Against the backdrop of the global energy transition and the accelerating development of the digital economy, silver—a strategic metal with both industrial and financial attributes—is undergoing profound transformation across its industry chain. 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 to 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 recycling 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 standards development. 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 aims to drive the silver industry's transformation from "resource dependence" to "technology leadership," providing critical material support for the global energy revolution and digital economy. Quanda New Materials (Ningbo) Co., Ltd. / Ningbo Haoshun Precious Metals Co., Ltd. will attend this grand event to discuss industry development trends with industry peers and jointly propel the silver industry to new heights. Click to register now. Join us in witnessing and participating in this extraordinary and far-reaching industry event, and together create a brilliant new chapter! Quanda New Materials (Ningbo) Co., Ltd. was founded in December 2023 by Mr. Chen Yongda, who has over twenty years of experience in the silver industry, building upon his existing silver distribution business to align with the major trend of silver consumption upgrading in the new era. With a registered capital of 15 million yuan, the company is located in the scenic Xiangshan Chemical Economic and Technological Development Zone in Ningbo. It is a fully automated factory enterprise specializing in the production of silver nitrate using silver as the primary raw material, with a designed capacity of 5,000 mt/year, and is a key supported enterprise of the Xiangshan Chemical Economic and Technological Development Zone in Ningbo. The company boasts strong technical capabilities and an experienced professional team, with advanced production processes and equipment. Relying on five management systems, it maintains strict quality detection procedures and has established an internal R&D center staffed with dozens of mid-to-senior-level professional and technical personnel. The company's product quality is consistently among the leading levels in the domestic peer industry, with products widely applied in military enterprises, the electronics industry, the PV industry, aerospace, and other fields. We are committed to providing clients with more value-added services through quality products, efficient services, and reasonable prices. Contact Information Ms. Shi 13566055239 Address: No. 52 Wentao Road, (Baiyanshan) Park, Xiangshan County, Ningbo City, Zhejiang Province Ningbo Haoshun Precious Metals Co., Ltd. is an innovative modern commercial distribution enterprise primarily engaged in the supply of precious metal silver raw materials in China and customized silver crafts services. It is a standing council member of the China General Chamber of Commerce and a vice president unit of the Gold and Silver Branch of the China Nonferrous Metals Industry Association (CNIA). Since its establishment and operation, the company has consistently adhered to the business philosophy of "being down-to-earth, operating with integrity, and achieving mutual benefit." It upholds the business cooperation principle of "creating value together, sharing results together, and winning the future together." After years of development and growth, the company has established long-term and stable cooperative relationships with multiple well-known silver mine enterprises in China. Its supply and sales channels have become stable, and it has selected a group of strategic partners with strength, credibility, quality, and service orientation. It has cultivated a dedicated, responsible, pragmatic, and efficient business team, providing a strong guarantee for the company's steady and high-quality development. Its industry reputation, market influence, and corporate soft power are all gradually strengthening. Its spot silver trading volume has been at the industry-leading level for consecutive years. A modern commercial distribution enterprise with a maturing management mechanism is emerging. Looking ahead, Ningbo Haoshun Precious Metals Co., Ltd. is expected to align with the major trend of silver consumption upgrading in the new era, proactively innovate and adapt, employ flexible and elastic trading models, adopt a strict risk control system, and leverage timely and efficient services. The company will strive to anticipate clients' needs and fulfill their requirements, endeavoring to provide clients with diversified and more value-added services. As the ancients said, " When one calls with the wind at his back, his voice is no louder, yet it is heard more clearly. Ningbo Haoshun Precious Metals Co., Ltd. will stay true to its original mission of serving the National Silver Enterprise Annual Conference. On the road ahead, it will willingly serve as a practitioner of honest and trustworthy trading in the silver industry market, a driver of integrated coexistence and win-win cooperation among enterprises, and a contributor to the steady, prosperous, and sustainable development of the industry. Contact Information Mr. Yao 13817213537 Tel: 0574-88053076 Fax: 0574-88053796 Address: Room 151, Building 22, No. 818 Qiming Road, Yinzhou District, Ningbo, Zhejiang Province Press and hold to scan the QR code to register now 2026 SMM (7th) Silver Industry Chain Innovation Conference

Jinchengxin (603979) announced on May 22 that the company's equity interest in the Alacran copper-gold-silver mine has increased to 97.5%. Accordingly, the company plans to increase its project construction investment by $178.67 million in proportion to the equity change, bringing the cumulative investment to approximately $409.89 million. Apart from the changes in the company's equity proportion and corresponding investment amount, the investment estimate, construction plan, and other aspects of the Alacran copper-gold-silver mine project remain unchanged.

