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

Domestic Selenium Market Remains Weakly Stable Amid Seasonal Lull and Increased Supply

SMM, June 11 — According to official information from Baiyin Nonferrous Group Co., Ltd., Baiyin Nonferrous Group plans to sell 33 tonnes of crude selenium, with pricing determined through competitive bidding based on a premium/discount basis. The reserve discount price is RMB 11,000/tonne. A minimum of three registered bidders is required for the auction to proceed. The registration deadline is 17:00 on June 24, 2026, with bidding commencing at 15:00 on June 25, 2026.

SMM, June 11 — According to SMM, Shandong Hengbang has today launched a public tender for the sale of its high-purity selenium head and tail materials. This batch comprises 4,000 kilograms of high-purity selenium head and tail materials. Per official information, the product is packaged in iron drums. Delivery is by buyer self-pickup, with freight costs borne by the buyer. Transportation must be carried out using hazardous chemical vehicles with full and valid qualifications, in compliance with national regulations. The buyer is required to collect the goods before June 20, 2026. Delivery location: Shandong Hengbang Smelting Co., Ltd.

In 2026, global competition for critical minerals has entered an intense phase, with deepening geopolitical rivalries and an accelerated restructuring of global industry and supply chains. The new round of technological revolution, centered on AI semiconductors, new energy, high-end manufacturing, and aerospace, is propelling the minor metal industry into a historic period of development opportunities and profound transformation. Globally, the EU's Critical Raw Materials Act and the US Inflation Reduction Act (IRA) continue to be implemented, the Minerals Security Partnership (MSP) is steadily expanding, and the trend toward localization and regionalization of critical mineral supply chains is intensifying. The resource competition, technical barriers, and trade rule restructuring surrounding strategic minor metals such as antimony, indium, gallium, germanium, bismuth, selenium, tellurium, and rhenium have become a core focus of global high-end manufacturing competition. As the world's core supplier of minor metals, China holds a dominant position in the smelting and supply of multiple minor metal varieties. Against this backdrop, the 2026 SMM (14th) Minor Metal Industry Conference will bring together upstream and downstream enterprises across the entire industry chain for antimony, indium, gallium, germanium, bismuth, selenium, tellurium, rhenium, and more, alongside scientific research institutes, government agencies, financial and investment institutions, and trade service providers, to build a high-standard, full-chain, and in-depth exchange and cooperation platform. The conference will provide in-depth interpretation of global policy shifts, assess the supply-demand pattern and price trends, dissect growth opportunities in end-use applications, and connect government-enterprise resources with cross-border cooperation opportunities. It will help enterprises accurately grasp industry trends, break through development bottlenecks, optimize supply chain layouts, and seize market opportunities, jointly promoting the high-quality and sustainable development of China's minor metal industry. Foshan Juchuang Automation Co., Ltd. will make a grand appearance at this conference. We will keep pace with the times, set our sights on the target, forge ahead with determination, and march forward courageously! Click the to register for the conference immediately. We look forward to meeting you at the event. Foshan Juchuang Automation Co., Ltd. is a manufacturer specializing in soldering equipment. Its main products include soldering pots, extruders, rolling mills, wire drawing machines, winding machines, horizontal continuous casting machines, and solder bar molds, making it a professional manufacturer integrating design, production, and sales. Our company possesses strong technical capabilities, with an R&D team composed of senior and mid-level R&D engineers in various industry products, all from the machinery and non-standard equipment industries. "Dare to strive, strive to innovate" is the guiding belief of the Juchuang team. Adhering to the principle of "high-quality products, professional service," the company provides clients with high-quality, economical, and durable products through high cost-effectiveness, fast delivery dates, and enthusiastic, attentive service, thereby earning unanimous praise from clients. We will live up to our clients' expectations and trust, striving to provide them with high-quality products and excellent after-sales service, and endeavoring to become an outstanding supplier in the soldering equipment industry. Main Products Meeting Contact: Zhu Wei zhuwei@smm.cn

