SMM Morning Meeting Minutes: LME copper opened at $12,965/mt overnight, hitting an early high of $13,000/mt before its price center declined and touched a low of $12,783/mt, then maintained a "W" pattern, ultimately closing at $12,855/mt, down 1.42%. Trading volume reached 30,000 lots, an increase of 3,970 lots from the previous session; open interest stood at 324,000 lots, a decrease of 8,112 lots from the previous session, reflecting an overall reduction in long positions. The most-traded SHFE copper 2603 contract opened at 100,430 yuan/mt overnight, touching an early low of 98,550 yuan/mt before its center fluctuated upward to a high of 101,400 yuan/mt, ultimately closing at 101,130 yuan/mt, down 1.34%. Trading volume reached 105,000 lots, a decrease of 181,000 lots from the previous session; open interest stood at 179,000 lots, a decrease of 3,493 lots from the previous session, reflecting an overall reduction in long positions.

On May 19, the National Bureau of Statistics (NBS) released the main data on industrial production above designated size for April. The data showed that the production of solar cells (PV cells) in April was 71.93 GW, up 33.4% YoY. The cumulative production of PV solar cells (PV cells) from January to April was 239.06 GW, up 18.8% YoY. The original text is as follows: In April, the actual year-on-year growth of the value-added of industrial enterprises above designated size was 6.1% (the growth rate of value-added is the actual growth rate after deducting price factors). On a MoM basis, the value-added of industrial enterprises above designated size increased by 0.22% in April compared to the previous month. From January to April, the value-added of industrial enterprises above designated size increased by 6.4% YoY. Broken down by the three major sectors, in April, the value-added of the mining industry increased by 5.7% YoY, that of the manufacturing industry increased by 6.6%, and that of the production and supply of electricity, heat, gas, and water increased by 2.1% YoY. Broken down by economic type, in April, the value-added of state-controlled enterprises increased by 2.9% YoY; that of joint-stock enterprises increased by 6.6%, that of foreign-funded and Hong Kong, Macao, and Taiwan-invested enterprises increased by 3.9%; and that of private enterprises increased by 6.7% YoY. Broken down by industry, in April, the value-added of 36 out of 41 major industrial categories maintained year-on-year growth. Among them, the coal mining and washing industry increased by 6.3%, the oil and natural gas extraction industry increased by 4.3%, the agricultural and sideline food processing industry increased by 7.3%, the liquor, beverage, and refined tea manufacturing industry increased by 5.5%, the textile industry increased by 2.9%, the chemical raw materials and chemical products manufacturing industry increased by 8.0%, the non-metallic mineral products industry increased by 0.4%, the ferrous metal smelting and rolling processing industry increased by 5.8%, the non-ferrous metal smelting and rolling processing industry increased by 7.5%, the general equipment manufacturing industry increased by 7.8%, the special equipment manufacturing industry increased by 3.7%, the automobile manufacturing industry increased by 9.2%, the railway, shipbuilding, aerospace, and other transportation equipment manufacturing industry increased by 17.6%, the electrical machinery and equipment manufacturing industry increased by 13.4%, the computer, communication, and other electronic equipment manufacturing industry increased by 10.8%, and the electricity and heat production and supply industry increased by 1.2% YoY. Broken down by product, in April, the output of 341 out of 623 products in industries above designated size increased year-on-year. Among them, steel production was 125.09 million mt, up 6.6% YoY; cement production was 165.3 million mt, down 5.3% YoY; the production of ten non-ferrous metals was 6.76 million mt, up 3.1% YoY; ethylene production was 2.98 million mt, up 10.1% YoY; automobile production was 2.604 million units, up 8.5% YoY, including 1.228 million units of new energy vehicles (NEVs), up 38.9% YoY; power generation was 711.1 billion kWh, up 0.9% YoY; and crude oil processing volume was 58.03 million mt, down 1.4% YoY. In April, the sales-to-output ratio of industrial enterprises above designated size was 97.2%, down 0.2 percentage points YoY. The export delivery value of industrial enterprises above designated size reached 1,246.9 billion yuan, with a nominal year-on-year increase of 0.9%. Key Data on Industrial Production Above Designated Size in April 2025 Notes 1. Explanation of Indicators Growth rate of industrial added value: This refers to the growth rate of industry, which is an indicator used to reflect the extent of changes in the volume of industrial production over a certain period. This indicator can be used to assess the short-term operational trends of the industrial economy and the degree of economic prosperity. It also serves as an important reference and basis for formulating and adjusting economic policies and implementing macroeconomic regulation. Sales-to-output ratio: This is the ratio of sales output value to total industrial output value, used to reflect the connection between production and sales of industrial products. Export delivery value: This refers to the value of products exported by industrial enterprises on their own behalf (or through commission) (including those sold to Hong Kong, Macao, and Taiwan regions) or delivered to foreign trade departments for export, as well as the value of products produced through processing with materials, components, and assembly supplied by foreign merchants, and compensation trade. Daily average product output: This is calculated by dividing the total output of industrial enterprises above designated size announced for the current month by the number of calendar days in that month. 2. Statistical Scope The statistical scope of industries above designated size includes industrial enterprises with an annual main business income of 20 million yuan or more. Due to annual changes in the scope of industrial enterprises above designated size, to ensure the comparability of data between the current year and the previous year, the base period figures used for calculating the year-on-year growth rates of various indicators, such as product output, are made as consistent as possible with the statistical scope of enterprises in the current period. There may be differences in the scope of data compared with those published in the previous year. The main reasons are as follows: (1) Changes in the scope of statistical units. Each year, some enterprises reach the designated size and are included in the survey scope, while others exit due to a reduction in size. Additionally, newly established and operational enterprises, bankruptcies, and enterprises that have had their business licenses revoked (or suspended) also affect the scope. (2) There is a phenomenon of duplicate statistical counting of product output data across regions for some enterprise groups (companies). Duplicate output across regions for enterprise groups (companies) has been eliminated based on special surveys. 3. Survey Method A comprehensive monthly survey is conducted on the industrial production reports of industrial enterprises above designated size (data for January is exempted from reporting). 4. Industry Classification Standard The National Economic Industry Classification Standard (GB/T 4754-2017) is implemented. 5. Revision of Month-on-Month Data Based on the automatic correction results of the seasonal adjustment model, the month-on-month growth rates of industrial added value for industrial enterprises above designated size from April 2024 to March 2025 have been revised. The revised results and the month-on-month (MoM) data for April 2025 are as follows:

CMOC disclosed its Q1 report on the evening of April 25, achieving revenue of 46.006 billion yuan in Q1 2025, down 0.25% YoY, and net profit of 3.946 billion yuan, up 90.47% YoY. CMOC stated that the selling prices of its copper and cobalt products increased YoY, while overall costs decreased YoY, leading to a YoY rise in profit. CMOC also announced progress on significant matters during the reporting period: the company seized favorable market opportunities to stabilize and increase production, with the output of its main products generally increasing YoY, including a 15.65% YoY increase in copper production. Benefiting from the YoY rise in selling prices of all products, the company's main operating indicators exceeded expectations, achieving a good start to the year. As of the reporting date, the company was selected for the third consecutive time in the "S&P Global Sustainability Yearbook (China Edition) 2025," becoming one of the four Chinese companies in the metals and mining industry. The company's ESG performance continues to lead the industry, supporting sustainable development. CMOC announced on April 21 that, approved by its investment committee, it will acquire all issued and outstanding common shares of the Canadian publicly listed firm Lumina Gold (TSXV:LUM) through an overseas entity in an all-cash transaction, with a total price of approximately 581 million Canadian dollars. Lumina Gold is a precious and base metal exploration company listed on the TSX Venture Exchange, headquartered in Vancouver, and holds 100% of the Cangrejos gold mine project in El Oro Province, southwestern Ecuador. As the core asset of the transaction, Cangrejos is a large-scale primary gold mine project in Ecuador, completing a pre-feasibility study in 2023. Based on the pre-feasibility report, Cangrejos has a resource of 1.376 billion mt, with an average gold grade of 0.46 g/mt, containing 638 mt of gold; reserves of 659 million mt, with an average gold grade of 0.55 g/mt, containing 359 mt of gold. The future mine life is expected to be 26 years. The acquisition price translates to 1.27 Canadian dollars per share, a 41% premium to its latest closing price on April 17. Meanwhile, CMOC signed a subscription agreement with Lumina to issue $20 million in convertible bonds to meet the future operational needs of the Cangrejos gold mine project. The two parties began in-depth contact in H2 last year, and after long-term exclusive friendly negotiations, they finally reached the acquisition agreement. Currently, the agreement has received voting support from 52.3% of Lumina's shareholders, and the subsequent process will proceed according to local public acquisition procedures. CMOC's announcement on the evening of April 8 regarding its operating performance from January to March 2025 showed that the company seized favorable market opportunities to stabilize and increase production, with the output of its main products copper, cobalt, and niobium increasing by 15.65%, 20.68%, and 4.39% YoY, respectively. Benefiting from the YoY rise in selling prices of all products, the company's main operating indicators exceeded expectations, achieving a good start to the year. CMOC stated that 2025 is a critical year for achieving strategic goals and high-quality development. The company continues to accelerate expansion projects to maximize resource utilization value, laying a solid foundation for new leaps. CMOC's previously released 2024 annual report showed that the company's revenue exceeded 200 billion yuan for the first time, reaching 213.029 billion yuan, up 14.37% YoY; net profit attributable to the parent company exceeded 10 billion yuan for the first time, reaching 13.532 billion yuan, up 64.03% YoY; non-GAAP net profit attributable to the parent company was 13.119 billion yuan, up 110.48% YoY; and earnings per share were 0.63 yuan, up 65.79% YoY. CMOC's annual report showed that in 2024, the company's production of main products such as copper, cobalt, niobium, and phosphate fertiliser all hit record highs. Among them, annual copper production reached 650,200 mt, up 55% YoY, making it one of the top ten global copper producers for the first time. According to institutional estimates, CMOC's new mineral copper production in 2024 accounted for nearly 60% of the global increase. In other mineral products, CMOC produced 114,200 mt of cobalt, 10,024 mt of niobium, 1.18 million mt of phosphate fertiliser, 8,288 mt of tungsten, and 15,396 mt of molybdenum in 2024, maintaining its leading position in the industry. CMOC also announced its 2025 operating plan in its 2024 interim report. According to the guidance for the production of main products and physical trade volume in the company's mining and trade business segments in 2025, CMOC plans to produce 600,000-660,000 mt of copper, 100,000-120,000 mt of cobalt, and 12,000-15,000 mt of molybdenum. Central China Securities released a research report on April 15, giving CMOC an "overweight" rating. The reasons for the rating include: 1) TFM and KFM exploration work continues to advance, and copper mines are preparing for a new round of expansion; 2) the company achieved a good start in Q1, with main operating indicators exceeding expectations; 3) the period expense ratio decreased, and cash flow levels improved. Risk warnings: copper and cobalt prices fall short of expectations, project expansion and construction speed fall short of expectations, and risks of overseas policy changes. Kaiyuan Securities released a research report on April 11, giving CMOC a "buy" rating. The reasons for the rating include: 1) the company released its Q1 2025 production report, with copper and cobalt production increasing YoY; 2) the company's 2024 performance hit a record high, with core products exceeding growth expectations; 3) TFM and KFM copper-cobalt mines reached full production and standards, actively exploring for reserve increases. Risk warnings: raw material price fluctuation risks; project progress falls short of expectations; policy change risks.

