Jinchengxin announced on the evening of May 22 that the company held the 22nd meeting of the 5th Board of Directors on May 8, 2025 and the 2nd Extraordinary General Meeting of Shareholders of 2025 on May 26, 2025, at which the "Proposal on the Planned Investment and Construction of the Alacran Copper-Gold-Silver Mine Project" was reviewed and approved. The company agreed to invest approximately $231 million in the construction of the Alacran copper-gold-silver mine project based on the expected shareholding ratio (55%). Currently, the company's equity interest in the Alacran copper-gold-silver mine has increased to 97.5%, and accordingly the company plans to increase project construction investment by $178.67 million in line with the change in equity ratio, bringing the cumulative investment to approximately $409.89 million. Apart from the aforementioned changes in the company's contribution ratio and corresponding investment amount, the investment estimate, construction plan, and other aspects of the Alacran copper-gold-silver mine project remain unchanged, still based on the feasibility study (FS) of the Alacran copper-gold-silver deposit completed in December 2023 (adopting the NI 43-101 standard). Regarding (1) Project Overview, Jinchengxin announced: Investment project: Alacran copper-gold-silver mine open-pit mining and beneficiation project. Based on the feasibility study (FS) of the Alacran copper-gold-silver deposit completed in December 2023 (adopting the NI 43-101 standard), the main content of the project design is as follows: Design scale: This project is a mining and beneficiation project. The mine adopts open-pit mining, with total ore within the designed pit limit of 97.9 million mt. The mine produces surface oxide ore and previously mined and stockpiled tailings (old tailings), as well as mixed ore and primary ore. For different ore properties, a grinding-flotation plant and a gravity separation plant are designed. The grinding-flotation plant mainly processes primary ore and mixed ore, while the gravity separation plant processes surface oxide ore and old tailings. The grinding-flotation plant has a designed processing capacity of 17,600 mt/day, with final products being copper concentrates and gold-silver concentrates; the gravity separation plant has a designed processing capacity of 2,400 mt/day, with final products being gold-silver concentrates. The project is expected to cumulatively recover 797 million pounds of copper, 550,000 ounces of gold, and 5.35 million ounces of silver. Investment estimate: The project investment estimate is $420.4 million, to be used for open-pit mine infrastructure stripping, mining industrial site, raw ore primary crushing station, coarse ore stockpile, grinding-flotation plant and gravity separation plant, concentrates thickening and filtration system, tailings thickening and conveying system, tailings storage facility, mine roads, water supply system, main step-down substation, external power supply lines, external roads, office and living camp, sewage treatment facilities, etc. Company investment amount: The company plans to invest approximately $409.89 million based on a 97.5% shareholding ratio, an increase of $178.67 million over the previously approved amount. Construction plan and service life: The project construction period is 2 years, and the mine life after completion is expected to be 14.2 years. Economic benefit forecast: The project's after-tax net present value (NPV) is $360 million (discount rate 8%), internal rate of return (IRR) is 23.8%, and the investment payback period is expected to be 3 years. The economic benefit calculation is based on copper prices of $3.99/pound, gold prices of $1,715/ounce, and silver prices of $22.19/ounce. For details on the feasibility study (FS) of the Alacran copper-gold-silver deposit, please refer to the "Jinchengxin Progress Announcement on the San Matias Copper-Gold-Silver Project" released by the company on December 19, 2023. Regarding the impact of this investment on the publicly listed firm, Jinchengxin stated: (1) After the project is put into production, it is expected to have a certain impact on the company's future business development and operating performance, which is conducive to the company's further expansion into the mine resource development field, improving the company's industrial layout, and promoting the company's sustained, stable, and healthy development. (2) This investment in the subsequent construction of the Alacran copper-gold-silver mine project based on the shareholding ratio is in line with the company's long-term development plan, is conducive to promoting the company's sustained, stable, and healthy development, and does not harm the interests of the company and shareholders, especially minority shareholders. Jinchengxin announced on the evening of May 17 that the Environmental Impact Assessment (EIA) for the company's Alacran copper-gold-silver mine in Colombia recently received formal approval from Colombia's National Environmental Licensing Authority (ANLA). The company will subsequently fully implement environmental permit requirements to ensure harmonious coexistence between project operations and local communities. Based on the feasibility study completed in December 2023, the Alacran copper-gold-silver mine project is an open-pit mining and beneficiation project with an investment estimate of $420 million, total ore within the designed pit limit of 97.9 million mt, and expected cumulative recovery of 797 million pounds of copper, 550,000 ounces of gold, and 5.35 million ounces of silver. The company previously reviewed and approved an investment of approximately $231 million based on an expected 55% shareholding to construct the project. Currently, the company's equity interest in the Alacran copper-gold-silver mine has increased to 97.5%, and the company will follow the corresponding review procedures for project construction investment in accordance with the company's articles of association and make timely disclosures. Jinchengxin's Q1 2026 report disclosed on April 28 showed: The company achieved total operating revenue of 3.414 billion yuan, up 21.45% YoY; net profit attributable to the parent company was 601 million yuan, up 42.55% YoY. Regarding the reasons for the increase in Q1 operating revenue and net profit, Jinchengxin announced: This was mainly due to increased sales of mineral resource products (copper cathode, copper concentrates, iron ore) and rising copper ore product prices during the period. Jinchengxin's 2025 annual report showed: The company achieved revenue of 13.894 billion yuan in 2025, up 39.74% YoY; net profit attributable to the parent company was 2.339 billion yuan, up 47.66% YoY. Jinchengxin stated in its 2025 annual report: Operating revenue increased 39.74% YoY and net profit attributable to shareholders of the publicly listed firm increased 47.66% YoY during the period, mainly due to increased production and efficiency at captive mine projects in the mine resource development business during the reporting period. In addition, Jinchengxin stated on the interactive platform on April 28 that the company's copper ore product inventory increased at year-end 2025 and at the end of Q1 2026, mainly because the local rainy season (November–April) affected road conditions and transportation on peripheral roads of the Dikulushi copper mine in the DRC, and the produced mineral products had not yet been sold externally. China Post Securities' commentary on Jinchengxin's performance report showed: The resource segment saw volume-driven growth, while the mining services business was slightly dragged down. By business segment, the mine resource business achieved revenue/gross profit of 6.986/3.121 billion yuan in 2025, up 117.67%/130.20% YoY, while the mining services business achieved combined revenue/gross profit of 6.613/1.515 billion yuan, up 1.06%/down 13.47% YoY. The mining business saw both volume and price increases, while the decline in mining services was mainly due to the Lubambe copper mine being converted to an internal unit after acquisition, resulting in reduced recognized revenue and gross profit, and some projects being affected by declining work volumes/production ramp-up. Volume: Copper metal sales in 2025 were 92,700 mt, up 88.16% YoY; phosphate ore sales were 357,400 mt, down 1.00% YoY. The growth in copper metal production and sales was mainly due to the Lonshi copper mine reaching full production, the Dikulushi and Lonshi copper mines exceeding production plans, and the Lubambe copper mine being consolidated for the full year. In 2026Q1, copper metal production/sales were 22,400/18,100 mt, mainly affected by declining grade and the rainy season. Price: Copper prices were up 7.62% YoY in 2025 and up 36.72% YoY in 2026Q1. Production is expected to grow steadily in 2026, with significant long-term expansion potential. In 2026, the company's captive resource projects plan to produce 100,300 mt of copper metal (equivalent) and sell 99,700 mt of copper metal (equivalent), and produce and sell 300,000 mt of phosphate ore; the Yisitanxinshan magnetite project plans to produce and sell 1.25 million mt of iron ore concentrates. In the longer term, the northern mining area of the Liangchahe phosphate mine is expected to be put into use by the end of 2028, with annual capacity expanding from 300,000 mt to 800,000 mt; after the eastern zone of the Lonshi copper mine is put into production, annual production can expand from 40,000 mt to 100,000 mt; the Lubambe copper mine is undergoing technological transformation, and after completion is expected to produce 35,000 mt of copper annually; the company holds a 97.5% equity stake in the San Matias copper-gold-silver mine, which is in the EIA approval stage. Risk warnings: Price fluctuation risks; project progress falling short of expectations; downstream demand falling short of expectations; model assumptions not matching reality; policy risks exceeding expectations, etc.

