[Tungsten Flash] SMM, July 1: The tungsten market mainly saw weak consolidation today. Trading volume at the mine side contracted, downstream smelters had few orders, and with inventories at high levels, enterprises mostly purchased tungsten concentrates and recycled raw materials as needed. Some traders mainly pushed for lower prices. The negotiation center for spot orders of 55% tungsten concentrates was around 440,000-460,000 yuan per standard tonne. SMM 65% tungsten concentrates closed at 491,000 yuan per standard tonne today, down 10,000 yuan per standard tonne from yesterday, but still up 56,500 yuan per standard tonne from early June. Going forward, key focus will be on mine tender transactions and the new round of long-term contract information.

CopperTech Metals has postponed its planned US initial public offering (IPO), citing increased volatility across the global copper mining equity sector. The company had planned to raise approximately US$423.5 million by offering 23.5 million shares, targeting a valuation of up to US$3.57 billion. According to the company, the decision was made after carefully assessing current market conditions and heightened volatility in copper-related equities. Uncertainty surrounding the upcoming US Section 232 copper investigation, shifting supply expectations and broader capital market volatility have weighed on investor sentiment. CopperTech, established by Vedanta Resources, owns and operates Konkola Copper Mines (KCM) in Zambia.

[SMM Rare Earth Flash News] The Office of Strategic Capital (OSC) of the US Department of Defense provided a conditional loan commitment of $500 million to rare earth refiner Phoenix Tailings. The loan, together with private capital, totals approximately $1 billion and will be used to build a rare earth midstream processing facility named "Freedom Facility," which will process various raw materials from mines, recyclers, etc., to produce light and heavy rare earth metals needed for US industrial and defense systems. Phoenix Tailings currently operates two metallization facilities in Burlington, Massachusetts and Exeter, New Hampshire. The new facility is targeted for initial operations in 2028.

Zimbabwe's Finance Minister Mthuli Ncube revealed during the World Economic Forum in Dalian that the country is actively considering using its abundant mineral resources as collateral through "resource‑linked debt instruments" to finance road and railway construction projects in cooperation with China. This model aims to leverage future revenue from natural resources as loan guarantees to address the huge funding gap for infrastructure development. Ncube said Zimbabwe has held preliminary discussions with China Railway Group regarding such financing arrangements. He told reporters: "We have discussed resource‑linked debt instruments and hope to use them in the future to support infrastructure development, particularly in the road and railway sectors." Under the envisaged plan, Zimbabwe would assess project costs, toll revenue potential, and the return cycle of required resource investments to determine the scale of resource collateral and the repayment path. As Africa's largest lithium producer, Zimbabwe possesses rich mineral resources, but years of economic mismanagement and political instability have left its infrastructure severely lagging. The African Development Bank estimates that the country needs approximately US$34 billion to modernise its transport and logistics network. The proposed resource‑for‑infrastructure plan resembles the model of the US$7 billion Sicomines copper‑cobalt joint venture in the Democratic Republic of Congo with Chinese companies. As early as September 2025, Zimbabwe's President, during a meeting in Beijing with senior executives of China Railway Group, promoted a railway rehabilitation cooperation plan totalling US$533 million. The project is to be implemented by Chuantie International, a subsidiary of China Railway Group with extensive experience in African projects. The scope of work includes repair and reinforcement of existing lines and bridges, modernisation of signal systems, procurement of 17 locomotives and 209 freight wagons, construction of five new stations, and the key trunk line connecting Beitbridge and Harare – a strategic corridor leading directly to South Africa, which is vital to Zimbabwe's foreign trade. Currently, the project's financing method and formal signing date are still under final negotiation. Zimbabwe's railway network was built during the colonial era and carried up to 12 million tonnes of freight annually in the 1990s. However, decades of underinvestment, equipment obsolescence, and foreign exchange shortages have caused the railway infrastructure to deteriorate continuously. Current annual freight volume has fallen to less than 3 million tonnes – only 15% of its historical peak. Many lines are overgrown with weeds, and a large number of locomotives and rolling stock have been taken out of service, directly weakening the capacity to transport bulk commodities such as lithium, chrome ore, and coal to the ports of Mozambique and South Africa. Consequently, Chinese mining enterprises operating in Zimbabwe – including Tsingshan Holding Group, Sinosteel Corporation, and Zhejiang Huayou Cobalt – all face export bottlenecks for their products. The decline of the railway system has forced a large volume of freight onto roads, leading to a surge in heavy trucks, which in turn exacerbates road congestion, traffic accidents, and pavement damage, forming a vicious cycle. In response, the National Railways of Zimbabwe has incorporated this railway rehabilitation into a broader modernisation framework and has engaged in cooperation with 11 private enterprises. Among them, South Africa's Grindrod, through its subsidiary Beitbridge‑Bulawayo Railway Company, has already deployed three locomotives and 150 freight wagons to alleviate current transport pressures. At the same time, Zimbabwe is exploring collaboration with the University of Zimbabwe to leverage the university's innovation centre for localised railway technology R&D and talent training, building capacity for long‑term operations. Analysts point out that if this railway rehabilitation is successfully implemented, it will not only fully restore Zimbabwe's deteriorated railway network, but also provide critical logistics support for the country's US$12 billion mining target, while further deepening the strategic presence of Chinese enterprises in Zimbabwe's mining and infrastructure sectors. According to market dynamics, in recent years – and especially since the beginning of this year – lithium ore shipments from Zimbabwe have been persistently delayed at ports, with insufficient inland transport capacity being one of the main bottlenecks hindering smooth cargo arrivals. As the relevant logistics system upgrades are put into effect, this situation is expected to be significantly alleviated, and the transport efficiency of lithium materials will be notably improved, thereby injecting solid momentum into the stabilisation of global lithium supply. Sources: Mining.com , Azure Track Rail, and SMM

