According to CMOC’s official WeChat account: On March 27, CMOC released its 2025 annual results report, which showed that the company’s operating revenue reached 206.684 billion yuan, standing firmly above the 200 billion yuan mark for the second consecutive year; net profit attributable to shareholders came in at 20.339 billion yuan, up 50.30% YoY and setting a new record for the fifth consecutive year; net operating cash flow reached the second-highest level in its history at 20.843 billion yuan; and total assets exceeded 200 billion yuan for the first time, reaching 200.932 billion yuan, up 18.03% YoY. In particular, in Q4, the company recorded operating revenue of 61.198 billion yuan, net profit attributable to shareholders of 6.059 billion yuan, and copper production of nearly 200,000 mt, all setting record highs for a single quarter. In 2025, with organisational upgrading as its main focus, the company built a “specialised, internationalised, and younger” team, refined its operations, and, together with rising prices for major products and strong production and sales, pushed its performance to a new peak. Specifically— Operating quality continued to improve. Revenue from the mining segment reached 77.713 billion yuan, accounting for 38% of total operating revenue, with the “mining” share up about 7 percentage points from 2024. Among this, revenue from copper products was 55.096 billion yuan, accounting for 27% of total operating revenue and 71% of mining-segment revenue. Both “copper” share indicators increased by about 7 percentage points YoY. This was attributable to the continued debottlenecking of two world-class copper mines, TFM and KFM, based on their existing six production lines. During the reporting period, the company’s copper production reached 741,100 mt, setting another record high and consolidating its position among the world’s top 10 copper producers. Based on the midpoint of production guidance, the completion rate was 118%, while maintaining double-digit growth of 13.99% YoY. Sales were 730,200 mt, up 5.90% YoY. Together with higher prices, copper revenue increased 31.63% YoY. Production of other products also exceeded expectations: niobium production hit a record high of 10,348 mt, with a completion rate of 103%; phosphate fertiliser production was 1.2135 million mt, with a completion rate of 106%; cobalt production was 117,500 mt, with a completion rate of 107%; molybdenum production was 13,906 mt, with a completion rate of 103%; and tungsten production was 7,114 mt, with a completion rate of 102%. In addition, the company recorded physical trading volume of 4.71 million mt, with a completion rate of 111%; IXM’s gross margin under IFRS was 2.11%, a recent high. The results of “cost reduction and efficiency improvement” became even more evident. Full-year operating costs were 157.229 billion yuan, down 11.56% YoY. In 2025, mining areas worldwide focused on key words such as innovation, technological transformation, and process optimisation, putting the concept of “refined operations” into practice. In Q4, TFM’s overall copper beneficiation and smelting recovery rate, equipment operating rate, and raw ore throughput all exceeded the calendar schedule; KFM established an ore characteristics database and ore blending model, lifting grinding efficiency by more than 30% YoY; at CMOC Brazil’s niobium segment, the recovery rates of two beneficiation plants rose by about 2 percentage points from the previous year, setting record highs; in China, recovery rates at Shangfanggou molybdenum and Sandaozhuang molybdenum and tungsten increased by 3.24 and 2.65, and 3.17 percentage points YoY, respectively, also reaching record highs. Centered on “multiple products, multiple countries, and multiple stages,” the company built a “copper + gold” dual-pole structure in 2025, adding gold resources last year. Together with the greenfield gold mine in Ecuador and four operating gold mines in Brazil, the company will have gold production capacity of 20 mt in South America by 2029. The Ecuador gold mine is expected to start production in 2029, with land acquisition and power supply assurance advancing rapidly; the Brazil gold mines achieved output above target in the first two months, and are expected to produce 6-8 mt of gold this year. Targeting copper production of 800,000-1 million mt in 2028, the company is building Phase II of the KFM project, which is expected to add annual copper capacity of 100,000 mt after coming into operation in 2027; TFM identified resource potential in relevant deposits, and preliminary preparations for Phase III construction are accelerating. In addition, the company completed the issuance of a $1.2 billion one-year zero-coupon convertible bond, broadening financing channels to support the implementation of its strategy. Alongside earnings growth, the company consistently practiced high-standard ESG principles. During the reporting period, ESG governance was further improved and digitalisation advanced; environmental performance led globally: the carbon emission intensity of its copper products was lower than that of 70% of mining companies worldwide, while the shares of renewable energy and water recycling increased further from 2024 to 38% and 89%, respectively; total global economic contribution reached 182.42 billion yuan, and global community investment was 488 million yuan. 2026 is a critical year for the company to fully implement its new development strategy and deepen platform-based operations and refined management. The company will further build a platform-based organisation: with the global supply chain centre as the pioneer, it will enhance synergies and cost competitiveness; relying on the “622” model, supplemented by multinational mine management experience and standardised business processes, it will improve its global control system. Centered on the “copper-gold dual poles,” the company will further transform its resource advantages into capacity and production advantages, while continuing to seek high-quality targets. With the goal of becoming a “globally leading, distinctive world-class mining company,” the company will continue to forge ahead in the mining industry.

