On July 3, JL MAG Rare-Earth's share price rose, closing 3.79% higher at 34.25 yuan per share. On the news front, JL MAG's H1 performance forecast released on July 1 showed: net profit attributable to parent for H1 2026 is expected to be 400 million to 460 million yuan, up 31.17% to 50.84% YoY. Regarding the reasons for performance changes, JL MAG stated in an announcement: 1. In H1 2026, the management adhered to the annual operating policy of "adhering to compliance and regulations, being customer-oriented, focusing on the magnetic materials main business, constructing 20,000 mt of new capacity on schedule, actively deploying embodied robot motor rotors, and reaching new heights." Through measures including technological innovation, organizational optimization, digitalization, and lean management, the company ensured full contract fulfillment and delivery to customers while achieving steady business growth. The company continued to strengthen its leading position in new energy and environmental protection sectors and actively explored emerging markets, with revenue expected to increase by about 30% YoY. Specifically, revenue from the NEV and auto parts sector rose about 30% YoY; in the robot and industrial servo motor sector, revenue rose about 90% YoY, with small-batch deliveries of embodied robot motor rotors already underway. 2. During the reporting period, non-recurring gains and losses are expected to impact net profit by approximately 32.00 million yuan, compared to 70.9405 million yuan (after tax) in the same period last year. 3. In this reporting period, due to A-share and H-share equity incentives as well as H-share convertible bond issuance, total related share-based payment expenses and financial expenses amounted to about 121 million yuan. There were no such expenses in the same period last year. A recent JL MAG announcement shows: to implement the company's development strategy and strengthen comprehensive competitiveness, it plans to acquire a 9.24% equity stake in Baotou Rare Earth Products Exchange Co., Ltd. held by China Northern Rare Earth, through public listing and transfer on the Inner Mongolia Property Rights Exchange Center . According to the valuation report issued by Northern Yashi Asset Evaluation Co., Ltd., as of the valuation date December 31, 2025, the total equity value of the exchange under the market approach was 239.00 million yuan, representing an appreciation of 27.8551 million yuan, or 13.19%, over the net asset book value of 211.1449 million yuan. The expected transaction price for the subject equity is 22.0836 million yuan. Under the Shenzhen Stock Exchange ChiNext Listing Rules and the company's articles of association, this external investment falls within the CEO's approval authority. This investment does not constitute a related party transaction, nor does it constitute a material asset restructuring as defined in the *Administrative Measures for the Material Asset Restructuring of Publicly Listed Firms*. Regarding the company's main business and product applications, JL MAG Rare-Earth introduced in its 2025 annual report: The company is a high-tech enterprise integrating R&D, production, and sales of high-performance NdFeB permanent magnet materials, magnetic assemblies, embodied robot motor rotors, and comprehensive utilization of rare earth recycling. It is a leading supplier of rare earth permanent magnet materials in the new energy and environmental protection sectors. The company’s products are widely used in NEVs and auto parts, energy-saving variable-frequency air conditioners, wind power generation, robotics and industrial servo motors, 3C, low-altitude aircraft, energy-saving elevators, rail transit, and other fields, and it has established long-term and stable cooperative relationships with industry leaders both in and outside China in these sectors. The company actively positions itself in the robotics field. On one hand, it collaborates with internationally renowned technology companies to conduct R&D and capacity building for embodied robot motor rotors, with small-batch product deliveries already made. On the other hand, through direct investment or participation in industry funds, it strategically lays out key links in the relevant industry chain to accelerate industrial synergy and commercialization. Regarding the operating plan for 2026, JL MAG Rare-Earth introduced in its 2025 annual report: The company's operating policy for 2026: "Adhere to legal compliance, adhere to client orientation, focus on the magnetic material main business, build 20,000 mt of new capacity on schedule, actively position embodied robot motor rotors, and scale new peaks." Based on this operating policy and under the premise of legal compliance, the company will focus on advancing the following tasks: 1. Orderly release of capacity under construction. In 2026, some of the company's projects under construction will gradually release capacity. The specific release progress will consider factors such as equipment commissioning and market demand, advancing the commissioning and ramp-up of new capacity in an orderly manner. 2. Continuous improvement of R&D capabilities. 3. Continuous optimization of the product mix. The company will continue to enrich its product matrix for different application scenarios based on client needs, enhancing product structure resilience and client stickiness. Meanwhile, it will steadily advance the layout of projects such as magnetic assemblies and embodied robot motor rotors, equip dedicated production lines and professional teams, and drive the upgrade of small-batch pilot lines to large-scale, standardized manufacturing and quality systems. 4. Continuous improvement of operational capabilities. 5. Strengthening capital expenditure efficiency. 6. Improving incentive mechanisms and shareholder returns. 7. Advancing the construction of the ESG system. Regarding potential risks the company may face, when introducing the risk of rare earth raw material price fluctuations, JL MAG Rare-Earth stated: Rare earth metals are the main raw materials for producing NdFeB magnets. China is an important global supply base for rare earth raw materials, and wild swings in rare earth raw material prices will adversely affect the company's production and sales in the short term. Mitigation measures: The company has built production plants in Ganzhou, Jiangxi, the main production area for heavy rare earth, and in Baotou, Inner Mongolia, the main production area for light rare earth. The company has established long-term cooperative relationships with major rare earth raw material suppliers, including China Northern Rare Earth Group and China Rare Earth Group. Meanwhile, through measures such as procuring rare earth raw material in advance based on orders on hand, establishing price adjustment mechanisms with key clients, optimizing formulations, and improving processes, the company strives to reduce the adverse impact of rare earth raw material price fluctuations on its operating performance. A review of Pr-Nd alloy’s price performance in H1 this year shows : The average price of Pr-Nd alloy on June 30 was 905,000 yuan/mt. Compared with its average price of 735,000 yuan/mt on December 31, 2025, the increase in H1 this year was 23.13%. The annual daily average price of Pr-Nd alloy in H1 this year was 904,650.86 yuan/mt. Compared with its annual daily average price of 529,559.83 yuan/mt in H1 2025, the semiannual daily average price rose by 375,091.03 yuan/mt, up 70.83% YoY. According to SMM quotations: On July 3, the Pr-Nd alloy price was 920,000-930,000 yuan/mt, with an average of 925,000 yuan/mt, up 1.09% from the previous trading day. Currently, rare earth market prices overall are showing a broad upward trend. Driven by a marked increase in market trading activity on July 2, low-priced supply of Pr-Nd oxide tightened, and suppliers of oxides raised their quotations one after another. However, overall inquiry activity in the market declined somewhat compared with yesterday, and actual transactions were not ideal. In the metal market, supported by oxide costs, prices also rose. However, downstream magnetic material enterprises made fewer inquiries, and metal enterprises were not very proactive in offering quotations, resulting in a generally sluggish trading atmosphere and relatively strong wait-and-see sentiment. In the short term, affected by the tightening of low-priced supply in the market, Pr-Nd product prices are expected to drift higher amid consolidation. Recommended reading:

On July 1, the stock price of Xingye Silver&Tin rose. As of the close on July 1, Xingye Silver&Tin gained 0.24% to 33.04 yuan per share. In terms of news: On June 30, Xingye Silver&Tin announced that its wholly-owned subsidiary, Xingye Gold (Hong Kong) Mining Co., Ltd., through its subsidiary, Atlantic Tin Pte. Ltd., currently holds 3,180,525 shares (75% equity) of Atlas Tin SAS (hereinafter referred to as the “Target Company”), making it the controlling shareholder of the Target Company. To fully control the project resources and rights, maximize the release of value from the tin ore assets, and enhance core competitiveness and sustainable operations, the company intends to acquire, through a newly established subsidiary outside China (not yet established, subject to final registration of equity transfer), the aggregate 1,060,175 shares (the remaining 25% equity) of the Target Company held by Toyota Tsusho Corporation and Nittetsu Mining Co., Ltd. (collectively, the “Counterparties”). As the new overseas subsidiary has not yet been incorporated, the company and its wholly-owned subsidiary Xingye Gold (Hong Kong) will first sign a Share Purchase Agreement with the Counterparties, which stipulates that the acquisition will be completed by an entity designated by the acquirer. On June 30, 2026, the company and Xingye Gold (Hong Kong) completed the signing of the Share Purchase Agreement with the Counterparties. Upon completion of this transaction, the company will indirectly hold 100% equity of the Target Company through its subsidiaries, achieving full ownership. Details of the acquisition are as follows: 1. The company will designate a newly established overseas subsidiary (not yet established, subject to final registration of equity transfer) as the transferee to acquire 848,139 shares (20% equity) of the Target Company held by Toyota Tsusho Corporation for a consideration of $15,300,000, funded by its own funds or self-raised funds. 2. Xingye Gold (Hong Kong), a wholly-owned subsidiary, will designate a newly established overseas subsidiary (not yet established, subject to final registration) as the transferee to acquire 212,036 shares (5% equity) of the Target Company held by Nittetsu Mining Co., Ltd. for a consideration of $7,813,570, funded by its own funds or self-raised funds. These two transactions together will acquire a total of 1,060,175 shares, representing 25% equity of the Target Company, for an aggregate consideration of $23,113,570. The transaction is accompanied by the signing of a Termination and Release Agreement, which will fully terminate the original Shareholders' Agreement of the Target Company upon completion of the closing, clarifying the historical rights and obligations of all parties. Regarding the mining rights of the transaction target, Xingye Silver&Tin introduced that the Target Company holds the Achmmach tin mine project, with the following details: 1. Basic Information of Mining Rights 2. Achmmach Tin Ore Resources In May 2026, Beijing SRK Resource Technology Co., Ltd. prepared the “Morocco Achmmach Project Competent Person's Report” in accordance with the JORC Code. As of December 31, 2025, with an underground mining tin cut-off grade of 0.27%, the mineral resources of the Achmmach project are as follows: The acquisition of all remaining equity held by the Japanese shareholder aims to achieve full ownership of the target company, terminate the original shareholder agreement, streamline the governance structure and enhance decision-making efficiency, secure full control of project resource rights and interests, maximize the release of value from the tin ore assets, strengthen synergy between operations in and outside China, and align with the company's global resource deployment strategy. Xingye Silver&Tin also outlined the impact of this transaction on the company: the target company has been included in the consolidated