"Tin" Leads the Future: Industrial Transformation and Value Reshaping in the New Cycle Conference Background Currently, the global tin industry is at a historic turning point, with traditional cyclical logic completely disrupted and strategic value fully highlighted. The tin market in 2026 is exhibiting an unprecedentedly complex landscape and profound transformation: 1. Profound Restructuring of the Supply-Demand Pattern, Unprecedented Enhancement of Strategic Attributes Global tin reserves have a static reserve-to-production ratio of just 14 years, underscoring growing scarcity. The supply side faces "threefold pressure": repeated setbacks in Myanmar’s production resumption, continuously tightening policies in Indonesia, and elevated geopolitical risk in the DRC. Resource constraints have become the new normal. Meanwhile, the demand structure is undergoing a fundamental shift, making tin a strategic resource that bridges traditional manufacturing and the digital future. 2. A Historic Breakthrough in the Price System, Industry Ecology Facing a Remaking In early 2026, the SHFE tin price broke through 470,000 yuan/mt, hitting a record high. This price breakthrough not only reflects supply-demand imbalance but also marks a revaluation of the tin industry. Traditional trade models, risk management systems, and supply chain collaboration methods urgently require breakthrough innovations. 3. Technology-Driven and Green Transition Foster a New Symbiotic Ecosystem Digital and intelligent technologies are deeply empowering the tin industry chain. The global green transition calls for the tin industry to upgrade toward a low-carbon, circular economy, with recycled tin recovery and green smelting processes becoming the necessary path. All links in the industry chain must shift from competition to collaboration, building an open, resilient, and innovative symbiotic system. Against this backdrop, August 19-21, 2026 in Changsha, Hunan , the 2026 SMM (16th) Tin Industry Chain Conference will bring together global industry elites to jointly explore. Jiangxi Zili Environmental Protection Technology Co., Ltd. will attend this grand event, discuss industry development trends with industry peers, and join hands to drive the tin industry to new heights. Click to register now, witness and participate in this significant and far-reaching industry event, and jointly write a brilliant new chapter! Jiangxi Zili Environmental Protection Technology Co., Ltd. is a wholly-owned subsidiary of Zhejiang Shenlian Environmental Protection Group Co., Ltd. , extracting non-ferrous and precious metals from non-ferrous metal hazardous waste, solid waste, and other recycled materials. With an annual production capacity of 120 kt of copper cathode, 10 kt of electrolytic tin, 20 kt of electrolytic zinc, 10 kt of lead-antimony alloy, and 50 kt of battery-grade nickel sulphate, it comprehensively recovers precious and rare metals such as gold, silver, platinum, palladium, ruthenium, rhodium, and iridium. In 2025, it achieved sales revenue of 12 billion yuan. The company is dedicated to the noble cause of resource regeneration, circular economy, and environmental protection, with a deep focus on the non-ferrous metal hazardous waste treatment sector. It strives to become the largest environmental protection technology enterprise in China specializing in non-ferrous metal hazardous waste treatment, resource recycling, and circular economy development. Our company makes large-scale, year-round purchases of raw materials containing tin, copper, and precious metals. Leaders at all levels and clients are welcome to call or visit our company to discuss business. Contact Information Product Sales Contact: Pan Guowei 13868171169 Fang Wujun 13607949805 Raw Material Procurement Contact: Pan Guowei 13868171169 Dong Junlin 13868184456 Long press or scan the QR code to register now 2026 SMM (16th) Tin Industry Chain Conference

From H2 2025 to early 2026, the copper industry underwent profound structural shifts. China's smelting capacity continued to be released, reliance on imported raw materials deepened, and the supply of copper concentrates remained persistently tight. Driven by monetary policy changes, geopolitical conflicts, production cuts at mines outside China, and accelerated industry consolidation, copper prices repeatedly hit new highs. The industry shifted from a tight balance to a structural deficit, further strengthening copper's role as a strategic resource. Hereby, SMM joins hands with Qixian Hongda Refractory Co., Ltd. to cordially invite enterprises across copper mining, copper smelting, and related third-party equipment and consumables sectors to co-produce the . This initiative aims to gather high-quality industry resources and create an authoritative industry platform, helping enterprises enhance their industry influence and jointly promoting quality-driven industry development. (Click this link to request a free copy of the map: ) Qixian Hongda Refractory Co., Ltd. was established in 2014 in Jialing Town, Qixian County, Shanxi Province. The company integrates R&D, production, sales, and construction. Its main products include furnace linings for ferrous/non-ferrous metal smelting, various castables, ramming materials (AH1 copper furnace dry ramming material, A18 copper alloy dry ramming material), and thermal insulation and anti-seepage refractories. It operates its own raw material production line and a professional construction team. Its products are supplied to the national metallurgical and foundry industry. Adhering to the Jin merchant tradition of integrity, the company develops proprietary processes adapted to high-temperature working conditions and maintains long-term collaborations with enterprises such as Ningbo Jintian Copper, Wuhan Heavy Industry, and North Copper. Contact Information Wen Guojie 152 3546 4459 SMM Co-production Contact Ren Jie 186 5503 3505 renjie@smm.cn

