Core Viewpoint - The small metals sector, particularly antimony, has unexpectedly surged in market attention, with significant stock price increases observed amidst a generally weak market environment [1][3]. Group 1: Market Performance - On March 7, the A and Hong Kong stock markets experienced a downturn, yet the small metals sector saw a collective rise, with industrial and rare metals leading with gains exceeding 2% [1]. - Notable stocks such as Huayu Mining, Hunan Gold, and others achieved strong performance, with Huayu Mining's stock price increasing by over 210% from a low of 6 yuan to 18.76 yuan [3][5]. Group 2: Supply and Demand Dynamics - Antimony, a critical industrial metal, has seen a significant price increase due to supply constraints caused by environmental policies and geopolitical factors affecting imports [5][6]. - The price of antimony ingots surged nearly 90%, driven by increased demand from the photovoltaic industry and the appliance sector [5]. - China's antimony exports dropped significantly due to new export controls, leading to a supply shortage in international markets and a widening price gap between domestic and international antimony prices [6][7]. Group 3: Future Outlook - The global antimony production has been declining, with a notable drop from 17.8 million tons per year in 2011 to 10 million tons in 2024, primarily due to reduced output from China [9][10]. - Analysts predict that the antimony market will continue to experience supply-demand imbalances, with expected supply gaps of 1.9, 2.8, 3.0, and 3.9 million tons from 2024 to 2027 [15]. - The domestic antimony price is anticipated to rise further, driven by persistent supply shortages and significant price differentials between domestic and international markets [15].

证券代码：601020 证券简称：华钰矿业 公告编号：临 2025-003 号 西藏华钰矿业股份有限公司 股票交易异常波动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 西藏华钰矿业股份有限公司（以下简称 "公司"）A 股股票于 2025 年 3 月 3 日、3 月 4 日、3 月 5 日连续三个交易日内收盘价格涨幅偏离值累计达 20%， 根据《上海证券交易所交易规则》的有关规定，属于股票交易异常波动情形。 风险提示： （一）生产经营情况 经公司董事会自查，公司目前生产经营活动正常，项目实施进展顺利，公司 所处的市场环境、行业政策未发生重大调整。 （二）重大事项情况 经公司自查，并向公司控股股东、实际控制人函询，截至本公告日，公司、 公司控股股东及实际控制人均不存在影响公司股价异常波动的重大事项，不存在 其他应披露而未披露的重大信息，包括但不限于重大资产重组、股份发行、重大 交易类事项、业务重组、股份回购、股权激励、破产重整、重大业务合作、引进 战略投资者等重大事项，公司也不存在处于筹划阶段的重大事项。 ...

Summary of Huayu Mining Conference Call Company Overview - The conference call discusses Huayu Mining's performance in Q4 2024, highlighting significant quarter-on-quarter growth driven by the Takin and Kakin projects, which produced antimony in May-June and focused on gold production in the remaining months of the year [3][5]. Key Points and Arguments Performance and Growth Drivers - Q4 2024 saw strong sales performance, attributed to favorable gold prices and stable domestic operations [3]. - The Takin project has a gold recovery rate of approximately 90% with a total cost of 350 RMB per gram, while antimony recovery is around 85% with a cost of 30,000 RMB per ton (excluding tax) [3][5]. - The company plans to produce slightly more than 1.6 tons of gold from the Takin project in 2025, with copper production expected to increase as well [3][14]. Tax and Pricing Structure - The corporate tax rate remains stable at 18%, with a gold discount coefficient of about 96% [3][6]. - Antimony ore grade remains stable between 42-50, leading to a relatively stable discount coefficient influenced by processing fees, profits, product grade, and market conditions [3][7]. Production and Operational Plans - The production plan for 2025 includes a focus on gold in the second half of the year, with a total mining time of about two months [3][8]. - The company is considering acquiring new projects but has not identified suitable targets yet [3][16]. Project Developments - The Takin project's sales are unaffected by domestic export controls, and there are no VAT implications for exports [3][12]. - A smelting plant construction is under consideration but is still in the evaluation phase [3][13]. - The Tigre Gold Mine project is expected to have a one-year construction period, with an annual processing capacity of 300,000 tons and an estimated gold output of 1.1 tons at a cost of 320 RMB per gram [3][22]. Market Conditions and Future Outlook - The Miliboo open-pit mine is projected to produce 400-500 kg of gold in 2025, with a total cost of approximately 300 RMB per kg, contributing a total profit of around 160 million RMB [3][30]. - The EPR real estate project is expected to take about two and a half years to complete, with production anticipated by late 2026 to early 2027 [3][32]. Additional Important Information - The company is actively seeking third-party evaluations for the smelting plant project and is assessing the impact of production, funding, and profit contributions [3][13]. - The company’s strategy includes maximizing profitability in sales, considering both domestic and international markets [3][11]. - The Miliboo project’s actual investment returns are limited due to prior rights fee amortization and financing costs [3][27]. This summary encapsulates the key insights from the conference call, focusing on Huayu Mining's operational performance, strategic plans, and market conditions.