According to foreign media reports, Ora Banda Mining increased the newly discovered resources at Round Dam tenfold in just over six months. The mining area is very close to the company's Davyhurst beneficiation plant in Western Australia. The Round Dam gold mine was discovered long ago, but its large gold system was not identified until August last year. In terms of resource classification, measured resources were 408,000 ounces, and inferred resources were 922,000 ounces.

Aurum Resources has significantly increased the resource estimate for its Boundiali gold project in the Republic of Côte d’Ivoire. The project now contains 3.03 million ounces of gold resources, representing a 26% increase. The project comprises multiple deposits, with open-pit mining feasible to a depth of 300 meters at a cut-off grade of 0.4 grams per mt, while deeper ore bodies have a cut-off grade of 1.5 grams per mt.

According to a report on Mining.com, Dateline Resources (DR) has gained further political support. With the public endorsement of Interior Secretary Doug Burgum, the company will develop the second rare earth mine in the US. On the 8th, Burgum stated in an interview with Fox News that the resumption of production at Colosseum, California, is a "critical link" in expanding the US's critical minerals supply chain. The project owner, DR, said that this endorsement "highlights the strategic significance of Colosseum in reducing the US's reliance on overseas rare earths." Previously, the Interior Department had already approved the company's mining plan. Shortly after Burgum publicly expressed his support, the management team, led by company manager Stephen Baghdadi, met with Burgum at the Interior Department headquarters in Washington, D.C., to discuss the next steps for the project. In a press release, DR stated that the discussion affirmed the significance of the mine to the US's rare earth supply chain, which is crucial for advanced technologies and national security, and that it is a known deposit in the US with the potential for "faster development." The Australian miner said that with the support of high-level officials from the US Department of Energy (DOE) and the proposed National Energy Dominance Council by Trump, Burgum "reiterated his commitment to accelerating rare earth production in the US, reflecting his special concern for the Colosseum rare earth mine." The Colosseum project is located along the WLT (Walker Lane Trend) in California, 10 kilometers north of Mountain Pass, the only operating rare earth mine in the US. The project has a long history, having been mined as early as the California Gold Rush. In the late 1980s, LAC Minerals conducted large-scale gold mining activities here, producing a total of 344,000 ounces of gold from two pits. The mine was closed in 1993. Subsequently, Barrick Gold acquired the project but only carried out minimal work over the next 20 years. In 2021, DR purchased the Colosseum project, reviewed the work of the U.S. Geological Survey (USGS), and attempted to identify radioactive indications within the Colosseum-Mountain Pass corridor. Based on the evaluation results, the company's team believes that its geological setting is similar to that of Mountain Pass. The Mountain Pass rare earth mine commenced production in 1952 and was a significant global rare earth producer from the 1960s to the 1990s. Technical evaluations indicate that rare earth-bearing ore is present within the boundaries of Colosseum. However, due to its proximity to the Mojave National Preserve, the mine has been on hold in recent years. Currently, Colossus has no rare earth resources, only gold resources compliant with the JORC 2012 standard, with two-thirds being measured and indicated resources. A 2024 scoping study indicates that the project has a mine life of over 8 years, with an annual gold production capacity of 75,000 ounces.