[SMM Global Steel Company Special] POSCO Business Performance Report POSCO Holdings Inc. released its 2025 consolidated results, reporting revenue of 69.095 trillion won, operating profit of 1.827 trillion won, and net profit of 504 billion won. The details of the steel segment's 2025 performance are as follows. Data source: POSCO Annual Report POSCO (Standalone) Operating Performance Production and Sales Data source: POSCO Annual Report Earnings Overview ① 2025 revenue: 35.011 trillion won, down 2.545 trillion won YoY; ② 2025 operating profit: 1.78 trillion won, up 307 billion won YoY; ③ Operating profit margin: 5.1%, up 1.2% YoY. Performance Analysis On a full-year basis, although selling prices in 2025 declined compared to 2024, operating profit still rose as raw material and production costs fell by a larger margin. ① Carbon steel selling price dropped from 985,000 won/mt in 2024 to 926,000 won/mt in 2025, down approximately 59,000 won/mt. ② Key raw material cost index: fell from 100 in 2024 to 83.8 in 2025, down 16.2. Although annual growth was still achieved, it is worth noting that the sharp rise in LNG prices also significantly impacted costs, pushing up energy and maintenance expenses from 494 won/m³ in 2024 to 633 won/m³ in 2025. More detailed changes are as follows (unit: 1 billion won). Data source: POSCO Annual Report Ex-China Steel Operating Performance Details Data source: POSCO Annual Report Core Steel Business Operating Activities Decarbonisation ① Commenced construction of the HyREX (hydrogen reduction ironmaking) demonstration plant in Pohang (expected to be operational in 2028). ② Operating the Gwangyang Electric Arc Furnace (EAF, capacity of 2.5 million mt, operational from June) to quickly respond to market demand for low-carbon steel products. Building Two Pillars: Energy and Mobility ① Pohang Plant (Energy): Building a "model plant for energy-use steel," deepening capabilities in steel for hydrogen energy, LNG, and power grid applications (including PosMAC, e-steel, etc.). ② Gwangyang Plant (Mobility): Positioned as a "dedicated plant for new mobility," conducting R&D on Giga Steel, silicon steel (Hyper NO), and other low-carbon high-end materials. Cost Innovation 2030 Leveraging technology to reduce structural costs through technology-driven structural cost reduction, targeting fixed cost reductions of 50 billion Korean won in 2025 and 40 billion Korean won in 2026. Optimizing group-wide operating costs: such as optimizing power generation and waste heat recovery, and streamlining logistics and procurement. Overseas Expansion ① [US Louisiana: EAF Integrated Steel Mill] Total investment of $5.8 billion, with POSCO holding a 20% stake and a relatively small financial burden (capital-to-debt ratio of 50:50). Products will be directly supplied to North American automakers and POSCO's Mexico plant. Discussions are underway on battery materials supply chain and next-generation materials collaboration. ② [Strategic Partnership with US Cleveland-Cliffs] Combining POSCO's global network with Cleveland-Cliffs' domestic production assets. Goal: Capturing the North American high-value-added automotive sheet market through the integration of technology and marketing. ③ [India: Integrated Steel Mill Joint Venture] Establishing a 50:50 joint venture with JSW, India's largest steel manufacturer, with equal representation on the board of directors. Constructing an integrated steel mill with a capacity of 6 million mt, and conducting business collaboration in renewable energy (wind and solar) to supply power to the steel mill. Source: POSCO Annual Report Copyright and Intellectual Property Statement: This report is independently created or compiled by SMM Information & Technology Co., Ltd. (hereinafter referred to as "SMM"), and SMM legally enjoys complete copyright and related intellectual property rights. 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[SMM Rare Earth News Flash] Ningbo Yunsheng released its 2025 annual performance report. Full-year revenue reached 5.464 billion yuan, up 8.39% YoY; net profit was 331 million yuan, up 247.95% YoY significantly; non-recurring net profit was 279 million yuan, up 185.27%. The company's NdFeB permanent magnet materials finished product sales volume reached 14,197 mt, up 10.29% YoY. Among them, sales revenue of NdFeB permanent magnet materials supplied in the form of magnetic material assemblies was 705 million yuan, up 59.69% YoY.