“Tin” Leads the Future: Industry Transformation and Value Reshaping in the New Cycle Conference Background At present, the global tin industry is standing at a historic turning point. The traditional cycle logic has been completely disrupted, and its strategic value has become fully evident. In 2026, the tin market presented an unprecedentedly complex landscape and profound changes: I. The supply-demand pattern is being deeply reshaped, and strategic attributes are rising to an unprecedented level The global tin resource static reserve-to-production ratio was only 14 years, with scarcity becoming increasingly prominent. The supply side faced “triple pressures”: repeated twists and turns in Myanmar’s production resumptions, continued tightening of Indonesia’s policies, and elevated geopolitical risks in the DRC. Resource constraints had become the new normal. Meanwhile, the demand structure underwent a fundamental shift, and tin has become a strategic resource connecting traditional manufacturing with the digital future. II. The pricing system breaks through history, and the industry ecosystem faces reshaping In early 2026, SHFE tin prices broke through 470,000 yuan/mt, setting a record high. This price breakthrough was not only a reflection of the supply-demand imbalance, but also a sign of value reassessment in the tin industry. Traditional trading models, risk management systems, and supply chain collaboration approaches were all in urgent need of innovative breakthroughs. III. Technology-driven and green transformation give rise to a new symbiotic ecosystem Digital and intelligent technologies were deeply empowering the tin industry chain. Global green transformation required the tin industry to upgrade toward low-carbonisation and a circular economy, making recycled tin recovery and green smelting processes an inevitable path. Every link of the industry chain must shift from competition to collaboration, building an open, resilient, and innovative symbiotic system. Against this backdrop, August 19-21, 2026 in Changsha, Hunan the 2026 SMM (16th) Tin Industry Chain Conference will bring together global industry elites for joint discussions. Anhui Xinzhi De New Material Technology Co., Ltd. will attend this grand event, engaging with industry peers to discuss industry development trends and working together to drive the tin industry to new heights. Click the to register for the conference now, and jointly witness and participate in this extraordinary and far-reaching industry event to create a brilliant new chapter together! Anhui Xinzhi De New Material Technology Co., Ltd. is located in Tongling, Anhui province, known as the “Ancient Copper Capital of China.” It is a modern enterprise specialising in the integrated R&D, smelting, production, and sales of electronic tin materials. Relying on Tongling’s solid metallurgical industry foundation, the company has end-to-end production capacity from smelting and purification of tin raw material to deep processing, ensuring product quality control from the source. We have complete sets of tin smelting equipment, vacuum purification equipment, crystallisation purification equipment, and other core smelting and refining installations, and have introduced advanced German detection instruments, committed to providing clients with highly reliable electronic tin materials and professional technical solutions. Main products include tin ingots, tin balls, electroplating anode bars, solder wires, solder bars, tin powder, solder paste, and flux. The company has obtained ISO9001 Quality Management System and ISO14001 Environmental Management System certifications. The products strictly comply with national standards and meet the environmental requirements of the EU and Japan, ensuring stable and reliable quality. Anhui Xinzhide New Material Technology Co., Ltd., located in Tongling City, Anhui Province—known as the "Ancient Bronze Capital of China"—is a modern enterprise specializing in the integration of R&D, smelting, production, and sales of electronic tin materials. Leveraging Tongling's profound metallurgical industry foundation, the company possesses full-process capabilities from smelting and purification of raw tin materials to deep processing, ensuring strict quality control from the source. We are equipped with core smelting and refining facilities, including complete sets of tin smelting equipment, vacuum purification systems, and crystallization purification units. In addition, we have introduced advanced testing instruments from Germany, committed to providing customers with highly reliable electronic tin materials and professional technical solutions. Our main products include tin ingots, solder balls, electroplating anode bars, solder wires, solder bars, tin powder, solder paste, and flux. The company has obtained ISO9001 Quality Management System and ISO14001 Environmental Management System certifications. Our products strictly adhere to national standards and comply with environmental requirements of the European Union and Japan, ensuring stable and reliable quality. Contact Information Xu Jiezhong, Chairman, 188 1324 3568 Wang Xinyu, General Manager, 180 2858 8885 Long-press to scan QR code to register now 2026 SMM (16th) Tin Industry Chain Conference

