Zijin Mining Group Co., Ltd.* 紫 金 礦 業 集 團 股 份 有 限 公 司 （一家於中華人民共和國註冊成立的股份有限公司） （股票代碼：2899） 2025年第二次臨時股東會通告 茲通告紫金礦業集團股份有限公司（「本公司」或「公司」）的2025年第二次臨時股東會 （「臨時股東會」），謹訂於2025年12月31日（星期三）上午9時正，在中華人民共和國 （「中國」）福建省龍岩市上杭縣紫金大道1號公司總部大樓21樓會議室舉行，以審 議、批准及授權以下事項： 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通告之內容概不負責， 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通告全部或任何部 分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 以特別決議案方式 1. 審議及批准關於修訂《公司章程》的議案； 以普通決議案方式 – 1 – 2. 審議及批准關於修訂《股東會議事規則》的議案； 3. 審議及批准關於修訂《董事會議事規則》的議案； 4. 審議及批准關於修訂《獨立董事工作制度》的議案； 5. 審議及批准關於修訂《關聯交易管理辦法》的議案； 6. 審議及批准關於制 ...

此 乃 要 件 請 即 處 理 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通函的內容概不負責，對其準確性或完整性亦不發表任何聲明，並 明確表示，概不對因本通函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。 閣下如對本通函任何方面或應採取的行動有任何疑問，應諮詢 閣下的股票經紀或其他註冊證券交易商、銀行經理、律師、專 業會計師或其他專業顧問。 閣下如已出售或轉讓名下所有紫金礦業集團股份有限公司股份，應立即將本通函送交買主、承讓人、經手買賣或轉讓的銀行、 股票經紀或其他代理商，以便轉交買主或承讓人。 Zijin Mining Group Co., Ltd.* 紫 金 礦 業 集 團 股 份 有 限 公 司 （一家於中華人民共和國註冊成立的股份有限公司） （股票代碼：2899） (1)修訂《公司章程》； (2)修訂《股東會議事規則》； (3)修訂《董事會議事規則》； (4)修訂《獨立董事工作制度》； (5)修訂《關聯交易管理辦法》； (6)制訂《董事和高級管理人員薪酬管理制度》； (7)第九屆董事、高管薪酬和考核方案； (8) 聘任公司終身榮譽董事長；及 (9)建議選舉董事 董事會 ...

Group 1: Company Strategy and Operations - Zijin Mining Group is implementing a globalization strategy, operating multiple mining projects in 17 countries, including the completion of the acquisition of the Akim gold mine in Ghana and the Raygorodok gold mine in Kazakhstan, which directly increases gold reserves and expands its footprint in West Africa and Central Asia [1] - The group has also completed a controlling acquisition of Zangge Mining, increasing its stake in the Julong copper mine and adding strategic potassium resource reserves, further strengthening its copper and lithium resource reserves [1] Group 2: Market Dynamics and Supply Issues - The supply of copper is being impacted by the shutdown of several large mines, leading to multiple downward revisions of global copper production forecasts for 2025 and 2026, alongside expectations of a potential 25% tariff on refined copper imports to the U.S. by mid-2026, which is causing a shift of copper inventories towards the U.S. and exacerbating shortages in other regions [2] Group 3: Demand Drivers and Future Outlook - Copper demand is expected to grow over the next decade, driven by investments in AI, green energy transitions, and defense restructuring, with the International Energy Agency predicting that existing and planned mining capacities will only meet about 70% of global copper demand by 2035 [3] - Zijin Mining has set a five-year plan aiming for a more than 49% increase in copper production and over 47% increase in gold production by 2028, with a 20% year-on-year increase in gold production and a 5% increase in copper production in the first three quarters of this year [4] Group 4: Financial Performance and Projections - The company reported a 10% year-on-year increase in revenue to 254.2 billion RMB and a 55% increase in net profit attributable to shareholders to 37.86 billion RMB in the first three quarters, exceeding market expectations, with a 44% increase in net cash flow from operating activities [4] - If metal prices continue to reach new highs, the earnings forecast for 2026 could be adjusted upwards, with an expected 28% year-on-year increase in earnings per share to 2.475 RMB, suggesting a favorable outlook for stock performance [5]

