When asked, "What are the technological content and barriers of the company's rolled copper foil? Who are the domestic and international competitors? Which companies are downstream clients?" North Copper responded on the investor interaction platform on June 25: The technological content and barriers of the company's rolled copper foil are reflected in: 1. The long process flow of rolled copper foil, involving disciplines such as smelting, rolling, metal heat treatment, and electrochemistry, requires continuous trial production to accumulate a process database. This represents a long-term experiential barrier that cannot be quickly reverse-engineered. 2. Capital and hardware thresholds, with extremely high equipment investment, high barriers for equipment installation, commissioning, and operation, and severe limitations on product width and ultra-thin gauge. 3. Barriers in rolling and forming processes, which are also the highest thresholds—covering product thickness, sheet flatness, internal structure, and mechanical properties, as well as the synergistic barriers of dozens of interconnected processing steps. The consistency control across the entire process is far more demanding than the single-step electrodeposition process for copper cathode foil. Regarding the statement, "The CCL construction portion of the company's 50,000 mt high-performance rolled copper foil and 2 million m² copper clad laminate (CCL) project has not yet commenced due to insufficient relevant technology and talent reserves, out of prudence. Next, the company will decide on the CCL investment and construction plan based on thorough market surveys and scientific validation," North Copper responded on the investor interaction platform on June 25: The CCL construction portion of the company's 50,000 mt high-performance rolled copper foil and 2 million m² CCL project has not yet commenced due to insufficient relevant technology and talent reserves, out of prudence. Next, the company will decide on the CCL investment and construction plan based on thorough market surveys and scientific validation. North Copper responded on the investor interaction platform on June 25: The company seizes market opportunities, closely monitors downstream market demand, focuses on R&D for mid-to-high-end copper strip products and structural adjustments for rolled copper foil products, and is committed to filling gaps in its process lines and reaching its capacity standard, striving to turn losses into profits as soon as possible. Regarding the question, "When will the company's semi-annual report performance forecast announcement be released?", North Copper responded on the investor interaction platform on June 25: The company has scheduled the disclosure of its 2026 semi-annual report for August 27. If the conditions for a performance forecast are met, the company will release the announcement within the stipulated time. When asked, "After the implementation of the 'Regulations on the Implementation of the Mineral Resources Law of the People's Republic of China', has the related work on applying for the mining permit for the newly added copper ore at the Tongkuangyu Mine been accelerated? Could you discuss the company's near-term plans? If progress goes smoothly, based on the ore's copper grade and after deducting relevant costs, how much profit is this expected to bring to the company?" North Copper responded on the investor interaction platform on June 24: The detailed survey of deep-seated replacement resources at the Tongkuangyu Mine is a project to add reserves outside the current mining right's boundary at depth (elevation range: 80m to -325m), which is conducive to increasing the company's copper resource reserves and extending the mine's service life. Given that the replacement resources identified by the detailed survey have reached a large scale, according to reserve review and filing requirements, the exploration level must be achieved for resource reserve filing and for initiating the transition from exploration to mining. As the mine's production level shifts downward, the company will conduct further exploration work for deep-seated replacement resources at the next production level. The company currently has no relevant deep exploration plans. Regarding the question, "As a third-generation core substrate material for IC lead frames, could you briefly introduce the production and latest order status of your company's 5,000 mt chromium zirconium copper alloy product?", North Copper responded on the investor interaction platform on June 23: Our company has completed the casting ingot product for C18150 (chromium zirconium copper alloy); the subsequent copper strip process is currently under trial production. There are no orders at present. On June 17, North Copper stated on the interaction platform in response to an investor's question that the company has not yet established a cooperative relationship with NVIDIA. On June 17, North Copper stated on the interaction platform in response to an investor's question that the company has a comprehensive market cap management system, consistently centering market cap management on enhancing intrinsic value. Through methods such as focusing on core business growth, optimizing governance structures, strengthening information disclosure, and implementing shareholder return plans, it is committed to achieving long-term alignment between the