financial statements, and this acquisition of minority equity will not have a material impact on the company's current-period profit. In the future, all net profit of the target company will be attributable to shareholders of the publicly listed firm, continuously enhancing earnings attributable to parent company shareholders. The company has ample liquidity reserves, and there is no obstacle to paying the transaction consideration, which will not have a material adverse impact on the liquidity of daily operating funds. Following full ownership, the company can coordinate and advance mine construction and operations, leverage its mining development and management experience, accelerate project implementation, solidify tin resource reserves, and have a positive effect on the company's long-term operating performance. On June 26, Xingye Silver&Tin stated on an interactive platform while responding to investor inquiries that secondary market stock prices are affected by multiple factors such as the macro environment, industry cycles, and market sentiment. The company attaches great importance to secondary market performance, will continue to strengthen investor relations management and market communication, actively carry out information dissemination and market capitalization management, and earnestly safeguard the legitimate rights and interests of all shareholders. On June 26, Xingye Silver&Tin stated on an interactive platform while responding to investor inquiries that, in accordance with the JORC Code, the Competent Person SRK uses only the current Measured and Indicated Mineral Resources as the basis for ore reserve conversion and production scheduling. However, in actual operations, through ongoing production drilling and exploration activities, the company may upgrade a portion of Inferred Mineral Resources and subsequently incorporate them into the actual mine mining and processing plan. Furthermore, the stope shapes generated by SRK using Deswik software through stope optimization may not align with the stope layout adopted in the company's daily production planning. Therefore, the company's future actual production schedule and operational performance may differ from the production schedule and related forecasts presented by SRK. On the performance front: Xingye Silver&Tin disclosed in its Q1 report that from January to March 2026, the company achieved operating revenue of RMB2,129.8691 million, up 85.32% YoY; net profit attributable to shareholders of the listed company was RMB1,337.6722 million, up 257.32% YoY. As of March 31, 2026, the company's total assets amounted to RMB19,688.8316 million, and net assets attributable to shareholders of the listed company were RMB10,825.4666 million. Operating Revenue Composition: For January to March 2026, the operating revenue of the company's main mineral products as a share of total operating revenue was as follows: ore-derived silver revenue was RMB1,410.1104 million (66.21%), ore-derived tin revenue was RMB234.0354 million (10.99%), ore-derived zinc revenue was RMB228.1249 million (10.71%), ore-derived lead revenue was RMB71.8509 million (3.37%), ore-derived antimony revenue was RMB53.1029 million (2.49%), ore-derived gold revenue was RMB51.0181 million (2.40%), ore-derived iron revenue was RMB44.1733 million (2.07%), ore-derived copper revenue was RMB35.6489 million (1.67%), and ore-derived indium revenue was RMB0.5241 million (0.02%). Among these, the combined operating revenue share of ore-derived tin and ore-derived silver reached 77.19%. Xingye Silver&Tin's Q1 report announcement stated: operating profit for the current period increased 238.16% YoY, total profit increased 236.36% YoY, and net profit attributable to owners of the parent company increased 257.32% YoY. The main reasons: During the reporting period, the selling prices of the company's main mineral products such as silver and tin rose compared with the same period last year; Yubang Mining's capacity was gradually released, leading to significant YoY increases in ore-derived silver production and sales volume; and the disposal of a 60% stake in Shuangyuan Nonferrous generated investment income of RMB321 million. Xingye Silver&Tin's 2025 annual report shows that in 2025, the company achieved operating revenue of RMB5,555.2536 million, up 30.09% YoY; total profit of RMB2,096.2370 million, up 18.75% YoY; and net profit attributable to shareholders of the listed company of RMB1,704.2393 million, up 11.40% YoY. Xingye Silver&Tin’s announcement shows: In 2025, the operating revenue of the company's main mineral products as a share of total operating revenue was as follows: ore-derived silver revenue was RMB2,175.7825 million (39.17%), ore-derived tin revenue was RMB1,649.6398 million (29.70%), ore-derived zinc revenue was RMB975.8673 million (17.57%), ore-derived lead revenue was RMB220.9450 million (3.98%), ore-derived iron revenue was RMB180.3799 million (3.25%), ore-derived copper revenue was RMB133.0043 million (2.39%), ore-derived antimony revenue was RMB100.3568 million (1.81%), ore-derived gold revenue was RMB82.3402 million (1.48%), and ore-derived bismuth revenue was RMB16.6744 million (0.30%). Among these, the combined operating revenue share of ore-derived tin and ore-derived silver reached 68.86%. Regarding the company's main business and key performance drivers, Xingye Silver&Tin stated in its 2025 annual report: The company is a large mining group principally engaged in the exploration, mining, and beneficiation of non-ferrous and precious metals. As of the disclosure date of this report, the company has over 20 subsidiaries, including 8 mining companies in operation: Yinman Mining, Qianjinda Mining, Yubang Mining, Rongguan Mining, Xilin Mining, Rongbang Mining, Ruineng Mining, and Bosheng Mining. The Achmmach tin mine under Atlas Tin SAS, a subsidiary of Atlantic Tin, is in the construction phase; Tanghe Shidai Mining is in suspension, while Yitong Mining and Yunnan Xigui are in the exploration phase. Hainan Fund is primarily engaged in equity investment management; Xingye Gold (Hong Kong) is mainly engaged in metals and mining trade and corporate M&A, responsible for expanding into markets outside China and acquiring high-quality overseas mineral resources; Hainan International Trade and Tianjin International Trade are primarily engaged in non-ferrous metal ore product sales and some raw material procurement; Xingye Ruijin primarily undertakes process research, technology R&D, and upgrading in areas such as prospecting, mining and beneficiation, and comprehensive tailings recycling. Tibet Shannan Antimony Gold, Tibet Xinda Mining, and Xing'an League Fuxingtun Mining serve as the company's regional resource integration platforms. During the reporting period, the company successfully acquired an 85% stake in Yubang Mining. According to statistics from the Silver Institute as of the end of 2023, Yubang Mining's single silver mine ranks first in Asia and fifth globally. This acquisition further strengthened the company's resource advantages and laid a solid resource foundation for its sustainable development. At the same time, using its subsidiary Xingye Gold (Hong Kong) as the investment vehicle, the company intensified investments in mineral resources outside China and successfully acquired a 100% stake in Atlantic Tin, a key move in executing its "going global" strategy. Based on the large-scale tin mine classification standard in the "Classification Standard for Resource/Reserve Scale of Mineral Resources" (DZ/T 0400-2022), the Achmmach tin mine owned by Atlantic Tin is now equivalent to five large deposits. Through this consolidation of overseas tin ore resources, the company has further refined its international tin layout and reserved vital strategic resources for long-term development. The company's main performance is derived from its non-ferrous metal mining and beneficiation business. During the reporting period, revenue from this segment accounted for 99.64% of total 2025 operating revenue. The main factors influencing the operating performance of the mining and beneficiation segment include the production and sales volume of major products, market prices, and the costs of the non-ferrous and precious metal mining and beneficiation business. Regarding its operating plan, Xingye Silver&Tin stated in its 2025 annual report: 2026 is the final year of the company's "Second Three-Year" Plan. The board will closely focus on the theme of high-quality development, fully implement established work objectives, continuously deepen the concept of "trust and collaboration," and make an all-out push toward the plan's concluding goals, with a focus on the following: 1. Uphold the bottom lines of safety and environmental protection, using the 2026 "Year of Implementing Safety Management" as a lever to fully enforce safety responsibilities, consolidate the achievements of the "Year of Collective Safety Calm," and enhance risk anticipation and process control to resolutely prevent all types of safety and environmental accidents, achieving safe, stable, and green-low carbon development. 2. Vigorously advance key project construction, strengthen whole-process management of project budgets, schedules, and quality, and coordinate the implementation of projects including the 2.97 million mt capacity upgrade and expansion at Yinman Mining, the 8.25 million mt capacity upgrade and expansion at Yubang Mining, the Morocco project, and the Budun Yingen Mining (trusteeship) project, ensuring they are completed and reach full production on schedule to release capacity benefits. 3. Continue to intensify exploration and resource increase efforts, balance the relationship between production operations and geological exploration, steadily advance exploration at existing mines and surrounding areas, accelerate resource-to-reserve conversion and upgrades, and continuously strengthen the resource foundation. 4. Deepen industrial synergy and resource integration, leverage the core regional advantages of Inner Mongolia, steadily expand overseas resource deployment; adhere to silver and tin as the main business direction, enriching and optimizing the resource portfolio. Solidly advance the subsequent acquisition and integration of Weiling Shares, actively track high-quality mineral project opportunities in and outside China, and enhance overall competitiveness through industrial synergy-driven M&A. 5. Further strengthen institutional enforcement and internal control management, ensure that all systems, processes, and control requirements are effectively implemented, and elevate the company's refined management level; reinforce enforcement capacity to guarantee that production plans, comprehensive budgets, and all work deployments are fully executed, and promote deep integration of corporate culture and operational management. 6. Push forward preparations for a Hong Kong listing at full speed, accelerate the establishment of dual capital market platforms in and outside China, enhance cross-border capital operation capabilities, provide stronger financial support for resource integration and strategy execution, and propel the company's high-quality sustainable development to a new level. A Guosen Securities research report dated April 24 showed: The company's production of major mineral species has steadily increased in recent years. In 2025, growth was driven by both higher silver prices and volumes, while the surge in tin prices offset the impact on production volume. Externally-driven M&A achieved notable results, lifting silver and tin resource reserves to a new level. In 2025, the company completed two major strategic acquisitions. 1) Acquisition of an 85% stake in Yubang Mining: The company acquired the 85% stake for RMB2.388 billion in January 2025. Yubang Mining is the largest single silver mine in Asia and the fifth largest globally. This acquisition increased the company's silver metal resources to 29,800 mt, significantly elevating its industry standing. 2) Acquisition of a 100% stake in Atlantic Tin: The company completed the acquisition in August 2025, gaining its Achmmach tin mine in Morocco. The mine holds tin metal resources of 213,300 mt, equivalent to five large tin deposits, boosting the company's total tin metal resources to 391,600 mt. Risk warnings: risks that the company's resource development progress falls short of expectations; risk of wild swings in metal prices.