In 2026, global competition for critical minerals has entered a heated phase, as geopolitical rivalries deepen and global industry and supply chains undergo accelerated restructuring. A new wave of technological revolution centered on AI semiconductors, new energy, high-end manufacturing, and aerospace is propelling the minor metal industry into a historic period of development opportunities and profound transformation. Globally, the implementation of the EU's Critical Raw Materials Act and the US's Inflation Reduction Act (IRA) continues, the Minerals Security Partnership constantly expands, and trends toward localization and regionalization of critical mineral supply chains intensify. The resource rivalry, technological barriers, and restructuring of trade rules surrounding strategic minor metals such as antimony, indium, gallium, germanium, bismuth, selenium, tellurium, and rhenium have become the core focus of global high-end manufacturing competition. As the world's core supplier of minor metals, China holds a dominant global position in the smelting and supply of many minor metal varieties. The continued implementation of the Regulations on Export Control of Dual-Use Items is driving a comprehensive transformation of China's minor metal industry from "scale-based supply" to "high quality, high technology, and high added value," with the industry landscape facing a profound reshaping. Against this backdrop, the 2026 SMM (14th) Minor Metal Industry Conference will take place in Guiyang, Guizhou, gathering upstream and downstream enterprises across the entire industry chain for antimony, indium, gallium, germanium, bismuth, selenium, tellurium, and rhenium, along with research institutes, government agencies, financial and investment institutions, and trade service providers, to build a high-specification, full-chain, and in-depth exchange and cooperation platform. The conference will provide an in-depth interpretation of global policy shifts, assess supply-demand patterns and price trends, dissect growth opportunities in end-use applications, and connect government-enterprise resources and cross-border cooperation opportunities. It will help enterprises accurately grasp industrial trends, break through development bottlenecks, optimize supply chain layouts, and seize market opportunities, jointly promoting the high-quality and sustainable development of China's minor metal industry. Guangxi Yusheng Germanium High-Tech Co., Ltd. will grandly attend this conference. We will keep pace with the times, aim at our goals, forge ahead with determination, and move forward courageously! Click the to register now and attend the conference. We look forward to meeting you there. Guangxi Yusheng Germanium High-Tech Co., Ltd. is a rare and dispersed metals smelting and deep processing enterprise strategically attracted by Hechi City. Deeply engaged in the germanium industry, the company's germanium capacity firmly ranks among the top in China, making it a key enterprise in China's germanium sector. It focuses on the green development, deep processing, and technological innovation of germanium, contributing to the high-quality development of China's indium, germanium, and gallium industries. I. Core Strengths and Honors in the Germanium Industry Established in July 2016, the company achieved an output value of 2.4 billion yuan in 2025 and was selected as one of Guangxi's Top 100 Manufacturing Enterprises for two consecutive years in 2024 and 2025. In the germanium industry, the company possesses strong technical capabilities, with its key germanium purification technology winning the Second Prize of the China Nonferrous Metals Industry Science and Technology Award. It has led the establishment of a major pilot-scale platform for the efficient separation and extraction of germanium, indium, lead, and silver, supported by the provincial Department of Science and Technology, continuously driving technological breakthroughs in the germanium industry. The company has been recognized as a high-tech and SRDI enterprise, and has passed multiple certifications, such as green factory, practicing the green development philosophy of the germanium industry. II. Germanium Resource Security and Industrial Layout The company has outstanding resource security advantages, with 10 self-owned mines and 3 beneficiation plants. It has established nonferrous metal resource production sites in Guizhou, Guangxi, Xinjiang, and other regions, relying on its high-quality, germanium-rich zinc ore to provide a stable raw material support for germanium production. Currently, the company has 17 subsidiaries (including controlled stakes) and has set up branch offices in multiple core cities. It is moving toward group operation and internationalization, building a complete layout that covers germanium resource development, production and processing, and market expansion. III. Germanium Industrial System and Core Capacity The company has built an integrated germanium industrial system of "green mining and beneficiation—circular smelting—deep processing," with an investment of over 1.2 billion yuan in an intelligent production line. Using globally leading processes for high-germanium zinc concentrates, it significantly enhances germanium recovery rates and achieves green production. Centering on the deep processing of high-purity germanium, it can produce high-purity germanium products with a purity of 7N (99.99999%), widely used in high-end fields such as infrared optics and fiber optic communications. The Phase I project with an annual production of 50 mt of high-purity germanium has been successfully put into operation, with capacity ranking among the top in China. IV. Future Plans for the Germanium Industry In the future, the company will continue to deeply engage in the germanium industry. After all projects reach full production, it will build a high-purity germanium production line with capacity ranking among the top in China, filling the gap in Guangxi's critical metals germanium industry. This will further improve the domestic germanium industry chain layout, enhance the competitiveness of China's germanium industry in the global rare metals field, contribute to national strategic material security, and work with industry peers to promote the coordinated development of the indium, germanium, and gallium industries.

