Liaoning Tuofeng Environmental Protection Technology Co., Ltd. integrates technology R&D, equipment manufacturing, sales services, and overall solutions, and is committed to promoting the development of the circular economy and sustainable resource recycling.

India's Dhanvanti Engineering has completed over 250 non-ferrous metal recycling projects and strengthened its presence across India, the Middle East and Africa. Its proprietary Tilting Rotary Furnace (TRF) technology has been successfully adopted in aluminium alloy ingots, wire rods, extrusion and copper recycling, helping improve metal recovery, reduce energy consumption and support sustainable metal recycling worldwide.

Nearly one year after China reopened qualified black mass imports, the market has evolved differently from initial expectations. While stronger linkages have emerged between China's domestic and overseas markets, water-soluble fluorine remains a key constraint on direct imports. Meanwhile, overseas intermediate processing has gained attention as an alternative supply chain model, reflecting the industry's growing focus on cross-border resource integration and supply chain optimization.

Under the global trend of vehicle electrification, China's and the European and American NEV markets have maintained high growth, driving the expansion of battery enterprises; wind power and PV installations continue to grow, and the demand for energy storage and filtering shows considerable growth prospects. Downstream automotive electronics and server sectors in the electronic circuit copper foil industry have maintained good growth with state support; with the advent of the 5G era, a new wave of development in the consumer electronics industry has driven production growth of high-performance flexible copper clad laminates. However, as copper foil enterprises continuously release new capacity in and outside China, fierce competition has brought severe profit challenges. Capacity integration, cost reduction and efficiency improvement, and enhancing product competitiveness have become the core of industry development. SMM , in response to the demands of industry users, as an independent third-party platform, with the aim of promoting the development of the global copper foil industry, has organized and sorted out copper foil industry resources in and outside China for market reference and study. Here, we join hands with Jinfeng Precious Metals Materials (Jiangsu) Co., Ltd. to sincerely invite outstanding enterprises and industry experts to assist in the production of , and to provide your valuable suggestions, jointly making positive contributions to the development of the copper foil industry. We strive to present a more objective industry landscape, and will invite all sectors of the industry chain to participate in production and supervision, helping to promote the distribution and dissemination of the global copper foil industry map throughout the process! (Click the link to get it for free: ) Jinfeng Precious Metals Materials (Jiangsu) Co., Ltd. is based in Jiangsu, serving the entire country. It is a comprehensive full-industry-chain service provider integrating precious metal scrap recycling, coating removal processing, high-purity precious metal powders, precious metal compounds, and catalytic material production and sales. It has deeply cultivated the fields of copper foil, chlor-alkali chemical industry, and water treatment electrolytic electrode recycling and regeneration, with complete recycling qualifications and guaranteed compliant operations. The company's core business focuses on waste electrode recycling and substrate regeneration. It specializes in the recycling and disposal of waste iridium-coated anode plates from copper foil plants, as well as ruthenium-iridium coated anode meshes and ruthenium-platinum coated cathode meshes from chlor-alkali and water treatment industries, supported by a mature back-pull anode coating removal process. This process completely strips the precious metal coating and returns the titanium substrate intact, significantly reducing clients' raw material loss costs and achieving dual recycling of both titanium and precious metals. With in-house standardized production and purification workshops, we mass-produce high-purity precious metal raw materials. Our main products include 99.95 high-purity iridium powder, 99.95 high-purity ruthenium powder, as well as precious metal salts such as chloroiridic acid, ammonium chloroiridate, iridium trichloride, and ruthenium trichloride, and we also supply various precious metal catalysts. All products strictly comply with national industry standards, ensuring stable purity and controllable quality, suitable for multiple industrial scenarios such as electrolysis, electroplating, and chemical catalysis. Our business covers all categories of precious metals including platinum, palladium, rhodium, iridium, ruthenium, gold, and silver, integrating the entire process from scrap recycling, hydrometallurgical refining, powder synthesis, compound preparation, to finished product sales. The company adheres to the concept of green recycling development, relying on mature hydrometallurgical purification technology, achieving high precious metal recovery rates, transparent pricing, and efficient settlement. We have long served upstream and downstream enterprises in the new energy copper foil, chlor-alkali, environmental water treatment, and fine chemical industries, providing industrial clients with one-stop precious metal recycling solutions through compliant qualifications, stable supply, and comprehensive after-sales service. Jinfeng Precious Metals Materials (Jiangsu) Co., Ltd. Contact: Director Du Tel: 138 6166 6239 Address: No. 1079 Binjiang West Road, Jiangyin, Jiangsu SMM Contact Bao Jinyong 13159338158 baojinyong@smm.cn

One and One Green Technologies is building an in-house laboratory to support the recycling of electronic waste, copper-bearing sludge, nickel sludge and metallurgical residues. The company expects the facility to improve quality control and strengthen its metal recovery operations. The move highlights growing investment in Southeast Asia’s recycling and urban-mining sector.

