July 31, 2026 Whenever economic growth begins to weaken, many investors instinctively turn their attention to gold and silver as traditional safe-haven assets. Yet reality is more complex than the familiar "safe haven" narrative. While both precious metals tend to benefit from periods of economic uncertainty over the long term, they often follow very different patterns during recessions. Investors who understand these differences can position their portfolios more effectively. Paradoxically, the prices of both gold—and especially silver—often decline during the initial stages of a severe crisis. This is not because investors suddenly lose confidence in precious metals, but because individuals and institutions urgently need liquidity. In times of market stress, investors frequently sell their most liquid assets, including gold and silver, to meet margin calls or raise cash. History Shows That Liquidity Comes First During the Initial Phase of a Crisis The global financial crisis of 2008 provides a clear example. As the crisis intensified, the gold price fell from nearly US$1,000 to around US$700 per ounce before recovering by year-end and eventually reaching new all-time highs. Silver suffered a much sharper decline, dropping from approximately US$21 to below US$9 per ounce, a decline of more than 50%, while gold lost only about 12% during the same period. A similar pattern emerged during the outbreak of the COVID-19 pandemic in March 2020. Both precious metals initially declined sharply, but silver once again proved considerably more volatile, falling from around US$18 to US$12 per ounce within just a few weeks. Gold also weakened but experienced a much more moderate correction. History repeatedly demonstrates that the urgent need for liquidity can temporarily drive down the prices of both gold and silver. Yet it also shows that investors who panic and sell during these periods often miss the powerful recovery that typically follows. Once the Recovery Begins, Silver Historically Outperforms Gold This is where the second—and perhaps most important—historical pattern emerges. During the recovery phase following a recession, silver has historically outperformed gold by a considerable margin. Following the 2008 financial crisis, silver gained approximately 400% from its lows, while gold appreciated by roughly 170%. This outperformance generally begins once the urgent need for liquidity subsides and investors return to risk assets. The same phenomenon occurred after the initial COVID-19 market shock. During 2020, silver advanced by nearly 48%, while gold gained approximately 25%. One of the primary reasons for silver's stronger performance is its dual role. Gold functions primarily as a monetary asset and store of value. Silver, by contrast, combines monetary demand with substantial industrial demand. As economic conditions improve, both sources of demand recover simultaneously, providing additional support for silver prices. Why Gold Performs Well During Recessions Gold benefits from several supportive factors during economic downturns. Central banks typically lower interest rates in an effort to stimulate economic activity, reducing the opportunity cost of holding a non-yielding asset such as gold. At the same time, demand increases for assets without counterparty risk, particularly as confidence in equities, bonds, and sometimes even financial institutions begins to deteriorate. A review of six major U.S. recessions shows that gold prices increased during five of those downturns, declining only modestly during the 1990–1991 recession. There is, however, an important exception. If central banks aggressively raise interest rates to combat inflation—as they did in the early 1980s, when U.S. interest rates reached nearly 20%—gold can come under pressure even while the broader economy is contracting. The Great Depression: An Extreme Case A depression differs from a normal recession in both its severity and duration and is often accompanied by deflation. During the Great Depression of the 1930s, the official U.S. gold price remained fixed at US$20.67 per ounce under the gold standard. Gold's ability to preserve wealth therefore appeared not through price appreciation but through its purchasing power. As consumer prices fell by approximately 24%, gold maintained its nominal value, resulting in a significant increase in real purchasing power. In 1934, U.S. President Franklin D. Roosevelt raised the official gold price to US$35 per ounce, effectively increasing its value by approximately 69% overnight. This change resulted from government policy rather than market forces. At roughly the same time, the U.S. government issued Executive Order 6102, requiring private citizens to surrender much of their gold holdings. This historical episode illustrates that during severe depressions characterized by fixed exchange rates or a gold standard, government policy may exert greater influence over precious metals than normal market supply and demand. Similar developments occurred in Europe during the Napoleonic Wars, when Austria, following its defeat at the Battle of Austerlitz, devalued its currency by roughly 80% against gold. What This Means for Investors Several practical lessons emerge from history. First, short-term declines in gold—and particularly in silver—during the early stages of a crisis should not be interpreted as evidence that precious metals have failed. Rather, they reflect the market's temporary scramble for liquidity. Second, investors who maintain long-term holdings of physical gold and silver in the form of coins or bullion have historically benefited disproportionately from the subsequent recovery, with silver generally delivering the stronger rebound. Third, stagflationary environments—where weak economic growth coincides with persistent inflation, as experienced during the 1970s—have historically been particularly favorable for silver because both its monetary and industrial demand tend to strengthen simultaneously. For investors seeking to protect their wealth against the uncertainties of a recession—or even a full-scale depression—gold and silver should therefore be viewed not as short-term speculative trades, but as long-term components of a well-diversified investment portfolio. Source： https://goldinvest.de/en/gold-and-silver-during-a-recession-how-do-precious-metals-really-perform

