[Mining and Metallurgical Enterprise Dynamics] Yesterday, China Nonferrous Metal Mining (Group) Co., Ltd. and China Gold Group Co., Ltd. signed a comprehensive framework agreement to deepen strategic cooperation. In the fields of geological exploration and mineral resource development, the two parties will collaborate on prospecting, exploration, resource investment, and development, focusing on key metallogenic belts both domestic and overseas, as well as regions along the Belt and Road, jointly expanding the overseas mineral resource market.

The record of investor relations activities of Yunnan Copper from June 11 to June 13, 2025, recently released by Yunnan Copper, shows: Regarding the company's basic information, Yunnan Copper introduced: Yunnan Copper was listed on the Shenzhen Stock Exchange in 1998. Its main businesses cover copper exploration, mining, beneficiation, smelting, extraction and processing of precious metals and minor metals, sulfur chemical industry, and trade. It is an important production site for copper, gold, silver, and sulfur chemicals in China. Among them, the capacity for copper cathode is 1.4 million mt. The company is the only publicly listed firm in the copper industry of Chalco and China Copper. In Q1 2025, the company produced 348,900 mt of copper cathode, up 48.15% YoY; 5.80 mt of gold, up 95.63% YoY; 128.48 mt of silver, up 54.31% YoY; 1.3872 million mt of sulphuric acid, up 23.61% YoY; and 13,900 mt of copper in copper concentrates, down 15% YoY. At the end of Q1 2025, the company's total assets were 49.256 billion yuan, with an asset-liability ratio of 62.39%. It achieved an operating revenue of 37.754 billion yuan, up 19.71% YoY; a total profit of 922 million yuan, up 14.11% YoY; a net profit attributable to publicly listed firms of 560 million yuan, up 23.97% YoY; and a basic earnings per share of 0.2793 yuan, up 23.97% YoY. II. Q&A Session 1. In the face of the sluggish processing fee situation this year, what measures has the company taken to respond? Yunnan Copper stated: On the one hand, the company has strategically planned for "digital and intelligent transformation, expanding resources, refining mines, optimizing smelting, solidifying secondary (copper), and meticulously managing minor (metals)", and increased the extraction of urban mines and minor metals. On the other hand, in 2025, the company focuses on the key work of extreme operation, striving to promote high-quality development of the company, and advancing cost reduction with iron determination. After several years of cost reduction, quality improvement, and efficiency enhancement, the costs of the company's main products have certain competitiveness. In addition, the company has increased the profit contribution of by-products such as sulphuric acid, molybdenum, selenium, tellurium, platinum, palladium, and rhenium to enhance the company's comprehensive competitiveness. 2. What is the expected impact of the current smelting processing fees on the company's profits? Yunnan Copper stated: Since this year, long-term contracts and spot TC have seen significant declines compared to last year. The company has offset the adverse impact of the decline in processing fees through measures such as cost reduction, expanding procurement channels, and increasing direct supply of ore from mines. In addition, the company focuses on the layout of secondary copper and minor metals, while continuing to increase the profit contribution of by-products such as sulphuric acid, molybdenum, selenium, tellurium, platinum, palladium, and rhenium to offset the profit pressure caused by the decline in processing fees. 3. What is the approximate sales volume and price of sulphuric acid for the company this year? Yunnan Copper Science & Technology Development Co., Ltd. stated: Sulphuric acid is a by-product of the company's copper smelting process, and its price varies due to regional factors. In Q1 this year, the average price of sulphuric acid in major regions increased significantly YoY. The company actively seized market opportunities, contributing positively to its performance. 4. What efforts has the company made in resource acquisition? Yunnan Copper Science & Technology Development Co., Ltd. stated: The company attaches great importance to the replacement of mine resources and has increased capital investment to carry out comprehensive geological studies of various mining areas and exploration work in the deep and peripheral parts of mines. In 2024, the company invested 65 million yuan in exploration activities and exploration work in the deep and peripheral parts of mines, adding 91,800 mt of inferred and above copper resource metal content, achieving the annual target and realizing annual reserve increases greater than mine output consumption for four consecutive years. In addition, on the basis of managing existing mines and smelters well, the company actively focuses on high-quality copper resource projects. 