Western Gold (601069.SH) plans to invest 1.655 billion yuan to acquire 100% equity in Xinjiang Meisheng Mining Co., Ltd. (hereinafter referred to as "Xinjiang Meisheng"), a subsidiary of its controlling shareholder. Upon completion of the transaction, the company will increase its gold ore resources in mines by nearly 2.5 times, and the mine is expected to commence production in the second half of this year. Western Gold issued an announcement this evening, stating that the company and its controlling shareholder, Xinjiang Nonferrous Metal Industry (Group) Co., Ltd. (hereinafter referred to as "Xinjiang Nonferrous Metal"), had signed the "Cash Purchase of Assets Agreement" on May 7. Today, the two parties signed the "Supplemental Agreement (I) to the Cash Purchase of Assets Agreement" to acquire 100% equity in Xinjiang Meisheng held by Xinjiang Nonferrous Metal using its own funds and loans, with a transaction consideration of approximately 1.655 billion yuan, representing a premium of 1,421.66% compared to the book value. The company stated that Xinjiang Meisheng is currently expected to commence production in the second half of 2025. To fulfill the commitments made by Xinjiang Nonferrous Metal earlier, properly address potential horizontal competition issues, and given Western Gold's optimistic outlook on the development prospects of the mine project, both parties agreed that Western Gold would acquire 100% equity in Xinjiang Meisheng held by Xinjiang Nonferrous Metal in cash. Financial data shows that Xinjiang Meisheng achieved operating revenues of 276,700 yuan and 0 yuan in 2024 (audited) and Q1 2025 (unaudited), respectively, with net losses of 35.943 million yuan and 14.1621 million yuan. The announcement revealed that after Xinjiang Nonferrous Metal acquired 100% equity in Xinjiang Meisheng in 2021, Xinjiang Meisheng obtained ownership of the Katebaasu Gold-Copper Polymetallic Mine Project in Xinyuan County. Since the completion of the acquisition by Xinjiang Nonferrous Metal, Xinjiang Meisheng has not engaged in production or business activities, and thus has not generated any operating revenue from such activities. In terms of asset valuation, the asset-based approach was adopted for this transaction. As of December 31, 2024, the book value of Xinjiang Meisheng's net assets was 109 million yuan, with an assessed value of 1.655 billion yuan, resulting in an appreciation of 1.546 billion yuan. The appreciation primarily originated from intangible assets, with a book value of 1.397 billion yuan and an assessed value of 2.946 billion yuan, representing an appreciation rate of 110.89%. Based on the asset valuation report for this transaction, the book value of the mining rights included in the valuation scope and recorded as intangible assets was 1.165 billion yuan, involving a total of two mining rights, including the mining right for the Xinjiang Meisheng Katebaasu Gold-Copper Mine and the exploration right for the Xinjiang Xinyuan County Katebaasu Gold-Copper Polymetallic Mine. In terms of ore reserves, the Xinjiang Meisheng Katebaasu Gold-Copper Mine has proven total ore reserves of 25.67 million mt (including 78.7 mt of gold resources). Upon completion and reaching full production, the project will achieve a production scale of 4,000 mt/day, with an annual output of 1.2 million mt of ore and approximately 3.3 mt of gold metal. In addition to gold resources, there are 48,800 mt of copper metal content, 125,544.92 kg of associated silver, and 1.6624 million mt of associated sulfur element. As of the end of 2024, the resource volume of captive mines of Westgold Resources Co., Ltd. was approximately 32 mt, with reserves of about 12 mt, and annual gold production from mines was approximately 1 mt.