Xingye Silver&Tin released a progress announcement on July 31 regarding a safety incident at a subsidiary, showing that: On July 30, 2026, Yinman Mining received the On-site Treatment Measures Decision Letter (No. 260 [West] Emergency Decision [2026]) issued by the Xiwu Banner Emergency Management Bureau, requiring the synchronous suspension of Yinman Mining's mineral processing tailings system. As of the disclosure of this announcement, both the mining system and the mineral processing tailings system of Yinman Mining have been suspended. The details of this accident as announced by Xingye Silver&Tin show that: At around 3:30 PM on July 26, 2026, an accident occurred during underground production construction at the mine of the company's wholly-owned subsidiary, Xiwuzhumuqin Banner Yinman Mining Co., Ltd., resulting in 1 fatality and no injuries. After the accident, Yinman Mining, in accordance with the On-site Treatment Measures Decision Letter (No. 257 [West] Emergency Decision [2026]) issued by the Xiwuzhumuqin Banner Emergency Management Bureau, suspended the underground mining area. Regarding the impact on the company's production, operations, and performance: Yinman Mining is primarily engaged in the mining, processing, and sales of non-ferrous metals such as silver, tin, copper, lead, and zinc, with a production capacity of 1.65 million mt/year. In 2025, Yinman Mining recorded operating revenue of RMB3,062.0434 million, accounting for 55.12% of the company's total consolidated operating revenue, and achieved net profit of RMB1,346.2785 million. In Q1 2026, it recorded operating revenue of RMB961.5985 million, representing 45.15% of the total, with net profit of RMB474.7488 million. Currently, the cause of the accident and the reason for the fatality are still under investigation. Yinman Mining will fully cooperate with the accident investigation and subsequent work. Since the duration of the suspension at Yinman Mining cannot be determined at this time, the impact of this production halt on the company's current and full-year performance cannot be accurately estimated for now. The company will, in accordance with relevant regulations, fulfill its information disclosure obligations in a timely manner based on the progress of the accident investigation. Investors are advised to be cautious about investment risks. Performance: Xingye Silver&Tin's 2025 annual report shows that in 2025, the company realized operating revenue of RMB5,555.2536 million, a YoY increase of 30.09%; total profit of RMB2,096.237 million, up 18.75% YoY; and net profit attributable to shareholders of the publicly listed company of RMB1,704.2393 million, rising 11.40% YoY. Xingye Silver&Tin's announcement shows that in 2025, the breakdown of operating revenue from the company's main mineral products as a share of overall operating revenue was as follows: ore-derived silver (RMB2,175.7825 million, 39.17%); ore-derived tin (RMB1,649.6398 million, 29.70%); ore-derived zinc (RMB975.8673 million, 17.57%); ore-derived lead (RMB220.945 million, 3.98%); ore-derived iron (RMB180.3799 million, 3.25%); ore-derived copper (RMB133.0043 million, 2.39%); ore-derived antimony (RMB100.3568 million, 1.81%); ore-derived gold (RMB82.3402 million, 1.48%); and ore-derived bismuth (RMB16.6744 million, 0.30%). Among these, the combined operating revenue from ore-derived tin and ore-derived silver accounted for 68.86%. Regarding the company's main business and key performance drivers, Xingye Silver&Tin stated in its 2025 annual report: The company is a large mining group primarily engaged in the exploration, mining, and processing of non-ferrous metals and precious metals. As of the disclosure date of this report, the company has over 20 subsidiaries, including 8 producing mining companies: Yinman Mining, Qianjinda Mining, Yubang Mining, Rongguan Mining, Xilin Mining, Rongbang Mining, Ruineng Mining, and Bosheng Mining; Atlantic Tin's Achmmach tin mine under AtlasTinSAS is in the construction phase; Tanghe Era Mining is in suspension; Yitong Mining and Yunnan Xigui are in the exploration stage. Hainan Fund is mainly engaged in equity investment management; Xingye Gold (Hong Kong) focuses on metal and mining trade, corporate mergers and acquisitions, and is responsible for expanding markets outside China and acquiring high-quality overseas mineral resources; Hainan Guomao and Tianjin Guomao mainly handle the sales of non-ferrous metal mineral products and the procurement of some raw materials; Xingye Ruijin conducts process research, technology R&D, and upgrading in areas such as exploration, mining and processing, and comprehensive tailings recycling. Tibet Shannan Antimony-Gold, Tibet Xinda Mining, and Xing'an Meng Fuxingtun Mining serve as the company's regional resource integration platforms. During the reporting period, the company successfully acquired an 85% equity stake in Yubang Mining. According to data from the World Silver Institute as of the end of 2023, Yubang Mining's single silver mine ranks first in Asia and fifth globally. This acquisition further strengthened the company's resource advantages, laying a solid resource foundation for sustainable development. Meanwhile, through its subsidiary Xingye Gold (Hong Kong), the company increased investment in overseas mineral resources, successfully acquiring a 100% equity interest in Atlantic Tin. This acquisition was a key step in implementing the company's 'going global' strategy. Based on the tin mine classification criteria for large mines in the Standard for Classification of Mineral Resource/Reserve Scales (DZ/T0400-2022), the Achmmach tin mine owned by Atlantic Tin is now equivalent to five large deposits. Through this integration of overseas tin resources, the company has further perfected its international tin layout and secured important strategic resources for long-term development. The company's