5. The company announced its intention to issue shares to purchase a 40% stake in Liangshan Mining held by Yunnan Copper Group. What is the current progress, and what advantages will it bring to the company? Yunnan Copper Science & Technology Development Co., Ltd. stated: On May 13, 2025, the company issued the "Announcement on Suspension of Trading for the Purpose of Planning to Issue Shares to Purchase Assets and Raise Supporting Funds", indicating that the company is planning to issue shares to purchase a 40% stake in Liangshan Mining Co., Ltd. held by Yunnan Copper (Group) Co., Ltd. and raise supporting funds. Currently, the company and relevant parties are actively promoting various aspects of this transaction. Liangshan Mining is a copper resource production and smelting enterprise spanning the copper mining, beneficiation, and smelting industries, covering copper, iron, and sulphuric acid products. Liangshan Mining owns high-quality copper resources such as the Lala Copper Mine and Hongnipo Copper Mine, currently capable of producing approximately 13,000 mt of copper concentrates, 119,000 mt of copper anodes, and 400,000 mt of industrial sulphuric acid annually. Liangshan Mining is one of the core copper resource production and smelting bases under China Copper Corporation. As of the end of March 2025, the high-quality copper mine resources it holds, including the Hongnipo Copper Mine, Lala Copper Mine, and Hailin Copper Mine, have a copper metal reserve of 779,700 mt, with an average copper grade of 1.16%, higher than the current average copper grade of 0.38% at Yunnan Copper Science & Technology Development Co., Ltd. In 2024, it successfully bid for and obtained the exploration rights to the Hailin Copper Mine in Huili City, Sichuan Province, with a mining area of 48.34 square kilometers, further enhancing the resource reserve potential of Liangshan Mining. In addition, the copper mining costs of the mines owned by Liangshan Mining are relatively low, demonstrating good cost competitiveness. The sulphuric acid sales prices in south-west China, where Liangshan Mining is located, are also relatively favorable. This time, the company intends to acquire a 40% stake in Liangshan Mining held by its controlling shareholder, Yunnan Copper Group, which can further resolve horizontal competition and ensure the faithful implementation of relevant commitments. Meanwhile, Liangshan Mining boasts significant resource advantages and a solid profitability foundation, with a return on net assets higher than the industry average. Upon completion of the Hongnipo Copper Mine, it will reach a medium-to-large scale among copper mines, further enhancing its profitability. After the injection of Liangshan Mining into Yunnan Copper, it can effectively increase the publicly listed firm's equity copper resource reserves, enhance the overall asset and profit scale as well as the industry position of the publicly listed firm, facilitate the full play of business synergies by the publicly listed firm, strengthen the reserve of high-quality resources and capacity layout, enhance comprehensive strength and core competitiveness, and promote the high-quality development of the publicly listed firm. In addition, this acquisition is a specific measure taken by the company to implement the relevant opinions of the SASAC of the State Council on improving and strengthening the market value management of listed firms controlled by central state-owned enterprises, and to carry out M&A and restructuring activities that are conducive to enhancing the investment value of listed firms, which is conducive to safeguarding the rights and interests of the listed firm and all its shareholders. 6. What is the construction status of the Hongnipo Project of Liangshan Mining? Yunnan Copper stated: The Hongnipo Copper Mine is currently in the construction phase. The total identified ore reserves amount to 41.606 million mt, with an average copper grade of 1.42% and a copper metal content of 592,900 mt. The company will closely monitor the project's construction progress and strictly fulfill its information disclosure obligations in accordance with relevant regulations such as the "SZSE Listing Rules". Please stay tuned for the company's announcements. According to the record of Yunnan Copper's investor relations activities on March 26, 2025 (Interpretation Meeting Series I for the 2024 Annual Report) previously announced by Yunnan Copper: In 2024, Yunnan Copper adhered to the guidance of Party building, continued to strive and forge ahead, comprehensively implemented the decisions and deployments of the company's Party committee and board of directors, overcame unfavourable factors such as a significant decline in TC and the shutdown of the old facilities of Xinan Copper, and maintained a stable operating situation. The company produced 1.206 million mt of copper cathode, 12.71 mt of gold, 348.99 mt of silver, and 4.8286 million mt of sulphuric acid throughout the year. As of year-end 2024, its total assets amounted to 43.557 billion yuan, with an asset-liability ratio of 57.66%. It achieved operating revenue of 178.012 billion yuan, total profit of 2.316 billion yuan, net profit attributable to the publicly listed firm of 1.265 billion yuan, and basic earnings per share of 0.6312 yuan. The company intends to distribute a cash dividend of 2.4 yuan (tax included) for every 10 shares to all shareholders, without converting capital reserves into share capital. What is the construction progress of the relocation project of the Xinan Copper Branch previously announced by the company? Yunnan Copper previously responded during an institutional survey: The electrolysis system of the upgrade and renovation project for the relocation of Xinan Copper was commissioned with load at the end of June 2024, and the pyrometallurgy system entered the load commissioning phase in mid-October 2024, successfully producing copper anodes. As of now, the overall project for the relocation and upgrade of Xinan Copper has been fully completed and is currently in the load commissioning phase. This project is conducive to optimizing the company's smelting layout and production processes, achieving efficient comprehensive utilisation