Recently, the 450,000 mt aluminum project in Dak Nong, Vietnam, constructed by NFC, achieved a major milestone — the successful completion of its first power transmission. The achievement of this critical period marks a breakthrough step in the project's construction, laying a solid foundation for subsequent system commissioning and trial production. The project was invested and built by Tran Hong Quan Metallurgy Co., Ltd., with a total investment of up to 18.42 trillion Vietnamese dong, of which the loan amount was 14.7 trillion. The project is located in Nhon Co Industrial Park, covering an area of nearly 130 hectares. Its designed annual capacity reaches 450,000 mt, adopting a three-phase construction model, with each phase having a capacity of 150,000 mt. According to the established plan, the first phase of the project plans to officially commence production in Q2 2026, while the second and third phases plan to start construction in Q2 2027 and Q1 2028, respectively.

On April 14, an SMM team, comprised of Jianhua Ye, Industry Research Director, Chundi Feng, Expert at Industry Research Institute, and Jenny Wu, Copper & Tin Overseas Marketing Manager, paid a visit to NFC Africa Mining PLC. The delegation was warmly welcomed by Jingjun Wang, Chairman of NFC Africa Mining PLC and President of the Chinese Mining Enterprises Association in Zambia (CMEAZ).

SMM, April 17: On April 14, Ye Jianhua, Director and Supervisor of the Industry Research Department of SMM Information & Technology Co., Ltd. (SMM), Feng Chundi, Expert of the Industry Research Institute of SMM's Industry Research Department, and Wu Tao, SMM Copper and Tin Overseas Marketing Manager, visited NFC Africa Mining PLC. They were warmly received by Wang Jingjun, President of the Zambia Chinese-funded Mining Enterprises Association and Chairman of NFC Africa Mining PLC. During this visit, both parties engaged in in-depth discussions and candid exchanges on core topics including NFC Africa Mining PLC's copper ore resources and production plans, product specifications and pricing rules, mining processes and equipment configuration, human resource allocation, as well as costs, taxes, and asset depreciation. During the exchange, Wang Jingjun provided a detailed introduction to the basic operations of NFC Africa Mining. The Chambishi copper mine of NFC Africa Mining consists of the main ore body, the west ore body, and the southeast ore body. The company is currently striving to build a first-class technology-driven mining company underpinned by "advanced technology, green processes, high-end equipment, and lean management," with a cumulative total investment of $1.55 billion. The company currently produces approximately 74,000 mt of copper metal content annually and employs 5,900 Zambian staff. Wang Jingjun has led the enterprise in deeply cultivating the mining sector, continuously forging ahead in promoting China-Zambia friendly cooperation, mutual development, and high-quality corporate growth. Meanwhile, as President of the Zambia Chinese-funded Mining Enterprises Association, he also discussed the important role of the association: leveraging the association platform to consolidate the strength of Chinese-funded enterprises, advancing compliance-based operational management and compliance training, and communicating and voicing concerns on relevant policies on behalf of Chinese-funded enterprises to the appropriate authorities. This exchange not only enhanced mutual trust and understanding between both parties but also laid a solid foundation for deepening future cooperation and achieving mutual benefits, helping both sides achieve higher-quality collaborative development in the non-ferrous metals sector. About NFC Africa Mining PLC NFC Africa Mining PLC (hereinafter referred to as "NFC Africa Mining") represents the starting point of China's non-ferrous metals industry's "Going Global" strategy in Africa. Approved by the central government, it was established in Zambia in 1998. China Nonferrous Mining Corporation Limited and Zambia Consolidated Copper Mines Investment Holdings PLC hold 85% and 15% of the company's equity respectively, with the Zambian government holding one special share. It currently serves as the president unit of the Zambia Chinese-funded Mining Enterprises Association. The southeast ore body of the Chambishi copper mine is the first kilometer-deep shaft mine built by China in Africa, hailed as a "landmark project of China-Africa cooperation." NFC Africa Mining is the first mining company in Zambia to introduce paste backfill green mining technology and a pioneering mining company in Africa to build a "digital mine" model project. The company was named "Advanced Collective of Central State-Owned Enterprises" twice. The "NFC Africa Mining PLC Outstanding Employee Family Open Day" was recognized as an "Excellent Case of Cross-Cultural Integration in Overseas Image Building of Chinese Enterprises." The NFC Africa Mining PLC Chambishi Copper Mine mining area consists of the main ore body, the west ore body, and the southeast ore body. is scheduled to be held on October 13–14, 2026 in Lusaka, Zambia. Welcome to participate! Conference Contact : Wu Tao: 18270916376 jennywu@smm.cn

On April 20, NFC announced the progress of its wholly-owned subsidiary's acquisition of equity in Raura involving mining rights investment. On April 17, 2026, Peru time, the transaction was completed and delivered. NFC Singapore held 99.9004% equity in Raura, and Raura will be included in the scope of the company's consolidated financial statements. Upon completion of this transaction, the company will further strengthen the management and support of Raura and facilitate a smooth transition of Raura's production and operations.