company's value and its market performance. Should there be arrangements such as share buybacks or capital increase plans, the company will promptly issue relevant announcements. On June 15, North Copper stated on the interaction platform in response to an investor's question that, relying on scientific research breakthroughs at the Shanxi Provincial Key Laboratory of New Copper-based Materials, the company's copper strip and foil product structure is undergoing further adjustment and optimization. All production and operation activities are proceeding in an orderly manner, and product orders are growing steadily. On June 4, North Copper stated on the interaction platform in response to an investor's question that the company's management places high importance on extending the industry chain and has made positive progress in deep copper processing. During the 15th Five-Year Plan period, the company will rely on its existing copper strip and foil production lines to achieve new breakthroughs in scientific research, product structure adjustment, and capacity enhancement, thereby empowering the company's high-quality development. Performance: North Copper's previously released 2026 Q1 report showed that in Q1, the company achieved operating revenue of 10.044 billion yuan, up 46.89% YoY; net profit attributable to shareholders of the parent company was 615 million yuan, with a YoY increase reaching 65.74%. Regarding the reasons for the increase in operating revenue, North Copper stated in its Q1 report that it was mainly due to an increase in product sales volume and rising prices. Additionally, North Copper's 2025 annual performance report showed that the company achieved operating revenue of 27.916 billion yuan in 2025, up 15.80% YoY; net profit attributable to the parent company was 791 million yuan, up 29.01% YoY. 2025 main product production: copper cathode produced was 300,300 mt, sulphuric acid 766,000 mt, gold ingots 6.4 mt, and silver ingots 68.5 mt. In its 2025 annual report, North Copper described: The company's main business is the mining, beneficiation, smelting, and rolling processing of copper metal. Currently, its captive mine has an annual ore processing capacity of 9 million mt and self-produced copper content of 43,000 mt. Its copper smelting capacity is 320,000 mt, along with gold ingots 10.8 mt, silver ingots 170 mt, and sulphuric acid 1.22 million mt, while it also comprehensively recovers valuable metals like platinum, palladium, selenium, and bismuth. Deep copper processing products include high-performance copper and copper alloy strips, rolled copper foil, etc., of which copper alloy strip capacity is 25,000 mt/year and rolled copper foil capacity is 5,000 mt/year. The company already possesses an integrated industry chain from mining, beneficiation, and smelting to rolling processing. The company's 'Zhongtiaoshan' brand Grade A copper is registered on the Shanghai Futures Exchange and the Shanghai International Energy Exchange, and its 'Zhongtiaoshan' brand gold and silver ingots are registered on the Shanghai Futures Exchange. The mineral exploration situation disclosed in North Copper's 2025 annual report showed that the company completed the detailed survey project of deep-seated replacement resources at the Tongkuangyu Copper Mine (below 80m elevation), with primary completed workloads: prospecting roadway 140.6m, 12 drill chambers/2,823.6m³, 12 drill holes (including 3 hydrogeological holes), drilling footage 7,268.62m, 1:2000 special hydrogeological, engineering geological, and environmental geological survey 6㎢, geophysical logging 2,065.61m, and pumping tests for 3 holes; 8,091 samples analyzed and tested, 46 rock/mineral test groups, 99 small-weight samples, 20 copper phase analysis samples, 10 complete chemical analysis samples, and 12 complete water quality analysis samples. On February 20, 2025, the Shanxi Mining Association organized the completion of supervision and field acceptance work for the resource detailed survey project, issuing supervision and field acceptance reports. In early March, the company completed the compilation of the 'Special Hydrogeological, Engineering Geological and Environmental Geological Detailed Survey Report for the Deep Part of the Tongkuangyu Mine'. On March 17, the Shanxi Mining Association organized an expert review which was passed. In May, the company completed the compilation of the 'Detailed Survey Report on Deep-seated Replacement Resources at the Tongkuangyu Copper Mine in Yuanqu County, Shanxi Province' (hereinafter referred to as the report). On May 23, the Shanxi Mining Association organized an expert review which was passed, and an review opinion was issued. According to the report, as of December 31, 2024, within the 80m to -325m elevation range of the Tongkuangyu mining area, cumulative identified industrial orebody (No. 5) resources amounted to 103.718 million mt of copper ore with an average grade of 0.84% and a metal content of 869,600 mt. Associated gold metal content was 8,930 kg at an avg. grade of 0.09g/t; associated molybdenum metal content was 3,727 mt at an avg. grade of 0.011%. Low-grade copper ore resources amounted to 34.625 million mt with an avg. grade of 0.25% and a metal content of 88,200 mt. The scale of discovered resources reached large-size, marking a significant prospecting achievement and providing a solid resource guarantee for the company's