of resources, reducing production costs, and enhancing the company's overall competitiveness, aligning with the company's development needs for green, low-carbon, large-scale, short-process, low-cost, and digital intelligence. When asked about the company's progress in resource acquisition in 2024, Yunnan Copper previously responded during an institutional survey: The company attaches great importance to the replacement of mine resources, increasing capital investment to carry out comprehensive geological studies of various mining areas and exploration work in the deep and peripheral parts of mines. In 2024, the company invested 65 million yuan in exploration, conducting multiple mineral exploration activities and exploration work in the deep and peripheral parts of mines, adding 91,800 mt of inferred and above copper metal resources, achieving the annual target, and achieving annual reserve increases greater than mine production and consumption for four consecutive years. As of the end of 2024, the company held 964 million mt of copper ore resources, with a copper metal content of 3.6509 million mt and an average copper grade of 0.38%. Among them, Diqing Nonferrous held 846 million mt of copper ore resources, with a copper metal content of 2.8037 million mt and an average copper grade of 0.33%. When analyzing the company's core competitiveness, Yunnan Copper mentioned that its good resource reserves are one of its core competitiveness factors: The company attaches great importance to the replacement of mine resources, increasing capital investment to carry out comprehensive geological studies of various mining areas and exploration work in the deep and peripheral parts of mines. The company's main mines, including the Pulang Copper Mine, Dahongshan Copper Mine, and Yangla Copper Mine, are mainly distributed in the Sanjiang Metallogenic Belt, with favourable metallogenic geological conditions and potential for further prospecting. In 2024, the company invested 65 million yuan in exploration, conducting multiple mineral exploration activities and exploration work in the deep and peripheral parts of mines, adding 91,800 mt of inferred and above copper metal resources, achieving the annual target, and achieving annual reserve increases greater than mine production and consumption for four consecutive years. As of the end of 2024, the company held 964 million mt of copper ore resources, with a copper metal content of 3.6509 million mt and an average copper grade of 0.38%. Among them, Diqing Nonferrous held 846 million mt of copper ore resources, with a copper metal content of 2.8037 million mt and an average copper grade of 0.33%. The 2025 financial budget plan disclosed by Yunnan Copper in its 2024 annual report indicates the following production plans for the company's main products in 2025: The company expects to produce 54,600 mt of copper in copper concentrates, 1.52 million mt of copper cathode, 16 mt of gold, 680 mt of silver, and 5.364 million mt of sulphuric acid throughout the year. The investment plan for 2025 is 1.617 billion yuan, covering fixed asset investments, digital projects, and geological exploration projects. During a survey, Yunnan Copper stated that in Q1 this year, the average price of sulphuric acid in major regions increased significantly YoY. The company actively seized market opportunities, contributing positively to its performance. 》Click to view SMM spot copper prices 》Subscribe to view historical SMM spot metal price trends Reviewing the sulphuric acid price trend in Q1, it can be seen that: In Q1, both domestic and overseas demand was strong, leading to an increase in the price of smelting acid. As of March 28 (week), the average weekly price of smelting acid (sulphuric acid) in Yunnan was 780 yuan/mt, up 280 yuan/mt from the average weekly price of 500 yuan/mt on December 27, 2024 (week). From the perspective of the average price increase, the Q1 increase was 56%. According to SMM, domestically, in Q1, sulphuric acid prices were supported by "spring ploughing" and the cost of raw materials. Overseas, demand was relatively strong in Q1, with export prices also rising to a relatively high level in recent years. After reaching a high average annual price of 780 yuan/mt, with the end of spring ploughing, the operating rates of downstream fertilizer enterprises declined, and domestic demand weakened. Domestic sulphuric acid prices began to weaken from mid-to-late April. In early May, influenced by the end of the spring ploughing season, sulphuric acid prices in many parts of the country were still in the process of pulling back, with significant declines particularly in the south China market, while prices in the northern market remained relatively stable overall. In mid-May, domestic sulphuric acid prices showed mixed performance, mainly due to the continuous release of fertilizer export information and the gradual implementation of related policies, leading to a gradual rebound in downstream demand. Sulphuric acid prices in the south stopped falling and stabilized. After entering late May, sulphuric acid prices in many parts of the country rose again. Since June, sulphuric acid prices in Yunnan have remained stable at the beginning of the month. However, recently, influenced by the escalating geopolitical conflicts and the resulting uncertainties, domestic sulphur and sulphuric acid prices have both risen significantly in the past week, with sulphuric acid prices showing a 15.38% increase in the week ending June 13, with its average price (as of the week ending June 13) rising to 600 yuan/mt.

