June 17, 2025 News: It has been disclosed that Oman decided to implement reforms on May 27, 2025, to enhance the value of its mineral resources. Despite the increasing production of minerals in Oman, the value of its minerals has been severely underestimated due to the increase in mineral traders and the lack of professional sales strategies. As of now, Oman has 15 valid gypsum mining licenses, with production reaching approximately 14 million mt in 2024. It also has 29 chrome mining licenses, with production of around 300,000 mt. The planned reforms are as follows: (1) Establish a state-owned subsidiary based on the Oman Mineral Development Company (MDO), named the Oman Mineral Trading Company. The main role of this subsidiary is to centralize the management of exports, standardize contracts and specifications, and negotiate with buyers according to professional standards to increase the average export price of minerals and boost national revenue. (2) Issue relevant regulations: For the export of gypsum and chrome ore, priority should be given to domestic market demand before considering export business. The exported chrome ore must have a minimum grade of 36%, while processed chrome can be exported at various grades, provided that government approval is obtained. (3) Oman's current reforms provide a one-year transition period for existing mineral transactions to resolve existing contract issues. The Oman Mineral Trading Company will begin promoting the registration plan for buyers and sellers in the mineral export trading system in Q3 2025. This system includes registration procedures, procurement contracts, a global benchmark pricing mechanism, and logistics services. The system will be officially activated and used in May 2026.

[SMM Tin Midday Review: A Tug-of-War Between Supply-Demand Imbalance (Disruptions in Myanmar and Africa) and Off-Season Demand; SHFE Tin Prices May Remain High and Rangebound in the Afternoon] As of midday today, the most-traded SHFE tin contract (SN2507) was quoted at 265,840 yuan/mt, up slightly by 0.81% from the previous trading day, continuing to fluctuate rangebound. Slow Resumption of Production in Myanmar's Wa Region: Despite the initiation of production resumptions at the end of April, strict logistics inspections at the China-Myanmar border and extended processing times for mining licenses have delayed the actual increase in tin ore output until July. Starting from June 4, the Thai government has banned the transit of tin ore through Myanmar, which is expected to affect domestic imports by approximately 500-1,000 mt (metal content) in June, exacerbating the tight raw material supply for smelting.

On June 10 (Tuesday), Indonesia's Energy Minister, the world's major nickel ore producer, stated on Tuesday that Indonesia had revoked the mining licenses of four mining companies in Raja Ampat, Papua, its easternmost region, following strong public protests over concerns about the environmental impact of these companies.

[SMM Tin Midday Review: Slow Pace of Production Resumptions in Myanmar's Wa Region; SHFE Tin Prices May Fluctuate Rangebound in the Afternoon]​​ The most-traded SHFE tin contract (SN2507) opened slightly higher this morning and then oscillated and pulled back​​. By the midday close, it was quoted at 264,020 yuan/mt, up 0.44% from the previous trading day. Market trading activity was moderately weak, with bulls and bears continuing to battle around the 264,000 yuan/mt mark. Slow Pace of Production Resumptions in Myanmar's Wa Region​​: Although the production resumption process was initiated at the end of April, the actual ramp-up time may be postponed to July due to strict logistics inspections at the China-Myanmar border and prolonged processing times for mining licenses. Market rumors suggest that the first batch of export licenses has been issued, but it will still take 1.5-2 months for ore to be transported to China, with port arrivals in June expected to decline significantly. Limited Increase in African Supply​​: Although the Bisie mine in the Democratic Republic of the Congo (DRC) has resumed production in phases, its 2025 production guidance has been revised down from 20,000 mt to 17,500 mt. Moreover, with a shipping period of 45-60 days, the actual port arrivals in June will provide insufficient support for domestic smelting operations.​​ Midday Summary​​: SHFE tin prices are short-term influenced by disruptions in ore supply and fluctuating macro sentiment. However, the off-season demand and inventory pressure limit the rebound height, and prices may fluctuate rangebound in the afternoon.

[SMM Tin Midday Review: SHFE Tin Supported by Ore Supply Tightness and Macro Sentiment in the Short Term, but Rebound Limited by Off-Season Demand and Inventory Pressure]​​Tightness in tin ore supply persists​​: Although the Wa region of Myanmar initiated production resumption procedures at the end of April, the actual capacity release fell short of expectations due to strict inspections at the China-Myanmar border and slow progress in obtaining mining licenses. Despite phased production resumption at the Bisie tin mine in the Democratic Republic of the Congo (DRC), the long transportation cycle for African ore sources (approximately 1.5-2 months) has limited port arrivals in June. Off-season effects emerge in the electronics industry​​: June is a traditional off-season for consumer electronics, with solder companies experiencing weaker orders MoM. Demand for PV welding strips has declined due to a slowdown in installation growth. However, accelerated substitution of domestic semiconductors and demand for AI chips have provided marginal support for high-purity tin.

