[SMM Analysis: Key Anchor in Great Power Rivalry: The U.S. "Project Vault" and the Changing Resource Landscape in Latin America] While the second phase of Chinese company's Mirador copper mine in Ecuador remains mired in a 'completed but awaiting approval' deadlock, 10,000 kilometers away in Washington, the President, alongside the Export-Import Bank of the United States, is announcing a historic supply chain security initiative named 'Project Vault.'

As the world places greater emphasis on sustainable development, the recycling and reuse of metal resources not only effectively reduces resource waste but also mitigates environmental pollution, thereby promoting a green transformation of the economy.

According to Wells Fargo's mid-2025 outlook report, precious metals will continue to benefit from geopolitical conflicts and economic uncertainties, with gold prices expected to hit a record high of $3,600 per ounce in 2026. Analysts noted in the report that the significant correction in commodity prices presents attractive opportunities later this year and into 2026. Additionally, they anticipate that improvements in the US economic conditions later in 2025 will drive growth in commodity demand. Wells Fargo recommends that investors pivot to sectors that may benefit from an improving macro environment, such as energy or precious metals, and adjust their portfolios to hedge against policy and geopolitical uncertainties. Exercise patience Wells Fargo emphasized in the report that rapid changes in economic policies over the past few months have disrupted investors and capital markets. Since the 2024 US elections, uncertainty surrounding US economic policies has continued to escalate, primarily due to tariff volatility, with recent uncertainties surpassing those during the COVID-19 pandemic. Analysts highlighted that these uncertainties are expected to continue driving gold prices higher over the next two years, as private investors and global central banks will continue to purchase gold. By 2026, central banks alone are expected to account for 21% of global gold demand. Meanwhile, US short-term interest rates are expected to decline in 2026, and the US dollar is also expected to rebound mildly, which will further strengthen the upward trend in precious metal prices. However, analysts also caution that investor optimism about precious metals' rise has reached levels historically preceding significant corrections, leading them to prefer exercising patience and waiting for price dips before buying. The bank expects gold prices to pull back slightly to a range of $3,000 to $3,200 by the end of this year, with the outlook for gold prices rising to $3,600 per ounce by the end of 2026. Analysts also recommend that investors focus on quality factors rather than speculative assets and diversify their portfolios through commodities like precious metals, which may outperform broader market indices. Chantelle Schieven, Managing Director of Capitalight Research, also believes that due to the resilience of the US economy and labour market, gold prices may stagnate throughout the summer but will oscillate near high levels. However, considering the inflationary impact of tariffs, she expects the US to face stagflation risks over the next two years, which will support gold prices.

[Leap Motor officially enters the Hong Kong market, and will finalize localization site selection in Europe and Southeast Asia this year] On June 11, Leap Motor's first store in Hong Kong officially opened, marking its official entry into the Hong Kong market. The CEO of Leap Motor stated that the market development in the Hong Kong and Macao regions is the responsibility of Leap Motor's domestic marketing team. Despite the Hong Kong market having a size of only 40,000 to 50,000 units annually, it can serve as a stage for Leap Motor to showcase itself to global users and a window for global capital to understand Leap Motor. From January to May 2025, Leap Motor's cumulative export sales exceeded 17,000 units, ranking first among China's new domestic EV makers. The company has collaborated with dealers overseas to establish approximately 500 stores, mainly concentrated in Europe. It is reported that Leap Motor will also finalize localization site selection in Europe and Southeast Asia within this year.