Juno Minerals Limited (Juno) has sold its fully permitted Mount Mason DSO hematite project to established regional producer Gold Valley Yilgarn Pty Ltd (GVY) for AUD 6 million in cash plus a 2% FOB royalty. GVY plans to commence production by mid-2026, leveraging its existing supply chain. The transaction provides Juno with immediate cash, future revenue streams, and the ability to focus on developing its flagship asset, the Mount Ida magnetite project. As part of the deal, Juno granted GVY the necessary road access rights and staff village leasehold rights. Mount Mason DSO is a hematite project located in the Yilgarn region of Western Australia. Resources: Total (Measured + Indicated): 5.9 million mt (Measured + Indicated) with an average grade of 60.1% Fe; Measured resources: 4.8 million mt @ 60.3% Fe; Indicated resources: 1.08 million mt @ 59.4% Fe; Inferred resources: 320,000 mt. The project has received full development approval. GVY's Development Plan: GVY has informed Juno that it plans to mobilize to the site by mid-2026 to establish DSO mining operations. GVY will leverage its existing supply chain (extending from production at Wiluna) to export ore through the Port of Esperance. Benefits to Juno: Cash Injection: AUD 6 million in cash (AUD 3 million received, AUD 3 million pending), increasing the company's cash reserves. Ongoing Revenue Stream: The 2% FOB royalty provides a potential long-term revenue source. Strategic Focus: The sale enables Juno to concentrate its efforts and resources on its core strategic asset, the Mount Ida magnetite project. Use of Funds: Juno plans to allocate the proceeds from the sale to: Maintain the Mount Ida magnetite project; Explore new opportunities; General working capital requirements. Asset Realization: The sale of a small project that would have been challenging to develop independently (due to required capital expenditure) to an established producer (GVY) with a low-cost base and existing supply chain allows for near-term development and returns for Juno. Related Agreements (Concluded Simultaneously with the Sale): Access Deed (Road Access Rights): Juno granted GVY a non-exclusive license to construct and use an approved 27-kilometer haul road on Juno's Mt Ida project tenements (not part of this sale), connecting the Mount Mason mine site to the Menzies North-West Road. Term: 8 years. Purpose: To enable GVY to transport Mount Mason DSO ore by road to Kalgoorlie and then by rail to the Port of Esperance. Staff Village Lease: Juno agreed to lease its Cassini Village to GVY at a nominal monthly rental for GVY's workforce deployment in project development and mining. Strategic Context - Mount Ida Project: Unaffected: The sale of Mount Mason does not impact the Mount Ida magnetite project. Mount Ida remains Juno's core strategic asset. Resource Scale: Current resources stand at 1.85 billion tonnes (grading 29.48% Fe), located on granted mining leases, representing the largest magnetite resource in the Yilgarn region. Location Advantage: Adjacent to the Mt Bevan magnetite project joint venture between Hancock Prospecting and Legacy Iron Ore (currently undergoing a feasibility study), which is a positive signal for magnetite project development in the region. Announcement Compliance: Resource Reporting: The mineral resource estimation information was prepared and reviewed by "Competent Persons" (Dr Michael Cunningham and Mr Rodney Brown, SRK Consulting) in compliance with the JORC Code. The company confirms that the resource information in the announcement is sourced from its 2021 prospectus and that no new information has caused a material change. Forward-Looking Statements: The announcement contains forward-looking statements regarding project development plans, among others, which involve risks and uncertainties. Readers are cautioned not to place undue reliance on these statements. Approval for Release: This announcement has been approved for release by the Juno board of directors. Magnetite Advantages: Higher concentrate grades and more stable product specifications and quality. Enables the production of higher-quality steel, making it the preferred raw material for smelters. Aligns with the "green steel" theme. Announcement Compliance: Resource Reporting: The mineral resource estimation information was prepared and reviewed by "Competent Persons" (Dr Michael Cunningham and Mr Rodney Brown, SRK Consulting) in compliance with the JORC Code. The company confirms that the resource information in the announcement is sourced from its 2021 prospectus and that no new information has caused a material change. Forward-Looking Statements: The announcement contains forward-looking statements regarding project development plans, among others, which involve risks and uncertainties. Readers are cautioned not to place undue reliance on these statements. Approval for Release: This announcement has been approved for release by the Juno board of directors.

[Roy Hill and Atlas Iron to Merge and Form Hancock Iron Ore] Roy Hill and Atlas Iron will merge to form Hancock Iron Ore, with the name change taking effect on July 1. Roy Hill is a major iron ore miner, shipping approximately 64 million mt of steelmaking raw materials to the Asian market annually. Atlas Iron was acquired by Hancock Prospecting in 2018, which helped accelerate the company's growth and profitability. Currently, the company mines and exports approximately 10 million mt of iron ore annually.