In 2026, global competition for critical minerals has entered a white-hot phase, with geopolitical games continuing to intensify and global industry and supply chains accelerating their restructuring. A new round of technological revolution, centered on AI semiconductors, new energy, high-end manufacturing, and aerospace, is propelling the minor metal industry into a historic period of development opportunity and profound transformation. Globally, the EU's Critical Raw Materials Act and the US's Inflation Reduction Act (IRA) continue to be implemented, while the Minerals Security Partnership keeps expanding. The trend toward localization and regionalization of critical mineral supply chains is intensifying. The resource competition, technical barriers, and trade rule restructuring surrounding strategic minor metals such as antimony, indium, gallium, germanium, bismuth, selenium, tellurium, and rhenium have become the core focus of global high-end manufacturing competition. As the world's core supplier of minor metals, China holds a dominant global position in the smelting and supply of multiple minor metal varieties. Against this backdrop, the 2026 SMM (14th) Minor Metal Industry Conference will bring together enterprises from across the entire minor metal industry chain—including antimony, indium, gallium, germanium, bismuth, selenium, tellurium, and rhenium—as well as scientific research institutes, government agencies, financial and investment institutions, and trade service providers, to build a high-standard, full-chain, in-depth platform for exchange and cooperation. The conference will provide in-depth interpretation of global policy shifts, diagnose supply-demand patterns and price trends, break down growth opportunities in end-use applications, and connect government-enterprise resources with cross-border cooperation opportunities. It aims to help enterprises accurately grasp industry trends, break through development bottlenecks, optimize supply chain layouts, and seize market opportunities, jointly promoting the high-quality and sustainable development of China's minor metal industry. Hunan Zhenqiang Antimony Co., Ltd. will make a grand appearance at this conference. We will keep pace with the times, set our sights on our goals, and forge ahead with vigor and determination! Click the to sign up for attendance now. We look forward to meeting you at the conference. Hunan Zhenqiang Antimony Co., Ltd. is located in Xikuangshan, the world's antimony capital. It is a large-scale private antimony smelting enterprise and the third producer, after Twinkling Star Antimony and Chenzhou Mining, to meet the national antimony industry access conditions for refined antimony and gold. Founded in 2008, the company covers an area of over 50 mu and has a registered capital of 50 million yuan. Its business scope includes antimony smelting, and antimony ore mining and processing. Following the launch of refined antimony and gold production, the company's annual sales revenue increased from 400 million yuan to 800 million yuan, doubling its annual output value. Main Products: (1) Refined antimony, with an annual output of 6,000 mt, and antimony trioxide, 3,000 mt. (2) 99% gold, with an annual output of 1,000 kg. Main Equipment: (1) A 2 m 2 blast furnace, equipped with an 8 m 2 forehearth; (2) Eight refining reverberatory furnaces: including three 17 m 2 refined antimony furnaces, two 12 m 2 precious antimony smelting furnaces, two 8 m 2 low-gold ore treatment furnaces, and one 4.5 m 2 rich precious antimony converting furnace; (3) A newly built gold purification production line with an annual capacity of 1,000 kg of gold; (4) A newly built leaching and electrolysis production line with an annual capacity of 6,000 mt of antimony-gold ore. Main Products: Refined antimony, with an annual output of 6,000 mt, and antimony trioxide, 3,000 mt. 99% pure gold, annual output of 1000 kg main equipment: 2m2 blast furnace with a matching 8m2 forehearth 8 refinery reverberatory furnaces: three 17m2 antimony refining furnaces, two 12m2 precious antimony smelting furnaces, two 8m2 low-gold ore processing furnaces, one 4.5m² precious antimony converting furnace newly built gold purification production line with an annual capacity of 1000 kg newly built leaching and electrolysis production line for 6000 mt of antimony-gold ore per year environmental protection status: 1. The company began construction in June 2008, obtained environmental impact assessment approval and commenced trial production in October 2011, focusing on processing single antimony ore and producing refined antimony. It obtained a second environmental impact assessment approval and commenced trial production in December 2020, focusing on processing antimony-gold associated ore and producing refined antimony and 99% pure gold. 2. Flue gas treatment system (1) Built 1 set of blast furnace flue gas cooling and dust removal equipment, and 8 sets of reverberatory furnace flue gas cooling and dust removal equipment. (2) Equipped with 1 set of SO 2 flue gas treatment system featuring three-stage spraying using the "limestone-gypsum" method with fully automated control and a flue gas treatment capacity of 65,000 m 3 /h. Installed 1 set of mist eliminators and 1 chimney with a vertical height of 30 m. (3) Organized emission of exhaust gas achieved: after flue gas passes through facilities such as "water cooling + surface cooling + bag dust collection" and is treated by the multi-stage spray tower, SO 2 concentration is ≤200 mg/Nm 3 (meeting national standards), and then discharged through the mist eliminator and chimney. 