Officials from the Greenland Self-Government in Denmark have stated that if US and European mining companies are unwilling to accelerate their investments in this Arctic island, they will have to seek other partners to develop mineral resources. As background, Naaja Nathanielsen, Greenland's Minister for Business and Mineral Resources, told the media that the memorandum of understanding (MOU) on mineral development currently signed between the Self-Government and the US (signed during Trump's first term) is about to expire . Greenland had attempted to push for its renewal during the Biden administration but was unsuccessful. After the start of Trump's second term, his demands for Greenland have gone far beyond mineral cooperation. He has repeatedly insisted that "the US will take over Greenland" and even adopted a stance of "not ruling out the use of force." Against this backdrop, bilateral mining negotiations are clearly difficult to advance. Nathanielsen said, " We had originally hoped that the Trump administration would be more willing to engage in dialogue with Greenland on mineral development, but what we got was 'far beyond our expectations,' as we do not want to become part of the US. " She also emphasized that Trump's threat to control Greenland was "both impolite and repulsive." Seeking Development Under a New Order After the elections earlier this year, Greenland's new four-party coalition government, following a change in administration, emphasized its "commitment to creating development opportunities for Greenland and its people" and its preference for cooperation with "allies and like-minded partners." Nathanielsen bluntly stated that in the face of the evolving state of traditional Western alliances, Greenland is "struggling to find its footing" . She said that Greenland is now trying to figure out what the new world order looks like . Therefore, from this perspective, US investments "may also be problematic" because it is unclear what the purpose of American investments is . In comparison, the EU would be a more ideal choice for cooperation. Greenland has abundant mineral resources, including gold, copper, as well as oil and natural gas, but their extraction is challenging due to geographical constraints. Currently, Greenland only has two operational mines , producing gold and anorthosite, respectively, and there are two additional mines with mining licenses that have not yet commenced production. Just last week, the Greenland government issued a license to a Danish-French joint venture to mine anorthosite in accordance with the new mining law. The company, named "Greenland Anorthosite," has investors including the Greenland National Pension Fund, local Danish banks, and the French Jean Boulle Mining Group. Anorthosite is a white rock primarily composed of aluminum, trace amounts of silicon, and calcium, with a composition similar to that of rocks on the lunar surface. The initial development plan is to crush the anorthosite and supply it to the fiberglass industry as a sustainable substitute raw material for kaolinite. The future vision includes using it as an environmentally friendly substitute for bauxite in the production of aluminum semis for aircraft, automobiles, and other applications. Interestingly, despite being well aware of Greenland's geopolitically sensitive location, Minister Natanaelson emphasized that if European and American companies are absent from local mining development, they will need to explore other avenues—not excluding cooperation with Chinese (companies) or other partners. However, she also revealed that Chinese companies are expected to have relatively small interest in mining transactions in Greenland. Currently, there are only two Chinese mining companies on the island, and both are minority shareholders in stalled projects.

Polaris Energy Storage Network News: On May 16, the People's Government of Naiman Banner, Tongliao City, Inner Mongolia, issued a public announcement, stating that the implementing entities for Project I of the 2025 New-Type Energy Storage Special Initiative's 500MW/2GWh grid-side energy storage system (ESS) project in Naiman Banner, Tongliao City, are Anhui Conch New Energy Co., Ltd. and Contemporary Amperex Technology Co., Limited. The original text is as follows: Public Announcement on the Selection of the Leading Enterprise for Implementing Project I of the 2025 New-Type Energy Storage Special Initiative's 500MW/2GWh Grid-Side ESS Project in Naiman Banner, Tongliao City To ensure the proper selection of the leading enterprise for implementing Project I of the 2025 New-Type Energy Storage Special Initiative's 500MW/2GWh grid-side ESS project in Naiman Banner, Tongliao City, in accordance with the spirit of documents such as the "Notice of the Energy Administration of Inner Mongolia Autonomous Region on Issuing the List of Implementation Projects for the 2025 New-Type Energy Storage Special Initiative" (Nei Neng Yuan Dian Li Zi [2025] No. 119) and the work arrangements of the Tongliao City Energy Administration and the Naiman Banner Government, adhering to the principles of fairness, impartiality, objectivity, and merit-based selection, the Naiman Banner Development and Reform Commission entrusted a third-party selection service provider, Inner Mongolia Lvneng New Energy Co., Ltd., to carry out the selection work for the leading enterprise for implementing Project I of the 2025 New-Type Energy Storage Special Initiative's 500MW/2GWh grid-side ESS project in Naiman Banner, Tongliao City. The enterprise with the highest comprehensive selection score was chosen as the implementing entity for Project I of the 2025 New-Type Energy Storage Special Initiative's 500MW/2GWh grid-side ESS project in Naiman Banner, Tongliao City. Based on the "Selection Report on the Leading Enterprise for Implementing Project I of the 2025 New-Type Energy Storage Special Initiative's 500MW/2GWh Grid-Side ESS Project in Naiman Banner, Tongliao City" submitted by the third-party selection service provider, the results are now publicly announced as follows: The implementing entities for Project I of the 2025 New-Type Energy Storage Special Initiative's 500MW/2GWh grid-side ESS project in Naiman Banner, Tongliao City, are Anhui Conch New Energy Co., Ltd. and Contemporary Amperex Technology Co., Limited. If there are any objections to the content of this public announcement, please submit written comments within the public announcement period to the Naiman Banner Development and Reform Commission or the third-party selection service provider. The Naiman Banner Development and Reform Commission and the third-party selection service provider will provide a written response within three working days of receiving the written comments. Naiman Banner Development and Reform Commission May 16, 2025

