Core Viewpoint - Zijin Mining's subsidiary, Zijin Gold International, has successfully acquired 100% equity of the Raygorodok gold mine in Kazakhstan, enhancing its asset scale and global industry position [1][2] Group 1: Acquisition Details - The acquisition of the RG gold mine was completed on October 10, 2025, after all conditions precedent were met or waived [1] - As of June 30, 2025, the RG gold mine has a resource reserve of 208 million tons with an average gold grade of 1.0 grams per ton, totaling 197.4 tons of gold [1] - The mine's proven reserves amount to 97 million tons with an average gold grade of 0.9 grams per ton, equating to 87 tons of gold [1] Group 2: Economic and Operational Impact - The RG gold mine is located in a significant gold-producing belt in Kazakhstan, characterized by large resource volumes, long service life, and mature processing technology, which contributes to lower costs and strong profitability [2] - The mine is expected to produce an average of 6 tons of gold annually from 2023 to 2024, supporting Zijin Mining's goal of 100-110 tons of gold production by 2028 [2] - The successful acquisition increases Zijin Gold International's operational gold mines to nine, reinforcing its asset scale and profitability [2] Group 3: Strategic Synergies - The RG gold mine will create synergies with other mines in Tajikistan and Kyrgyzstan, enhancing logistics, technical management, and talent allocation [2] - This strategic positioning is expected to strengthen Zijin Gold International's resilience to regional risks and improve its overall competitiveness in Central Asia [2]

Core Viewpoint - Zijin Mining's subsidiary, Zijin Gold International, has successfully acquired 100% equity of the Raygorodok gold mine in Kazakhstan, enhancing its asset scale and global industry position [1][2] Group 1: Acquisition Details - The acquisition of the RG gold mine was completed on October 10, 2025, after all conditions precedent were met or waived [1] - As of June 30, 2025, the RG gold mine has a resource reserve of 208 million tons with an average gold grade of 1.0 grams per ton, totaling 197.4 tons of gold [1] - The mine's reserves are 97 million tons with an average gold grade of 0.9 grams per ton, amounting to 87 tons of gold [1] Group 2: Economic Impact - The RG gold mine is expected to contribute approximately 6 tons of gold annually from 2023 to 2024, supporting Zijin Mining's goal of producing 100-110 tons of gold by 2028 [2] - The mine's operational efficiency and established infrastructure are anticipated to yield strong profitability and a short investment payback period [2] - The successful acquisition increases Zijin Gold International's operational gold mines to nine, solidifying its asset scale and profitability [2] Group 3: Strategic Advantages - The RG gold mine is located in a significant gold-producing region in Kazakhstan, providing a long service life and low comprehensive costs [2] - The mine will synergize with other mines in Tajikistan and Kyrgyzstan, enhancing logistics, technical management, and talent allocation [2] - This acquisition is expected to strengthen Zijin Gold International's competitive edge and risk resilience in the Central Asian region [2]

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，概不對因本公告全部或任何部分內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 聯合公告 關於哈薩克斯坦 Raygorodok 金礦項目收購完成交割的公告 茲提述紫金礦業集團股份有限公司（以下簡稱「紫金礦業」）日期為 2025 年 6 月 29 日的關 於收購哈薩克斯坦 Raygorodok 金礦項目的公告（「該公告」）及紫金黃金國際有限公司（以 下簡稱「紫金黃金國際」）日期為 2025 年 9 月 19 日的招股章程（「該招股章程」）。除另 有定義外，本公告內所用辭彚與該公告及該招股章程所載者具有相同涵義。 （於香港註冊成立的有限公司） 紫金礦業控股子公司紫金黃金國際通過全資子公司收購哈薩克斯坦 Raygorodok 金礦（以下 簡稱「RG 金礦」）100%權益。鑒於協議中約定的交割先決條件已全部實現或豁免，本次收 購已於 2025 年 10 月 10 日完成交割，紫金黃金國際現已持有 RG 金礦 100%權益。 根據紫金黃金國際招股說明書顯示，截至 2025 年 6 月 30 ...

Core Viewpoint - The precious metals sector, particularly gold and silver, has seen significant price increases, with gold prices rising 47% this year, potentially marking the largest annual increase since 1979. Silver has outperformed gold, with a price increase of over 62% [2][3]. Group 1: Market Performance - On October 2, the first trading day after the National Day holiday in Hong Kong, gold and silver stocks surged, with several stocks, including China Silver Group, rising over 10%, and China Silver Group specifically increasing by 30% to reach a nearly four-year high [1]. - Year-to-date performance shows that China Silver Group has increased by 192.37%, while Tongguan Gold has surged by 552.72% [2]. Group 2: Price Trends and Predictions - Goldman Sachs has raised its price forecasts for gold, predicting prices could reach $4,000 per ounce by mid-2026 and $4,300 by the end of 2026, indicating further upward potential for gold prices [3]. - The gold-silver ratio, which measures the price relationship between gold and silver, currently stands at approximately 80:1, suggesting that silver may still have room for price increases [8][24]. Group 3: Supply and Demand Dynamics - The global silver market has experienced a supply-demand gap for five consecutive years, with an estimated shortfall of about 4,000 tons in 2025 [18]. - Industrial demand for silver is projected to continue growing, with its share of total demand expected to reach 58% by 2024 [20]. Group 4: Economic Context - The differing economic roles of gold and silver lead to divergent price movements under various economic conditions. Gold primarily serves as a safe-haven asset, while silver has both safe-haven and industrial attributes, which can drive its price higher during economic recoveries [13][14]. - Historical trends indicate that when the gold-silver ratio exceeds 80:1, silver is often undervalued relative to gold, presenting potential investment opportunities [22].

Group 1: Hong Kong Stocks - Nocera Biotech (09969) fell over 8% after announcing a licensing collaboration with Zenas for three self-immune pipeline products [1] - Pop Mart (09992) rose over 2% as new products sold out immediately, with Morgan Stanley optimistic about the company's sales momentum [1] - Bluec (00325) increased over 8% after launching new "building block cars" and "building block figures" at the WF2025 exhibition [1] - Huaxin Cement (06655) rose over 7% after announcing a name change to "Huaxin Building Materials" and a restricted stock incentive plan [1] - Mixue Group (02097) gained over 5% after announcing an investment of nearly 300 million in the fresh beer industry, potentially opening up long-term growth opportunities [1] - CATL (03750) dropped nearly 6% as the cornerstone lock-up period is set to expire on the 19th of next month, with both Morgan Stanley and others downgrading the company's H-share rating [1] - Dazhong Public Utilities (01635) rose over 9%, stating that its operations are normal and previously mentioned its stake in Shenzhen Capital Group [1] - Jinli Permanent Magnet (06680) increased nearly 1%, forecasting a year-on-year increase of 157%-179% in net profit attributable to shareholders for the first three quarters [1] Group 2: Gold Stocks - Gold stocks opened lower collectively, with China Gold International (02099) down over 7%, Zijin Mining International (02259) down over 1%, Shandong Gold (01787) down over 6%, and Chifeng Jilong Gold Mining (06693) down over 6% due to easing geopolitical tensions leading to a pullback in precious metals [2] Group 3: US Stocks - AMBO Education (AMBO.US) surged 61.06% after announcing the launch of a real-time translation platform, WeSpeak, for enterprises [3] - CenturyLink (VNET.US) fell 3.13% as Goldman Sachs included it in a "strong buy" list for the Asia-Pacific region [3] - UiPath (PATH.US) rose 18.81% after announcing multiple collaborations with major tech companies like NVIDIA, OpenAI, Google, Microsoft, and Snowflake [3] - Tuniu (TOUR.US) decreased by 0.51%, despite a double-digit increase in user travel during this year's "Double Festival" holiday compared to last year [3] - Tesla (TSLA.US) fell 0.72% after reports that production of its humanoid robot, Optimus, has been paused [3] - Toyota (TM.US) dropped 2.97% after a recall of over 390,000 vehicles in the US due to software errors [3] - Lloyds Bank (LYG.US) decreased by 3.67% as it may need to increase provisions following a compensation plan for mis-sold auto loans [3] - Ferrari (RACE.US) fell 14.99%, reaching a six-month low as long-term profit guidance fell below expectations [4] - TSMC (TSM.US) decreased by 1.52%, projecting a consolidated revenue of approximately NT$330.98 billion for September 2025, a 1.4% decrease quarter-on-quarter but a 31.4% increase year-on-year [4] - PepsiCo (PEP.US) rose 4.23% with Q3 net revenue increasing by 2.7% to $23.94 billion, and core EPS of $2.29, both exceeding expectations [4]

Group 1 - The core viewpoint of the article indicates a collective decline in gold stocks following a drop in spot gold prices, which fell below $3960 per ounce, a decrease of nearly $100 from recent highs [1] - Chinese gold companies such as China Gold International, Zijin Mining International, Shandong Gold, and Chifeng Jilong Gold experienced significant stock price drops, with declines ranging from 3.13% to 3.99% [1] - The recent ceasefire agreement between Israel and Hamas has led to a reduction in geopolitical tensions, contributing to the short-term sell-off in gold prices as investors take profits after previous gains [1] Group 2 - Futures market analysis suggests that the profit-taking sentiment is strong after gold prices reached historical highs, which may suppress prices in the short term [1] - Despite the recent price drop, the underlying factors such as risk premium and the Federal Reserve's accommodative stance have not changed significantly, indicating potential for future price increases [1]

Group 1 - The core viewpoint of the articles highlights the successful listing of Zijin Gold International on the Hong Kong Stock Exchange, facilitated by Ernst & Young's critical support during the process [2][3] - Zijin Gold International is a leading global gold mining company formed by integrating all overseas gold mining assets of Zijin Mining, primarily engaged in exploration, mining, processing, smelting, refining, and sales of gold [3] - The company holds rights to eight gold mines located in resource-rich areas across Central Asia, South America, Oceania, and Africa, establishing a strong growth track record in the global gold mining industry [3] Group 2 - Ernst & Young's project team faced multiple challenges, including a broad project scope, tight timelines, and multi-regional collaboration, yet managed to deliver high-quality work and professional service [2] - The collaboration between Ernst & Young and the management team of Zijin Gold International, along with other intermediaries, was characterized by a spirit of perseverance and a commitment to excellence [2] - Ernst & Young expressed its intention to continue supporting more companies in their journey to enter the capital market following the successful listing of Zijin Gold International [2]

Group 1 - UBS initiates coverage on Zijin Gold International (02259) with a "Buy" rating and a target price of HKD 189, citing strong growth potential in production and profitability [1] - The company is expected to achieve a compound annual growth rate (CAGR) of approximately 20% in production from 45 tons to 65 tons between 2025 and 2027, leading to a 30% CAGR in earnings [1] - UBS has raised its gold price forecasts for 2025 to 2027 to USD 3,320, USD 3,825, and USD 3,650 per ounce, which is 7% higher than market consensus [1] Group 2 - Zijin Gold International holds interests in nine mines across Central Asia, Australia, South America, and Africa, with plans for further expansion, particularly at Akyem and RG mines [2] - The company is projected to become the largest gold miner listed in Hong Kong or China by FY 2027, surpassing Shandong Gold (600547) and Zhongjin Gold (600489) [2] - UBS forecasts a 17% CAGR in production from 2025 to 2030, aiming for a target production of 100 tons by 2030, with earnings expected to grow from USD 1.3 billion in 2025 to USD 2.2 billion in 2027 [2]

Core Viewpoint - UBS initiates coverage on Zijin Gold International (02259) with a "Buy" rating and a target price of HKD 189, citing strong growth potential in production and profitability [1][2]. Group 1: Company Overview - Zijin Gold International is a spin-off of Zijin Mining (02899) focused on overseas gold mining operations [1]. - The company is expected to achieve a compound annual growth rate (CAGR) of approximately 20% in production from 2025 to 2027, increasing total output from 45 tons to 65 tons [1]. Group 2: Financial Projections - UBS forecasts that Zijin Gold International's earnings will grow from USD 1.3 billion in 2025 to USD 2.2 billion in 2027, implying a 30% CAGR [2]. - Projected operational revenues for 2025, 2026, and 2027 are USD 4.9 billion, USD 6.8 billion, and USD 7.4 billion, respectively [2]. Group 3: Market Position and Expansion - Zijin Gold International holds interests in nine mines across Central Asia, Australia, South America, and Africa, with plans for further expansion [1]. - The company aims to become the largest gold miner listed in Hong Kong or China by FY 2027, surpassing Shandong Gold (01787) and Zhongjin Gold (600489.SH) [1].

Core Viewpoint - UBS initiates coverage on Zijin Mining International with a "Buy" rating, citing strong profit growth and quality assurance, setting a target price of HKD 189, which implies a 30x P/E ratio for 2026, a premium over the 15-25x range for Hong Kong/China gold mining companies [1] Group 1: Company Overview - Zijin Mining International holds interests in nine mines across Central Asia, Australia, South America, and Africa [1] - The company is expected to potentially become the largest listed gold miner in Hong Kong or mainland China by FY2027, surpassing Shandong Gold and Zhongjin Gold, driven by the doubling of production at Akyem and RG gold mines [1] Group 2: Growth Projections - Through acquisition plans, Zijin Mining International aims for a 17% compound annual growth rate in production from FY2025 to FY2030, targeting a production goal of 100 tons by 2030 [1] - UBS forecasts the company's earnings to grow from USD 1.3 billion in 2025 to USD 2.2 billion in 2027, reflecting a 30% compound annual growth rate; operational revenues are projected at USD 4.9 billion, USD 6.8 billion, and USD 7.4 billion for 2025, 2026, and 2027 respectively [1]