On April 14, news emerged that Qinghai Salt Lake Industry disclosed its preliminary performance report for the first quarter of 2026. In Q1 2026, the company achieved operating revenue of 6.432 billion yuan, a year-on-year increase of 94.89%; net profit was 2.939 billion yuan, a year-on-year increase of 147.44%. During the reporting period, the company's potassium chloride production was approximately 877,300 tons, with sales of approximately 1.3297 million tons; lithium carbonate production was approximately 19,500 tons, with sales of approximately 16,800 tons. Driven by year-on-year increases in sales volume and prices, the profitability of the potassium chloride segment grew significantly.

On 1 April, the Indian iron ore miner NMDC officially published its production and sales performance report for the 2025-2026 The report demonstrates that full-year iron ore production reached 53.15 million tonnes, representing a year-on-year increase of 20.6 per cent and a substantial uplift from the 44.07 million tonnes recorded in the previous financial year. Over the same period, total iron ore sales volumes amounted to 50.23 million tonnes, marking a 13.1 per cent expansion compared to the 44.40 million tonnes registered in the prior year. This enhanced operational performance is primarily attributed to the steady growth and robust execution across the company's mining assets located in the states of Chhattisgarh and Karnataka.

Emirates Global Aluminium (EGA) released its 2025 performance report, showing that in 2025, the company's net profit (excluding GAC data) increased by 16% to US$1.34 billion, and core profit increased by 7% to US$2.53 billion, mainly due to the rise in the average real price of aluminum and the increase in total sales volume. EGA's EBITDA in 2025 was AED 9.28 billion (US$2.53 billion), compared to AED 8.69 billion (US$2.37 billion) in 2024. In 2025, EGA's foundry metal production reached a record high of 2.84 million tons, up from 2.77 million tons in 2024. In 2025, EGA's sales volume of low-carbon aluminum products increased by 70%, reaching approximately 196,000 tons.

