On June 29, Xiamen Tungsten's share price declined. As of around 14:04 on the 29th, it had fallen 1.22% to 83.47 yuan per share. In terms of news, an announcement from Xiamen Tungsten on June 27 showed: To concentrate resources and focus on developing its three core businesses—tungsten & molybdenum, new energy materials, and rare earths— the company has decided to exit the real estate business. To gradually achieve this exit, Xiamen Tengwangge plans to publicly list for transfer, in the name of its partner Jianming, the unsold properties from Phases I through IV of the Straits International Community project and certain fixed assets within the Phase II commercial properties on the Fujian Provincial Property Rights Exchange, with a reserve price of 192 million yuan (RMB, the same hereinafter). The Straits International Community project (i.e., the commercial housing project on the north side of the Xiamen International Conference & Exhibition Center) was developed under Jianming's name, with related assets registered under Jianming. Through relevant cooperation agreements, Xiamen Tengwangge holds a 67.285% interest in the project, while Jianming holds a 32.715% interest. Commenting on the transaction’s impact, Xiamen Tungsten stated that this transaction is an optimization and adjustment of the company's resource allocation and asset structure based on its strategic development plans. It will help the company further focus on its core businesses and aligns with its long-term strategic planning. The transaction does not harm the interests of the company and its shareholders, particularly minority shareholders. As this is a listed transfer, whether the transaction will ultimately be completed and the final transaction price remain uncertain, and the impact on company performance is subject to change. It will be determined based on actual completion, and currently cannot be estimated. Performance: Xiamen Tungsten’s 2025 annual report shows that for 2025, the company achieved consolidated operating revenue of 46.265 billion yuan, up 30.79% YoY, and consolidated operating costs of 37.984 billion yuan, up 31.07% YoY. Net profit attributable to shareholders of the parent company reached 2.309 billion yuan, up 34.89% YoY, while net profit attributable to shareholders of the publicly listed firm after deducting non-recurring gains and losses was 2.19 billion yuan, up 44.16% YoY. The revenue and profit of its tungsten & molybdenum, energy new materials, and rare earth businesses all registered solid growth. Market shares for its major competitive products—such as tungsten powder, fine tungsten wire, cemented carbide rods, ammonium molybdate, and LCO—remained at the forefront, while profitability of key products, including cemented carbide, cutting tools, fine tungsten wire, magnetic materials, and LCO, further improved. Regarding its main business, Xiamen Tungsten stated that the company focuses on its three core industries: tungsten & molybdenum, rare earths, and energy new materials. Leveraging deep technological expertise and a strong management culture, the company continuously pursues technological and management innovations. It steadily advances its industrial layout in tungsten, molybdenum, rare earths, and lithium battery cathode materials, actively expanding its tungsten & molybdenum deep-processing, rare earth deep-processing, and energy new materials industries, and accelerating the transformation and upgrading of its industry chain. Regarding the business plan, Xiamen Tungsten stated in its annual report: Overall annual work approach: The company will fully implement the guiding principles of the Fourth Plenary Session of the 20th CPC Central Committee, take the 15th Five-Year Plan as its guide, and embark on a transformation toward "Industrial Services" and "Digital Operations"; pursue internationalization, digitalization, and product-as-a-service while advancing both organic growth and external expansion; promote organizational change and talent development; strengthen industry chain synergy and global footprint; upgrade value across the entire chain covering R&D, production, sales, procurement, and investment; enhance functional management efficiency and risk control, consolidate the foundation for development, and ensure that transformation tasks are implemented effectively. Overall annual target: In 2026, the company plans to achieve YoY growth in operating revenue and total profit. To achieve the above business targets, the company will focus on the following key tasks: 1. Advance the comprehensive development of core businesses. In the tungsten sector, the emphasis is on strengthening resource security, driving the transformation of cemented carbide, cutting tools, and rock drilling tools toward high-end and service-oriented offerings, consolidating the advantages of PV tungsten wire and other products, and incubating new products. In the molybdenum sector, the focus is on raising smelting capacity and powder quality, maintaining the gross margin of wire-cut molybdenum wire, and expanding the market share of molybdenum end-cap assemblies and molybdenum discs. In the rare earth sector, the company will expand overseas raw material sources, scale up the fine chemicals, luminescent materials, alloys, and magnetic materials businesses, accelerate new base construction and overseas deployment, increase R&D investment in motor products, and expand into high-end market segments such as equipment manufacturing. In the energy new materials sector, the company will strengthen supply chain cooperation, expand production of core materials, promote the industrialisation of cutting-edge technologies, and accelerate overseas project construction. 