NTT and Mitsubishi Materials have established a new joint venture, NTT Circurust, focused on recovering and recycling materials from telecom and IT equipment. The business will target valuable metals including copper, gold and silver. Growing replacement cycles for data-center and communications infrastructure are creating new opportunities in urban mining and metal recovery.

Against the backdrop of global energy transition and the accelerating development of the digital economy, silver—a strategic metal with both industrial and financial attributes—is seeing its industry chain undergo profound transformation. On one hand, demand for silver from emerging sectors such as PV, NEVs, and 5G communications continues to climb, driving the industry toward higher value-added and greener development. On the other hand, resource constraints, technological barriers, and market fluctuations impose higher demands on industry chain resilience, urgently requiring innovation-driven coordinated development across the entire chain. Dual Drivers of Policy and Market Under China's "dual carbon" goals and the global ESG investment wave, the silver industry faces pressing needs for green production, recycling, and low-carbon technologies. The NDRC's "14th Five-Year Plan for Circular Economy Development" explicitly calls for strengthening the recycling of precious metal resources, while international silver price fluctuations and geopolitical risks are compelling enterprises to enhance supply chain autonomy and controllability. Against this backdrop, the Silver Industry Chain Innovation Conference has emerged, aiming to build a collaborative platform integrating government, industry, academia, research, and end-use applications, to address industry pain points and lead the industry toward high-end, intelligent, and internationalized development. Innovation Needs and Industry Pain Points Technological Breakthroughs: Silver purification processes, nano-silver material applications, and scrap recovery technologies urgently need breakthroughs to meet the demand for high-purity, low-cost silver in emerging fields such as PV silver paste and flexible electronics. Industry Chain Coordination: Information barriers exist across mining, smelting and processing, and end-use application segments, requiring digital tools to achieve optimized resource allocation and risk sharing. Green Transformation: Traditional smelting processes are energy-intensive and highly polluting, necessitating the promotion of clean production technologies and circular economy models in response to global carbon neutrality commitments. Market Expansion: Silver's application potential in frontier fields such as hydrogen energy and quantum computing has yet to be fully explored, requiring strengthened cross-industry collaboration and standard-setting. Conference Objectives and Value Themed "Silver Chain Innovation · Intelligent Creation for the Future," this conference brings together global silver industry chain leaders, research institutions, financial institutions, and policymakers for in-depth dialogue on three core topics: technological R&D, supply chain optimization, and market expansion. Through the release of an industry white paper, the establishment of an innovation alliance, and the signing of major projects, the conference will drive the silver industry's transformation from "resource dependence" to "technology leadership," providing critical material support for the global energy revolution and digital economy. Guangdong Jinhaoyu Environmental Protection Technology Co., Ltd. will attend this grand event, joining industry peers to discuss industry development trends and work together to propel the silver industry to new heights. Click to register now, and together witness and participate in this extraordinary and far-reaching industry event, co-creating a brilliant new chapter! Guangdong Jinhaoyu Environmental Protection Technology Co., Ltd. is located in Nanshui Town, Gaolan Port, Jinwan District, Zhuhai City. Holding hazardous waste treatment qualifications in Guangdong Province, it is a technology-oriented environmental protection enterprise integrating R&D, production, and sales, specializing in comprehensive utilization of resources. The company possesses mature precious metal and rare metal recovery and disposal processes along with a professional technical team, capable of professionally recovering and deeply refining metals such as gold, silver, palladium, platinum, rhodium, and ruthenium from industrial scrap and wastewater, achieving harmless disposal of hazardous waste and resource recycling. Main Business 1. Hazardous Waste Disposal: Collection, storage, treatment, and comprehensive utilization of hazardous waste resources. 