本公司將繼續與英美資源集團及歐盟委員會合作，協助歐盟委員會進行審查。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部份內容而産生或因倚賴該等內容而引致 的任何損失承擔任何責任。 MMG LIMITED 五礦資源有限公司 （於香港註冊成立之有限公司） （股份代號：1208） 自願性公告 收購英美資源鎳業務 五礦資源有限公司（本公司或五礦資源）謹此提述其於二零二五年二月十八日刊發有關有條件 收購英美資源集團於巴西之鎳業務（收購事項）之公告及其於二零二五年十一月五日刊發有關 歐盟委員會現正進行合併管制審查之公告。 本公司與英美資源完成收購事項的義務須待若干先決條件（條件）已獲滿足或豁免後方可生效， 包括：於多個司法管轄區取得合併管制批准；獲中華人民共和國國家發展和改革委員會（發改 委）接納與收購事項有關的申報；以及獲中華人民共和國商務部（商務部）接納與收購事項有 關的申報。 鑑於所有其他條件均已滿足，歐盟委員會已將審查延長至第二階段審查。目前尚未確定歐盟委 員會完成審查所需時間。 根據股份購買協議，完成條件的最終期 ...

Core Viewpoint - The London Metal Exchange (LME) has implemented an emergency ban on non-dollar denominated metal options, which has significant implications for the global metal trading landscape and the rise of the Renminbi (RMB) as a settlement currency [2][4]. Group 1: Impact of LME's Ban - The LME's ban is seen as a targeted move by the U.S. to curb the penetration of the RMB in strategic metal settlements, reflecting a shift in the global metal industry dynamics [4][6]. - The ban has forced companies like Volkswagen and China Aluminum to incur additional costs, with aluminum contracts increasing by €200 per ton due to the need to convert to dollars [7]. - French company Total Energy faced a $30 million loss due to currency fluctuations when forced to switch to dollar settlements for rare earths previously agreed in RMB [9]. Group 2: Shift in Trading Dynamics - The LME's internal data shows that the trading volume of RMB-denominated metal options has increased from 0.3% in 2020 to 8.7% in 2024, indicating a growing acceptance of RMB in the metal trading sector [11]. - The LME's pricing power is perceived to be weakening, as evidenced by the increasing push from Chinese companies to engage in cross-border arbitrage with the Shanghai Metal Exchange [11][13]. - China's dominance in the metal industry is underscored by its significant share in global consumption and production, with 54% of refined copper and 70% of rare earth oxide production [13][15]. Group 3: RMB's Growing Influence - The RMB's role in international transactions is bolstered by China's position as both the largest buyer and seller of key metals, enhancing its bargaining power for RMB settlements [17]. - The shift to RMB settlements is exemplified by the automotive sector, where European companies have increased their RMB transactions from 5% to 22% in 2023 due to supply chain stability concerns [19]. - China's strategic agreements with countries like Chile for copper procurement are increasingly favoring RMB settlements, with a 30% increase in annual procurement volume under RMB terms [24][26]. Group 4: Future Outlook - The LME's ban has inadvertently accelerated the adoption of RMB in global metal transactions, with a reported 23% drop in metal options trading volume at the LME following the ban [32]. - The RMB's share in global metal settlements is projected to rise from 7% to 15% by the end of 2024, while the dollar's share is expected to decrease from 82% to 72% [34]. - The ongoing evolution of the global metal pricing structure is moving towards a dual system of "dollar + RMB," indicating a significant shift in the monetary landscape [34][36].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Zinc prices are under pressure from above and supported from below, with no clear direction. The short - term is expected to maintain range consolidation. Unilateral strategies should focus on high - selling and low - buying, and arbitrage strategies can consider going long on the Shanghai - London ratio [3][65][66]. - The tight pattern of the zinc ore end is expected to continue until the first quarter of next year. The TC has changed from rising to falling, and the industrial chain profit has shifted from the smelter end to the ore end again. The inventory trends at home and abroad are diverging [2][62][63]. 3. Summary by Directory 3.1 Total Overview - In August 2025, the global zinc market supply surplus expanded to 47,900 tons. From January to August 2025, the global refined zinc supply surplus was 154,000 tons. From July to August 2025, the global zinc concentrate cumulative output was 2.1712 million tons, a year - on - year increase of 11.57%. From January to August 2025, the global refined zinc output was 9.1482 million tons, basically the same as the cumulative output of last year [11]. - The statistical sample of this report shows that the zinc concentrate output in the third quarter of 2025 was 1.4424 million tons, a quarter - on - quarter decrease of 0.95% and a year - on - year increase of 8.20%. The cumulative output in the first three quarters was 4.254 million tons, a cumulative year - on - year increase of 6.31% [11]. 3.2 Glencore - In 2025, Glencore's zinc concentrate production guidance was adjusted to 94 - 980,000 tons. In the third quarter, the zinc concentrate output was 244,200 tons, a quarter - on - quarter decrease of 2.94% and a year - on - year increase of 7.86%. The cumulative output in the first three quarters was 709,400 tons, a cumulative year - on - year increase of 10.22% [19]. 3.3 Teck - In 2025, Teck's zinc concentrate production guidance was 525,000 - 575,000 tons. In the third quarter, the zinc concentrate output was 150,500 tons, a quarter - on - quarter decrease of 10.68% and a year - on - year decrease of 4.59%. The cumulative output in the first three quarters was 456,400 tons, a cumulative year - on - year decrease of 2.81% [24]. 3.4 Boliden - In the third quarter of 2025, Boliden's zinc concentrate output was 108,000 tons, a quarter - on - quarter increase of 5.08% and a year - on - year increase of 17.75%. The cumulative output in the first three quarters was 317,600 tons, a cumulative year - on - year increase of 21.12% [27]. 3.5 Vedanta - In the third quarter of 2025, Vedanta's zinc concentrate output was 262,000 tons, a quarter - on - quarter increase of 1.16% and a year - on - year increase of 8.26%. The cumulative output in the first three quarters was 785,000 tons, a cumulative year - on - year increase of 5.65% [32]. 3.6 Nexa - In 2025, Nexa's zinc concentrate production guidance was 300,000 - 336,000 tons. In the third quarter, the zinc concentrate output was 83,700 tons, a quarter - on - quarter increase of 13.88% and a year - on - year increase of 1.21%. The cumulative output in the first three quarters was 224,500 tons, a cumulative year - on - year decrease of 11.05% [37]. 3.7 MMG - In 2025, MMG's zinc concentrate production guidance was 215,000 - 240,000 tons. In the third quarter, the zinc concentrate output was 58,700 tons, a quarter - on - quarter increase of 4.58% and a year - on - year increase of 26.49%. The cumulative output in the first three quarters was 166,700 tons, a cumulative year - on - year increase of 6.85% [44]. 3.8 Newmont Goldcorp - In 2025, Newmont's zinc concentrate production guidance was 236,000 tons. In the third quarter, the zinc concentrate output was 59,000 tons, a quarter - on - quarter decrease of 11.52% and a year - on - year increase of 2.42%. The cumulative output in the first three quarters was 184,700 tons, a cumulative year - on - year increase of 2.30% [47][48]. 3.9 BHP - In the 2025 fiscal year, BHP's zinc concentrate production guidance was 90,000 - 110,000 tons. In the third quarter, the zinc concentrate output was 36,000 tons, a quarter - on - quarter decrease of 10.95% and a year - on - year increase of 85.77%. The cumulative output in the first three quarters was 102,400 tons, a cumulative year - on - year increase of 91.03% [49]. 3.10 South32 - In the 2026 fiscal year, South32's zinc concentrate production guidance was 40,000 tons, a decrease compared with the 2025 fiscal year. In the third quarter of 2025, the zinc concentrate output was 8,300 tons, a quarter - on - quarter decrease of 21.70% and a year - on - year decrease of 31.40%. The cumulative output in the first three quarters was 29,900 tons, a cumulative year - on - year decrease of 31.74% [50][51]. 3.11 Grupo Mexico - SCC - In 2025, SCC's zinc concentrate production guidance was 174,700 tons, a slight increase compared with the previous period. In the third quarter, the zinc concentrate output was 45,500 tons, a quarter - on - quarter decrease of 0.89% and a year - on - year increase of 46.42%. The cumulative output in the first three quarters was 130,800 tons, a cumulative year - on - year increase of 50.55% [52]. 3.12 Industrials Pelones - In the third quarter of 2025, Pelones' zinc concentrate output was 63,200 tons, a quarter - on - quarter increase of 5.02% and a year - on - year decrease of 11.33%. The cumulative output in the first three quarters was 181,000 tons, a cumulative year - on - year decrease of 13.68% [54]. 3.13 Fresnillo plc - In 2025, Fresnillo plc's zinc concentrate production guidance was 93,000 - 103,000 tons. In the third quarter, the zinc concentrate output was 24,700 tons, a quarter - on - quarter decrease of 12.91% and a year - on - year decrease of 23.41%. The cumulative output in the first three quarters was 78,400 tons, a cumulative year - on - year decrease of 10.61% [57]. 3.14 Market Outlook - The tight pattern of the ore end is expected to continue until the first quarter of next year. The TC has changed from rising to falling, and the industrial chain profit has shifted from the smelter end to the ore end again. The domestic and foreign inventory trends are diverging. Zinc prices are under pressure from above and supported from below, with no clear direction [62][63][65].

Group 1: Report Overview - The report is a zinc special report dated November 10, 2025, focusing on the Q3 financial reports of overseas zinc mines [4][8][12] Group 2: Overseas Mine Production Overseas Part - Mine Output Aggregation - The report provides a detailed table of the production of overseas mining enterprises from 2021Q1 to 2025Q3, including Vedanta, Glencore, TECK, etc. The total production shows fluctuations over different quarters and years, with varying year - on - year growth rates [16] Global Zinc Concentrate Annual Output - The annual output and year - on - year growth rate of global zinc concentrate from 2017 to 2025E are presented. The output in 2025E is expected to be 1262.05 million tons, with a year - on - year growth of 5.90% [70] Zinc Concentrate Production Change Forecast - In 2025, overseas mines are expected to have a net increase of 59.49 million tons in production, with new mines, production increases, restarts, and some mines reducing production or shutting down. Domestic mines are expected to have a new production increase of 10.80 million tons, with a total global net increase of 70.29 million tons [73] - Forecasts for production changes from 2026 - 2030 are also provided, with a total net increase of 23.27 million tons in 2026, 5.60 million tons in 2027, 12.10 million tons in 2028, 6.30 million tons in 2029, and 0.70 million tons in 2030 [75]

Core Points - Xu Jiqing will resign as Chairman and Non-Executive Director of Minmetals Resources (01208.HK) effective after the board meeting on December 2, 2025, to focus on his role as Deputy General Manager at China Minmetals Corporation [1] - The stock closed at HKD 6.74 on November 6, 2025, up 3.69%, with a trading volume of 40.39 million shares and a turnover of HKD 270 million [1] - Investment banks predominantly rate the stock as a buy, with five firms issuing buy ratings in the last 90 days and a target average price of HKD 5.95 [1] Company Performance - Minmetals Resources has a market capitalization of HKD 78.913 billion, ranking second in the industrial metals sector [2] - Key performance indicators include: - Return on Equity (ROE): 14.38%, compared to the industry average of 7.95% [2] - Market capitalization: HKD 789.13 billion, against an industry average of HKD 408.18 billion [2] - Revenue: HKD 53.78 billion, with the industry average at HKD 649.32 billion [2] - Net Profit Margin: 20.1%, significantly higher than the industry average of -2.61% [2] - Debt Ratio: 54.41%, lower than the industry average of 78.66% [2]

Core Points - The company, Minmetals Resources (01208), announced that Mr. Xu Jiqing will resign as Chairman and Non-Executive Director effective after the board meeting on December 2, 2025, to focus on his role as Deputy General Manager at China Minmetals Corporation [1] Group 1 - Mr. Xu Jiqing's resignation is aimed at allowing him to concentrate on his responsibilities at China Minmetals Corporation [1] - The board will hold a subsequent meeting to consider and approve the appointment of a new chairman [1]

Core Points - Mr. Xu Jiqing will resign as Chairman and Non-Executive Director of Minmetals Resources (01208) effective after the board meeting on December 2, 2025, to focus on his role as Deputy General Manager at China Minmetals Corporation [1] - The board will consider and approve the appointment of a new chairman in a future board meeting [1]

張樹強先生 曹亮先生 獨立非執行董事： Peter William Cassidy 博士 梁卓恩先生 陳嘉強先生 陳纓女士 董事會設立兩個委員會。下表提供各董事會成員在這些委員會中所擔任的職位。 MMG LIMITED 五礦資源有限公司 （於香港註冊成立之有限公司） （股份代號 : 1208） 董事名單與其角色和職能 五礦資源有限公司（本公司）董事會（董事會），自二零二五年十二月二日本公司將舉行之董 事會會議結束後，成員載列如下： 執行董事： 趙晶先生 （行政總裁） 非執行董事： | 董事委員會 | 審核及風險管理 | 管治、薪酬、提名及 | | --- | --- | --- | | 董事 | 委員會 | 可持續發展委員會 | | 趙晶先生 | – | – | | 張樹強先生 | M | – | | 曹亮先生 | M | M | | Peter William Cassidy博士 | M | C | | 梁卓恩先生 | M | M | | 陳嘉強先生 | C | M | | 陳纓女士 | M | M | 附註： C - 有關委員會之主席。 香港，二零二五年十一月六日 M - 有關委員會之成員。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部份內容而産生或因倚賴該等內容而引致 的任何損失承擔任何責任。 MMG LIMITED 五礦資源有限公司 （於香港註冊成立之有限公司） （股份代號：1208） 董事長兼非執行董事之辭任 董事會宣佈，徐先生將辭任本公司董事長兼非執行董事職務，自二零二五年十二月二日將舉 行之董事會會議結束後生效。 董事會謹此衷心感謝徐先生在任職期間對本公司的寶貴貢獻。 除上文所披露者外，董事會並不知悉有任何其他事項須提請本公司股東垂注。本公司將於適 董事長兼非執行董事之辭任 五礦資源有限公司（本公司）董事會（董事會）宣佈，徐基清先生（徐先生）將辭任本公司董 事長（董事長）兼本公司非執行董事（非執行董事）職務，自二零二五年十二月二日將舉行之 董事會會議結束後生效，以專注履行彼於中國五礦集團有限公司副總經理職務。 徐先生已確認，彼與董事會並無意見分歧，亦無有關彼辭任本公司董事長兼非執行董事的事項 須提請本公司股東或香港聯合交易所有限公司垂注。 董事會於日後舉行之董事會會議將考慮及批准委任新 ...

Group 1 - Goldman Sachs has raised GDP growth expectations for China and India due to manufacturing and export growth [1] - The report expresses a more favorable outlook for the technology, materials, insurance, and industrial sectors this month [1] - Ratings for the energy sector and other industries have been downgraded [1] Group 2 - Goldman Sachs has released a new list of buy-rated stocks in the Hong Kong market, including AIA (01299.HK), Techtronic Industries (00669.HK), China Pacific Insurance (02328.HK), and Lenovo Group (00992.HK) among others [2] - The list features a total of 25 companies, indicating a diverse range of sectors and investment opportunities [2][3]