When asked, "The company extracts the following by-products during copper smelting: rhenium, germanium, indium, gallium, bismuth, selenium, tellurium, platinum, palladium, antimony, and cadmium. Is this true? And what was the annual production of each in tonnes in 2025? Please reply, thank you!" Tongling Nonferrous Metals responded on the investor interaction platform on June 29 that the company fully leverages its comprehensive resource utilization advantages, recovering associated platinum, palladium, rhenium, and other rare and scattered metals during the copper smelting process to enhance by-product profit contribution, and the overall production volume accounts for a relatively small share. The company's overall operating performance of the rare and scattered metals business in 2025 has been reflected in the annual report. Tongling Nonferrous Metals replied to investor questions on the investor interaction platform on June 29: (1) The company's main business includes copper ore mining and beneficiation, smelting, and copper processing, and it has competitive advantages in mineral resource reserves, copper smelting, and deep processing. It is one of the most comprehensive integrated copper producers in China, with horizontal expansion and vertical extension of its industry chain, giving it a competitive edge in industry chain integration. (2) As of now, the specific projects related to the industrial park mentioned above are still in the preliminary survey and proposal evaluation stage; no final decisions have been made, nor have internal reviews or relevant administrative approval procedures been carried out. There is a degree of uncertainty about project implementation. The company will strictly comply with information disclosure laws, regulations, and regulatory requirements, and will perform its information disclosure obligations in a timely manner when the projects achieve substantive progress and meet disclosure thresholds. All material matters of the company are subject to the formal announcements published on the designated information disclosure media. Investors are advised to invest rationally and be mindful of investment risks. (3) Regarding the client situation of Jinxin Copper Branch, please refer to the company's announcements on statutory information disclosure platforms. Tongling Nonferrous Metals stated on the investor interaction platform on June 29: The copper wire rod capacity of Jinxin Copper Branch is in the process of gradual release; subsequently, based on market demand and its existing capacity, it will effectively plan capacity to ensure efficient resource allocation. As of now, Jinxin Copper's orders are normal and all operations are proceeding in an orderly manner. For specific orders and shipment volumes, please refer to the company's announcements on the statutory information disclosure platform. In response to the questions: "1. What was the average selling price of the 6.21 million mt of sulphuric acid produced in 2025? And what were the sales volume and average selling price of sulphuric acid in the first five months of this year? 2. What is the specific reason for the asset impairment loss of 1.627 billion yuan in Q1 2026? With non-ferrous metal prices generally rising, is the company's earlier provision for inventory impairment hiding profits? After the inventory for which impairment has been provided is sold, will profit be restored by an equivalent amount? 3. The company holds 600 million shares of Tongguan Copper Foil. Based on today's closing price of 200 yuan, the equity position has an unrealized gain of 119 billion yuan. Does the company plan to sell at an opportune time to realize the investment gain?" Tongling Nonferrous Metals replied on the investor interaction platform on June 26: 1. Regarding sulphuric acid sales volume and average selling price: Sulphuric acid is a by-product of the company's smelting process, and its selling price is market-oriented, affected by multiple factors including regional supply-demand patterns and demand from downstream fertilizer and chemical industries. The company's overall operating performance of the sulphuric acid business in 2025 has been reflected in the annual report, and 2026 operating data should be referred to in subsequent periodic reports disclosed by the company. The company will continue to monitor the sulphuric acid market and dynamically optimize production and sales pace to maximize the operating profit of by-products. 2. For the reasons for the Q1 2026 asset impairment provision, please refer to the company's Announcement on Asset Impairment Provision (Announcement No.: 2026-024) disclosed on cninfo.com.cn on April 29, 2026. The company strictly follows accounting standards for enterprise accounting treatment, and there is no hiding of profits. According to accounting standards, when inventory for which a price decline provision has been made is subsequently sold, the corresponding inventory price decline provision is simultaneously written off, reducing the current period's operating costs, thereby positively restoring profit for the period. However, it is not an equivalent amount; the write-off amount is capped at the originally provided amount for that inventory and will not generate additional profit beyond the original provision. 3. Tongguan Copper Foil is a controlled subsidiary of the company, and the company holds 72.38% of its equity. Its financial data are fully consolidated into the company's consolidated financial statements. From an accounting perspective, fluctuations in the secondary market share price of a controlled subsidiary represent changes in market valuation only. In cases where equity is not disposed of, or is partially disposed of without losing control, it will not affect the net profit in the company's consolidated statements for the current period. As of now, the company has no plan to sell Tongguan Copper Foil shares opportunistically. If equity disposal is involved in the future, the company will strictly comply with state-owned asset supervision and securities regulatory requirements, fulfilling review procedures and information disclosure obligations. An investor asked on the investor interaction platform: Dear Board Secretary, regarding the Mirador Phase II (Mirador) Mining Contract Amendment (Adenda), its status was updated from "awaiting signature" to "signed/notification process" when a shareholder inquired on April 21, 2026. May I ask whether ECSA, controlled by the company, has now received formal notification of the signing of the mining contract for the Mirador Phase II copper mine project? Tongling Nonferrous Metals stated on the investor interaction platform on May 21 that as of now, China Railway Construction Tongguan Investment Co., Ltd. (of which ECSA is the main operating entity for the Mirador copper mine) has not yet received formal notification of the signing of the mining contract for the Mirador Phase II copper mine project. Please refer to the company's announcements on the statutory information disclosure platform for updates. Tongling Nonferrous Metals released its Q1 report showing: The company achieved operating revenue of 64.67 billion yuan in Q1 2026, up 83.61% YoY; net profit attributable to shareholders of the listed company was 1.338 billion yuan, up 19.12% YoY; and net cash flow from operating activities was 6.632 billion yuan, up 473.09% YoY. Tongling Nonferrous Metals announced in its Q1 report matters concerning project delays at a controlled subsidiary: In recent years, Ecuador's political situation has been volatile with frequent personnel changes, and leadership changes at the competent ministry have led to personnel changes at the working level, greatly affecting policy continuity and administrative efficiency, thereby impacting the progress of signing the Mining Contract for the Mirador Phase II copper mine project. Since 2025, the company and ECSA have strengthened engagement with the relevant authorities of Ecuador's new government through multiple channels and at various levels. The latest round of preliminary negotiations for the Mining Contract for the Mirador Phase II copper mine project has been completed and submitted to the competent ministry for review. Given the significant differences in investment and operating environments between Ecuador and China, the volatile political situation, and the lack of stability in the legal environment, the specific timing for signing the Mining Contract for the Mirador Phase II project is still uncertain. As a result of the aforementioned factors, the formal commissioning of the Mirador Phase II project, once completed, can only commence after its Mining Contract is signed. For details, please refer to the company's Announcement on Subsidiary Project Delay disclosed on cninfo.com.cn on January 5, 2026. Tongling Nonferrous Metals disclosed in its 2025 annual report: In 2025, the company achieved total operating revenue of 172.825 billion yuan, up 18.68% YoY; net profit attributable to the parent company was 2.415 billion yuan, down 14.02% YoY. Tongling Nonferrous Metals announced: In 2025, the company overcame unfavourable factors such as tight copper concentrate supply and low TCs, and carried out in-depth activities to increase production and efficiency, and reduce costs and tap potential. In 2025, the company produced 197,700 mt of copper in self-produced copper concentrates, 1.9548 million mt of copper cathode, 400,700 mt of semi-finished copper products, 6.2185 million mt of sulphuric acid, 20.51 mt of gold, 579.55 mt of silver, 376,200 mt of iron ore concentrates, and 382,100 mt of sulphur concentrates, successfully achieving the annual production tasks. Regarding its main business activities, Tongling Nonferrous Metals stated in its 2025 annual report: The company is a large-scale integrated copper producer covering copper mining and beneficiation, smelting, processing, and trading, with main products including copper cathode, sulphuric acid, gold, silver, copper foil, and copper plate/sheet and strip. The company has deep technical accumulation, a leading industry position, and significant competitive advantages in copper mining and beneficiation, copper smelting, and copper foil processing. The 2026 operating plan disclosed by Tongling Nonferrous Metals in its 2025 annual report shows: 1. Core operating indicators In 2026, the company will strive to achieve various core product production targets, specifically: 227,600 mt of copper in self-produced copper concentrates, 2.108 million mt of copper cathode, 455,000 mt of semi-finished copper products, 22,000 kg of gold, 650 mt of silver, 7.07 million mt of sulphuric acid, 344,000 mt of iron ore concentrates (60%), and 308,000 mt of sulphur concentrates (35%), anchoring production and operational objectives with quantified indicators. A research report from Guosen Securities published on April 22 indicated that the company's copper smelting segment's profitability is industry-leading. In 2025, Jinlong Copper achieved a net profit of 800 million yuan; if simply converted by capacity, Jinguan Copper Branch's net profit was approximately 1.22 billion yuan. Excluding the newly commissioned Jinxin Branch, the three existing smelters had a combined annual net profit of 2.64 billion yuan. The decent profit of copper smelters including the company in 2025 can be attributed to factors such as raw material inventory cycles, high sulphuric acid prices, high copper smelting recovery rates, and high prices for by-product gold and silver. Compared with several other large copper smelters, whose main smelters had net profit margins mostly around 0.5%, Tongling Nonferrous Metals' main smelters all had net profit margins around 2%, significantly above the industry average. Mirador Phase II may come online in August. The company expects to produce 228,000 mt of copper concentrates in 2026. Based on past trends, domestic copper ore production is 50,000 mt per year, and Mirador Phase I production is 130,000 mt per year, so Mirador Phase II is scheduled to produce 50,000 mt in 2026, implying production start-up around August 2026. In 2025, China Railway Construction Tongguan Investment achieved a net profit of 1.93 billion yuan, and the Mirador project company reached a net profit of 3.79 billion yuan, demonstrating strong profitability. Mirador Phase II mining and beneficiation costs are only about 70% of Phase I. If Phase I costs are 28,000 yuan/mt, a rough calculation puts Phase II costs at 19,600 yuan/mt. If by-product gold and silver partially offset copper costs, Mirador Phase II costs could be negative. Risk warnings: risk of wild swings in copper prices, risk of copper concentrate TC declines.

