Alphamin Resources Corp. (AFM:TSXV, APH:JSE AltX) has released its operational and financial guidance for the second quarter of 2026, highlighting record earnings and stable high-volume output. The company achieved a major milestone by maintaining a steady contained tin production of 5,013 tonnes and sales of 5,014 tonnes. This consistent performance marks the company's first successful four-quarter rolling period of meeting its 20,000-tonne annualized production target. Overall plant recovery did experience a slight dip of 2% to 72.8%. This temporary decrease was primarily due to above-average metal sulphide levels in the current mining area, which generated excessive near-gravity material that interfered with the efficiency of the processing gravity circuit. Financially, the company reported an all-time high estimated Q2 EBITDA of US$167 million, representing a 6% quarter-over-quarter increase. This robust financial growth was driven by a 5% rise in the average achieved tin price, which reached US$51,957 per tonne, with current spot prices hovering around US$53,000 per tonne. Concurrently, the All-In Sustaining Costs (AISC) rose by 6% to US$19,043 per tonne sold. This cost increase was directly tied to the higher tin prices, which elevated off-mine expenses such as royalties, export duties, and marketing commissions, alongside increased on-mine operating costs resulting from higher global diesel and transportation prices. Despite these increased costs and substantial capital allocations, Alphamin maintains a highly robust balance sheet. The company closed the quarter with a strong net cash position of US$91 million after distributing US$160 million to shareholders and subsidiary minorities, as well as paying US$26 million in corporate taxes. Looking ahead, the Board of Directors intends to make its interim dividend decision for the 2026 financial year during the fourth quarter.

【SMM Flash】According to SMM intelligence, as of this Thursday (July 16), the total zinc ingot inventory across seven regions in China reached 267,700 mt, up 2,900 mt from July 9 but down 1,300 mt from July 13, with domestic inventory decreasing.

[Guangdong: Guangdong’s contract rollover quotes today, spot transactions remained ordinary] Guangdong 0# zinc was mainly traded at 24,440-24,570 yuan/mt, mainstream brands were quoted at a discount of 145-125 yuan/mt against the 2608 contract and at a discount of 70 yuan/mt against Shanghai spot zinc, with the Shanghai-Guangdong price spread widening...