Group 1: Company Strategy and Operations - Zijin Mining Group is implementing a globalization strategy, operating multiple mining projects in 17 countries, including the completion of the acquisition of the Akim gold mine in Ghana and the Raygorodok gold mine in Kazakhstan, which directly increases gold reserves and expands its presence in West Africa and Central Asia [1] - The company has also completed a controlling acquisition of Zangge Mining, increasing its stake in the Julong copper mine and adding strategic potassium resource reserves, further strengthening its copper and lithium resource reserves [1] Group 2: Market Conditions and Supply Dynamics - Multiple large mines have ceased operations this year, impacting global supply and leading to downward revisions of copper production forecasts for 2025 and 2026, with expectations of a potential 25% tariff on refined copper in the U.S. by mid-2026 exacerbating shortages [2] - The shift of copper inventories towards the U.S. in anticipation of import tariffs is intensifying shortages in other regions [2] Group 3: Demand Drivers and Future Outlook - Copper demand is expected to grow over the next decade, driven by investments in AI, green energy transitions, and defense restructuring, with the IEA predicting that existing and planned mining capacities will only meet about 70% of global copper demand by 2035 [3] - The rapid development of AI, such as the U.S. "Genesis Mission," is significantly increasing copper demand due to enhanced data center construction [3] Group 4: Financial Performance - Zijin Mining's three-quarter results show a 20% year-on-year increase in gold production to 65 tons and a 5% increase in copper production to 830,000 tons, benefiting from rising gold and copper prices, leading to a 10% increase in revenue to 254.2 billion RMB and a 55% increase in net profit attributable to shareholders to 37.86 billion RMB, exceeding market expectations [4] - The company's operating cash flow increased by 44% to 52.11 billion RMB, indicating strong cash generation capabilities [4] Group 5: Future Earnings Projections - Bloomberg forecasts a 28% year-on-year increase in earnings per share for 2026 to 2.475 RMB, with the current price reflecting approximately 12 times the projected earnings multiple [5] - If the copper market experiences further supply-demand imbalances and global gold demand continues to rise, there is potential for upward adjustments in the company's 2026 earnings forecast, positively impacting stock performance [5]

Group 1: Precious Metals - The report emphasizes the long-term allocation value of precious metals, particularly gold, supported by central bank purchases and a weakening dollar credit system [10][11][44] - Gold demand is expected to remain strong due to central bank purchases, with a total of 219.85 tons purchased in Q3 2025, marking a historical high [18][20] - Silver is projected to experience strong price momentum due to persistent supply-demand gaps and low domestic inventory levels [28][39] Group 2: Copper - The copper mining sector is expected to maintain low growth rates, with a projected supply shortage in 2026 due to ongoing mining and smelting conflicts [12][45] - Global copper production is anticipated to increase by approximately 10,000 tons, 70,000 tons, and 84,000 tons from 2025 to 2027, while smelting capacity is expected to rise by 217,000 tons, 100,000 tons, and 20,000 tons respectively [12][47] - The report suggests focusing on leading companies in the copper sector, such as Zijin Mining and Jiangxi Copper, as supply tightens [2][12] Group 3: Aluminum - The aluminum market is expected to maintain a tight balance, with domestic production growth rates projected at 2.2%, 1.4%, and 0.4% from 2025 to 2027 [3][13] - Demand for aluminum remains resilient, driven by investments in new energy and power grids, with a projected domestic demand growth of 2.6%, 1.0%, and 3.6% over the same period [3][13] - The report highlights the importance of high dividend stocks in the aluminum sector, recommending companies like China Hongqiao and Tianshan Aluminum [3][13] Group 4: Cobalt - The cobalt supply chain is being reshaped by policies in the Democratic Republic of Congo, leading to a significant reduction in global supply, with projections of only 96,600 tons contributed annually from 2026 to 2027 [4][14] - Demand for cobalt is expected to grow, particularly in high-end electric vehicles and solid-state batteries, with a projected global shortage of 32,000 tons and 31,000 tons in 2026 and 2027 respectively [4][14] - Companies benefiting from cobalt price elasticity, such as Huayou Cobalt and Luoyang Molybdenum, are recommended for investment [4][14]