main performance is derived from non-ferrous metal mining and processing operations. During the reporting period, revenue from this sector accounted for 99.64% of total 2025 operating revenue. Key factors influencing the performance of the mining and processing segment include production and sales volumes of main products, market prices, and the cost of non-ferrous metal and precious metal mining and processing operations. For the business plan, Xingye Silver&Tin stated in its 2025 annual report: 2026 is the final year of the company's '23' plan. The board of directors will closely follow the theme of high-quality development, fully implement the set work targets, continuously deepen the concept of 'trust and synergy,' and go all out to achieve the closing goals of the '23' plan. Key tasks are as follows: 1. Uphold safety and environmental protection bottom lines, use 2026, the 'Year of Safety Management Implementation,' as a lever to fully consolidate safety responsibilities, reinforce the achievements of the 'Year of Collective Safety Calm,' enhance risk anticipation and process control, and strictly prevent safety and environmental accidents to achieve safe, stable, green, and low-carbon development. 2. Comprehensively advance the construction of key projects, strengthen whole-process management of project budgeting, progress, and quality, and coordinate the implementation of projects such as Yinman Mining's 2.97 million mt expansion, Yubang Mining's 8.25 million mt expansion, the Morocco project, and the Budunyin'gen Mining (managed) project to ensure timely completion and full production, releasing capacity benefits. 3. Continuously intensify exploration and reserve expansion efforts, balance production operations with geological exploration, steadily advance exploration at existing mines and surrounding areas, accelerate resource upgrade to reserves, and constantly consolidate the resource base. 4. Deepen industrial synergy and resource integration, leveraging Inner Mongolia's core regional advantages to gradually expand overseas resource deployment; persist in focusing on silver and tin as main business directions, enriching and optimizing resource varieties. Steadily advance subsequent acquisitions and integration of Weiling Co., actively track high-quality mineral project opportunities in China and overseas, and enhance overall competitiveness through synergistic industrial mergers and acquisitions. 5. Further strengthen institutional enforcement and internal control management, ensure that all systems, processes, and management requirements are implemented effectively, and improve the company's refined management level; strengthen enforcement capacity, ensure that production plans, comprehensive budgets, and work deployments are fully carried out, and promote deep integration of corporate culture with business management. 6. Fully promote preparations for Hong Kong stock listing, accelerate the establishment of dual capital market platforms at home and abroad, enhance cross-border capital operation capabilities, provide stronger financial support for resource integration and strategy implementation, and elevate the company's high-quality sustainable development to a new level. Xingye Silver&Tin's Q1 report for this year disclosed that in January-March 2026, the company realized operating revenue of RMB2,129.8691 million, an 85.32% YoY increase; net profit attributable to shareholders reached RMB1,337.6722 million, up 257.32% YoY. As of March 31, 2026, total assets were RMB19,688.8316 million, with net assets attributable to shareholders at RMB10,825.4666 million. Revenue breakdown: In January-March 2026, the revenue share of the company's main mineral products was as follows: ore-derived silver (RMB1,410.1104 million, 66.21%); ore-derived tin (RMB234.0354 million, 10.99%); ore-derived zinc (RMB228.1249 million, 10.71%); ore-derived lead (RMB71.8509 million, 3.37%); ore-derived antimony (RMB53.1029 million, 2.49%); ore-derived gold (RMB51.0181 million, 2.40%); ore-derived iron (RMB44.1733 million, 2.07%); ore-derived copper (RMB35.6489 million, 1.67%); and ore-derived indium (RMB524,100, 0.02%). Among these, the combined revenue from ore-derived tin and ore-derived silver accounted for 77.19%. Xingye Silver&Tin's Q1 report announcement stated: Operating profit for the current period increased by 238.16% compared to the previous period, total profit was up by 236.36%, and net profit attributable to the parent company's owners rose by 257.32%. The main reasons: In the reporting period, selling prices of the company's main mineral products such as silver and tin rose YoY; Yubang Mining's capacity gradually released, with a significant YoY increase in the production and sales of ore-derived silver; and a gain of RMB321 million was realized from the transfer of a 60% equity stake in Shuangyuan Nonferrous. Huaxi Securities' July 25 research report believed that: Silver's macro logic is similar to that of gold, while also possessing stronger industrial attributes, and its price is driven by a resonance of fundamental, policy, and market factors. From the core support perspective, silver's inclusion in the US 'critical minerals' list has triggered sustained capital attention and hoarding effects, becoming a key policy catalyst for price increases. Although short-term demand has pulled back, the supply-side gap remains prominent, serving as the core fundamental support for silver prices. It is expected that in the coming years, the silver supply-demand gap will continue to widen. Combined with industrial recovery demand amid an easing cycle, silver's price elasticity is significantly higher than gold's, and it is likely to rise given the resonance of a loose environment and industrial demand, with a bullish long-term outlook on silver prices. The current silver sector is in a phase of pulling back and consolidating at lows; although weighed down in the short term by US dollar strength and delayed rate cut expectations, it still offers value for medium and long-term positioning. Beneficiary stocks of silver: [Shengda Resources], [Xingye Silver&Tin].