2. Finished Product Sales: A series of products including potassium gold cyanide, palladium chloride, palladium sulphuric acid, palladium sponge, platinum-group materials, gold ingots, silver ingots, copper powder, composite sheets & plates, etc. 3. Procurement Needs: Various types of precious metal-bearing scrap R&D and Innovation The company has a professional R&D laboratory, equipped with high-end equipment and a technical team, focusing on R&D in new materials, environmental protection technologies, and information technology. It continuously carries out technological breakthroughs, talent cultivation, and achievement transformation, empowering industrial upgrading through technological innovation. The enterprise adheres to the development philosophy of technological innovation and continuous improvement, encouraging all employees to refine and optimize based on their positions, maintaining industry leadership with stable and reliable technical capabilities. Meanwhile, the company actively deploys R&D in artificial intelligence deep learning technologies, delving into image recognition algorithm optimization and model building, empowering the enterprise's intelligent and high-quality development with cutting-edge technologies. Contact Information Sales Hotline: 13318942131 (Product Consultation, Order Cooperation) Procurement Hotline: 13923491869/18566557880 (Precious Metal-bearing Scrap Procurement) Long Press to Scan and Register Now 2026 SMM (7th) Silver Industry Chain Innovation Conference

I. Market Status: Negative TCs Enter Triple Digits, Structural Tightening in Copper Concentrate Supply-Demand As global smelter capacity continues to climb, China, as the world's largest copper smelting country, faces a continuously declining self-sufficiency rate in copper concentrates and rising external dependency. Compounded by geopolitical crises, production cuts by ex-China miners, declining mine grades, and frequent production accidents, the copper industry has undergone a dramatic shift from "tight balance" to "structural deficit." Currently, the global copper concentrate market has fallen into a state of persistently tight supply. On May 15, the SMM Imported Copper Concentrate Index (weekly) reported -$102.84/dmt, breaking through the -$100/dmt threshold for the first time in history, setting a record negative depth. The payable indicator for 20%-grade domestic trade ore was 97.5%-98.5%, up 0.5 percentage points MoM. Supply-side factors driving TCs persistently lower continue to accumulate. 1) Full production resumptions at Freeport's Grasberg mine have fallen short of expectations. According to Freeport's Q1 earnings call, the company plans to achieve full production resumptions by the end of 2027; 2) The Peruvian government signed Emergency Decree No. 003-2026 on May 11, triggering widespread market concerns over the country's energy supply and copper mine output; 3) Geopolitical disruptions—the continued blockade of the Strait of Hormuz has driven sulfur prices persistently higher, pushing smelting acid prices to rise continuously. With smelting profits climbing, smelters' purchase willingness has increased, driving copper concentrate TCs persistently lower. Customs data showed that China's copper ore and concentrate imports in April 2026 were 2.352 million mt in physical content, down 19.57% YoY; cumulative imports from January to April were 9.915 million mt in physical content, down 0.8% compared to the same period last year. Since December 2020, China's copper concentrate cumulative imports had maintained positive YoY growth; this marks the first decline in over five years. II. Smelter Operating Rates Stay High Contrary to the intuition of "industry-wide losses" implied by deeply negative TCs, operating rates at China's copper smelters have not experienced a cliff-like decline. From a pure smelting perspective, operating willingness and actual profitability across different types of enterprises show significant divergence. Under the extreme environment of deeply negative TCs, the core reason China's copper smelters can maintain relatively resilient operations is that by-product revenues are becoming the key variable determining break-even. Meanwhile, China's copper cathode production declined MoM due to the maintenance peak. SMM data showed that China's copper cathode production in April fell 2.26% MoM. Cumulative copper cathode production from January to April 2026 reached 4.7067 million mt. However, according to SMM, some smelters postponed their maintenance plans or completed crude smelting maintenance ahead of schedule to capture revenue from the by-product sulphuric acid. III. Breakdown of Smelter Profit Sources (i) Sulphuric Acid: The Strongest Profit Contributor at the Current Stage Sulphuric acid is currently the most important by-product