industry chain layout. Regarding the company's copper ore resource reserves, North Copper announced in its annual report, As of year-end 2025, the Tongkuangyu Mine had retained copper ore resources above 80m elevation of 204.664 million mt, with a copper metal content of 1.2501 million mt. Additionally, below 80m elevation at the base of the Tongkuangyu Mine's current mining right, the cumulative identified industrial orebody (No. 5) copper ore resources was 103.718 million mt, with an average grade of 0.84% and a metal content of 869,600 mt. For the 2026 production and operation plan, North Copper mentioned in its 2025 annual report: Main product production: copper cathode 300,000 mt, sulphuric acid 800,000 mt, gold ingots 6 mt, silver ingots 60 mt, to maximize economic benefits. A research report from Huaxi Securities on June 14 pointed out: In the medium and long term, copper, as a key metal for energy transition, possesses strategic allocation value under the policy guidance of the 15th Five-Year Plan. On the supply side, entering 2026, major mines globally have continued to experience strikes and production halts this year, keeping the supply profile relatively tight. From a macro perspective, the probability of a US Fed interest rate cut during the year still exists. In the long term, the macro environment supports copper prices, and the US dollar is expected to continue depreciating, supporting a positive outlook on copper prices. Furthermore, strong supply-demand fundamentals support copper prices. China's macro policies are expected to continue exerting force, and stimulus measures in sectors like electric power infrastructure, NEVs, and home appliance consumption could further expand. Beneficiary stocks: [Zijin Mining], [CMOC], [JCHX], [Jiangxi Copper Corporation], [Western Mining Co., Ltd.], [North Copper], [Tongling Nonferrous Metals], [Yunnan Copper].

Orient Zirconic announced that its subsidiary, Qinyang Dongzircon New Material Technology Co., Ltd., has commenced construction of Phase I of a project for the annual production of 60,000 mt of battery-grade zirconium oxychloride and 12,000 mt of zirconium-hafnium separated high-purity oxides. The first phase involves a total investment of RMB 532 million and is designed to deliver an annual capacity of 60,000 mt of battery-grade zirconium oxychloride upon completion.

[SMM Analysis: Impact on Solid-state Batteries of the Ministry of Commerce Adding 10 US Entities to the Export Control List] On June 22, 2026, the Ministry of Commerce issued an announcement and, effective immediately, formally implemented the "Export Control List (June 22, 2026)," which includes 10 US entities. This export control measure has almost no direct impact on China's solid-state battery industry, but attention should be paid to the indirect link of the rare earth supply chain. (1) China already has export controls on high-end batteries with an energy density exceeding 300 Wh/kg (including semi-solid and all-solid-state), and this measure targeting specific entities is an extension of the existing control framework rather than a new restriction specifically aimed at the solid-state battery industry. (2) The solid-state battery industry is still in the development stage and has not yet generated a significant export demand.

SMM, June 18: The Regulations for the Implementation of the Mineral Resources Law of the People's Republic of China, which took effect on June 15, listed 36 types of minerals, including rare earths, tungsten, lithium, cobalt, gallium, and germanium, as national-level strategic minerals, subjecting them to full-chain, high-intensity control. The prices of Pr-Nd oxide, dysprosium oxide, and terbium oxide saw their third consecutive daily increase on June 17; Orient Zirconium issued a price adjustment notice, raising the prices of its related zirconium products effective June 18, 2026; and the favor of some market funds all contributed to the opening strength of the minor metal sector. As of around 9:57 on June 18, the minor metal industry sector rose by 3.09%. In terms of individual stocks: Orient Zirconium, Shenghe Resources, and Zhongxi Nonferrous hit the daily limit; China Rare Earth, Jintian Titanium, China Northern Rare Earth, China Tungsten High-Tech, Tin Industry Co., and Yunnan Germanium led the gains. Market News Orient Zirconium raised the prices of its related zirconium products effective June 18, 2026 On June 18, Orient Zirconium issued a product price adjustment notice. The notice indicated that based on current market conditions, Orient Zirconium decided to raise the prices of its related zirconium products starting from June 18, 2026, with the price adjustments as follows: zirconium oxychloride products (including mother liquor materials) increased by 1,500 yuan/mt; zirconium dioxide products increased by 4,500 yuan/mt; fused zirconium products increased by 2,000 yuan/mt; at the same time, the prices of other zirconium series products from Orient Zirconium will be adjusted accordingly. [Aidite: The company has already laid out a powder substitute plan and fully implemented it; the new material can replace the original imported powder] On June 17, Aidite stated on an interactive platform while answering investor questions that the company had received a notice from Japan's Tosoh regarding the suspension of zirconia powder supply. To ensure the stability of its own supply, the