1. Procurement Conditions The procurement project for Panzhihua Steel Vanadium Slag Agent (Improved Type) (PGWZMYHHD250407202593) is conducted by Panzhihua Steel Group Materials Trading Co., Ltd. The project funds are self-raised, and the project is now ready for procurement, proceeding with an open single-round negotiation. 2. Project Overview and Procurement Scope 2.1 Project Name: Panzhihua Steel Vanadium Slag Agent (Improved Type) 2.2 Procurement Failure to Other Procurement Methods: Not Applicable 2.3 The procurement content, scope, and scale of this project are detailed in the attachment "Material List Attachment.pdf". 3. Bidder Qualification Requirements 3.1 Joint venture bidding is not allowed for this procurement. 3.2 Bidders must meet the following qualification requirements: See the attachment (if required) 3.3 Bidders must meet the following registered capital requirements: Production-type registered capital: 2 million yuan and above 3.4 Bidders must meet the following performance requirements: For Panzhihua Steel Vanadium new trial products, bidders must provide performance proof of the product (trial production report, those not uploaded will be considered as new suppliers). 3.5 Bidders must meet the following capability requirements, financial requirements, and other requirements: Financial requirements: Registered capital ≥ 2 million yuan, and not less than 30% of the total project planned price (excluding tax) Capability requirements: Need to provide annual inspection qualified enterprise qualification requirements: (1) Business license (or copy) scan; (2) Tax registration certificate (or copy) scan (except for three certificates in one); (3) Organization code certificate (or copy) scan (except for three certificates in one); Other requirements: See the attachment (if required) 3.6 For projects that must be legally tendered, bids from discredited executors are invalid. 4. Procurement Document Acquisition 4.1 All interested bidders, please log in to the Ansteel Smart Tender Platform http://bid.ansteel.cn to download the electronic procurement documents from 09:30 on April 8, 2025 to 09:30 on April 11, 2025 (Beijing time, the same hereinafter). Click to view tender details: 》Panzhihua Steel Vanadium Slag Agent (Improved Type) Procurement Announcement