profit source for smelters. In pyrometallurgy-based copper cathode production, approximately 3-4 mt of sulphuric acid is produced as a by-product for every 1 mt of copper cathode. As of May 15, the SMM China Copper Smelting Acid Index stood at 1,665 yuan/mt, up 83.7% from the beginning of the year. Sulphuric acid prices currently stay high, meaning sulphuric acid revenue can offset a considerable portion of the revenue loss caused by negative TCs. However, this "sulphuric acid moat" is facing policy challenges. China suspended exports of ordinary industrial sulphuric acid and smelting by-product sulphuric acid starting in May for a period of 8 months. The export ban is not intended to suppress domestic sulphuric acid prices, but rather to prioritize domestic supply for agricultural phosphate fertiliser production and strategic industries such as new energy. Demand side, overall sulphuric acid demand remains tight. Although downstream sectors including phosphate fertiliser, titanium dioxide, and new energy materials saw declining operating rates due to high-priced raw materials, just-in-time procurement still exists. Meanwhile, the supply side is also constrained by concentrated smelter maintenance and high sulphur-based acid production costs, with industry-wide capacity utilization rates at low levels. Cost side, firm sulphur prices provide bottom support for sulphuric acid; supply side, concentrated maintenance limits downside room; demand side, although weak, has not yet formed a substantial enough impact to break down high prices. This means sulphuric acid continues to serve as a profit pillar for smelters. (ii) Precious Metal Recovery: "Incremental Game" Under High Copper Prices In addition, copper concentrates typically contain associated precious metals such as gold and silver, which can be recovered through anode slime processing during smelting. Copper prices are currently at historically high levels, and gold prices also fluctuate at highs, greatly enhancing the economics of precious metal recovery. According to SMM market sources, when gold and silver prices are at high levels, raw materials with impurities rich in gold and silver are assigned extremely high added value. The profit contribution of precious metal recovery to smelters is reflected in: smelters can achieve recovery utilization rates exceeding the gold and silver payable indicators through refined processing, profiting from spot smelting revenue. This portion of revenue is often a significant component of smelters' comprehensive profit structure. However, as gold and silver prices continue to rise, suppliers in the copper concentrates spot trade are simultaneously raising gold and silver payable indicators. The continuously rising precious metal payable indicators and payable benchmark pose an increasingly severe challenge to smelter profitability. IV. Future Trends: Coexistence of Industry Landscape Evolution and Technology Upgrade Requirements However, industry chain profits are irreversibly shifting toward the upstream ore side. Under the medium and long-term landscape of persistently tightening copper concentrates supply and demand, the scarcity value of the resource side is being reassessed by the market. As the copper concentrates supply-demand gap persists over the medium and long-term horizon, and smelters' bargaining power will remain under pressure over the long term. The market is widely concerned about whether TC can quickly pull back in tandem once the continuously rising sulphuric acid prices reach a turning point. Facing the long-term trend of profit squeeze at the mine end and losses in the smelting segment, the future landscape of the copper smelting industry will evolve in the following directions: Direction 1: Integrated consolidation extending upstream. Enterprises with upstream mine assets will have a significant advantage in profitability. Direction 2: Technological upgrades to achieve differentiated competition. Against the backdrop of narrowing profit margins from non-payable metals, the technological barriers of smelters will become increasingly important. Those who can more efficiently extract valuable metals from low-grade ore or complex ore will seize the initiative in the industry reshuffle. Under the extreme environment of persistently negative TCs, sulphuric acid by-product revenue and precious metal recovery are the core profit pillars currently sustaining smelter operations. The supply-demand pattern dictates that the pricing power and profit margins at the mine end will continue to outperform those at the smelting end. The copper smelting industry is transitioning from the traditional model of "earning TCs" to a new competitive landscape of "resource control + technological barriers + integrated operations."