“Tin” Leading the Future: Industry Transformation and Value Reshaping in the New Cycle Conference Background At present, the global tin industry is standing at a historic turning point. The traditional cycle logic has been completely broken, and its strategic value has become fully evident. In 2026, the tin market presented an unprecedentedly complex landscape and profound changes: I. The supply-demand pattern was deeply restructured, and strategic attributes rose to an unprecedented level The global tin resources’ static reserve-to-production ratio was only 14 years, with scarcity becoming increasingly prominent. The supply side faced “triple pressure”: repeated twists and turns in Myanmar’s production resumptions, continued tightening of Indonesia’s policies, and elevated geopolitical risks in the DRC; resource constraints had become the new normal. Meanwhile, the demand structure underwent a fundamental shift, and tin had become a strategic resource connecting traditional manufacturing with the digital future. II. The pricing system broke through historical levels, and the industry ecosystem faced reshaping In early 2026, SHFE tin prices broke through 470,000 yuan/mt, setting a record high. This price breakthrough was not only a manifestation of the supply-demand imbalance, but also a sign of value revaluation in the tin industry. Traditional trading models, risk management systems, and supply chain collaboration approaches were all in urgent need of innovative breakthroughs. III. Technology-driven and green transformation gave rise to a new symbiotic ecosystem Digital and intelligent technologies were deeply empowering the tin industry chain. The global green transformation required the tin industry to upgrade toward low-carbonisation and a circular economy, making recycled tin recovery and green smelting processes an inevitable path. Every link of the industry chain had to move from competition to collaboration, building an open, resilient, and innovative symbiotic system. Against this backdrop, on August 19-21, 2026 , held in Changsha, Hunan , the 2026 SMM (16th) Tin Industry Chain Conference will bring together global industry elites for joint discussions. Anhui Jinhong Renewable Resources Technology Co., Ltd. will attend this grand event, joining industry peers to discuss industry development trends and work together to propel the tin industry to new heights. Click the to register for the conference immediately, and jointly witness and participate in this extraordinary and far-reaching industry event, creating a brilliant new chapter together! Anhui Jinhong Renewable Resources Technology Co., Ltd. was established in 2016 and is located at No. 1 Chuangye Road, Tianying Science and Technology Park, Jieshou, Anhui province. The company covered an area of 98 mu, with a total investment of 580 million yuan and a total construction area of more than 20,000 m². It had built an R&D building, a comprehensive recycling workshop, a crude refining workshop, a refining workshop, a rare and precious metals workshop, an oxygen production workshop, raw material and finished product warehouses, auxiliary buildings, and other comprehensive supporting facilities. Anhui Jinhong Renewable Resources Technology Co., Ltd. was the vice chairman unit of the national “Nonferrous Metals Industry Technology Innovation Strategic Alliance”. It currently had more than 100 employees, including more than 10 management and technical professionals, and had a high-level scientific research and development team with strong technical capabilities. It held dozens of invention patents and utility model patents with independent intellectual property rights, as well as four proprietary brand trademarks. The main equipment includes advanced production processes such as vacuum distillation furnaces, oxygen-enriched side-blown furnaces, electric furnaces, and pyrometallurgy refining, with supporting facilities for flue gas purification, wastewater treatment, and quality testing instruments. It is a key enterprise for the extension and improvement of the renewable resource utilization industry chain in Tianying Science and Technology Park, Jieshou High-tech Zone, Anhui Province. Annually, it can utilize 50,000 mt of hazardous waste containing lead, tin, and antimony, and 80,000 mt of crude lead, producing 8,000 mt of refined tin, 90,000 mt of refined lead, and 8,500 mt of lead-antimony alloy. It is a high-tech enterprise integrating the recycling, utilization, processing, technology R&D, and sales of precious and rare metals such as lead, tin, and antimony. Anhui Jinhong Renewable Resources Technology Co., Ltd. is charting its development with innovative ideas and a long-term vision. The company will always adhere to the business philosophy of "technology-led, quality-assured, and green-priority" and make every effort to break free from the constraints of "limited perspective and narrow vision." In the future, Anhui Jinhong Renewable Resources Co., Ltd. will strive to improve the image of the lead- and tin-containing scrap recycling industry chain in Jieshou City and aim to become a national first-class model enterprise for comprehensive resource utilization. Established in 2016, Anhui Jinhong Renewable Resources Technology Co., Ltd. is located at No. 1 Chuangye Road, Tianying Science and Technology Park, Jieshou City, Anhui Province. Covering an area of 98 mu with a total investment of 580 million yuan and a total construction area of over 20,000 square meters, the company is equipped with a research and development building, comprehensive recycling workshop, crude smelting workshop, refining workshop, precious and rare metal workshop, oxygen production workshop, raw material and finished product warehouses, as well as auxiliary buildings and other complete supporting facilities. Lead-antimony alloy As the vice chairman unit of the national "Non-ferrous Metal Industry Technology Innovation Strategic Alliance", the company employs more than 100 staff members, including over 10 management and technical talents. It boasts a high-level R&D team with strong technical capabilities, holding dozens of invention patents and utility model patents with independent intellectual property rights, as well as 4 independent brand trademarks. The company adopts advanced production processes and