Boliden's Q4 Nickel Production Up 6.35% YoY Last Week Boliden released its Q4 2024 production report, showing nickel matte production at 11,715 mt (metal content), up 8.53% MoM and 6.35% YoY; nickel concentrate production at 2,849 mt (metal content), up 7.23% MoM and 11.29% YoY.

The Impact of the SIMBARA System Launch in 2025 on the Nickel Industry Starting from early 2025, the SIMBARA system will be officially launched, requiring all nickel mines in Indonesia to complete all approvals within the system before legal sales can proceed. Meanwhile, the Mineral and Coal Online Monitoring System (MOMS) digital platform, developed by the Ministry of Energy and Mineral Resources, is seamlessly integrated with SIMBARA, providing real-time monitoring and management functions for coal, tin, and nickel commodities. MOMS is designed to be scalable and will gradually expand in the future to include more mineral commodities.

[Sumitomo Metal Mining's Q4 2024 Nickel Production Saw a YoY Decline of 4.36%] Japan's Sumitomo Metal Mining released its Q4 2024 production report. The report showed that the company produced 18,800 mt (metal content) of nickel in the quarter, down 15.3% MoM and 4.36% YoY. This included 14,000 mt of refined nickel, 4,300 mt (metal content) of nickel sulphate, and 1,100 mt (metal content) of ferronickel.

[Sumitomo Metal Mining Q4 Production Overview] Japan's Sumitomo Metal Mining released its Q4 2024 (Q3 FY2024) production report. The report showed that the company produced a total of 18,800 mt in metal content of nickel during the quarter, down 15.3% QoQ and 4.36% YoY. Among these, refined nickel accounted for 14,000 mt, nickel sulphate for 4,300 mt in metal content, and ferronickel for 1,100 mt in metal content. Additionally, Sumitomo's NAC nickel project in the Philippines produced 10,400 mt (Ni contained) of nickel-cobalt sulphide during the quarter, up 23.81% QoQ and down 7.96% YoY.

【Overseas Nickel Companies Quarterly Report - ANTAM】 ANTAM released its Q4 2024 production report. Ferronickel production was 4,858 mt (metal content), down 4.28% QoQ and 14.56% YoY. Nickel ore production was 3.12 million wmt, up 13.71% QoQ and down 16.58% YoY. In Q4, ferronickel sales volume was 7,761 mt (metal content), up 29.22% YoY; nickel ore sales volume was 2.64 million wmt, up 14.93% YoY.

[SMM Analysis: 2025 Copper Production Guidance Released by Some Miners, Copper Concentrates Supply-Demand Balance Gap Expected to Widen Further] 2024 has passed, and major miners have successively released their Q4 2024 copper ore production reports and 2025 copper production guidance. However, it is worth noting that several miners have lowered their 2025 copper production targets, indicating that the supply of copper concentrates in 2025 will be even more constrained, with a larger global supply-demand balance gap for copper concentrates.