Shanghai Metals Market (SMM) is pleased to announce that an SMM-led delegation, headed by SMM Copper & Tin Overseas Marketing Manager Jenny Wu and made up of delegates from the Indonesia Critical Minerals Conference & Expo 2026 , conducted a formal visit to the Association of Indonesian Tin Exporters (AETI) on June 4. The event was organized by SMM and co-organized by Indonesia’s Ministry of Foreign Affairs, National Economic Council, Indonesia Nickel Miners Association (APNI), and MMR, with the Jakarta Futures Exchange as the strategic partner. This visit underscores SMM’s commitment to fostering long-term, win-win partnerships between Indonesia’s top mineral exporters and global metals industry stakeholders. During the exchange meeting, AETI representatives gave a detailed introduction to the association’s development history and the overall production and operational conditions of some local tin enterprises in Indonesia. In the Q&A session, the two sides engaged in in-depth discussions on key industry topics such as the progress of Indonesian tin ore mining quota approvals and certain current industry-related policies, sharing market information and exchanging industry perspectives. This face-to-face exchange further strengthened ties between industry partners within and outside China, laying a solid foundation for future cross-regional cooperation and information sharing along the tin industry chain. Introduction to the Association of Indonesian Tin Exporters (AETI) Profile The AETI was established on May 9, 2014, and became a member of the Indonesian Chamber of Commerce and Industry (KADIN) on March 14, 2015. Objectives: Creating productive collaboration between the government, entrepreneurs, and stakeholders Increasing the added value of Indonesian Tin Encouraging the implementation of Good Mining Practices in the tin mining industry Board of AETI Management AETI Members Currently, AETI has 23 member companies of tin exporters spread across the islands of Bangka, Belitung, and Riau AETI Mandate/Functions Advocating for policies that support the national tin industry Maintaining the stability and sustainability of the tin export market Ensuring member compliance with environmental and trading regulations Serving as a forum of communication between tin exporters and the government AETI Internal Activities Training & Development AETI Member Meeting Tin Seller–Buyer Meeting Others: Reclamation, Charity, Conference, etc. As a demonstration of AETI's commitment to the environment, we have launched a reclamation program targeting 500 hectares of abandoned post-mining land in Bangka Belitung. AETI also runs regular social programs for the community in Bangka Belitung Indonesia Tin Update AETI forecasts that the total national tin production quota in the 2026 Mining Work Plan (RKAB) will be approximately 50,000 tons. This figure has been adjusted from around 53,000 tons in 2025 to stabilize global tin prices. Currently, ten enterprises have obtained RKAB approvals. The Ministry of Energy and Mineral Resources (ESDM) is implementing a more selective evaluation and adjustment of the RKAB. The Indonesian government has introduced these policies to secure future energy reserves while simultaneously controlling the structure of tin trade to prevent illegal mining practices. Dynamics of Indonesian Tin Industry Regulatory Policies The dynamics of tin regulation in Indonesia over the past few years have undergone a massive paradigm shift. Driven by ensuring the sustainability and improving the governance of natural resources, optimizing state revenue and promoting downstream industrialization. 1. The validity period of the RKAB has been restored to one year (previously a three-year system). The policy aims to strengthen the government’s supervision of annual production, close loopholes in illegal mining, and adjust quotas in real time based on global market demand. Legal basis: an Energy and Mineral Resources (ESDM) ministerial regulation, now officially implemented. Currently, smelters must reapply annually, and the approval process is becoming stricter. While this measure reduces the predictability of multi-year supply, it has effectively curbed speculative over-application of production quotas. 2. Downstream development policy (Hilirisasi) This drives Indonesia’s transformation from an exporter of raw materials and refined ingots into a producer of high-value-added finished products, retaining profits domestically. The policy is a key pillar of the current government’s national development philosophy and falls under the President’s eight core governance goals (Asta Cita). Indonesia has streamlined regulatory rules for the export of industrial tin products, covering raw material procurement and product technical standards, thereby promoting the domestic production and export of high-end tin products such as tin solder, tin chemicals, tin powder, and tin plate. 3. Designating tin as a critical strategic mineral Tin has been elevated to a strategic status concerning national resilience and security, ensuring long-term domestic supply for key industries such as EVs and electronics. Legal basis: the Presidential Regulation on the Governance of Critical and Strategic Minerals, currently under development. With tin classified as a critical strategic mineral, mining supervision becomes stricter, and the central government gains the highest authority over production control. This has accelerated the downstreamization of Indonesia’s tin industry and, together with tightening global supply, has at times driven a significant rise in tin prices. 4. Establishing a benchmark price for tin ore This creates a fair, standardized price floor for domestic tin ore transactions in Indonesia, ensuring optimal state revenue (royalties) while securing reasonable income for local miners/partners. Legal basis: an ESDM ministerial regulation, under development. The policy can eliminate low-ball pricing and malicious push for lower prices among local miners, partners, and smelters. Domestic ore transaction prices are set with reference to public international benchmarks such as the London Metal Exchange, the Indonesia Commodity Exchange, and the Jakarta Futures Exchange, and are adjusted based on actual local costs. 5. Single export gateway policy for strategic commodities Strategic commodities must go through a designated unified gateway/trading platform for centralized export business, enabling end-to-end compliance supervision, traceable flows, and ensuring full collection of taxes and royalties. Legal basis: joint regulations formulated by the Ministry of Economic Affairs and the Ministry of Trade, currently under development. Export business is handled exclusively through the state-designated institution — Danantara Sumber Daya Indonesia — which may weaken the role of domestic private enterprises in the export process.

Peru will hold its presidential runoff on June 7, drawing close attention from the mining industry. As the world's second-largest copper producer, any shift in mining policy could have significant implications for global copper supply. Investors are watching proposals related to environmental regulations and resource taxation. The election outcome may influence future copper project development and investment decisions.

05 May 2026 Silver has exhibited even greater volatility than gold in Q1 2026. Prices briefly surged to around $120/oz on 29 January, roughly four times higher than a year earlier, before dropping sharply to the mid-$60s within days, easing further to around $61/oz by mid-March. The metal continues to display a strong sensitivity to moves in gold, and we expect that relationship to remain the dominant driver of direction. Industrial demand At January’s price spike, the key concern was that elevated prices could begin to undermine industrial usage. Given that roughly half of total silver demand comes from industrial applications, this remains the most critical component of the market. With prices having moderated, the risk to demand has eased somewhat. Even so, after peaking in 2024, industrial demand softened in 2025 and may edge slightly lower again in 2026. A large part of this dynamic is tied to the solar sector. Installation activity was brought forward ahead of changes to China’s power pricing regime, which is likely to weigh on deployment this year. At the same time, manufacturers continue to reduce the amount of silver used per unit through efficiency gains and material substitution. Industry estimates suggest that these technological improvements have cut silver intensity meaningfully, meaning that even where installations grow, silver demand does not necessarily follow. Despite these headwinds, the long-term backdrop remains supportive. Solar remains one of the cheapest sources of electricity, and structural demand for power continues to rise globally. However, growth is not unconstrained with grid bottlenecks and permitting delays continue to limit the pace of expansion in many regions. Geopolitics may also play a role. The conflict involving Iran could accelerate efforts in Europe and Asia to diversify energy sources and reduce reliance on imported hydrocarbons. While renewable supply chains carry their own risks, these are largely front-loaded in the build phase. Once operational, renewable assets provide domestically generated energy, which enhances energy security. As such, while our base case is for softer solar-related silver demand, there is scope for upside if policy shifts accelerate deployment. Beyond solar, demand linked to data infrastructure, electrification of transport, and investment in power networks should remain supportive. In addition, usage tied to ethylene oxide catalysts is expected to recover following last year’s decline. Figure 1: Industrial silver demand Source: Metals Focus, WisdomTree. 2026. (F) = Forecasts. Forecasts are not an indicator of future performance, and any investments are subject to risks and uncertainties. Investor demand Investor flows were a major feature of 2025. Exchange-traded products (ETPs) saw strong inflows from March through year-end, broadly tracking the rise in prices and reaching one of the highest annual totals on record in volume terms. That trend has reversed in 2026. Outflows have been notable, with investors taking profits even before prices reached their peak in late January. The shift in positioning helps explain the sharp price correction. As participation broadened and leveraged exposure increased into early 2026, the market became more susceptible to rapid deleveraging. When geopolitical tensions escalated, many investors reduced risk and raised cash, leading to a wave of long position closures rather than the build-up of new bearish bets. Physical investment trends have been more mixed. Demand for coins and bars rose strongly in 2025, supported not only by traditional markets such as India, Germany, and Australia, but also by a pickup in East Asia and the Middle East. In these regions, higher gold prices appear to have encouraged substitution into silver. In contrast, US demand weakened significantly, falling to its lowest level in many years. More recently, volatility has dampened appetite across Western markets, with investors taking a more cautious approach during February and March. Figure 2: Silver in Exchange-traded products Source: Bloomberg Finance L.P. September 2020 to April 2026. Historical performance is not an indication of future performance, and any investments may go down in value. Jewellery demand The sharp rise in prices through 2025 and early 2026 has weighed heavily on jewellery demand. Global fabrication fell by 8% in 2025, reflecting broad-based declines. India saw the most pronounced drop, as affordability pressures curtailed demand, while Europe was affected by weaker export activity linked to trade frictions. East Asia proved more resilient, with modest growth in China supported in part by substitution away from gold, and stronger export performance in Thailand. Looking ahead, continued price strength is likely to further suppress demand, while ongoing instability in the Middle East may also weigh on regional consumption. Recycling Higher prices encouraged an increase in recycling last year, with volumes reaching their highest level in over a decade. Gains were most evident in jewellery and silverware, where selling back into the market is more price sensitive. However, the response was not unlimited. Processing constraints within the refining system restricted the amount of material that could be brought back to market, particularly for higher-grade scrap. Industrial recycling moved in the opposite direction, declining due to weaker recovery rates from electronic waste. In 2026, recycling is expected to increase further, supported by a full year of elevated prices. Mine supply Global mine output rose by 3% in 2025, supported by stronger production in countries such as Peru and Russia. At the same time, production costs declined for a second consecutive year, boosting margins for primary silver producers. For 2026, supply is expected to remain broadly stable, with a marginal decline as gains in some regions are offset by weakness elsewhere, particularly in operations linked to lead and zinc mining. It is important to note that the majority of silver supply is produced as a secondary output from other metals, including gold, copper, lead, and zinc. As a result, silver supply is influenced not only by its own price but also by broader dynamics in base and precious metals markets. While higher prices and improved margins may incentivise increased activity, disruptions at both the mine and refining level, along with geopolitical complications, could limit supply growth in the near term. Market balance The silver market is expected to remain in deficit in 2026, with the shortfall broadly similar to that seen in 2025, though significantly smaller than in recent years. Weaker demand from industrial and jewellery segments has helped narrow the imbalance. At the same time, strong inflows into ETPs last year effectively absorbed available supply, tightening underlying conditions more than headline balances suggest. With investor demand likely to moderate this year, some of that pressure should ease, bringing the market closer to equilibrium. Figure 3: Silver market balance Source: Metals Focus, WisdomTree. 2025. (F) = Forecasts. Forecasts are not an indicator of future performance, and any investments are subject to risks and uncertainties. Price outlook We retain a positive outlook for gold and expect silver to move in the same direction. Even with softer demand across several segments, the strength of this relationship should provide support. Based on our modelling assumptions, and assuming gold rises by around 18% between Q1 2026 and Q1 2027, we estimate that silver could increase by roughly 24% over the same period. Much of this upside is driven by gold’s trajectory rather than silver-specific fundamentals. There are, however, constraints. Increased investment in mining capacity last year may translate into higher supply, limiting upside potential. In addition, while economic indicators such as PMIs 1 remain in expansionary territory, geopolitical uncertainty continues to weigh on the strength of the recovery. Figure 4: Forecast attribution Source: WisdomTree, Bloomberg. Forecasts are not an indicator of future performance, and any investments are subject to risks and uncertainties. Conclusion Silver’s outlook is shaped less by its own fundamentals and more by its relationship with gold. Although weaker industrial and jewellery demand, along with more moderate investment flows, may create near-term headwinds, these factors are unlikely to outweigh the support provided by a favourable macro backdrop for precious metals. With the market still in deficit and structural demand drivers intact, silver remains well positioned to participate in further upside, albeit with continued volatility. Source： https://www.wisdomtree.eu/en-gb/blog/2026-05-05/silver-surfing-on-golds-coattails

On April 29, 2026, the Ministry of Natural Resources held its regular April press conference, comprehensively reviewing the achievements of China's mining green transformation. The conference noted that the mining sector nationwide had essentially established a closed-loop institutional framework of "source prevention, process control, and end-stage remediation," with green mine construction accelerating and expanding, and significant progress in ecological restoration of abandoned mines. As of the conference date, over 5,500 provincial-level and above green mines had completed construction nationwide, accounting for over 50% of licensed and operating mines; a cumulative total of 3.35 million mu of historically abandoned mine areas had been restored and remediated nationwide, exceeding the established restoration targets. Against the backdrop of comprehensive green upgrading in the mining industry, hydrogen energy, as a premium zero-carbon new energy source, is deeply compatible with the entire process of mine production, operation, and remediation, precisely matching the requirements for "full life cycle green development" in mining. It has become a key lever for facilitating large-scale green mine construction and driving low-carbon transformation of traditional mining, with broad implementation potential and industry prospects. I. Core Empowerment Value of Hydrogen Energy for Green Mine Construction (I) Rooted in Source Prevention, Achieving Zero-Carbon and Pollution Reduction in Mine Production Green exploration is the "first checkpoint" of green mining development and the core element of source-level mine governance (Xinhuanghe Client, 2026). Traditional mining, material transportation, and equipment operations are highly dependent on diesel-powered machinery, with prominent carbon emissions, exhaust gas, and noise pollution, constituting the core pain point constraining green mine compliance and failing to meet the regulatory requirements for source-level green prevention and control in mining. Hydrogen fuel cell equipment operates with zero exhaust, zero carbon emissions, and low noise throughout the entire process, capable of fully replacing traditional fuel-powered construction machinery and mining transport vehicles. Through hydrogen energy equipment substitution, mines can cut off pollutant and carbon emission outputs at the production source, perfectly aligning with the green development institutional framework for mineral resources proposed by the Ministry of Natural Resources, and addressing the shortcomings in source-level mine governance. Meanwhile, hydrogen energy equipment can effectively optimize the working environment in mining areas, helping mines break free from the traditional high-pollution, high-energy-consumption production model, driving more mines to complete upgrades to "garden-style mines" and "forest mines," and accelerating the realization of the construction goal of "transforming mining areas into scenic spots and mines into green mountains." (II) Focusing on Process Control, Facilitating Efficient and Compliant Mine Operations In recent years, China has continuously improved the green standards system for mining, issuing specialized regulations across exploration, development, and remediation stages, driving green mine construction from "demonstration-led" to "comprehensive advancement." Mine operations are characterized by heavy loads, continuous and high-frequency operations, and fixed sites, demanding extremely high equipment power stability, driving range, and refueling efficiency. Hydrogen energy equipment is well-suited for this scenario: fast hydrogen refueling, strong power output, and stable driving range, meeting the demands of round-the-clock continuous mine operations without the issues of insufficient range and prolonged charging times that affect production with lithium battery equipment. At the same time, most remote mining areas have weak power grid infrastructure. Green electricity self-supply and green electricity-to-hydrogen models can help mines build independent energy systems featuring "wind and solar power self-generation and self-consumption + on-site hydrogen production + local application." This both meets the green management requirements for mine development stages and improves the process control system for green mining development, while reducing mines' dependence on externally purchased thermal power and fossil energy, lowering production and operating costs, providing economic support for large-scale green mine implementation, and helping mines nationwide steadily achieve the construction targets of 90% of large mines and 80% of medium-sized mines reaching compliance by the end of 2028. (III) Empowering End-Stage Remediation, Activating Ecological and Industrial Value of Abandoned Mines Mine ecological remediation is the "second half" of green mining development. China has a long history of mineral exploitation, with a massive base of historically abandoned mines that are highly difficult to restore. Through the model of "central guidance + local implementation + social participation," the Ministry of Natural Resources has cumulatively completed remediation of 3.35 million mu of abandoned mines, exceeding phased restoration targets. However, a large number of remediated abandoned mines currently face issues of limited business formats, weak profitability, and difficulty in sustained operation and maintenance. The implementation of the hydrogen energy industry provides a completely new solution for comprehensive abandoned mine governance. Leveraging idle land, mine pits, and mountain resources of abandoned mines, PV and wind power projects can be built to produce green hydrogen, while mine pit spaces can be converted into hydrogen storage facilities, creating new energy industrial bases integrating green hydrogen production, storage, and application. This both completes end-stage ecological remediation work such as slope treatment, vegetation restoration, and soil and water conservation, addressing legacy issues of abandoned mine governance, and revitalizes idle mine resources, generating dual returns from "ecological remediation + new energy industry," and accelerating the comprehensive "clearance" of historically abandoned mines. II. Application Prospects of Hydrogen Energy in the Green Mining Sector (I) Continuously Expanding Application Scenarios with a Clear Trend Toward Full-Scenario Replacement As China's green mine institutional closed-loop fully takes shape, green mining development has entered a stage of full-chain, all-round upgrading, and hydrogen energy application scenarios are no longer limited to heavy-duty mine transportation. Currently, hydrogen energy is gradually covering the full spectrum of mining, material transfer, equipment power, energy supply, and ecological remediation. Hydrogen-powered excavators, loaders, drilling rigs, and other construction equipment continue to undergo iterative upgrades and are progressively deployed for testing in mining areas; supporting facilities such as wind-solar coupled green electricity-to-hydrogen production, skid-mounted hydrogen refueling stations, and mine pit hydrogen storage are becoming increasingly popularized, building a complete mining area hydrogen energy supply system. From front-end green exploration and mid-end green mining to end-stage ecological remediation, hydrogen energy runs through the full life cycle of mines, becoming an essential energy source for green mining transformation. (II) Improving Policy Framework Catalyzing Large-Scale Market Demand China has established a green standards system covering the full life cycle of mineral resource exploration, mining, and remediation, with regulations for exploration, development, and remediation stages becoming increasingly refined, and comprehensive green mine advancement has become an industry trend. Stringent industry standards and clear mine compliance assessment targets are compelling mining enterprises to accelerate the phase-out of traditional high-energy-consumption, high-pollution fuel-powered equipment and drive clean energy substitution. Meanwhile, hydrogen energy industry support continues to intensify in multiple regions' "15th Five-Year" energy plans, combined with multiple incentive policies covering land, finance, and taxation, providing a favorable policy environment for the implementation of hydrogen energy equipment and mining area hydrogen production and storage projects. The conditions for commercialized and large-scale implementation of hydrogen energy-empowered green mines continue to mature. (III) Continuously Innovating Industry Models with Sustained Release of Commercial Value Under dual innovation in technology and business models, the economic viability of hydrogen energy applications in mining areas continues to improve. Leveraging mines' own new energy resources, on-site green electricity-to-hydrogen production can significantly reduce hydrogen costs; modular skid-mounted hydrogen refueling stations offer flexible deployment suited to mobile mining operations, addressing the pain points of high construction costs and difficult implementation of traditional hydrogen refueling infrastructure. Meanwhile, the innovative model of "abandoned mine remediation + hydrogen energy industry" both completes ecological governance tasks and generates new energy industry revenue, solving the industry challenge of "investment only, no returns" in mine ecological remediation, enabling green mines to not only achieve ecological compliance but also possess sustainable commercial operating capabilities. III. Industry Development Summary and Outlook Overall, China's mining industry has completed its green transformation from pilot exploration to comprehensive implementation, forming a new pattern of full-chain green development. With its unique advantages of zero carbon, high efficiency, strong adaptability, and diverse application scenarios, hydrogen energy precisely addresses the full-process governance requirements of "source prevention, process control, and end-stage remediation" in mining, comprehensively facilitating quality upgrades of green mines and ecological governance of abandoned mines. Looking ahead, as green mine construction accelerates comprehensively and industry assessment standards continue to tighten, combined with continuous breakthroughs in hydrogen energy technology and ongoing improvement of the industry chain, hydrogen energy is expected to become the core energy source for zero-carbon mine transformation, deeply integrating into all aspects of mining production and ecological governance, continuously consolidating the green development foundation of the mining industry, helping mines across China fully complete green upgrades and achieve the goal of clearing all historically abandoned mines, and driving China's mining industry toward high-quality, sustainable green and low-carbon development.

On March 7, according to an announcement by Xingye Silver&Tin, Xiwuzhumuqin Banner Budun Yingen Mining Co., Ltd., a managed company of Inner Mongolia Xingye Silver&Tin Mining Co., Ltd., recently obtained the Reply on the Approval of the 2.97 million mt/year Underground Mining and Beneficiation Project for the Silver Mine in the Budunwula Mining Area of Budun Yingen Mining Co., Ltd., Xiwuzhumuqin Banner, Xilingol League, Inner Mongolia, issued by the Development and Reform Commission of the Inner Mongolia Autonomous Region to the Development and Reform Commission of Xilingol League. Budun Yingen Mining will implement an underground silver mining and beneficiation project in the mining area, with a construction scale of 2.97 million mt/year.

Recently, two hydrogen-powered excavators, two hydrogen-powered loaders, and four hydrogen-powered wide-body mining trucks were officially put into operation in the Jinshan mining area, marking the implementation of the integrated “production, storage, refueling, transportation, and use” layout of Daye’s hydrogen energy industry in the application segment. This achieved the large-scale use of hydrogen-powered heavy engineering equipment in mining areas across China and injected new momentum into the green, low-carbon transformation of mines. As core equipment developed by Taiyuan Heavy Machinery, the TZ350EH hydrogen-powered excavator and TZ958EH hydrogen-powered loader worked in coordination with hydrogen-powered wide-body mining trucks, covering the entire process of mining, loading, and transportation. The equipment emitted only pure water, thoroughly improving the operating environment of traditional mining areas. This batch of hydrogen-powered equipment was deeply optimized for the complex working conditions of mines, with prominent core advantages: the hydrogen-powered excavator featured zero emissions and low noise, and could operate at full load after just five minutes of hydrogen refueling; the hydrogen-powered loader integrated hydrogen power with heavy-load performance and, equipped with proprietary technology, reduced consumption and improved efficiency; the hydrogen-powered wide-body mining truck offered fast energy replenishment, a high energy recovery rate, and excellent low-temperature starting performance, laying a solid foundation for green transportation. This large-scale deployment enabled hydrogen-powered equipment to undergo practical verification in real mining scenarios. It not only opened up a new path for the clean replacement of mining equipment, but also stabilized market demand for upstream hydrogen production, storage, and transportation, promoted coordinated development across the upstream and downstream segments of the hydrogen energy industry chain, and provided a replicable and scalable practical model for transforming traditional mining areas into green and intelligent mines.

[SMM Tin Analysis: Armed Conflicts in Northern Myanmar, Analysis of the Man Maw Tin Mine Situation]

The Brazilian government has initiated a plan to allocate funds for innovation in the mining sector. The funding, totaling 200 million reais (equivalent to $40 million), is jointly established by the Ministry of Science, Technology, and Innovation (MCTI) and the Research Projects Financing Agency (Finep), and will be implemented through the "Brazil Innovation Program." Against the backdrop of growing interest from domestic and overseas investors in developing projects related to critical minerals, the Brazilian government has launched this initiative. Notably, many of these projects, particularly rare earth separation projects, still require further R&D investment.

[Breaking News: Brazil Increases Investment in Mining Innovation] The Brazilian government has launched a plan to invest in innovation in the mining sector. The funding, totaling 200 million reais (equivalent to US$40 million), is jointly established by the Ministry of Science, Technology and Innovation (MCTI) and the Financier of Studies and Projects (Finep), and will be implemented through the "Brazil Innovation and Technology Program." Against the backdrop of growing interest from domestic and overseas investors in projects related to critical minerals, the Brazilian government has introduced this initiative. It is worth noting that many of these projects, particularly rare earth separation projects, still require further investment in R&D.

In 2025, the Indonesian government introduced a series of regulatory measures referred to by the industry as the "new mining policies." These policy packages not only touch upon core aspects such as mining business permits, approval of miners' work plans, and tax systems, but also include unprecedented strict penalties for illegal mining activities.