The minutes of Xingye Silver&Tin's investor briefing announced on May 27 show: 1. Question: Mr. Sun! After the commissioning of Yinman Phase II, the plan is to mainly process lead-zinc-silver series ore, and the ore type and grade are expected to show relatively small changes compared to the Phase I lead-zinc system. Simply put, Zone 1 and Zone 4 are important resource replacement areas for Yinman Mining in the future, but currently they still belong to "potential zones" and cannot be directly classified into the "core rich ore" category like Orebody No. 17. Xingye Silver&Tin's response: Thank you for your attention! As of now, Orebody No. 17 is the main orebody that has been proven at Yinman. 2. Question: Hello, could you share the company's outlook on its own resources going forward and its assessment of the future market? Xingye Silver&Tin's response: Thank you for your attention! As an important participant in China's mineral resources sector and one of the world's leading silver-tin polymetallic mining enterprises, the company is firmly optimistic about its strategic layout, resource reserves, and industry prospects. 3. Question: Mr. Sun, over the past two years, the company has continuously pursued project acquisitions with an expanding financing scale. Can talent and technology be guaranteed? Can timely operations and safety be ensured? Xingye Silver&Tin's response: Thank you for your attention! In recent years, the company has prudently conducted project acquisitions and financing activities centered on its core business, with the overall expansion pace being controllable. Currently, the company has a complete talent pipeline and mature core technologies, and has established a standardized operational management and safety and environmental protection-related controls system, which can fully ensure the stable operation of all acquired projects and effectively prevent various risks. 4. Question: Mr. Sun, was your increase in shareholding in 2026 because you are optimistic about the company's several major projects this year? Xingye Silver&Tin's response: Thank you for your attention! Like other small and medium investors of the company, I am firmly optimistic about the company's potential investment value and plan to hold for the long term. 5. Question: @Director, Vice President and Board Secretary Sun Kai. Dear Secretary Sun, the company's Hong Kong IPO prospectus disclosed a 2026 tin production guidance of 5,500 mt, but Q1 production was only 777 mt, annualized at only 3,100 mt, far below the full-year guidance. May I ask: 1) Was the low Q1 production due to the technological transformation ramp-up of Yinman's copper-tin system, equipment commissioning, or low recovery rates? 2) What is the capacity release pace in subsequent quarters, and can the full-year guidance of 5,500 mt be achieved? 3) What are the timetable for reaching full production after technological transformation and the recovery rate improvement targets? Xingye Silver&Tin's response: Thank you for your attention! Based on the principles of comprehensive resource recovery and safe and efficient mining, the company simultaneously mines Orebody No. 17 and other copper-tin orebodies. For the company's production data, please refer to the periodic reports published on the company's designated information disclosure media. 6. Question: After the acquisition of Weiling Co., the company's related resources will inevitably be tilted toward that company. Please terminate the acquisition of Weiling Co. Xingye Silver&Tin's response: Thank you for your attention! Regarding the progress of the Weiling Co. project, please follow the relevant announcements disclosed by the company on designated media. 7. Question: What are the respective positioning of Xingye Silver&Tin A-shares, Xingye Silver&Tin H-shares, and Weiling Co.? Xingye Silver&Tin's response: Thank you for your attention! Regarding the progress of the Weiling Co. project, please follow the relevant announcements disclosed by the company on designated media. 8. Question: Dear Board Secretary, is the Q1 performance sustainable? What are the current capacity and inventory of silver and tin respectively? Xingye Silver&Tin's response: Thank you for your attention! In Q1 2026, the company's mined silver production was 78.95 mt and mined tin production was 777.33 mt. As of the end of Q1 2026, silver inventory was 15.04 mt and tin inventory was 83.67 mt. 9. Question: Is there a preliminary timetable for the Hong Kong listing? Can it be completed before the end of December this year? Among the company's plans, no projects have been implemented in Xinjiang yet. What kind of resources is the company planning for in the Xinjiang segment? Xingye Silver&Tin's response: Thank you for your attention! The company will release progress announcements on designated media in a timely manner based on project developments. Please stay tuned! 10. Question: Dear Board Secretary, how does the company view the sustained growth in silver and tin demand driven by AI and new energy? Tin production was 8,900 mt in 2024, but the 2026 guidance was lowered to 5,500 mt. What is the core reason? What is the pace of subsequent capacity release for the Yinman technological transformation and the Morocco project? Xingye Silver&Tin's response: Thank you for your attention! The materials related to the Hong Kong listing adopt the JORC Code, a technical standard developed by Australia. For example, the JORC Code defines "ore reserves" as the economically mineable part of measured and/or indicated mineral resources. The above standard differs to some extent from China's standards, resulting in certain deviations between the relevant data under planning and actual production and operations. Specific production data shall be subject to the data disclosed in the company's periodic reports. 11. Question: Has the land certificate and construction permit for Yinman Phase II been obtained? Please do not respond with "please follow the relevant announcements disclosed by the company on designated media." Xingye Silver&Tin's response: Thank you for your attention! Yinman Phase II is expected to commence construction on July 1. After construction begins, the company will promptly disclose relevant progress announcements. Please stay tuned! 12. Question: Last year, the company was bullish on silver prices continuing to rise and chose to stockpile. Now silver prices are under pressure and the company did not hedge. Is the company still bullish on silver?The stock price has been continuously under pressure. Will the company proactively manage this? Xingye Silver&Tin replied: Thank you for your attention! As of now, the company has not conducted any futures hedging business. The company's hedging is carried out prudently at appropriate times based on actual production and operations as well as market conditions, with strict control over transaction risks. 13. Question: What is the current tin recovery rate at Yinman? The report for the Hong Kong listing shows a significant decline in grade. Is this in line with the company's current situation? If based on that report, it seems the company does not need to proceed with the Phase II expansion of Yinman, which appears somewhat contradictory. When will all of the company's capacity reach full production? After all capacity reaches full production, what will be the approximate production of silver and tin? Atlantic Tin has a gold exploration right. Could you briefly introduce the situation of that mine? Does the company have any plans to increase its equity stake in Far East Gold in the future? Xingye Silver&Tin replied: Thank you for your attention! The technical standards used in the Hong Kong listing materials are based on the JORC Code formulated by Australia. For example, the JORC Code defines "Ore Reserves" as the economically mineable part of Measured and/or Indicated Mineral Resources. The above standards differ to some extent from China's standards, resulting in certain deviations between the relevant data in the long-term planning and actual production and operations. Specific production data shall be subject to the data disclosed in the company's periodic reports. 14. Question: Hello, Secretary of the Board. The resource volumes and capacity plans for Yinman and Yubang Mining disclosed in the Hong Kong IPO prospectus are lower than the company's previous communication figures. What is the core reason? Is it due to differences in the JORC Code methodology (only including Measured and Indicated Resources, excluding Inferred Resources)? Does it involve resource reductions, grade downgrades, or mining plan adjustments? Is there room for future resource additions or upward revisions? Xingye Silver&Tin replied: Thank you for your attention! The technical standards used in the Hong Kong listing materials are based on the JORC Code formulated by Australia. For example, the JORC Code defines "Ore Reserves" as the economically mineable part of Measured and/or Indicated Mineral Resources. The above standards differ to some extent from China's standards, resulting in certain deviations between the relevant data in the long-term planning and actual production and operations. Specific production data shall be subject to the data disclosed in the company's periodic reports. 15. Question: Mr. Sun, based on the materials disclosed for the company's Hong Kong listing, the company's production of silver and especially tin is significantly lower than previous expectations. Is this estimate, this guidance, the company's true guidance, or a theoretical guidance made by SRK based on their assessment? Does the company plan to issue a medium and long-term guidance that is in line with the company's actual production plans to clarify these expectations?Otherwise, these expectations may have a significant negative impact on the company and noticeably undermine investor confidence. In fact, this is also unfavorable for the company's listing on international capital markets for financing and further development. Xingye Silver&Tin's response: Thank you for your attention! The Hong Kong listing-related materials adopt the JORC Code established by Australia as the technical standard. For example, the JORC Code defines "Ore Reserves" as the economically mineable part of Measured and/or Indicated Mineral Resources. The above standards differ to some extent from China's standards, resulting in certain deviations between the relevant data in the long-term plan and actual production and operations. Specific production data shall be subject to the data disclosed in the company's periodic reports. 