equipment including vacuum distillation furnaces, oxygen-enriched side-blown furnaces, electric furnaces and fire refining systems, supported by complete flue gas purification, wastewater treatment and quality testing equipment. It is a key enterprise committed to extending and improving the renewable resource utilization industrial chain in Tianying Science and Technology Park, Jieshou High-tech Zone. The company can annually process 50,000 tons of lead-tin-antimony hazardous waste and 80,000 tons of crude lead, with an annual output of 8,000 tons of refined tin, 90,000 tons of refined lead and 8,500 tons of lead-antimony alloy. It is a high-tech enterprise integrating the recycling, utilization, processing, technological R&D and sales of rare and precious metals such as lead, tin and antimony. Lead-Tin Alloy Adhering to innovative concepts and a long-term strategic vision for development, the company always upholds the business philosophy of "technology-oriented, quality-guaranteed and green development-oriented", and strives to break through developmental limitations caused by insufficient strategic positioning and narrow vision. In the future, Anhui Jinhong Renewable Resources Technology Co., Ltd. will focus on optimizing the development pattern of the lead-tin waste renewable resource industry chain in Jieshou City, and endeavor to build itself into a national first-class model enterprise for comprehensive resource utilization. Crude Tin Refined Tin Contact Us Wei Xianghai 18155838588 Long press or scan the QR code to register now 2026 SMM (16th) Tin Industry Chain Conference

"Tin" Guiding the Future: Industrial Transformation and Value Reshaping in the New Cycle Conference Background The global tin industry is currently standing at a historic turning point. Traditional cyclical logic has been completely disrupted, and its strategic value is being fully highlighted. The tin market in 2026 is exhibiting an unprecedentedly complex pattern and profound transformation: I. Deeply Restructured Supply-Demand Pattern, Unprecedentedly Elevated Strategic Attribute The global static reserve-to-production ratio for tin resources is only 14 years, making its scarcity increasingly prominent. The supply side faces "triple pressure": repeated setbacks in DRC production resumptions, continuously tightening policies in Indonesia, and high geopolitical risks in the DRC. Resource constraints have become the new normal. Meanwhile, the demand structure is undergoing a fundamental shift, with tin becoming a strategic resource connecting traditional manufacturing and the digital future. II. Price System Breaks Historical Records, Industry Ecosystem Faces Reshaping In early 2026, the SHFE tin price broke through 470,000 yuan/mt, setting a new historical high. This price breakthrough is not only a reflection of the supply-demand imbalance but also a marker of the value revaluation of the tin industry. Traditional trade models, risk management systems, and supply chain collaboration methods are all in urgent need of innovative breakthroughs. III. Technology-Driven and Green Transition Give Rise to a Symbiotic New Ecosystem Digital and intelligent technologies are profoundly empowering the tin industry chain. The global green transition requires the tin industry to upgrade towards low-carbon and circular economy models, with recycled tin recovery and green smelting processes becoming the inevitable path. All segments of the industry chain must shift from competition to synergy, building an open, resilient, and innovative symbiotic system. Against this backdrop, on August 19-21, 2026, in Changsha, Hunan, the 2026 SMM (16th) Tin Industry Chain Conference will bring together global industry elites for collaborative discussions. Yunnan Yunfan Non-ferrous Metals Co., Ltd. will attend this grand event, joining industry peers to discuss development trends and jointly propel the tin industry to new heights. Click the to register for the conference now, and join us in witnessing and participating in this exceptionally significant and far-reaching industry event to create a brilliant new chapter together! Yunnan Yunfan Non-ferrous Metals Co., Ltd. (formerly Gejiu City Jinge Mining & Metallurgy Co., Ltd.) is located in the Zhadian Babao Tree Area of the Gejiu Characteristic Industrial Park, Jijie Town, Gejiu City, Yunnan Province. It is situated at longitude 103.1745°, latitude 23.49063°. Directly outside the company's main gate is the highway from Zhadian to Tangdian connecting to the Kunming-Hekou Expressway. Located 800 meters to the south of the company is the first-class highway from Gejiu to Jijie. It is 10 kilometers from the urban area of Gejiu, 6 kilometers from Gejiu Railway Station, and 20 kilometers from Mengzi, where the People's Government of Honghe Prefecture is located. Highways and railways crisscross, providing convenient transportation. In 2017, the former Gejiu Jinge Mining and Metallurgy Co., Ltd. was fully acquired by Yunnan Yunfan Nonferrous Co., Ltd. with a 100% stake. The company has a registered capital of RMB 100 million, and its legal representative is Zhang Yongping. It covers an area of 54,000 m 2 (approximately 80 mu), with a green area of 6,000 m 2 . Key production equipment includes: one rotary kiln, four electric furnaces, two refining pots, three vacuum furnaces, two spiral crystallizers, and two product melting pots; one set of environmental desulfurization system; and one set of online environmental monitoring equipment. Major products: crystalline refined tin at 5,003 t/a (containing 5,000 t/a of pure tin) with a grade of 99.90% AA, a low-lead refined tin product with lead content below 50 ppm; and a by-product, vacuum lead, with an annual output of approximately 2,333 t/a (containing 2,300 t/a of pure lead). The registered trademark for refined tin products is