In the short term, high raw material prices provide solid cost support for aluminum fluoride, but bearish constraints from weak downstream fluorine chemicals and the decline in long-term hydrofluoric acid contracts are also in play. Amid the tug-of-war, aluminum fluoride prices in July have little room for significant rise or fall, and the market will continue to consolidate at highs within a range.

As the core production area for lepidolite in China, Yichun in Jiangxi Province has drawn significant industry attention for its special compliance rectification of lithium mines. Amid an uncertain outlook, two other publicly listed firms decided to "partner up" and consolidate their resources. On the evening of June 22, Canmax and Yongxing Materials simultaneously disclosed that Canmax's holding subsidiary, Yichun Shengyuan Lithium Co., Ltd. ("Shengyuan Lithium"), signed an Equity Increase and Cooperation Agreement with Yongxing Materials' holding subsidiary, Yifeng County Huaqiao Yongtuo Mining Co., Ltd. ("Huaqiao Yongtuo"), and its wholly-owned subsidiary, Yifeng County Huaqiao Mining Co., Ltd. ("Huaqiao Mining"). Under the agreement, Shengyuan Lithium will use the porcelain clay (lithium-bearing) ore from the Jinzifeng-Zuojiali mining area in Fengxin County and Yifeng County, Jiangxi Province ("Jinzifeng Mine"), which it holds, to increase its capital in Huaqiao Mining. According to the announcement, Shengyuan Lithium will contribute the Jinzifeng Mine, valued at 2.692 billion yuan, to Huaqiao Mining, subscribing to 200 million yuan of newly added registered capital in exchange for a 50% equity stake in Huaqiao Mining upon completion. The 200 million yuan will be recorded as Huaqiao Mining's registered capital, and the remaining 2.492 billion yuan will be recorded as its capital reserve. Of this, the registered capital and capital reserve contributed by Shengyuan Lithium will be exclusively owned by Shengyuan Lithium, while all shareholder equity of Huaqiao Mining existing prior to Shengyuan Lithium fulfilling its capital contribution obligations will be exclusively owned by Huaqiao Yongtuo. After the capital increase, Huaqiao Mining's registered capital will grow from 200 million yuan to 400 million yuan, with Huaqiao Yongtuo and Shengyuan Lithium each holding a 50% stake. Huaqiao Mining will simultaneously hold the mining permits for both the Huashan Mine and the Jinzifeng Mine. Huaqiao Mining will then apply to the relevant authorities to merge the mining rights for the Jinzifeng Mine and Huashan Mine into a new single mining right. Using this new right as the vehicle, it will apply for a safety production permit and other required procedures for production and construction at an annual mining capacity of 18 million mt, with Huaqiao Mining subsequently taking unified charge of all ore extraction. Regarding ore extraction, the announcement specifies that it will be organized uniformly by Huaqiao Mining. In principle, mined ore from within the original Jinzifeng Mine boundary will be sold to Shengyuan Lithium or its designated third party, while ore from within the original Huashan Mine boundary will be sold to Huaqiao Yongtuo or its designated third party. Regarding the management of the future consolidated mines, the announcement states that Huaqiao Mining will be managed and operated through separate divisions for Huashan Mine and Jinzifeng Mine. Shareholders, the board of directors, and management shall respect historical practices and adopt lawful and compliant management, dividend distribution, and sales models to minimize the impact of differing ore resource endowments between