company had already laid out a powder substitute plan and fully implemented it; the new material can replace the original imported powder, and the entire new product line has passed rigorous customer verification. Currently, several core major clients have completed the switch and signed long-term orders at the recent dealer conference. The company will actively take a series of measures to avoid any adverse impact from the Japanese powder supply disruption. In the future, the company will seize the window of opportunity for high-quality material breakthroughs and, leveraging its technical and delivery advantages, continue to expand its market share. Spot Market Zirconium According to the SMM price assessment, on June 18, the price of zirconium oxychloride (Zr(Hf)O2≥36%) was quoted at 17,500-18,000 yuan/mt, with an average of 17,750 yuan/mt, up 5.97% from the previous trading day. The zirconium industry chain had long been under pressure, with sluggish traditional demand from ceramics and high industry inventories. Zircon sand and zirconium oxide prices persistently hovered at lows, trading was sluggish, and the market was at the bottom of the cycle. Since entering Q2 this year, driven by export controls on zirconium products to Japan, price hikes by overseas zirconium ore producers, and demand expectations for solid-state batteries, zirconium raw material prices stopped falling and stabilized, inventories destocked, and the industry moved out of the bottom range, embarking on a volatile recovery trend. Upstream zircon sand imports have tightened, overseas miners continue to raise prices, and cost support has been strengthening. Dongfang Zirconium Industry completed a round of price hikes in April and raised zirconium product prices again on June 18. For the zirconium market outlook, supported by tightening raw material supply, zirconium prices will hold up well in the short term. Going forward, attention should be paid to changes in raw material supply and downstream demand. Rare Earth In the rare earth market: Rare earth oxide prices were relatively stable overall, but downstream purchasing activity has decreased as the holiday approaches. Pr-Nd oxide and dysprosium oxide ended their three-day winning streak and both pulled back slightly on June 18, while terbium oxide prices held steady on June 18 after a previous three-day rise. Expectations for production cuts in the scrap recycling sector and news-driven factors previously drove Pr-Nd prices, dysprosium oxide, and terbium oxide higher. However, after the afternoon session on June 17, shipments of Pr-Nd oxide from traders increased slightly, and the center of the actual trading range shifted lower. For medium-heavy rare earths, oxide suppliers held firm offer prices, but actual buying from metal enterprises was limited, and downstream magnetic material enterprises showed limited acceptance of high metal prices. Affected by the stalemate in market trading, rare earth prices are expected to move sideways in the short term. Tin Additionally, in the tin market: On June 18, the average price of SMM 1# tin fell 0.93% from the previous trading day. Driven by the US Fed keeping rates unchanged but signaling a hawkish bias, with half of policymakers expecting rate hikes this year, nonferrous metals fell overall and tin prices also pulled back. Currently, on the fundamental side: (1) Supply side: In June, most smelters focused on maintaining stable production. (2) Demand side: Downstream purchases were cautious, buying according to orders. Spot market: Overall trading sentiment in the spot market was light. Although tin prices have pulled back, they remain at relatively high levels and the holiday is approaching. Additionally, as the electronics industry enters its traditional off-season, downstream enterprises such as solder makers are only purchasing on a "buy on dips for essential needs" basis. Institutional Views Guojin Securities’ research report on June 14 showed: Rare Earth: Dysprosium oxide may benefit from the boost by MLCC, with a significant rebound trend from price lows. From the start of the year, the price center has continued to rise. We believe this is likely related to supply-side documents released in 2024-2025, with ongoing supply-side reform in the industry. Exports fell 1% YoY for full-year 2025, while exports from early 2026 to date have increased significantly, indicating strong restocking demand outside China. The rare earth sector will continue to see dual improvements in valuation and performance, and 2026 is also a key year for resolving industry competition among key targets. On the resource side, attention is recommended for China Rare Earth (medium-heavy rare earth leader, biggest beneficiary of supply-side reform), Zhongxi Nonferrous (undervalued, high-growth South China rare earth leader), and China Northern Rare Earth (light rare earth leader, with significant cost advantages); other related targets include Bao Gang United Steel, JL MAG Rare-Earth, etc. Tin: It believes that invisible inventory of tin ingots is gradually drying up, so tin prices are expected to strengthen under the backfill of macro liquidity or spillover from tech markets. The supply-demand pattern for tin will improve in the long term. Tungsten: This period, tungsten prices continued their rebound trend. It believes that against the backdrop of increased strategic stockpiling outside China, tungsten