3. Wastewater treatment and reuse system includes plant-wide clean-dirty water separation and rainwater-wastewater separation systems, rainwater collection system, and wastewater treatment system. Rainwater collection pond capacity of 200 m 3 , wastewater treatment capacity of 2,000 m 3 ; treated rainwater and wastewater are reused with no external discharge. In the newly built gold purification production line with an annual capacity of 1000 kg, wastewater is pumped into the desulfurization workshop, subjected to neutralization treatment, and then sent to the absorption tower for SO 2 flue gas treatment with no external discharge. The newly built leaching and electrolysis production line for 6,000 mt of antimony-gold ore per year achieves closed-circuit leaching and electrolysis production with no wastewater discharge.

The investor relations activity record of Yunnan Copper for May 26–27, 2026 shows: 1 What is the company's planned copper concentrate production from captive mines this year, and what is the approximate cost level of the mining enterprises? According to the company's 2026 financial budget and production plan, full-year self-produced copper concentrates are expected to contain 69,800 mt of copper metal content. The company's current mining enterprises mainly include Diqing Nonferrous, Liangshan Mining, Yuxi Mining, and Diqing Mining. Due to differences in resource endowment and the life cycle stage of each mine, cost levels vary, with Diqing Nonferrous, Liangshan Mining, and Yuxi Mining having relatively lower costs. Meanwhile, the company strives to maintain overall cost stability through measures such as lean operations and increasing mining volumes. 2 What is the progress of the Hongnipo copper mine construction project of Liangshan Mining? The Hongnipo copper mine is currently under construction, with cumulative verified resource reserves of 16.06 million mt of ore, an average copper grade of 1.42%, and copper metal content of 592,900 mt. The project is progressing in an orderly manner as planned and is expected to be completed and ready for commissioning in 2026. 3 Will the mine resources under the company's major shareholder be injected into the publicly listed firm? Asset injection involves complex systematic work that requires comprehensive consideration of development strategy, asset conditions, regulatory requirements, and shareholder interests. The company will continue to focus on and strive to enhance the quality of the publicly listed firm, and if there are any new relevant arrangements, it will strictly follow prescribed decision-making and disclosure procedures. 4 Has the company set a target for resource self-sufficiency rate? The company regards improving resource self-sufficiency rate as an important long-term strategic task, relying primarily on three paths: commissioning of projects under construction, tapping potential of existing mines, and external resource acquisitions. Regarding projects under construction, the company successfully completed the acquisition of 40% equity in Liangshan Mining in December 2025, and the Hongnipo project is expected to be completed and ready for commissioning in 2026. Regarding tapping potential of existing mines, the company leverages its major mines to continuously intensify deep and peripheral exploration efforts, steadily advancing resource succession and reserve additions. Regarding external resource acquisitions, while managing existing mines and smelters well, the company actively monitors quality mineral resource projects and prudently conducts field trips and evaluations based on strategic positioning and market demand. 5 What proportion can the company's copper smelting TC long-term contracts approximately reach? The company follows the principles of marketization and maximization of comprehensive benefits in externally purchasing raw materials. As one of the larger copper concentrate purchasers in China, the company has long maintained good, stable, long-term cooperative relationships with major suppliers, and actively negotiates with copper concentrate suppliers to stabilize long-term contract supply and ensure orderly production. 