According to a report on the BNAmericas website, the Vicuña mining district has attracted the attention of junior mining companies. It hosts the Josemaría and Filo del Sol copper-gold-silver projects, as well as the Lunahuasi and Los Helados copper-gold mines. The Vicuña mining district is located in the Andes Mountains, between the Atacama Region of Chile and the San Juan Province of Argentina, at an altitude of 3000-4500 meters. The harsh climate, lack of energy infrastructure, and logistical challenges have not deterred exploration efforts. However, these factors have not stopped Sendero Resources, which is exploring the Peñas Negras project, and Mogotes Metals, which is prospecting in Filo Sur. Mogotes Metals recently secured $7 million from the Braun family of Argentina to strengthen its prospecting efforts in the region. The most advanced project is the Vicuña Group, a joint venture between Lundin Mining and BHP, which owns the Josemaría and Filo del Sol projects. Additionally, there are the Los Helados and Lunahuasi projects of NGEx Minerals, covering an area of approximately 150 square kilometers. There are also hopes for downstream copper processing in the region. "We are trying to convince Argentina to build a copper smelter in San Juan Province," said Juan Rayo, director of local engineering firm JRI. Josemaría Josemaría is the most advanced project in the region. Currently, while awaiting permits, the joint venture is conducting detailed engineering studies and is researching the locations for a processing plant and shared infrastructure, including tailings storage facilities, roads, and power lines, to enable coordinated development with the Filo del Sol project, located 10 kilometers away. On June 3, the Vicuña Group announced that it had awarded a road maintenance contract to local company Zlato for the highway between Angualasto and La Majadita in San Juan Province. This road "will improve the stability of fuel, light vehicle, and critical material supply to remote areas, serving as a reliable and safe alternative to the current route to the field site in Guandacor, La Rioja Province," the company said in a press release. Filo del Sol As one of the company's projects, exploration work at Filo del Sol continues to advance, with the goal of submitting a technical report in Q1 2026. Vicuña Group plans to submit an application to include the Filo del Sol and/or Josemaría projects in the list of large-scale investment incentive plans (Rigi), with a combined investment of nearly $6 billion for these two projects. The projects have measured and indicated copper metal content of 13 million mt, 32 million ounces of gold, and 659 million ounces of silver, as well as inferred copper metal content of 25 million mt, 49 million ounces of gold, and 808 million ounces of silver. Los Helados This project, located in the Atacama Region, is the only one with nearby infrastructure, situated approximately 17 kilometers from the Caserones copper mine, which is 70% owned by Lundin Mining Corporation. As of now, the project has inferred copper metal content of 18.4 billion pounds (8.35 million mt), inferred copper metal content of 8.3 billion pounds, inferred gold of 10 million ounces, and inferred silver of 97.5 million ounces, making it another large project in the Vicuña mining district. Lunawasi However, Future Minerals' current focus is on advancing exploration of the Lunawasi project, while the company is considering various options, including mergers or acquisitions. The company estimates that the total transaction value of Lunawasi and Los Helados is comparable to that of Caserones, at approximately $3.3 billion. Last year, Caserones produced 124,761 mt of copper, while Filo del Sol is valued at $4.5 billion and Josemaría at $1.9 billion. However, the region faces significant challenges that require bilateral negotiations. While Argentina lacks infrastructure, Chile has better conditions in terms of mining logistics and infrastructure. Appropriate cross-border cooperation can reduce costs, increase water and energy supply, and enhance the region's competitiveness as a new source of critical minerals.

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

I. Auction Details To further enhance its competitiveness in "high efficiency, low cost, and intelligent manufacturing," Nanjing Iron & Steel Co., Ltd. (hereinafter referred to as the "Company") has actively constructed an industry chain ecosystem. Its wholly-owned subsidiary, Anhui Jin'an Mining Co., Ltd. (hereinafter referred to as "Jin'an Mining"), has actively sought to optimize the layout of the industry chain and enhance its resource integration capabilities. On May 12, 2025, Jin'an Mining successfully won the bidding for the exploration right (retained prospecting right) of the Fanqiao Iron Mine in Huoqiu County, Anhui Province, at a price of RMB 920,367,700 yuan. On the same day, Jin'an Mining signed the "Notice of Bidding Results" with Anhui Property Rights Exchange Center Co., Ltd. For detailed information, please refer to the "Announcement of Nanjing Iron & Steel Co., Ltd. on Its Wholly-Owned Subsidiary Winning the Bidding for the Exploration Right" (Announcement No.: Lin 2025-029) published by the Company in China Securities Journal, Shanghai Securities News, Securities Times, and on the website of the Shanghai Stock Exchange (http://www.sse.com.cn/) on May 13, 2025. II. Progress of the Transaction On May 13, 2025, the "Public Notice on the Transfer Results of the Exploration Right (Retained Prospecting Right) of the Fanqiao Iron Mine in Huoqiu County, Anhui Province" was simultaneously published on the official websites of the Ministry of Natural Resources (http://www.mnr.gov.cn), the Department of Natural Resources of Anhui Province (https://zrzyt.ah.gov.cn), and the Anhui Property Rights Exchange Center (http://www.aaee.com.cn). The public notice period was from May 13, 2025, to May 26, 2025. On May 27, 2025, the Anhui Property Rights Exchange Center website published the "Announcement on No Objections to the Public Notice on the Transfer Results of the Exploration Right (Retained Prospecting Right) of the Fanqiao Iron Mine in Huoqiu County, Anhui Province." For detailed information, please refer to the public notices on the aforementioned websites. On May 27, 2025, Jin'an Mining signed the "Property Rights Transaction Contract for the Transfer Project of the Exploration Right (Retained Prospecting Right) of the Fanqiao Iron Mine in Huoqiu County, Anhui Province" with Huoqiu County Limin Urban and Rural Construction Investment Co., Ltd. III. Risk Warnings 1. After obtaining the exploration right, the Company still needs to conduct further resource exploration work. There may be discrepancies between the actual resource situation, reserves, grade, geological conditions, etc., and the exploration results, introducing certain uncertainties. 