16. Question: Mr. Sun, hello. The prospectus explains that there will be discrepancies between the Competent Person's planned mineral processing production schedule and the enterprise's actual situation. Could Mr. Sun please introduce the production plan for silver and tin from 2028 to 2030? Xingye Silver&Tin's response: Thank you for your attention! The Hong Kong listing-related materials adopt the JORC Code established by Australia as the technical standard. For example, the JORC Code defines "Ore Reserves" as the economically mineable part of Measured and/or Indicated Mineral Resources. The above standards differ to some extent from China's standards, resulting in certain deviations between the relevant data in the long-term plan and actual production and operations. Specific production data shall be subject to the data disclosed in the company's periodic reports. 17. Question: Specifically regarding Yinman Mining: according to SRK's data, there will be significant grade decline in the future. In addition, the feed grade differs considerably from the company's disclosures in the 2025 annual report and previous annual reports. Is it necessary to issue a specific announcement to provide an explanation based on the different mining standards? Xingye Silver&Tin's response: Thank you for your attention! The Hong Kong listing-related materials adopt the JORC Code established by Australia as the technical standard. For example, the JORC Code defines "Ore Reserves" as the economically mineable part of Measured and/or Indicated Mineral Resources. The above standards differ to some extent from China's standards, resulting in certain deviations between the relevant data in the long-term plan and actual production and operations. Specific production data shall be subject to the data disclosed in the company's periodic reports. 18. Question: Have the specific construction commencement dates been confirmed for Yinman Phase II, Yubang Phase II, the Morocco tin mine, and the Budun Yingen mine managed by the controlling shareholder? Could you also provide the commissioning and full production timelines? Thank you. Xingye Silver&Tin's response: Thank you for your attention! Yinman Phase II is expected to commence construction on July 1; the Yubang 8.25 million mt/year project is expected to commence construction in Q3; the Atlantic Tin project has obtained all construction permits and is currently carrying out preliminary preparation work including contractor tender and equipment transportation, with construction expected to commence in mid-July; all the above projects are expected to achieve commissioning with feed materials in Q4 2028. The managed company Budun Yingen plans to commence construction in Q4, with production expected to begin in 2029. 19. Question: Director Sun, in a previous institutional survey, you clearly stated that the company's quarterly tin production of 3,600 mt can be achieved on a regular basis. Is there an opportunity to achieve this quarterly target this year? Xingye Silver&Tin's response: Thank you for your attention! Adhering to the principles of comprehensive resource recovery and safe, efficient mining, the company simultaneously mines Orebody No. 17 and other copper-tin orebodies. For the company's production data, please refer to the periodic reports published by the company on designated information disclosure media. 20. Question: Does the company have the right to abandon the acquisition of the relevant equity in Weiling Shares? Xingye Silver&Tin's response: Thank you for your attention! For the progress of the Weiling Shares project, please refer to the relevant announcements disclosed by the company on designated media. 21. Question: Director Sun, in the records of a previous institutional survey, the company responded that Yinman's quarterly tin production of 3,600 mt can be achieved on a regular basis, but it seems this has not been realized subsequently. Is there a possibility of attempting to reach this record this year? Xingye Silver&Tin's response: Thank you for your attention! Adhering to the principles of comprehensive resource recovery and safe, efficient mining, the company simultaneously mines Orebody No. 17 and other copper-tin orebodies. For the company's production data, please refer to the periodic reports published by the company on designated information disclosure media. 22. Question: Is there a plan to spin off minor metals other than silver and tin to Weiling Shares? Xingye Silver&Tin's response: Thank you for your attention! For the progress of the Weiling Shares project, please refer to the relevant announcements disclosed by the company on designated media. 23. Question: Has the matter of acquiring Weiling been terminated? Xingye Silver&Tin's response: Thank you for your attention! For the progress of the Weiling Shares project, please refer to the relevant announcements disclosed by the company on designated media. 24. Question: Has the company already dispatched personnel to take over the production and operations of Jiayu Mining? Xingye Silver&Tin's response: Thank you for your attention! For the progress of the Weiling Shares project, please refer to the relevant announcements disclosed by the company on designated media. 25. Question: After acquiring Weiling Shares, our company will become an AAH (Xingye Weiling H) publicly listed firm. What is the company's positioning for the three listing platforms? Xingye Silver&Tin's response: Thank you for your attention! For the progress of the Weiling Shares project, please refer to the relevant announcements disclosed by the company on designated media. 26. Question: In the company's 2025 annual report, the company stated "solidly advancing the subsequent acquisition and integration of Weiling Shares," but Weiling Shares has been subject to a delisting risk warning. What is the purpose of our acquisition of Weiling? Xingye Silver&Tin's response: Thank you for your attention!For updates on the progress of Weiling shares project, please refer to the relevant announcements disclosed by the company on designated media. Xingye Silver&Tin's Q1 report showed that from January to March 2026, the company achieved operating revenue of 2.13 billion yuan, up 85.32% YoY; net profit attributable to shareholders of the publicly listed firm was 1.338 billion yuan, up 257.32% YoY. As of March 31, 2026, the company's total assets were 19.689 billion yuan, and net assets attributable to shareholders of the publicly listed firm were 10.825 billion yuan. Operating revenue breakdown: From January to March 2026, the proportion of operating revenue from the company's main mineral products to total operating revenue was as follows: ore-derived silver (1.41 billion yuan, 66.21%), ore-derived tin (234 million yuan, 10.99%), ore-derived zinc (228.12 million yuan, 10.71%), ore-derived lead (71.85 million yuan, 3.37%), ore-derived antimony (53.1 million yuan, 2.49%), ore-derived gold (51.02 million yuan, 2.40%), ore-derived iron (44.17 million yuan, 2.07%), ore-derived copper (35.65 million yuan, 1.67%), and ore-derived indium (524,100 yuan, 0.02%). Among them, ore-derived tin and ore-derived silver combined accounted for 77.19% of total operating revenue. Xingye Silver&Tin's Q1 report stated that operating profit for the current period increased 238.16% compared with the previous period, total profit increased 236.36%, and net profit attributable to the parent company's shareholders increased 257.32%. The main reasons were: During the reporting period, the selling prices of the company's main mineral products such as silver and tin rose YoY; Yubang Mining's capacity was gradually released, with ore-derived silver production and sales increasing significantly YoY; and the transfer of 60% equity in Shuangyuan Non-ferrous realized investment income of 321 million yuan. Xingye Silver&Tin's 2025 annual report showed that in 2025, the company achieved operating revenue of 5.555 billion yuan, up 30.09% YoY; total profit of 2.096 billion yuan, up 18.75% YoY; and net profit attributable to shareholders of the publicly listed firm of 1.704 billion yuan, up 11.40% YoY. Xingye Silver&Tin's announcement showed that in 2025, the proportion of operating revenue from the company's main mineral products to total operating revenue was as follows: ore-derived silver (2.176 billion yuan, 39.17%), ore-derived tin (1.65 billion yuan, 29.70%), ore-derived zinc (975.87 million yuan, 17.57%), ore-derived lead (220.95 million yuan, 3.98%), ore-derived iron (180.38 million yuan, 3.25%), ore-derived copper (133 million yuan, 2.39%), ore-derived antimony (100.36 million yuan, 1.81%), ore-derived gold (82.34 million yuan, 1.48%), and ore-derived bismuth (16.67 million yuan, 0.30%). Among them, ore-derived tin and ore-derived silver combined accounted for 68.86% of total operating revenue. Regarding the company's main business and key performance drivers, Xingye Silver&Tin stated in its 2025 annual report: The company is a large mining group primarily engaged in the exploration, mining, and ore processing of non-ferrous metals and precious metals. As of the disclosure date of this report, the company had over 20 subsidiaries, of which 8 were operating mining companies, namely Yinman Mining, Qianjinda Mining, Yubang Mining, Rongguan Mining, Xilin Mining, Rongbang Mining, Ruineng Mining, and Bosheng Mining. Atlas Tin SAS under Atlantic Tin was in the construction phase for the Achmmach tin mine. Tanghe Times Mining was in a suspended construction phase, while Yitong Mining and Yunnan Xigui were in the exploration phase. Hainan Fund was primarily engaged in equity investment management; Xingye Gold (Hong Kong) was primarily engaged in metals and mining trading, corporate M&A, and was responsible for expanding markets outside China and acquiring quality mineral resources ex-China; Hainan Guomao and Tianjin Guomao were primarily engaged in non-ferrous metal mineral product sales and partial raw material procurement; Xingye Ruijin was primarily engaged in process research, technology R&D and upgrading in areas such as exploration, mining and processing, and comprehensive tailings recovery and utilization. Tibet Shannan Antimony Gold, Tibet Xinda