On Monday this week, after China and the US announced significant mutual tariff concessions, global concerns over trade tensions eased, reigniting trade enthusiasm between enterprises of the two countries. This positive news triggered a rebound in global stock markets this week and drove a sharp increase in bilateral international trade and shipping volumes in the short term. The market has expressed strong approval through actions for China and the US's willingness to resolve trade disputes through negotiations, with some evaluations in US society also being quite positive. Justin Wolfers, an economist at the University of Michigan, pointed out that reducing tariffs from prohibitively high levels to their current state is, in itself, excellent news. Jim Reid, head of Global Macro and Thematic Research at Deutsche Bank, also believes that although the tariff relief period is 90 days, in terms of the market, people now believe that the worst period of the trade war has passed. The current trend is one of increasing easing, and the positive significance of this news is undeniable. More conciliatory, more respectful A key signal conveyed by China and the US's mutual tariff concessions is that neither side believes that high tariffs will have a positive impact on international trade. This tacit consensus has laid the foundation for market confidence and implies that the two major powers will adopt a more cooperative attitude in negotiations. George Saravelos, a strategist at Deutsche Bank, pointed out that this carefully orchestrated mutual tariff concession agreement has attracted global attention, but US President Trump did not preemptively leak the news on social media. This clearly indicates that negotiations between China and the US are entering a phase of greater mutual respect. Former US Treasury Secretary Lawrence Summers stated that it is evident that the US has made concessions to China, but this is not a bad thing. The best approach after making a mistake is to correct it and take a step back, even if it may sometimes be embarrassing. Scott Kennedy, a China expert at the Center for Strategic and International Studies in Washington, added that if China had not taken strong countermeasures this time, Trump would not have abandoned hefty tariffs. Gerard DiPippo, deputy director of the RAND Corporation's China Center, further explained that the consensus reached between China and the US this time indirectly proves the correctness of China's long-standing economic strategy. Emphasizing manufacturing and economic independence has helped safeguard China's economic security. A golden period for trade For US enterprises, China and the US returning to the negotiating table means that enterprises can seize this opportunity to get back on track and utilize the 90-day window period for business preparations and planning. According to media reports, Jay Foreman, CEO of US toy company Basic Fun, jumped out of bed and called his Chinese suppliers as soon as he received the news in the early hours of Monday in the US, urging them to arrange the long-delayed shipments. Companies such as SharkNinja, which sources coffee makers and frozen beverage machines from China, and Hightail Hair, a hair care products company, also took swift action in the early hours of Monday local time. Goldman Sachs' latest research report directly expects that US importers will "ignite" China's exports within the next three-month window. Goldman Sachs analysts also suspect that in the short term, retail giants may not only stockpile goods for 2025 demand but even stockpile in advance for 2026, as business owners are skeptical about whether the Trump administration can continue the current favorable atmosphere after 90 days. According to a reporter's understanding, a US-route business executive from a Chinese freight forwarding company pointed out that from the moment China-US tariffs were reduced, the demand for US-route shipping capacity from China surged rapidly, and freight rates rose across the board. For example, the quotes for the US West Coast route in the next seven days increased by at least 30% WoW. A person from another Shanghai-based freight forwarding company revealed that currently, there are still remaining slots for May routes in the US-route market, but they are basically only available after the 25th. He expects that by the end of May, the freight rate for the US West Coast will rise to around $3,000/TEU, nearly doubling WoW. And the freight rate for the US West Coast in June may even rise above $5,000. Optimistic yet cautious The "rush for exports" by US enterprises in China also reflects a reality on the other side, that is, the "flip-flopping" of the Trump administration has plunged US society into the aftermath of the "boy who cried wolf" syndrome. Jeremy Denson, president and co-founder of US refrigeration equipment supplier Bison Coolers, expressed his helplessness to the media, saying that he had never thought that a 30% tariff could make him excited. Although the tariff remains high, it still ensures that he can ship containers from China to the US to keep his supply chain intact and have products available for sale. He expects that this year will still be a difficult one. Other small business owners have expressed concerns about the potential changes in US trade policies after 90 days, which has also prompted many Wall Street figures to issue warnings. Prominent figures such as Roger Altman, founder of Evercore, and Mohamed El-Erian, chief economist of Allianz Group, have warned that tariffs remain a drag on the US economy, as they will raise prices and reduce consumption, pushing inflation back up. However, some analysts have offered new insights. Ed Yardeni, president of research firm Yardeni, said that the latest trade agreement between China and the US may imply that Trump will remain shackled by political pressure and face questions about the legitimacy of launching a trade war from a legal perspective until the midterm elections next year. This will significantly limit the White House's arbitrary tariff actions. On the other hand, for Chinese enterprises, it is urgent to establish a more diversified sales system. Hu Jianlong, CEO of Brand Factory, a Chinese cross-border e-commerce consulting company, told the media that enterprises participating in the cross-border business boom in China will continue to diversify their businesses as much as possible, as everyone realizes that the risks of relying on the US market are too great.