Zhaoyuan in Shandong Province, China's county with the highest "gold content," saw its total output value of the gold industry exceed 100 billion yuan last year, ranking first among all county-level cities nationwide. The region has established an entire gold industry chain, spanning from upstream exploration and mining, midstream smelting and processing, to downstream design and retailing. Amidst the current scenario where gold prices have repeatedly hit new historical highs, the city exudes an air of opulence. Recently, a reporter from Cailian Press visited this small city and engaged in discussions with numerous individuals involved in the local gold industry chain to understand their perspectives on gold price trends, the situation of upstream reserve and production increases, the recent developments in midstream smelting and processing, as well as the new trends emerging in the "time-honored" downstream gold jewelry sector. Upstream: Reserve and Production Increases in Progress The Jiaodong region, where Zhaoyuan is located, is China's largest gold ore concentration area, with proven gold resources exceeding 5,800 mt, accounting for 35% of the country's total reserves. Notable ore-controlling faults in the region include the Sanshandao Fault, Jiaojia Fault, Zhaoping Fault, and Jinniushan Fault. Among them, Zhaoyuan's gold resources are mainly distributed within the fault structures of the Zhaoping Fault Zone, with the Linglong ore field in the north being a world-class ore field with reserves exceeding 1,000 mt. Currently, Zhaoyuan boasts two gold mines under active exploitation that rank among China's top ten gold mines. One of them, the Linglong Gold Mine, belongs to Shandong Gold Group, while the other, the Xiadian Gold Mine, belongs to Zhaojin Group. In addition, enterprises such as China National Gold Group Corporation and Jindu State Investment also possess abundant resources in the local area. With the soaring international gold prices—which surged by 26.8% throughout last year and even exceeded $3,500 per ounce at one point this year—the topic of gold prices has begun to attract increasing discussions. Industry insiders in Zhaoyuan told Cailian Press, "The pricing mechanism of gold is based on credit, influenced by supply and demand dynamics, and underpinned by mining costs. From a medium and long-term perspective, the upward trend is evident." The sustained increase in gold prices has profound implications for gold mining enterprises. On one hand, the production cost per gram of gold for major domestic publicly listed gold firms mostly fell within the 200-300 yuan range last year, and the rise in gold prices directly boosted their profits. On the other hand, the increase in gold prices has made it economically viable to mine ore deposits with lower grades or higher costs, leading to significant reserve and production increases for gold mining enterprises. According to the 2025 Zhaoyuan Government Work Report, key local enterprises in Zhaoyuan "achieved remarkable results in reserve and production increases last year," implementing a total of 17 in-region exploration projects and 2 out-of-region M&A projects. The annual new gold reserves reached 178.2 mt, and self-produced gold output amounted to 28.1 mt, representing increases of 10.5% and 16.1%, respectively. The local target for 2025 is to strive for gold production to exceed 31.25 mt and to increase proven reserves by 33.3 mt. Midstream: Gold Bars in Undersupply Zhaoyuan is not only rich in gold ore resources but also serves as the country's largest base for gold intensive and deep processing. Zhaojin Refining, a subsidiary of Zhaojin Group, is the leading enterprise in the local deep-processing industry chain. It holds certifications from the Shanghai Gold Exchange, Shanghai Futures Exchange, and London Bullion Market Association as a "qualified refiner capable of producing standard gold and silver ingots." With an annual refining capacity of 200 mt of gold and 1,000 mt of silver, it ranks first in the industry in terms of gold refining production. Local industry insiders told Cailian Press that gold refining has become fully marketized, with thin profit margins. Core competitiveness depends on production and management efficiency. However, as gold prices doubled over the past two years, processing fees also rose significantly, leading to a substantial improvement in profitability and keeping the entire industry at a high prosperity level this year. Additionally, Zhaojin Refining collaborates extensively with major domestic banks in the field of gold deep-processing, offering comprehensive services including design, processing, distribution, repurchase, customization, and warehousing logistics for precious metal products. Since last year, there has been an "explosive" surge in public demand for investment gold bars, with orders pouring in continuously. Zhaojin Refining's gold bar production workshop once had its production schedule booked a month in advance, forcing workers to work overtime. Due to its heavy involvement in physical gold trading, upstream and midstream gold mining companies need to use "futures + options" combinations for risk hedging and price protection to mitigate market risks caused by gold price fluctuations. Seizing this opportunity, Zhaojin Group entered the futures market, and its subsidiary Shandong Zhaojin Investment Co., Ltd. became one of the largest gold traders on the Shanghai Gold Exchange, consistently ranking among the top three