Core Viewpoint - Zijin Mining announced plans to issue $1.5 billion zero-coupon guaranteed convertible bonds maturing in 2031, with an initial conversion price set at HKD 63.30 per share, representing a premium of approximately 37.19% over the last closing price of HKD 46.14 on January 29 [1] Group 1 - The net proceeds from the bond issuance are expected to be approximately $1.527 billion [1] - The funds raised will be allocated for capital expenditures related to the Arin project in Peru, with the remainder used for working capital and general corporate purposes [1]

Group 1 - The company, Zijin Mining (02899), announced a subscription agreement for the issuance of bonds totaling $1.5 billion, with a guarantee for timely payment of all amounts due under the trust deed and bond [1] - The bonds can be converted into H-shares at an initial conversion price of HKD 63.30 per share, representing a premium of approximately 37.19% over the last closing price of HKD 46.14 on the Hong Kong Stock Exchange on the date of the agreement [1] - If fully converted at the initial conversion price, the bonds will convert into approximately 185 million H-shares, which is about 3.09% of the existing issued H-shares and approximately 0.70% of the total issued shares [1] Group 2 - After the bond issuance, the net proceeds from the subscription will be approximately $1.527 billion, after deducting the underwriter's commission and other estimated expenses related to the offering [2]

Group 1 - The company, Zijin Mining (601899)(02899), announced a subscription agreement for the issuance of bonds totaling $1.5 billion, with a guarantee for timely payment of all amounts due under the trust deed and bond [1] - The bonds can be converted into H-shares at an initial conversion price of HKD 63.30 per share, representing a premium of approximately 37.19% over the last closing price of HKD 46.14 on January 29, 2026 [1] - If fully converted at the initial conversion price, the bonds will convert into approximately 185 million H-shares, accounting for about 3.09% of the existing issued H-shares and approximately 0.70% of the total issued shares as of the announcement date [1] Group 2 - After the bond issuance is completed, the net proceeds from the bond subscription, after deducting the underwriter's commission and other estimated expenses, will be approximately $1.527 billion [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，並明確表示概不對因本公告全部或任何部 份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。 本公告僅供參考，並不構成收購、購買或認購證券的邀請或招攬購買要約，亦非邀 請訂立協議進行收購、購買或認購，且不可視為邀請提出收購、購買或認購任何證 券的要約。 本公告並非供於美國（包括其領地及屬土、美國任何一個州及哥倫比亞特區）直接或 間接分發。本公告及其所載資料並不構成或組成在美國購買、認購或出售證券的任 何要約或招攬。本公告所述的證券並無亦將不會根據1933年《美國證券法》（經修訂） （「證券法」）或美國任何州或其他司法權區的證券法登記。本公告所述證券未必會在 美國發售或出售，唯根據1933年《美國證券法》（經修訂）及適用州或地方證券法的登 記規定的適用豁免或在毋須遵守有關規定的交易則除外。在受到限制或禁止的情況 下，本公告所述證券並無亦將不會在美國或任何其他司法權區公開發售。本公告或 其所載數據並非索取金錢、證券或其他代價，而倘響應本公告或其所載數據而發出 金錢、證券或其他代價亦將不獲接納。 – 1 ...