2. After obtaining the exploration right, the Company needs to go through the relevant procedures for converting the exploration right into a mining right, which also involves certain uncertainties. The Company will closely monitor the progress of relevant matters and fulfill its information disclosure obligations in a timely manner in accordance with relevant regulations. Investors are advised to pay attention to investment risks. This announcement is hereby made. Board of Directors of Nanjing Iron & Steel Co., Ltd. May 28, 2025

On May 21, North Copper stated on the investor interaction platform that the company has gold-related businesses. In 2024, the company sold 6,319 kg of gold, generating sales of 3.56 billion yuan, accounting for 14.77% of the total revenue. A small amount of gold is associated with the company's self-produced ore. The performance briefing announced by North Copper on May 20 revealed the following: 1. In the 2024 annual report, what is the progress of the company's major non-equity investment projects underway during the reporting period as of 2025? In particular, has there been an improvement in the returns from the high-performance rolled copper strip project with an annual production capacity of 50,000 mt and the 2 million m² rolled copper clad laminate (CCL) project for copper rolling and processing? North Copper responded: The company's comprehensive recovery project with an annual processing capacity of 1.5 million mt (optimized and changed from 800,000 mt) of copper concentrates has reached full production standards, except for the precious metals workshop. The Yuanzigou Tailings Pond Project at Tongkuangyu Mine has been completed and put into use. The high-performance rolled copper strip foil and CCL project is currently in the trial production stage. Product production is influenced by market development, and the capacity has not been fully released, with only partial production lines in operation. With improvements in production processes and the expansion of product market development, it will have a positive impact on the company's financial indicators. 2. Apart from gold, copper, and silver, does the company have products that deeply extract rare metals from other mineral contents, such as palladium, cobalt, and molybdenum? North Copper responded: The company's smelting comprehensive recovery products include valuable metals such as gold, silver, selenium, tellurium, platinum, palladium, and rhenium. 3. The 2024 profit distribution plan has been approved by the shareholders' meeting. When is the equity registration date? North Copper responded: The company's profit distribution plan will be implemented within two months after approval by the shareholders' meeting. The equity registration date for cash dividends has not yet been determined. Please stay tuned for company announcements. 4. Has the deep mining license for Tongkuangyu Mine been obtained? If not, what stage is it currently in? Has the mining license for the peripheral area of Hujiayu Mine been obtained? Will Zhongtiaoshan Group inject assets into the publicly listed firm in the future? North Copper responded: The on-site exploration work for deep prospecting below the 80-meter elevation at Tongkuangyu Mine has been completed, and the review of the resource reserve report is currently underway. The mining license for the peripheral area of Hujiayu Mine is in the process of being obtained. According to the relevant commitments made by Zhongtiaoshan Group, the controlling shareholder of the company, during the 2021 asset restructuring, within 24 months after Zhongtiaoshan Group obtains the mining license for the peripheral area of Hujiayu Copper Mine, it will transfer part or all of the equity of Hujiayu Mining Company and the corresponding mining license for the peripheral area of Hujiayu Copper Mine to the company through a non-public agreement transfer or a public listing transfer on a property rights trading institution. 5. Given the company's low valuation, does it have any share repurchase plans? North Copper responded: As a publicly listed firm controlled by local state-owned assets, the company attaches great importance to market value management. It will comprehensively utilize legal and compliant methods to continuously improve and strengthen market value management, carry out scientific, effective, and compliant market value management practices, further enhance its value creation and realization capabilities, continuously strengthen its market value management practices, and promote the company's high-quality development in accordance with the requirements of the "Regulatory Guidelines for Publicly Listed Firms No. 10 – Market Value Management." 