On the evening of April 20, Chengtun Mining's Q1 report showed that the company achieved total operating revenue of 9.354 billion yuan, up 65.08% YoY; net profit attributable to the parent company was 1.02 billion yuan, up 250.40% YoY. Regarding the main reasons for the increase in Q1 revenue and net profit, Chengtun Mining stated that the company's main copper products saw higher production and sales volumes YoY, copper prices rose YoY, and profits improved; the company enhanced quality and efficiency in production and operations, controllable costs declined YoY, and performance grew during the period. In addition, Chengtun Mining also announced on April 20 that as of the disclosure date, the cumulative total outstanding external guarantees of the publicly listed firm and its controlling subsidiaries amounted to 10.854 billion yuan, accounting for 65.86% of the most recently audited net assets of the publicly listed firm. Of this, the cumulative total guarantees provided to associates was 172.04 million yuan; the cumulative total guarantees provided to controlling subsidiaries was 10.682 billion yuan, accounting for 64.82% of the most recently audited net assets of the publicly listed firm. None of the company's external guarantees were overdue. Chengtun Mining announced on April 8 that its wholly-owned subsidiary Preeminence Holdings Limited plans to acquire 50% equity of Nkoyi Leopard Mining and Investment Limited, a wholly-owned subsidiary of Novel Mining and Services Limited, a company registered in the Emirate of Abu Dhabi, UAE, for $300 million, thereby indirectly obtaining a 30% interest in specific copper-cobalt mining rights located in the DRC. Upon completion of this transaction, Nkoyi will become an associate of the company and will not be consolidated into the financial statements. Under the agreement, Preeminence plans to acquire 50% equity of Nkoyi for $300 million. Nkoyi's wholly-owned subsidiary has entered into a joint venture agreement for specific copper-cobalt mining rights, holding a 60% interest in such mining rights. Therefore, after this transaction, the company will hold a 30% interest in such mining rights. Nkoyi was established in October 2024 and has not yet commenced production or operations; its core asset is the aforementioned 60% interest in the copper-cobalt mine project. The counterparty, Novel Mining, was established in March 2026 and registered in Abu Dhabi, with its core project being the copper-cobalt mining rights. On April 2, Chengtun Mining responded to investor questions on an interactive platform, stating that the company continuously monitors relevant risks in its overseas operating locations, and that its operating projects in the DRC are currently running stably. On April 2, Chengtun Mining responded to investor questions on an interactive platform, stating that to effectively manage price fluctuations of non-ferrous metals and exchange rate risks, the company has adopted multiple risk management measures, including hedging and locking in selling prices of some mine product inventory and copper, gold and other products through bears futures contracts. When market prices of metal products rise, losses are reflected on the futures side. In 2025, market prices of copper, gold and other metals rose significantly, resulting in large unrealized losses on the futures side, which are offset by corresponding gains on the spot cargo side. The futures team will diligently carry out hedging operations in a prudent manner centered on the company's core business within the framework of the company's management systems. Chengtun Mining's previously released 2025 annual report showed that in 2025, the global non-ferrous metals industry entered a new development stage of supply-demand restructuring and value reassessment. Energy metals such as copper, cobalt and nickel were boosted by rigid demand from new energy, AI computing power, global power grid upgrades and other sectors, coupled with rigid supply-side constraints, driving the price center continuously upward. Precious metals such as gold saw a value opportunity amid global geopolitical conflicts and rising safe-haven demand. The new energy battery industry achieved high-quality advancement amid structural opportunities. Facing new industry development opportunities, the company adhered to its resource-oriented and internationalization strategy, deepened its entire industry chain layout of "controlling upstream resources and expanding downstream materials," strengthened operational measures of "controlling costs, focusing on details, and enhancing quality and efficiency," continuously consolidated core capabilities in global resource exploration, construction and operations, and enhanced the industry chain extension value of smelting, processing and materials manufacturing, continuously strengthening operational quality and resilience against cyclical fluctuations amid industry value restructuring. In 2025, the company achieved new breakthroughs in global resource deployment and industry chain operational capabilities. Overseas core projects achieved remarkable results in quality and efficiency improvement. After the completion of