[Smelters Show High Production Enthusiasm, Domestic TCs Declined MoM in April]: Looking at weekly data, the SMM Zn50 domestic weekly average TC remained flat WoW at 1,350 yuan/mt Zn, while the SMM imported zinc concentrate index fell $4.75/dmt WoW to -$19.25/dmt...

According to an announcement by NFC, on April 2, 2026, Zhongse Indonesia Dari Mining Co., Ltd., a holding subsidiary of China Nonferrous Metal Industry's Foreign Engineering and Construction Co., Ltd., obtained the "Environmental Feasibility Decision (SKKL) on Mining Activities of Lead-Zinc Ore by Dari Mining in SilimaPungga-Pungga Township, Dari County, North Sumatra Province" issued by the Ministry of Environment of the Republic of Indonesia. According to NFC's disclosure, the mine is an underground mine with a designed capacity of 1 million mt/year. As of 2024, the total resources/reserves of the Dari lead-zinc mine were: ore volume of 20.7009 million mt, zinc metal content of 2.2562 million mt, lead metal content of 1.3203 million mt, with an average zinc grade of 10.90% and an average

Dongfeng Motor's VOYAH has introduced its Passion L sedan to the Chinese market, unveiling two PHEV (plug-in hybrid electric vehicle) variants priced from 279,900 yuan to 309,900 yuan.

On December 2, a consortium led by Chalco International Shenyang Aluminum & Magnesium Engineering & Research Institute Co., Ltd. (hereinafter referred to as "Shenyang Institute"), and jointly formed by Shanghai Baoye Group Corp., Ltd., NFC Twelve Metallurgical Construction Co., Ltd., Qiyet Installation Engineering Co., Ltd., and Yunnan Construction & Investment Machinery Manufacturing & Installation Engineering Co., Ltd., successfully won the bid for the new 394,000 mt/year aluminum project of Huayang Group Shanxi Zhaofeng Aluminum & Power New Materials Co., Ltd.

[Lead-Zinc Mine Dynamics] NFC China stated on the investor interaction platform on November 28 that the company owns two operating mines, namely the Aobao Zinc Mine and the Baiyinnuoer Lead-Zinc Mine. In 2024, the Aobao Zinc Mine processed 399,100 mt of ore, producing 36,300 mt of zinc metal; the Baiyinnuoer Lead-Zinc Mine processed 1.0617 million mt of ore, producing 33,000 mt of zinc metal and 8,300 mt of lead metal.

China Nonferrous Mining Corporation Limited recently issued an announcement regarding the repair progress of the main and auxiliary shafts at the Southeast Ore Body of the Chambishi Mine and the adjustment to its 2025 production guidance. The announcement shows: Repair Progress of the Main and Auxiliary Shafts at the Southeast Ore Body of the Chambishi Mine At the end of June this year, the inner wall of the auxiliary shaft at the Southeast Ore Body of the Chambishi Mine, operated by NFC Africa Mining PLC, a subsidiary of China Nonferrous Mining Corporation Limited, was damaged and peeled off, resulting in one casualty. On July 23 this year, the Company had already issued an announcement disclosing the relevant situation. After the incident, the Company attached great importance, arranged for the temporary suspension of production at the Southeast Ore Body of the Chambishi Mine, and organized experts to conduct on-site inspections and assessments. After investigation, it was found that the main and auxiliary shafts of the Southeast Ore Body of the Chambishi Mine pass through multiple aquifers. Although curtain grouting work had been carried out for treatment, the concrete shaft lining had been subjected to long-term erosion and corrosion before the treatment, resulting in varying degrees of damage to the shaft and local cracking. In order to eliminate safety hazards and ensure the long-term safe operation of the Southeast Ore Body of the Chambishi Mine project, the Company arranged for thorough repair and treatment work on the shaft lining to restore the damaged sections of the main and auxiliary shafts. On-site, corresponding shaft lining reinforcement plans were formulated based on the degree of shaft damage. For severely damaged areas, dense shaft rings using No. 20 channel steel were erected and filled with C30 concrete to form a new steel ring-concrete composite shaft lining structure. Due to the difficulty of construction inside the shaft, formal treatment began in September this year. To date, all repair work on the auxiliary shaft has been completed, and repair work on the main shaft is currently being implemented. It is expected that all repair work will be completed by mid-December this year. During the construction period, production at the Southeast Ore Body of the Chambishi Mine is temporarily suspended. Adjustment 2025 Annual Production Guidance Affected by the temporary suspension of production at the Southeast Ore Body of the Chambishi Mine, the Company has adjusted its full-year 2025 production plan. The copper production from its captive mine has been revised from 160,000 mt to 140,000 mt. China Nonferrous Mining previously released its production and operation report for the first three quarters. From January to September 2025, the Company cumulatively produced approximately 108,000 mt of copper cathode, up approximately 12% YoY, achieving approximately 77% of its annual production guidance. Among this, the captive mine produced approximately 63,900 mt of copper cathode, basically flat compared to the same period last year. The Company cumulatively produced approximately 308,000 mt of blister copper and copper anode, up approximately 7% YoY, achieving approximately 77% of its annual production guidance. Among this, the captive mine produced approximately 54,200 mt of blister copper and copper anode, down approximately 6% YoY. From January to September 2025, the Company cumulatively produced approximately 788,000 mt of sulphuric acid, up approximately 2% YoY, achieving approximately 79% of its annual production guidance. It cumulatively produced approximately 676 mt of cobalt contained in cobalt hydroxide, down approximately 12% YoY, achieving approximately 75% of its annual production guidance. It cumulatively produced approximately 1,442 mt of liquid sulfur dioxide, down approximately 90% YoY, achieving approximately 14% of its annual production guidance. In the first three quarters of 2025, the company is expected to achieve net profit attributable to shareholders of approximately $356 million, up about 13% YoY. The main reason for the YoY growth in economic indicators is the increase in international copper prices and the rise in copper cathode production and sales YoY. A Guosen Securities research report on China Nonferrous Mining commented on core mines: In the first three quarters, NFC Africa Mining produced 49,864 mt of copper anode, down about 2% YoY, mainly due to the temporary suspension of production at the Southeast Ore Body of the Chambishi Mine for the replacement of the main and auxiliary shaft collar beams; China Nonferrous Metal Mining's Luanshya produced 34,785 mt of copper cathode, up about 2% YoY, and produced 3,133 mt of copper anode, basically flat YoY; Kambove Mining SAS produced 28,811 mt of copper cathode, up about 4% YoY. In the first three quarters, the company's captive mine production experienced a slight YoY decline due to the temporary suspension at the Southeast Ore Body of the Chambishi Mine. The company's annual copper production from captive mines is expected to gradually increase to approximately 300,000 mt in the medium and long term: The company currently has a total of five mining projects under construction and in preparation: 1) The Chambishi Samba Copper Mine hydrometallurgical project with a capacity of 1.5 million t/a; 2) The new mine project of China Nonferrous Metal Mining's Luanshya, currently advancing dewatering, feasibility study design, and facility restoration works, with the potential to increase copper-in-concentrate capacity by approximately 40,000 mt/year; 3) The Kambove Munsansa Ore Body project, which has initiated water drainage and discharge works and is expected to commence open-pit mining construction this year; 4) The Kambove West Ore Body project, currently in the feasibility study and demonstration phase; 5) The Phase II project of the Southeast Ore Body of the Chambishi Mine, planned to be built into a mine with an ore mining capacity of 3.3 million t/a, with the potential to increase copper-in-concentrate capacity by approximately 46,000 mt/year. After all five projects are commissioned and reach full production, the company is expected to add an annual copper production capacity of 150,000 mt, and it is projected that by 2030, the annual copper metal content from captive mines will reach approximately 300,000 mt. The company is simultaneously conducting external acquisitions: In June, the company announced the acquisition of a 10.5% stake in the issued share capital of SM Minerals through a share subscription, with the subscription proceeds mainly used for the technical exploration and development of the Bunkala mining project. SM Minerals, through its subsidiaries, holds assets including the Bunkala North mining license and the Bunkala South exploration license. The Bunkala North mining license holds copper ore reserves of approximately 1.5 million mt of copper metal, with sufficient resources for large-scale mining operations. Considering the company's simultaneous efforts in increasing copper reserves and production and external acquisitions, it is expected to fully benefit from the profit elasticity brought by rising copper prices. The company's dividend payout ratio and dividend yield are at leading levels among peers, maintaining an "Outperform the Market" rating. Risk warnings: Risk of mineral product selling prices not meeting expectations, risk of the company's project construction progress not meeting expectations, risk of changes in mineral resource-related policies in overseas countries.