2. Strengthen mine resource security. Stabilize domestic mine operations, with a focus on overcoming challenges such as declining grades and rising costs at operating mines; accelerate the development of new mines, promote the injection of the Dahutang tungsten mine, and advance infrastructure construction at the Bobai tungsten mine in Guangxi in an orderly manner. Promote overseas mine projects, conduct preliminary research on mine planning, develop a global map of non-ferrous metals relevant to Xiamen Tungsten's businesses, explore multiple modes of resource acquisition, and study the boundary conditions and rules for engaging in other strategic metals. 3. Strengthen and supplement chains through global layout. Prioritize deep processing capacity construction projects for tungsten-molybdenum, rare earth, and energy new materials, accelerate overseas industrial deployment, and enhance the coverage of the global manufacturing network. Advance M&A projects in and outside China, deploy functional components and devices related to strategic emerging industry chains, and leverage industrial funds to invest along the upstream and downstream of the company's current and future industries. Promote capital operations of subsidiaries and the disposal of non-performing assets and equity stakes to enhance asset operation efficiency. 4. Pilot the transformation to "Industrial Services" and "Digital Operations". 5. Solidify the Five Pillars for Value Chain Value Enhancement. 6. Deepen the Safe Production and Green Manufacturing System. 7. Annual Function Enhancement and Safeguard Measures. Xiamen Tungsten previously disclosed in its Q1 2026 report that in Q1, the company achieved total operating revenue of 15.743 billion yuan, up 86.99% YoY, and net profit attributable to shareholders of the parent company of 1.107 billion yuan, up 189.14% YoY. Regarding the main reasons for the performance change, Xiamen Tungsten explained in its Q1 report that during the reporting period, the company actively responded to rising prices of major raw materials such as tungsten and cobalt, achieving effective linked increases in selling prices of main products across all segments of the industry chain, while sales of key products including cemented carbides, cutting tools, battery materials, and magnetic materials grew steadily, leading to a significant improvement in overall profitability. Xiamen Tungsten introduced: During the reporting period, the company focused on its core manufacturing business and operated steadily. The main highlights were as follows: 1. Tungsten and Molybdenum Business. In Q1 2026, the tungsten and molybdenum business achieved operating revenue of 7.321 billion yuan, up 83.13% YoY, and total profit of 1.763 billion yuan, up 238.82% YoY. The company proactively responded to the sharp rise in tungsten raw material prices, dynamically adjusted its business strategy, and achieved effective linked increases in selling prices of main products throughout the industry chain, significantly enhancing profitability. Among major products, cemented carbide product sales increased 5% YoY, with sales revenue up 156% YoY; cutting tool product sales grew 69% YoY, with sales revenue up 78% YoY; and fine tungsten wire, due to product mix adjustments, saw a 19% YoY decline in sales volume but a 73% YoY increase in sales revenue. 2. Energy New Materials Business. In Q1 2026, the battery materials business achieved operating revenue of 6.585 billion yuan, up 117.82% YoY, and total profit of 260 million yuan, up 94.24% YoY. The company continuously improved product quality and market development, achieving substantial growth in sales of main products and a significant boost in profitability. In Q1, sales of the company’s power battery cathode materials (including ternary cathode materials, LFP, and others) reached 15,700 mt, up 26% YoY, with sales revenue up 82% YoY; LCO sales volume was 14,700 mt, up 20% YoY, with sales revenue up 154% YoY. 3. Rare Earth Business. In Q1 2026, the rare earth business achieved operating revenue of 1.826 billion yuan, up 31.68% YoY, and total profit of 70 million yuan, up 65.72% YoY. The company optimized its product mix, achieving volume and profit growth for high-value-added products, effectively enhancing profitability. Sales of the main deep-processing product, magnetic materials, rose by 24% YoY, with sales revenue up 50% YoY. 4. Real estate business. In Q1 2026, the real estate business reported revenue of 10 million yuan, down 8.08% YoY, while total profit was -19 million yuan, narrowing losses slightly YoY. Tungsten: Looking back at the 2025 tungsten price trend, taking SMM wolframite concentrates (≥65%) as an example: The average price of wolframite concentrates (≥65%) on December 31, 2025, was 453,500 yuan/standard tonne, up 217.69% compared with 142,750 yuan/standard tonne on December 31, 2024. Reviewing Q1 this year, the average price of wolframite concentrates (≥65%) on March 31 was 992,500 yuan/standard tonne, surging by 539,000 yuan/standard tonne from the 453,500 yuan/standard tonne on December 31, 2025, representing a gain of 118.85%. After the earlier sustained rebound, wolframite concentrates returned to 500,000 yuan/standard tonne and then moved sideways. On June 29, the average price of wolframite concentrates was 507,000 yuan/standard tonne, down 0.98% from the previous trading day. Fundamentals side: Supply-demand wise, upstream mines still hold prices firm, and high-grade tungsten ore supply remains tight. Downstream, affected by the traditional off-season, cemented carbide and mechanical processing enterprises maintain hand-to-mouth restocking, leaving overall market transactions subdued. In the short term, supply and demand remain in a tug-of-war. Outside China, with increasingly stringent export controls and tight primary tungsten supply, European APT prices continue to fluctuate at highs. The price spread between Chinese and overseas markets