[SMM Daily Review: Weaker Dollar and Cooling PCE Resonate, Silver Price Continues to Consolidate at Lows] SMM July 31 News: The dollar plunged below 100, PCE cooled, but conditions for a trend shift in rate hikes were not met, and silver prices consolidated. Spot cargo supply and demand were both weak at month-end, transactions were sluggish. Attention is on next month's maintenance and demand recovery.

[SMM Silver Weekly Review: Silver N-shaped consolidation ended flat this week amid repeated tug-of-war between geopolitical and interest rate hike expectations] Silver prices showed an N-shaped trend this week. At the start of the week, ceasefire expectations pushed prices up. Subsequently, the hawkish US Fed held rates steady, combined with repeated Middle East tensions, and silver prices consolidated to close at 14,286 yuan/kg. Spot silver supply and demand were both weak, and transactions remained at parity. On the inventory front, total social inventory accumulated to 3,658 mt, while ETF open interest edged down. Short-term, it is expected to move sideways with a downward bias.

Maronan Metals said its Northwest Queensland silver-lead-copper-gold project is progressing from a Scoping Study toward a pre-feasibility study. The Scoping Study covered less than 25% of the global resource in the Starter Zone and outlined a 1.2 Mtpa operation with a 10-year mine life and approximately A$260 million of capital expenditure. It generated an NPV8 of A$377 million at a silver price of A$36/oz. The company estimates project NPV at about A$750 million at current spot silver prices, but this remains a company estimate subject to further resource definition, engineering and permitting. A 40,000 m infill drilling program is nearly 25% complete, with about 10,000 m drilled. Maronan expects a resource update before the end of the financial year, followed by a PFS and its first ore reserve around the middle of next year. Metallurgical test work has returned lead and silver recoveries above 90%, with lead concentrate grading above 70% lead and containing at least 1,500 g/t silver. An exploration decline has been permitted, while the planned mining-lease application is targeted for year-end; the decline development itself is not yet fully funded.

[SMM Daily Review: US Fed Hawkish Hold, Silver Rebounds but Encounters Resistance] SMM July 30 – The US Fed kept interest rates unchanged but saw a rare three dissenting votes in favor of a hike. A weakening US dollar and escalating geopolitical risks drove silver prices to rebound. However, expectations of further rate hikes persist, limiting upside room. Spot supply and demand are both weak, with muted transactions.

Published: Jul 29, 2026 - 3:35 AM (Kitco News) - The gold market is struggling to hold support above $4,000 and could face further selling pressure, as one bank says a recovery remains unlikely as long as the war in Iran persists. On Tuesday, commodity analysts at Commerzbank led by Thu Lan Nguyen downgraded their gold price forecast for the second time in as many months. The German bank now expects gold prices to end the year around $4,500 an ounce, down from its revised June forecast of $4,800. At the same time, Commerzbank also lowered its year-end silver price target to $67 an ounce from its previous estimate of $80 an ounce. In the report, Nguyen said the price downgrade reflects the fact that persistent inflation pressures continue to force the Federal Reserve to maintain a tightening bias. However, she added that market expectations have become too aggressive, giving gold prices some room to recover from their current lows by the end of the year. She added that gold still has a path to $5,000 an ounce in 2027 if inflation pressures moderate. However, she said the biggest factor remains the uncertainty surrounding the war with Iran, saying that the ongoing conflict in the Middle East continues to overshadow all the bullish factors that drove gold prices to record highs at the start of the year. “This is partly because the US, as an energy exporter, benefits from the current energy crisis – as evidenced by the sharp rise in its oil exports in recent months. The risk premiums in the foreign exchange market are sending a similar signal: After Liberation Day – i.e. the introduction of extensive US tariffs by the US government – hedging against a depreciation of the dollar relative to the euro became significantly more expensive (as reflected in positive EUR-USD risk reversals, see figure below). Since the outbreak of the Iran war, however, the dollar has again been regarded as safer than the euro. As long as this remains the case, gold is unlikely to benefit disproportionately from increased demand for safe havens,” she said. Despite the heightened geopolitical uncertainty, Commerzbank said there is little evidence that the conflict is having a lasting impact on the U.S. economy. Nguyen pointed out that although near-term inflation pressures have increased, long-term inflation expectations remain anchored. She said that in this environment, it is unlikely the Federal Reserve will adopt a sufficiently aggressive monetary policy stance to alter gold's longer-term bullish outlook. “There is potential for the gold price to recover from its current level, as we consider current market expectations of Fed rate hikes to be excessive and anticipate that Fed interest rates will remain unchanged until the end of the year. The Fed is likely to raise interest rates only if inflation trends force them to do so,” she said. “Our economists’ base-case scenario, in which core inflation does not rise significantly above the assumed monthly rates consistent with the target in the coming months, remains unchanged. In this scenario, the Fed would likely refrain from raising interest rates and might even cut its key interest rate from mid-2027 onwards, as the 2% target would then be reached in spring 2027.” Nguyen explained that although gold’s months-long correction has damaged market sentiment, there are still significant long-term drivers supporting higher prices. Nguyen said the bank's long-term bullish outlook remains intact because the structural drivers that fueled gold's rally earlier this year have not disappeared. She noted that growing skepticism toward the U.S. dollar as a traditional safe-haven asset, driven by unpredictable U.S. policy, continues to support demand for bullion. At the same time, the freezing of Russia's foreign exchange reserves has prompted many central banks to reassess the security of their reserve assets, accelerating diversification into gold. Finally, mounting government debt across advanced economies has raised concerns about the long-term safety of sovereign bonds, further enhancing gold's appeal as an asset that is institutionally independent and carries no default risk. Source： https://www.kitco.com/news/article/2026-07-28/commerzbank-downgrades-gold-and-silver-prices-middle-east-conflict-takes

[SMM Daily Review: Silver Awaits US Fed's Decision Guidance, Spot Transactions Remain on Par With] SMM, July 29: Market sentiment was cautious ahead of the US Fed's rate decision, and combined with renewed US-Iran tensions, silver prices moved sideways. Month-end spot supply-demand weakness kept transactions on par with.