6 What were the company's sulphuric acid selling price and production in Q1 2026? According to the company's 2026 production plan, planned annual sulphuric acid production is 5.76 million mt. In Q1 2026, sulphuric acid production progressed in an orderly manner as planned. Price side, as a by-product of copper smelting, sulphuric acid selling prices are influenced by multiple factors including regional market supply and demand, transportation conditions, and industry prosperity. Since the beginning of this year, driven by robust downstream demand and tight supply in some producing areas, sulphuric acid selling prices have stayed high. The company seized market opportunities, reasonably arranged production and sales, and made positive contributions to operating performance. Meanwhile, the company will continue to monitor price changes and dynamically optimize production and sales pace. 7 Does the company have further cost reduction plans? The company's mining and smelting enterprises continuously pursue lean cost reduction to build low-cost competitive advantages. For example, the company is comprehensively advancing the "Three-Year Cost Reduction 3.0" initiative, continuously promoting cost reduction and efficiency improvement, and lowering unit production costs through technological upgrades, process optimization, and improved management efficiency. 8 What major capital expenditures are expected in the future? The company's future major capital expenditures will primarily focus on the following strategic directions: first, resource acquisition—continuously strengthening exploration and acquisition of quality copper mineral resources in and outside China to enhance resource security capabilities; second, intelligent manufacturing—advancing automation, digitalization, and intelligent upgrades of mines and smelting plants to improve production efficiency and safety levels; third, green and low-carbon development—increasing investment in environmental protection, energy conservation, and other areas to promote sustainable development. Performance side: Yunnan Copper's Q1 2026 report disclosed on April 24 showed that the company achieved total operating revenue of 52.959 billion yuan, up 49.62% YoY; net profit attributable to the parent was 675 million yuan, up 7.93% YoY. Regarding the reasons for the increase in operating revenue, Yunnan Copper stated that it was mainly due to higher product prices compared to the same period last year and increased sales volumes compared to the same period last year. Yunnan Copper's 2025 annual report showed that in 2025, the company firmly established market entity awareness, strengthened its lean operations system, and solidly carried out production organization, cost control, indicator optimization, marketing value creation, and other work, with main product production reaching record highs and key technical and economic indicators continuously optimized. Full-year production included copper cathode of 1.6411 million mt, gold of 26.04 mt, silver of 735.38 mt, and sulphuric acid of 6.189 million mt, with copper cathode, gold, and silver production all reaching record highs. Full-year operating revenue reached 79.542 billion yuan and net profit attributable to the parent was 1.301 billion yuan, with operating efficiency steadily improving. Cost and technical indicators were continuously optimized, with mine concentrate copper content and smelting copper cathode unit full cost outperforming annual cost reduction targets. Key technical indicators for smelting and mining remained stable with improvement. In 2025, the copper smelting total recovery rate exceeded the target by 0.07 percentage points, and slag flotation tailings copper content was optimized by 0.01 percentage points versus the target, both reaching industry-leading levels. Yunnan Copper announced that in 2025, the company's concentrate copper content production, on a consolidated statement basis, was 69,400 mt, up 26.64% YoY from 2024, mainly because the company issued shares to acquire 40% equity in Liangshan Mining held by Yunnan Copper Group during 2025, and Liangshan Mining was included in the consolidated statements as of December 31, 2025, with its full-year production included in the statistics. Regarding the company's main businesses, Yunnan Copper introduced in its 2025 annual report: The company's main businesses cover copper exploration, mining and beneficiation, smelting, extraction of precious metals and rare scattered metals, sulphur chemicals, and trading. It is an important copper, gold, silver, and sulphur chemical production site in China. The company has established a relatively complete industry chain in copper and related nonferrous metals and is a copper enterprise with deep industry heritage. Main products include copper cathode, gold, silver, industrial sulphuric acid, and rare and scattered metal products such as molybdenum, platinum, palladium, selenium, and