Jinchengxin announced on the evening of May 22 that the company held the 22nd meeting of the 5th Board of Directors on May 8, 2025 and the 2nd Extraordinary General Meeting of Shareholders of 2025 on May 26, 2025, at which the "Proposal on the Planned Investment and Construction of the Alacran Copper-Gold-Silver Mine Project" was reviewed and approved. The company agreed to invest approximately $231 million in the construction of the Alacran copper-gold-silver mine project based on the expected shareholding ratio (55%). Currently, the company's equity interest in the Alacran copper-gold-silver mine has increased to 97.5%, and accordingly the company plans to increase project construction investment by $178.67 million in line with the change in equity ratio, bringing the cumulative investment to approximately $409.89 million. Apart from the aforementioned changes in the company's contribution ratio and corresponding investment amount, the investment estimate, construction plan, and other aspects of the Alacran copper-gold-silver mine project remain unchanged, still based on the feasibility study (FS) of the Alacran copper-gold-silver deposit completed in December 2023 (adopting the NI 43-101 standard). Regarding (1) Project Overview, Jinchengxin announced: Investment project: Alacran copper-gold-silver mine open-pit mining and beneficiation project. Based on the feasibility study (FS) of the Alacran copper-gold-silver deposit completed in December 2023 (adopting the NI 43-101 standard), the main content of the project design is as follows: Design scale: This project is a mining and beneficiation project. The mine adopts open-pit mining, with total ore within the designed pit limit of 97.9 million mt. The mine produces surface oxide ore and previously mined and stockpiled tailings (old tailings), as well as mixed ore and primary ore. For different ore properties, a grinding-flotation plant and a gravity separation plant are designed. The grinding-flotation plant mainly processes primary ore and mixed ore, while the gravity separation plant processes surface oxide ore and old tailings. The grinding-flotation plant has a designed processing capacity of 17,600 mt/day, with final products being copper concentrates and gold-silver concentrates; the gravity separation plant has a designed processing capacity of 2,400 mt/day, with final products being gold-silver concentrates. The project is expected to cumulatively recover 797 million pounds of copper, 550,000 ounces of gold, and 5.35 million ounces of silver. Investment estimate: The project investment estimate is $420.4 million, to be used for open-pit mine infrastructure stripping, mining industrial site, raw ore primary crushing station, coarse ore stockpile, grinding-flotation plant and gravity separation plant, concentrates thickening and filtration system, tailings thickening and conveying system, tailings storage facility, mine roads, water supply system, main step-down substation, external power supply lines, external roads, office and living camp, sewage treatment facilities, etc. Company investment amount: The company plans to invest approximately $409.89 million based on a 97.5% shareholding ratio, an increase of $178.67 million over the previously approved amount. Construction plan and service life: The project construction period is 2 years, and the mine life after completion is expected to be 14.2 years. Economic benefit forecast: The project's after-tax net present value (NPV) is $360 million (discount rate 8%), internal rate of return (IRR) is 23.8%, and the investment payback period is expected to be 3 years. The economic benefit calculation is based on copper prices of $3.99/pound, gold prices of $1,715/ounce, and silver prices of $22.19/ounce. For details on the feasibility study (FS) of the Alacran copper-gold-silver deposit, please refer to the "Jinchengxin Progress Announcement on the San Matias Copper-Gold-Silver Project" released by the company on December 19, 2023. Regarding the impact of this investment on the publicly listed firm, Jinchengxin stated: (1) After the project is put into production, it is expected to have a certain impact on the company's future business development and operating performance, which is conducive to the company's further expansion into the mine resource development field, improving the company's industrial layout, and promoting the company's sustained, stable, and healthy development. (2) This investment in the subsequent construction of the Alacran copper-gold-silver mine project based on the shareholding ratio is in line with the company's long-term development plan, is conducive to promoting the company's sustained, stable, and healthy development, and does not harm the interests of the company and shareholders, especially minority shareholders. Jinchengxin announced on the evening of May 17 that the Environmental Impact Assessment (EIA) for the company's Alacran copper-gold-silver mine in Colombia recently received formal approval from Colombia's