On February 28, 2026, Rongbai Technology released its 2025 annual performance report. In 2025, Rongbai Technology achieved operating revenue of 12.271 billion yuan, a decrease of 18.67%; and recorded a net loss attributable to shareholders of the listed company of 182 million yuan, a decrease of 161.64%. In 2025, due to multiple factors such as intensified domestic market competition and changes in the international political and economic landscape, the company's operating performance faced interim pressure, with operating revenue of 12.271 billion yuan and a net loss attributable to the parent of 182 million yuan. However, quarterly profitability gradually recovered, and the company returned to profitability in the fourth quarter.

SMM February 28: According to SMM statistics, overseas aluminum production in February 2026 increased 2.5% YoY; new aluminum projects in Indonesia and Angola continued ramping up, with overseas daily average production rising 0.9% MoM. On February 17, 2026, Alba released its Q4 and annual report for 2025. The report showed Alba’s production hit a record high of 1,623,139 mt in 2025, exceeding targets despite a fire incident at year-end. The affected production line is currently in the recovery phase. On February 19, 2026, Century Aluminum announced its Q4 results. The report indicated primary aluminum shipments fell 14% QoQ in Q4 2025, mainly due to production declines caused by equipment failure at its Iceland plant. In 2026, the 50,000 mt idle capacity at Mt. Holly is expected to resume production in April, reaching full capacity by the end of Q2; the Iceland plant is expected to restart earlier than planned, now scheduled to begin production resumptions by the end of April 2026 and approach full capacity by the end of July. South 32’s performance report maintained Mozal aluminum smelter’s FY2026 production guidance at 240,000 mt, with the plant expected to begin maintenance shutdown from March 15. However, foreign media reported the government is taking necessary measures to maintain Mozal’s operations. SMM will continue monitoring. Looking ahead to March 2026, operating capacity at new aluminum projects in Indonesia and Angola is expected to continue climbing, but production cuts or shutdown risks at the Mozambique plant may cause daily average aluminum production to turn negative. Nevertheless, high aluminum prices continue to stimulate global aluminum supply acceleration, with the Iceland plant’s restart expected ahead of schedule and other plants slightly increasing operating rates. Overall, aluminum supply is expected to maintain growth, though global aluminum inventory trends warrant ongoing attention.

SMM February 28 News: According to SMM statistics, overseas aluminum production totaled in February 2026 increased 2.5% YoY; new aluminum projects in Indonesia and Angola continued ramping up, with the overseas daily average production up 0.9% MoM. On February 17, 2026, Alba released its Q4 and annual report for 2025. The report showed that Alba's production hit a record high of 1,623,139 mt in 2025, exceeding targets despite a fire accident at year-end 2025. The production line affected by the fire is currently in the recovery phase. On February 19, 2026, Century Aluminum announced its Q4 results. The report indicated that primary aluminum shipments in Q4 2025 fell 14% QoQ, mainly due to production declines caused by equipment failure at the Iceland aluminum plant. In 2026, the 50,000 mt idle capacity at the Mt. Holly plant is expected to resume production in April, reaching full capacity by the end of Q2; the Iceland plant is expected to restart earlier than originally planned, now scheduled to begin production resumptions by the end of April 2026 and recover to near full capacity by the end of July. South 32's performance report showed that the Mozal aluminum plant in Mozambique maintained its FY2026 guidance production of 240,000 mt, meaning the Mozal plant is expected to transition into maintenance shutdown from March 15. However, foreign media reported that the government is taking necessary measures to keep the Mozal plant operating. SMM will continue monitoring. Looking ahead to March 2026, operating capacity at new aluminum projects in Indonesia and Angola is expected to continue climbing, but the Mozal plant faces risks of output reduction or shutdown. Affected by this, daily average aluminum production may turn to negative growth. Nevertheless, high aluminum prices continue to stimulate global aluminum supply acceleration; the Iceland plant's production resumption is expected earlier than planned; other plants also slightly increased operating rates. Overall, aluminum supply is expected to maintain growth, and global aluminum inventory trends need ongoing attention. [Data Source Statement: Except for public information, other data are processed by SMM based on public information, market communication, and SMM's internal database model, for reference only and not constituting decision-making advice.] Data Source: SMM (Guo Mingxin 021-20707919)

Lithium ore leading enterprise Tianqi Lithium Industry released its performance report for the first three quarters of 2025. The financial report shows that the company achieved revenue of 7.397 billion yuan during the reporting period, a YoY decline of 26.50%; it achieved a net profit of 180 million yuan, up 103.16% YoY; and it achieved a net profit after deducting non-recurring gains and losses of 71.2758 million yuan, an increase of 101.24% YoY.