At the beginning of April, SHFE tin prices fell sharply under pressure due to the escalation of trade conflicts. However, as tariffs were suspended, tin prices rebounded, recovering previous losses and returning to levels before the supply disruptions of tin ore in the DRC. Nevertheless, the market reacted strongly to rumors last week about production resumptions and fee payments in the Wa region, causing tin prices to break through support levels and continue to weaken at the beginning of this week, with the most-traded contract falling below the 250,000 mt threshold. Currently, these market rumors remain unverified. According to SMM, few enterprises are paying fees to obtain mining licenses, with many adopting a wait-and-see attitude, and most major mining traders have not paid management fees. Moreover, the current inspections at the China-Myanmar border are stringent, and the entry procedures for most large-scale equipment and relevant mining personnel are complex. Therefore, the current pace of production resumptions in the Wa region may fall short of market expectations. So, does the current tin price still have the momentum to continue declining? Tight Actual Supply of Tin Ore, with Increasing Expectations for Future Increases In recent years, speculation on SHFE tin has mainly revolved around supply, as tin is a relatively scarce metal with limited content in the Earth's crust and a high degree of supply concentration, primarily distributed in China, Indonesia, Myanmar, Australia, and other regions. After Myanmar suspended tin ore mining on August 1, 2023, global tin resources have been in a relatively tight supply situation. Consequently, the market is highly sensitive to supply-side information, with any slight changes triggering significant market fluctuations. In the early stages of Myanmar's mining ban, China's tin ore imports remained at a relatively high level due to the availability of ore inventory for export. However, as inventory was depleted, China's tin ore imports plummeted from Q2 last year, and the issue of tight domestic tin ore supply has become increasingly prominent. During this period, Chinese enterprises actively sought alternative resources from other countries. However, due to limited global new tin ore discoveries in recent years, the tight resource situation has not been alleviated. Among them, the Bisie mine, owned by Alphamin in the DRC, is the largest mine in Africa and the third largest globally. The mine has two projects: the Mpama North project operates steadily, while the Mpama South project commenced production on May 17 last year, making it the largest among the newly commissioned projects last year. Tin ore from the DRC has also become an important source of tin ore imports for China, currently accounting for about 30%. Production at the Alphamin mine was suspended for over a month in March due to local armed conflicts but gradually resumed in early April. The production interruption at the Alphamin mine, which only recovered about 1,290 mt of tin metal, may result in a supply gap of approximately 2,000-3,000 mt. Currently, Alphamin has revised its tin production guidance for the 2025 fiscal year downward from 20,000 mt to 17,500 mt. Since the beginning of this year, the resumption of tin ore production in Myanmar has gradually been put on the agenda. On February 26, the Wa State Industrial and Mineral Resources Administration issued the document "Procedures for Applying for Mining, Beneficiation Plant, and Prospecting Licenses," which explicitly stipulated the process for applying for licenses in mining areas. On the morning of April 23, 2025, the Wa State Industrial and Mineral Resources Administration held a special symposium on the resumption of production at the Mansang mine. The meeting announced relevant documents and clarified the work procedures. However, after the symposium, the authorities had not yet issued a clear signal for a full resumption of production. On May 27, market news emerged that the first batch of tin ore from Myanmar's Wa State had reportedly obtained export licenses, but the authenticity of the rumors was questionable. Even if production resumption were confirmed, the first batch of tin ore would not enter the market until at least the end of June. Currently, tin ore supply is tight, and domestic tin concentrate treatment charges (TCs) remain at historically low levels. As of May 30, the tin concentrate TC for 40% grade ore in Yunnan was 11,000 yuan/mt, and for 60% grade ore in Jiangxi, Guangxi, and Hunan was also 11,000 yuan/mt, approaching the cost line of smelters and severely squeezing profit margins. The shortage of raw material supply has affected the production of smelters. According to SMM data based on market-adjusted processing figures, in May 2025, China's refined tin production decreased by 2.37% MoM and 11.24% YoY. The continuous tightening of the tin concentrate and scrap tin supply chains has imposed rigid constraints on capacity, leading to a slight decline in the overall operating rate of domestic smelters. As of May 30, the operating rates of refined tin smelters in Yunnan and Jiangxi, two major tin-producing provinces, remained at low levels, with a combined operating rate of 54.58%. Regionally, in Yunnan, the shortage of raw materials and cost pressures are intertwined. Raw material inventories at Yunnan smelters are generally below 30 days, with some enterprises facing inventory backlogs due to high-priced stockpiling in the early period. However, weak downstream demand has made it difficult to sell goods, resulting in sluggish spot premium transactions. Some smelters in core production areas such as Gejiu have entered seasonal maintenance or production cuts due to raw material shortages and cost pressures. In Jiangxi, since the beginning of the year, the local scrap tin recycling volume has consistently been below 70% of the annual average, mainly due to the US imposing high tariffs on Chinese electronics, leading to a contraction in solder export orders and a reduction in scrap sources. Some enterprises have been forced to implement long-term production cuts due to insufficient scrap, with some capacity potentially exiting the market permanently. In Inner Mongolia, production slightly rebounded in May due to production issues at captive mines, but it has not yet returned to previous levels. Production areas such as Anhui have continued to experience operating rates