Core Viewpoint - The event "Praise for China's Economy - Entrepreneur Night" held on January 29 in Beijing honored Chen Jinghe, founder and honorary chairman of Zijin Mining, highlighting his contributions to the mining industry and the company's remarkable growth from a small local enterprise to a global mining giant with a market value exceeding 1.16 trillion yuan [1][15]. Company Growth and Achievements - Chen Jinghe is recognized for discovering and developing world-class mineral deposits, transforming Zijin Mining from a county-level enterprise with an initial funding of only 10,000 yuan into a multinational corporation with a market capitalization of 1.16 trillion yuan as of January 29 [2][5][19]. - The company has expanded its operations globally, with overseas resource reserves, production, profits, and workforce surpassing domestic levels, establishing itself as an international company [5][19]. Future Prospects - Chen stated that Zijin Mining's overseas gold segment is set to be listed separately in Hong Kong by September 2025, with this segment currently accounting for only 50% of the group's gold assets and 20% of total profits, while its market value has reached over 580 billion yuan [3][6][17]. - The company is expected to continue its growth trajectory, benefiting from rising prices in gold, copper, silver, and lithium, indicating strong future profitability [6][20]. Industry Position - Chen emphasized that Zijin Mining possesses comprehensive technical capabilities and strong exploration abilities, making it competitive against Western companies in the mining sector [3][17]. - The company is currently ranked second in the global metal mining industry by market value, following BHP, showcasing its rapid rise in a traditionally resource-controlled sector [26].

专题：为中国经济点赞——企业家之夜2025盛典 "为中国经济点赞——企业家之夜"于1月29日在北京举行。紫金矿业创始人、终身荣誉董事长陈景河出 席接受致敬。中国发展研究基金会原副理事长卢迈、全球化智库（CCG）创始人兼理事长王辉耀与世 界黄金协会中国区CEO王立新为其见证荣誉。 致敬词： 他被誉为"有色金属领域的李四光"。四十四载风雨兼程，他跋涉于崇山峻岭间，主导发现并探明了一批 世界级超大型矿床，"点石成金"破解了一系列低品位、难采选资源的关键技术与工程难题。他以炽热情 怀开基创业，以非凡胆略勇闯全球，带领紫金矿业从一个开办费仅一万元的县属小企业，蝶变为总市值 超万亿的全球一流跨国矿业集团，推动中国矿业在国际舞台实现历史性跨越。 陈景河在发表感言时表示，44年来，他基本都是从事地质探矿和矿业开发工作，这是非常艰苦的行业。 他用四年时间发现了福建上杭紫金山低品位的超大型金铜矿，在基本上没有资本金，缺人才、少技术背 景下，开启了其创业创新的历程。用四年时间把紫金矿业这个低品位的金铜矿成功开发出来，完成了资 本积累，人才、技术的积累。 通过30几年的创新和努力，紫金矿业的全球竞争力已经初步形成。他提到，紫金矿业原 ...

Summary of Zijin Mining's Conference Call Company Overview - **Company**: Zijin Mining Group - **Industry**: Basic Materials, specifically mining of copper and gold Key Takeaways Management and Strategic Focus - The new management team is committed to building a world-class, green, high-tech mining group, achieving its 2028 goals three years ahead of schedule, ranking among the top-three global mining companies with a market value exceeding Rmb1 trillion [2][4] - New 3-5 year and longer-term strategic targets are being formulated, with further updates expected [4] Production and Cost Guidance - Current production guidance is seeing upside risk, with a new set of guidance being formulated [2] - Copper output is expected to reach 1.2 million tons in 2026, with incremental volume mainly from Julong Phase II [4] - Gold production remains a priority, with confidence in further output growth [4] - Overall mining cost trends are increasing but remain under control, with unit costs for Julong Phase I at Rmb22-23k/t [5] M&A Strategy - M&A activity will focus on copper and gold assets, with an emphasis on the scarcity of high-quality copper projects and undervalued gold mines [4] - Future company-level acquisitions are possible, alongside capital management options to reduce risk [4] Lithium Strategy - No near-term M&A for lithium; focus is on developing existing lithium mines, with key contributors being Manono, Xiangyuan, and two salt lakes [4] Financial Performance and Projections - Revenue for FY25 is projected at Rmb376.5 billion, with an expected growth of 24% year-over-year [19] - Adj. EBITDA is expected to reach Rmb91.5 billion in FY25, growing to Rmb129.4 billion in FY26 [19] - Adj. net income is projected to be Rmb51.4 billion in FY25, increasing to Rmb70 billion in FY26 [19] Valuation and Price Target - Price target for Zijin-A is set at Rmb45.00 for December 2026, implying a FY26E P/E multiple of 17x and an EV/EBITDA multiple of 10.5x [12][18] - Price target for Zijin-H is set at HK$48.00 for December 2026, implying a FY26E P/E multiple of 16x and an EV/EBITDA multiple of 10x [24][29] Risks to Rating and Price Target - Upside risks include stronger-than-expected gold and copper prices and volume growth [14][25] - Downside risks include potential overpayment on M&A, geopolitical risks, and weaker-than-expected commodity prices [14][25] Additional Insights - Zijin's strong performance in the gold segment is expected to solidify its position as a core earnings driver [11][22] - The company is closely monitoring developments in Ghana regarding tax stabilization agreements and potential royalty increases [5] This summary encapsulates the key points from the conference call, highlighting Zijin Mining's strategic direction, production outlook, financial projections, and associated risks.