comprehensive members. This serves as a model for the integration of industry and finance in the gold sector. Downstream: Repositioning of Gold Jewelry The rapid rise in gold prices has not been universally welcomed in the gold industry chain, with some benefiting while others suffer—particularly downstream gold jewelry retailers. This is because when gold prices rise from low levels, the increase stimulates jewelry consumption. However, once prices reach a psychological high, further increases tend to suppress jewelry demand. Consequently, since H2 last year, typical gold jewelry stocks such as Lao Feng Xiang, Caibai Co., Ltd., and China Gold have generally faced declining performance and stock prices, starkly contrasting with the continuous climb in gold prices. However, against the backdrop of persistently high gold prices, will gold jewelry consumption inevitably continue to shrink? In Zhaoyuan, industry insiders hold differing views. "If you look at the three newly emerging jewelry brands—Laopu, Linchao, and Junpei—they remain completely unaffected by the surge in gold prices." The professional attributes this to the core strategy of brands like Laopu, which emphasize ancient-style gold jewelry with a focus on design, craftsmanship, and artistic value. These brands align with the current trend of Chinese aesthetic revival and psychologically "capture" consumers, making them view their purchases as luxury or collectible items, thereby desensitizing them to the relationship between product pricing and real-time gold prices. "This brings us a profound insight: the competition in the gold jewelry industry is increasingly focused on product strength and design. The new generation of consumers, including young people, place greater emphasis on the self-pleasing and collectible attributes of gold jewelry. Only by continuously exerting efforts in this dimension can we break through in an environment of high gold prices." Currently, Zhaojin Group is focusing on building its brand "Zhaojin Silver House" (formerly known as Zhaoyuan Silver Workshop, established in 1908). It has launched product series such as "Contemporary Treasure" and "Dunhuang Splendid Ornaments," attempting to secure a place in the fiercely competitive gold retail market through innovative designs that integrate traditional culture. In Zhaoyuan, beyond the traditional business models of gold mining, smelting, and retail, efforts are being made to explore more economic growth points centered around gold themes. Today, Zhaoyuan is promoting the deep integration of "gold + culture + tourism" offline, attempting to leverage the Gold Town to delve into the millennium-old gold culture and experience the intangible cultural heritage of the Song Dynasty. It is constructing a new pattern of integrated development of industry, culture, and tourism that encompasses "mining gold, making gold, playing with gold, buying gold, and exchanging gold," further cultivating a characteristic cultural tourism IP of "China's Gold Capital." Locals in Zhaoyuan say that the charm of gold lies in its heritage from antiquity, yet it always manages to remain fresh and relevant.

According to the Mining Journal, Oriole Resources' drilling program in Cameroon has yielded results, with an updated resource estimate for the Bebemi project and encouraging drilling results from the Mbe project. Last week, the company announced a 23% increase in the gold resource at its 90%-owned Bebemi gold mine, with 460,000 ounces of gold resources in the Bakassi Zone 1, averaging 2.06 grams per tonne (g/t) grade. This includes 100,000 ounces of indicated resources and 360,000 ounces of inferred resources. The central part of the indicated resources is suitable for the construction of an open-pit mine. In addition, drilling at the Mbe project encountered mineralization with grades as high as 25.77 g/t. To date, the company has completed 13 drill holes, with an additional one currently underway as part of the first phase of drilling. Next steps "The key now is to use the latest resource data to conduct a preliminary economic assessment and metallurgical testwork to obtain preliminary estimates of capital and operating costs," said Martin Rosser, the company's CEO. "An important thing, as mentioned in past and current announcements, is that we need to engage with the government to advance the development permit application submitted in the middle of last year." "So we will soon engage with the government to report on what has been achieved, what needs to be done next, and to advance the development permit application." A Competitive Investment Destination Cameroon has relatively few mining projects, but amid geopolitical tensions, the country is becoming more attractive for investment compared to other West African nations. "We are seeing a deterioration in the investment climate in some West African countries, with red flags appearing in some, making them no longer suitable for investment," Rosser said. "If a country wants to develop its mining industry and has introduced supportive policies, its attractiveness will increase." Rosser noted that mergers and acquisitions (M&A) in the mining sector are on the rise, as major miners seek to expand amid rising gold prices. "In particular, we have seen a significant amount of M&A activity in gold-rich West African countries." "We believe that as the number of acceptable countries is actually decreasing, people will start to show greater interest in Cameroon, which is good."