the “YF” / “Yunfan” brand. Refined tin products are widely used in electronics, information technology, building materials, electrical appliances, chemicals, metallurgy, machinery, food packaging, new-type flame retardants, and other fields. The products are exported to the Pearl River Delta and Yangtze River Delta regions and radiate to tin-consuming areas nationwide. In the tin market consumption sector, “YF” brand refined tin is highly favored by users, enjoying strong reputation and credibility. The company boasts a beautiful environment with lush vegetation, and is a modern nonferrous smelting enterprise primarily producing tin while promoting employment for people with disabilities. In 2018, the company obtained ISO 9001:2015 quality management system certification from SGS. In 2020, it was recognized as a Yunnan Provincial Science and Technology-based Small and Medium-sized Enterprise by the Yunnan Provincial Department of Science and Technology. In December 2021, it was jointly recognized as a High-tech Enterprise by the Yunnan Provincial Department of Science and Technology, Yunnan Provincial Department of Finance, and the Yunnan Provincial Taxation Administration of the State Taxation Administration. In 2021, it was included by the Yunnan Provincial Department of Industry and Information Technology as a provincial-level specialized and sophisticated small and medium-sized “Little Giant” “Growth” cultivation enterprise in the database. In 2023, it was awarded the title of Yunnan Provincial Specialized and Sophisticated Enterprise. Since Yunnan Yunfan Nonferrous Co., Ltd. acquired Gejiu Jinge Mining and Metallurgy Co., Ltd. in 2017, the company's operations and production have been continuously improved and developed. While pursuing development, the company has prioritized safety and environmental protection in its operations. In 2021, in accordance with the requirements of emergency management, our company conducted a safety status assessment; prepared an emergency response plan for safety incidents; implemented Level 3 safety standardization management; and carried out dual prevention mechanism management. In terms of environmental protection, the company adheres to a green, environmentally friendly, and low-carbon development path. In 2016, it passed the environmental impact assessment report. In July 2020, it passed the completion environmental protection acceptance and the environmental emergency plan review. In December 2021, it passed the energy audit evaluation and acceptance. The completion of these efforts has laid a solid foundation for the company's development. There will be a time to ride the wind and cleave the waves; hoist the cloud sail and cross the vast ocean. It is the epitome of the company's corporate culture. We believe that one day, through the joint efforts of all employees, we will ride the wind and break through the waves, hoist our sails high, and forge ahead courageously in the vast ocean. Contact Information He Jiansong 13808775777 Zhang Yi 15398501390 Long press and scan to register now 2026 SMM (16th) Tin Industry Chain Conference

"Tin" Leading the Future: Industrial Transformation and Value Reshaping in a New Cycle Conference Background The global tin industry is now at a historic turning point. Traditional cyclical logic has been completely overturned, and its strategic value is fully coming to the forefront. The tin market in 2026 exhibits an unprecedentedly complex pattern and profound changes: I. Deep Restructuring of Supply-Demand Pattern, Strategic Attributes Elevated to Unprecedented Levels The global static reserve-production ratio of tin resources is only 14 years, and its scarcity is increasingly apparent. The supply side faces "triple pressures": repeated setbacks in Myanmar's production resumptions, continuously tightening policies in Indonesia, and high geopolitical risks in the DRC. Resource constraints have become the new normal. At the same time, the demand structure is undergoing a fundamental shift, and tin has become a strategic resource bridging traditional manufacturing and the digital future. II. Price System Breaks Through Historical Levels, Industry Ecosystem Faces Reshaping In early 2026, SHFE tin prices broke through 470,000 yuan/mt, reaching a record high. This price breakthrough is not only a manifestation of supply-demand imbalance, but also a sign of value reassessment for the tin industry. Traditional trade models, risk management systems, and supply chain collaboration methods all urgently need innovative breakthroughs. III. Technology-Driven and Green Transformation Foster New Symbiotic Ecosystem Digital and intelligent technologies are deeply empowering the tin industry chain. The global green transition requires the tin industry to upgrade towards low-carbon and circular economy. Recycled tin recovery and green smelting processes have become the inevitable path. All links of the industry chain must shift from competition to collaboration, building an open, resilient, and innovative symbiotic system. Against this backdrop, from August 19 to 21, 2026, in Changsha, Hunan , the 2026 SMM (16th) Tin Industry Chain Conference will bring together global industry elites for discussions. Dongguan Yunde Metal Co., Ltd. will attend this grand event, discuss industry development trends with industry peers, and jointly promote the tin industry to new heights. Click to register immediately to attend the conference, to witness and participate in this significant and far-reaching industry event, and create a brilliant new chapter together! Dongguan Yunde Metal Co., Ltd. was established in March 2016 and is a comprehensive trader specializing in domestic and international trade of non-ferrous metals and metal raw materials. The company primarily deals in refined tin ingots, silver, tin-copper ingots, tin-containing