SMM March 11 News: According to SMM, the Northwest Lead and Zinc Smelter of Baiyin Nonferrous Group Co., Ltd. has initiated a public tender for the sale of approximately 100 tons of its crude cadmium. Specifically, according to official sources, the bidding base price is set at the SMM average price minus 500 RMB/ton, and the highest bidder will win the tender. This project requires three registered participants to proceed with the bidding. The registration deadline is 5:00 PM on March 16, 2026, and the bidding is scheduled to start at 10:00 AM on March 17, 2026.

SMM News on March 11: According to SMM, the Northwest Lead and Zinc Smelter of Baiyin Nonferrous Group Co., Ltd. launched a public tender sale for about 100 mt of crude cadmium under its operation. According to the official announcement, the bidding floor price was set at a discount of 500 yuan/mt to the average SMM price, and the highest bidder after the auction won the lot. This project required at least three registrants for the auction to proceed normally. The registration deadline was 17:00 on March 16, 2026, and bidding was scheduled to begin at 10:00 on March 17, 2026. Market participants said that, as cadmium prices had shown an upward trend recently, this tender was also well worth close attention. To a certain extent, it could reflect the strength of market demand and provide some reference as to whether cadmium prices could continue to rise steadily.

On February 28, Israeli Air Force fighter jets crossed thousands of kilometers of airspace to conduct a daylight precision strike on the center of Tehran, Iran's capital, drawing significant market attention. How will this conflict impact zinc concentrates? .

[Lead Smelting Enterprise Dynamics] Recently, Yunnan Chihong Zn & Ge Co., Ltd. announced plans to increase capital in its wholly-owned subsidiary, Hulunbuir Chihong Mining Co., Ltd., by 3.3 billion yuan using its own funds. This capital injection will primarily be used to repay internal loans, supplement working capital, and fund projects aimed at enhancing efficiency and unlocking potential in lead and zinc smelting operations.

Next week, the key macroeconomic data will include China's official manufacturing PMI for July, the US's ADP employment figures for July, the US's core PCE price index annual rate for June, the US's unemployment rate for July, and the US's seasonally adjusted non-farm payrolls for July. Additionally, important events include the Federal Open Market Committee (FOMC) of the US Fed announcing its interest rate decision, which is expected to remain unchanged. Meanwhile, He Lifeng, a member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, will travel to Sweden from July 27 to 30 for economic and trade talks with the US side, mainly focusing on the US's upcoming implementation of tariffs on August 12. Regarding LME lead, the progress of US tariff negotiations has been positive, easing market pessimism. Coupled with the US President's continuous pressure on the US Fed to cut interest rates, the US dollar index has weakened, and non-ferrous metals have generally stopped falling and rebounded. Meanwhile, overseas lead and zinc mine production has decreased, putting significant pressure on lead concentrate supply, which also provides some support for lead prices. It is expected that the center of LME lead's operation will move higher next week, reaching $2,000-2,065/mt. Domestically, for SHFE lead, some primary lead smelters are still undergoing maintenance and have not fully resumed production, leading to prominent regional supply tightness. Spot discounts have narrowed and are trading towards premiums (against SMM #1 lead prices), which may boost lead prices to hold up well. Regarding secondary lead, the resumption of production is gradually progressing, and there are signs of improvement in the inverted price relationship between secondary refined lead and primary lead. Before the price spread between the two reverses, it will still support lead price increases. If premiums turn into discounts, it will mean that this factor is no longer considered favorable. It is expected that the most-traded SHFE lead contract will operate within the range of 16,800-17,100 yuan/mt next week. Spot price forecast: 16,700-16,950 yuan/mt. With the resolution of month-end factors and the initiation of new long-term contracts by downstream enterprises for the new month, procurement volumes for spot lead ingots may relatively decrease. Meanwhile, as lead prices stop falling and rebound, downstream risk-aversion sentiment eases, and it is expected that some purchasing demand will be released, with the two roughly offsetting each other. On the supply side, on the one hand, secondary lead enterprises are gradually resuming production, and primary lead enterprises also have expectations for resuming production. Next week, the circulation volume in the spot market will relatively increase, and spot premium trading will be difficult to rise further, and there is even an expectation for narrowing premiums.