Mining, and Xing'an League Fuxingtun Mining served as the company's regional resource integration platforms. During the reporting period, the company successfully acquired 85% equity in Yubang Mining. According to data compiled by the Silver Institute as of the end of 2023, Yubang Mining's monomer silver mine ranked first in Asia and fifth globally. This acquisition further strengthened the company's resource advantages and laid a solid resource foundation for sustainable development. Meanwhile, using its subsidiary Xingye Gold (Hong Kong) as the investment vehicle, the company increased investment in mineral resources outside China and successfully acquired 100% equity in Atlantic Tin. This acquisition was an important step in implementing the company's "going global" strategy. According to the classification standards for large-scale tin mines in the "Standards for Classification of Mineral Resource Reserve Scales" (DZ/T 0400-2022), the Achmmach tin mine owned by Atlantic Tin currently amounts to the equivalent of 5 large deposits. Through this integration of tin ore resources outside China, the company further improved its international tin ore layout and also reserved important strategic resources for long-term development. The company's main performance was derived from non-ferrous metal mining and processing operations. During the reporting period, revenue from non-ferrous metal mining and processing accounted for 99.64% of total operating revenue in 2025. Key factors affecting the operating performance of the mining and processing segment included production and sales volumes of major products, market prices, and costs of non-ferrous metal and precious metal mining and processing operations. Regarding the business plan, Xingye Silver&Tin stated in its 2025 annual report: 2026 is the concluding year of the company's "Second Three-Year" plan. The Board of Directors will closely focus on the theme of high-quality development, fully implement established work objectives, continue to deepen the philosophy of "Trust and Collaboration," and make an all-out push to achieve the closing targets of the "Second Three-Year" plan, with emphasis on the following areas of work: 1. Uphold the bottom line of safety and environmental protection. Using 2026 as the "Year of Safety Management Implementation," the company will comprehensively enforce safety responsibilities, consolidate the achievements of the "Year of Collective Safety Vigilance," strengthen risk anticipation and process control, resolutely prevent all types of safety and environmental protection incidents, and achieve safe, steady, green, and low-carbon development. 2. Advance key project construction at full speed, strengthen full-process management of project budgets, schedules, and quality, and coordinate the implementation of projects including the 2.97 million mt expansion of Yinman Mining, the 8.25 million mt expansion of Yubang Mining, the Morocco project, and the Budun Yingen Mining (under trusteeship) project, ensuring on-schedule completion, reaching full production, and releasing capacity benefits. 3. Continue to intensify exploration and reserve expansion efforts, properly balance production operations with geological exploration, steadily advance exploration of existing mines and surrounding areas, accelerate the conversion and upgrading of resource volumes, and continuously strengthen the resource foundation. 4. Deepen industrial synergy and resource integration. Leveraging the core regional advantages in Inner Mongolia, the company will steadily expand its resource layout outside China; adhering to silver and tin as the main business direction, it will enrich and optimize resource varieties. The company will solidly advance the subsequent acquisition and integration of Weiling shares, actively track quality mineral project opportunities in and outside China, and enhance overall competitiveness through synergistic industrial M&A. 5. Further strengthen institutional enforcement and internal control management, drive the effective implementation of various systems, processes, and control requirements, and enhance the company's refined management capabilities; strengthen enforcement capacity building to ensure production plans, comprehensive budgets, and various work deployments are fully implemented, and promote deep integration of corporate culture with business management. 6. Advance Hong Kong stock listing preparations at full speed, accelerate the establishment of a dual capital market platform at home and abroad, enhance cross-border capital operation capabilities, provide stronger financial support for the company's resource integration and strategy implementation, and drive the company's high-quality sustainable development to new heights. Reviewing the 2025 price performance of spot silver: the average price of SMM 1# silver (Ag99.99%) on December 31, 2025 was 18,430 yuan/kg, compared with 7,440 yuan/kg on December 31, 2024, representing an increase of 10,990 yuan/kg, or 147.71%. Recently, spot silver prices have been fluctuating. On May 27, the morning quote for SMM 1# silver (Ag99.99%) was 18,654–18,684 yuan/kg, with an average price of 18,669 yuan/kg, up 0.54% from the previous trading day. Compared with the average price of 18,430 yuan/kg on December 31, 2025, the price edged up by 239 yuan/kg, a gain of 1.3%. Regarding the outlook for precious metals, some institutions' views are as follows: FXTM Senior Research Analyst Lukman Otunuga stated: "As hopes for a US-Iran peace deal waver, gold prices have pulled back and are approaching the $4,450 support level. In addition, market expectations for a US Fed rate hike are steadily building amid conflict-driven price pressures, which is also exerting further downward pressure on gold prices." "Ultimately, if more signs emerge that price pressures are rising, it could further reinforce market bets that the US Fed will keep interest rates higher for longer, which would expose gold to greater downside risk." (Jin10 Data APP) CITIC Futures stated: Renewed tensions in US-Iran geopolitics have dampened risk appetite, while rising oil prices have reignited inflation concerns and strengthened market bets on a US Fed rate hike within the year, with multiple factors dragging silver prices lower. On one hand, US economic data still showed resilience, with the latest Chicago Fed National Activity Index for April at 0.14, significantly better than the previous reading of -0.15. The US May Conference Board Consumer Confidence Index and Present Situation Index both pulled back from prior readings, but the confidence index still beat market expectations. Combined with renewed US-Iran tensions pushing oil prices higher and sparking inflation concerns, market pricing for a year-end US Fed rate hike has strengthened. On the other hand, spot silver's fundamental drivers remained weak, with London market silver lease rates running at persistently low levels. In the short term, silver is expected to maintain a fluctuating trend, with overall capital interest still relatively low. Attention should be paid to US-Iran negotiation progress and strait navigation resumption. If US-Iran negotiations progress smoothly, this could drive a short-term silver rebound, but interest rate expectations will continue to suppress the trend. If geopolitical tensions escalate again and push oil prices higher, caution is warranted regarding further medium-term suppression of silver's industrial products elasticity and potential supply disruptions. Over the long term, weakening US dollar credibility, safe-haven demand, and investment demand provide solid support for silver prices. (Jin10 Data APP) A CITIC Securities research report noted that the resilience of the global economy is being tested by the Middle East conflict, with a glimmer of hope for the resumption of navigation through the Strait of Hormuz. The US economy may continue to grow mildly but unevenly this year, the pace of the EU's weak recovery is being delayed, and Japan's private-sector demand will inevitably be disrupted by energy shortages. High oil prices are already pushing up global inflation, with headline inflation rates in Europe and the US likely to fluctuate at highs this year, while Japan's headline inflation rate may continue its mild performance. The US Fed may not cut interest rates at all this year, while potential rate hikes by the ECB and BOJ are imminent, and the "unrestrained" fiscal stance of Japanese and European political circles may constitute a source of market risk this year. We maintain our view that US equities will outperform US bonds and that the US dollar index has support, and gold prices are expected to break free from their predicament as tail risks of inflation dissipate. ANZ analyst Kumar, Soni recently stated that inflation expectations, rising US Treasury yield, and a stronger US dollar are unfavourable factors putting gold prices under pressure. These factors will persist until we can clearly determine how long this conflict will last. Gold has fallen more than 14% since the outbreak of war in late February. OANDA Senior Market Analyst Kelvin Wong stated that since early March, the overall trend of the 10-year US Treasury yield has remained in a medium-term upward phase. Therefore, at this juncture, gold bulls may not be as aggressive in pushing prices higher. Gold is expected to continue weakening over the next few trading days, with resistance at $4,645 and support at $4,456. (Jin10 Data) Goldman Sachs stated that central banks are expected to increase gold purchases, helping gold prices rebound by year-end. Analysts Thomas, Lina and Struyven, Daan stated in a research report published on May 15 that the average monthly central bank gold purchases in 2026 are expected to rise to 60 mt. Based on the revised accumulation model, the 12-month average of central bank gold purchases in March reached 50 mt, compared with a previous figure of 29 mt. Citing internal surveys, the analysts noted that central banks have long-term rigid allocation demand for gold, and recent changes in the geopolitical landscape are likely to continue driving countries to accelerate asset diversification. JPMorgan lowered its 2026 average gold price forecast from $5,708 per ounce to $5,243 per ounce. As demand is expected to re-accelerate in H2 2026, the base case still projects gold prices reaching $6,000/ounce by year-end.