Xingye Silver&Tin issued an announcement on July 28 regarding a safety incident at a subsidiary. The announcement showed that at approximately 15:30 on July 26, 2026, an accident occurred during production and construction at the underground mine of West Ujimqin Banner Yinman Mining Co., Ltd. (hereinafter referred to as “Yinman Mining”), a wholly-owned subsidiary of Inner Mongolia Xingye Silver&Tin Mining Co., Ltd. (hereinafter referred to as “the Company”), in Zone 3, Level 750, West Main Haulage between points 19-1 and 25-1, resulting in one fatality and no injuries. After the accident, the Company promptly reported to the local emergency management department in accordance with relevant regulations. The cause of the accident and the cause of death are still under investigation and confirmation, and the Company will fully cooperate with the accident investigation and follow-up work. Currently, Yinman Mining has received the “On-site Treatment Measures Decision” (Xi) Ying Ji Xian Jue [2026] No. 257 issued by the West Ujimqin Banner Emergency Management Bureau. The mining area of Yinman Mining has been shut down, while the beneficiation plant continues normal production. The Company expresses deep condolences to the deceased employee and profound apologies to the bereaved family. To learn a profound lesson from this accident and further strengthen safety production management, the Company will comprehensively and thoroughly conduct safety production self-inspections, implement accident prevention and rectification measures, and further eliminate potential safety hazards. Regarding the expected impact of this accident on the Company, the announcement by Xingye Silver&Tin stated: Yinman Mining is mainly engaged in the mining, beneficiation, and sales of non-ferrous metals such as silver, tin, copper, lead, and zinc, with a capacity of 1.65 million mt/year. In 2025, Yinman Mining achieved operating revenue of RMB 3.062 billion, accounting for 55.12% of the Company’s total consolidated operating revenue, and net profit of RMB 1.346 billion. In Q1 2026, Yinman Mining achieved operating revenue of RMB 961.60 million, accounting for 45.15% of the Company’s total consolidated operating revenue, and net profit of RMB 474.75 million. Currently, the beneficiation plant of Yinman Mining is operating normally. The surface ore stockpile at the mining area amounts to 350,000 mt of ore, which can supply the beneficiation plant for about two and a half months. If the mining area cannot resume normal production in the short term, it will not have a significant impact on the Company’s production and operations, nor will it materially adversely affect the Company’s future performance. The Company will promptly fulfill its information disclosure obligations in accordance with relevant regulations based on the progress of this accident, and reminds investors to be aware of investment risks. In terms of performance: According to the 2025 annual report released by Xingye Silver&Tin, in 2025, the Company achieved operating revenue of RMB 5.555 billion, up 30.09% year-over-year; total profit of RMB 2.096 billion, up 18.75%; and net profit attributable to shareholders of the listed company of RMB 1.704 billion, up 11.40%. The announcement by Xingye Silver&Tin shows: In 2025, the operating revenue from the Company’s main mineral products as a proportion of total operating revenue was as follows: ore-derived silver contributed RMB 2.176 billion, accounting for 39.17%; ore-derived tin RMB 1.650 billion, 29.70%; ore-derived zinc RMB 975.87 million, 17.57%; ore-derived lead RMB 220.95 million, 3.98%; ore-derived iron RMB 180.38 million, 3.25%; ore-derived copper RMB 133.00 million, 2.39%; ore-derived antimony RMB 100.36 million, 1.81%; ore-derived gold RMB 82.34 million, 1.48%; ore-derived bismuth RMB 16.67 million, 0.30%. Notably, the combined revenue shares of ore-derived tin and ore-derived silver reached 68.86%. In discussing the Company’s main business and key performance drivers, Xingye Silver&Tin stated in its 2025 annual report: The Company is a large mining group primarily engaged in the exploration, mining, and beneficiation of non-ferrous and precious metals. As of the disclosure date of this report, the Company has over 20 subsidiaries, of which 8 are producing mining companies, namely Yinman Mining, Qianjinda Mining, Yubang Mining, Rongguan Mining, Xilin Mining, Rongbang Mining, Ruineng Mining, and Bosheng Mining; the Achmmach tin mine under Atlantic Tin SAS, a subsidiary of Atlantic Tin, is under construction; Tanghe Shidai Mining is in suspension, while Yitong Mining and Yunnan Xigui are in the exploration stage. Hainan Fund is primarily engaged in equity investment management; Xingye Gold (Hong Kong) mainly engages in metals and mining trade, corporate M&A, and is responsible for expanding markets outside China and acquiring high-quality overseas mineral resources; Hainan Guomao and Tianjin Guomao primarily sell non-ferrous mineral products and procure some raw materials; Xingye Ruijin mainly conducts process research, technology R&D, and transformation in areas such as prospecting, mining and beneficiation, and comprehensive tailings recovery. Xizang Shannan Antimony-Gold, Xizang Xinda Mining, and Xing’an Meng Fuxingtun Mining serve as regional resource integration platforms for the Company. During the reporting period, the Company successfully