On June 16th, Australian miner Polymetals Resources Ltd announced that commercial production has commenced at its Endeavor silver-zinc mine, located in Cobar, New South Wales. The production of both silver-lead and zinc concentrates is now underway, with stable plant operations and ongoing optimisation of grinding and flotation circuits. The company stated that prepayment for zinc concentrate will be received in June, marking the project's first cashflow, while the first shipment is scheduled for early July. Deliveries of silver-lead concentrate will follow shortly thereafter. Access to high-grade silver ore in the upper levels is progressing, with first ore extraction expected in August. The operation is set to ramp up throughout the second half of 2025, targeting nameplate capacity of 1.2 million tonnes of ore per year. Once a major producer in Australia, the Endeavor mine has been successfully restarted over the past nine months with strong cost control. The board expressed satisfaction with current progress and is optimistic about delivering long-term value to shareholders and the Cobar region. If operations proceed smoothly, the mine is expected to produce approximately 20,000 tonnes of zinc in concentrate in 2025.

SMM May 23 News: Recently, Zhuzhou Smelter Group Co., Ltd. released its performance announcements for Q1 2025 and the full year of 2024. In Q1 2025, the company achieved a total revenue of 4.803 billion yuan, up 8.5% YoY. Net profit attributable to shareholders of the publicly listed firm reached 277 million yuan, up 74.07% YoY. Regarding the reasons for the YoY increase in Q1 performance, Zhuzhou Smelter Group stated that precious metals, represented by gold, fluctuated at highs and continuously hit new highs in Q1 this year, bringing a profit-boosting effect to the company. Currently, the global precious metals market is influenced by expectations of interest rate cuts in developed economies, geopolitical risks, and growth in industrial demand, leading to a sustained upward trend in the prices of gold, silver, and other precious metals. The company significantly improved its unit output value and profit contribution by extracting precious metals through mining and refining externally purchased raw materials. According to public information, Zhuzhou Smelter Group is mainly engaged in the smelting, processing, and sales of zinc, lead, and their alloys, while also involved in comprehensive recovery of rare and precious metals, R&D of new materials, and other fields. The company's main smelting products include zinc ingots, hot-dip galvanizing alloys, foundry zinc alloys, lead ingots, lead-based alloys, gold, silver, etc. By-products include sulphuric acid, copper matte, antimony white powder, etc. Mineral products include copper concentrates and gold-sulfur concentrates, as well as minor products such as bismuth ingots, tellurium ingots, cadmium ingots, and indium ingots. On the evening of April 10, Zhuzhou Smelter Group released its 2024 annual report. According to the announcement, in 2024, the company achieved a total operating revenue of approximately 19.759 billion yuan, up 1.82% YoY. Net profit attributable to shareholders of the publicly listed firm, excluding non-recurring gains and losses, reached approximately 730 million yuan, up 29.71% YoY. The net cash flow generated from operating activities was 1.107 billion yuan, up 60.32% YoY, indicating high operational quality. Zhuzhou Smelter Group stated that the company's operating performance demonstrated strong resilience. Despite the continued sluggishness of processing fees in the market, the smelting segment achieved the annual profit target, while the mining segment achieved increased profits and revenue. Production volumes of copper, lead, and zinc concentrates, gold, and other products all reached new highs, with significant growth in total annual profit and net profit. According to the annual report data, in 2024, Zhuzhou Smelter Group produced approximately 640,000 mt of zinc and zinc alloys and approximately 640,000 mt of sulphuric acid, and completed the production of approximately 100,000 mt of lead and lead alloys, remaining in the first tier of domestic lead and zinc production. Meanwhile, the company achieved a gold production of 3,710.30 kg, up 8.05% YoY, and gold sales of 4,074.96 kg, up 36.42% YoY. Taking the lead and zinc industry as an example, reviewing the market situation over the past year, the supply of lead and zinc concentrates was tight in 2024, with processing fees for lead and zinc