tellurium. The company's main products are all produced according to international standardization organization standards, operating effectively under the international ISO9001 quality management system to ensure strict quality control. The company's main product, copper cathode, is widely used in electrical, light industry, machinery manufacturing, construction, national defense, and other fields; gold and silver are used in finance, jewelry, electronic materials, etc.; industrial sulphuric acid is used as raw material for chemical products and in other sectors of the national economy. The company's "Tiefeng" brand copper cathode is registered on the Shanghai Futures Exchange and the London Metal Exchange; "Tiefeng" brand gold is registered on the Shanghai Gold Exchange (SGE) and the Shanghai Futures Exchange; "Tiefeng" brand silver is registered on the Shanghai Gold Exchange (SGE), the Shanghai Futures Exchange, and the London Bullion Market Association. Regarding the company's future development outlook, Yunnan Copper introduced in its 2025 annual report: Yunnan Copper adheres to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, fully implements the spirit of the 20th National Congress of the Communist Party of China and its successive plenary sessions, and upholds and strengthens the Party's overall leadership. The company actively serves major national strategies, adheres to promoting high-quality development as the theme, fully, accurately, and comprehensively implements the new development philosophy, continuously enhances core functions and improves core competitiveness, and better plays its role in scientific and technological innovation, industrial control, and security support in building a modern industrial system and constructing a new development pattern. The company emphasizes "two guarantees" (important mineral resource guarantee and important metal material guarantee), "two innovations" (scientific and technological innovation and management innovation), "two constructions" (strengthening Party building, especially cadre team building), and "three unwavering commitments" (unwavering in accelerating structural adjustment, unwavering in deepening enterprise reform, and unwavering in international operations and increasing "going global" efforts). The company focuses on "digital-intelligent transformation, expanding resources, refining mines, optimizing smelting, solidifying recycled (copper), and detailing rare scattered (metals)," accelerating the construction of a world-class excellent copper company, and continuously opening new prospects for Yunnan Copper's high-quality development. Guosen Securities' research report commenting on Yunnan Copper on April 11 showed: Quality asset consolidation. Production side, the company's copper ore production was close to 70,000 mt, with major mines maintaining stable production. Copper smelting side, after Southwest Copper reached full production, the company's 2025 copper cathode production was 1.64 million mt, up 440,000 mt or 36% YoY. During the reporting period, the company purchased 40% equity in Liangshan Mining through share issuance to its major shareholder, achieving consolidation. Liangshan Mining is a quality asset, with its mines featuring open-pit mining, abundant reserves, higher grade than the publicly listed firm's existing copper mines, and lower costs than the publicly listed firm's existing copper mines. In H2 2025, profitability of major subsidiaries generally declined. Although copper, gold, and silver prices rose significantly in H2 2025, the company's mining operations saw profit decline QoQ. Smelting operations also declined significantly in H2 2025, which was related to the sharp drop in copper concentrate TCs. As sulphuric acid prices are expected to stay high, the company's smelting business profitability is expected to improve. Gross profit by product side, the company produces over 6 million mt of sulphuric acid annually. Benefiting from sulphuric acid price increases, sulphuric acid business gross profit in 2025 was 2.03 billion yuan, up 1.5 billion yuan YoY, representing a performance highlight. Since early 2026, sulphuric acid prices have continued to rise, and this is expected to further boost earnings. Leveraging the copper industry's high-prosperity cycle in recent years, the company's asset quality has improved, and during the reporting period it achieved consolidation of Liangshan Mining, a quality asset. As the sole copper publicly listed platform under Chalco Group, injection of other quality assets from the major shareholder is anticipated. Although the copper smelting business is under pressure in the short term, the government has issued policies to strictly control new copper smelting capacity, and the company benefits from global copper smelting capacity rationalization, with a favorable long-term industry landscape. Maintain "Outperform" rating.