below expectations due to shortages of scrap and tin concentrates. Based on SMM estimates, refined tin production is expected to decrease by 4.58% MoM in June, with some smelters in Yunnan and Jiangxi planning to halt production for maintenance. Overall, tin ore supply in June is unlikely to see significant recovery. However, the period of the tightest global tin supply is about to pass, and the market will enter a verification phase for the improvement of the supply-demand gap. Close attention should be paid to the return of tin ore from Africa and the resumption progress of tin ore production in Myanmar. There is a lack of significant incremental demand in the downstream sector. Global semiconductor sales exhibit cyclical changes. The current semiconductor cycle bottomed out in February 2023, with YoY growth in sales turning positive in November 2023. Since then, the growth rate has been climbing, but it gradually slowed down after October 2024. Currently, the absolute amount of global semiconductor sales remains at a high level. Sales began to pull back slightly from December 2024 and saw a slight MoM rebound in March 2025. This global semiconductor cycle is driven by AI computing power construction, primarily in advanced manufacturing processes. Therefore, the core beneficiaries are concentrated overseas, while domestic capacity is mainly in mature manufacturing processes, offering limited impetus. The downstream semiconductor industries in China are more concentrated in areas such as consumer electronics and automotive. From January to April 2025, domestic mobile phone shipments reached 94.708 million units, up 3.5% YoY. Overall, China's policy subsidies have further boosted market consumption, and the Chinese smartphone industry has shown steady growth from January to April 2025. The recent 618 shopping festival has already kicked off and is expected to support stable end-use consumption electronics. However, the market is expected to gradually enter the off-season for demand in July and August. Enterprises may slow down their stockpiling pace, and it is anticipated that downstream demand for raw materials such as tin will also drop back slightly. Whether there will be an outperformance in demand this year remains to be seen, depending on whether AI blockbuster products emerge in the consumer electronics sector. In recent years, the new demand for tin solder has mainly been reflected in PV solder, currently accounting for over 10%. According to data released by the National Energy Administration, the installed power generation capacity for solar energy from January to April 2025 was 990 million kW, up 47.7% YoY. The significant growth in new PV installed capacity is primarily driven by the installation rush driven by policy timelines. In January 2025, the National Energy Administration issued the "Administrative Measures for the Development and Construction of Distributed PV Power Generation," clarifying that April 30, 2025, is the demarcation point for the implementation of new and old policies. Existing projects that completed their filings before this date will still enjoy the original subsidy and grid connection policies, while new projects will fully implement market-based rules thereafter. On February 9, 2025, the National Development and Reform Commission (NDRC) and the National Energy Administration jointly issued the "Notice on Deepening the Market-Oriented Reform of New Energy On-Grid Tariffs to Promote High-Quality Development of New Energy." Starting from May 31, 2025, incremental distributed PV projects will fully enter the market. All new projects will, in principle, have their entire electricity output traded in the power market, with electricity prices formed through market bidding, and subsidies will completely exit the historical stage. Meanwhile, a "price settlement mechanism for the sustainable development of new energy," namely, a "refund for excess, supplement for shortfall" differential settlement mechanism, has been established to stabilize revenue expectations. To capitalize on the two major policy periods of "430" and "531," downstream enterprises initiated an installation rush, driving a significant YoY increase in domestic newly installed PV capacity in April. However, projects connected to the grid after May 31, 2025, are required to fully comply with the new regulations. It is expected that the growth rate of PV installation capacity will subsequently slow down, which will also drag down the demand for tin. Meanwhile, market consumption in traditional sectors such as tinplate and PVC heat stabilizers remains stable. Downstream enterprises are highly sensitive to price changes. Recently, with the decline in tin prices, market sentiment for stockpiling has improved, and downstream procurement demand has rebounded. However, finished product inventories in some markets remain at relatively high levels, ultimately limiting the boost to raw material procurement by downstream enterprises driven by growth in end-user market demand. Overall, the increase in tin concentrates in June is expected to be relatively limited, so the supply will remain slightly tight in the short term. However, the supply of raw materials is expected to gradually improve, and the market will subsequently enter a verification period for the improvement of the supply-demand gap. Close attention should be paid to the return of tin ore from Africa and the production resumption progress of tin mines in Myanmar. On the demand side, the market is about to enter the off-season, with weak expectations for demand growth, making it difficult to effectively boost tin prices. Therefore, in the short term, under the expectation of increased supply, there may be downward pressure on the central tendency of the market, but constrained by the current situation where the shortage of tin ore has not significantly eased, market trends may fluctuate. However, from a long-term perspective, the AI industry cycle has not yet ended. If there is a surge in demand from AI end-users, it is expected to significantly drive up tin demand. At that time, the growth rate of supply may lag behind the resilience of demand, and the downside room for tin prices in the medium and long term will be limited. Nevertheless, there is still uncertainty in current trade policies, and caution should be exercised against significant disruptions to tin prices caused by macro factors. (Wenhua Comprehensive)