公司于 2025 年 1 月 27 日收到股东青海稀贵金属的通知，获悉青海稀贵金 属将质押给中信证券股份有限公司的无限售条件股份 6,360,000 股解除质押， 并办理了股权质押登记解除手续，具体情况如下： 证券代码：601020 证券简称：华钰矿业 公告编号：临 2025-002 号 西藏华钰矿业股份有限公司 关于持股 5%以上股东部分股份解除质押的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 截至本公告披露日，西藏华钰矿业股份有限公司（以下简称"公司"） 持股 5%以上股东青海西部稀贵金属有限公司（以下简称"青海稀贵金 属"）持有公司 80,298,564 股，占目前公司总股本的 9.7929%。本次股 份解除质押后，青海稀贵金属剩余质押股份 4,240,000 股，占其所持 公司股份总数的 5.2803%，占公司总股本的 0.5171%。 一、本次股份解除质押的情况 三、其他说明 1、若未来青海稀贵金属股票质押期限届满，将通过自筹资金等多元化融资 渠道偿还到期股权质押融资，实现质押风险在可控范围 ...

Core Viewpoint - Huayu Mining's stock price experienced significant movement, rising by 5.15% as of 13:23 today, with a trading volume of 38.7084 million shares and a transaction amount of 532 million yuan, indicating strong market interest [1] Group 1: Company Performance - The latest earnings forecast from Huayu Mining indicates an expected net profit of 275 million to 335 million yuan for 2024, representing a year-on-year growth of 272.19% to 353.39% [1] Group 2: Market Comparison - Among companies that announced their 2024 earnings forecasts today, notable stock price increases were observed in Fuheng Dongfang (up 13.57%), Yaxiang Integration (up 7.89%), and Waifu Holdings (up 7.71%) [1] - Conversely, companies such as Shandong Haohua, Fostar, and Taiji Group experienced significant declines in stock prices, with decreases of 6.22%, 6.10%, and 5.26% respectively [1]

Profit Forecast - The company expects a net profit attributable to shareholders for 2024 to be between 275 million and 335 million CNY, an increase of 201.11 million to 261.11 million CNY compared to the previous year, representing a growth of 272.19% to 353.39%[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be between 270 million and 330 million CNY, an increase of 197.41 million to 257.41 million CNY year-on-year, reflecting a growth of 271.95% to 354.60%[3] - The previous year's net profit attributable to shareholders was 73.89 million CNY, with a net profit of 72.59 million CNY after deducting non-recurring gains and losses[4] Reasons for Profit Increase - The main reason for the profit increase is the strong demand for metal mineral products in domestic projects and improved operational capabilities of overseas subsidiaries, benefiting from both volume and price increases[5] Forecast Reliability - The company does not foresee any significant uncertainties that could affect the accuracy of the profit forecast[6] - The forecast data is preliminary and the final financial data will be disclosed in the audited annual report for 2024[7]

证券代码：601020 证券简称：华钰矿业 公告编号：临 2024-070 号 西藏华钰矿业股份有限公司 2024 年第一次临时股东大会决议公告 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 486 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 228,643,988 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 27.8846 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 会议由董事长刘良坤先生主持。本次股东大会以现场投票与网络投票相结合 的方式对本次股东大会通知中列明的事项进行了投票表决。出席本次股东大会现 场会议的股东以记名表决的方式对本次股东大会进行了投票表决，并按照法律法 (一) 股东大会召开的时间：2024 年 12 月 26 日 (二) 股东大会召开的地点：西藏华钰矿业股份有限公司北京分公司会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 规进行了计票、监票。本次股东大会的召集、召开及表决方式符合《公司法》、 《公司股东大 ...