In 2026, global competition for critical minerals has entered a white-hot phase, with geopolitical maneuvering intensifying and the restructuring of global industry chains and supply chains accelerating. A new round of technological revolution, centered on AI semiconductors, new energy, high-end manufacturing, and aerospace, is propelling the minor metal industry into a historic period of developmental opportunity and profound transformation. Globally, the EU's Critical Raw Materials Act and the US Inflation Reduction Act (IRA) continue to be implemented, and the Minerals Security Partnership is steadily expanding. The trend toward localized and regionalized critical mineral supply chains is strengthening. The competition for resources, technical barriers, and the reshaping of trade rules surrounding strategic minor metals—such as antimony, indium, gallium, germanium, bismuth, selenium, tellurium, and rhenium—have become the central focus of global high-end manufacturing competition. As the world's core supplier of minor metals, China holds a dominant global position in the smelting and supply of multiple minor metal varieties. Against this backdrop, the 2026 SMM (14th) Minor Metal Industry Conference will convene upstream and downstream enterprises across the entire industry chain for antimony, indium, gallium, germanium, bismuth, selenium, tellurium, and rhenium, along with research institutes, government agencies, financial and investment institutions, and trade service providers, to build a high-level, full-chain, and in-depth platform for exchange and cooperation. The conference will provide an in-depth interpretation of global policy shifts, assess the supply-demand pattern and price trends, analyze growth opportunities in end-use applications, and connect government-enterprise resources with cross-border cooperation opportunities. It aims to assist enterprises in accurately grasping industry trends, breaking through development bottlenecks, optimizing supply chain layouts, and seizing market opportunities, thereby jointly promoting the high-quality and sustainable development of China's minor metal industry. Hunan Huaxing Nonferrous Holdings Group Co., Ltd. will make a grand appearance at this conference. We will keep pace with the times, set our sights on our goals, and forge ahead with vigor and determination! Click the to sign up for the conference now. We look forward to meeting you there. Hunan Huaxing Nonferrous Holdings Group Co., Ltd. ("Huaxing Group") was founded in 1999 and is headquartered in the Yuhua District of Changsha, Hunan. After nearly three decades of dedicated effort, it has grown into a large-scale industrial group integrating the exploration, mining, beneficiation, smelting, R&D, production, sales, and comprehensive utilization of nonferrous metals such as antimony and gold. Guided by the core principles of "technological innovation, green development, and industrial synergy," the group has established a strategic footprint encompassing six major production sites across four provinces: Hunan, Guizhou, Gansu, and Guangxi. It controls 10 subsidiary companies, forming the most complete antimony industry chain in China's private sector and ranking third nationally in capacity for antimony series products (and first among private enterprises). The group currently includes 10 enterprises: Hunan Loudi Huaxing Antimony Co., Ltd., Hunan Huaxing Mining Co., Ltd., Guizhou Huaxing Metallurgy Co., Ltd., Gansu Baoshan Antimony Co., Ltd., Gansu Huaxin Jinyuan Mining Co., Ltd., Guangxi Luocheng Xinbao Mining Co., Ltd., Hunan Huaxing Trading Co., Ltd., Hainan Huaxing Import & Export Trading Co., Ltd., Huaxing (Hong Kong) Import & Export Co., Ltd., and Huaxing Antimony (Hangzhou) Co., Ltd. The group's annual production of antimony series products reaches 20,000 mt, including 15,000 mt of antimony trioxide. For nearly three decades, the group has focused on "leading with the antimony industry