6. The gold and copper smelting industries are currently facing intense competition, while environmental protection requirements are becoming increasingly stringent, leaving little room for profit. Does the company have plans to expand overseas or acquire new ore sources to increase its ore reserves and capacity? Additionally, apart from introducing new electronic copper foil products, does the company have any development and construction projects aimed at extending into more technologically advanced and higher value-added fields? North Copper responded: The company is strengthening the exploration, development, and reserve augmentation of copper ore resources, accelerating the exploration of deep-seated replacement resources at Tongkuangyu Mine. It is closely aligning with the national "New Round of Strategic Action for Mineral Exploration Breakthroughs," continuously promoting in-depth cooperation with scientific research institutions and exploration units, striving for policy support for domestic mine exploration and development, and achieving new breakthroughs in the exploration of copper ore resources surrounding its captive mines and within China. The company's copper deep-processing sector will expedite the trial production process, establish mid-to-high-end differentiated independent brands, seize market share with "specialized, refined, and unique" products, form core competitiveness with independent intellectual property rights, and embark on the path of becoming a customized supplier of personalized and differentiated copper foil and strip materials. North Copper disclosed its Q1 2025 report on April 30th. The company achieved a total operating revenue of 6.838 billion yuan, up 23.56% YoY; net profit attributable to shareholders of the publicly listed firm was 371 million yuan, up 57.29% YoY; net profit excluding non-recurring gains and losses was 365 million yuan, up 63.06% YoY; net cash flow generated from operating activities was 397 million yuan, down 8.57% YoY. During the reporting period, North Copper's basic earnings per share were 0.195 yuan, and the weighted average return on net assets was 5.77%. North Copper's 2024 annual report, previously released, showed that in 2024, the company achieved an operating revenue of 24.107 billion yuan, up 156.60% YoY; net profit attributable to shareholders of the publicly listed firm was 613 million yuan, down 1.37% YoY. In its 2024 annual report, North Copper introduced its main businesses: The company is primarily engaged in the mining, beneficiation, smelting, and rolling processing of copper metals. It owns one mine, Tongkuangyu Mine, with an annual ore processing capacity of 9 million mt, and two smelters with an annual copper concentrate processing capacity of 1.3 million mt. The company's business covers the main industry chain of copper operations, making it a non-ferrous metal enterprise with profound industry experience. The company's main products include copper cathode, gold ingots, silver ingots, copper alloy strips, and rolled copper foil, with by-products such as sulphuric acid, sponge gold, and sponge palladium. Among these, the annual production capacity is 320,000 mt for copper cathode, 1.22 million mt for sulphuric acid, 25,000 mt for copper alloy strips, and 5,000 mt for rolled copper foil. North Copper introduced the production volumes of its main products in 2024: 43,600 mt of copper in copper concentrates, 313,200 mt of copper cathode, 1.0308 million mt of sulphuric acid, 6.3 mt of gold ingots, and 57.96 mt of silver ingots. Regarding the production and operation plan for 2025, North Copper outlined the production targets for its main products in its 2024 annual report: The mine will process 9 million mt of ore, produce 42,000 mt of copper in copper concentrates, 300,000 mt of copper cathode, 880,000 mt of sulphuric acid, 6 mt of gold ingots, and 60 mt of silver ingots.

[Many "Firsts" in Jiangxi] The first aircraft, the first diesel-wheeled tractor, the first military sidecar motorcycle, the first coastal defense missile, the first artificial satellite of New China, and even the current C919 large passenger aircraft were all born here. [Industrial Advantages] The non-ferrous metal industry is the largest pillar industry in Jiangxi Province. The new connotations of the "dual controls" on energy consumption, the "dual carbon" goals, and high-quality development have set new requirements for the expansion and strengthening of the non-ferrous metal industry. Promoting the further healthy, rapid, and orderly development of the non-ferrous metal industry and enhancing its core competitiveness are inevitable requirements for transforming Jiangxi from a major province of non-ferrous metal resources into a strong province of the non-ferrous metal industry. It is also a crucial measure to facilitate Jiangxi's achievement of carbon peaking by 2030. Relying on Jiangxi Province's abundant non-ferrous mineral resources, the non-ferrous metal industry in Jiangxi has developed rapidly, with its scale continuously expanding and its level steadily improving. It has become the largest pillar industry in Jiangxi, currently a key "trillion-yuan" industry being cultivated in the province, and an undeniable "anchor" of Jiangxi's manufacturing sector. Jiangxi has become an important mining and production site for non-ferrous metals in China. Jiangxi Province boasts superior ore-forming geological conditions and abundant mineral resources, making it one of China's important bases for non-ferrous, rare, rare earth, and uranium minerals, with a relatively high degree of mineral resource complementarity. Jiangxi's seven major types of minerals—copper, tungsten, rare earths, uranium, tantalum-niobium, gold, and silver—are known as the "Seven Golden Flowers." According to Jiangxi Province's "2+6+N" action plan for high-quality and leapfrog development of industries, the province's main business income from the non-ferrous metal industry is expected to reach the trillion-yuan level. To promote the healthy development of Jiangxi Province's non-ferrous metal industry, facilitate foreign economic and trade cooperation, and guide the integration of Jiangxi's non-ferrous metal industry with international standards, the organizing committee, after conducting in-depth market and project analysis surveys at the grassroots level multiple times with government authorities and industry associations, has decided to hold the "2025 China (Jiangxi) International Non-Ferrous Metals and Metallurgical Industry Exhibition" at the Nanchang Greenland International Expo Center from November 23-25, 2025. We look forward to seeing you there! [ Exhibition Schedule ] Registration and Booth Setup: November 21-22, 2025; Opening Ceremony: 9:30 AM, November 23, 2025 Exhibition and Trading: November 23-25, 2025; Dismantling of Booths: 2:00 PM, November 25, 2025 [Scope of Exhibits] Non-Ferrous Metal Raw Materials: Raw materials of non-ferrous metal