Nickel 28 Capital reported strong fiscal Q1 2027 results, driven by stable operations at the Ramu Nickel-Cobalt project in Papua New Guinea. During the quarter ended April 30, 2026, Ramu produced 8,785 mt of contained nickel and 855 mt of contained cobalt in MHP, while sales reached 8,632 mt of nickel and 838 mt of cobalt. Net production costs were US$2.81/lb of contained nickel. Nickel 28 recorded a US$4.0 million share of operating profit from Ramu and posted net profit of US$2.1 million, supported by favorable nickel and cobalt prices, strong payability, and relatively low operating costs.

On June 30, JL MAG Rare-Earth's stock price rose. As of the close on June 30, JL MAG gained 4.83%, closing at 30.85 yuan per share. On the news front: An announcement released by JL MAG Rare-Earth earlier showed that, in order to implement the company's development strategy and enhance its comprehensive competitiveness, it plans to acquire a 9.24% equity stake in Baotou Rare Earth Products Exchange Co., Ltd. held by China Northern Rare Earth (Group) High-Tech Co., Ltd. through a public listing and transfer on the Inner Mongolia Property Rights Exchange Center. According to the appraisal report issued by North Asia Asset Appraisal Co., Ltd., as of the appraisal base date of December 31, 2025, the total equity value of the Exchange appraised using the market approach was 239 million yuan, representing an increase of 27.8551 million yuan over the net asset book value of 211.1449 million yuan on the base date, reflecting a value-added rate of 13.19%. The expected transaction price for the target equity is 22.0836 million yuan. In accordance with relevant provisions such as the Rules Governing the Listing of Stocks on the ChiNext Board of the Shenzhen Stock Exchange and the Articles of Association, this external investment falls within the approval authority of the company's CEO. This investment does not constitute a related-party transaction, nor does it constitute a major asset restructuring as defined by the Administrative Measures for the Material Asset Restructurings of Listed Companies. Discussing the purpose of the investment and its impact on the company, the JL MAG announcement stated: Rare earths are the core raw material for producing NdFeB permanent magnet materials. The Exchange serves as a specialized trading platform for rare earth (metal) resources. If this equity acquisition is successfully completed, it will further enhance the company's ability to secure rare earth raw material supply, strengthen its overall competitiveness, and consolidate its market position in the rare earth permanent magnet industry. In line with the principles of cooperative, co-construction, and mutual benefit, the company will fully leverage and utilize its own advantages to support the Exchange's efforts to build a national-level rare earth (metal) resource trading platform. Funds for this acquisition of the Exchange's equity will come from the company's own funds and will not have a material adverse impact on the company's financial condition and operating results. It is conducive to achieving the company's strategic objectives and does not compromise the interests of the company and its shareholders. In its announcement, JL MAG Rare-Earth also highlighted existing risks: 1. The company's planned acquisition of a partial stake in the Exchange constitutes a transfer of state-owned assets, requiring strict compliance with statutory procedures such as state-owned asset transaction approvals and public listings. There is uncertainty as to whether this equity transfer will be implemented smoothly. 2. As a domestic spot exchange specializing in various rare earth products, the Exchange provides services to upstream and downstream enterprises in the rare earth industry chain, and its operations will be subject to various factors including macroeconomic conditions, industry cycles, and the market environment. Regarding the main risks of the investment, the company will promptly follow up on and cooperate with the approval process for this state-owned asset transfer, while leveraging its own industrial strengths to strengthen collaborative development with the Rare Earth Exchange and manage post-investment and risk control effectively to mitigate investment risks. The company will fulfill its information disclosure obligations in strict compliance with relevant regulations based on subsequent progress of this equity transfer. Investors are advised to exercise caution regarding investment risks. In terms of performance, JL MAG Rare-Earth’s previously disclosed Q1 2026 report showed that during the quarter, the company achieved total revenue of RMB 2.036 billion, up 16.05% YoY, with a net profit attributable to the parent company of RMB 193 million, up 20.09% YoY. JL MAG Rare-Earth’s Q1 2026 report revealed: In Q1 2026, facing a complex landscape where total NEV sales declined YoY while the price of the key raw material Pr-Nd experienced short-term wild swings, the company’s management upheld the annual operating policy of "adhering to legal and regulatory compliance, maintaining a client-centric approach, focusing on the core magnetic materials business, constructing 20,000 mt of new capacity on schedule, actively deploying embodied robot motor rotors, and scaling new heights." By driving technological innovation, organizational optimization, digital transformation, and lean management initiatives, the company mobilized employee initiative to ensure contract fulfillment and on-time delivery to clients while achieving steady business performance growth. In Q1 2026, the company recorded revenue of RMB 2.036 billion, up 16.05% YoY; net profit attributable to shareholders of the publicly listed firm of RMB 193 million, up 20.09% YoY; and non-recurring gain/loss-adjusted net profit attributable to shareholders of the publicly listed firm of RMB 176 million, up 65.95% YoY. The income statement included equity incentive-related share-based payment expenses of RMB 49.9682 million. Net profit excluding the share-based payment impact was RMB 235 million, up 44.57% YoY, and non-recurring gain/loss-adjusted net profit excluding the share-based payment impact was RMB 219 million, up 106.82% YoY. Robots liberate human productivity and represent a critical direction in the next wave of technological transformation, with broad industry growth prospects. In Q1 2026, the company’s robotics and industrial servo motor segment generated revenue of RMB 118 million, up 81.84% YoY, serving clients that include multiple global industrial robot and servo motor producers. The company is actively collaborating with a world-renowned tech firm on the R&D of embodied robot motor rotors and has delivered small-batch products. Additionally, through direct investments and participation in industry funds, the company is making strategic moves in key nodes of the industry chain to accelerate industrial synergy and commercialization. After the introduction of export control measures on medium-heavy rare earth-related items, the company carried out export declaration work in accordance with relevant national regulations, has successively obtained export licenses issued by the national competent authority, and became one of the first enterprises granted a general license by the state. The company's export business was basically stable. During the reporting period, export sales revenue reached 381 million yuan, accounting for 18.7% of operating revenue, up 22.16% YoY. The company has established long-term strategic partnerships with major rare earth raw material suppliers, including China Northern Rare Earth Group and China Rare Earth Group, and fully leverages the advantage of its controlled subsidiary Yinhai New Materials' upstream rare earth recycling business to build a diversified rare earth resource supply system. In Q1 2026, the company achieved a consolidated gross margin of 21.83%, an increase of 6.13 percentage points YoY; net cash flow from operating activities was 358 million yuan, a significant improvement from -350 million yuan in the same period last year, with overall operating cash flow remaining healthy; as of the end of the reporting period, the company held cash and cash equivalents of 3.298 billion yuan, certificates of deposit maturing within one year of 860 million yuan, and certificates of deposit maturing beyond one year of 571 million yuan, reflecting a strong cash reserve. In addition, JL MAG Rare-Earth's 2025 annual report shows: In 2025, the company achieved total operating revenue of 7.718 billion yuan and core business revenue of 7.028 billion yuan, up 14.11% and 19.00% YoY, respectively, both hitting record highs. Of this, domestic sales revenue was 6.447 billion yuan, up 16.36% YoY; overseas sales revenue was 1.27 billion yuan, up 3.92% YoY, of which export sales to the US were 501 million yuan, up 39.80% YoY. Net profit attributable to shareholders of the publicly listed firm was 706 million yuan, up 142.44% YoY; net profit attributable to shareholders of the publicly listed firm after deducting non-recurring gains and losses was 620 million yuan, up 264.00% YoY. The consolidated gross margin reached 21.18%, up 10.05 percentage points from 11.13% in the previous year. The income statement included share-based payment expenses from equity incentives and financial expenses for convertible bonds recognized using the effective interest method, totaling approximately 107 million yuan, of which only 5.11 million yuan will require actual cash outflow in the future. Overall operating cash flow remained healthy. Regarding the company's main businesses and product applications, JL MAG Rare-Earth's 2025 annual report describes: The company is a high-tech enterprise integrating