Group 1 - The Federal Reserve has completed its third interest rate cut of the year, lowering the federal funds rate by 25 basis points to a range of 3.50%-3.75%, totaling a 75 basis point reduction for the year [1] - The Fed's dovish signals and the announcement of a short-term Treasury bond purchase plan have weakened the US dollar and lowered US Treasury yields, reducing the holding costs for gold assets and creating upward potential for gold prices [1] - Central banks globally are increasing their gold reserves, with China's central bank having added gold for 13 consecutive months, indicating a strong long-term support for gold assets [1] Group 2 - As of December 12, 2025, the CSI Hong Kong-Shenzhen Gold Industry Stock Index has risen by 2.17%, with notable increases in constituent stocks such as Xiaocheng Technology (up 7.28%) and Western Gold (up 6.23%) [2] - The gold stock ETF has seen an active trading volume with a turnover rate of 11.96% and a transaction value of 12.96 million yuan, indicating a vibrant market [2] - The gold stock ETF has experienced a significant growth in scale, increasing by 6.22 million yuan over the past week [2] Group 3 - The top ten weighted stocks in the CSI Hong Kong-Shenzhen Gold Industry Stock Index account for 68.26% of the index, with major companies including Zijin Mining and Shandong Gold [3] - The index is composed of 50 large-cap stocks involved in gold mining, refining, and sales, reflecting the overall performance of gold industry companies in the mainland and Hong Kong markets [2][3]

Market Overview - Hong Kong stocks opened positively with the Hang Seng Index up by 0.9%, the National Enterprises Index up by 0.88%, and the Hang Seng Technology Index up by 1.02% [1] - The market sentiment remains cautious, with expectations that the index will continue to fluctuate between 25,200 and 26,200 points [3] Company Updates - Zijin Mining (02899) saw a rise of 3.51%, while China Hongqiao (01378) increased by 3.32%, JD Health (06618) by 3.2%, Sands China (01928) by 2.36%, and NetEase (09999) by 1.91% [1] - Conversely, Henderson Land Development (00012) fell by 1.03%, Li Ning (02331) by 0.75%, and Hansoh Pharmaceutical (03692) by 0.65% [1] Bond Issuance - Zhaojin Mining (01818) opened high at 1.97% and announced the issuance of technology innovation convertible bonds amounting to 800 million RMB, which is 53.3% of the planned issuance of up to 1.5 billion RMB. The bonds have a two-year term and a coupon rate of 2.2% [1] Shareholder Activity - Leap Motor (09863) opened up by 1.63% as the Chairman and CEO Zhu Jiangming, along with shareholder Fu Liqian, purchased a total of 2.1506 million H shares at an average price of approximately 50.51 RMB, totaling over 100 million RMB. This increases their combined holdings to 23.75% of the total issued shares [2] - Red Star Macalline (01528) opened down by 0.84% after shareholders Taobao Holdings and New Retail Fund reduced their holdings by 30.616 million H shares, representing 0.7% of the current total share capital [2]

Group 1 - The core viewpoint of the news is the release of the "Shandong Province Copper Industry High-Quality Development Action Plan (2025-2027)", aiming for a total output value of over 200 billion yuan by 2027, with a focus on technological innovation and equipment strength [1] - The plan emphasizes enhancing the resilience and safety of the supply chain, positioning Shandong as a globally competitive copper smelting base and a leading domestic hub for high-end copper material R&D and application [1] - The demand for copper is expected to grow steadily, driven by traditional demand from domestic power grid investments and high growth in emerging countries, maintaining over 70% of the demand share [1] Group 2 - AI and new energy investments are expected to structurally improve demand, with the share of AI-related demand for copper projected to increase from 16% to 22% by 2030 [1] - Despite optimistic supply conditions with the resumption of major global copper mines, the copper market is expected to remain in a tight balance, with a growing supply gap in the long term as mine supply decreases [1] - Short-term global copper inventory adjustments and ongoing supply shortages at copper mines are likely to support rising copper prices, with investment opportunities identified in companies such as Zijin Mining, Luoyang Molybdenum, and Jiangxi Copper [2]