The stock price of Xingye Yinxi Mining saw a significant increase on the first trading day after the Dragon Boat Festival holiday. As of 9:59 a.m. on June 3, Xingye Yinxi Mining was up 4.16%, trading at 13.78 yuan per share. In an announcement on the evening of June 2, Xingye Yinxi Mining stated that Xiwuqimuqin Banner Budun Yingen Mining Co., Ltd. (Budun Yingen Mining) is a controlled subsidiary of Inner Mongolia Xingye Gold Smelting Group Co., Ltd., the controlling shareholder of Inner Mongolia Xingye Yinxi Mining Co., Ltd. On December 30, 2024, the company signed a "Trusteeship Agreement" with Xingye Group, under which Xingye Group entrusted Budun Yingen Mining to the company for operation and management. On May 30, 2025, Budun Yingen Mining received a "Reply on the Review and Filing of Mineral Resource Reserves for the Verification Report on Silver Mine Resource Reserves in the Budunwula Mining Area, Xiwuqimuqin Banner, Inner Mongolia Autonomous Region" (Xi Ziran Zi Chu Bei Zi (2025) No. 006) from the Xilingol League Natural Resources Bureau. After review, the relevant materials for the review and filing of mineral resource reserves of Budun Yingen Mining were found to comply with relevant regulations and were approved for review and filing. The specific situation is as follows: According to the "Review Opinion on the Verification Report on Silver Mine Resource Reserves in the Budunwula Mining Area, Xiwuqimuqin Banner, Inner Mongolia Autonomous Region" (Xi Ziran Zi Chu Ping Zi (2025) No. 006), through this verification of resource reserves, as of January 31, 2025, the cumulative identified ore quantity of silver mine resources was 70.325 million mt, with a metal content of 11,114 mt and an average grade of Ag 158.07 g/t. This includes: measured resources with an ore quantity of 14.243 million mt, a metal content of 3,546 mt, and an average grade of Ag 248.95 g/t; indicated resources with an ore quantity of 22.512 million mt, a metal content of 3,573 mt, and an average grade of Ag 158.74 g/t; and inferred resources with an ore quantity of 33.57 million mt, a metal content of 3,995 mt, and an average grade of Ag 119.05 g/t. Through this verification of resource reserves, as of January 31, 2025, the identified associated resources of Pb, Zn, Ga, and Cd were as follows: Pb ore quantity of 39.571 million mt with a metal content of 95,643 mt; Zn ore quantity of 59.565 million mt with a metal content of 180,818 mt; Ga ore quantity of 70.271 million mt with a metal content of 3,603 mt; and Cd ore quantity of 10.913 million mt with a metal content of 1,092 mt. The average grades of these associated metals were Pb 0.24%, Zn 0.30%, Ga 0.0051%, and Cd 0.0100%, respectively. Regarding the increase in reserves after this review and filing, the announcement from Xingye Yinxi Mining indicates that the most recent report for Budun Yingen Mining was the "Verification Report on Silver Mine Resource Reserves in the Budunwula Mining Area, Xiwuqimuqin Banner, Inner Mongolia Autonomous Region" compiled in March 2024. Upon comparison, this resource reserve verification indicates an increase of 65.316 million mt in ore volume and 10,273.1 mt in silver metal content compared to the most recent previous report on silver mine resources. For associated elements: Pb ore volume increased by 34.998 million mt, with a metal content increase of 84,142 mt; Zn ore volume increased by 55.033 million mt, with a metal content increase of 158,441 mt; Cd ore volume increased by 6.008 million mt, with a metal content increase of 601 mt; Ga ore volume increased by 65.422 million mt, with a metal content increase of 3,381 mt. Xingye Silver & Tin disclosed its Q1 2025 report on April 28, showing that in Q1, the company achieved a total operating revenue of 1.149 billion yuan, up 50.37% YoY; and a net profit attributable to the parent company's shareholders of 374 million yuan, up 63.22% YoY. Xingye Silver & Tin's Q1 report indicates that the current period's operating revenue increased by 50.37% compared to the previous period, operating costs increased by 51.55%, taxes and surcharges increased by 59.56%. The main reasons are the increase in production and sales volume of the company's main mineral products and the YoY increase in product selling prices during the reporting period. The current period's operating profit increased by 61.99% compared to the previous period, total profit increased by 63.25%, income tax expenses increased by 65.49%, and the net profit attributable to the parent company's shareholders increased by 63.22%. The main reasons are the increase in production and sales volume of the company's main mineral products, the YoY increase in product selling prices, and the increase in operating revenue during the reporting period. Other important matters announced by Xingye Silver & Tin in its Q1 report include: 1. The company's acquisition of 85% equity in Yubang Mining : The company acquired 85% equity in Chifeng Yubang Mining Co., Ltd., held by Guocheng Mining Co., Ltd., Li Zhenshui, and Li Ruiyang, for a total of 2.388 billion yuan using its own funds and self-raised funds. On January 6, 2025, the company held its first extraordinary general meeting of shareholders in 2025, which approved this transaction. On January 14, 2025, the equity transfer was completed with the industrial and commercial change registration procedures at the market supervision and administration department. Since then, the company has held 85% equity in Yubang Mining, which has become a controlled subsidiary of the company and is included in the company's consolidated financial statements. 2. Approval obtained for the 2.97 million mt expansion project of the subsidiary Yinman Mining : In January 2025, Yinman Mining, a wholly-owned subsidiary of the company, obtained the "Approval from the Development and Reform Commission of the Inner Mongolia Autonomous Region on the Expansion Project of the 2.97 Million mt/Year Copper-Lead-Tin-Silver-Zinc Mine in the Baiyinchagan Dongshan Mining Area of Xiwuqi Yinman Mining Co., Ltd." (Nei Fa Gai Chan Ye Fa Zi (2025) No. 24) issued by the Development and Reform Commission of the Inner Mongolia Autonomous Region to the Development and Reform Commission of the Xilingol League. Yinman Mining is implementing an expansion project for zinc, lead, silver, copper, and tin ore in the mining area (mining license number: C1500002015013210136961). The project's construction scale will be expanded from 1.65 million mt/year to 2.97 million mt/year, with underground mining as the extraction method. The project is classified as a renovation and expansion project. The company will actively promote the construction of the 2.97 million mt/year expansion project at Yinman Mining. Prior to the project's commencement, the company will handle the relevant procedures for land use, environmental protection, energy conservation review, work safety, water and soil conservation, etc., in accordance with relevant laws and administrative regulations, to ensure that the project commences with all necessary permits as planned. After the project is completed and put into operation, the mining and beneficiation capacity of Yinman Mining will increase from 1.65 million mt/year to 2.97 million mt/year, further enhancing the company's profitability and market competitiveness. 3. Safety incident at subsidiary Yinman Mining: At 16:18 on March 9, 2025, a safety incident occurred during development work at the Yinman Mining project department of Henan Jinyuan Construction Co., Ltd., the mining contractor of Yinman Mining, a wholly-owned subsidiary of the company. The incident resulted in one fatality and no injuries. Following the incident, mining operations at Yinman Mining were suspended on March 9, while the beneficiation plant continued normal operations. Currently, Yinman Mining has completed the relevant rectification work in accordance with the regulatory authorities' requirements, and mining operations resumed on April 16, 2025. This incident did not have a significant impact on the company's production and operations, nor did it have a material adverse impact on the company's 2025 performance. In addition, the 2024 annual report released by Xingye Yinxi shows that in 2024, the company achieved operating revenue of 4,270.3872 million yuan, representing a year-on-year increase of 15.22%; total profit was 1,765.2261 million yuan, a year-on-year increase of 64.69%; and net profit attributable to shareholders of the publicly listed firm was 1,529.8586 million yuan, a year-on-year increase of 57.82%. Introduction to Xingye Yinxi: In 2024, the proportion of operating revenue from the company's main business of various mineral products in the company's total operating revenue was as follows: tin ore contributed 1,415.3906 million yuan, accounting for 33.14%; silver ore contributed 1,165.409 million yuan, accounting for 27.29%; zinc ore contributed 981.0361 million yuan, accounting for 22.97%; iron ore contributed 234.7111 million yuan, accounting for 5.50%; lead ore contributed 230.3635 million yuan, accounting for 5.39%; copper ore contributed 129.711 million yuan, accounting for 3.04%; antimony ore contributed 62.8116 million yuan, accounting for 1.47%; and gold ore contributed 13.7186 million yuan, accounting for 0.32%. Among these, the combined operating revenue from tin ore and silver ore accounted for 60.43%. In its annual report, Xingye Yinxi introduced: During the reporting period, the company's main products included non-ferrous metals and precious metals such as silver, tin, zinc, lead, iron, copper, antimony, and gold. Xingye Silver & Tin stated: In 2024, the company made solid progress in various tasks and successfully completed all annual production and operation objectives. Relying on its high-quality operating mines, the company achieved dual growth in production and profitability , with the effectiveness of its strategic layout becoming evident. Xingye Silver & Tin stated: In 2024, the company produced 8,901.85 mt of mineral tin, up 14.58% YoY; 228.93 mt of mineral silver, up 14.68% YoY; 59,740.98 mt of mineral zinc, up 8.67% YoY; 16,958.57 mt of mineral lead, up 8.05% YoY; 2,906.43 mt of mineral copper, up 4.94% YoY; 1,351.70 mt of mineral antimony, up 32.58% YoY; and 339,100 mt of mineral iron, down 3.74% YoY. From 2022 to 2024, the production of the company's main products (excluding bismuth, iron, and gold) increased year by year. Xingye Silver & Tin introduced: As of the end of 2024 (including Yubang Mining), the company's proven reserves of various metals within the scope of mining licenses for each mine are as follows: A research report on Xingye Silver & Tin published by Guosen Securities on May 16 pointed out: In recent years, the company's production of major minerals has steadily increased. In 2024, the prices and volumes of silver and tin both rose, leading to a significant year-on-year increase in the company's profits. The acquisition of an 85% stake in Yubang Mining has further elevated the company's silver reserves. Considering the company's reliance on the resource-rich location advantage in Inner Mongolia and its proactive approach to reserving high-quality mineral resources through external mergers and acquisitions while pursuing endogenous development, Guosen Securities maintains an "Outperform" rating. Risk warnings: Risks of the company's resource development progress falling short of expectations; risks of volatile metal prices. A research report on Xingye Silver & Tin by Huaxin Securities showed: In 2024, the prices and volumes of mineral tin and silver both rose. The expansion of the Yinman Mine and the external acquisition of Yubang Mining indicate promising long-term growth. First overseas takeover bid for tin mine, marking the company's initial foray into going global: On May 6, 2025, the company announced that it had signed the "Offer Implementation Agreement" with Atlantic Tin Limited on April 30, 2025. The company intends to designate its wholly-owned subsidiary, Xingye Gold (Hong Kong) Mining Co., Ltd., to make an off-market conditional takeover offer to shareholders holding all the issued shares of the target company at a price of AUD 0.24 per share through an off-market takeover bid. Atlantic Tin is an unlisted public company founded in 2005 and headquartered in Perth, Australia. The target company's main business activity is the development of the Achmmach tin mine project in Morocco. As of August 12, 2024, the Achmmach tin mine had proven ore reserves of 39.1 million mt, with an average tin grade of 0.55% and a tin metal content of 213,300 mt. Since 2025, silver and tin prices have maintained a high trend, and the company has completed two mergers and acquisitions. The long-term capacity growth is expected, and we maintain an "Overweight" investment rating. Risk warnings: 1) Downstream demand falls short of expectations; 2) Risk of metal price decline; 3) The release of the company's expanded capacity falls short of expectations; 4) The company's acquisition progress falls short of expectations, etc.