Jinzifeng Mine and Huashan Mine on the investment returns of both shareholders and subsequent beneficiation revenues. On the mining right consolidation, both publicly listed firms note that Huashan Mine and Jinzifeng Mine are adjacent. Under relevant laws and regulations, a safe production setback distance must be established between adjacent mines during mining operations. Both parties believe the consolidation aligns with the national policy direction of intensive development of strategic mineral resources. On one hand, integrating the two adjacent mining areas of Jinzifeng Mine and Huashan Mine will allow coordinated development planning and safety production control, optimize the overall mining layout, strengthen the mine safety management system, and ensure long-term compliant and stable operations. On the other hand, the mine consolidation is expected to fully release the mineral resource potential within the mining area, increase total recoverable resources and the comprehensive utilization rate of mineral resources, thereby achieving scientific, standardized, and efficient resource development. It is worth noting, however, that the effectiveness of the agreement between Yongxing Materials and Canmax remains subject to two conditions. First, the transaction must be approved by the competent authorities of all parties involved. Second, the primary mineral types of both Jinzifeng Mine and Huashan Mine must be changed to "lithium ore." As the "Asian Lithium Capital," Yichun saw many mines in earlier years extract lepidolite under porcelain clay mining certificates, leading to long-standing issues such as certificate-mineral mismatches, extensive mining, ecological pollution, underpayment of taxes and fees, and non-compliant approval levels. In July 2025, the new Mineral Resources Law designated lithium as an independent strategic mineral at the national level, setting a lithium ore recognition threshold of 0.4% Li₂O, elevating lithium mine approval authority, and significantly increasing resource taxes. In July 2025, the Yichun Natural Resources Bureau issued a notice identifying that eight lithium-related mining rights, including Jianxiawo, had problems such as circumventing higher-level approval authority and handling procedures beyond their mandate. It required the preparation of mineral type change reserve verification reports to be completed by the end of September that year. The newly disclosed mining rights evaluation reports from Canmax and Yongxing Materials indicate that work such as reserve verification and development plan formulation for the Jinzifeng Mine and Huashan Mine has been completed, an application to change the main mineral type has been submitted, and the Ministry of Natural Resources accepted it on March 12, 2026. The main mineral type is expected to be changed to lithium ore. In its 2025 annual report, Yongxing Materials also noted that Huaqiao Mining needs to change the mining types on its mining license, and therefore must pay the mining rights transfer proceeds for the lithium ore resources that have historically been exploited at the Huashan Mine but not yet compensated through paid disposal. As of the end of 2025, Huaqiao Mining had accrued 144 million yuan in mining rights transfer proceeds payable. However, both evaluation reports emphasize that "this evaluation is based on the proposed change of the main mineral type to lithium ore, and the final outcome is subject to approval by the Ministry of Natural Resources and the issuance of a new mining permit." The reports also caution, "If the change is not approved, the evaluation results will become invalid."