concentrates falling repeatedly throughout the year, all dropping below historical lows. According to SMM historical price data, domestic zinc concentrate TCs plummeted to 1,450 yuan/mt (metal content) on August 2, 2024, while imported zinc concentrate TCs fell to -$40/dmt on August 16, 2024, both hitting record lows. In 2024, due to ore shortages and narrowing profit margins, domestic smelters even called for "joint production cuts." Regarding lead concentrate TCs, they also continued to decline amid tight lead concentrate supply in the market. On July 26, 2024, the average domestic lead concentrate TC fell to 550 yuan/mt (metal content), hitting a record low. The lowest imported lead concentrate TC reached -$50/dmt on the same day, also marking a historic low for negative TCs. Even in July 2024, due to insufficient lead concentrate supply, scrap batteries temporarily became a common raw material for secondary lead smelters and some primary lead smelters. The lead paste extracted from dismantled scrap batteries by primary lead smelters became a major source of raw material supplementation. Against this backdrop, Zhuzhou Smelter Group still achieved its annual profit targets on the smelting side, increased profits and revenue on the mining side, and set new production records for copper, lead, and zinc concentrates, as well as gold. Its risk-resistance capabilities are beyond doubt. As a byproduct of lead-zinc ore smelting, gold performed exceptionally well in 2024, with precious metal prices surging strongly throughout the year. International gold and silver prices repeatedly hit record highs. Driven by stronger-than-expected US economic performance and the market's "Trump trade," the US dollar index surged after Trump's election victory, while the RMB depreciated sharply against the US dollar amid potential tariff pressures. Overall, gold and silver prices underperformed overseas markets during the year, with SHFE gold rising approximately 30% and SHFE silver increasing around 32%. However, after entering 2025, the tight supply of zinc concentrates has significantly eased. As of May 16, domestic zinc concentrate TCs have rebounded to 3,300-3,700 yuan/mt (metal content), with an average price of 3,500 yuan/mt (metal content). This represents a 2,050 yuan/mt (metal content) increase from the previous historic low of 1,450 yuan/mt (metal content), marking a 141.38% surge. 》Click to view SMM spot quotes for zinc products In fact, as early as October 2024, with the rebound in SMM's seven-port inventory and a slight increase in domestic imported ore circulation, domestic zinc concentrate supply received some supplementation. Moreover, zinc prices remained high in October, driving up mine profits. Coupled with gradual improvements in raw material inventories at some domestic smelters, the market sentiment was strongly bullish. Based on these factors, some smelters negotiated with mines to raise domestic TCs, leading to a slight rebound in TCs across multiple regions in China in October. After that, domestic smelters continued to operate at low capacity utilization rates, and the days of raw material inventories at smelters continued to recover. In December, domestic zinc concentrate TCs increased slightly on a MoM basis, reversing the previous trend of consecutive declines. In January 2025, the pressure on smelters' raw materials continued to ease. Coupled with the sustained high zinc prices in Q4 2024, smelters were able to negotiate with mines to increase zinc concentrate TCs, leading to a significant increase in domestic zinc concentrate TCs in January. While domestic TCs were rising, smelters showed low purchase willingness for imported zinc ore TCs, which also prompted a noticeable rebound in imported zinc ore TCs. In February, domestic zinc concentrate TCs continued to rise, mainly due to the Chinese New Year holiday, during which some enterprises conducted maintenance and took holidays, leading to a decrease in overall production. This boosted the continuous rebound in both domestic and imported TCs. Additionally, smelters continued to refuse to budge on prices to achieve profitability. The days of raw material inventories at domestic smelters remained at around 28 days, indicating a relatively high level of raw material stocking. Coupled with the intermittent opening of the import window, the port arrivals of zinc concentrates increased, and port inventories once surged to over 400,000 mt, replenishing smelters' raw material inventories and maintaining them at a high level overall. Under the