challenges. Market Breakthrough: Reshaping Value Embrace the New Identity and Extend into Downstream High Value-Added Sectors Build a Regional Circular Economy Center Core Strategy: Fully leverage Malaysia’s industrial advantage as a global electronics manufacturing center, turning the large amount of tin-containing scrap generated during production—including solder dross, waste circuit boards, etc.—into valuable recycled tin resources, and establish an “urban mining” resource recycling system. Keynote Speech: From Waste to Value: How Smelters and Recycling Enterprises Uncover Hidden Treasures in Tin Ore By-Products Guest Speaker: Justin Wang, Director of Marketing and Technology, Stannum Solutions(Shanghai) Co., Ltd. Coal & Energy Transition Forum June 4 Keynote Speeches Keynote Speech: The Future of Renewable Energy for Mining Contractors in Indonesia Guest Speaker: Bambang Tjahjono, Executive Director of ASPINDO Panel Discussion: The Indonesia 2060 Net-Zero Roadmap: The Role and Transition Pathway for the Mining Sector Moderator: Verena Streitferdt, Director, Tri Hita Consulting Panelists: Alfonsius Ariawan, Mining & Metals Lead, Indonesia, dss+ Yan Yan Muhammad Achdiansyah, Innovative Project Manager for Asia Pacific, HDF Energy Ardhi Ishak, Chairman of Industry Relations & Industry Associations, PERHAPI (Association of Indonesian Mining Professionals) Keynote Speech: Banking on the Transition: Sustainable Finance Solutions for Indonesia’s Mining and Energy Sector Guest Speaker: Dendi Ramdani, Vice President for Industry and Regional Research, PT Bank Mandiri (Persero) Tbk. [Panel Discussion] Reshaping the Role of Coal: Balancing Indonesia's Energy Security and Just Transition Moderator: Muhammad Saly Putra, Head of Marketing, MMS Resources Panelists: Putra Adhiguna, Managing Director, Energy Shift Institute Anton Frian Yohanes Reynaldo, Global Relations Team, Badan Pengaturan Badan Usaha Milik Negara (BP BUMN) Gita Mahyarani, Executive Director, APBI-ICMA Emmanuel Jefferson Kuesar, Chief Executive Officer, Sun Energy Ardhi Ishak, Chairman of Industry Relations & Industry Associations, PERHAPI (Association of Indonesian Mining Professionals) Keynote Speech: Shifting Global Demand: Capturing Emerging Markets in South Asia Guest Speaker: Vasudev Pamnani, Director, iEnergy Natural Resources Limited Executive Roundtable – Margin Protection Strategies: Managing High Production Costs, Royalty Hikes, and Domestic Pricing Caps Moderator: Kevin Triadi Gunawan, Country BD Manager, Argus Panelists: Suryo Suwignjo, CEO, PT Titan Infra Sejatera Ashok Mitra, Senior Advisor, Bakrie Capital Indonesia FH Kristiono, CEO, UCoal Keynote Speech: The Cost of Compliance: Balancing Cash Flow and Strategic Investment Amidst RKAB Quota Cuts and DMO Burdens Speaker: Subhashish Datta, CFO, Kaltim Prima Coal June 5 Coal & Energy Transition Forum Keynote Speeches Panel Discussion: Vision to Leverage 100GW of Solar - What are the Opportunities and Challenges Moderator: Tengku Zulchairi P., Indonesia Sales Manager, LONGi Solar Panelists: Dr. Farid Wijaya, Manager of Sectoral Decarbonization Research, Institute for Essential Services Reform (IESR) Eka Himawan, Co-Founder & Managing Director, Xurya Daya Indonesia Johan Hadi Wardoyo, Chief Commercial Officer, PT Trina Mas Agra Indonesia Keynote Speech: Navigating the Cycles: The Evolution of Global PV Supply Chains and Its Strategic Impact on Indonesia Speaker: Ryan Tey Tze Yang, PV Analyst, Shanghai Metals Market Keynote Speech: From Ambition to Action: AESI's Roadmap for Solar deployment in Indonesia's Critical Minerals Sector Speaker: I Made Aditya Suryawidya, Vice Chairman of Research and Technology, Asosiasi Energi Surya Indonesia (AESI) Panel Discussion: Hybrid Energy Systems: Designing the Optimal Mix of Solar, Storage, and Diesel for Mega-Mines Moderator: Ryan Tey Tze Yang, PV Analyst, Shanghai Metals Market Panelists: Eka Satria, CEO, Medco Power Indonesia Ricky Cahya Andrian, Vice President of Decarbonization Business Development and Energy Management, PT PLN (Persero) Karina Darmawan, Chief Executive Officer, SUN Mobility Muchtazar, Head of Sustainability, Nickel Industries Limited Nian Gao, Director, Microgrid Solution Department, Sungrow Keynote Speech: EV Infrastructure & Energy Storage: The Final Piece of the Mining Decarbonization Puzzle Speaker: Christopher Marvel, Country Business Development Manager - Indonesia, StarCharge Mining carbon emissions are typical operational emissions, with emission sources spanning the entire operational chain of a mine. Mine decarbonization cannot be achieved solely through carbon disclosure, carbon offsets, or green procurement. Daily production activities such as transportation and turnaround, captive power supply, crushing and grinding, mine ventilation, and process electricity are the core carriers of carbon emissions. The core challenge for the industry today is to steadily reduce carbon emission intensity against a backdrop of growing demand for minerals. This requires a systematic restructuring of the mine’s overall energy system, rather than simply replacing fuels for individual equipment. Diesel-powered transport is the key battleground for carbon reduction in mines Various types of mobile equipment are the key targets for carbon emission monitoring. The average annual fuel consumption of a single mining truck is close to one million liters. For open-pit mines, fuel consumption is closely linked to haul distance, road gradient, payload, dispatch management, and vehicle idling. Therefore, the transport phase becomes the optimal breakthrough point that balances carbon reduction and production efficiency. The electrification of mining trucks is not a technical bottleneck; the real key lies in whether