In the upcoming year of 2025, we foresee that the global economy will face a series of complex and volatile challenges. With the US election settled, the uncertainty of global trade policies will further increase, bringing new topics to international trade cooperation. In the geopolitical arena, ongoing conflicts and tensions have not shown significant alleviation, which not only poses a threat to global security but also has a significant impact on resource allocation and industrial layout. Against this macro backdrop, industrial transfer and supply chain restructuring have become key topics that we must pay close attention to. At the industrial level, the trend of protectionism in mineral resources is on the rise, directly affecting the stability of global copper concentrate TCs. With the rapid expansion of global smelting capacity, the profit margins of copper smelters are further compressed, and the challenges faced by the industry are becoming increasingly severe. In the field of secondary copper raw materials, the advancement of Environmental, Social, and Governance (ESG) standards and the "dual carbon" goals have significantly increased market attention to secondary copper. However, the "reverse invoicing" policy implemented in 2024 and the "Fair Competition Regulations" have had a profound impact on the secondary copper industry. Looking ahead to 2025, the changes in the landscape of the secondary copper industry will have a critical impact on the entire copper industry chain. Additionally, with the cancellation of tax subsidies and other incentive measures, the space for copper cathode trade will further narrow. We expect that the procurement ratio of copper processing materials between traders and smelters will show a more pronounced differentiation. In this context, the "CCIE 2025 SMM (20th) Copper Industry Conference and Copper Industry Expo" meticulously prepared by SMM will be grandly held in Nanchang, Jiangxi from April 22-25, 2025. Yingtan Dingchen Technology Co., Ltd. will attend this conference in full force. We will keep pace with the times, aim at our goals, strive diligently, and move forward with courage! Click the registration form to sign up immediately, and we look forward to meeting you at the conference. Booth number: C9. Φ8 low-oxygen bare bright, only high-quality copper rod. Yingtan Dingchen Technology Co., Ltd., located in the Bailu Science and Technology Park, High-tech Industrial Development Zone, Yingtan City, Jiangxi Province, is a specialized enterprise integrating R&D, production, processing, and sales of copper-based new materials. The main product is Φ8 bare bright copper rod, with an annual production capacity of 225,000 mt. The company has introduced the Shuhong 225,000 mt continuous casting and rolling production line, which is currently the most technologically mature production line in China, achieving continuous production of casting, hot rough rolling, and hot finish rolling, greatly improving production efficiency and energy utilization rate. The equipment adopts shaft furnace melting technology, which preheats the copper cathode plates in the furnace with rising hot air, significantly reducing thermal energy consumption compared to reverberatory furnaces, and is currently the most advanced melting technology in China. The shaft furnace, flow channel, and holding furnace combustion system adopt advanced computer control, automatically adjusting CO values and combustion efficiency, keeping energy consumption at the optimal state, with natural gas consumption significantly lower than the industry average. At the same time, the project adopts AC variable frequency drive technology, greatly reducing power consumption. The copper rod production line of this project has a high degree of automation, excellent equipment, high production efficiency, and stable product quality, with all indicators reaching the first-class level in China. It provides high-quality, high-value-added products to downstream enterprises such as power cables, enamelled wire, automotive wire, and communication cables, with a promising market prospect. The company has unique process technology, an experienced production team, and first-class detection equipment and capabilities in China, meeting the needs of different customers and creating value for them. In the wave of innovation, we stand at the forefront. The company currently has a total investment of 1 billion yuan, and the output value in 2024 has exceeded 10 billion yuan. Currently, we are at a critical stage of development, committed to expanding the market and creating first-class famous and high-quality products. To lead the industry, become a pioneer of innovation, and forge ahead with courage! Contact: Wang Huaqiang, 139 6170 8666. SMM Conference Contact: Li Chongshan, 17349754665, lichongshan@smm.cn.