National Environmental Licensing Authority (ANLA). The company will subsequently fully implement environmental permit requirements to ensure harmonious coexistence between project operations and local communities. Based on the feasibility study completed in December 2023, the Alacran copper-gold-silver mine project is an open-pit mining and beneficiation project with an investment estimate of $420 million, total ore within the designed pit limit of 97.9 million mt, and expected cumulative recovery of 797 million pounds of copper, 550,000 ounces of gold, and 5.35 million ounces of silver. The company previously reviewed and approved an investment of approximately $231 million based on an expected 55% shareholding to construct the project. Currently, the company's equity interest in the Alacran copper-gold-silver mine has increased to 97.5%, and the company will follow the corresponding review procedures for project construction investment in accordance with the company's articles of association and make timely disclosures. Jinchengxin's Q1 2026 report disclosed on April 28 showed: The company achieved total operating revenue of 3.414 billion yuan, up 21.45% YoY; net profit attributable to the parent company was 601 million yuan, up 42.55% YoY. Regarding the reasons for the increase in Q1 operating revenue and net profit, Jinchengxin announced: This was mainly due to increased sales of mineral resource products (copper cathode, copper concentrates, iron ore) and rising copper ore product prices during the period. Jinchengxin's 2025 annual report showed: The company achieved revenue of 13.894 billion yuan in 2025, up 39.74% YoY; net profit attributable to the parent company was 2.339 billion yuan, up 47.66% YoY. Jinchengxin stated in its 2025 annual report: Operating revenue increased 39.74% YoY and net profit attributable to shareholders of the publicly listed firm increased 47.66% YoY during the period, mainly due to increased production and efficiency at captive mine projects in the mine resource development business during the reporting period. In addition, Jinchengxin stated on the interactive platform on April 28 that the company's copper ore product inventory increased at year-end 2025 and at the end of Q1 2026, mainly because the local rainy season (November–April) affected road conditions and transportation on peripheral roads of the Dikulushi copper mine in the DRC, and the produced mineral products had not yet been sold externally. China Post Securities' commentary on Jinchengxin's performance report showed: The resource segment saw volume-driven growth, while the mining services business was slightly dragged down. By business segment, the mine resource business achieved revenue/gross profit of 6.986/3.121 billion yuan in 2025, up 117.67%/130.20% YoY, while the mining services business achieved combined revenue/gross profit of 6.613/1.515 billion yuan, up 1.06%/down 13.47% YoY. The mining business saw both volume and price increases, while the decline in mining services was mainly due to the Lubambe copper mine being converted to an internal unit after acquisition, resulting in reduced recognized revenue and gross profit, and some projects being affected by declining work volumes/production ramp-up. Volume: Copper metal sales in 2025 were 92,700 mt, up 88.16% YoY; phosphate ore sales were 357,400 mt, down 1.00% YoY. The growth in copper metal production and sales was mainly due to the Lonshi copper mine reaching full production, the Dikulushi and Lonshi copper mines exceeding production plans, and the Lubambe copper mine being consolidated for the full year. In 2026Q1, copper metal production/sales were 22,400/18,100 mt, mainly affected by declining grade and the rainy season. Price: Copper prices were up 7.62% YoY in 2025 and up 36.72% YoY in 2026Q1. Production is expected to grow steadily in 2026, with significant long-term expansion potential. In 2026, the company's captive resource projects plan to produce 100,300 mt of copper metal (equivalent) and sell 99,700 mt of copper metal (equivalent), and produce and sell 300,000 mt of phosphate ore; the Yisitanxinshan magnetite project plans to produce and sell 1.25 million mt of iron ore concentrates. In the longer term, the northern mining area of the Liangchahe phosphate mine is expected to be put into use by the end of 2028, with annual capacity expanding from 300,000 mt to 800,000 mt; after the eastern zone of the Lonshi copper mine is put into production, annual production can expand from 40,000 mt to 100,000 mt; the Lubambe copper mine is undergoing technological transformation, and after completion is expected to produce 35,000 mt of copper annually; the company holds a 97.5% equity stake in the San Matias copper-gold-silver mine, which is in the EIA approval stage. Risk warnings: Price fluctuation risks; project progress falling short of expectations; downstream demand falling short of expectations; model assumptions not matching reality; policy risks exceeding expectations, etc.