Xingye Silver & Tin announced in an evening announcement on May 5 that the company had signed the "Offer Implementation Agreement" with Atlantic Tin Limited on April 30. The company intends to designate its wholly-owned subsidiary, Xingye Gold (Hong Kong) Mining Co., Ltd., to make an off-market conditional takeover offer to shareholders holding all the issued shares of the target company at a price of AUD 0.24 per share through an off-market takeover offer. The company will provide financial support for this transaction by Xingye Gold (Hong Kong). Through this transaction, the company aims to integrate overseas tin mine resources, enhance its international tin mine layout, reserve strategic resources for its development, enrich its business layout, and accumulate experience in overseas market investment and operations. Xingye Silver & Tin disclosed in its Q1 2025 report on April 28 that in the first quarter, the company achieved a total operating revenue of 1.149 billion yuan, up 50.37% YoY; and a net profit attributable to the parent company of 374 million yuan, up 63.22% YoY. Xingye Silver & Tin's Q1 report showed that: the current period's operating revenue increased by 50.37% compared to the previous period, the current period's operating costs increased by 51.55% compared to the previous period, and the current period's taxes and surcharges increased by 59.56% compared to the previous period. The main reasons are the increase in the production and sales volume of the company's main mineral products and the YoY increase in product selling prices during the reporting period. The current period's operating profit increased by 61.99% compared to the previous period, the current period's total profit increased by 63.25% compared to the previous period, the current period's income tax expenses increased by 65.49% compared to the previous period, and the current period's net profit attributable to the owners of the parent company increased by 63.22% compared to the previous period. The main reasons are the increase in the production and sales volume of the company's main mineral products, the YoY increase in product selling prices, and the increase in operating revenue during the reporting period. Other important matters announced by Xingye Silver & Tin in its Q1 report include: 1. The company's acquisition of 85% equity in Yubang Mining : The company acquired 85% equity in Chifeng Yubang Mining Co., Ltd., held by Guocheng Mining Co., Ltd., Li Zhenshui, and Li Ruiyang, with 2.388 billion yuan of its own funds and self-raised funds. On January 6, 2025, the company held its first extraordinary general meeting of shareholders in 2025, which approved this transaction. On January 14, 2025, the equity transfer was completed with the industrial and commercial change registration procedures at the market supervision and administration department. Since then, the company has held 85% equity in Yubang Mining, which has become a controlled subsidiary of the company and is included in the company's consolidated financial statements. 2. Approval obtained for the 2.97 million mt expansion project of the subsidiary Yinman Mining : In January 2025, Yinman Mining, a wholly-owned subsidiary of the company, obtained the "Approval from the Development and Reform Commission of Inner Mongolia Autonomous Region on the Approval of the 2.97 Million mt/Year Expansion Project of the Baiyinchagan Dongshan Mining Area Copper-Lead-Tin-Silver-Zinc Mine of Xiwuqi Yinman Mining Co., Ltd." (Nei Fagai Chanye Fazhan Zi (2025) No. 24) issued by the Development and Reform Commission of Inner Mongolia Autonomous Region to the Development and Reform Commission of Xilingol League.Yinman Mining is implementing an expansion project for zinc, lead, silver, copper, and tin ores in the mining area (mining license number C1500002015013210136961). The project's construction scale will be expanded from 1.65 million mt/year to 2.97 million mt/year, with underground mining as the method. The project is classified as a renovation and expansion project. The company will actively promote the construction of the 2.97 million mt/year expansion project at Yinman Mining. Prior to the project's commencement, the company will handle the relevant procedures for land use, environmental protection, energy conservation review, work safety, water and soil conservation, etc., in accordance with relevant laws and administrative regulations, to ensure that the project starts with all necessary permits in place as planned. Upon completion and commissioning of the project, the mining and beneficiation capacity of Yinman Mining will increase from 1.65 million mt/year to 2.97 million mt/year, further enhancing the company's profitability and market competitiveness. 3. Safety incident at subsidiary Yinman Mining: At 16:18 on March 9, 2025, a safety incident occurred during development work at the Yinman Mining project site of Henan Jinyuan Construction Co., Ltd., the mining contractor of the wholly-owned subsidiary Yinman Mining. The incident resulted in one fatality and no injuries. Following the incident, mining operations at Yinman Mining were suspended on March 9, while the beneficiation plant continued normal operations. Currently, Yinman Mining has completed the relevant rectification work in accordance with the regulatory authorities' requirements, and mining operations resumed on April 16, 2025. This incident did not have a significant impact on the company's production and operations, nor did it have a material adverse impact on the company's 2025 performance. In addition, the 2024 annual report released by Xingye Yinxi shows that in 2024, the company achieved operating revenue of 4,270.3872 million yuan, representing a year-on-year increase of 15.22%; total profit was 1,765.2261 million yuan, a year-on-year increase of 64.69%; and net profit attributable to shareholders of the publicly listed firm was 1,529.8586 million yuan, a year-on-year increase of 57.82%. Introduction to Xingye Yinxi: In 2024, the proportion of operating revenue from the company's main business of various mineral products in the company's total operating revenue was as follows: tin ore contributed 1,415.3906 million yuan, accounting for 33.14%; silver ore contributed 1,165.409 million yuan, accounting for 27.29%; zinc ore contributed 981.0361 million yuan, accounting for 22.97%; iron ore contributed 234.7111 million yuan, accounting for 5.50%; lead ore contributed 230.3635 million yuan, accounting for 5.39%; copper ore contributed 129.711 million yuan, accounting for 3.04%; antimony ore contributed 62.8116 million yuan, accounting for 1.47%; and gold ore contributed 13.7186 million yuan, accounting for 0.32%. Among these, the combined operating revenue from tin and silver ores accounted for 60.43% of the total. In its annual report, Xingye Yinxi introduced: During the reporting period, the company's main products included non-ferrous metals and precious metals such as silver, tin, zinc, lead, iron, copper, antimony, and gold.Xingye Yinxi stated: In 2024, the company steadily advanced various tasks and successfully completed its annual production and operation goals. Leveraging its high-quality operating mines, the company achieved dual growth in production and profitability , with its strategic layout yielding significant results. Xingye Yinxi stated: In 2024, the company produced 8,901.85 mt of tin ore, up 14.58% YoY; 228.93 mt of silver ore, up 14.68% YoY; 59,740.98 mt of zinc ore, up 8.67% YoY; 16,958.57 mt of lead ore, up 8.05% YoY; 2,906.43 mt of copper ore, up 4.94% YoY; 1,351.70 mt of antimony ore, up 32.58% YoY; and 339,100 mt of iron ore, down 3.74% YoY. From 2022 to 2024, the production of the company's main products (excluding bismuth, iron, and gold) increased year by year. Xingye Yinxi introduced: As of the end of 2024 (including Yubang Mining), the company's metal reserves within the scope of mining licenses for each mine are as follows: The rise in tin prices in Q1 boosted the profits of tin enterprises. Observing the trend of tin prices in Q1: The average spot price of SMM1# tin on March 31 was 282,200 yuan/mt, up 36,200 yuan/mt from 246,000 yuan/mt on December 31, 2024, representing a 14.72% increase. Comparing the daily average prices of SMM1# tin spot in Q1 this year and in 2024: The daily average price of SMM1# tin spot in Q1 this year was 260,724.56 yuan/mt, up 43,806.46 yuan/mt from 216,918.1 yuan/mt in Q1 2024, representing a 20.19% YoY increase. 》View SMM tin spot quotes 》Subscribe to view historical SMM metal spot prices Currently, tin ore supply remains constrained by the slow resumption of production in Myanmar's Wa region and the phased resumption of production at the Bisie tin mine in the DRC (restoring to 60%-70% of normal levels), with only marginal easing of short-term ore supply tightness. Domestic refined tin production is constrained by raw material availability, with operating rates at smelters in Yunnan and Jiangxi remaining low, processing fees (TC) at historical lows, and smelting profits under pressure. However, expectations for the resumption of production in Myanmar are gradually strengthening, and supply increases after Q2 may suppress the upside room for tin prices. The US's 245% tariff policy on traditional solder exports continues to suppress demand (accounting for 40% of tin consumption), but after the Labour Day holiday, some downstream processing enterprises gradually resumed operations, and demand for restocking at low prices was somewhat released. However, due to the rise in tin prices on the morning of May 7, transactions in the tin spot market were sluggish, and the purchasing willingness of downstream and end-user enterprises was dampened.

Information from Xingye Yinxi's 2024 Annual and 2025 Q1 Performance Briefing indicates the following: 1. The status of several of the company's future construction projects, such as Yinman Phase II and Yubang. Response: The status of several of the company's future construction projects is as follows: ① Yinman Phase II has already obtained project approval and is actively communicating with the local government to advance land acquisition. ② Yubang Mining's 8.25 million mt/year expansion project for mining and beneficiation is currently applying for construction permits from the Ministry of Emergency Management. Construction can commence once the permits are obtained. ③ The Atlantic Tin project has already obtained all necessary pre-construction permits, including mining rights, environmental impact assessments, and land acquisition. Construction can commence once the above conditions are met, as required by the local government. The project is expected to commence production in Q4 2027, with an estimated annual tin metal production capacity of approximately 6,000 mt upon reaching full production. 2. What is the reason for the company's consideration of issuing overseas bonds? Response: The company plans to apply to the National Development and Reform Commission (NDRC) to issue USD 300 million in overseas bonds, primarily to support the subsequent construction of the Morocco project, further broaden the company's financing channels, optimize its financing structure, and promote the sustained, healthy, and rapid development of its business. The final amount of funds raised will depend on the NDRC's approval and the company's issuance situation at that time. 3. How is the cost of Atlantic Tin calculated, and what is the ore processing capacity? Response: Based on the information currently available to the company, according to feasibility studies and designs, the average grade of tin in the Atlantic Tin project is 0.55%, with a recovery rate of approximately 70%. The estimated cost of mining and beneficiation per mt of ore is around RMB 200. The mine's current designed capacity is 900,000 mt of ore per year for mining and beneficiation. After taking over the mine, the company plans to fully promote its expansion to 1.5 million mt of ore per year for mining and beneficiation. 4. Could Mr. Zheng introduce the mineral resources and exploration prospects of the Atlantic Tin project? Response: The Morocco project covers four mining licenses and 140 square kilometers, including an 8-kilometer-long cassiterite-tourmaline mineralization belt. At the northeastern end is the Achmmach tin mine, with over 300 boreholes and 110,000 meters of drilling, indicating 213,300 mt of indicated resources with an average grade of 0.55%. The main ore vein is approximately 1.5 kilometers long, with no boreholes having exhausted the ore body, indicating significant potential for deep exploration. To the southwest of the mineralization belt is the BauEIJaj tin mine, with mining licenses covering approximately 1 kilometer in length and a relatively low level of exploration. In the middle is the SAMINE fluorite mine, with a 5-kilometer-long mineralized metamorphic belt and the discovery of ore-bearing granite. Tin mineralization is closely related to granite. Field surface reconnaissance and sampling have revealed a 20-meter-thick ore body with a tin grade of approximately 1%, representing a significant potential area for major reserve increases. 5. Progress on the restructuring of the controlling shareholder. Reply: The restructuring of the controlling shareholder, Xingye Group, is currently proceeding in an orderly manner in accordance with the restructuring plan. As far as we know, there are no substantive obstacles. If there are any phased developments, the company will issue an announcement at the earliest opportunity. 6. In 2024, why were the sales volumes of metals such as silver, tin, and antimony lower than the production volumes of the company? Reply: In daily production and sales, the company will appropriately adjust its sales strategies and pace based on market conditions and fluctuations in metal prices. 7. What is the approximate interest rate level for the company's offshore bond issuance? Reply: The interest rate for the offshore bond issuance will be determined based on the external debt market conditions at the time of issuance, pending approval from the National Development and Reform Commission (NDRC). 8. Will the construction of Yinman Phase II affect the existing production at Yinman? Reply: Since Q3 2023, the underground engineering and shaft and drift development for Yinman Phase II have commenced. By the end of 2024, approximately 50% of the total work volume for shaft and drift development had been completed. The shaft and drift development for Yinman Phase II will indeed have a certain impact on the mining operations of Yinman Phase I, but it will not cause a significant impact. The company will make every effort to mitigate the related impacts, which will ultimately be eliminated upon the completion of the shaft and drift development for Yinman Phase II. 9. The company has numerous future construction projects, resulting in significant capital expenditures in the coming years. What is the current cash flow situation of the company? Reply: As the company's future projects progress, the comprehensive credit lines extended by financial institutions to the company are gradually increasing. At the same time, in conjunction with its own cash flow, the company is also gradually broadening its financing channels and reducing financing costs. The company currently has a sound cash flow situation and abundant financing tools and space, which can ensure project funding and the company's stable operation. Investors can rest assured. 10. Current situations of Bosheng Mining and Qianjinda Mining. Reply: ① Bosheng Mining's production last year was affected by an accident. Currently, the beneficiation plant of Bosheng Mining has officially resumed production on April 24, 2025. There are approximately 240,000 mt of ore on the surface, which can supply the beneficiation plant of Bosheng Mining for one and a half years. Next, Bosheng Mining will accelerate the implementation of the regulatory authorities' rectification requirements for the roadway cross-section, simultaneously carry out technological transformation of the mining area, and optimize the mining methods and processes. Prior to implementing the aforementioned rectifications and technological transformations, the main tasks include preparing field trip reports, designing technological transformation plans, and fulfilling relevant reporting and approval procedures. Bosheng Mining will make every effort to advance the related work and strive for an early resumption of operations in the mining area. ② Qianjinda Mining achieved a net profit of approximately 245 million yuan in 2024, representing a year-on-year increase of 39.16% and achieving a year-by-year increase in performance. 11. Will the reserve increase be conducted before the construction of the second phase of Yinman? Reply: The reserve increase is not a prerequisite for the construction of the second phase of Yinman. 12. If shield tunneling machines are needed for mining, will it be for the second phase of Yinman or Yubang, or both? Reply: The "Strategic Cooperation Framework Agreement" signed by the company with China Railway Tunnel Group is an indicative framework agreement. If a formal cooperation agreement is signed subsequently, the company will disclose the information based on the progress. If shield tunneling technology can be applied in the future, both the second phase of Yinman and Yubang Mining can utilize this technology for mine development. 13. Will the second phase of Yinman mainly produce silver or tin? Reply: The products of the second phase of Yinman are consistent with the first phase, mainly producing lead, zinc, silver, copper, tin, and antimony. 14. Can you provide a detailed introduction to the deep exploration and reserve increase of Yinman and Yubang? Reply: Currently, the company is fully engaged in the exploration work of Yinman Mining, Yubang Mining, and other key projects, and invests a significant amount of exploration funds annually. According to the current exploration work, the deep rock mass of Yinman Mining contains ore, and there is good prospecting potential in the deep, with geological conditions suitable for forming porphyry deposits. Yubang Mining has already drilled over 50,000 meters with good results, and the company will fully promote the exploration and reserve increase work of Yubang Mining in the future. 15. May I ask how the subsequent planning of Budun Silver Mine is, will it be injected into the publicly listed firm before construction, or after the construction is completed? Reply: Currently, the controlling shareholder Xingye Group is executing the restructuring plan. After the restructuring plan is completed, it will be determined based on subsequent arrangements. 16. What metal varieties have been discovered in the deep exploration of Yubang Mining? Reply: According to the current exploration, the main varieties discovered are copper, silver, and tin. 17. Can the company increase the dividend ratio to allow investors to share the company's development achievements? Reply: Your suggestion will be promptly fed back to the board of directors. The company will formulate a reasonable profit distribution plan based on future capital expenditures and the sustainable development of the company. 18. I noticed that the company has a futures hedging quota of 500 million, will this pose financial risks? Reply: The company has approved a quota of 500 million annually in recent years, but the final implementation scale is relatively small. Moreover, the company has strict systems and a professional leading group to guide related work, effectively controlling the risks of hedging. 19. Safety issues have always been a concern for everyone, can you elaborate on this! Response: Safety production is the top priority for our company. We regard the safety of our employees as the lifeline of the enterprise. The company has established a safety responsibility system and created a practical training system that integrates responsibilities with business operations and combines theory with practice, continuously improving training efficiency and achieving excellent training results. With the acceleration of mine mechanization, targeted risk management and control measures have been formulated for safety risks in mines. For example, regarding the risk of roof management, the company has implemented a strict hierarchical roof management model, scientifically formulated control measures, and continuously enhanced the effectiveness of roof risk management. Another example is the risk of equipment-related injuries. The company has currently implemented a "three fixed" management approach, which assigns fixed personnel, machines, and locations. After implementing this management measure, there has been a qualitative improvement in management effectiveness. The above are just a few examples. Regarding mine safety management, we are committed to ensuring comprehensive risk management and control, timely governance of potential accidents, and safeguarding the safety of our employees and the high-quality development of the enterprise. We are confident in our ability to excel in safety management. 20. Could you introduce Mr. Zheng's professional background and work experience? When did he join the company? What key roles has he played in the company's subsequent development? Response: Introduction to Mr. Zheng Wenbao, the company's Chief Geological Engineer: ① Academic and Work Experience: In June 2012, he earned his Ph.D. in Mineralogy, Petrology, and Mineral Deposit Geology from Chengdu University of Technology. In the same year, he was hired by the Institute of Mineral Resources, Chinese Academy of Geological Sciences, and has been engaged in mineral resource exploration and research in Tibet. During this period, he concurrently served as the Chief Consultant for Tibet Huayu Mining. In 2018, in response to the State Council's call for scientific and technological talents to leave their posts to start businesses, he began his entrepreneurial journey. In 2019, he co-founded a geological exploration company with Pengxin Resources in Shanghai, responsible for geological exploration and mergers and acquisitions of projects in Africa. In April 2021, he was hired as the Chief Geologist of Xingye Yinxi. ② Main Work Achievements: During his more than ten years of work in Tibet, he, along with his mentor, completed the exploration and research of super-large mineral deposits such as the Jiama Copper-Polymetallic Mine owned by Tibet Huatailong Mining, the Zhaxikang Antimony-Lead-Zinc-Silver Mine owned by Tibet Huayu Mining, and the Tinggong Copper Mine owned by Tibet Mining. Since joining Xingye Yinxi, he first discovered the variability in the occurrence and spatial distribution of ore in the main Yiman No. 17 tin-polymetallic orebody, directly guiding breakthroughs in deep prospecting of the No. 17 orebody and improving ore dressing recovery rates. Secondly, he discovered the existence of an ancient volcanic crater between Yiman and Budengyingen, which led to the discovery of the deep porphyry tin-copper-silver deposit at Yiman. As exploration and research efforts continue to deepen, Mr. Zheng Wenbao and the company's geological team will strive to achieve even greater prospecting results in projects such as Yiman, Yubang, Atlantic Tin, and Xilin. 21. The company's contract liabilities increased significantly in Q1 2025. What are the specific reasons for this increase? Reply: The main reason for the increase in contract liabilities is the rise in advance payments received from customers. According to the 2024 annual report released by Xingye Yinxi, in 2024, the company achieved an operating revenue of 4,270.3872 million yuan, up 15.22% YoY; total profit reached 1,765.2261 million yuan, up 64.69% YoY; and net profit attributable to shareholders of the publicly listed firm was 1,529.8586 million yuan, up 57.82% YoY. Xingye Yinxi introduced that in 2024, the proportion of operating revenue from the company's main mineral products in the total operating revenue was as follows: tin ore contributed 1,415.3906 million yuan, accounting for 33.14%; silver ore contributed 1,165.409 million yuan, accounting for 27.29%; zinc ore contributed 981.0361 million yuan, accounting for 22.97%; iron ore contributed 234.7111 million yuan, accounting for 5.50%; lead ore contributed 230.3635 million yuan, accounting for 5.39%; copper ore contributed 129.711 million yuan, accounting for 3.04%; antimony ore contributed 62.8116 million yuan, accounting for 1.47%; and gold ore contributed 13.7186 million yuan, accounting for 0.32%. Among them, the combined operating revenue from tin ore and silver ore accounted for 60.43% of the total. Xingye Yinxi stated in its annual report that during the reporting period, the company's main products included non-ferrous metals and precious metals such as silver, tin, zinc, lead, iron, copper, antimony, and gold. Xingye Yinxi indicated that in 2024, the company made solid progress in various aspects and successfully completed its annual production and operation tasks. Relying on the high-quality operating mines under its umbrella, the company achieved dual growth in production and efficiency , with the effectiveness of its strategic layout becoming increasingly prominent. Xingye Yinxi stated that in 2024, the company produced 8,901.85 mt of tin ore, up 14.58% YoY; 228.93 mt of silver ore, up 14.68% YoY; 59,740.98 mt of zinc ore, up 8.67% YoY; 16,958.57 mt of lead ore, up 8.05% YoY; 2,906.43 mt of copper ore, up 4.94% YoY; 1,351.70 mt of antimony ore, up 32.58% YoY; and 339,100 mt of iron ore, down 3.74% YoY. From 2022 to 2024, the production of the company's main products (excluding bismuth, iron, and gold) increased year by year. Xingye Yinxi introduced that as of the end of 2024 (including Yubang Mining), the company's proven reserves of various metals within the scope of mining licenses for each mine were as follows: Xingye Yinxi also disclosed its 2025 business plan in its annual report: In 2025, the board of directors will strictly comply with legal and regulatory requirements, fully perform the duties entrusted by the "Articles of Association," and give full play to the core role of the board of directors in corporate governance.Guided by the new development philosophy, the Board of Directors will focus on advancing the following strategic deployments: (1) In terms of strategic depth, the Company will solidify its traditional foundation in Inner Mongolia's mining sector, reasonably arrange the new mining sectors in Tibet-Xinjiang-Yunnan, and actively explore new overseas mining spaces. At the resource structure level, the Company will focus on silver and tin as its core businesses, steadily integrate copper and gold resources, and diversify its resource portfolio. (2) The Company will accelerate the capacity expansion and technological upgrading of existing mines, with a focus on advancing the construction of the 2.97 million mt/year expansion project of Yinman Mining and the 8.25 million mt/year expansion project of Yubang Mining. It will continuously promote technological transformation, strengthen the advancement and commercialization of scientific research projects in mining and beneficiation, further enhance the technological breakthroughs in existing production technologies, and overcome technological bottlenecks. (3) The Company will continue to increase investment in geological exploration in and around existing mines, accelerate the conversion of resource reserves at Yinman Mining, strive to achieve breakthroughs in exploration and reserve augmentation, promote the upgrading of the Company's resource reserves, and provide sufficient ore reserves to ensure the stable subsequent production of mines. (4) The Company will prioritize the implementation of the main responsibility for work safety, build a comprehensive safety defense system, effectively enhance the safety awareness and emergency response capabilities of all employees, and resolutely prevent all types of accidents. (5) The Company will strengthen the strategy of revitalizing the enterprise through talents, establish a tiered and categorized training system, and focus on cultivating international and versatile talents. It will optimize the compensation and incentive mechanism, build a learning organization, provide employees with a diversified development platform, and enhance the overall quality of the team. (6) The Company will continuously strengthen corporate governance and internal control construction, improve corporate rules and regulations, refine the risk control system, enhance the scientific and efficient decision-making process, improve the level of standardized corporate operations, and promote the healthy, stable, and high-quality development of the Company.

SMM Tin Midday Review: SHFE Tin Prices Showed a Volatile Rebound, Spot Tin Ingot Market Transactions Were Mediocre. As of the midday session (11:30), the most-traded SHFE tin 2505 contract was quoted at 259,700 yuan/mt, up 1.16% from the previous trading day's settlement price. During the session, the price hit a high of 259,880 yuan/mt and a low of 256,240 yuan/mt, showing a volatile rebound pattern. Open interest slightly decreased, indicating that the game between bulls and bears over policies and supply-demand imbalances is still intensifying.

On April 21, the stock price of Xingye Silver and Tin rose. As of 10:16 on the 21st, Xingye Silver and Tin increased by 3.06%, reaching 12.14 yuan per share. On the news front: An investor asked on the investor interaction platform: When will the company start producing gold? When will the Yinman mining area be completely shut down (since the accident investigation has been delayed, will it enter an indefinite shutdown and rectification like Tibet Bosheng)? When will the shield machine of China Railway Tunnel Group start serving Xingye? On April 18, Xingye Silver and Tin responded on the investor interaction platform, The mining area of Yinman Mining resumed production on April 16, 2025; the "Strategic Cooperation Framework Agreement" signed with China Railway Tunnel Group is an indicative framework agreement. If a formal cooperation agreement is signed later, the company will fulfill its information disclosure obligations in accordance with relevant laws, regulations, and the company's articles of association based on subsequent progress. When asked, "Recently, antimony prices have hit new highs, reaching 230,000. Does the company have antimony resources among its many mines? The prices of silver and tin were very good in Q1, is there a pre-increase in the company's performance?" On April 17, Xingye Silver and Tin responded on the investor interaction platform, As of the end of 2023, the subsidiary Yinman Mining's mining license area contained 184,700 mt of antimony metal content. The company produces silver-lead concentrates and silver-copper concentrates containing antimony, sold in mixed powder form; in 2024, the company's antimony metal production was around 1,350 mt. For the company's Q1 2025 performance, please pay attention to the Q1 2025 report to be disclosed on April 28, 2025, on designated media. On April 16, Xingye Silver and Tin announced the progress of the safety accident at its wholly-owned subsidiary Yinman Mining: On March 9, 2025, a safety accident occurred during operations by the mining contractor of Yinman Mining, resulting in one death. After the accident, the mining area of Yinman Mining was shut down, while the beneficiation plant continued normal production. After the accident, the company conducted a comprehensive safety self-inspection and strictly implemented rectification measures. Currently, Yinman Mining has completed the relevant rectification work as required by the regulatory authorities. On April 15, 2025, the Inner Mongolia Autonomous Region Mine Safety Supervision Bureau issued the "Notice on the Resumption of Production of the 1.65 million mt/year Underground Mining Project (above 690 level) of the Baiyinchagan East Mountain Copper-Lead-Tin-Silver-Zinc Mine of Xiwuzhumuqin Banner Yinman Mining Co., Ltd." The notice stated: After review, the resumption of production of the 1.65 million mt/year underground mining project (above 690 level) of the Baiyinchagan East Mountain Copper-Lead-Tin-Silver-Zinc Mine of Xiwuzhumuqin Banner Yinman Mining Co., Ltd. is approved. According to the above notice, the mining area of Yinman Mining resumed production on April 16, 2025. Xingye Silver and Tin's announcement pointed out that the accident did not have a significant impact on the company's production and operations, nor did it have a significant adverse impact on the company's 2025 performance. The company will seriously learn from this accident, fully implement the main responsibility for safety production, and consistently integrate the concept of safety production into daily production and operations. The company will continue to increase the investment of human, material, and financial resources in safety management, and persistently focus on hazard investigation, awareness improvement, cultural promotion, education and training, daily supervision, and emergency response to ensure the safe, continuous, and stable operation of the company's production and operations. On April 11, Xingye Silver and Tin responded to investor inquiries on the interaction platform, stating that the stock price of the publicly listed firm is affected by macroeconomic conditions, market cycles, investor sentiment, and many other factors. The company's main products do not have export business, and tariff policies have not had a direct impact on the company's production and operations. The company's production and operations are stable, and there is no undisclosed information. The company will focus on the development of its main business in line with strategic development arrangements, and through stable operations, corporate governance, standardized operations, information disclosure, investor relations, and other aspects, it will work together to reward investor trust with steady performance growth and boost investor confidence. The company's management is confident about the future business development of the company and actively faces various challenges. Investors are invited to pay attention to the company's growth potential. Xingye Silver and Tin previously released its 2024 annual performance forecast, showing that the expected net profit attributable to the parent company in 2024 is 1.35 billion to 1.65 billion yuan, an increase of 39.27%-70.22% YoY; the expected net profit after deducting non-recurring gains and losses in 2024 increased by 32.77% to 62.06% YoY. Xingye Silver and Tin stated that the reasons for the performance pre-increase include: After the technological transformation of the beneficiation plant of the subsidiary Yinman Mining was completed (the beneficiation plant of Yinman Mining was shut down for technological transformation from June 9, 2023, and the beneficiation process was transformed to include cassiterite flotation, which was completed and put into use on July 10, 2023), the production of the main mineral products increased. During the reporting period, affected by the macroeconomic environment and changes in market demand for products, the selling prices of the company's main products such as tin concentrates, silver concentrates, lead concentrates, and zinc concentrates increased compared to the same period last year.

SMM Tin Futures Review: The Most-Traded SHFE Tin 2505 Contract Fluctuated Considerably, Tariff Impact and Tug-of-War Between Sellers and Buyers. On April 17, 2025, the most-traded SHFE tin 2505 contract closed at 257,770 yuan/mt during the daytime session, up 0.02% from the previous day. In the spot market, downstream restocking demand was released at low prices, but spot trading activity declined as prices rose.

The mining area of Yinman Mining, which had suspended production due to a safety accident, resumed operations on April 16, 2025. Xingye Silver-Tin announced that the mining area of its wholly-owned subsidiary, Yinman Mining, which had halted production due to a safety accident, resumed operations on April 16, 2025. Previously, on March 9, 2025, a safety accident occurred during preparatory mining operations at Yinman Mining, resulting in one fatality. Following the accident, Yinman Mining suspended production in the mining area and conducted self-inspections on safety production, implementing corrective measures. On April 15, 2025, the Inner Mongolia Autonomous Region Mine Safety Supervision Bureau approved the resumption of production for certain projects in the Baiyinchagan Dongshan mining area of Yinman Mining. This accident did not have a significant adverse impact on the company's production and operations. The company will strengthen safety management to ensure safe production.

On Monday, the most-traded SHFE tin 2504 contract fluctuated rangebound during the day and its center pulled back slightly at night, while LME tin fluctuated downward. Spot market: It was heard that small brands were trading at a discount of 200 to a premium of 100 yuan/mt for April, Yunnan brands at a premium of 100 to 400 yuan/mt, and Yunxi at a premium of 400 to 600 yuan/mt for April. SMM: As of last Friday, social inventory stood at 10,548 mt, up 398 mt WoW. By last Friday, the operating rate of refined tin smelters in the two major tin-producing provinces, Yunnan and Jiangxi, dropped back slightly, with a combined operating rate reaching 61.5%. Data from Indonesia's Ministry of Trade showed that Indonesia exported 3,926.93 mt of refined tin in February, up 150% MoM and significantly higher YoY. The cumulative export for January-February was 5,493 mt. Xingye Silver Tin: Currently, there is no risk of long-term shutdown at the mining area of Yinman Mining. On the 22nd, the "M23 Movement" announced that it would adhere to the unilateral ceasefire it had previously declared, redeploying troops in the town of Walikale to create conditions for a peaceful resolution of the dispute. Overall, although the "M23 Movement" announced a ceasefire on the 22nd, the DRC government remains skeptical, and local political situation remains uncertain, leaving uncertainties in tin ore production. In February, Indonesia's refined tin exports improved both YoY and MoM, while LME destocking slowed down. Under the influence of high prices, domestic inventory buildup continued for two consecutive weeks. Short-term supply disruptions did not further escalate, and risk premiums were given back, with tin prices fluctuating at highs.

On March 11, Yinxing Silver Tin stated on the investor interaction platform that as of year-end 2023, the retained resource volume within the mining license scope of its subsidiary Yinman Mining included 184,700 mt of antimony metal content. The company produces silver-lead concentrates and silver-copper concentrates containing antimony, which are sold in the form of mixed powder. In 2024, the company's antimony metal production will be approximately 1,350 mt.