combined influence of these factors, the supply of zinc concentrates in February was loose, and TCs continued to rise. Entering March, driven by the supplement of imported ore and the expectation of the gradual resumption of production at domestic mines, domestic smelters continued to raise their TCs quotes. As of March 28, domestic zinc concentrate TCs increased to 3,400 yuan/mt (metal content). In the past two months, the increase in domestic zinc concentrate TCs has significantly slowed down. SMM learned that although some smelters will conduct maintenance in May and smelters continue to refuse to budge on prices, considering profit factors, miners have a strong willingness to keep zinc concentrate TCs flat in May. Under continuous negotiations between the two parties, the increase in zinc concentrate TCs in May compared to April is limited. Looking ahead, despite the significant increase in overseas zinc mine output this year, there is no obvious increase in domestic zinc mine output except for Huoshaoyun. Moreover, with improved profits, smelters are highly motivated to produce, and new smelters put into operation in Q2 in China are also gradually ramping up production. With both supply and demand increasing, there may be limited room for future increases in domestic zinc concentrate TCs, and it is necessary to continuously monitor the subsequent inflow of imported zinc ore. In addition, the announcement also mentioned that the company has a lead-zinc-copper mining and beneficiation capacity of 860,000 mt, with relatively high lead-zinc geological grades, making it a well-endowed mine in China with a certain advantageous position. From the perspective of resource value, lead-zinc mines are rich in gold and silver, with high value per ton of ore. According to the data from the annual reserve report of the Shuikoushan Lead-Zinc Mine mining right, the Kangjiawan mining area under the Shuikoushan Lead-Zinc Mine mining right has a reserved resource volume of 11.807 million mt and a reserve volume of 4.953 million mt, placing its overall mine value among the top in the country. The company has a production capacity of 860,000 mt for lead-zinc-copper mining and beneficiation, 680,000 mt for zinc products, and 100,000 mt for lead products. It also comprehensively recovers various rare and precious metals such as copper, gold, silver, bismuth, indium, cadmium, and tellurium. Relying on the copper-lead-zinc industrial base, it has significant industrial synergy advantages. In 2025, the company aims to produce 643,000 mt of zinc and zinc alloy products, 103,500 mt of lead and lead alloy products, 860,000 mt of raw ore from mines, 3.8 mt of gold, and 295 mt of silver. In terms of mines, the company holds the mining rights for the Shuikoushan Lead-Zinc Mine and the Baifang Copper Mine, operating three mines (the Kangjiawan Mine and the Lead-Zinc Mine both fall under the Shuikoushan Lead-Zinc Mine mining rights) and one beneficiation plant, with an annual raw ore mining and beneficiation capacity of 860,000 mt. In zinc smelting, it has a zinc smelting capacity of 300,000 mt, a deep-processing capacity of 380,000 mt for zinc-based alloys, and a total zinc product capacity of 680,000 mt, ranking among the top in the country. In lead smelting, it operates two lead and precious metal smelters, with a production capacity of 100,000 mt for lead smelting, 4,500 kg of gold, and 470 mt of silver.

The scrap battery recycling industry has long faced two major price pain points: ▲ High Recycling Costs : The traditional process is cumbersome, leading to high recycling costs and severely compressing the profit margins of enterprises. ▲ Chaotic Pricing Mechanism : Informal channels disrupt the market through low-price competition, making it difficult for legitimate businesses to stand in price wars. How to Eliminate Price Barriers? How Can the Scrap Battery and Secondary Lead Industries Break Through? [This Time, We Will Make a Concession on Price!] GBRC 2025 SMM Battery Recycling and Circular Industry Conference , will be held on August 14-15, 2025 , in Ningbo, Zhejiang . Super Early Bird Price: Register before May 30th and enjoy a super early bird discount, saving 800 yuan! [At Previous Battery Recycling Conferences, These Companies Were All Present (Only Some Listed)!] (Among the previous attendees, 35% were Chairmen and General Managers ; 39% were Sales and Procurement Executives ) ▲Lead Battery Recycling Companies: Zhejiang Tianeng Environmental Technology Co., Ltd. Zhejiang Chilwee Bafang Recycling Industry