In the upcoming year of 2025, we anticipate that the global economy will face a series of complex and volatile challenges. With the US election settled, the uncertainty of global trade policies will further increase, bringing new topics to international trade cooperation. In the geopolitical arena, ongoing conflicts and tensions show no significant alleviation, which not only poses threats to global security but also significantly impacts resource allocation and industrial layout. Against this macro backdrop, industrial transfer and supply chain restructuring have become key topics that we must closely monitor. At the industrial level, the trend of protectionism in mineral resources is rising, directly affecting the stability of global copper concentrate TCs. With the rapid expansion of global smelting capacity, the profit margins of copper smelters are further compressed, and the challenges faced by the industry are becoming increasingly severe. In the field of secondary copper raw materials, the advancement of Environmental, Social, and Governance (ESG) standards and the "dual carbon" goals have significantly increased market attention to secondary copper. However, the "reverse invoicing" policy implemented in 2024 and the "Fair Competition Regulations" have had a profound impact on the secondary copper industry. Looking ahead to 2025, the changes in the landscape of the secondary copper industry will have a critical impact on the entire copper industry chain. Additionally, with the cancellation of tax subsidies and other incentive measures, the space for copper cathode trade will further narrow. We expect that the procurement ratio of copper processing materials between traders and smelters will show a more pronounced differentiation. In this context, the "CCIE 2025 SMM (20th) Copper Industry Conference and Copper Industry Expo" meticulously prepared by SMM will be grandly held in Nanchang, Jiangxi from April 22-25, 2025. Jiaozuo Debang Technology Co., Ltd. will attend this conference in full force. We will synchronize with the times, aim at our goals, strive diligently, and move forward courageously! Click the registration form to sign up immediately, and we look forward to meeting you at the conference. Booth number: D38. For 25 years, Jiaozuo Debang Technology Co., Ltd., founded in 2001, has been committed to the R&D, production, and application of anti-wear products for mining equipment and belt conveyor supporting products. Currently, the company has advanced production lines for rubber, polyurethane, ceramics, and complete experimental testing equipment, capable of skillfully solving various anti-wear working condition problems by utilizing the wear-resistant advantages of different materials. The company's main products include: drum lagging, cleaners, skirting boards, impact beds, wear-resistant ceramic liners, ceramic rubber composite liners, etc., and can design different wear-resistant products and solutions according to customer needs. The products are exported to Australia, Canada, Russia, Europe, the US, Chile, Southeast Asia, and other countries and regions, and have occupied a certain market share domestically, winning customer praise for reliable quality over the years. "Honesty and innovation, pursuit of excellence" is the tenet we have always adhered to, and we look forward to friendly cooperation with friends from all walks of life. Contact: Qingyu Meng, 18939131899.

In the upcoming year of 2025, we anticipate that the global economy will face a series of complex and volatile challenges. With the US election settled, the uncertainty of global trade policies will further increase, presenting new issues for international trade cooperation. In the geopolitical arena, ongoing conflicts and tensions show no significant signs of easing, posing threats not only to global security but also significantly impacting resource allocation and industrial layout. Against this macro backdrop, industrial relocation and supply chain restructuring have become key topics that we must closely monitor. At the industrial level, the trend of protectionism in mineral resources is on the rise, directly affecting the stability of global copper concentrate TCs. With the rapid expansion of global smelting capacity, the profit margins of copper smelters are further compressed, and the challenges faced by the industry are becoming increasingly severe. In the field of secondary copper raw materials, the advancement of Environmental, Social, and Governance (ESG) standards and the "dual carbon" goals have significantly increased market attention to secondary copper. However, the "reverse invoicing" policy implemented in 2024 and the "Fair Competition Regulations" have had a profound impact on the secondary copper industry. Looking ahead to 2025, the changes in the landscape of the secondary copper industry will have a critical impact on the entire copper industry chain. Additionally, with the cancellation of tax subsidies and other incentive measures, the space for copper cathode trade will further narrow. We expect that the procurement ratio of copper processing materials between traders and smelters will show a more pronounced differentiation. In this context, the "CCIE 2025SMM (20th) Copper Industry Conference and Copper Industry Expo" meticulously prepared by SMM will be grandly held in Nanchang, Jiangxi from April 22-25, 2025. IKOI will attend this conference in full force, keeping pace with the times, aiming at our goals, striving diligently, and moving forward with courage! Click the registration form to sign up immediately, and we look forward to meeting you at the conference. Booth number: D12. Bringing innovation and sustainable technology to the precious metals industry. IKOI, established in 1977, is a global leader in thermal metallurgical processes for precious metal refineries, mints, and jewelry markets. Currently, it has three main product series: the COMPACT integrated fully automatic gold and silver ingot casting system, the FCC Flameless Casting Chamber® fully automatic delivery ingot system, and the ALS system, which uses physical methods for gold and silver separation without acid. IKOI's vision is to create safe, efficient, and green methods for precious metal processing, and its mission is to bring innovation and sustainable technology to the precious metals industry. Contact: Yong Ni, 187 0185 9684.