Spot silver surged 7.07% on May 11, breaking above $86/oz. Peru, a leading global silver producer, issued an energy crisis emergency decree on the same day. With mining operations highly dependent on stable energy, the shortage is expected to reduce global marginal silver supply, further boosting prices amid low inventory levels.

8. May 2026 The silver market is showing its dynamic side again this Thursday. Spot silver (XAG/USD) jumps around 2 percent higher during the day and is trading clearly above the psychologically important $80 mark . The white metal is thus continuing its recovery following the sharp pullback of recent weeks—and is currently even outperforming its big brother gold. From All-Time High to Correction—and Back Again To put the recent strength into perspective, it’s worth looking back: In January 2026, silver marked a new all-time high at $121.64 per troy ounce, definitively breaking through the long-standing $50 resistance zone. But after this spectacular breakout came disillusionment: with the onset of the Strait of Hormuz conflict in late February, the precious metal came under massive pressure. By early May, silver had plunged around 22 percent from its highs, driven by concerns that central banks might maintain their restrictive course longer in light of rising energy prices. The current movement is noteworthy in this respect: according to Kitco , the silver price rose to $79.92 per ounce on May 8, 2026—a gain of 2.09 percent from the previous day. Silver futures climbed in parallel to $80.625. This is more than a technical reflex: silver is thus trading significantly above the early May level, when the troy ounce was still trading below $73. The Dual Leverage: Safe-Haven and Industrial Metal What distinguishes silver from gold is the metal’s hybrid character. Around half of global silver demand comes from industrial applications—from solar modules to electronics to medical technology. This dual nature explains why silver swings more violently in both directions than gold: in phases of high risk aversion, the safe-haven effect takes hold; in phases of economic expansion, industrial demand picks up. The structural drivers in particular remain intact. Growth impulses continue to come from photovoltaics, electromobility, semiconductors, and AI infrastructure. Several analysts expect industrial demand to exceed supply in 2026 as well. Added to this is a scarcity component the market is underestimating: the lead time for new silver mines is often seven to ten years, and since January 2026, Chinese export restrictions have additionally burdened global supply. Investment demand also remains robust. According to the latest World Silver Survey data, global physical investment demand in 2025/early 2026 was at a multi-year high—driven primarily by Indian investors and a notable shift in European precious metals trading toward silver. The Gold-Silver Ratio Sends Mixed Signals The development of the gold-silver ratio is intriguing, traditionally one of the most important valuation indicators in the precious metals market. Currently, the ratio stands at around 61, after temporarily falling to a low of 43. The historical average ranges between 65 and 75. In other words: silver is neither dramatically undervalued nor clearly overvalued relative to gold. The pronounced relative undervaluation that was the central driver for silver bulls in recent years has largely been worked off. This observation calls for caution. LBBW strategists, for example, argue that sustained outperformance of silver versus gold is rather unlikely given the weak global economy and high industrial dependence. Those investing in silver are therefore no longer just buying the hope of ratio normalization, but are increasingly betting on a classic cyclical upswing. Technical Analysis: The Next Critical Levels From a technical perspective, silver stands at a technically delicate point. The first resistance runs at $81.81, followed by $82.50; a breakthrough would unlock the next price target at $84. On the downside, the central support lies at $73.14, followed by $72 and $70.90. As long as silver holds above the $73 region, the overall picture remains constructive. Rally Launch or Overextended Reflex? The honest answer is: both are possible—and that’s precisely what makes silver so attractive yet risky in the current environment. Arguments for a new upward thrust include structural supply scarcity, sustained investment demand, and the prospect that the Fed could return to loose monetary policy in the medium term. Once gold resumes its uptrend, silver historically tends to follow at significantly higher speed—the classic high-beta pattern. Arguments against include the fragile geopolitical situation in the Persian Gulf, the still restrictive monetary policy, and the risk that an economic slowdown could dampen industrial demand. The recent price behavior—a loss of around 22 percent in just a few weeks—also demonstrates how painful this metal’s volatility can be. Conclusion for investors: Silver remains the most exciting precious metal in 2026—but also the most demanding. The recent rebound above $80 is an initial bullish signal that makes a technical bottom formation more likely. However, a sustainable trend reversal requires breaking the $82 mark. Those entering should be aware that short-term fluctuations of 5 to 10 percent in either direction are normal. For strategically oriented precious metals investors, this changes nothing about the fundamental attractiveness—on the contrary: corrections like those of recent weeks have historically often been the better entry windows. Source： https://goldinvest.de/en/silver-back-above-critical-level-why-the-metal-is-currently-outperforming-gold/