remains large, providing some support for domestic tungsten prices. Meanwhile, tax policies related to the tungsten scrap recycling sector are being further refined, expected to boost compliant tungsten scrap circulation. This will, in the medium and long term, promote standardized development of the recycled tungsten industry and improve China’s tungsten resource supply structure . The domestic tungsten market is expected to mainly consolidate in the short term, with focus on long-term contract price adjustments, pace of mine shipments, changes in downstream off-season demand, and the impact of overseas export policies on market sentiment. Over the medium and long term, attention should be paid to declining supply during the seasonal mine output gap in Q3, while improving consumption expectations during the September-October peak season will further optimize the supply-demand structure, bringing bullish sentiment to prices. Recommended reading:

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Australian artificial intelligence infrastructure enterprise Firmus Technologies Pty Ltd. will partner with Nvidia to build its first data center project in Indonesia. Firmus stated that through a revenue-sharing and credit support agreement, Firmus can secure Nvidia’s infrastructure for its clients, with the agreement covering up to 170,000 Nvidia AI accelerator chips from 2027 to 2028. This collaboration is expected to generate up to $30 billion in offtake agreement revenue in the first six years.

Nigeria has announced the discovery of a new polymetallic mineral province in Kaduna State containing copper, nickel, lithium, rare earth elements, platinum group metals and gold, describing it as one of the country's most significant critical minerals discoveries in recent years. The discovery was made by Steron Mining in collaboration with the Nigerian Geological Survey Agency (NGSA). At the same time, Steron Mining reported approximately 3.3 million tonnes of lithium reserves at its Abuja project, with total mineral resources estimated at 94.8 million tonnes. The Nigerian government said it will continue promoting domestic mineral processing and value-added development to strengthen its position in the global critical minerals supply chain. That infrastructure, power supply and regulatory challenges remain key factors affecting future project development.

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Zimbabwe is actively considering using its abundant mineral resources to provide financing support for road and railway construction projects in cooperation with China through "resource-linked debt instruments," Finance Minister Ncube Mthuli disclosed on the sidelines of the World Economic Forum in Dalian. This model aims to use future revenue from natural resources as loan collateral to address the huge funding gap in infrastructure construction. Ncube Mthuli said that Zimbabwe has held preliminary discussions with China Railway Group on such financing arrangements. He told reporters: "We have explored debt instruments linked to resources and hope to use these instruments in the future to support infrastructure development, especially in the road and railway sectors." According to the plan, the Zimbabwean side will assess project costs, toll revenue potential, and the payback period for the required resource investments to determine the specific scale of resource collateral and repayment path. As Africa's largest lithium producer, Zimbabwe possesses rich mineral resources, but its infrastructure has lagged severely due to prolonged economic mismanagement and political instability. The African Development Bank estimates that the country requires approximately $34 billion to complete the modernization of its transport and logistics networks. The proposed resource-for-infrastructure scheme is similar in model to the $7 billion Sicomines copper-cobalt joint venture between the DRC and Chinese enterprises. As early as September 2025, Zimbabwe's president had promoted a railway upgrade cooperation plan worth $533 million during a meeting with senior officials of China Railway Group in Beijing. The project is to be implemented by Chuantie International, a subsidiary of China Railway with extensive experience in Africa. The scope of works includes the repair and reinforcement of existing lines and bridges, modernization of signaling systems, procurement of 17 locomotives and 209 freight cars, construction of five new stations, and the key trunk line project connecting Beitbridge and Harare. This trunk line leads directly to South Africa and serves as an important strategic corridor for Zimbabwe's foreign trade. Currently, the project's financing method and the official signing date are still under final negotiation. Zimbabwe's railway network was built during the colonial era and its annual freight volume once reached 12 million mt in the 1990s. However, decades of underinvestment, aging equipment, and foreign exchange shortages have caused the railway infrastructure to deteriorate continuously. Currently, annual freight volume has fallen to less than 3 million mt, representing only 15% of the historical peak. Many lines are overgrown with weeds, and a large number of locomotives and rolling stock are out of service, directly weakening the transport capacity for bulk commodities such as lithium, chrome ore, and coal to ports in Mozambique and South Africa. As a result, Chinese mining enterprises investing in Zimbabwe, such as Tsingshan Holding Group, Sinosteel Group, and Zhejiang Huayou Cobalt, are all facing bottlenecks in product shipments. The decline of the railway system has shifted a large volume of freight to roads, leading to a surge in the number of heavy trucks, which in turn exacerbates road congestion, traffic accidents, and pavement damage, creating a vicious