R&D, production, and sales of high-performance NdFeB permanent magnet materials, magnetic assemblies, motor rotors for embodied robots, and comprehensive rare earth recycling. It is a leading supplier of rare earth permanent magnet materials in the new energy and energy-saving and environmental protection sectors. The company's products are widely used in NEVs and automotive parts, energy-saving inverter air conditioners, wind power generation, robots and industrial servo motors, 3C, low-altitude aircraft, energy-saving elevators, rail transit, and other fields, and it has established long-term, stable cooperative relationships with industry leaders both in and outside China in each field. The company has actively deployed in the robotics field: on the one hand, it cooperates with internationally renowned technology companies to conduct R&D on motor rotors for embodied robots and capacity building, with small-batch product deliveries already achieved; on the other hand, through direct investments or participation in industry funds, it strategically deploys in key links of the relevant industry chain, accelerating industry synergy and commercialization. JL MAG Rare-Earth, in its annual report, discussed its industry situation during the reporting period and touched on rare earth price trends: In 2025, Pr-Nd alloy prices fluctuated upward overall. According to data from the China Rare Earth Industry Association, the average price of Pr-Nd alloy in 2025 was 601,300 yuan/mt, a YoY increase of 23.8%. Rare earth prices are generally determined by the interplay of multiple factors, including supply, demand, policies, inventory, and market expectations. Meanwhile, compared to short-term fluctuations in rare earth prices, the industry places greater emphasis on medium- and long-term changes, as relatively stable rare earth prices are conducive to the industry's high-quality development. Regarding its outlook for future development, JL MAG Rare-Earth stated: (1) Corporate Development Strategy The company will continue to uphold its vision of "becoming a global leader in the rare earth permanent magnet industry" and its development strategy of "providing clients with full-category magnetic material solutions," centered on rare earth permanent magnets, focusing on application scenarios related to new energy and energy conservation and emission reduction, to continuously enhance product performance and cost efficiency. At the same time, the company adheres to group-oriented operations and collaborative industry chain deployment, guided by client needs and the principle of long-termism, steadily advancing capacity construction and technological upgrades. 1. Commitment to Stable Operations: The company steadfastly upholds intrinsic safety bottom lines, strictly implements national regulations in areas such as export permits, production safety, and environmental protection, solidly pursues compliant operations and comprehensive risk control, and always maintains a prudent financial strategy. It remains focused on its core business, making technological innovation and process improvement long-term core investment priorities, continuously strengthening the automation, digitalization, and intelligent construction of production operations, and gradually building sustainable capabilities for product iteration and lean cost optimization. 2. Collaborative Industry Chain Deployment: The company follows an industry chain layout approach of "upstream recycling collaboration, midstream product diversification, and downstream component extension," comprehensively enhancing collaborative operational efficiency in the industry chain and strengthening its resistance to market fluctuations. Upstream, the company will build a recycling system and deepen resource synergy cooperation, promote the diversification of raw material supply sources, and continuously optimize procurement and inventory management efficiency. Midstream, leveraging existing areas of strength, it will closely target the differentiated needs for magnetic materials across various application scenarios, continuously improve its product portfolio and optimize product structure, steadily transforming from a “single-product supplier” to a “comprehensive solution provider.” Downstream, deeply aligning with core client needs, the company will steadily advance R&D and production capacity building for magnetic assemblies, motor rotors, and other products, continuously enhancing assembly precision and full-process quality control, effectively increasing client stickiness and product added value. 3. Synergistic Strategic Investments In terms of strategic investments, the company will carry out prudent equity investments or partnerships around client needs and key links in the industry chain, adhering to the principle of mutual empowerment between investments and the company’s principal operations. Leveraging industrial funds established in collaboration with professional investment institutions, it will focus on strategic tracks such as high-end manufacturing, embodied AI, and new energy, deepen project layout and value cultivation, and promote industry resource synergy and long-term value enhancement. (II) 2026 Annual Operating Plan The company’s operating policy for 2026: “Adhere to legal and compliant operations, uphold client orientation, focus on the magnetic materials main business, build the 20,000 mt new capacity on schedule, actively position in motor rotors for embodied robots, and reach new heights.” In line with this policy and on the premise of legal and compliant operations, the company will prioritize the following work: 1. Orderly Release of Capacity under Construction In 2026, some of the company’s projects under construction will gradually release capacity. The specific release progress will comprehensively consider factors such as equipment commissioning and market demand, advancing the commissioning and ramp-up of new capacity in an orderly manner. 2. Continuous Enhancement of R&D Capabilities. 3. Continuous Optimization of Product Structure The company will continue to enrich its product matrix for different application scenarios based on client needs, enhancing product structure resilience and client stickiness. At the same time, it will steadily advance the layout of projects such as magnetic assemblies and motor rotors for embodied robots, equip dedicated production lines and specialized teams, and upgrade small-batch production lines to large-scale, standardized manufacturing and quality systems. 4. Continuous Improvement of Operational Capabilities. 5. Strengthening Capital Expenditure Efficiency. 6. Improving Incentive Mechanisms and Shareholder Returns. 7. Advancing the ESG System. Regarding risks the company may face, JL MAG Rare-Earth noted when describing the risk of rare earth raw material price fluctuations: Rare earth metals are the main raw materials for producing NdFeB magnets. China is an important global supplier of rare earth raw materials. Wild swings in rare earth raw material prices will, in the short term, adversely affect the company’s production and sales. Countermeasures: The company has built production plants in Ganzhou, Jiangxi, a major heavy rare earth production area, and Baotou, Inner Mongolia, a major light rare earth production area. It has established long-term cooperative relationships with major rare earth raw material suppliers, including China Northern Rare Earth Group and China Rare Earth Group. At the same time, through measures such as purchasing rare earth raw materials in advance based on orders on hand, setting up price adjustment mechanisms with major clients, optimizing formulations, and improving processes, the company strives to mitigate the adverse impact of rare earth raw material price fluctuations on its business performance. Looking back at the price performance of Pr-Nd alloy in 2025, : The average price of Pr-Nd alloy on December 31, 2025, was 735,000 yuan/mt, compared with the average price of 489,000 yuan/mt on December 31, 2024, representing a 2025 increase of 50.31%. The annual daily average price of Pr-Nd alloy in 2025 was 602,181.07 yuan/mt, compared with the annual daily average of 484,704.55 yuan/mt in 2024, increasing by 117,476.52 yuan/mt, a YoY increase of 24.24%. According to SMM's quotation display: on June 30, the Pr-Nd alloy price was 900,000~910,000 yuan/mt, with an average price of 905,000 yuan/mt, down 0.56% from the previous trading day. Focusing on the Pr-Nd market, on June 30, the increase in Pr-Nd oxide futures prices drove a synchronized rise in suppliers’ spot offer prices, making low-priced oxide hard to find in the market. However, metal enterprises showed a cautious purchasing attitude due to unsatisfactory metal inquiries, resulting in generally moderate overall trading activity. In the metal market, inquiry activity picked up somewhat in the afternoon of the 30th, mainly driven by tender purchases from large magnetic material enterprises. However, most magnetic material enterprises remained on the sidelines, and overall transaction performance was poor. In the short term, given the lack of significant improvement in downstream demand, Pr-Nd product prices are expected to move sideways. Recommended reading:

Yongtai Technology expects to report a net profit of RMB 265–330 million for the first half of 2026, representing a year-on-year increase of 350.68%–461.22%. The company attributed the strong performance to rising demand from the NEV and energy storage sectors, which boosted both sales volume and prices of key lithium battery materials including LiPF₆, LiFSI, VC, and electrolytes. In addition, the continued ramp-up of its 5,000 tpa VC capacity, commissioned at the end of 2025, further supported earnings growth.