Copper-silver mine developer Lumina Metals Corp. and Sitka Foundation plan to issue 27.5 million shares at a price of C$12.5 per share, with a planned listing in Toronto.

According to an announcement by Shengda Metal, the Inner Mongolia National Development and Reform Commission (NDRC) issued the following approval regarding the project approval matter for Jinshan Mining's Erentaolegai Sections Ⅲ-IX Silver Mine 900,000 mt/year Underground Mining Engineering Project: The Erentaolegai Sections Ⅲ-IX Silver Mine 900,000 mt/year Underground Mining Engineering Project of Inner Mongolia Jinshan Mining Co., Ltd. is in compliance with national industrial policies, and the Erentaolegai Sections Ⅲ-IX Silver Mine 900,000 mt/year Underground Mining Engineering Project of Inner Mongolia Jinshan Mining Co., Ltd. is approved.

On March 7, according to an announcement by Xingye Silver&Tin, Xiwuzhumuqin Banner Budun Yingen Mining Co., Ltd., a managed company of Inner Mongolia Xingye Silver&Tin Mining Co., Ltd., recently obtained the Reply on the Approval of the 2.97 million mt/year Underground Mining and Beneficiation Project for the Silver Mine in the Budunwula Mining Area of Budun Yingen Mining Co., Ltd., Xiwuzhumuqin Banner, Xilingol League, Inner Mongolia, issued by the Development and Reform Commission of the Inner Mongolia Autonomous Region to the Development and Reform Commission of Xilingol League. Budun Yingen Mining will implement an underground silver mining and beneficiation project in the mining area, with a construction scale of 2.97 million mt/year.

SMM Morning Meeting Summary: Overnight, LME copper opened at $12,751/mt and dipped to $12,743/mt at the start of the session. Thereafter, the center of copper prices gradually moved higher and, near the close, touched a high of $12,940/mt, before finally closing at $12,918.5/mt, up 1.44. Trading volume reached 19,700 lots, and open interest stood at 302,000 lots, down 5,166 lots from the previous trading day, mainly due to bears reducing positions. Overnight, the most-traded SHFE copper 2604 contract opened at 100,020 yuan/mt and hit a low of 99,820 yuan/mt at the start of the session. It then fluctuated upward to 100,420 yuan/mt, followed by wide swings, and finally closed at 100,190 yuan/mt, up 0.58. Trading volume reached 274,000 lots, and open interest stood at 190,000 lots, down 3,315 lots from the previous trading day, mainly due to bears reducing positions.

Precious metals are having a moment. Gold and silver surged to record highs in January, benefiting from an alignment of macroeconomic factors, evolving supply-demand dynamics, and renewed industrial demand.