[SMM Coking Coal and Coke Daily Brief] Supply side, some coal prices pull back slightly, but skeletal coal prices remain firm, and most coal types stay high. Cost pressure on coking enterprises is difficult to ease, and profit improvement is limited. Currently, coking operations are stable, and enterprises are generally selling actively. Demand side, daily average hot metal output stays high, and steel mills' blast furnace operations are stable, rigidly supporting coke demand. However, steel prices are falling steadily, steel mills' profitability is under pressure, and some steel mills have expectations for production cuts. Overall, the short-term tight supply-demand pattern for coke is difficult to change, market support is sufficient, and the market continues to hold up well. The expectation for the ninth coke price hike to take effect is strong.

The iron ore market is currently locked in a supply-heavy, demand-weak stalemate. While fundamental pressure is pushing for lower prices, strong resistance from high-cost producers is creating a floor, suggesting a range-bound, sideways treading market for the week ahead. Here’s a breakdown of the key factors: Supply: Global Market Remains Loose Arrivals Surge: This week, iron ore arrivals on China port reached 29.33 million tons, a notable 6% increase both week-on-week and year-on-year. Global shipments to China are arriving steadily and in significant volumes. Persistent Inventory: Port inventories continue to be a significant drag. SMM data places 35-port stocks at ~148 million tons, while more source reports up to 170 million tons. Despite high volumes, there is little to no progress on destocking. Demand: Downstream Weakening, Mills Squeezed External Competition: Downstream steel demand continues to soften. The China domestic market is facing further pressure from low-priced steel billet imports from Indonesia, which are grabbing market share. Profit Squeeze: Steel mills are caught in a vise. Upstream, coal and coke prices remain strong and resilient, while downstream demand is absent, continuously eroding steelmaking profits. Production Cuts Expected: Market sentiment is overwhelmingly pessimistic regarding near-term demand. We anticipate both steel mill purchase intent and molten iron production to move lower in tandem. Spot traders report extreme difficulty in securing profitable transactions. News & Negotiations: Stalled Talks & Tangled Factors The coal and coke sectors continue to trended upward sentiment from breaking news, supporting strong price expectations. Meanwhile, the outcomes of the recent closed-door meeting between major steel mills and traders are split between two major market narratives. Price Floor: Resistance from High-Cost Producers Crucially, the current iron ore price has corrected to a very sensitive level—effectively the cost line for many high-cost mines and a significant psychological support point for traders. Both groups are now actively resisting any further price declines.