materials, and tin ore. By leveraging its mature and extensive business network, excellent resources in and outside China, and profound financial background, the company has built high visibility and influence in the industry. In addition to its Dongguan headquarters, the company has extended along the industry chain with subsidiaries: Gejiu Qiandao Metal Co., Ltd., Pu'er Qiandao Industry and Trade Co., Ltd., and Hangzhou Yunyu Metal Technology Co., Ltd. Currently, the company has over 300 employees. Annually, it sells 35,000 mt of refined tin ingots and processes 25,000 mt of alloys. In 2022, its annual trade volume exceeded 100 million yuan. The company delves deep into the industry chain, actively expanding new upstream and downstream supply and marketing channels, and continuously exploring emerging markets and sectors: focusing on mutual growth and win-win outcomes with clients and suppliers. Through the unremitting efforts of our company, we have now established long-term and close cooperation with large-scale smelters mainly from the four major producing areas of Yunnan, Guangxi, Jiangxi, and Hunan, as well as across the country. Long-term contracts with smelters ensure a stable supply. And relying on the two major distribution hubs of Guangdong and Shanghai, we have formed a sales network covering East China, South China, and Central China. Adhering to the basic principle of providing the best products, best service, and best reputation, our company is expected to become your loyal friend and partner, jointly creating a mutually beneficial and win-win future! Contact Us Guo Hailin 13929257433 Huang Weidong 13527926799 Long press to scan the code and register now 2026 SMM (16th) Tin Industry Chain Conference

This week (July 4–10, 2026), the secondary aluminum market outside China remained in the doldrums, with the price centers of aluminum scrap and ADC12 declining further. As the impact of supply disruptions in the Middle East gradually faded, market trading logic returned to supply-demand fundamentals, while downstream procurement demand remained sluggish, pushing aluminum scrap and secondary aluminum alloy prices outside China under pressure. The overall trading atmosphere was relatively sluggish.

[SMM Analysis: “Tight Resource Balance” Meets “Computing Power Revaluation”—2026 H1 Tin Price Deep Review and H2 Outlook] In 2026 H1, tin prices exhibited a wide-ranging tug-of-war pattern of “reaching record highs—pulling back to consolidate—rallying again—consolidating at highs.” The most-traded LME tin contract surged from about $42,000/mt at the beginning of the year to a record high of $59,000/mt, pulled back to $40,500 in March, rallied again to around $58,000 from April to May, and fell below $50,000 at end-June; the most-traded SHFE tin contract surged from 330,000 yuan/mt at the beginning of the year to a record high of 470,000 yuan/mt, dipped to 322,600 yuan/mt in March, touched 451,000 yuan/mt again in early June, and pulled back below 400,000 yuan/mt at month-end.

The overseas secondary aluminum market shifted from supply-driven gains to demand-led corrections in H1 as geopolitical risks eased and downstream demand remained weak. At the same time, the UAE, the EU and the US introduced measures to strengthen domestic scrap resource management, reinforcing aluminum scrap's strategic role in global supply chains. In H2, SMM expects demand recovery to be the key driver of prices, while policy will continue to shape trade flows and premium scrap availability.

On July 9, Xingye Silver&Tin's stock price fell, closing down 2.65% at 32.35 yuan per share on the 9th. In terms of news: On July 8, Xingye Silver&Tin stated on the investor interaction platform that the company's current capacity supply mainly relies on existing mines in operation, and details of annual capacity can be found in the company's periodic reports. On July 8, Xingye Silver&Tin stated on the investor interaction platform that, the preparatory work for the Yinman Phase II project has been largely completed, and the company is currently coordinating and finalizing arrangements for the commencement of construction, planning to start in July. Once the specific start date is determined, the company will disclose it through an announcement as soon as possible. On July 8, Xingye Silver&Tin stated on the investor interaction platform that, according to the JORC Code, the Competent Person SRK only uses the current Measured and Indicated Resources as the basis for ore reserve conversion and the production schedule plan. However, in actual operations, through continuous production drilling and exploration, the company may upgrade some Inferred Resources, which will then be incorporated into the actual mining and processing plan. Meanwhile, the Competent Person SRK uses Deswik software to generate stope shapes through stope optimization, which may be inconsistent with the stope layouts adopted in the company's routine production planning. Therefore, the company's actual future production schedule and operating performance may differ from the production schedule and related forecasts presented by the Competent Person SRK. On July 8, Xingye Silver&Tin stated on the investor interaction platform that regarding the production of various metals in H1, please refer to the 2026 Semi-Annual Report scheduled to be released on August 29, 2026, in designated information disclosure media. On the evening of June 30, Xingye Silver&Tin announced that it plans to acquire a 25% stake in Atlas Tin SAS held by Toyota Tsusho Corporation and Nittetsu Mining Co., Ltd. through a newly established overseas subsidiary, for a total consideration of $23.1136 million. After the transaction, the company will indirectly hold 100% equity in the target company, achieving full ownership of the Achmmach Tin Mine Project, aiming