the supporting core infrastructure, such as charging and energy storage, can enable the equipment to operate at full capacity and ensure that production is not affected. The global fleet of large mining haul trucks numbers about 28,000 units, and is still predominantly diesel-powered. According to RMI estimates, the average annual diesel consumption of a single truck reaches 900,000 liters; energy consumption by haul vehicles accounts for 30%–50% of total mine energy use, corresponding to annual CO2 emissions from the global fleet of approximately 68 million mt. Keynote Speech: From Blueprint to Site: Engineering Practices for High-Availability PV-Storage Microgrids in Indonesia’s Tropical Rainforests Guest Speaker: Frank Qi, CEO, AI Power (Suzhou) Tech. Co., Ltd. Suryawan Teddy, Director of ATW Solar Panel Discussion: What Will Drive the Next Wave of Industrial Solar in Indonesia? Moderator: Eric C. Listyosuputro, Partner, EY-Parthenon Indonesia Panelists: Jannata (Egi) Giwangkara, Country Lead – Indonesia, Climateworks Zidny Ilman, Associate Vice President of Public Policy and Government Relations, Suryanesia Aluminum Forum June 4 Guest Speeches Keynote Speech: Aluminum Market — Looking Ahead from Today's Supply Chain Squeeze Speaker: Duncan Hobbs, Research Director, Concord Resources Ltd Duncan Hobbs noted that while the aluminum market currently appears to face a significant supply deficit, the inventory available to fill that gap is limited. We have lowered our forecast for global aluminum production in 2026, expecting total output of around 73.8 million mt, basically flat YoY, whereas our January forecast projected a 2.8% YoY increase. At the same time, the global aluminum consumption growth forecast has been revised down from 2.3% to 1.9%. After these adjustments, the estimated nominal market deficit expands to roughly 2.1 million mt, a substantial increase from the 300,000 mt projected in January. Absorbing this deficit depends heavily on accessible inventories; if inventory draws prove insufficient, the supply-demand balance will have to rely on price mechanisms to curb demand, ultimately bringing consumption in line with actual production. Currently, freely circulating market inventory may struggle to cover the 2.1 million mt deficit, providing upward momentum for aluminum prices. Keynote Speech: Updated Downstream Development of Minerals and Energy in Indonesia Speaker: Novi Muharam, Acting Head of Division Downstream Strategy, Research & Process Engineering, MIND ID Panel Discussion: Navigating Change: Resilience Strategies for the Global Bauxite, Alumina and Primary Aluminum Market Moderator: Sibyl Yang, Senior Aluminum Analyst, Shanghai Metals Market Panelists: Mark Roggensinger, Head of Market Analysis - Hydro Bauxite & Alumina, Hydro Dinesh Raj, P. Global Head – Supply Chain Due Diligence, Siemens Energy Ken Permana, CFO, PT Indonesia Asahan Alumunium Mahmood Dailami, Secretary General, Gulf Aluminium Council Ilham Iskandar Siregar, SVP - Base Metals Commercial, PT ANTAM Tbk Keynote Speech: Expansion of India’s Upstream Aluminum Sector: New Projects and the Rise of Alumina Capacity Speaker: Dr. Ashok Nandi, President, IBAAS-International Bauxite Alumina & Aluminium Society ► Currently, India's alumina capacity is approximately 11.3 million mt/year, and through brownfield and greenfield expansions, it is expected to increase to 15 million mt/year by 2030. ► Although the country has abundant bauxite resources, the main issue is that deposits are often located in ecologically sensitive areas, such as tribal lands and dense forests, and environmental clearances face delays. ► Refineries like Lanjigarh Vedanta, Hindalco Belgavi, and Pioneer struggle to secure local ore supply and primarily import bauxite from Guinea. Global Alumina Landscape China is the global leader in alumina production. Australia trails far behind, followed by India, Brazil, Russia, and other countries. Keynote Speech: Restructuring the Aluminum Industry in the Low-Carbon Era: China-Driven Transformation of Global Bauxite Supply Chain Rules and Redistribution of Power Speaker: Linda Shan, Deputy Secretary-General & Director of the International Department of the United Nations Mining Consultative Expert Committee, ZHONGUANCUN Green Mine Industry Alliance The global aluminum industry stands at a historic turning point. This is not a simple adjustment of price cycles or supply-demand relationships, but a deep restructuring jointly driven by the low-carbon transition, industrial upgrading, resource security, and international cooperation. The theme of this paper is to analyze how China is driving the rule transformation in the global bauxite supply chain and to reveal the profound implications of power redistribution therein. The Variables Have Changed: From Old Cycles to New Rules The variables shaping the industry's direction have fundamentally changed. In the past, the market focused on the supply-demand gap, energy prices, and inventory cycles. But today, low-carbon rules, geopolitics, industrial policies, and supply chain risks have become the new dominant forces. One key data point is that in March 2026, China's primary aluminum production accounted for 60.2% of the global total. This indicates that the global aluminum industry is shifting from being purely cost-driven to a more complex rule-driven era. Why did this transformation occur? Because the three major fundamental assumptions on which the industry relied for decades are being broken. Previously, it was widely believed that resources could flow freely, energy prices would remain stable in the long term, and the global trade environment was relatively open. But the reality now is that logistics security is no longer taken for granted, energy costs are experiencing wild swings, and trade rules are constantly being rewritten. In one sentence: The old era was about competing on cost, while the new era is about the competitiveness of the system. Keynote Speech: Innovative Technologies for Energy Saving and Emission Reduction in Primary Aluminum Smelting Speaker: Yanfeng Lu, Deputy General Manager of Overseas Business Center, Shenyang Aluminum and Magnesium Engineeringand Research Institute Company Limited (SAMI) He stated that the company has always focused on energy savings, high efficiency, and environmental protection as core objectives, and has planned three major paths: enhancing magnetohydrodynamic stability, maintaining a good thermal balance, and systematically saving energy and reducing consumption. By optimizing the cathode assembly’s conduction path using interface fluctuation theory, the horizontal current in the aluminum liquid is reduced by over 30%, reducing pot deformation caused by electromagnetic force disturbances. Cathode voltage drop is reduced by 50 mV, and service life is extended by 20%. Breakthrough in Magnetohydrodynamic Stability: The company has adopted the most advanced physical field simulation technology for the R&D and design of pots, among which the magnetohydrodynamic simulation design provides technical assurance for the pots to achieve high efficiency and low consumption targets. Developed loop compensation external busbar technology and networked self-balancing busbar technology, enabling the pots to operate stably at low voltage, with a voltage reduction of 10%-15% compared to conventional pots, and improving current efficiency by 2%-3%. Through precise gas collection technology from dual-sided upper flues and a new ventilation structure for the plant, the working environment has been improved and environmental protection indicators have been enhanced. Additionally, the plug-in rectangular pot shell technology can significantly extend the lining life and improve equipment operational efficiency. Keynote Speech: High-Temperature Anti-Oxidation Functional Ceramic Coating Technology and Application for Prebaked Anodes Speaker: Guojing Hu, Technical Director, Jiangsu Green Harmony Energy and Environment Conservation Technology Co., Ltd. Keynote Speech: Linking the World: Nanshan's Localization Practice in Indonesia and the Aluminum Industry's Collaborative Future Speaker: Zhu Jiahui, Deputy General Manager, Bintan Alumina Indonesia He noted that China's aluminum capacity has approached the ceiling of 45 million mt, with extremely limited room for new additions, intensifying market competition. Meanwhile, Southeast Asia is undergoing rapid industrialization, and aluminum consumption demand remains robust. Indonesia, in particular, with its abundant bauxite resources, has become a hot spot for the global aluminum industry's relocation. It was based on this assessment that Nanshan made the strategic decision to break out of the domestic red ocean and set sail for the blue ocean overseas. Panel Discussion: Indonesia as the Global Focal Point of the Aluminum Industry: Investment, Technology and Cooperation Moderator: Jordan Janesputra, Senior Aluminum Analyst, SMM Indonesia Panelists: Mr. Eddy Permata Purba, Commercial and Business Development Director, PT Borneo Alumina Indonesia Dr. Beni Bevly Director PT Supreme Alumina Indonesia Esther Rodriguez, Critical Minerals Lead Responsible Sourcing, Ericsson AB Winston Ng, Director, PT Kalimantan Aluminium Industry June 5 Aluminum Forum Keynote Speeches Keynote Speech: The production practice of Borneo Alumina Indonesia Refinery and the future development direction of alumina technology Guest Speaker: Chuan Li, Deputy Director of Alumina Department, Shenyang Aluminum and Magnesium Engineeringand Research Institute Company Limited (SAMI) He stated that the BAI alumina refinery in Indonesia is a successful application of SAMI technology in the country, utilizing local bauxite and meeting international standards. Looking ahead, alumina technology is expected to develop towards large-scale, low-carbon, green, high-quality products, and intelligentization. SAMI will be committed to providing advanced, reliable, and customized alumina solutions to clients worldwide. Keynote Speech: Global Aluminum Market Outlook 2027: Key Variables and Uncertainties Guest Speaker: Sibyl Yang, Senior Aluminum Analyst, SMM She noted that from 2021 to 2024, the global aluminum market experienced a persistent supply deficit. The year 2025 became a pivotal turning point for the industry, with the aluminum market showing a tight supply-demand balance and a slight easing of the tight supply situation. In 2026, escalating geopolitical conflicts in the Middle East have continued to unfold, and the unexpected developments have become a black swan event impacting the global aluminum industry chain, significantly affecting global aluminum supply. SMM conducted scenario-based forecasts for the primary aluminum market's supply-demand situation in 2026. Overall, SMM expects the global primary aluminum market to be in a supply deficit in 2026, shifting to a surplus in 2027. Aluminum Market Review According to SMM supply-demand balance data, from 2021 to 2024, the global aluminum market was in a persistent supply deficit. 2025 became a pivotal turning point for the industry, with the aluminum market showing a tight supply-demand balance and a slight easing of the tight supply situation. 2026 Middle East Geopolitical Escalation: A Black Swan Event for the Global Aluminum Industry Chain In 2026, escalating geopolitical conflicts in the Middle East have continued to unfold, and the unexpected developments have become a black swan event impacting the global aluminum industry chain, significantly affecting global aluminum supply. [Panel Discussion] Future Aluminium Price Drivers (2026–2030): Market Fundamental Evolution Under Middle East Supply Risks and Expanding Capacity in Other Nations Moderator: Dr. Beni Bevly, Director, PT Supreme Alumina Indonesia Panelists: Winston Ng, Director, PT Kalimantan Aluminium Industry Joyce Li, Commodity Strategist, Macquarie Jordan Janesputra, Senior Aluminum Analyst, SMM Indonesia Check-in & Networking Cocktail Party We extend our sincere gratitude to the global logistics leader Access World for its exclusive sponsorship of the cocktail party at this conference. Founded in 1933, Access World has grown from a family business into an international logistics organization operating in 25 countries, with a strategically located network of ports and warehousing facilities in prime locations, ensuring the efficient daily handling and flow of goods. As an end-to-end logistics service provider, Access World has long been committed to simplifying global supply chains and enhancing the efficiency of commodity circulation. It is worth noting that this marks the second consecutive year Access World has generously sponsored the cocktail dinner at the Indonesia Mining Conference & Critical Minerals Conference. For this steadfast commitment and dedication to deeply cultivating the industry and continuously empowering industry exchanges, the organizing committee and all attendees express our deep respect and gratitude. ICM Dinner This is the end of the Indonesia Critical Minerals 2026. We appreciate your support and look forward to seeing you again next year!

From June 3 to June 5, Indonesia Critical Minerals 2026 was held at the Pullman Jakarta Central Park in Jakarta, Indonesia. The conference was organized by Shanghai Metals Market (SMM) and co-organized by the Indonesia Nickel Miners Association (APNI) , the Ministry of Foreign Affairs of the Republic of Indonesia , the National Economic Council of Indonesia , and MMR , in a strategic partnership with the Jakarta Futures Exchange . The conference featured six dedicated forums: the main forum, the nickel and cobalt forum, the tin forum, the coal & energy transition forum, the aluminum forum, and dedicated sub-forums, attracting 3,500+ attendees from 45 countries and regions worldwide, featuring more than 120+ speakers sharing insights on market prices, supply-demand patterns, industry policies, low-carbon development, and ESG development, etc. Conference Background of Tin Forum In 2022, both LME and SHFE tin annual prices closed lower, and the market at the time may not have anticipated that this would serve as the prelude to a three-year upward cycle. From 2023 to 2025, tin prices recorded three consecutive years of gains, with both LME and SHFE tin surging over 30% in 2025. Entering 2026, the upward trend has continued, with tin prices hitting a new record high and becoming one of the most closely watched metals in the industrial metals market. However, this rally has not been smooth. In the past two years, tin prices have fluctuated significantly within an upward channel, driven by deep adjustments in global supply-demand patterns, especially multiple disruptions on the supply side. On the demand side, emerging sectors such as AI servers, PV welding strips, and NEVs have rapidly risen, coupled with a recovery in consumer electronics, continuously highlighting tin's strategic value in high-end manufacturing and steadily expanding rigid demand. On the supply side, global tin resources are highly concentrated, production resumptions in Myanmar have fallen short of expectations, some ex-China mining areas have been disrupted by geopolitical factors, and Indonesia—a key link in global refined tin supply—has seen its industrial policy adjustments become a critical variable affecting market expectations. Reviewing Indonesia's tin industry policy, the past two years have shown a clear trajectory of "standardizing and regulating, tightening exports, and promoting downstream development." In 2024, the Mining Work Plan (RKAB) was adjusted from an annual to a three-year basis, and exports experienced temporary fluctuations during the policy transition. In 2025, Indonesia further strengthened governance over illegal mining, shutting down some illegal tin mines, cracking down on smuggling activities, and adjusting tin ore royalty fees, leading to higher production costs. Entering 2026, the policy direction has become clearer, with studies on restricting refined tin exports, lowering export quotas, and plans to raise tin royalty tax rates, promoting the transition from resource exports to high value-added processing. These adjustments are reshaping the rhythm and trade patterns of the global tin supply chain. As an important platform connecting the global tin industry chain with the Indonesian resource market, the Tin Forum focuses on the latest developments in Indonesia's tin policies, the evolution of the global tin supply-demand pattern, price trend analysis, and industrial cooperation opportunities. It brings together government officials, industry experts, miners, smelters, and downstream end-user representatives to jointly explore new opportunities in the global supply chain amid the transformation of Indonesia's tin industry. Click to view photo gallery of tin forum Tin Forum June 4 Visit to the Association of Indonesian Tin Exporters (AETI) Shanghai Metals Market (SMM) is pleased to announce that an SMM-led delegation, headed by SMM Copper & Tin Overseas Marketing Manager Jenny Wu and made up of delegates from the Indonesia Critical Minerals Conference & Expo 2026 , conducted a formal visit to the Association of Indonesian Tin Exporters (AETI) on June 4. The event was organized by SMM and co-organized by Indonesia’s Ministry of Foreign Affairs, National Economic Council, Indonesia Nickel Miners Association (APNI), and MMR, with the Jakarta Futures Exchange as the strategic partner. This visit underscores SMM’s commitment to fostering long-term, win-win partnerships between Indonesia’s top mineral exporters and global metals industry stakeholders. Supply and Demand Exchange Session June 5 Opening Remarks Speaker: Adam Fan, Chairman of SMM Keynote Speech Keynote Speech: DRC Tin Ore: Current Supply Status and Market Dynamics Insights Speaker: Raj Chug, General Manager, Mining Mineral Resources Keynote Speech: African Tin Ore: Resource Potential and Supply Chain Breakthrough Paths Amid Supply Shortages Speaker: Egyul Mamoko， Metallurgist Expert， CTCPM (Cellule Technique de Coordination et de Planification Minière) [Panel Discussion] Global Tin Mine Supply Seminar: Current Status, Opportunities, and Future Challenges Moderator: Vicky Qiao, Senior Analyst at SMM Panelists: Egyul Mamoko, Metallurgist Expert, CTCPM (Cellule Technique de Coordination et de Planification Minière) Erwin Setyawan, Head of Trading & Operation, Jakarta Futures Exchange Joseph G. Miller Esq, Strategic & Defense Metals Specialist/Director, Mission Critical Metals, Mission Critical Metals Keynote Speech: The Development Trend of the Tin Market in China Speaker: Zheyu Zhang, Tin Market Analyst, Marketing Department, Yuntin (Honghe) Investment Development Co., Ltd. Keynote Speech: Opportunities and Challenges for Smelters Under Indonesia's New Tin Industry Policies Speaker: Yazid Kanca Surya, Chief Executive Officer, Jakarta Futures Exchange Fragmented Global Supply Chain System Reshaping of the Geopolitical Landscape : Trade disputes and geopolitical tensions are profoundly altering traditional commodity trade patterns. Industrial Security :Countries are increasingly prioritizing long-term stable supply of strategic resources over short-term price advantages. Focus on Critical Minerals : Tin’s industry role is no longer isolated; it has become a core issue in the global energy transition and high-end manufacturing sectors. Evolution of the Tin Market The industry is entering a new phase where credibility is as important as capacity. Promoting Downstream Industrialisation (Hilirisasi) •Historical Development Background: Indonesia has long been dominated by the supply of primary processed products, with most downstream value addition achieved outside China. • Strategic Goals : Indonesia is adjusting export policies, trade management, and supply chain oversight to retain high-value-added industries within the country. Strengthening regulation and cracking down on illegal mining are not punitive measures, but rather efforts to build a transparent system to help the local area vigorously promote the development of downstream industries. Smelters Under Pressure Upstream uncertainties: Illegal mining disrupts the market, raw material supply fluctuates, and price trends are difficult to predict. Downstream market requirements: Strict compliance standards, full transparency in raw material traceability, and continuously rising screening thresholds for buyers. Market Volatility Intensifies The uncertainty in the current operating environment has increased significantly. Enterprises must not only cope with production risks, but also simultaneously address the multiple pressures arising from external shocks and rising operating costs. Investment Barriers in Deep Processing Keynote Speech: Deepening Downstream Diversification, Joining Hands to Foster Long-term Prosperity Guest Speaker: HARRY BUDI SIDHARTA, S.T, MM., Vice President Director, PT Timah (Persero) Tbk Keynote Speech: Challenges and Opportunities for China's Tin Industry amid Global Tin Ore Supply Changes Guest Speaker: Huanbo Qin, Market Analyst, International Tin Association China Keynote Speech: Analysis of Global Tin Price Trends and Future Outlook Speaker: Vicky Qiao, Senior Analyst, Shanghai Metals Market Price Trend Overview Price Review: Amid macroeconomic and geopolitical disruptions, market fundamentals have provided structural support Key Points: Tight mine-side supply has established a long-term price floor, while macro liquidity has primarily driven price fluctuations. Tin Resources and Mine Supply Landscape Supply elasticity is limited, accompanied by a high geographic concentration of reserves; the global static mine life is less than 15 years. Rising mine production alongside shrinking global resources has accelerated reserve depletion in producing countries. DRC: Output from major mines remained stable; however, M23 militant activities increased market uncertainty. ►Risks 1. The M23 armed conflict has spread to the Masisi region east of the Bisie mine and the Goma border crossing between the DRC and Rwanda, directly disrupting the original tin ore transportation route via Goma to Dar es Salaam. 2. To mitigate conflict risks, security at the Bisie mine has been reinforced, and freight routes have been adjusted northward to reroute through Uganda, ultimately destined for the port of Mombasa in Kenya. Nevertheless, market concerns persist that further spread of the M23 conflict could disrupt normal production operations at the mine. 3. The DRC recently experienced an Ebola outbreak, with confirmed cases concentrated in Beni and Bunia, areas adjacent to Uganda. Strict disease prevention measures have been implemented at both the mine and along transportation links; Bisie's mining and freight activities have yet to be affected by the pandemic impact. However, the market remains apprehensive about the local mineral supply outlook. Myanmar's Man Maw Tin Mine: Production Resumptions Hindered • 90% of Myanmar's tin ore production is concentrated in Wa State. To ensure rational resource extraction and stable regional development, Wa State suspended all tin ore mining starting in 2023, with new mining permits only reissued in July 2025. Due to the local rainy climate, the mine pits accumulated significant water during the suspension, making drainage the primary challenge upon work resumption. As the water accumulation issue affected multiple pits, the cost-sharing arrangements for drainage among mining enterprises were long delayed and never finalized. The resulting obstruction of drainage work has directly constrained the mine's production resumption progress. •In February 2026, the local government issued detailed rules clarifying the cost-sharing standards for drainage, and the Wa State tin mine immediately began resuming production. •Currently, strict approval and control of civilian explosives in Myanmar, compounded by disruptions to mining and logistics caused by the rainy season, have led to progress in local production resumptions falling short of expectations. Full resumption is expected only by 2027. The number of new tin mine projects globally is scarce, with generally low ore grades and lengthy development-to-production cycles. New projects generally have low ore grades, posing upside risks to future mining costs and increasing operational difficulty. Only three new projects have grades above 1%. Lower ore grades mean that more raw ore must be processed to produce the same amount of tin metal. The future supply landscape will be markedly differentiated, with total planned and under-construction projects reaching 173.5 kt in capacity, and just four major projects accounting for over 67%. Global supply will be highly dependent on these core mine projects, while five new projects in Australia can only bring a small incremental increase with limited impact. Global Tin Ingot Supply The high concentration of primary tin smelting capacity limits the global supply elasticity of tin ingots. Keynote Speech: Achieving the Trading and Risk Hedging of Pure Tin Ingots Through the Standardized Trading Mechanism of the Futures Market – Commodity Futures Trading Regulatory Authority Guest Speaker: Ima Siti Fatimah, Head of the Commodity Futures Trading Development Bureau, Ministry of Trade of the Republic of Indonesia Keynote Speech: Under the Drive of Geopolitical Policies: Global Strategic Metal Tin Trade Restructuring, Breakthroughs in North American Secondary Production, and New Logic in Solder Consumption Guest Speaker: Joseph G. Miller Esq, Strategic & Defense Metals Specialist/Director, Mission Critical Metals, Mission Critical Metals ► Securing Supply: US Plan to Reshore Critical Metal (Tin) Capacity • Lessons drawn from COVID-19 and World War II. • No primary tin capacity currently exists in North America: no tin ore mining operations, no tin ore smelting capacity. • The US secondary tin market is regionally fragmented. • The US government supports the Nathan Trotter primary/secondary tin smelter. • The Trump administration has made multiple investments in the critical metals sector. • Security situation in the DRC and surrounding regions. ► Data Center Tin Consumption Estimates How much tin is consumed per gigawatt of installed data center capacity? • Servers, GPUs, network systems: 500–1,500 mt. • Power systems, switchgear: 100–400 mt. • Control devices, communication equipment, cooling systems: 50–200 mt. • Tin usage per gigawatt of installed AI data center capacity is approximately 1,200–1,500 mt. Additionally, the speaker noted: the PV industry's annual tin consumption is about 25,000 mt, with average annual new installations of around 30 GW, corresponding to tin demand of 36,000–45,000 mt. Keynote Speech: Due Diligence in the Indonesian Tin Sector: A Tradition of Early Adoption and Pathways for ESG Leadership Guest Speaker: Josue Ruiz, Director of Facility Engagement, Responsible Minerals Initiative Keynote Speech: Malaysian Tin Mine: Market Breakthrough and Global Expansion from the Perspective of Critical Minerals Guest Speaker: DATO DEREK TENG, Director of the SETARA JELITA SDN BHD, President of the MALAYSIA MARITIME SILK ROUTE RESEARCH SOCIETY Critical Minerals in the New Era Strategic Positioning and Core Applications of Tin National Strategic Cornerstone: Listed in the “Critical Minerals List” by many countries, it holds an irreplaceable core position in securing national resource security and maintaining the resilience of global supply chains. Modern Industrial Lifeline: The core raw material for electronic solder manufacturing, it supports semiconductor packaging, PCB circuit boards, and other electronic information industries, serving as the “industrial monosodium glutamate” of modern manufacturing. Frontier Technology Engine: Empowering emerging technologies such as 5G communications, NEV batteries, PV modules, and AI chips, it drives the dual transformation of the digital economy and green transition. Tin: The “Industrial MSG” Driving High-Tech Industries ► A Core Member of the Global Critical Minerals System U.S. Official Designation: According to the U.S. Geological Survey (USGS) “2025 Critical Minerals List,” tin is formally listed as a critical mineral, regarded as a strategic resource vital to national economic development and national security. Global Industry Consensus: In the mineral assessment systems of the EU and other developed economies, tin also occupies a core position. It is an indispensable “emerging cornerstone mineral” supporting the global digital economic transformation and the upgrade of the new energy industry. The global tin application structure in 2025 is very clear: 53% is used in semiconductors and high-end electronic solder, 16% in fine tin chemical new materials, 11% in food-grade tinplate and tin cans, and 8% directly in the PV green new energy industry. Tin Applications in High-Growth Sectors Currently, three major high-growth tracks worldwide are continuously driving rigid incremental demand for tin. First, AI computing power and hyperscale data centers: The tin consumption per unit of high-end AI servers is 3–13 times that of ordinary servers. With the explosive growth of global AI computing power demand, the demand for high-end solder will continue to grow rapidly. Second, new energy vehicles: Tin consumption per vehicle is about three times that of internal combustion engine vehicles, and for intelligent car models, it can reach up to 1.5 kg per vehicle. Third, advanced packaging: The solder ball usage of advanced packaging technologies such as HBM (High Bandwidth Memory) is more than five times that of traditional DRAM. Malaysia at a Crossroads The Decline of a Former Empire and Opportunities for Transformation ► Glorious History · Tin Empire: In the 1960s, Malaysia was the world's veritable "Tin Empire." Its tin production once accounted for one-third of the global total, and revenue from tin exports represented as much as 60% of the country's total export revenue, dominating the global tin trade landscape. ► Current Situation · Dual Challenges: However, after industrial iteration, its share of global production was only 0.2% in 2023, with annual output falling to 6,100 mt, marking a sharp decline. Malaysia still holds considerable secondary resource reserves of 780,000 tonnes, with native ore depleted but tailings holding significant potential. ► Future · Reshaping Value Strategic Empowerment: Leverage the new strategic identity of “critical minerals” to enhance discourse power and bargaining power in the international supply chain. Industrial Leap: Shift away from dependence on primary tin ingot exports and move towards high value-added deep processing manufacturing and the establishment of a circular economy system. Core Challenges Faced Currently, Malaysia’s tin industry faces four core structural challenges. Market Breakthrough: Reshaping Value Embrace the New Identity and Extend into Downstream High Value-Added Sectors Build a Regional Circular Economy Center Core Strategy: Fully leverage Malaysia’s industrial advantage as a global electronics manufacturing center, turning the large amount of tin-containing scrap generated during production—including solder dross, waste circuit boards, etc.—into valuable recycled tin resources, and establish an “urban mining” resource recycling system. Keynote Speech: From Waste to Value: How Smelters and Recycling Enterprises Uncover Hidden Treasures in Tin Ore By-Products Guest Speaker: Justin Wang, Director of Marketing and Technology, Stannum Solutions(Shanghai) Co., Ltd.

Shanghai Metals Market (SMM) is pleased to announce that an SMM-led delegation, headed by SMM Copper & Tin Overseas Marketing Manager Jenny Wu and made up of delegates from the Indonesia Critical Minerals Conference & Expo 2026 , conducted a formal visit to the Association of Indonesian Tin Exporters (AETI) on June 4. The event was organized by SMM and co-organized by Indonesia’s Ministry of Foreign Affairs, National Economic Council, Indonesia Nickel Miners Association (APNI), and MMR, with the Jakarta Futures Exchange as the strategic partner. This visit underscores SMM’s commitment to fostering long-term, win-win partnerships between Indonesia’s top mineral exporters and global metals industry stakeholders. During the exchange meeting, AETI representatives gave a detailed introduction to the association’s development history and the overall production and operational conditions of some local tin enterprises in Indonesia. In the Q&A session, the two sides engaged in in-depth discussions on key industry topics such as the progress of Indonesian tin ore mining quota approvals and certain current industry-related policies, sharing market information and exchanging industry perspectives. This face-to-face exchange further strengthened ties between industry partners within and outside China, laying a solid foundation for future cross-regional cooperation and information sharing along the tin industry chain. Introduction to the Association of Indonesian Tin Exporters (AETI) Profile The AETI was established on May 9, 2014, and became a member of the Indonesian Chamber of Commerce and Industry (KADIN) on March 14, 2015. Objectives: Creating productive collaboration between the government, entrepreneurs, and stakeholders Increasing the added value of Indonesian Tin Encouraging the implementation of Good Mining Practices in the tin mining industry Board of AETI Management AETI Members Currently, AETI has 23 member companies of tin exporters spread across the islands of Bangka, Belitung, and Riau AETI Mandate/Functions Advocating for policies that support the national tin industry Maintaining the stability and sustainability of the tin export market Ensuring member compliance with environmental and trading regulations Serving as a forum of communication between tin exporters and the government AETI Internal Activities Training & Development AETI Member Meeting Tin Seller–Buyer Meeting Others: Reclamation, Charity, Conference, etc. As a demonstration of AETI's commitment to the environment, we have launched a reclamation program targeting 500 hectares of abandoned post-mining land in Bangka Belitung. AETI also runs regular social programs for the community in Bangka Belitung Indonesia Tin Update AETI forecasts that the total national tin production quota in the 2026 Mining Work Plan (RKAB) will be approximately 50,000 tons. This figure has been adjusted from around 53,000 tons in 2025 to stabilize global tin prices. Currently, ten enterprises have obtained RKAB approvals. The Ministry of Energy and Mineral Resources (ESDM) is implementing a more selective evaluation and adjustment of the RKAB. The Indonesian government has introduced these policies to secure future energy reserves while simultaneously controlling the structure of tin trade to prevent illegal mining practices. Dynamics of Indonesian Tin Industry Regulatory Policies The dynamics of tin regulation in Indonesia over the past few years have undergone a massive paradigm shift. Driven by ensuring the sustainability and improving the governance of natural resources, optimizing state revenue and promoting downstream industrialization. 1. The validity period of the RKAB has been restored to one year (previously a three-year system). The policy aims to strengthen the government’s supervision of annual production, close loopholes in illegal mining, and adjust quotas in real time based on global market demand. Legal basis: an Energy and Mineral Resources (ESDM) ministerial regulation, now officially implemented. Currently, smelters must reapply annually, and the approval process is becoming stricter. While this measure reduces the predictability of multi-year supply, it has effectively curbed speculative over-application of production quotas. 2. Downstream development policy (Hilirisasi) This drives Indonesia’s transformation from an exporter of raw materials and refined ingots into a producer of high-value-added finished products, retaining profits domestically. The policy is a key pillar of the current government’s national development philosophy and falls under the President’s eight core governance goals (Asta Cita). Indonesia has streamlined regulatory rules for the export of industrial tin products, covering raw material procurement and product technical standards, thereby promoting the domestic production and export of high-end tin products such as tin solder, tin chemicals, tin powder, and tin plate. 3. Designating tin as a critical strategic mineral Tin has been elevated to a strategic status concerning national resilience and security, ensuring long-term domestic supply for key industries such as EVs and electronics. Legal basis: the Presidential Regulation on the Governance of Critical and Strategic Minerals, currently under development. With tin classified as a critical strategic mineral, mining supervision becomes stricter, and the central government gains the highest authority over production control. This has accelerated the downstreamization of Indonesia’s tin industry and, together with tightening global supply, has at times driven a significant rise in tin prices. 4. Establishing a benchmark price for tin ore This creates a fair, standardized price floor for domestic tin ore transactions in Indonesia, ensuring optimal state revenue (royalties) while securing reasonable income for local miners/partners. Legal basis: an ESDM ministerial regulation, under development. The policy can eliminate low-ball pricing and malicious push for lower prices among local miners, partners, and smelters. Domestic ore transaction prices are set with reference to public international benchmarks such as the London Metal Exchange, the Indonesia Commodity Exchange, and the Jakarta Futures Exchange, and are adjusted based on actual local costs. 5. Single export gateway policy for strategic commodities Strategic commodities must go through a designated unified gateway/trading platform for centralized export business, enabling end-to-end compliance supervision, traceable flows, and ensuring full collection of taxes and royalties. Legal basis: joint regulations formulated by the Ministry of Economic Affairs and the Ministry of Trade, currently under development. Export business is handled exclusively through the state-designated institution — Danantara Sumber Daya Indonesia — which may weaken the role of domestic private enterprises in the export process.

On June 6, Hanrui Cobalt disclosed that it plans to invest in the construction of the "Annual 40,000-Ton Electrolytic Nickel and 40,000-Ton Battery-Grade Nickel Sulfate Project" in Ganzhou City, Jiangxi Province, through its wholly-owned subsidiary, Ganzhou Hanrui New Energy Technology Co., Ltd. The total investment for the project is 2,002.5278 million yuan, and the project funds will come from the company's own funds or self-raised funds. With the completion and operation of the company's nickel resource smelting base in Indonesia, raw materials for this investment project will in the future be partially supplied directly from the Indonesian base, achieving an ecological闭环 in the nickel industry chain from resources to materials.

On May 30, Indian state-owned miner NMDC released its Q4 FY2025-2026 results. In Q4 of the fiscal year (January 1 to March 31, 2026), NMDC's iron ore production was 16.272 million mt, up approximately 11% QoQ and 22% YoY; iron ore sales were 15.299 million mt, up approximately 20% QoQ and 21% YoY. The quarterly improvement in production and sales was primarily driven by a surge in March. In March 2026, NMDC's iron ore production was 5.35 million mt and sales were 5.9 million mt, up approximately 51% and 40% YoY respectively, driving both QoQ and YoY increases in Q4 production and sales. For the full FY2025-2026 (April 1, 2025 to March 31, 2026), NMDC's iron ore production was 53.15 million mt, up 21% YoY; sales were 50.23 million mt, up 13% YoY. During the same period, the company's standalone after-tax profit was 74.21 billion rupees (approximately $868 million), up approximately 10.9% YoY; operating revenue was 315.54 billion rupees (approximately $3.69 billion), up approximately 33.3% YoY.

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.