"Tin" Leads the Future: Industrial Transformation and Value Reconstruction in a New Cycle Conference Background Currently, the global tin industry stands at a historic turning point, where traditional cyclical logic has been completely shattered and strategic value has become fully prominent. The tin market in 2026 exhibits an unprecedentedly complex landscape and profound changes: I. Profound Reconstruction of Supply-Demand Patterns, Unprecedented Enhancement of Strategic Attributes The global static reserve-to-production ratio of tin resources is only 14 years, with scarcity increasingly evident. The supply side faces "triple pressures": repeated setbacks in Myanmar’s production resumptions, continuously tightening policies in Indonesia, and high geopolitical risks in the DRC, making resource constraints a new normal. Meanwhile, the demand structure has undergone a fundamental shift, and tin has become a strategic resource bridging traditional manufacturing and the digital future. II. Price System Breaks Historical Records, Industry Ecosystem Faces Restructuring In early 2026, SHFE tin price exceeded 470,000 yuan/mt, reaching an all-time high. This price breakthrough is not only a manifestation of supply-demand imbalance but also a marker of the revaluation of the tin industry. Traditional trade models, risk management systems, and supply chain collaboration methods all urgently require innovative breakthroughs. III. Technology-Driven and Green Transition Fostering a New Symbiotic Ecosystem Digital and intelligent technologies are deeply empowering the tin industry chain. The global green transition demands that the tin industry upgrade toward low-carbon and circular economy, with recycled tin recovery and green smelting processes becoming necessary paths. Every link in the industry chain must shift from competition to collaboration, building an open, resilient, and innovative symbiotic system. Against this backdrop, from August 19 to 21, 2026 in Changsha, Hunan the 2026 SMM (16th) Tin Industry Chain Conference will gather global industry elites for in-depth discussions. Greentech Technology International Limited will attend this grand event, discussing industry development trends with peers and jointly promoting the tin industry to new heights. Click to register now, witness and participate in this significant and far-reaching industry event, and together create a brilliant new chapter! Greentech Technology International Limited ("Greentech Technology", stock code: 00195) is a company listed on The Stock Exchange of Hong Kong Limited. On March 4, 2011, the company successfully acquired all equity interests in Baisong Mineral Resources Global Limited ("Baisong Mineral"), becoming a non-ferrous metal resources enterprise primarily engaged in tin ore mining and sales. Since the sale of its insulation materials business on February 29, 2011, the company has focused on the development of non-ferrous metal businesses. Greentech Technology International Limited is listed on The Stock Exchange of Hong Kong Limited. On 4 March 2011, the Company successfully acquired the entire interests of Parksong Mining and Resource Recycling Limited, thereby venturing into the min. Parksong Mining is an investment holding company that conducts tin mining in Tasmania, Australia, through a joint venture, holding a 50% interest in the Renison Mine, the Mount Bischoff open-cut tin project, and the Rentails tailings retreatment project. Among these, the Renison Mine has long been one of the world's major hard-rock tin mines and is also Australia's largest tin-producing mine. Our project partner, Yunnan Tin Group (Holding) Co., Ltd., is China's largest tin producer. With its extensive industry experience, Yunnan Tin Group provides strong support in the sale of tin and the production management of the Tasmania tin mines. Parksong Mining is an investment holding company which launches tin mining through a joint venture in Tasmania, Australia. It holds a 50% interest of the Renison quarry, the Mount Bischoff open cut tin project and the Rentails tailings retreatment project. The Renison tin deposit has always been one of the largest hard rock tin deposits in the world and the largest tin mine in Australia. Our project partner, Yunnan Tin Group (Holding) Co., Ltd., is the largest tin producer in China. With its extensive tin mining experience, Yunnan Tin Group will provide potent support to our metal tin sale and the production management of the Tasmania mines. Upon the acquisition of the tin mine, the company also strengthened its management and technical teams. With the addition of new management, it assembled a group of experts with unique achievements in geological exploration, mining, mineral processing, and smelting, and recruited a number of professionally trained and experienced engineering and technical personnel from Australia and mainland China to enhance frontline production management. The company believes that the experienced management team can provide valuable advice for its future development in the non-ferrous metals industry, helping to lay a solid foundation for long-term growth and seize industry opportunities as they arise. Along the acquisition of the tin mine, our management and technical teams have also been strengthened. In addition to the joining of new management members, the company was set up as a congregation of professionals with unique contributions in geological exploration, mining, processing, smelting and refining. A batch of technical staff with expertise and practical experience has also been recruited from Australia and mainland China to enhance the management of front-line production. The Company believes that an experienced management team can provide valuable advice on its future development in the non-ferrous metal industry, and will be conducive to building a strong foundation for long-term development and to grasping industrial opportunities. Greentech possesses high-quality and promising projects, strong resource advantages, advanced tin mining technology, and an experienced management team. The Company will focus on the non-ferrous metal industry, seize market opportunities, accelerate its development pace, strive to enhance corporate value, achieve steady growth in revenue and profit, and maximize shareholder returns. Greentech has high quality and promising projects, strong resource advantages, advanced tin mining technologies and an experienced management team. Focusing on the non-ferrous metal industry, the Company will seize business opportunities, step up the pace of development and enhance the value of the Company so as to realize stable growths in revenues and profits and maximize returns to shareholders. Contact Yao Huixing +86 13077486850 Liu Yidi +86 16621280621 Long Press to Scan and Register Now 2026 SMM (16th) Tin Industry Chain Conference

Hunan Province has launched the second round of its provincial ecological and environmental protection inspection "look-back" campaign. The first batch of seven inspection teams has been fully deployed since June 13, 2026, covering the cities of Changsha, Zhuzhou, Yueyang, Shaoyang, Hengyang, Huaihua, and Zhangjiajie. According to market sources, some lead-zinc mines have suspended production as a result of the inspections. SMM will continue to monitor and assess the potential impact on zinc concentrate supply.