Core Viewpoint - The non-ferrous metal sector is experiencing a significant inflow of capital, with the Non-Ferrous 50 ETF (159652) seeing a net inflow of over 150,000 yuan and a cumulative net subscription exceeding 200 million yuan over the past five days, indicating strong investor interest [1][3]. Group 1: Market Performance - As of December 12, the Non-Ferrous 50 ETF (159652) opened strong, rising by 0.26% and briefly exceeding 1% during the morning session [1]. - The performance of the underlying index components is mixed, with companies like Zhongjin Gold and Shandong Gold rising over 2%, while companies such as Ganfeng Lithium and Tianqi Lithium fell over 3% [2][3]. - The ETF has shown a consistent trend of capital inflow, with a net subscription of 100,000 units during the session, reflecting ongoing investor confidence [1]. Group 2: Price Trends and Influences - The non-ferrous metal sector, particularly silver and copper, has seen significant price increases, with copper prices up 35% year-to-date, potentially marking the largest annual gain since 2009 [5]. - Silver prices have also reached historical highs, with a year-to-date increase exceeding 100% [5]. - The macroeconomic environment, including the Federal Reserve's interest rate cuts, is expected to continue supporting the prices of precious metals [6][7]. Group 3: Future Outlook - Looking ahead to 2026, the non-ferrous metal sector is expected to be driven by macroeconomic factors and fundamental supply-demand dynamics, with a focus on the weakening of the US dollar and ongoing supply constraints [6][7]. - The anticipated increase in demand for industrial metals, driven by new growth areas, is expected to enhance price elasticity [6]. - The copper market is projected to face supply constraints, with a slight increase in global copper production expected but limited by high disturbance rates [8]. Group 4: Investment Opportunities - The Non-Ferrous 50 ETF (159652) is highlighted as a leading investment vehicle, with a high concentration of strategic metals such as copper and gold, and a significant portion of its index comprising these metals [10][12]. - The ETF's index has a copper content of 31% and gold content of 14%, making it attractive for investors looking to capitalize on the non-ferrous metal supercycle [12]. - The ETF has demonstrated superior performance with a cumulative return leading its peers since 2022, driven by earnings rather than valuation expansion [14].

Investment Rating - The report rates the industry as "Positive" [5] Core Insights - The mining exploration sector is crucial for the core competitiveness and sustainable development of mining companies, with a global exploration investment budget projected at approximately $12.401 billion for 2025, maintaining over $10 billion for five consecutive years [1][13] - Ivanhoe Mines, as a mining company rooted in exploration, focuses on key mineral exploration and development, with flagship projects including Kamoa-Kakula, Kipushi, and Platreef, and a commitment to exploration investment as a foundation for long-term development [1][2] - The company's investment strategy involves entering resource-rich areas before market recognition and exiting at price peaks, demonstrated through successful projects like Voisey's Bay and Oyu Tolgoi [2][3] Summary by Sections Ivanhoe Mines: Value Creation through Exploration - Ivanhoe Mines emphasizes exploration as the cornerstone of value creation, with a focus on high-potential resource areas and a commitment to continuous exploration [1][16] - The company has a strong exploration investment intensity of 1.55% and a return on exploration investment of 2.99%, positioning it in the upper tier of the industry [24][31] Development History of Ivanhoe Mines - The development of Ivanhoe Mines can be divided into three key phases: initial exploration, expansion in Asia, and a mature focus on Africa [32][55] - The company has successfully transitioned from a regional exploration firm to a global mining giant, leveraging strategic partnerships and technological innovations [55][56] Success Logic of Ivanhoe Mines - Ivanhoe's success is attributed to its exploration strategy, capital operation capabilities, and technological innovations, allowing it to identify and develop high-quality mineral resources [3][16] - The company has established a diverse financing model, attracting strategic investors to support project lifecycles and mitigate geopolitical risks [3][16] Lessons for Chinese Mining Enterprises - Chinese mining companies can learn from Ivanhoe's focus on low-exploration, high-resource-potential areas, and the establishment of exploration funds to reduce financial pressures [4][16] - Emphasizing technological upgrades and green transformations can enhance international influence and operational efficiency [4][16]