to become a leader in the comprehensive utilization of nonferrous metals." It practices the development mission of "green development, making nonferrous metals continuously vibrant," and adheres to the principle of "creating value for clients and opportunities for employees." Implementing an operational model of "one entity, three lines; four provinces, six points; industrial circulation," it strives to cultivate and enhance the core competitiveness of the Huaxing brand and is steadily advancing towards becoming a high-quality development-oriented enterprise. Main Products 99.80% Antimony Trioxide (White Crystalline Powder) This product offers excellent flame-retardant and smoke-suppressant properties and is widely used for the flame retardation of PV glass, ceramics, wires, cables, plastics, rubber, chemical fibers, paints, textiles, and resins. The primary content of antimony trioxide can be stably maintained above 99.80%, reaching up to 99.90%, with total impurities below 1000 PPM. Whiteness is consistently in the range of 96.5-97.5. Average particle size can be controlled between 0.5 um and 1.0 um, and tartaric acid insolubles can be kept below 500 PPM. It offers good compatibility with PVC and rubber. Specifications can be customized to user requirements. Packaged in pearlized film bags or paper bags, with a net weight of 25 KG per bag. Flexible Intermediate Bulk Containers of 500 KG and 1000 KG are available. Store in a dry place. 99.50% Antimony Trioxide (White Crystalline Powder) This product offers excellent flame-retardant and smoke-suppressant properties and is widely used for the flame retardation of PV glass, ceramics, wires, cables, plastics, rubber, chemical fibers, paints, textiles, and resins. It is also usable in the glass industry. The primary content of antimony trioxide can be stably maintained above 99.50%, with whiteness above 95. Average particle size can be controlled between 0.5 um and 1.0 um. It has good compatibility with PVC and rubber and serves as an effective glass clarifier. Specifications can be customized to user requirements. Packaged in pearlized film bags or paper bags, with a net weight of 25 KG per bag. Flexible Intermediate Bulk Containers of 500 KG and 1000 KG are available. Store in a dry place. Antimony Ingot Antimony ingots are primarily used as a hardening agent in alloys for metallurgy, batteries, and military industries, and also serve as a raw material for producing antimony oxide. Antimony ingots are also used in the movable type printing industry, lead materials, cable sheathing, solder, and sliding bearings. This product features a pyramidal hexahedral structure with a silver-white, lustrous surface. Its quality is stable and reliable. Various grades of antimony can be provided according to user requirements. Packed in wooden cases or on pallets, with options for modification based on user requirements. Meeting Contact: Zhu Wei zhuwei@smm.cn

SMM May 28: According to reliable market sources, a northern plant's tender project originally planning to sell 33 mt of crude selenium ultimately failed to close a deal. The project required a minimum of three bidders to proceed with the auction, but sources indicated that the tender was ultimately canceled due to fewer than three registrations. Market participants noted that recent trading in selenium dioxide and selenium powder markets has been stable, and end-users may not begin large-scale procurement and stockpiling until June. As a result, overall selenium market prices have entered a cooling-off period. Moreover, since this northern plant's crude selenium tender was denominated in mt in physical content rather than mt in metal content, the additional uncertainties may have caused many bidders to hold back for the time being. However, judging from the results of previous crude selenium sales by other plants, crude selenium prices have not yet shown signs of decline, and future price trends remain to be observed.