Co., Ltd. Shanghai Xinyun Guixi Metal Recycling Co., Ltd. Anhui Hongyu Qian Environmental Technology Co., Ltd. Jiangmen Leen Renewable Resources Co., Ltd. Nantong Lishi Environmental Technology Co., Ltd. Chengdu Xupai Environmental Technology Co., Ltd. Suzhou Blue Port Environmental Technology Co., Ltd. Sichuan Rongsheng Changhong Renewable Resources Recycling Co., Ltd. Jiangsu Jieyu Renewable Resources Co., Ltd. Jiangsu Kuaidian New Energy Technology Co., Ltd. ▲Secondary Lead Smelters: Taihe County Dahua Energy Technology Co., Ltd. Anhui Lukong Environmental Protection Co., Ltd. Camel Group (Anhui) Renewable Resources Co., Ltd. Anhui Tianshuo Metal Materials Co., Ltd. Jiangsu New Chunxing Resource Recycling Co., Ltd. Zhejiang Tianeng Resource Recycling Technology Co., Ltd. Henan Yuguang Gold Lead Co., Ltd. Jiyuan Hongda Resource Comprehensive Utilization Co., Ltd. Jiyuan Juxin Resource Comprehensive Utilization Co., Ltd. Jiangsu Haibao New Energy Co., Ltd. ▲Power Battery Recycling Companies: GEM Co., Ltd. Guangdong Brunp Recycling Technology Co., Ltd. Zhejiang Huayou Cobalt Co., Ltd. Guangdong Guanghua Sci-Tech Co., Ltd. Ganfeng Lithium Co., Ltd. Jiangxi Miracle Golden Tiger Cobalt Co., Ltd. Ganzhou Hao Peng Technology Co., Ltd. Zhejiang New Era Zhongneng Technology Co., Ltd. CNGR Advanced Materials Co., Ltd. Anhui Xunying Power Energy Technology Co., Ltd. Ganzhou Tengyuan Cobalt Co., Ltd. Xiamen Tungsten Co., Ltd. Shanghai BYD Co., Ltd. Lv Xun New Energy Technology (Foshan) Co., Ltd. ▲Battery Companies: Tianeng Battery Group Co., Ltd. Chilwee Group Leoch International Technology Co., Ltd. Guangzhou Great Power Energy & Technology Co., Ltd. Gotion High-tech Co., Ltd. REPT Battero Energy Co., Ltd. Phylion Battery Co., Ltd. SVOLT Energy Technology Co., Ltd. Zhuhai CosMX Battery Co., Ltd. Desay Battery Technology Co., Ltd. EVE Energy Co., Ltd. Farasis Energy (Ganzhou) Co., Ltd. Ganfeng Lithium Co., Ltd. Contemporary Amperex Technology Co., Limited BYD Company Limited Shenzhen Highpower Technology Co., Ltd. SEVB Sungrow Power Supply Co., Ltd. Jiangsu Haibao New Energy Co., Ltd. Xupai Power Supply Co., Ltd. Jingjiu Power Technology Co., Ltd. Fengfan Co., Ltd. Jujiang Power Manufacturing Co., Ltd. Camel Group Co., Ltd. Zhejiang Just Electrical Appliances Co., Ltd. [Detailed Conference Agenda] [ Supply and Demand & Closed-Door Meetings | August 14] 08:00-10:00 Registration 10:00-12:00 Closed-Door Discussion on Secondary Lead, Closed-Door Seminar on Power Battery Recycling 10:00-12:00 Supply and Demand Exchange for the Battery Recycling Industry (Endless Business Opportunities) 12:00-13:30 Buffet Lunch [ Main Forum | August 14] 13:30-13:50 Opening Remarks of the Conference 13:50-14:20 Current Situation and Future Development Trends of the Battery Recycling Market Guest Speaker: Li Shilong, Chairman, China Technology Innovation Strategic Alliance for Resources Recycling Industry (CIAR) 14:20-14:50 Competition and Cooperation Between Lead-Acid Batteries and Lithium Batteries Under the "Dual Carbon" Goals Invited Company: Leoch International Technology Co., Ltd. 14:50-15:20 Market Prospects Analysis of the Dual Drive of "Old-for-New" Policy on Battery Consumption and Recycling Invited Company: Zhejiang Tianeng Resource Recycling Technology Co., Ltd. 15:20-15:50 Comparison of China's "Whitelist" System and Germany's Dual-Track System (GRS and PRO Systems) on Recycling Efficiency Invited Guest: Wang Qi, Chinese Academy of Environmental Sciences 15:50-16:20 The "Technological Watershed" in Lithium Battery Recycling: Commercial Competition Between Pyrometallurgy and Hydrometallurgy Invited Company: Guangdong Brunp Recycling Technology Co., Ltd. 16:20-16:50 Roundtable: Lead-Acid vs. Lithium: Full Life Cycle Tracking 1. Current Status of Lead-Acid and Lithium Battery Recycling Market 2. Impact of Trade-In Policy on the Battery Recycling Market Proposed Companies to Invite: Zhejiang Chilwee Bafang Recycling Industry Co., Ltd., Zhejiang Tianneng Resource Recycling Technology Co., Ltd., Jiangsu New Chunxing Resource Recycling Co., Ltd., Anhui Lukong Environmental Protection Co., Ltd., Tianqi Lithium Corporation, GEM Co., Ltd., Guangdong Brunp Recycling Technology Co., Ltd., Lvxun New Energy Industry (Guangdong) Co., Ltd. 16:50-17:20 Interpretation of the Impact of Increased China-US Tariffs on the Battery Import and Export Market Proposed Company to Invite: China Industrial Association of Power Sources [ Secondary Lead Forum| August 15, Morning] 09:00-09:25 Policies, Regulations, and Reverse Invoicing: A Policy Framework for Promoting the Development of the Circular Economy Proposed Guest Speaker: He Yi, Hazardous Waste Department, Solid Waste and Chemicals Management Technology Center, Ministry of Ecology and Environment 09:25-09:50 Breakthrough Strategies for Enterprises Amidst Overcapacity in the Secondary Lead Industry Proposed Company to Invite: China Nonferrous Metals Recycling Industry Association 09:50-10:15 Extraction Technologies for By-Products from Comprehensive Polymetallic Recycling and Smelting: Antimony, Bismuth, Tin, etc. Proposed Company to Invite: Central South University 10:15-10:35 Analysis of the Supply-Demand Pattern of Lead-Containing Scrap in the Next 3-5 Years Guest Speaker: Wang Meili, SMM Information & Technology Co., Ltd. 10:35-11:00 Interpretation of Policies and Market for Secondary Lead Going Global Proposed Guest Speaker: Chen Wenkai, President, Malaysia Non-Ferrous Metals General Chamber of Commerce 11:00-11:25 Current Status of the Waste Lead-Acid Battery Recycling Market: A Case Study of Yunnan, Guizhou, and Sichuan Regions Proposed Guest Speaker: Dong Chenglin, Chengdu Xinjuxin Environmental Protection Technology Co., Ltd. 11:25-11:50 2025-2026 Fundamentals and Price Analysis of Lead Ingot Consumption Guest Speaker: Xia Wenming, Senior Analyst, Lead and Zinc Industry Research Group, SMM Information & Technology Co., Ltd. 12:00-13:30 Buffet Lunch [ Power Battery Recycling Forum| August 15, Morning] 09:00-09:25 Global Analysis of the Power Battery Recycling and Reuse Market Proposed Company to Invite: Hydrometallurgy Branch, China National Resources Recycling Association 09:25-09:50 New Approaches to Building the Lithium Battery Recycling System from the "Guidelines for the Construction of a Recycling System for Lithium-Ion Batteries from Electric Bicycles" Proposed Guest Speaker: Zan Xiangming, Secretary General, Anhui Province New Energy Vehicle Power Battery Recycling Industry Alliance 09:50-10:15 Demand Analysis and Market Entry Strategies for Lithium Battery Recycling in Overseas Emerging Markets Proposed Guest Speaker: Zhou Jiang, Vice President, International Business Department, Contemporary Amperex Technology Co., Limited 10:15-10:35 Technological Breakthroughs and Applications of Targeted Leaching Strategies Based on Primary Cell Effects in Lithium Battery Recycling Proposed Guest Speaker: Li Jinhui, Professor, Tsinghua University 10:35-11:00 Practical Applications of Artificial Intelligence in Intelligent Sorting and Process Optimization for Lithium Battery Recycling Proposed Guest Speaker: Dou Dejing, Professor, Fudan University 11:00-11:25 Industry Dynamics and Trends Following the Implementation of Black Mass Import Policies Guest Speaker: Lin Ziya, Lithium Battery Recycling Industry Analyst, SMM Information & Technology Co., Ltd. 11:25-11:50 Roundtable: The New Ecosystem of Lithium Battery Recycling: How Can Automakers, Battery Manufacturers, and Recycling Enterprises Break Through in the Billion-Dollar Market? Proposed Invited Enterprises: BYD Auto Industry Co., Ltd., Contemporary Amperex Technology Co., Limited, Tianqi Lithium Corporation, Jiangxi Ganfeng Lithium Group Co., Ltd., Hefei Gotion High-tech Power Energy Co., Ltd. 12:00-13:30 Buffet Lunch

[Silver Storm Advances Financing for La Parrilla Silver Mine Restart] Canadian miner Silver Storm Mining Ltd. has announced significant progress in securing financing for the restart of operations at its La Parrilla Silver Mine Complex in Durango, Mexico. The company has received several indicative term sheets from major trading houses for multi-year offtake agreements covering lead and zinc concentrates, alongside proposals from conventional lenders.These financing proposals include structured prepayment or project-linked facilities aimed at supporting near-term restart efforts. Key terms under consideration include: 1. Total funding between US$15 million and US$17 million, 2. Facility tenors ranging from 36 to 48 months, 3. Interest rates tied to the 3-month SOFR benchmark plus a standard market premium. All offers remain subject to customary conditions, such as satisfactory due diligence, full offtake commitments for production over the loan term, acceptable collateral arrangements, and final credit approvals. There is no certainty that binding agreements will be finalized or that financing will proceed on acceptable terms.

According to SMM, in April 2025, silver production recorded a 1% MoM decline and a 0.94% YoY decline. The cumulative SMM 1# silver production for 2025 reached 5,961 mt.