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.

Weak supply and demand in fundamentals, short-term fluctuations in tin prices, "waiting for the wind" - macro factors may become the key to breaking the deadlock!

Following Amara Camara's remarks, Ousmane Gaoual Diallo, the Minister of Transport and Government Spokesperson of the Republic of Guinea, further elaborated on the reasons for revoking the mining rights of certain local enterprises. The government spokesperson emphasized that these measures were not intended as punishment but rather to enhance the efficiency and credibility of the mining sector. He added that the goal was to rebuild the mining sector to ensure greater compliance with regulations. "These measures are neither impromptu nor arbitrary (...). We must remember that contracts are involved, with commitments from both parties. When one party defaults, the legal process and our mining laws provide mechanisms for the state to reclaim its rights or for companies that have been wronged to appeal. Therefore, we are taking these measures to ensure the proper enforcement of the law and to send a positive signal to all investors," stated Ousmane Gaoual Diallo. Miners whose mining rights have been revoked have the possibility of appealing, but… Within a week, the Guinean authorities revoked nearly 200 non-compliant mining licenses and reclassified them as strategic reserve areas. According to the government spokesperson, companies whose licenses have been revoked have the right to appeal. "The President wants to ensure that once you have signed a commitment, or he has signed a commitment on behalf of the people of Guinea, both parties must adhere to it. This way, everyone can develop a habit of compliance. Therefore, this is not a punishment but a move towards transparency and the rebuilding of economic relations to ensure that all initiatives serve the country's development. Currently, if there is a default, the parties involved still need to fulfill their respective payment obligations, but this will not affect the validity of the commitments made previously. This means that if a company has committed to paying a certain amount of taxes to the state annually and contributing to local development, we will ensure that these commitments are fulfilled," he said. The Minister of Transport clarified that companies that have lost their licenses have the opportunity to reapply when concessions in the mineral market are opened up. However, he emphasized that this would come with certain conditions. "For companies that are ready or meet the criteria, we will not impose restrictions. Because we are not implementing a policy of sanctions; we are rebuilding the economic system and strengthening territorial sovereignty. If you meet the criteria for regaining a concession tomorrow, we will not object. However, if the license was revoked due to multiple violations, you will not be able to obtain a license again. We will ensure that all regulations of the Mining Commission are strictly enforced," he explained. Related Reading: Repeatedly Nearing the Daily Price Limit! Guinea's Mining Disruptions Stimulate Alumina Futures Surge - Pay Attention to These Risk Points [SMM News Flash] Resonance Between Fundamentals and Positive News!Alumina main contract hits a new high in over a month; how far can the comeback journey go? [SMM Flash News]

[SMM Monthly Outlook: LME and SHFE Tin Prices Decline for Two Consecutive Months; With Intensified Macroeconomic Game, the Pace of Production Resumptions in Major Producing Regions Becomes the Core Variable Affecting Tin Price Trends] Unlike the sharp decline in tin prices in April, tin prices in May generally fluctuated rangebound. As May month-end approached, despite the short-term tight supply situation of tin ore not yet improving, market expectations for supply recovery due to the gradual resumption of production at tin mines in Myanmar's Wa region and the DRC increased. Additionally, uncertainties surrounding the US tariff policy led to a cooling of market risk appetite, resulting in a significant correction in tin prices. As of around 18:10 on May 30, LME tin fell by 1.56% to $30,750/mt, with a temporary monthly decline of 1.91% in May; SHFE tin dropped by 2.87% to 250,300 yuan/mt, with a monthly decline of 4.39% in May.