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.

John Paulson, a US billionaire and hedge fund manager, recently stated that against the backdrop of global political and economic turmoil, central banks will continue to increase their gold holdings, moving away from reliance on paper currency while achieving asset diversification. Paulson entered the hedge fund industry in the 1990s and shorted approximately $25 billion in mortgage-backed securities during the subprime mortgage crisis, earning his clients a massive profit of $15 billion, earning him the titles of "Wall Street Short King" and "Number One Hedge Fund Manager." Paulson is also one of Wall Street's most steadfast supporters of gold. He believes that as investors flee US stocks, bonds, and the US dollar, turning to safe-haven assets, the escalating global trade war has cast a shadow over economic prospects, and gold is "entering a whole new valuation level." Paulson told the media, "This trend will continue, and its strength will depend on political dynamics." Earlier in the day, influenced by Trump's pressure on the US Fed to cut interest rates, spot gold prices briefly surpassed $3,500 per ounce, setting a new historical high. Since the beginning of the year, spot gold prices have accumulated a nearly 30% increase, outperforming most mainstream assets. Spot Gold Price Daily Chart Shortly before the press release, White House Press Secretary Caroline Levitt stated that Trump believes the Fed's policy actions are politically motivated, and Trump has the right to express his dissatisfaction with the Fed. Trump hopes the central bank will lower interest rates and also wants the US dollar to maintain its status as the world's reserve currency. However, some analysts believe that the global financial system is undergoing a transformation, the old order is beginning to collapse, and the US dollar's status as the global reserve currency is no longer so unquestionable. Gold is being quietly remonetized by global central banks, not as a safe-haven tool, but as a foundational reserve asset. Paulson also pointed out that strong buying by central banks will be a key driver of the speed of gold price increases, "The main driver of gold demand is central banks increasingly seeking to move away from the paper currency system and allocate gold as a reserve currency. I believe this trend will not change." For a long time, Paulson has been bullish on gold, and he has also made significant investments in mining companies through his family office. Just today, he partnered with Novagold Resources to invest $1 billion to acquire a 50% stake in a gold mining project in Alaska owned by Barrick Gold. Some analysts believe this deal reflects Paulson's bet that under the Trump administration, large resource projects in the US will face a favorable development environment. On the other hand, it may mean he believes Trump's policies could severely impact US dollar assets, hence his bullish stance on gold. It is worth mentioning that Paulson has been a staunch supporter of Trump for many years and was a "super donor" for Trump in the 2024 election. Trump once mentioned during a campaign event that Paulson was a potential candidate for Treasury Secretary. Although Paulson supports tax cuts and deregulation, he believes trade "benefits the global economy," and tariffs are "a blunt tool to create a level playing field." Additionally, Paulson's attitude towards the Fed is milder than Trump's.

【Price Surge Spurs Global Gold Industry Asset M&A Rise】 According to Mining.com, data from S&P Global shows that in 2024, gold once again became the largest mineral in global mining industry mergers and acquisitions, accounting for 70% of total M&A cases and value. S&P tracking data revealed that in 2024, there were 43 gold M&A cases globally, compared to 19 for base metals. The gold M&A value reached $19.31 billion, nearly three times that of base metals at $7.23 billion.