cycle. To address this, the National Railways of Zimbabwe has incorporated this railway upgrade into a broader modernization framework and collaborated with 11 private enterprises. Among them, South Africa's Grindrod, through its subsidiary Beitbridge-Bulawayo Railway, has deployed 3 locomotives and 150 wagons to relieve current transport pressure. Meanwhile, the Zimbabwean side is also exploring cooperation with the University of Zimbabwe, leveraging the university's innovation center for localized railway technology R&D and talent cultivation to build capacity for long-term operations. Analysts point out that if this railway upgrade is successfully implemented, it will not only fully restore Zimbabwe's decaying railway network but also provide critical logistical support for the country to achieve its $12 billion mining target. It will also further deepen the strategic positioning of Chinese-funded enterprises in Zimbabwe's mining and infrastructure sectors. According to market dynamics, in recent years, especially this year, lithium ore arrivals from Zimbabwe have been continuously hampered, with insufficient inland transport capacity being one of the major bottlenecks constraining the smooth arrival of goods. With the implementation of the relevant logistics system upgrades, this situation is expected to be effectively alleviated, significantly improving the transport efficiency of lithium materials, thereby injecting solid strength into stabilizing the global supply of lithium resources. Source: Mining, compiled by SMM.

Guangdong is a core hub of China’s wire and cable industry, with a well-established industry chain, notable regional advantages, and market reach across South China, Hong Kong, Macau, and Southeast Asia. The sector now faces both opportunities and challenges: overseas new energy and infrastructure markets are broadening the room to go global, yet fluctuations in copper and aluminum raw materials, homogenized capacity, and low-price involution are squeezing enterprise profits, making digital-intelligent upgrading the key to breaking through. will be held on July 14-15, 2026 at the Wyndham Hotel, Guangzhou Design City, Guangdong . SMM , together with the co-organizer — Guangxi Dasheng Electric Power Equipment Co., Ltd. , cordially invites you to join. Leveraging entire-industry-chain data and resources in and outside China, the conference will focus on market analysis, transformation and upgrading, supply-demand matching, and going global, helping local enterprises improve quality and expand markets, and promoting the high-quality, internationalized development of the regional wire and cable industry. Click to participate; we look forward to meeting you at the conference. Guangxi Dasheng Electric Power Equipment Co., Ltd. Aluminum-Based, Technology-Empowered, Green Recycling, Excellent Development Guangxi Dasheng Electric Power Equipment Co., Ltd. was founded on June 22, 2020. It is a sound private enterprise invested by Zhejiang merchants. The company is located in the Pingguo Economic and Technological Development Zone, Baise City, Guangxi, with a superior location and convenient transportation, ensuring efficient product logistics and client business coordination, and enjoying an exceptionally favorable business environment. The company has robust scale and strength, with a total investment of 500 million yuan. The plant site covers an area of 150 mu, including 50,800 m² of standardized workshops, and features a complete production support system, enabling large-scale, standardized production. The company persists in technology-innovation-empowered development, operating a dedicated R&D center, deeply engaging in technological R&D and product upgrades, and has independently obtained 13 intellectual property rights in its nearly five years of operation, building core competitiveness with a solid technological foundation. It has independently developed an intelligent management system for wire and cable production, realizing intelligence in production and operations management information. The company has been recognized as a Guangxi Digital Workshop Demonstration Enterprise, a Guangxi Specialized and Sophisticated Enterprise, and a National High-tech Enterprise. The company focuses on its core main business, vigorously building a complete industry chain encompassing raw materials for electrical round aluminum rods, aluminum conductor processing, and wire and cable manufacturing, forming an integrated production system from aluminum raw material preparation and deep processing of aluminum conductors to finished wire and cable products, with complete industrial support and outstanding professional advantages. Concurrently, it operates related products such as electrical fittings, high- and low-voltage switches, cable accessories, and new-energy PV aluminum components, and provides one-stop supporting services including power transmission and distribution line design, technical consulting, and installation, fully meeting the diversified needs of clients. Leveraging local aluminum industry advantages and full-chain capacity, the company has now become a core regional centralized production and manufacturing base for aluminum and aluminum alloy series wire and cable. The company holds more than ten management system certifications, consistently adhering to the philosophy of quality first and client priority, strictly controlling product quality and continuously improving the service system, and committed to providing high value-for-money products and professional solutions for clients in the power and new energy industries, deeply cultivating the industry and developing steadily. Contact Tang Jianqin 135 8805 2296 SMM Conference Contact Chen Xiaolong 180 1708 9983 chenxiaolong@smm.cn

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