to simplify the governance structure, improve decision-making efficiency, and maximize the release of value from the tin ore assets. In terms of performance: Xingye Silver&Tin disclosed in its Q1 report that in January–March 2026, the company achieved operating revenue of 2,129.8691 million yuan, an increase of 85.32% over the same period last year; net profit attributable to shareholders of the listed company was 1,337.6722 million yuan, an increase of 257.32% over the same period last year. As of March 31, 2026, the company’s total assets were 19,688.8316 million yuan, and the net assets attributable to shareholders of the listed company were 10,825.4666 million yuan. Revenue composition: For January–March 2026, the proportion of operating revenue from the company’s main ore products to total operating revenue was as follows: ore-derived silver RMB1,410.11 million, accounting for 66.21%; ore-derived tin RMB234.04 million, 10.99%; ore-derived zinc RMB228.12 million, 10.71%; ore-derived lead RMB71.85 million, 3.37%; ore-derived antimony RMB53.10 million, 2.49%; ore-derived gold RMB51.02 million, 2.40%; ore-derived iron RMB44.17 million, 2.07%; ore-derived copper RMB35.65 million, 1.67%; ore-derived indium RMB524,100, 0.02%; of which, ore-derived tin and ore-derived silver combined accounted for 77.19%. Xingye Silver&Tin stated in its Q1 report: Operating profit for the current period increased by 238.16% compared with the previous period, total profit increased by 236.36%, and net profit attributable to owners of the parent company increased by 257.32%; the main reasons were: Selling prices of the company’s main ore products such as silver and tin rose YoY during the reporting period; Yubang Mining’s capacity was gradually released, leading to a significant YoY increase in ore-derived silver production and sales volume; the transfer of a 60% equity interest in Shuangyuan Nonferrous resulted in investment income of RMB321 million. Xingye Silver&Tin’s published 2025 annual report shows that in 2025, the company achieved operating revenue of RMB5,555.25 million, up 30.09% YoY; total profit of RMB2,096.24 million, up 18.75% YoY; and net profit attributable to shareholders of the listed company of RMB1,704.24 million, up 11.40% YoY. According to Xingye Silver&Tin’s announcement: In 2025, the proportion of operating revenue from the company’s main ore products to total operating revenue was as follows: ore-derived silver RMB2,175.78 million, accounting for 39.17%; ore-derived tin RMB1,649.64 million, 29.70%; ore-derived zinc RMB975.87 million, 17.57%; ore-derived lead RMB220.95 million, 3.98%; ore-derived iron RMB180.38 million, 3.25%; ore-derived copper RMB133.00 million, 2.39%; ore-derived antimony RMB100.36 million, 1.81%; ore-derived gold RMB82.34 million, 1.48%; ore-derived bismuth RMB16.67 million, 0.30%; of which, ore-derived tin and ore-derived silver combined accounted for 68.86%. Regarding its main business and key performance drivers, Xingye Silver&Tin stated in its 2025 annual report: "The company is a large-scale mining group principally engaged in the exploration, mining and mineral processing of non-ferrous metals and precious metals."As of the disclosure date of this report, the Company has more than 20 subsidiaries, including 8 in-production mining companies, namely Yinman Mining, Qianjinda Mining, Yubang Mining, Rongguan Mining, Xilin Mining, Rongbang Mining, Ruineng Mining, and Bosheng Mining; the Achmmach tin mine of Atlas Tin SAS under Atlantic Tin is in the construction phase; Tanghe Shidai Mining is in the suspension phase; Yitong Mining and Yunnan Xingui are in the exploration phase. Hainan Fund is mainly engaged in equity investment management; Xingye Gold (Hong Kong) is principally involved in metals and mining trade and enterprise mergers and acquisitions, and is responsible for expanding markets outside China and acquiring high-quality mineral resources ex-China; Hainan Guomao and Tianjin Guomao are mainly engaged in the sale of non-ferrous metal ore products and the procurement of some raw materials; Xingye Ruijin primarily conducts process research, technology R&D, and upgrading in areas such as prospecting, mining and dressing, and the comprehensive recycling and utilization of tailings. Tibet Shannan Antimony & Gold, Tibet Xinda Mining, and Hinggan League 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. Based on statistics as of the end of 2023 compiled by The Silver Institute, the Yubang single-silver mine ranks first in Asia and fifth globally. This acquisition further strengthened the Company's resource advantages and laid a solid resource foundation for its sustainable development. Simultaneously, using its subsidiary Xingye Gold (Hong Kong) as the investment vehicle, the Company intensified its investment in mineral resources ex-China and successfully acquired a 100% equity stake in Atlantic Tin. This acquisition is a key measure in implementing the Company's "going global" strategy. According to the classification criteria for large-scale tin mines in the "Standards for Classification of Mineral Resources/Reserves Scale" (DZ/T 0400-2022), the Achmmach tin mine owned by Atlantic Tin is now equivalent to 5 large deposits. Through this integration of tin resources outside China, the Company has further improved its international tin mining footprint and reserved significant strategic resources for its long-term development. The Company's primary source of performance is its non-ferrous metal mining and dressing business. During the reporting period, revenue from the non-ferrous metal mining and dressing segment accounted for 99.64% of total operating revenue in 2025. Key factors affecting the operating performance of this segment include the production and sales volumes of major products, market prices, and the costs of the