On June 29, Xiamen Tungsten's share price declined. As of around 14:04 on the 29th, it had fallen 1.22% to 83.47 yuan per share. In terms of news, an announcement from Xiamen Tungsten on June 27 showed: To concentrate resources and focus on developing its three core businesses—tungsten & molybdenum, new energy materials, and rare earths— the company has decided to exit the real estate business. To gradually achieve this exit, Xiamen Tengwangge plans to publicly list for transfer, in the name of its partner Jianming, the unsold properties from Phases I through IV of the Straits International Community project and certain fixed assets within the Phase II commercial properties on the Fujian Provincial Property Rights Exchange, with a reserve price of 192 million yuan (RMB, the same hereinafter). The Straits International Community project (i.e., the commercial housing project on the north side of the Xiamen International Conference & Exhibition Center) was developed under Jianming's name, with related assets registered under Jianming. Through relevant cooperation agreements, Xiamen Tengwangge holds a 67.285% interest in the project, while Jianming holds a 32.715% interest. Commenting on the transaction’s impact, Xiamen Tungsten stated that this transaction is an optimization and adjustment of the company's resource allocation and asset structure based on its strategic development plans. It will help the company further focus on its core businesses and aligns with its long-term strategic planning. The transaction does not harm the interests of the company and its shareholders, particularly minority shareholders. As this is a listed transfer, whether the transaction will ultimately be completed and the final transaction price remain uncertain, and the impact on company performance is subject to change. It will be determined based on actual completion, and currently cannot be estimated. Performance: Xiamen Tungsten’s 2025 annual report shows that for 2025, the company achieved consolidated operating revenue of 46.265 billion yuan, up 30.79% YoY, and consolidated operating costs of 37.984 billion yuan, up 31.07% YoY. Net profit attributable to shareholders of the parent company reached 2.309 billion yuan, up 34.89% YoY, while net profit attributable to shareholders of the publicly listed firm after deducting non-recurring gains and losses was 2.19 billion yuan, up 44.16% YoY. The revenue and profit of its tungsten & molybdenum, energy new materials, and rare earth businesses all registered solid growth. Market shares for its major competitive products—such as tungsten powder, fine tungsten wire, cemented carbide rods, ammonium molybdate, and LCO—remained at the forefront, while profitability of key products, including cemented carbide, cutting tools, fine tungsten wire, magnetic materials, and LCO, further improved. Regarding its main business, Xiamen Tungsten stated that the company focuses on its three core industries: tungsten & molybdenum, rare earths, and energy new materials. Leveraging deep technological expertise and a strong management culture, the company continuously pursues technological and management innovations. It steadily advances its industrial layout in tungsten, molybdenum, rare earths, and lithium battery cathode materials, actively expanding its tungsten & molybdenum deep-processing, rare earth deep-processing, and energy new materials industries, and accelerating the transformation and upgrading of its industry chain. Regarding the business plan, Xiamen Tungsten stated in its annual report: Overall annual work approach: The company will fully implement the guiding principles of the Fourth Plenary Session of the 20th CPC Central Committee, take the 15th Five-Year Plan as its guide, and embark on a transformation toward "Industrial Services" and "Digital Operations"; pursue internationalization, digitalization, and product-as-a-service while advancing both organic growth and external expansion; promote organizational change and talent development; strengthen industry chain synergy and global footprint; upgrade value across the entire chain covering R&D, production, sales, procurement, and investment; enhance functional management efficiency and risk control, consolidate the foundation for development, and ensure that transformation tasks are implemented effectively. Overall annual target: In 2026, the company plans to achieve YoY growth in operating revenue and total profit. To achieve the above business targets, the company will focus on the following key tasks: 1. Advance the comprehensive development of core businesses. In the tungsten sector, the emphasis is on strengthening resource security, driving the transformation of cemented carbide, cutting tools, and rock drilling tools toward high-end and service-oriented offerings, consolidating the advantages of PV tungsten wire and other products, and incubating new products. In the molybdenum sector, the focus is on raising smelting capacity and powder quality, maintaining the gross margin of wire-cut molybdenum wire, and expanding the market share of molybdenum end-cap assemblies and molybdenum discs. In the rare earth sector, the company will expand overseas raw material sources, scale up the fine chemicals, luminescent materials, alloys, and magnetic materials businesses, accelerate new base construction and overseas deployment, increase R&D investment in motor products, and expand into high-end market segments such as equipment manufacturing. In the energy new materials sector, the company will strengthen supply chain cooperation, expand production of core materials, promote the industrialisation of cutting-edge technologies, and accelerate overseas project construction. 2. Strengthen mine resource security. Stabilize domestic mine operations, with a focus on overcoming challenges such as declining grades and rising costs at operating mines; accelerate the development of new mines, promote the injection of the Dahutang tungsten mine, and advance infrastructure construction at the Bobai tungsten mine in Guangxi in an orderly manner. Promote overseas mine projects, conduct preliminary research on mine planning, develop a global map of non-ferrous metals relevant to Xiamen Tungsten's businesses, explore multiple modes of resource acquisition, and study the boundary conditions and rules for engaging in other strategic metals. 3. Strengthen and supplement chains through global layout. Prioritize deep processing capacity construction projects for tungsten-molybdenum, rare earth, and energy new materials, accelerate overseas industrial deployment, and enhance the coverage of the global manufacturing network. Advance M&A projects in and outside China, deploy functional components and devices related to strategic emerging industry chains, and leverage industrial funds to invest along the upstream and downstream of the company's current and future industries. Promote capital operations of subsidiaries and the disposal of non-performing assets and equity stakes to enhance asset operation efficiency. 4. Pilot the transformation to "Industrial Services" and "Digital Operations". 5. Solidify the Five Pillars for Value Chain Value Enhancement. 6. Deepen the Safe Production and Green Manufacturing System. 7. Annual Function Enhancement and Safeguard Measures. Xiamen Tungsten previously disclosed in its Q1 2026 report that in Q1, the company achieved total operating revenue of 15.743 billion yuan, up 86.99% YoY, and net profit attributable to shareholders of the parent company of 1.107 billion yuan, up 189.14% YoY. Regarding the main reasons for the performance change, Xiamen Tungsten explained in its Q1 report that during the reporting period, the company actively responded to rising prices of major raw materials such as tungsten and cobalt, achieving effective linked increases in selling prices of main products across all segments of the industry chain, while sales of key products including cemented carbides, cutting tools, battery materials, and magnetic materials grew steadily, leading to a significant improvement in overall profitability. Xiamen Tungsten introduced: During the reporting period, the company focused on its core manufacturing business and operated steadily. The main highlights were as follows: 1. Tungsten and Molybdenum Business. In Q1 2026, the tungsten and molybdenum business achieved operating revenue of 7.321 billion yuan, up 83.13% YoY, and total profit of 1.763 billion yuan, up 238.82% YoY. The company proactively responded to the sharp rise in tungsten raw material prices, dynamically adjusted its business strategy, and achieved effective linked increases in selling prices of main products throughout the industry chain, significantly enhancing profitability. Among major products, cemented carbide product sales increased 5% YoY, with sales revenue up 156% YoY; cutting tool product sales grew 69% YoY, with sales revenue up 78% YoY; and fine tungsten wire, due to product mix adjustments, saw a 19% YoY decline in sales volume but a 73% YoY increase in sales revenue. 2. Energy New Materials Business. In Q1 2026, the battery materials business achieved operating revenue of 6.585 billion yuan, up 117.82% YoY, and total profit of 260 million yuan, up 94.24% YoY. The company continuously improved product quality and market development, achieving substantial growth in sales of main products and a significant boost in profitability. In Q1, sales of the company’s power battery cathode materials (including ternary cathode materials, LFP, and others) reached 15,700 mt, up 26% YoY, with sales revenue up 82% YoY; LCO sales volume was 14,700 mt, up 20% YoY, with sales revenue up 154% YoY. 3. Rare Earth Business. In Q1 2026, the rare earth business achieved operating revenue of 1.826 billion yuan, up 31.68% YoY, and total profit of 70 million yuan, up 65.72% YoY. The company optimized its product mix, achieving volume and profit growth for high-value-added products, effectively enhancing profitability. Sales of the main deep-processing product, magnetic materials, rose by 24% YoY, with sales revenue up 50% YoY. 4. Real estate business. In Q1 2026, the real estate business reported revenue of 10 million yuan, down 8.08% YoY, while total profit was -19 million yuan, narrowing losses slightly YoY. Tungsten: Looking back at the 2025 tungsten price trend, taking SMM wolframite concentrates (≥65%) as an example: The average price of wolframite concentrates (≥65%) on December 31, 2025, was 453,500 yuan/standard tonne, up 217.69% compared with 142,750 yuan/standard tonne on December 31, 2024. Reviewing Q1 this year, the average price of wolframite concentrates (≥65%) on March 31 was 992,500 yuan/standard tonne, surging by 539,000 yuan/standard tonne from the 453,500 yuan/standard tonne on December 31, 2025, representing a gain of 118.85%. After the earlier sustained rebound, wolframite concentrates returned to 500,000 yuan/standard tonne and then moved sideways. On June 29, the average price of wolframite concentrates was 507,000 yuan/standard tonne, down 0.98% from the previous trading day. Fundamentals side: Supply-demand wise, upstream mines still hold prices firm, and high-grade tungsten ore supply remains tight. Downstream, affected by the traditional off-season, cemented carbide and mechanical processing enterprises maintain hand-to-mouth restocking, leaving overall market transactions subdued. In the short term, supply and demand remain in a tug-of-war. Outside China, with increasingly stringent export controls and tight primary tungsten supply, European APT prices continue to fluctuate at highs. The price spread between Chinese and overseas markets remains large, providing some support for domestic tungsten prices. Meanwhile, tax policies related to the tungsten scrap recycling sector are being further refined, expected to boost compliant tungsten scrap circulation. This will, in the medium and long term, promote standardized development of the recycled tungsten industry and improve China’s tungsten resource supply structure . The domestic tungsten market is expected to mainly consolidate in the short term, with focus on long-term contract price adjustments, pace of mine shipments, changes in downstream off-season demand, and the impact of overseas export policies on market sentiment. Over the medium and long term, attention should be paid to declining supply during the seasonal mine output gap in Q3, while improving consumption expectations during the September-October peak season will further optimize the supply-demand structure, bringing bullish sentiment to prices. Recommended reading:

When asked, "What are the technological content and barriers of the company's rolled copper foil? Who are the domestic and international competitors? Which companies are downstream clients?" North Copper responded on the investor interaction platform on June 25: The technological content and barriers of the company's rolled copper foil are reflected in: 1. The long process flow of rolled copper foil, involving disciplines such as smelting, rolling, metal heat treatment, and electrochemistry, requires continuous trial production to accumulate a process database. This represents a long-term experiential barrier that cannot be quickly reverse-engineered. 2. Capital and hardware thresholds, with extremely high equipment investment, high barriers for equipment installation, commissioning, and operation, and severe limitations on product width and ultra-thin gauge. 3. Barriers in rolling and forming processes, which are also the highest thresholds—covering product thickness, sheet flatness, internal structure, and mechanical properties, as well as the synergistic barriers of dozens of interconnected processing steps. The consistency control across the entire process is far more demanding than the single-step electrodeposition process for copper cathode foil. Regarding the statement, "The CCL construction portion of the company's 50,000 mt high-performance rolled copper foil and 2 million m² copper clad laminate (CCL) project has not yet commenced due to insufficient relevant technology and talent reserves, out of prudence. Next, the company will decide on the CCL investment and construction plan based on thorough market surveys and scientific validation," North Copper responded on the investor interaction platform on June 25: The CCL construction portion of the company's 50,000 mt high-performance rolled copper foil and 2 million m² CCL project has not yet commenced due to insufficient relevant technology and talent reserves, out of prudence. Next, the company will decide on the CCL investment and construction plan based on thorough market surveys and scientific validation. North Copper responded on the investor interaction platform on June 25: The company seizes market opportunities, closely monitors downstream market demand, focuses on R&D for mid-to-high-end copper strip products and structural adjustments for rolled copper foil products, and is committed to filling gaps in its process lines and reaching its capacity standard, striving to turn losses into profits as soon as possible. Regarding the question, "When will the company's semi-annual report performance forecast announcement be released?", North Copper responded on the investor interaction platform on June 25: The company has scheduled the disclosure of its 2026 semi-annual report for August 27. If the conditions for a performance forecast are met, the company will release the announcement within the stipulated time. When asked, "After the implementation of the 'Regulations on the Implementation of the Mineral Resources Law of the People's Republic of China', has the related work on applying for the mining permit for the newly added copper ore at the Tongkuangyu Mine been accelerated? Could you discuss the company's near-term plans? If progress goes smoothly, based on the ore's copper grade and after deducting relevant costs, how much profit is this expected to bring to the company?" North Copper responded on the investor interaction platform on June 24: The detailed survey of deep-seated replacement resources at the Tongkuangyu Mine is a project to add reserves outside the current mining right's boundary at depth (elevation range: 80m to -325m), which is conducive to increasing the company's copper resource reserves and extending the mine's service life. Given that the replacement resources identified by the detailed survey have reached a large scale, according to reserve review and filing requirements, the exploration level must be achieved for resource reserve filing and for initiating the transition from exploration to mining. As the mine's production level shifts downward, the company will conduct further exploration work for deep-seated replacement resources at the next production level. The company currently has no relevant deep exploration plans. Regarding the question, "As a third-generation core substrate material for IC lead frames, could you briefly introduce the production and latest order status of your company's 5,000 mt chromium zirconium copper alloy product?", North Copper responded on the investor interaction platform on June 23: Our company has completed the casting ingot product for C18150 (chromium zirconium copper alloy); the subsequent copper strip process is currently under trial production. There are no orders at present. On June 17, North Copper stated on the interaction platform in response to an investor's question that the company has not yet established a cooperative relationship with NVIDIA. On June 17, North Copper stated on the interaction platform in response to an investor's question that the company has a comprehensive market cap management system, consistently centering market cap management on enhancing intrinsic value. Through methods such as focusing on core business growth, optimizing governance structures, strengthening information disclosure, and implementing shareholder return plans, it is committed to achieving long-term alignment between the company's value and its market performance. Should there be arrangements such as share buybacks or capital increase plans, the company will promptly issue relevant announcements. On June 15, North Copper stated on the interaction platform in response to an investor's question that, relying on scientific research breakthroughs at the Shanxi Provincial Key Laboratory of New Copper-based Materials, the company's copper strip and foil product structure is undergoing further adjustment and optimization. All production and operation activities are proceeding in an orderly manner, and product orders are growing steadily. On June 4, North Copper stated on the interaction platform in response to an investor's question that the company's management places high importance on extending the industry chain and has made positive progress in deep copper processing. During the 15th Five-Year Plan period, the company will rely on its existing copper strip and foil production lines to achieve new breakthroughs in scientific research, product structure adjustment, and capacity enhancement, thereby empowering the company's high-quality development. Performance: North Copper's previously released 2026 Q1 report showed that in Q1, the company achieved operating revenue of 10.044 billion yuan, up 46.89% YoY; net profit attributable to shareholders of the parent company was 615 million yuan, with a YoY increase reaching 65.74%. Regarding the reasons for the increase in operating revenue, North Copper stated in its Q1 report that it was mainly due to an increase in product sales volume and rising prices. Additionally, North Copper's 2025 annual performance report showed that the company achieved operating revenue of 27.916 billion yuan in 2025, up 15.80% YoY; net profit attributable to the parent company was 791 million yuan, up 29.01% YoY. 2025 main product production: copper cathode produced was 300,300 mt, sulphuric acid 766,000 mt, gold ingots 6.4 mt, and silver ingots 68.5 mt. In its 2025 annual report, North Copper described: The company's main business is the mining, beneficiation, smelting, and rolling processing of copper metal. Currently, its captive mine has an annual ore processing capacity of 9 million mt and self-produced copper content of 43,000 mt. Its copper smelting capacity is 320,000 mt, along with gold ingots 10.8 mt, silver ingots 170 mt, and sulphuric acid 1.22 million mt, while it also comprehensively recovers valuable metals like platinum, palladium, selenium, and bismuth. Deep copper processing products include high-performance copper and copper alloy strips, rolled copper foil, etc., of which copper alloy strip capacity is 25,000 mt/year and rolled copper foil capacity is 5,000 mt/year. The company already possesses an integrated industry chain from mining, beneficiation, and smelting to rolling processing. The company's 'Zhongtiaoshan' brand Grade A copper is registered on the Shanghai Futures Exchange and the Shanghai International Energy Exchange, and its 'Zhongtiaoshan' brand gold and silver ingots are registered on the Shanghai Futures Exchange. The mineral exploration situation disclosed in North Copper's 2025 annual report showed that the company completed the detailed survey project of deep-seated replacement resources at the Tongkuangyu Copper Mine (below 80m elevation), with primary completed workloads: prospecting roadway 140.6m, 12 drill chambers/2,823.6m³, 12 drill holes (including 3 hydrogeological holes), drilling footage 7,268.62m, 1:2000 special hydrogeological, engineering geological, and environmental geological survey 6㎢, geophysical logging 2,065.61m, and pumping tests for 3 holes; 8,091 samples analyzed and tested, 46 rock/mineral test groups, 99 small-weight samples, 20 copper phase analysis samples, 10 complete chemical analysis samples, and 12 complete water quality analysis samples. On February 20, 2025, the Shanxi Mining Association organized the completion of supervision and field acceptance work for the resource detailed survey project, issuing supervision and field acceptance reports. In early March, the company completed the compilation of the 'Special Hydrogeological, Engineering Geological and Environmental Geological Detailed Survey Report for the Deep Part of the Tongkuangyu Mine'. On March 17, the Shanxi Mining Association organized an expert review which was passed. In May, the company completed the compilation of the 'Detailed Survey Report on Deep-seated Replacement Resources at the Tongkuangyu Copper Mine in Yuanqu County, Shanxi Province' (hereinafter referred to as the report). On May 23, the Shanxi Mining Association organized an expert review which was passed, and an review opinion was issued. According to the report, as of December 31, 2024, within the 80m to -325m elevation range of the Tongkuangyu mining area, cumulative identified industrial orebody (No. 5) resources amounted to 103.718 million mt of copper ore with an average grade of 0.84% and a metal content of 869,600 mt. Associated gold metal content was 8,930 kg at an avg. grade of 0.09g/t; associated molybdenum metal content was 3,727 mt at an avg. grade of 0.011%. Low-grade copper ore resources amounted to 34.625 million mt with an avg. grade of 0.25% and a metal content of 88,200 mt. The scale of discovered resources reached large-size, marking a significant prospecting achievement and providing a solid resource guarantee for the company's industry chain layout. Regarding the company's copper ore resource reserves, North Copper announced in its annual report, As of year-end 2025, the Tongkuangyu Mine had retained copper ore resources above 80m elevation of 204.664 million mt, with a copper metal content of 1.2501 million mt. Additionally, below 80m elevation at the base of the Tongkuangyu Mine's current mining right, the cumulative identified industrial orebody (No. 5) copper ore resources was 103.718 million mt, with an average grade of 0.84% and a metal content of 869,600 mt. For the 2026 production and operation plan, North Copper mentioned in its 2025 annual report: Main product production: copper cathode 300,000 mt, sulphuric acid 800,000 mt, gold ingots 6 mt, silver ingots 60 mt, to maximize economic benefits. A research report from Huaxi Securities on June 14 pointed out: In the medium and long term, copper, as a key metal for energy transition, possesses strategic allocation value under the policy guidance of the 15th Five-Year Plan. On the supply side, entering 2026, major mines globally have continued to experience strikes and production halts this year, keeping the supply profile relatively tight. From a macro perspective, the probability of a US Fed interest rate cut during the year still exists. In the long term, the macro environment supports copper prices, and the US dollar is expected to continue depreciating, supporting a positive outlook on copper prices. Furthermore, strong supply-demand fundamentals support copper prices. China's macro policies are expected to continue exerting force, and stimulus measures in sectors like electric power infrastructure, NEVs, and home appliance consumption could further expand. Beneficiary stocks: [Zijin Mining], [CMOC], [JCHX], [Jiangxi Copper Corporation], [Western Mining Co., Ltd.], [North Copper], [Tongling Nonferrous Metals], [Yunnan Copper].

PT Central Omega Resources (DKFT), an Indonesian nickel miner, told the IDX it will submit an RKAB revision in July to secure additional nickel ore quota, after its initial 2026 allocation was cut by about 35%. The company still targets 9.5% net profit growth to IDR 629 billion for 2026, and has trimmed its ore sales target to 1.9 million mt from 3.02 million mt realized in 2025, while optimizing output toward 4 million mt. In Q1 2026, ore output fell about 44% YoY and sales about 19%, yet revenue rose around 20% to IDR 506 billion and net profit jumped 72.9% to IDR 238 billion—price and margin gains offsetting RKAB-driven volume cuts. The July RKAB outcome is the swing factor for the full-year target.

