Core Viewpoint - JinHui Co., Ltd. (603132) has reported significant progress in its Huixian Dongpo lead-zinc mine exploration project, with a high mineral discovery rate and promising geological findings [1] Group 1: Project Achievements - The project has completed approximately 26,000 meters of drilling, achieving a mineral discovery rate exceeding 80% [1] - A stable mineral layer has been discovered at a depth of 600 meters below the surface, measuring approximately 1,500 meters in length and 500 meters in width [1] - The thickness of the mineral body ranges from 2 to 20 meters, with an average lead-zinc grade of 6% to 8% [1] Group 2: Future Plans - The company anticipates completing the exploration and detailed survey work by 2026, followed by the submission of a report [1] - This groundwork is expected to lay a solid resource foundation for the subsequent transition from exploration to mining and capacity enhancement [1]

Core Viewpoint - Lancaster Resources Inc. has received final approval for an Exploration License for the Lake Cargelligo Gold Project in New South Wales, Australia, marking a significant step in the company's growth strategy [1][2]. Project Details - The Lake Cargelligo Gold Project covers over 28,768 hectares under a single Exploration License (EL 9775) for Group 1 Minerals, valid for four years until March 26, 2029 [1]. - The project is located in the Cobar mining district, known for its rich mineral deposits, and is strategically situated 60 km from the producing Mineral Hill Mine [5]. Exploration Plans - Lancaster plans to comply with a minimum exploration commitment of AUD $82,500 (approximately $74,000 CAD) over the four-year term of the license [2]. - The exploration program in Q3 2025 will focus on identifying gold mineralization, updating geological and geophysical maps, and conducting surface geochemical sampling and drilling [3]. Historical Results - Historical sampling from the project has shown high-grade results, including up to 204 g/t Au and 273 g/t Ag from rock chips, and channel sampling results of up to 16m @ 5.83 g/t Au and 7.20 g/t Ag [5]. Management Insights - The President and CEO of Lancaster expressed optimism about the timely approval of the Exploration License, viewing it as a crucial step towards unlocking shareholder value and advancing exploration financing [7].

紫金矿业 20250116 摘要 • 紫金矿业 2025 年一季度归母净利润达 101.67 亿元，同比增长 62%，主 要受益于金铜业务毛利率显著提升，矿山产金毛利率从 51%提升至 60.86%，矿山产铜毛利率从 51%提升至 61%，资产负债率降至 54.89%。 • 公司黄金业务占比持续提升，一季度毛利占比达 36%，预计未来将与铜业 务持平。2025 年计划生产 85 吨黄金，同比增长 17%，增量主要来自加 纳金矿（预计贡献 5-6 吨）、波格拉金矿（权益产量预计 3-4 吨）和新疆 赛雅尔顿金矿（预计贡献 3-4 吨）。 • 卡莫阿铜矿 2025 年产量目标为 60 万吨，基于近期良好产量表现及管理 层优化。巨龙项目二期预计 2025 年底投产，完全达产后一期和二期合计 铜产能达 30-35 万吨，三期规划年产 25 万吨，目标是实现年产 60 万吨 铜的生产基地。 • 塞尔维亚 Timok 矿区采用崩落法采矿技术，预计 2026 年底投产。新发现 的马格铜金矿资源量大、品位高，将助力塞尔维亚地区铜产量提升，公司 中长期规划是在塞尔维亚地区实现 40 万吨铜的年生产能力。 Q&A 今年一季度公司 ...