SMM Jul 16: Metal market: As of the midday close, base metals on the domestic market generally declined. SHFE copper slipped 0.22%, SHFE aluminum edged down. SHFE lead rose 0.1%, SHFE zinc fell 0.72%. SHFE tin dropped 1.34%. SHFE nickel surged 2.94%. Additionally, the most-traded cast aluminum futures rose 0.26%, the most-traded alumina futures fell 0.52%. The most-traded lithium carbonate contract slid 2.36%. The most-traded silicon metal contract edged up 0.18%. The most-traded polysilicon futures dropped 0.48%. Ferrous metals showed mixed performance. Iron ore fell 0.46%, rebar and hot-rolled coil edged up. Stainless steel rose 1.13%. For coking coal and coke: the most-traded coking coal contract fell 0.43%, and the most-traded coke contract fell 0.56%. Overseas base metals, as of 11:43, LME metals rose across the board. LME copper gained 0.31%, LME aluminum added 0.44%, LME lead advanced 0.68%. LME zinc rose 0.55%, LME tin climbed 0.46%. LME nickel jumped 2.47%. Precious metals, as of 11:43, COMEX gold fell 0.33%, COMEX silver dipped 0.08%. In the domestic precious metals market: SHFE gold dropped 0.82%; the most-traded SHFE silver contract tumbled 3.22%. Additionally, as of the midday close, the most-traded platinum futures rose 1.95%, and the most-traded palladium futures gained 0.29%. As of the midday close, the most-traded Europe container shipping futures contract fell 0.79% to 2,573.5 points. As of 11:43 on July 16, midday futures market snapshot: Spot and Fundamentals Copper: Spot #1 copper cathode in Guangdong against the front-month contract today: high-quality copper was quoted at a premium of 180 yuan/mt, up 100 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 100 yuan/mt, up 120 yuan/mt from the previous trading day; SX-EW copper was quoted at a premium of 40 yuan/mt, up 120 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 104,180 yuan/mt, down 1,025 yuan/mt from the previous trading day, while the average price of SX-EW copper was 104,080 yuan/mt, down 1,015 yuan/mt. Spot market: Guangdong inventories fell for two consecutive days, mainly due to reduced arrivals... Macro Front On the domestic front: [China's power and ESS battery sales up 49.1% YoY in June] The China Automotive Power Battery Industry Innovation Alliance released June 2026 power battery data, showing that in June, China's power and ESS battery sales were 196.0 GWh, up 7.6% MoM and up 49.1% YoY. Power battery sales were 133.4 GWh, accounting for 68.1% of total sales, up 5.0% MoM and up 41.8% YoY; ESS battery sales were 62.6 GWh, accounting for 31.9% of total sales, up 13.4% MoM and up 67.5% YoY. January-June, China's cumulative sales of power and ESS batteries reached 979.4 GWh, up 48.6% YoY. Power battery sales totaled 661.3 GWh, accounting for 67.5% of total sales, up 36.2% YoY; ESS battery sales totaled 318.1 GWh, accounting for 32.5% of total sales, up 83.4% YoY. (Jin10 Data App) [PBOC Reverse Repo Operations Achieve Net Injection of 616 Billion Yuan Today] The PBOC conducted 626 billion yuan of 7-day reverse repo operations today. With 10 billion yuan of 7-day reverse repo maturing today, the day's net injection stood at 616 billion yuan. (Jin10 Data App) US dollar side: As of 11:43, the US dollar index fell 0.02% to 100.5. During his appearance before a Senate hearing, Fed Chairman Warsh frequently expressed dissatisfaction with inflation, stating: "Recent inflation data does not perfectly reflect underlying inflation conditions. The labour market looks quite good, but the inflation side is less optimistic. I am not satisfied with any inflation metric. We will review our tools, including the balance sheet and interest rates, to see if adjustments are needed to address inflation." The Fed's Beige Book showed that from late May through June, US economic activity expanded at a slight to mild pace in 11 of the 12 Fed districts, with the overall pace roughly on par with the prior period. The report noted that factors such as high oil prices dampened some consumption, with consumers cutting back on discretionary spending and shifting to cheaper goods. Tourism rebounded, with World Cup-related traffic providing a boost for some regions. Manufacturing maintained mild growth, with orders rising in data centers, machinery, and national defense. Construction and real estate activity improved modestly, with data center construction a highlight. Drilling activity in the energy sector increased, financial conditions were generally stable, and commercial and consumer loan volumes rose modestly. However, agriculture was affected by lower commodity prices, rising costs, and tighter credit. Most surveyed contacts expect the economy to continue expanding in the coming months, though significant uncertainty remains over the fuel cost outlook. Fed Governor Cooke stated on Wednesday that it is prudent to wait for inflation to slow for some time, but she is prepared to act if inflation does not slow soon. Cooke noted: "I believe we should give more time from now on to observe how inflation develops. However, looking ahead, I still see risks as primarily concentrated on the upside for inflation, driven by the investment boom in artificial intelligence, tariffs, and price pressures from the Iran war.""If we do not see signs of slowing inflation soon, I am prepared to act. I am fully committed to achieving our inflation target—that commitment is unwavering." Cook contrasted the current situation with a year ago, when inflation was well above the Fed's 2% target and the labor market appeared stable but ran the risk of both labor market and inflation slowdowns. "I note that the balance of risks has shifted markedly compared to about a year ago, and now inflation risks outweigh employment risks," she said. According to the CME FedWatch Tool: The probability of the Fed leaving rates unchanged in July is 88.8%, with an 11.2% chance of a cumulative 25bp hike. For September, the odds of rates staying on hold stand at 51.2%, while the chance of a cumulative 25bp hike is 44% and a cumulative 50bp hike is 4.7%. (Jin10 Data App) Other Currencies: On July 16, the Bank of Korea announced it would raise the 7-day repo rate from 2.50% to 2.75%, with all seven monetary policy board members voting unanimously for the 25-basis-point hike. This is the first rate hike by the Bank of Korea since January 2023 and marks the start of a new tightening cycle. The move was fully within market expectations. All economists surveyed by Bloomberg and all but one of the 37 economists polled by Reuters had predicted a July hike. A Korea Financial Investment Association poll of 100 fixed-income experts showed 66% forecast a rate increase this month. The rise from 2.50% to 2.75% appeared modest, but the signaling effect far outweighs the number itself. The Bank of Korea had cut rates four times since October 2024, reducing them by a cumulative 100 basis points, then held the benchmark rate steady for eight consecutive meetings. This rate hike may signal the formal end of the easing cycle. (Wall Street CN) Data: Data due today include US initial jobless claims for the week ending July 11, US monthly retail sales for June, the Philadelphia Fed manufacturing index for July, the NAHB housing market index for July, US business inventories for May, the US pending home sales index for June, UK three-month GDP growth for May, UK manufacturing output for May, the UK seasonally adjusted goods trade balance for May, and UK industrial production for May. Additionally, the Ministry of Commerce will hold its second regular press conference of July. Fed Governor Cook Lisa will speak on the economic outlook. US Vice President Vance will deliver remarks. The Federal Reserve will release its Beige Book on economic conditions. US President Trump will give a speech. 2028 FOMC voting member and St. Louis Fed President Musalem will speak. TSMC will hold its 2026 Q2 earnings conference. Crude Oil: As of 11:43, oil prices in both benchmarks fell, with WTI down 0.23% and Brent down 0.52%. Concerns over geopolitical conflicts persisted, keeping oil prices moving sideways. US President Trump said oil prices would fluctuate for some time. For the week ended July 10, US EIA crude oil inventories dropped 1.692 million barrels, compared with expectations of a 2.594 million barrel decline and a prior build of 2.998 million barrels. EIA gasoline inventories fell 1.533 million barrels, versus expectations for a 760,000 barrel decline and a prior drop of 1.904 million barrels. (Jin10 Data) A research report from Tianfeng Securities noted that the international crude oil market went through a "roller coaster" ride dominated by geopolitical risks in H1, with international oil prices surging to near $120/barrel before pulling back quickly. Recently, although tensions flared up again in the Strait of Hormuz, overall risks remain manageable. The core pricing logic for the crude market is shifting from "extreme geopolitical risks" to a three-way game among "geopolitical tail risk, political intervention, and fundamental equilibrium." In H2, oil prices are likely to see wild swings with resistance on the upside and support on the downside, with a general trend of "strength first, then weakness." The Brent price center is expected to trade within the $70/bbl–$75/bbl range. (Jin10 Data App) Spot Market Overview: ► ► ► ► ► ► ► ► ►