Asked "Dear Board Secretary, I would like to inquire whether your company, as found online, can stably mass-produce semiconductor-grade ultra-high-purity magnesium metal ingots and is the only publicly listed firm for such products. Also, what has been the sales proportion of such products in the company's total sales in recent years?" Baowu Magnesium Industry responded on the investor interaction platform on June 23: The company's businesses include magnesium material business, magnesium products business, aluminum products business, mineral products business, and building formwork business. Its main products include magnesium alloys, magnesium alloy deep-processed products, aluminum alloys, aluminum alloy deep-processed products, master alloys, and strontium metal. For the revenue breakdown by product, please refer to the 2025 annual report. The company has not publicly disclosed information regarding the specific products and sales proportions you mentioned. Please refer to the company's officially released periodic reports or announcements for such information. Regarding the question "1. What is the commissioning progress of the mine in the Qingyang project in Anhui, and what is the current ore output? 2. What advantages does the company's vertical retort magnesium smelting technology have? How does it compare with peers in Fugu?" Baowu Magnesium Industry responded on June 17 on the investor interaction platform: The company adopts vertical retort magnesium smelting technology, which features outstanding technical advantages: increased single-retort capacity, shortened production cycle, improved production efficiency, extended service life of reduction retorts, and a higher level of mechanized and automated operations. The Anhui Qingyang mine project has reached a capacity of 20 million mt per year . On June 3, during a survey, Baowu Magnesium Industry stated that the company already has a certain level of technology reserves in magnesium-based hydrogen storage, but the development of the hydrogen storage industry mainly relies on downstream application expansion, which takes time. Currently, downstream application expansion is slow: the hydrogen energy industry chain (production/storage/transportation/utilization) lacks overall maturity, and orders have yet to materialize at scale. On June 3, during a survey, Baowu Magnesium Industry stated that in terms of end-use breakdown, the largest use of magnesium is in magnesium alloys, accounting for about 49%; followed by addition to aluminum alloys, about 26%; steel desulfurization, about 12%; as a metal reducing agent, about 8%; and other fields, about 5%. On June 3, during a survey, Baowu Magnesium Industry stated that the company's magnesium ingot production costs have the following advantages: 1. The company has a complete industry chain advantage, especially in stable raw material supply. 2. The company continues to increase investment in original magnesium smelting technology, enhancing the cost competitiveness of its primary magnesium through large-scale vertical retort magnesium smelting technology and energy efficiency optimization. Baowu Magnesium Industry announced on May 26 that it recently received a notice from its controlling shareholder, Baosteel Metal Co., Ltd., that 263 million shares (26.53% of total shares) will be transferred at no cost to China Baowu Steel Group Corporation Limited. After the transfer, the controlling shareholder will change to China Baowu, while the actual controller remains the State-owned Assets Supervision and Administration Commission of the State Council, unchanged. The announcement shows Baosteel Metal is a wholly owned subsidiary of China Baowu. Before this transfer, China Baowu indirectly held 26.53% of Baowu Magnesium through Baosteel Metal, being the indirect controlling shareholder. After the transfer, China Baowu will directly hold 26.53% and become the controlling shareholder. Performance: Baowu Magnesium Industry disclosed its 2025 annual report on April 29, showing: In 2025, the company achieved revenue of 9,911,752,817.29 yuan, up 10.34% YoY, and net profit attributable to shareholders of the publicly listed firm was 18,548,946.85 yuan, down 111.62% YoY. The decline was mainly due to the continued downward trend of magnesium prices, which caused a significant YoY decline in the magnesium material business profit; meanwhile, the joint venture Anhui Baomei Light Alloy Co., Ltd. is in the ramp-up stage of a new project, with low production and high costs, plus low magnesium prices, which dragged down the company's investment income YoY. Regarding the main business activities during the reporting period, Baowu Magnesium Industry introduced in its 2025 annual report: The company is a leader in magnesium-based new materials under China Baowu, with advantages across the entire industry chain and mine resources, leading vertical retort magnesium smelting technology, and its magnesium alloy capacity and market share are among the global frontrunners. The company focuses on lightweight materials, with products covering automotive, consumer electronics, e-bikes, building formwork, etc. After more than 30 years of development, the company has become a high-tech enterprise integrating mining, non-ferrous metal smelting, and processing, aiming to be a global leader in the magnesium industry. Its businesses include magnesium material business, magnesium products business, aluminum products business, mineral products business, and building formwork business. Its main products include magnesium alloys, magnesium alloy deep-processed products, aluminum alloys, aluminum alloy deep-processed products, master alloys, and strontium metal. Outlook on future development: Baowu Magnesium Industry stated in the 2025 annual report: 2026 marks the start of the company's 15th Five-Year Plan, and the industry will see an important period of high-end and large-scale development. The board will guide management with the core positioning of "building a lightweight solutions provider and becoming the new materials main force of China Baowu," focusing on the main business, deepening cultivation, advancing full-industry-chain upgrading, technological innovation, market expansion, and green development, to achieve sustained improvement in operating performance and significant enhancement of core competitiveness. 1. Strengthen strategic guidance and solidify the foundation for new quality productive forces in the magnesium industry. Accelerate building a full industry chain from primary magnesium to alloys, deep processing, and terminal applications, concentrate on breakthroughs in green smelting and stable, low-cost production technologies, and speed up large-scale promotion of key products. 2. Coordinate the construction of key projects to synergistically improve overall operational efficiency. Speed up construction and comprehensive acceptance of the Huayuan Wujia mine in the Qingyang project, orderly advance main plant construction and production indicator optimization, and steadily push forward key projects in Gansu Baomei, Wutai Baomei, and Chaohu Baomei. 3. Deepen magnesium industry reform and innovation, promoting modern corporate governance. Steadily advance business transformation and renewal, promote asset integration, and further optimize governance, management control, and business management models. 4. Accelerate intelligent development layout and fully advance IT system construction. Complete full implementation of the Baowu standard financial system and rollout of cost systems in subsidiaries, create a full-process IT model project for magnesium business, further enhance operational control, cost calculation, compliant operations, and risk prevention and control capabilities. 5. Focus on attack on primary magnesium cost to continuously enhance market competitiveness. Reduce manufacturing costs of three core components: reduction retorts, center pipes, and cones; optimize steel grades to extend retort service life; reduce auxiliary energy consumption and material-to-magnesium ratio. 6. Implement cost-conscious management and systematically build a high-quality development business model. Deepen overall benchmarking to identify and address gaps, systematically attack the "four major costs" — primary magnesium, energy, logistics, and quality — and improve the operational control system. 7. Strengthen safety and environmental protection fortresses, systematically elevate green development. Continuously strengthen safety and environmental compliance rectification. Highlight risk management in key areas and enhance intrinsic safety. Accelerate green factory and low-carbon capability building. 8. Main risk factors and countermeasures (1) Risk of fluctuating main raw material prices The company's main business is magnesium and aluminum alloys and deep processing, with primary raw materials being magnesium and aluminum metals. Prices are affected by supply-demand dynamics, global and Chinese economic conditions, and closely tied to automotive lightweighting progress, 3C industry demand, etc. If magnesium and aluminum prices swing wildly in the future, it will affect cost control and profitability. The company is raising the self-sufficiency ratio of raw materials, adjusting product mix, and increasing the proportion of deep-processed products to mitigate the impact. (2) Risk of fluctuating market demand The company's magnesium and aluminum lightweight alloy products are mainly used in automotive and consumer electronics. Currently, seizing auto lightweighting opportunities, the company is expanding into downstream deep processing such as magnesium alloy automotive die castings, magnesium alloy building formwork, and aluminum extrusion products. The pace of automotive lightweighting and 3C electronics demand are influenced by macro-economy, industrial policies, and process technology innovation. If downstream demand falls short of expectations, it will affect operating performance. The company is expanding product applications in various fields, increasing penetration rates, to reduce the risk of demand fluctuations. In addition, the Q1 2026 report released by Baowu Magnesium Industry shows: In Q1 2026, revenue was 2.132 billion yuan, up 4.86% YoY; net profit attributable to shareholders of the publicly listed firm was 5.0891 million yuan, down 81.94% YoY. Regarding the increase in Q1 revenue, Baowu Magnesium Industry explained: Sales of main products and material prices rose YoY. For the decline in net profit, the company said it was due to a decrease in product gross margins and increased losses from joint ventures. Baowu Magnesium Industry mentioned that its magnesium alloy capacity and market share rank among global leaders. Looking back at the performance of SMM magnesium alloy AZ91D in Q1 this year: The average price on March 31, 2026 was 19,650 yuan/mt, compared with 17,950 yuan/mt on December 31, 2025, the average price rose by 1,700 yuan/mt in Q1, or 9.47%. The daily average price in Q1 2026 was 18,932.14 yuan/mt, up 1,320.74 yuan/mt, or 7.5% YoY, from 17,611.4 yuan/mt in Q1 2025. According to SMM price quotes: The EXW price of SMM magnesium alloy AZ91D on June 24 ranged from 18,250 to 18,350 yuan/mt, with an average of 18,300 yuan/mt, down 0.54% from the previous trading day. Currently, magnesium alloy prices are in the doldrums alongside magnesium ingot prices, with overall low trading sentiment. Fundamentals side: Supply side, magnesium alloy smelters have stable operating rates, ample spot supply in the market, and overall supply is loose; demand side, downstream die-casting plants show significant divergence in orders, with stable automotive orders, persistently sluggish two-wheeler orders, and alloy processing fees in the doldrums. Overall, the magnesium alloy market maintains a supply-strong-demand-weak pattern, with prices expected to remain in a weak consolidation phase in the short term.