may have higher priority; tungsten's supply-demand fundamentals have seen strong resonance. Molybdenum: The destocking of imported ore has been significant, and domestic molybdenum prices have stabilized and rebounded. Steel procurement volume remains robust, destocking along the industry chain is progressing, and the deadlock of molybdenum prices with "volume but no price" is gradually being broken, with the upward channel becoming clearer. Molybdenum is also a military metal, with persistently low inventory, and increased defense spending outside China may further boost molybdenum prices. Huafu Securities’ research report on June 14 showed: Other Minor Metals: Industry leaders' long-term contract performance was impressive, and market sentiment in tungsten clearly stabilized. The tungsten market overall has walked out of a mild recovery, with the previous consolidation at lows being reversed somewhat. Industry leaders' long-term contract transactions were impressive, serving as a key driver for the upward movement in futures, and overall market sentiment clearly stabilized. However, the spot and scattered cargo atmosphere remained mediocre, with no widespread price-following adjustments upstream or downstream, and the rebound pace was gentle, with the market overall in a stage of steady recovery. Open Source Securities' 2026 mid-year investment strategy for the metals industry showed: Copper: Supply side, most miners outside China still face declining grades and recovery rates, and disruptive factors persist (Ivanhoe’s KK copper mine, Codelco’s El Teniente copper mine). While Chinese enterprises are increasing output, the overall increase is limited. Under an optimistic scenario, global supply growth may be below 2% in 2026-2027. Demand side, H1 electricity demand in China and the US maintained high growth rates, which may contribute marginal increments to copper demand. Open Source Securities believes that the supply-demand structure contradiction for copper will further highlight in 2026, supporting the rise in copper price center. Lithium: On the supply side of the lithium industry, capital spending cuts and the gradual formation of supply discipline, coupled with frequent disruptions, have led to a marked decline in supply elasticity compared with the past. Meanwhile, sustained strong demand from the energy storage sector is improving the structure of lithium demand, while industry inventory pressure is easing marginally. Lithium prices are expected to see a phased recovery. Enterprises with advantages in resource security, low costs and integrated layout are likely to show stronger earnings recovery than the industry average. Lithium mines and lithium chemicals companies with high resource self-sufficiency and strong cost control deserve attention. Tungsten: As an advantaged strategic metal in China, tungsten mine supply is constrained by resource depletion, environmental protection and other factors. Together with the total mining volume control implemented by the state, tungsten mine production release is limited. On the demand side, emerging sectors are boosting tungsten demand, which is expected to support tungsten prices over the long term. Recommended reading:

Overseas hafnium prices skyrocketed from $5,000 to $13,114.75/kg by April 2026, squeezed by AI-driven semiconductor demand and China's export controls, with high prices likely to persist.

Recently, at the copper alloy division of Shanxi Beitong New Materials Technology Co., Ltd. (hereinafter referred to as "New Materials Technology Company"), a wholly-owned subsidiary of North Copper Co., Ltd. (hereinafter referred to as "North Copper"), a chromium-zirconium copper alloy casting ingot approximately 9 meters long and weighing about 9 mt was slowly extracted from the crystalliser. Upon detection, the casting ingot product exhibited uniform composition, with all performance indicators meeting standard requirements. This specification of casting ingot product represents yet another major breakthrough for North Copper in the field of high-end copper-based new materials, following its achievements in high performance rolled copper foil and copper-nickel-silicon alloy foil.

[SMM Zirconium Flash News] Shenghe Resources' Niyati Zirconium-Titanium Mine in Tanzania will expand production to 300,000 tons per year of heavy minerals in 2026. Its Fungoni Project has stably reached 150,000 tons per year, the construction of the Tajiri Concentrator has accelerated, and it is planned to be put into operation within the year, with overseas zirconium-titanium production capacity continuing to be released.

Saint-Gobain will discontinue production of its Alumina-Zirconia-Silica (AZS) line at the Falconer facility in the US, with production expected to end in August and 79 positions affected. The company said other product lines at the site will continue operating. Industry reports show AZS refractory manufacturing is facing rising energy costs, tighter environmental regulations and growing zirconium raw material shortages, driving production costs higher. Increasing demand for high-purity zirconia from sectors such as solid-state batteries, nuclear applications and advanced manufacturing is also intensifying raw material competition. Markets believe weaker North American construction demand and elevated operating costs continue to pressure profitability in related manufacturing sectors.