Iridium prices are currently supported by structurally tight supply and growing demand from the clean energy sector, despite ongoing efforts to reduce material intensity through recycling and catalyst optimisation. The metal's price continues to be influenced by limited primary production, which has remained broadly stable at around 7 tonnes annually in recent years because iridium is produced solely as a by-product of platinum and palladium mining. Supply remains highly concentrated, with South Africa accounting for more than 80% of global refined iridium output, leaving the market vulnerable to production disruptions and geopolitical risks. At the same time, demand continues to strengthen, driven by expanding deployment of proton exchange membrane (PEM) electrolysers for green hydrogen production, alongside growing use in advanced electrochemical catalysts, electronics and specialty industrial applications. To address persistent supply constraints, producers and refiners are accelerating investment in recycling and closed-loop recovery. Secondary supply has become an increasingly important source of iridium, helping improve market resilience while reducing dependence on primary mining. Although catalyst thrifting and substitution research are progressing, commercially viable alternatives remain limited, supporting a firm medium-term outlook for iridium prices.

On July 16, the average warrant price rose $5/mt from the previous trading day, quoted at $95/mt (price range $90-100/mt); the average B/L price rose $6/mt, quoted at $95/mt (price range $90-100/mt); the average price of EQ copper (CIF B/L) rose $3/mt, quoted at $60/mt (price range $57-63/mt), referencing cargoes arriving from mid-to-late July to mid-to-late August. Currently, China's social inventory continued to destock, and market supply remained tight, largely as LME cancelled warrants were shipped to China. Suppliers with limited cargo in hand held firm quotations, and the actual transaction price center continued to move up, though trading volume was low, leaving the market in a state of weak supply and demand. Today, it was heard that a registered B/L arriving in mid-to-late August traded at $100/mt, and a small volume of EQ copper was quoted at $70/mt.

[Tianjin Zinc: Futures Pull Back, Downstream Restock on Rigid Demand] In the Tianjin market, mainstream #0 zinc ingots traded at 24420~24580 yuan/mt, Zijin traded at 24540~24640 yuan/mt, and #1 zinc ingot traded around 24420~24530 yuan/mt. Zijin was quoted around parity against the August 2026 contract, Huzinc was quoted at 25775 yuan/mt, and #0 zinc ingot against the August 2026 contract reported a discount of 60~120 yuan/mt. The Tianjin market reported a discount of 85 yuan/mt against the Shanghai market, and the Shanghai-Tianjin price spread widened.

[Shanghai Zinc: Suppliers continued to hold prices firm, spot premiums continued to rise] Today, mainstream transaction prices of #0 zinc were concentrated in the range of 24,555-24,665 yuan/mt, Shuangyan traded mainly at 24,635-24,775 yuan/mt, and #1 zinc mainstream transactions were at 24,485-24,595 yuan/mt. In early trading, the market quoted premiums of 30-50 yuan/mt against the SMM average price, with no quotes made against the futures contract yet...

[Ningbo Zinc: Futures Zinc Price Down MoM, Downstream Enterprises Purchase as Needed] The transaction price of mainstream brand 0# zinc in the Ningbo market was around 24,535-24,625 yuan/mt. Conventional brands in Ningbo were quoted at a discount of 10 yuan/mt against the 2608 contract and at a premium of 10 yuan/mt against Shanghai spot zinc. Mainstream quotes in Ningbo were against the 2608 contract.

On 14 July, the delegation of the , hosted by SMM Information & Technology Co., Ltd. (SMM) and Shandong Aisi Information Technology Co., Ltd., co-organised by Guangxi Dasheng Electric Power Equipment Co., Ltd., and strongly supported by Solarabic Middle East New Energy Industry Media and the Guangdong Industry and Trade Development Promotion Association, visited Guangzhou Panyu Cable Group Co., Ltd. (Panyu Cable Group) to conduct on-site visits and in-depth exchanges. Based on the industry’s current development status, the delegation focused on core topics such as innovation and upgrading in the wire and cable industry chain, new energy supporting development, and industry trend changes, learning advanced experience from benchmark enterprises on site, exchanging ideas on industry development, and jointly exploring new opportunities for industrial growth. The key leaders of Panyu Cable Group warmly received the delegation and accompanied them throughout the visit and in the discussion session. During the visit, the delegation toured the enterprise’s production workshops, intelligent production lines, national-level testing laboratories, and R&D centre, observing intelligent production processes, standardised quality control systems, and the on-site application of new technologies and products. They gained a close understanding of Panyu Cable Group’s R&D achievements and industrialisation strengths in high-end cables, new-type alloy materials, and supporting products for energy storage and new energy. During the tour, the group’s leaders provided the delegation with detailed introductions to core aspects such as production operations, technological innovation, quality control, project implementation, and market layout, and engaged in in-depth discussions and interactive exchanges with the delegation’s experts and industry peers on industry pain points, technological iteration directions, and market opportunities for new energy cables. The delegation fully recognised Panyu Cable Group’s decades of solid accumulation in the wire and cable industry, its steady product quality, solid technological innovation strength, and its steady exploration and practical achievements in new energy supporting facilities and major infrastructure projects. During the symposium, both sides engaged in in-depth communication on practical topics such as the current development status of the South China wire and cable industry chain, challenges in industrial technology upgrading, upstream-downstream coordination and support, and market development trends for energy storage and new energy cables. They candidly shared their hands-on experience in production management, technology R&D, and market layout, drew on each other’s advanced industry practices, and exchanged ideas. This effectively enhanced understanding and linkage among enterprises in the industry chain, laying a good foundation for future connectivity, mutual assistance, and collaborative development. Members of the delegation stated that this field trip was highly rewarding, offering a close-up understanding of how a long-established wire and cable enterprise steadily operates and continuously innovates. It provided valuable reference for their own business operations, development, and technological upgrading, and also offered positive inspiration for the collaborative quality improvement and healthy development of the South China wire and cable industry. Introduction of Guangzhou Panyu Cable Group Co., Ltd. Guangzhou Panyu Cable Group Co., Ltd. (referred to as Panyu Cable Group) was founded in 1969. It is a group enterprise with 57 years of operation, integrating R&D, manufacturing and sales. It has been recognized as a high-tech enterprise for 23 consecutive years and has won such titles as National Green Factory, National Intellectual Property Advantage Enterprise, Specialized and Sophisticated Enterprise, Guangdong Provincial Government Quality Award Nomination, and Integrity and Credit Demonstration Enterprise. Panyu Cable Group mainly engages in a full range of 35kV and below power transmission and distribution products, new-type alloy materials, special cables, energy storage and new energy supporting products, etc. It has a provincial-level technology center, an engineering research center, and a CNAS-accredited testing laboratory. One-third of the group's employees are dedicated to R&D and technical work, with an average of nearly 30 innovation projects initiated annually. Over 1,400 patents have been applied for cumulatively, of which 832 are authorized patents, including 208 core invention patents. The group's products have obtained certification and recognition in 23 countries and regions. It has established strategic cooperative partnerships with Fortune Global 500 companies such as Huawei, Southwire, State Grid, and Midea. Meanwhile, it actively participates in infrastructure projects like the Hong Kong-Zhuhai-Macao Bridge, Baiyun Airport, and the Belt and Road Initiative. Adhering to the business philosophy of "customer first, quality as root, integrity as priority, innovation as drive", Panyu Cable Group is committed to providing customers with high-quality products and services, and contributing to the nation's high-quality development! SMM Contact: Chen Xiaolong Phone: 18017089983 Email: chenxiaolong@smm.cn