acquired an 85% stake in Yubang Mining. According to data from the World Silver Survey as of the end of 2023, Yubang Mining’s single silver mine ranked first in Asia and fifth globally. This acquisition further strengthened the Company’s resource advantages and laid a solid resource foundation for sustainable development. At the same time, using its subsidiary Xingye Gold (Hong Kong) as the investment vehicle, the Company increased its investments in overseas mineral resources, successfully acquiring a 100% stake in Atlantic Tin. This acquisition was an important step in implementing the Company’s “going global” strategy. According to the Classification for Mineral Resources and Reserves Scale (DZ/T 0400-2022), a large-scale tin mine standard, the Achmmach tin mine owned by Atlantic Tin is now equivalent to five large deposits. Through this integration of overseas tin resources, the Company further improved its global tin layout and reserved significant strategic resources for long-term development. The Company’s main performance derives from its non-ferrous metal mining and beneficiation business, which accounted for 99.64% of total operating revenue in 2025. Key factors affecting the performance of the mining and beneficiation segment include production and sales volumes of major products, market prices, and costs associated with non-ferrous and precious metal mining and beneficiation operations. Regarding the operating plan, Xingye Silver&Tin stated in its 2025 annual report: 2026 marks the final year of the Company’s “23” Plan. The Board will closely focus on high-quality development, fully implement the established work targets, continuously deepen the philosophy of “trust and synergy,” and go all out to achieve the goals of the “23” Plan, with emphasis on the following tasks: 1. Adhere to the bottom line of safety and environmental protection, using 2026 as the “Year of Safety Management Implementation” to fully solidify safety responsibilities, consolidate the achievements of the “Year of Collective Safety Calmness,” strengthen risk anticipation and process control, resolutely prevent all types of safety and environmental incidents, and achieve safe, steady, green, and low-carbon development. 2. Vigorously promote the construction of key projects, strengthen full-process management of project budgets, schedules, and quality, and coordinate the implementation of projects such as the 2.97 million mt expansion and upgrade of Yinman Mining, the 8.25 million mt expansion and upgrade of Yubang Mining, the Morocco project, and the Budun Yingen Mining (trusteeship) project, ensuring timely completion, full capacity, and the release of capacity benefits. 3. Continuously intensify exploration and reserve expansion, properly balancing production operations with geological exploration, steadily advancing exploration of existing mines and surrounding areas, accelerating resource-to-reserve upgrades, and continuously consolidating the resource base. 4. Deepen industrial synergy and resource integration, leveraging the core regional advantages of Inner Mongolia while steadily expanding overseas resource deployment; adhere to silver and tin as the main business direction, enriching and optimizing resource varieties. Solidly advance the subsequent acquisition and integration of Weiling Shares, actively track high-quality mineral project opportunities both in and outside China, and enhance overall competitiveness through industrial synergy M&A. 5. Further strengthen system enforcement and internal control management, promoting the effective implementation of various systems, processes, and control requirements, and elevating the level of refined management; strengthen enforcement to ensure that production plans, comprehensive budgets, and all work deployments are fully executed, and deeply integrate corporate culture with operational management. 6. Fully promote preparations for a Hong Kong stock listing, accelerate the establishment of dual capital market platforms both at home and abroad, enhance cross-border capital operation capabilities, provide stronger financial support for resource integration and strategy implementation, and drive the Company’s high-quality sustainable development to a new level. In a research report released on July 25, Huaxi Securities commented: Silver’s macro logic is similar to gold’s, but it also has stronger industrial attributes, with its price driven by a resonance of fundamentals, policy, and trading. From a core support perspective, silver’s inclusion in the US “critical minerals” list has triggered sustained capital attention and hoarding effects, serving as a key policy catalyst for price increases. Although short-term demand has pulled back, the supply-side gap remains prominent, providing core fundamental support for silver prices. The supply-demand gap for silver is expected to widen further in the coming years. Coupled with industrial recovery demand under an easing cycle, silver’s price elasticity is significantly higher than gold’s, and it is likely to rise amid an accommodative environment and industrial demand, with a positive long-term outlook for silver prices. Currently, the silver sector is in a pullback consolidation phase, suppressed in the short term by a stronger US dollar and delayed interest rate cut expectations, but it still holds medium- and long-term investment value. Beneficiaries of silver: [Shengda Resources], [Xingye Silver&Tin]. A research report from Guosen Securities on April 24 showed: In recent years, the Company’s production of major minerals has steadily increased. In 2025, both volume and price increases of silver drove growth, while high tin prices offset the impact on production. M&A achievements were significant, with silver and tin resource reserves reaching new heights. In 2025, the Company completed two major strategic acquisitions. 