non-ferrous metal and precious metal mining and dressing business. Regarding its operating plan, Xingye Silver&Tin stated in its 2025 annual report: 2026 is the final year of the Company's "Second Three-Year" Plan. The Board of Directors will focus closely on the theme of high-quality development, fully implement established work targets, continue to deepen the concept of "Trust and Collaboration," and make every effort to achieve the final targets of the "Second Three-Year" Plan, with an emphasis on the following tasks: 1. Uphold the bottom line of safety and environmental protection. Using the 2026 "Year of Safety Management Implementation" initiative as a lever, comprehensively consolidate safety responsibilities, reinforce the achievements of the "Collective Calm Year in Safety," strengthen risk anticipation and process control, and resolutely prevent all types of safety and environmental incidents to achieve safe, steady, green, and low-carbon development. 2. Fully advance the construction of key projects, strengthen whole-process management of project budgets, schedules, and quality, and coordinate the implementation of the Yinman Mining 2.97 million mt expansion, the Yubang Mining 8.25 million mt expansion, the Morocco project, the Budong Yin’gen Mining (entrusted) project, and others, ensuring they are completed on schedule to reach full production and release capacity benefits. 3. Continuously strengthen exploration and reserve expansion, properly balance production operations with geological exploration, steadily advance exploration in existing mines and surrounding areas, accelerate the conversion and upgrading of resources into reserves, and constantly consolidate the resource base. 4. Deepen industrial synergy and resource integration, leverage the core regional advantages of Inner Mongolia, and steadily expand resource deployment outside China; adhere to the focus on silver and tin as the main business, enriching and optimizing resource varieties. Solidly promote the subsequent acquisition and integration of Weiling Co., actively track high-quality mineral project opportunities in and outside China, and enhance overall competitiveness through synergistic industrial M&A. 5. Further strengthen institutional enforcement and internal control management, drive the effective implementation of all systems, processes, and control requirements, and improve the company’s lean management; strengthen enforcement, ensuring production plans, comprehensive budgets, and all work deployments are fully executed, and promote the deep integration of corporate culture with business management. 6. Fully advance preparations for the 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 the company’s resource integration and strategy execution, and push the company’s high-quality sustainable development to a new level. Looking back at the price performance of tin in 2025 and Q1 this year, we can see: the average price of SMM 1# tin spot on December 31, 2025 was 326,450 yuan/mt, up 80,450 yuan/mt from the average of 246,000 yuan/mt on December 31, 2024, for a 32.7% increase in 2025. The SMM 1# tin spot price on March 31 this year was 371,550 yuan/mt, up 45,100 yuan/mt from the average of 326,450 yuan/mt on December 31, 2025, for a 13.82% increase in Q1 this year. As for tin spot prices: SMM 1# tin spot was quoted at 408,500–411,000 yuan/mt, with an average price of 409,750 yuan/mt, up 0.11% from the previous trading day. On July 9, tin market transactions displayed phased characteristics along with futures fluctuations. Throughout the day, futures maintained wild swings; when intraday prices dipped to near 400,000 yuan/mt, spot transactions recovered slightly from the previous trading day, with some enterprises showing tentative purchase willingness and making small-scale purchases. However, as futures prices rose and surged in the afternoon, the buyer’s chasing-high sentiment rapidly cooled. Overall, the current tin market trend remains closely tied to macro sentiment. From a fundamental perspective, however, the release of downstream rigid demand during the recent price correction consumed some spot cargo supply, resulting in a stalemate between low inventory and weak trading. In the near term, the most-traded SHFE tin contract is expected to maintain a fluctuating trend. Looking back at the spot price performance of silver in 2025 and Q1 2026, the SMM 1# silver (Ag99.99%) average price on December 31, 2025 was 18,430 yuan/kg, and on December 31, 2024 was 7,440 yuan/kg, with the average price rising by 10,990 yuan/kg in 2025, a gain of 147.71%. The SMM 1# silver price on March 31 was 18,341 yuan/kg, which fell by 89 yuan/kg (down 0.48%) compared to the December 31, 2025 average of 18,430 yuan/kg. In the silver spot market on July 9, some suppliers began offering at premiums. Overall demand was weak, resulting in sluggish trading, with downstream transactions mainly driven by negotiations. Morning quotes in Shanghai were concentrated around parity to a premium of 10 yuan/kg against the TD contract. Large producers’ delivery brand offers were firm, but actual transaction prices might dip toward the lower end. In Shenzhen, some nationally-standard sources were quoted around a small discount to a premium of 5 yuan/kg against the TD contract, with small premium quotes being cleared quickly. Premiums against the most-traded SHFE 2608 contract were quoted at a discount of 15 to 35 yuan/kg on the day. Overall, the precious metals macro trend was falling under pressure, weighed down by both heightened geopolitical risks and divergence among US Fed policy stances. Spot premiums weakened slightly, with transactions leaning toward parity. Demand was soft, reflecting a ‘rush to buy amid continuous price rise and hold back amid price downturn’ mentality in the market. Recommended Reads: