On April 21, a delegation from SMM Information & Technology Co., Ltd. (SMM), comprising Ye Jianhua, Director and Supervisor of SMM's Industry Research Department, Feng Chundi, Expert of SMM's Industry Research Institute, and Wu Tao, SMM's Overseas Marketing Manager for Copper and Tin, visited Lualaba Copper Smelter S.A. (LCS) for a field trip and exchange. The delegation received a warm and thoughtful reception from the leadership of LCS. During the exchange, relevant heads of LCS provided a detailed introduction to the project's construction history, smelting process routes, current capacity operations, and overall business planning. SMM, drawing on global non-ferrous market trends, shared insights on copper-cobalt raw material supply and demand, the smelting and processing landscape, price fluctuation trends, and industry policy developments. Both parties engaged in in-depth discussions on practical topics including production management and control in ex-China pyrometallurgy operations, raw material supply assurance, environmental protection operations and maintenance, cost management, and industry outlook assessment. They also exchanged experiences and ideas on the operational management, risk prevention, and medium and long-term development planning of smelters outside China. This field trip and exchange was pragmatic and efficient, effectively enhancing mutual understanding and laying a solid foundation for ongoing industry information sharing and long-term exchange and cooperation. Introduction to Lualaba Copper Smelter S.A. (LCS) Lualaba Copper Smelter S.A. (LCS) is a modern non-ferrous metal smelting enterprise jointly invested and constructed by China Nonferrous Metal Mining (Group) Co., Ltd. and Chalco Yunnan Copper Group, located in Kolwezi, Lualaba Province, DRC. Construction commenced in March 2018, and Phase I was completed and successfully put into operation in October 2019. It is the first large-scale pyrometallurgical copper-cobalt smelter in the DRC and serves as a key strategic pillar for China Nonferrous Metal Mining Group's resource development and industrial deployment in Africa. With copper concentrates smelting as its core business, LCS's main products include blister copper, sulphuric acid, and liquid sulfur dioxide, with an annual capacity of 150,000 mt of blister copper and 300,000 mt of sulphuric acid. As an important participant in the Belt and Road Initiative, LCS has consistently upheld the development philosophy of "serving the nation through resources and pursuing win-win cooperation," actively fulfilling its social responsibilities, promoting local employment and industrial development, and striving to build an internationally competitive copper smelter while continuously enhancing the influence of Chinese mining enterprises in the global non-ferrous metals industry. The conference is scheduled to be held on October 13–14, 2026 in Lusaka, Zambia. Your participation is welcome~ Contact Person : Wu Tao: 18270916376 jennywu@smm.cn

On April 20, Chalco Chairman He Wenjiang stated at the 2025 annual results briefing held in the afternoon that, affected by price structures at home and abroad as well as tariffs and other factors, the export window for China's primary aluminum and primary aluminum alloys had long remained closed. Recently, due to the impact of the Middle East conflict, overseas price increases exceeded those in China, and combined with fluctuations in the US dollar exchange rate and other factors, exports of domestic primary aluminum and primary aluminum alloys may see some recovery.

China Aluminum released its annual report on March 27, reporting operating revenue of RMB 241.125 billion in 2025, a year-on-year increase of 1.69%; net profit attributable to shareholders of the listed company was RMB 12.674 billion, a year-on-year increase of 2.25%. The company plans to distribute a final dividend of RMB 0.147 per share (inclusive of tax) in cash for 2025, totaling approximately RMB 2.522 billion (inclusive of tax).

The National Institute of Advanced Industrial Science and Technology (AIST) in Japan recently announced the successful development of a copper gallium selenide (CuGaSe₂) solar cell with a conversion efficiency of 12.28%, setting a world record for indium-free wide-bandgap chalcogenide solar cells in the same frequency band. The research team enhanced the open-circuit voltage and cell performance by incorporating aluminum to form a back-surface field and optimizing the buffer layer. This achievement provides a new approach for the development of high-efficiency tandem solar cells.

Recently, Chalco Aluminum Foil (Yunnan) Co., Ltd. underwent an industrial and commercial registration change, with its registered capital increasing from 800 million yuan to approximately 1.15 billion yuan, an increase of about 44%. The company was established in March 1996. Its legal representative is Xu Tao, and its business scope includes the production and sales of aluminum cast-rolled coil, aluminum plate/sheet and strip, aluminum foil products, and packaging for food and pharmaceuticals, as well as aluminum foil for electronics and power applications, foreign trade, and more. Shareholder information shows that the company is jointly held by Aluminum Corporation of China Group High-end Manufacturing Co., Ltd., Northwest Aluminum Co., Ltd., and others.

[SMM Aluminum Express News] Guinea Bauxite & Alumina Exports in January 2026. Ministry of Mines and Geology reports: Total bauxite 20.26 million tons; alumina 46,764 tons. Bauxite Highlights (top contributors): 1. SMB: 6.57 Mt (32 vessels) – leading exporter 2. Chalco: 2.64 Mt (14 vessels) 3. CBG: 1.64 Mt (28 vessels) 4. Zhicheng Guinee Mining/GBT: 0.94 Mt (5 vessels) 5. CDM China: 0.94 Mt (5 vessels) Other key volumes: 6. Cobad: 0.82 Mt 7. AMC: 0.79 Mt 8. BAM: 0.63 Mt 9. KBM: 0.58 Mt Alumina: 1. Friguia: 46,764 tons (2 vessels) – sole reported exporter

SMM Alumina Morning Comment 2.2 Futures: Last Friday's night session, the most-traded alumina futures contract AO2605 opened at 2,767 yuan/mt, reached a high of 2,836 yuan/mt, hit a low of 2,748 yuan/mt, and closed at 2,818 yuan/mt, up 50 yuan/mt from the previous day. Open interest decreased by 17,800 lots to 425,000 lots, indicating cautious market trading. From a technical perspective, the closing price was above MA5 (2,789.40), MA10 (2,746.30), and MA30 (2,758.17), providing some upward momentum. Meanwhile, the MACD indicator DIF (2.91) crossed above DEA (-4.6), with the low-level golden cross continuing and the histogram at 15.02. Alumina futures are expected to remain in the doldrums in the short term. Industry Updates: 1) In January 2026, China's metallurgical-grade alumina production decreased 1.78% MoM and 2.6% YoY. As of month-end January, nationwide existing capacity was approximately 110.32 million mt, with operating capacity down 1.78% MoM and 3.56% YoY. 2) On January 30, 2026, Chalco, a publicly listed firm under Chalco Group, issued an announcement regarding the planned acquisition of equity in a Brazilian aluminum company, aimed at enhancing resource security and optimizing industrial layout. The transaction will be conducted through a prudent and market-oriented approach. As a core holding enterprise under Chalco Group, Chalco possesses a complete entire industry chain. It plans to establish a joint venture in Brazil with Rio Tinto International Holdings Limited through its wholly-owned subsidiary Chalco Hong Kong Limited, and through this joint venture, acquire 68.596% equity in Mineração Rio do Norte (MRN) held by Votorantim. Upon completion, MRN will become a controlling subsidiary consolidated into Chalco's financial statements. This transaction introduces Rio Tinto, a partner with extensive international mining experience. Rio Tinto is a global comprehensive mineral resource supplier and one of the world's largest resource extraction and mineral product suppliers. The two parties have maintained a strong cooperative relationship over the years, achieving collaborative results in multiple areas including the Simandou iron ore project. 3) According to market sources, PT Kalimantan Alumina Nusantara (KAN), approximately 80% owned by Press Metal Group, is constructing an alumina refinery with an annual capacity of 1.2 million mt in West Kalimantan, Indonesia. The project is expected to gradually commence production by year-end 2026 or early 2027. 4) The Indonesian government is preparing to establish a new state-owned enterprise named Perminas, set up by the Daya Anagata Nusantara investment management agency, which will be responsible for the operational management of strategic mineral mines. Energy and Mineral Resources Minister Bahlil Lahadalia stated that Perminas will handle strategic commodities such as rare earth metals and other critical minerals, without specifying the types of minerals. When asked whether Perminas would soon take over existing mines, Bahlil said the government would closely monitor subsequent developments. Ore: As of January 30, 2026, the SMM imported bauxite index was at $64.38/mt, down $0.87/mt from the previous trading day. The SMM Guinea FOB average price was at $39/mt, down $1.5/mt from the previous trading day. The SMM Guinea bauxite CIF average price was at $61/mt, down $1.5/mt from the previous trading day. The SMM Australian low-temperature bauxite CIF average price was at $62.5/mt, down $0.5/mt from the previous trading day. The SMM Australian high-temperature bauxite CIF average price was at $57.5/mt, down $0.5/mt from the previous trading day. The Malaysian bauxite CIF average price was at $47/mt, unchanged from the previous trading day; the Malaysian bauxite CIF (washed) average price was at $61/mt, down $0.5/mt from the previous trading day. The Ghanaian bauxite CIF price was at $73.5/mt, unchanged from the previous trading day. The bauxite CFR (Turkey) price was at $71.5/mt, down $2/mt from last Friday. Domestic ore side, bauxite production resumptions in Shanxi were active, with currently ample supply and prices under pressure. Imported ore side, intended transaction prices between buyers and sellers recently declined from earlier levels, with current market transactions sluggish. Some alumina refineries reported that amid falling ore prices, procurement plans remained cautious. SMM will continue to monitor domestic and overseas mines production, port shipments, and price trends. Spot Prices: As of January 30, 2025, the SMM alumina index was at 2,622.71 yuan/mt, down 2.56 yuan/mt MoM. The SMM Shandong alumina index was at 2,550.71 yuan/mt, down 0.27 yuan/mt MoM. The SMM Henan alumina index was at 2,620.79 yuan/mt, down 1.06 yuan/mt MoM. The SMM Shanxi alumina index was at 2,606.74 yuan/mt, down 0.82 yuan/mt MoM. The SMM Guizhou alumina index was at 2,698.06 yuan/mt, down 6.21 yuan/mt MoM. The SMM Guangxi alumina index was at 2,680.59 yuan/mt, down 11.07 yuan/mt MoM. Spot-Futures Price Spread Daily Report: According to SMM data, on January 30, the SMM alumina index was at a discount of 139.29 yuan/mt against the most-traded contract's latest transaction price at 11:30 AM. Warrant Daily Report: On January 30, total registered alumina warrants increased by 9,583 mt from the previous trading day to 171,100 mt. Shandong region alumina warrants remained unchanged at 7,796 mt. Henan region alumina warrants remained unchanged at 0 mt. Guangxi region alumina warrants increased by 2,402 mt to 7,505 mt. Gansu region alumina warrants increased by 6,300 mt to 16,500 mt. Xinjiang region alumina warrants increased by 3,283 mt to 139,300 mt. Markets Outside China: As of January 30, 2026, the FOB Western Australia alumina price was $308/mt, the ocean freight rate was $20.2/mt, and the USD/CNY selling rate was around 6.97. This translated to a domestic mainstream port selling price of approximately 2,663.86 yuan/mt, slightly above the SMM alumina index price by 41.15 yuan/mt. According to SMM model calculations, the import window was closed. Summary: Overall, as of last Thursday, China's alumina market inventory edged up slightly, with the overall oversupply pattern continuing. Currently, some alumina refineries have initiated maintenance, with enterprises across various regions arranging production shutdowns of varying scales, leading to a decline in industry operating rate and a weekly production decrease of 35,000 mt to 1.636 million mt. Inventory side, due to the increase in enterprises undergoing maintenance, alumina in-factory inventory decreased by 3,000 mt to 1.2408 million mt. Aluminum enterprise raw material inventory edged up slightly to 3.603 million mt, mainly driven by continued shipments under long-term contracts. Warrants, attracted by previously strong futures prices, saw increased delivery willingness, rising by 40,000 mt to 159,100 mt, while in-transit and platform inventory decreased by 30,000 mt as cargoes gradually arrived at end-users. Overall, although the pace of inventory buildup has slowed compared to earlier periods, overall industry inventory pressure persists, and the destocking progress has fallen short of expectations. Going forward, attention should be paid to the execution of enterprise maintenance plans. If supply-side contraction does not continue, inventory is expected to maintain a slight accumulation trend next week, and spot alumina prices will remain in the doldrums. [Data other than publicly available information is derived from public information, market communication, and SMM's internal database models, processed by SMM for reference only and does not constitute decision-making advice.]

On January 15, the 120,000 mt/year green aluminum power project in the Angola Aluminum Industrial Park, supported by core technology from Chalco Guiyang Aluminum Magnesium Design & Research Institute (hereinafter referred to as “Guiyang Institute”), was successfully put into operation here. Angolan President João Lourenço attended the project to inaugurate the commissioning ceremony. This marks the first time a Chinese aluminum project has landed on the African continent, and it is another landmark achievement in practicing green industry cooperation under the Belt and Road Initiative.

Recently, the No. 3 production line of Chalco Green Materials' Zhaotong, Yunnan 400kt aluminum alloy flat ingot project was put into operation, successfully casting a 5.3-meter-long flat ingot. This marks a significant progress in the deep collaboration between green aluminum smelting and high-end material manufacturing within the Chalco Group.

[Lead Smelter Updates] Recently, Yunnan Chihong Zn & Ge Co., Ltd. (600497) stated on an interactive platform that the company primarily focuses on the extraction, enrichment, and efficient recovery technologies of germanium resources associated with lead-zinc mines. By deepening strategic collaboration with its joint venture Chalco Qianxing (Chengdu) Technology Co., Ltd., it continues to provide stable, high-quality germanium raw material supplies. The processing of the mining license and project design optimization for the Jinxin Molybdenum Mine are progressing in an orderly manner. The Huize Mining Mine Plant has not implemented a deep expansion project; instead, it is advancing the optimization of its deep safety system, which is expected to be completed by the end of 2026.