1) Acquisition of an 85% stake in Yubang Mining: In January 2025, the Company acquired an 85% stake in Yubang Mining for RMB 2.388 billion. Yubang Mining is the largest single silver mine in Asia and the fifth largest globally. This acquisition increased the Company’s silver metal resources to 29,800 mt, significantly enhancing its industry standing. 2) Acquisition of a 100% stake in Atlantic Tin: In August 2025, the Company completed the acquisition of Atlantic Tin, obtaining its Achmmach tin mine in Morocco. The mine holds tin metal resources of 213,300 mt, equivalent to five large tin deposits, bringing the Company’s total tin metal resources to 391,600 mt. Risk warnings: risks that the Company’s resource development progress may fall short of expectations; risks of wild swings in metal prices.

SMM July 28 News: Metal Markets: As of midday close, base metals in the domestic market mostly fell. SHFE copper fell 0.12%, while SHFE aluminum rose 0.26%. SHFE lead rose 0.38%. SHFE zinc fell 0.44%. SHFE tin fell 1.37%. SHFE nickel fell 0.76%. In addition, the most-traded cast aluminum futures contract rose 0.17%, the most-traded alumina contract fell 1%, the most-traded lithium carbonate contract fell 2.11%, the most-traded silicon metal contract fell 0.66%, and the most-traded polysilicon futures contract fell 1.25%. Ferrous metals all fell. Iron ore fell 0.13%, rebar fell 0.62%, hot-rolled coil fell 0.46%, and stainless steel fell 1.26%. Coking coal and coke: the most-traded coking coal contract fell 2.36%, and the most-traded coke contract fell 1.65%. As for base metals in overseas markets, as of 11:41, LME metals nearly all fell. LME copper fell 0.56%, LME aluminum fell 0.39%, LME zinc fell 0.36%, LME tin fell 1.57%, and LME nickel fell 0.26%. LME lead rose 0.16%. Precious metals: as of 11:41, COMEX gold fell 0.68% and COMEX silver fell 1.96%. Domestic precious metals: SHFE gold fell 0.84%, and the most-traded SHFE silver contract fell 2.59%. Citi said its base case shows that India’s gold imports will remain sluggish in Q3 despite the fact that historically Q3 is a seasonal stockpiling peak. This is due to ample scrap supply, cautious consumer sentiment, and local price discounts, which curb fresh import demand. However, Citi maintains its 0-3 month short-term gold price target at $4,500. The bank said this target assumes an easing of tensions in the Strait of Hormuz and a less hawkish turn by the Fed. Many risks remain in the short term that could cause gold prices to decline again, including major re-escalation, AI-driven de-risking, and a persistently hawkish Fed stance. (Jinshi Data APP) Also, as of midday close, the most-traded platinum futures contract fell 1.12%, while the most-traded palladium futures contract edged up 0.08%. As of midday close, the most-traded European container shipping futures contract rose 0.35% to 2,760 points. As of 11:41 on July 28, some futures midday market quotes: Spot and Fundamentals Silver: Expectations of a US-Iran ceasefire weighed on oil prices, while rate-hike concerns eased, but the market remained cautious ahead of the Fed decision, with silver prices retreating after rapid rise. Spot supply and demand were both weak, with transactions remaining at parity... Macro Front Domestic: [Hangzhou: Plan to moderately deploy new-type facilities such as computing power networks, new-type power grids, and next-generation communication networks ahead of demand] The “Hangzhou Artificial Intelligence Industry Development Promotion Regulation (Draft)” is open for public comment. It proposes that the municipal people’s government should make overall plans for the construction of an artificial intelligence infrastructure system, appropriately lay out new-type facilities such as computing power networks, new-type power grids, new-generation communication networks, and trusted data spaces in advance, establish and improve market-oriented operational mechanisms, and ensure efficient utilization, safety, and controllability of all types of facilities; the municipal people’s government should coordinate the layout of intelligent computing power facilities and energy resource allocation. Build a new-type energy system for a megacity, strengthen synergy among power supply, power grid, load, and energy storage, promote urban power supply reliability to meet the usage standards of intelligent computing power facilities, and ensure safe, stable, and sufficient electricity supply for computing power; support the construction and operation of a city computing power resource dispatch service platform through market-based mechanisms, providing the public with convenient services such as computing power resource information release, supply-demand matching, and transaction settlement. Encourage various computing power resources to access the platform to achieve efficient allocation of computing power resources. Support computing power operation enterprises in participating in the construction of the national integrated computing power network. The PBOC conducted 305.5 billion yuan of 7-day reverse repo operations in the open market today at an interest rate of 1.40%, unchanged from the previous operation. 