mineral products such as copper, aluminum, magnesium, titanium, zinc, lead, manganese, zirconium, vanadium, nickel, molybdenum, silicon, antimony, tin, chromium, tungsten, tantalum, and indium; magnetic materials, rare and rare earth materials, precious metal materials, and various alloy materials; Non-Ferrous Metal Products: Copper products, aluminum products, titanium alloy products, magnesium alloy products, powder metallurgy products, etc.; Metallurgical Equipment and Technologies: Smelting furnaces, refining equipment, smelting pumps and valves, conveying equipment, heat exchange equipment, flue gas acid-making equipment, corrosion-resistant equipment, hydrometallurgy equipment, electrolysis equipment, high-power rectifier power supplies, electrolytic cells, extraction equipment, surface treatment equipment, etc.; Metalworking Machine Tools: Lathes, milling machines, sawing machines, drilling machines, grinding machines, punch presses, boring machines, and machining centers. Electrical discharge machines (EDMs), wire-cut EDMs, laser processing equipment, etc.; Metal automation control equipment: frequency converters, fieldbuses, industrial personal computers (IPCs), instruments and meters, automation control, robots, electronic application systems, weighing instruments, and information-based solutions for the equipment manufacturing industry, etc.; Auxiliary materials for metal production: chemicals, solvents, refractory materials, catalysts, gases, lubricating oils, etc.; Powder metallurgy: raw materials, equipment, products, 3D printing, polymer powder materials, ceramic powder materials; Casting, die-casting, and forging: supporting products such as castings, casting equipment, casting materials, casting molds, casting/pouring robots, new casting technologies, various heat treatment furnaces, industrial furnaces, die-castings, die-casting molds, die-casting machines and peripheral equipment, post-processing equipment for die-castings, surface treatment technologies and equipment, die-casting robots, and supporting products for new die-casting technologies, forgings, flanges and ring parts, forging equipment and accessories, surface treatment technology and equipment, automation, forging mold manufacturing technologies and equipment, and forging raw materials. Geological (mine) exploration technology and equipment: geophysical prospecting technology, geochemical prospecting technology, aerial survey and remote sensing technology, surveying and mapping technology, geological data processing, mineral product analysis, and laboratory instruments and meters. Mining technology and equipment: excavation equipment, drilling and rock-breaking equipment, loading equipment, transportation equipment (excavators, loaders, underground mining vehicles, mine dump trucks), hoisting equipment, drilling rigs, construction machinery, etc. [Media Promotion] 65 authoritative financial media outlets, including Jiangxi Daily, Jiangxi TV's Economic Channel, Dajiang.com's Finance Channel, Jiangxi.com, China.com, China Daily Website, and China Finance Online; 10 popular self-media platforms, including Sohu, NetEase, and Toutiao; 53 leading professional media outlets in industries such as China Mining Network, China Excavator Network, China Foundry Network, China Die Casting Network, China Automotive Manufacturing Network, China Nonferrous Metals Network, Nonferrous Metals Information Network, and metalworking, as well as 180 other relevant professional media outlets in other industries; Comprehensive keyword search customer coverage through online search platforms such as Baidu Promotion and 360 Promotion; [Concurrent Events] 2025 China Foundry Technology Innovation Outstanding Contribution Award Ceremony 2025 China Metallurgical Melting and Casting Technology Seminar 2025 China Recycled Metal Industry Chain Integration and Development Forum 2025 China New Energy Vehicle and Auto Body Lightweight Summit Forum 2025 China Green Mine Development Forum [Exhibition Details] ★Standard booth (3m×3m): Domestic enterprises: RMB 9,800 yuan per booth; Foreign enterprises: RMB 15,800 yuan per booth; ★International brand booth (9 ㎡, with luxury decoration): RMB 12,800 yuan per booth; Foreign enterprises: RMB 18,800 yuan per booth; ★Indoor bare space (minimum rental area of 36㎡): Domestic enterprises: RMB 1,000 yuan per ㎡; Foreign enterprises: RMB 2,000 yuan per ㎡; Booth equipment: Two fluorescent tubes, one waste paper basket, display panels, header boards, one table and two chairs, air conditioning, lighting, security, cleaning, etc. Note: No exhibition equipment or facilities are provided in the open space. The special decoration management fees and {{hydropower}} fees charged by the exhibition hall shall be borne by the exhibitors and their special decoration contractors. [Secretariat of the Organizing Committee] Contact Person: Jia Song 150-3826-2376 (WeChat sync) 138-3921-4033 (WeChat sync)

[Nexa Divests Namibian Exploration Assets as Part of Ongoing Portfolio Optimization Strategy] On May 15, 2025, Luxembourg-based Nexa Resources announced that its subsidiary, Votorantim Metals Namibia (Pty) Ltd., has signed a definitive agreement with Midnab Resources, a subsidiary of Midas Minerals, for the sale of ten Exclusive Prospecting Licenses (EPLs) located in the Otavi and Namibia North projects within the Damara Belt region of Namibia. Over the past decade, exploration at the project site has identified multiple high-grade copper deposits, with associated silver and gold. The project was previously a joint venture between Nexa’s Brazilian subsidiary and Japanese state-owned enterprise JOGMEC, which will retain 49% of the proceeds from the transaction. The transaction is expected to close by December 31, 2025, subject to customary conditions precedent. Nexa stated that this divestment is part of its ongoing portfolio optimization strategy, which focuses on prioritizing high-return assets, enhancing free cash flow, and adhering to its disciplined capital allocation framework. The company also reaffirmed that Namibia remains a strategic region in its copper exploration strategy, with plans to continue expanding its copper footprint in the country.