the Phase II expansion of the BMS copper smelting project, capacity increased significantly, reaching 120,000 mt in metal content by year-end, with annual production of 106,300 mt in metal content, and the profitability resilience of the copper-cobalt business continued to strengthen. The Kalongwe integrated mining and smelting project in the DRC advanced full-process technological transformation and engineering construction, achieving comprehensive upgrades in product quality control, production energy consumption reduction, comprehensive utilization of resources, and refined cost management. Indonesia's Youshan Nickel maintained stable operations amid industry fluctuations. The domestic segment made progress on multiple fronts: the Guizhou project further released industry chain extension value, Huajin Mining achieved steady growth in gold production, and the Dali Sanxin copper mine construction progressed in an orderly manner. In 2025, the company achieved operating revenue of 30.003 billion yuan, up 16.60% YoY; net profit attributable to shareholders of the publicly listed firm was 1.961 billion yuan, down 2.19% YoY. Chengtun Mining stated in its 2025 annual report that the company is committed to the development and utilization of energy metal resources, especially metal varieties required for new energy batteries, while also expanding into precious metals such as gold. The company focuses on copper, nickel, cobalt and gold. Its main business segments include energy metals, base metals, metal trading and others. Regarding its main business operations, Chengtun Mining provided the following overview: 1. Energy metals business: During the reporting period, the company's energy metals business achieved revenue of 20.384 billion yuan, with a gross margin of 25.69%, down 2.71 percentage points from the previous year. In 2025, copper products production was 207,400 mt in metal content, up 17.48% from the previous year; copper products revenue reached 14.071 billion yuan, up 34.20% YoY, with a gross margin of 28.88%, down 6.35 percentage points YoY; cobalt products production was 9,200 mt in metal content, down 30.58% from the previous year, with revenue of 1.011 billion yuan, down 30.64% from the previous year, and a gross margin of 53.76%, up 10.21 percentage points from the previous year; nickel products production was 49,400 mt in metal content, up 50.42% from the previous year, with revenue of 4.286 billion yuan, up 13.16% from the previous year, and a gross margin of 0.32%, down 3.25 percentage points from the previous year. (1) Copper-cobalt segment: ① The company actively advanced production, construction, quality improvement and efficiency enhancement of its copper-cobalt segment in the DRC. By the end of the reporting period, the company's total copper capacity in the DRC reached 230,000 mt in metal content per year. The company's copper-cobalt smelting projects CCR and CCM maintained stable production and operations while continuously optimizing process flows, keeping product qualification rates at high levels. BMS successfully completed its Phase II expansion, officially entering the ranks of enterprises with annual copper production capacity of over 120,000 mt in metal content. The Kalongwe copper-cobalt project coordinated full-process technological transformation and engineering construction in 2025, successfully completing the implementation of core technological transformation projects, achieving comprehensive upgrades in product quality control, production energy consumption reduction, comprehensive utilization of resources, and refined cost management, with significant cost reduction and efficiency improvement results. ② Dali Sanxin actively processed mine construction-related permits and has obtained the project approval report, among others. Land use and safety and environmental assessment procedures are progressing steadily. ③ During the reporting period, the company actively sought sustainable resource security through exploration in high-potential areas and pursuing acquisitive copper ore resource M&A and cooperation opportunities. (2) Indonesia nickel segment: During the reporting period, the Youshan Nickel project achieved stable production and operations. In 2025, nickel prices fluctuated downward overall under an oversupply pattern, with a rebound at year-end due to Indonesian policy disruptions. Through comprehensive measures including improving management, optimizing production processes, and rationally arranging production and operations, as well as forming industry chain synergies with related domestic industries, the industry chain's risk resistance was enhanced. The company will continue to seek further development opportunities in the nickel segment on both the mine resource side and the smelting side. (3) Deep processing and materials segment: ① In 2025, amid the severe raw material shortage caused by the DRC's "cobalt export ban," Kelixin achieved value maximization through precise control of production and shipments pace and efficient allocation of limited raw material resources. ② Zhonghe Nickel optimized process technology, further advanced refined management of production sites, achieved results in process control of high-magnesium slag-type materials, and improved the system's adaptability to raw materials from multiple channels. ③ As of the end of December 2025, the Guizhou Phase I project completed its capacity ramp-up and achieved full-capacity operation, while the Guizhou Phase II project construction was actively progressing. The company conducted systematic process benchmarking, further optimized system process flows, strengthened refined management and control requirements for various tasks, and ensured continuous and stable operation of production systems. 