253 billion yuan of reverse repos matured today. US dollar: As of 11:41, the US dollar index fell 0.07 to 101.46. US President Trump said on Monday, when discussing Fed issues, that Fed Chairman Warsh is excellent, but he must deal with committee issues. He believes Warsh will do the right thing and knows what Warsh wants. Regarding interest rates, Trump said rates should be lower and that the US should have the lowest rates in the world. He also mentioned that costs are falling rapidly. (Jin10 Data APP) “Fed whisperer” Nick Timiraos: Fed Chairman Warsh had to convince the most rate-cut-enthusiastic president in modern history to appoint him to the Fed chairmanship. Now he faces a new challenge: persuading his 18 colleagues to abandon the professional mindset that he believes led them astray. The first test will come on Wednesday. Citadel Securities expects the Federal Reserve to raise interest rates this week—a surprise move that would strengthen Chairman Kevin Warsh’s credibility in the fight against inflation. Frank Fret, the firm’s head of macro strategy, wrote in a report that a 25-basis-point rate hike on Wednesday would cement Warsh’s repeated pledge to restore price stability and signal that policymakers no longer rely on telegraphing every policy move in advance. “The market may again have underestimated the extent of the Fed’s hawkish pivot.” A rate increase this week would “decisively end the era of forward guidance” while highlighting the Fed’s independence. ((Jin10 Data APP) HSBC economist Paul Mackel said in a report that unless the US Fed unexpectedly raises rates, its decision this week may not provide a new catalyst for the US dollar. Fed Chairman Warsh has acknowledged that inflation is above target and expressed a commitment to price stability. He said if the meeting this week merely aligns with these views, the dollar is unlikely to surge significantly because the market is already positioned for rate hikes later this year. “However, we also recognize some are entertaining the idea of a surprise Fed hike, akin to what it did suddenly in February 1994.” He said that if the market welcomes it as a prudential move, this would boost the dollar.(Jin10 Data APP) Citigroup traders are betting the US Fed will keep rates unchanged this week. According to Akshay Singal, the bank’s global head of short-term interest rate trading, the position they hold will profit if the Fed holds rates steady. Singal said, “We still stick to our expectation that rates will remain unchanged.” He added that Fed Chairman Warsh has made it clear that he wants the market to focus on the data, and the data indicate that the Fed does not need to raise rates at this time.(Jin10 Data APP) Lloyd Chan, a senior currency analyst at MUFG Bank, noted in a research report that the US dollar may be supported in the near term by elevated US Treasury yields and persistent tensions in the Middle East. He also said the Fed decision this week is likely to be a key catalyst for markets. Chan pointed out: “Though no policy change is expected, the market’s focus will be firmly locked on the Fed’s guidance – namely, whether policymakers still lean towards tightening.” The analyst added: “US tariff issues are returning to the spotlight as the Trump administration seeks to rebuild its tariff regime after the US Supreme Court overturned Donald Trump’s proposed global reciprocal tariff measures earlier this year.”(Jin10 Data APP) Regarding other currencies: RBA Governor Bullock: It is still uncertain whether the RBA’s rate hikes have been sufficient to bring CPI back to the target range. The RBA Board will raise the cash rate further if needed. The full effects of past rate hikes will take time to manifest. The RBA is committed to preventing cost pressures from becoming entrenched inflation. Core CPI is largely tracking in line with expectations but remains too high. Indicators suggest a mild pace of consumption growth in Q2. A further slowdown in demand growth may be necessary.(from Wall Street CN APP) On the data front: Today will see the release of the US ADP Employment Change for the week ended July 11, the US FHFA House Price Index MoM for May, the S&P CoreLogic Case-Shiller 20-City Composite Home Price Index (not seasonally adjusted) YoY for May, the US Conference Board Consumer Confidence Index for July, and the US Richmond Fed Manufacturing Index for July, among others. Additionally, watch out for: RBA Governor Bullock will deliver a speech, and Israeli Prime Minister Netanyahu will meet with US President Trump. Crude Oil: As of 11:41, oil prices in both markets fell, with WTI down 1.46% and Brent down 1.37%. Geopolitically, the situation showed a phased easing. Trump stated on Monday that the US is in diplomatic negotiations with Iran to end the conflict, while warning that if talks fail, military engagement will resume. According to Bloomberg citing sources familiar with the matter, Iran and Oman are attempting to reach an agreement to restart shipping through the Strait of Hormuz. Oil prices extended their decline on this news. (From Wallstreetcn APP) Spot Market Overview: ► ► ► ► ► ► ► ► ► ► ► ► ►