北京德恒（济南）律师事务所 关于西藏华钰矿业股份有限公司 2024 年第一次临时股东大会的 法律意见 山东省济南市高新区舜泰北路 567 号银丰科技公园 2 号楼 电话：+86 531-8166 3606 传真：+86 531-8166 3607 邮编：250102 北京德恒（济南）律师事务所 关于西藏华钰矿业股份有限公司 2024 年第一次临时股东大会的法律意见 北京德恒（济南）律师事务所 法律意见 德恒 11G20240040-02 号 致：西藏华钰矿业股份有限公司 北京德恒（济南）律师事务所（以下简称"本所"）受西藏华钰矿业股份有 限公司（以下简称"华钰矿业"或"公司"）委托，指派王思琪律师、史珂律师 （以下简称"本所律师"）出席公司 2024 年第一次临时股东大会（以下简称"本 次股东大会"），并对本次股东大会的合法性进行见证并出具法律意见。 本法律意见书根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东大会 规则》以及《西藏华钰矿业股份有限公司章程》（以下简称"《公司章程》"）、 《西藏华钰矿业股份有限公司股东大会议事规则》（ ...

西藏华钰矿业股份有限公司 2024年第一次临时股东大会会议资料 西藏华钰矿业股份有限公司 2024 年第一次临时股东大会 会议资料 二○二四年十二月 西藏华钰矿业股份有限公司 2024年第一次临时股东大会会议资料 西藏华钰矿业股份有限公司 2024 年第一次临时股东大会会议议程 会议时间： 现场会议时间：2024 年 12 月 26 日 14 点 30 分 网络投票时间：通过交易系统投票平台投票时间为2024年12月26日9:15-9:25， 9:30-11:30，13:00-15:00；通过互联网投票平台的投票时间为 9:15-15:00 会议地点：西藏华钰矿业股份有限公司北京分公司会议室 会议主持人：董事长 刘良坤先生 会议议程： 七、主持人宣布投票结束，计票人统计现场表决结果、监票人进行监票；监票人 宣读现场表决结果。网络投票结束后监票人、计票人汇总现场会议和网络投票情 况，宣布股东大会最终表决结果 八、主持人宣读 2024 年第一次临时股东大会会议决议 九、律师宣读见证意见 十、出席、列席股东大会的董事、监事、董事会秘书、会议记录人、主持人等签 署股东大会决议及会议记录 十一、主持人宣布会议结束 一、 ...

证券代码：601020 证券简称：华钰矿业 公告编号：临 2024-068 号 经认真审议研究，与会董事以记名投票的方式通过了以下决议： （一）审议并通过《关于西藏华钰矿业股份有限公司董事会补选独立董事并 调整董事会专门委员会委员的议案》 鉴于公司第四届董事会原独立董事王聪先生、王瑞江先生因连续担任独立董 事已满 6 年，申请辞去公司独立董事及对应董事会下设专门委员会职务。为确保 规范运作，现提名何佳先生、刘玉强先生为公司第四届董事会独立董事候选人， 并对第四届董事会专门委员会委员构成进行调整。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 西藏华钰矿业股份有限公司（以下简称"公司"）董事会于 2024 年 12 月 2 日向全体董事、监事和部分高级管理人员以书面、电子等方式发出了会议通知和 会议材料。 本次会议于 2024 年 12 月 9 日在公司北京分公司会议室以现场会议和电话会 议相结合的形式召开。本次会议由公司董事长刘良坤先生主持，会议应到董事 8 人，实到董事 8 人，公司监事及高级管理人 ...