2. Base metals business: (1) During the reporting period, Chengtun Zinc & Germanium's zinc smelting operated at full capacity and comprehensively recovered valuable metals including germanium, silver, copper, indium and gold. Germanium product production increased 37.18% YoY, and the industrialisation of indium metal comprehensive recovery achieved phased success. A breakthrough was achieved in smelting furnace control technology, with slag processing volume and valuable metal recovery rates steadily improving, and economic benefits significantly enhanced. (2) During the reporting period, the company actively advanced the processing of domestic mine permits to ensure orderly construction. Baoshan Hengyuan Xinmao obtained the provincial NDRC's approval for the mining engineering project in September 2025. Huajin Mining operated according to plan in 2025, selling 320.75 kg of gold and achieving revenue of 244 million yuan. 3. Metal trading business and others: During the reporting period, metal trading achieved operating revenue of 999 million yuan, down 24.46% YoY, accounting for only 3.33% of total revenue. Currently, the company's main business scale is growing steadily. While the scale and proportion of industrial production and manufacturing have increased, the trading business scale has been gradually reduced, achieving good results on the path of high-quality, sustained and stable development. Regarding the company's business plan, Chengtun Mining stated: In 2026, the company's production and operation targets are: copper products production of 230,000 mt in metal content; cobalt products production of 15,000 mt in metal content; nickel products production of 60,000 mt in metal content; zinc products production of 300,000 mt; and gold products production of 380 kg. In other areas, domestic mines include continuing to advance the full-scale construction and commissioning of the Dali Sanxin copper mine, proceeding with the Baoshan Hengyuan Xinmao mining project construction as planned, increasing Huajin Mining production, and achieving full commissioning of the Guizhou Phase II project. Given the complex and volatile market environment, this business plan serves only as a guiding indicator, is subject to uncertainties, and does not constitute a commitment to achieving the stated production targets. To safeguard the interests of all shareholders, the company reserves the right to revise this business plan in a timely manner based on changes in market conditions, industry policy adjustments, and actual production and operational needs. Investors are advised to pay close attention to industry-specific risks, rationally recognize the uncertainties of forecast information, and make prudent investment decisions. Citi raised its 0-3 month copper price forecast to $13,000 per mt. ANZ believes that demand resilience driven by the energy transition and data center growth will keep the market at a 4%-5% supply gap, thereby supporting copper prices. A Huafu Securities research report dated March 8 showed: Copper — short-term, expectations for US Fed interest rate cuts persist, and the tight fundamental landscape continues to support copper prices; medium and long-term, as deeper US Fed interest rate cuts boost investment and consumption while opening up room for China's monetary policy, coupled with potential inflationary rebound from the Trump administration's possible fiscal easing, the copper price center is expected to shift upward, and strong new energy demand will widen the supply-demand gap, maintaining a bullish outlook on copper prices. Aluminum — short-term, aluminum prices are mainly driven by macro sentiment and capital flows. Currently, the extent of aluminum price gains will depend on the duration of the strait blockade; if the shipping disruption is brief, the impact on prices should be limited, but a prolonged blockade could push aluminum prices to new highs. Individual stocks: Copper — focus on Zijin, CMOC, JCC, Chengtun Mining, Zangge, Jchx and Beibu-Gulf Copper, and H-shares focus on China Nonferrous Mining and Minmetals, etc. Aluminum — focus on Hongqiao Holdings, Tianshan, Yunnan Aluminum, Shenhuo, Huatong and Zhongfu, etc.

【SMM Steel】Salzgitter's SZMF launched Project KLASSE to recover strategic metals like vanadium and manganese from steel slag. Combining "cold" processing with direct reduction, the process uses far less energy than conventional methods. Remaining mineral fractions will be used for high-quality construction. The three-year project aims to cut import dependence and turn slag into a sustainable resource.