SMM May 21 News: Spot prices of tin, tantalum, and Pr-Nd oxide rose, and high molybdenum prices helped drive the minor metal sector higher. As of 10:22 on May 21, the minor metal sector was up 2.41%. In terms of individual stocks: Eastern Tantalum and China Tungsten High-Tech gained over 6%, while Haotong Technology, Tin Industry Co., Eastern Zirconium, Jinduicheng Molybdenum, and Huaxi Nonferrous led the gains. This rally was directly driven by improving spot market fundamentals, compounded by a weakening US dollar, strengthening strategic resource attributes, and emerging demand (AI, semiconductors, PV), which continued to fuel market expectations of a tight supply-demand balance in minor metals. Some market capital showed increased willingness to flow in, driving a rebound in the minor metal sector. Spot Market Tantalum The quoted price of tantalum ingot (Ta≥99.95%) on May 20 was 6,600-6,700 yuan/kg, with an average price of 6,650 yuan/kg, up 1.53% from the previous trading day. Recently, the tantalum market reached a turning point, with tantalum prices successfully hitting bottom, stabilizing, and initiating a rebound, with the industry's upward trend gradually becoming clearer. Currently, low-priced supplies within the industry chain are being circulated and cleared at an accelerated pace, quoted prices across all product categories are rising in tandem, and the overall market is steadily improving. Driven by expectations of positive news, some smelters proactively tightened their shipment pace and suspended external quotations. Available low-priced supplies in the market were essentially exhausted, and bullish sentiment among traders and suppliers continued to intensify. Combined with steadily rising upstream tantalum ore raw material costs providing strong support, tantalum oxide and tantalum ingot prices are expected to continue their steady rise going forward. Tin On May 21, the average price of SMM 1# tin rose 3.82% from the previous trading day. As tin prices rose, wait-and-see sentiment in the market intensified, and market transactions were sluggish. Currently, from a fundamental perspective: Supply side, most smelters maintained stable production as their main focus in May; Demand side, downstream purchasing remained cautious, with most purchases made according to order requirements. Rare Earth Spot market, on May 21, supported by demand from major manufacturers' procurement, the average price of Pr-Nd oxide rose 1.81% from the previous trading day. Yesterday afternoon, inquiry and procurement activities from magnetic material enterprises increased significantly, which directly boosted market trading activity. Affected by this, Pr-Nd oxide futures prices stopped falling and recovered today, and some Pr-Nd oxide traders chose to hold back from selling, which in turn pushed up Pr-Nd oxide spot prices as well. However, as downstream inquiry prices were relatively low, actual transaction performance was mediocre. In the short term, driven by the continued increase in downstream inquiry and procurement activities, Pr-Nd product prices are expected to move sideways and hold up well. Institutional Views Guojin Securities pointed out in a research report on May 18: Rare earths: From the beginning of the year to date, the price center has been continuously raised, which we believe is likely highly correlated with supply-side policy documents released from 2024 to 2025, as industry supply-side reform continues to advance. Full-year exports in 2025 were down 1% YoY, while exports since the beginning of 2026 have increased significantly, indicating that ex-China restocking demand remains substantial. The rare earth sector will continue to see dual upgrades in valuation and earnings, and 2026 is also a critical year for key targets to resolve horizontal competition issues. Tin: Guojin Securities believes that tin ingot invisible inventory is gradually drying up, and therefore tin prices are expected to strengthen amid macro liquidity replenishment or technology sector spillover effects. The tin supply-demand pattern is expected to improve over the long term. Molybdenum: Molybdenum concentrates were priced at 5,210 yuan/mtu this period, up 10.50% MoM; ferromolybdenum was priced at 324,000 yuan/mt this period, up 9.46% MoM. Imported ore has been drawn down to a significant extent, and domestic molybdenum prices have stabilized and rebounded. Steel bidding volumes remained robust, with destocking across the industry chain, gradually breaking the deadlock of "volume without price" in molybdenum, and the upward channel has become further confirmed. Molybdenum is also a defense metal, with inventory persistently low, and increased ex-China national defense spending may further boost molybdenum prices. Tantalum: The tantalum industry is expected to benefit from the upward cycle driven by high-end demand boost. Related targets: Eastern Tantalum, Xinjinlu, Jiangwu Equipment. CITIC Securities issued a research report on May 13, stating that in Q1 2025 and Q1 2026, earnings growth in the metals sector generally accelerated, with tungsten, lithium, lead-zinc, and rare earth magnetic materials leading the gains, while aluminum, copper (copper: BK1615 3,885.79, 0.58%), nickel-cobalt-tin-antimony, and gold have performed relatively weakly since the beginning of the year. Current metals sector valuations remain at reasonable levels, with aluminum, copper, nickel-cobalt-tin-antimony, and gold valuations at relatively low levels, and valuation rebounds remain promising. Industry dividends pulled back slightly, but projected dividend yields for some individual stocks still exceed 5%. Looking ahead to 2026, with liquidity shocks easing, supply disruptions occurring frequently, and select downstream sectors sustaining relatively high prosperity, it is recommended to continue focusing on allocation opportunities in lithium, copper, rare earths, strategic metals, aluminum, and gold sectors. Guotai Haitong Securities believes that rare earth prices have been gradually consolidating at lows since 2024, with the slowdown in domestic quota allocation continuing, and while expectations for ex-China rare earth development have been fermenting, actual progress may fall short of expectations. On the demand side, NEVs, home appliances, wind power, and other sectors have maintained the fundamental demand base, while humanoid robots represent a long-term upside option, and the curtain on a supply-demand reversal has already been gradually rising. As a strategic commodity in China, rare earth is expected to see a double boost in both earnings and valuation. Recommended reading:

The 4th China (Jiangxi) International Nonferrous Metals and Metallurgical Industry Exhibition, 2027 The 4th China (Jiangxi) International Nonferrous Metals and Metallurgical Industry Exhibition in 2027 Date: March 28-30, 2027 Venue: Nanchang Greenland International Expo Center "World Tungsten Capital" "World Copper Capital" "Asia's Lithium Capital" "Rare Earth Kingdom" Concurrent Events: The 4th China (Jiangxi) International Green Mining Exhibition, 2027 The 4th China (Jiangxi) International Foundry, Die Casting, Forging, Heat Treatment and Industrial Furnace Exhibition, 2027 [Jiangxi's Many Firsts] New China's first aircraft, first diesel wheeled tractor, first military sidecar motorcycle, first coastal defense missile, first artificial satellite, and today's C919 large passenger aircraft were all born here. [Industrial Advantages] The nonferrous metals industry is the largest pillar industry of Jiangxi Province. The energy consumption dual controls, dual carbon policies, and the new connotations of high-quality development have put forward new requirements for strengthening and expanding the nonferrous metals industry. Promoting the further healthy, rapid, and orderly development of the nonferrous metals industry and enhancing its core competitiveness is an inevitable requirement for transforming from a province rich in nonferrous metal resources to a province with a strong nonferrous metals industry, and is also an important lever for Jiangxi to achieve carbon peaking by 2030. Leveraging Jiangxi Province's abundant nonferrous mineral resources, Jiangxi's nonferrous metals industry has developed rapidly, with continuously expanding scale and improving standards. It has become Jiangxi's largest pillar industry and is currently a key "trillion-yuan-level" industry being cultivated in Jiangxi. It is the undisputed "ballast stone" of Jiangxi's manufacturing sector. Jiangxi has become an important nonferrous metal ore mining and production site in China. Jiangxi Province enjoys superior metallogenic geological conditions and abundant mineral resources, making it one of China's important bases for nonferrous metals, rare metals, rare earth, and uranium minerals, with a relatively high degree of mineral resource complementarity. Jiangxi's seven major categories of minerals — copper, tungsten, rare earth, uranium, tantalum-niobium, gold, and silver — are known as the "Seven Golden Flowers." According to Jiangxi Province's "2+6+N" Action Plan for High-Quality Leapfrog Industrial Development, the province's nonferrous metals industry plans to achieve a trillion-yuan level in main business revenue. To promote the healthy development of Jiangxi Province's nonferrous metals industry, facilitate foreign economic and trade cooperation, and guide Jiangxi's nonferrous metals industry to align with international standards, the Organizing Committee, after conducting multiple in-depth grassroots surveys and project analyses with government authorities and industry associations, has decided to hold the "4th China (Jiangxi) International Nonferrous Metals and Metallurgical Industry Exhibition, 2027" at the Nanchang Greenland International Expo Center on March 28-30, 2027. We look forward to seeing you there. [ Exhibition Dates ] Registration and Booth Setup: March 26-27, 2027 Opening Ceremony: March 28, 2027, 9:30 Exhibition and Trading: March 28-30, 2027 Dismantling: March 30, 2027, 14:00 [Scope of Exhibits] Non-ferrous Metal Raw Materials: copper, aluminum, magnesium, titanium, zinc, lead, manganese, zirconium, vanadium, nickel, molybdenum, silicon, antimony, tin, chromium, tungsten, tantalum, indium and other non-ferrous metal mineral product raw materials, magnetic materials, rare and rare earth materials, precious metal materials and various alloy materials; Non-ferrous Metal Products: copper products, aluminum products, titanium alloy products, magnesium alloy products, powder metallurgy products, etc.; Metallurgical Equipment and Technology: smelting furnaces and kilns, refining equipment, smelting pumps and valves, conveying equipment, heat exchange equipment, flue gas acid-making equipment, corrosion-resistant equipment, hydrometallurgy, electrolysis equipment, large power rectifier power supplies, electrolytic cells, extraction equipment, surface treatment equipment, etc.; Metal Processing Machine Tools: lathes, milling machines, sawing machines, drilling machines, grinding machines, punch presses, boring machines, machining centers, electrical discharge machines, wire cutting machines, laser processing equipment, etc.; Metal Automation Control Equipment: frequency converters, fieldbuses, industrial computers, instruments and meters, automation control, robots, electronic application systems, weighing instruments and information solutions for equipment manufacturing, etc.; Auxiliary Materials for Metal Production: chemicals, solvents, refractory materials, catalysts, gases, lubricating oils, etc.; Powder Metallurgy: raw materials, equipment, products, 3D printing, polymer powder materials, ceramic powder materials; Casting, Die Casting and Forging: castings, casting equipment, casting materials, casting molds, casting/pouring robots, new casting technology and supporting products, various heat treatment furnaces, industrial furnaces, die castings, die casting molds, die casting machines and peripheral equipment, post-processing equipment for die castings, surface treatment technology and equipment, die casting robots, new die casting technology and supporting products, forgings, flanges and rings, forging equipment and accessories, surface treatment technology and equipment, automation, forging mold manufacturing technology and equipment, forging raw materials. Geological (Mine) Exploration Technology and Equipment: geophysical exploration technology, geochemical exploration technology, aerial survey and remote sensing technology, surveying and mapping technology, geological data processing, mineral product analysis, laboratory instruments and meters. Mining Technology and Equipment: excavation equipment, drilling and rock drilling equipment, loading equipment, transportation equipment (excavators, loaders, underground mining vehicles, mining dump units), hoisting equipment, drilling, construction machinery, etc. [Media Promotion] 65 authoritative financial media outlets including Jiangxi Daily, Jiangxi Television Economic Channel, Dajiang Finance Channel, Jiangxi Net, China Net, China Daily Net, and China Finance Net; 10 major self-media platforms including Sohu, NetEase, and Toutiao; 53 industry-leading professional media outlets including China Mining Net, China Excavator Net, China Foundry Net, China Die Casting Net, China Auto Manufacturing Net, World Aluminum Net, China Nonferrous Metals Net, Nonferrous Metals Information Net, and Metalworking, along with 180 other industry-related professional media outlets; Comprehensive coverage of key words search clients through online search platforms such as Baidu Promotion and 360 Promotion; [Concurrent Events] 2027 China Foundry Technology Innovation Outstanding Contribution Award Ceremony 2027 China Metallurgical Melting and Casting Technology Seminar 2027 China Recycled Metals Industry Chain Integrated Development Forum 2027 China NEV and Auto Body Lightweighting Peak Forum 2027 China Green Mine Development Forum [Exhibition Rules] ★ Standard booth 3m×3m: China enterprises: RMB 9,800 yuan/booth; overseas enterprises: RMB 15,800 yuan/booth; ★ International brand booth (9 ㎡, deluxe decoration) RMB 12,800 yuan/booth; overseas enterprises: RMB 18,800 yuan/booth; ★ Indoor bare space (minimum 36 ㎡): China enterprises: RMB 1,000 yuan/㎡; overseas enterprises: RMB 2,000 yuan/㎡; Booth equipped with: two fluorescent tubes, one waste basket, display boards, header board, one table and two chairs, air conditioning, lighting, security, and cleaning services. Note: Bare space does not include any exhibition facilities. Special decoration management fees and hydropower fees charged by the venue shall be borne by the exhibitors and their special decoration contractors. [Organizing Committee Secretariat] Contact: Song Jia 132-1700-0270 (same on WeChat) Official website: http://www.jxysjs.net