January 28, 2026 09:29 AM GMT Zijin Mining Group | Asia Pacific What's in the price? Our analysis implies that Zijin Mining stock currently prices in gold at only US$4.1k/t (vs. spot US$50.8k/t) and copper at only $10k/t (vs. spot US $13.1k/t). Based on our increased estimates, 2026e P/E is 12x and EV/EBITDA is 7.9x. With its outlook for growth in both gold and copper production volume in the next few years, we view valuation as very attractive. High Growth with Very Attractive Valuation | What's Changed | ...

Core Viewpoint - Morgan Stanley's report indicates that Zijin Mining (601899) will continue to increase its gold and copper production, with current valuation levels being highly attractive. The target price for H-shares has been raised from HKD 46.1 to HKD 59, and for A-shares from RMB 56, maintaining an "overweight" rating for both H-shares and A-shares [1] Group 1: Gold Market Insights - Gold prices have surpassed Morgan Stanley's previous forecast of USD 4,750 per ounce for the second half of the year, with geopolitical risks, central bank signals, and ETF buying contributing to this trend. The bank emphasizes that under a bullish scenario, gold prices could reach USD 5,700 per ounce in the latter half of the year [1] Group 2: Copper Market Insights - Although Morgan Stanley had a positive outlook for metals, including copper, at the beginning of the year, prices have already exceeded the forecast of USD 12,200 per ton for the second quarter. The bank believes that supply tightness and a strong macroeconomic backdrop will continue to support copper prices, although short-term fluctuations may occur due to uncertainties in U.S. import trends and limited data from China before March [1] - The bank anticipates a supply deficit of approximately 600,000 tons in the copper market by 2026, with limited growth in mine supply being offset by new demand driven by data centers and energy storage systems [1]

Core Viewpoint - Morgan Stanley's report indicates that Zijin Mining (02899, 601899.SH) will continue to increase its gold and copper production, with current valuation levels being highly attractive. The target price for H-shares has been raised from HKD 46.1 to HKD 59, and for A-shares from RMB 56, maintaining an "overweight" rating for both H-shares and A-shares [1] Group 1: Gold Market Insights - Gold prices have surpassed Morgan Stanley's previous forecast of USD 4,750 per ounce for the second half of the year, with geopolitical risks, central bank signals, and ETF buying contributing to this increase. The bank emphasizes that under a bullish scenario, gold prices could reach USD 5,700 per ounce in the latter half of the year [1] Group 2: Copper Market Insights - Although Morgan Stanley had a positive outlook for metals, including copper, at the beginning of the year, prices have already exceeded the forecast of USD 12,200 per ton for the second quarter. The bank believes that supply tightness and a strong macro backdrop will continue to support copper prices, although short-term fluctuations may occur due to uncertainties in U.S. import trends and limited data from China before March [1] - The bank anticipates a supply deficit of approximately 600,000 tons in the copper market by 2026, with limited growth in mine supply being offset by new demand driven by data centers and energy storage systems [1]