Report Overview - The report is about a research on Western Mining, a company in the non-ferrous metals industry, conducted on February 3, 2026, by Tianfeng Securities [17][22] 1. Research Basic Information - Research Object: Western Mining [17] - Industry: Non-ferrous metals [17] - Reception Time: February 3, 2026 [17] - Company Receptionist: Han Yingmei, the representative of the securities affairs [17] 2. Detailed Research Institutions - Reception Object Type: Securities company - Institution: Tianfeng Securities [20] 3. Main Content 3.1 Project Progress - The company is advancing the construction of the third-phase project of Yulong Copper Mine as planned, expecting to complete the infrastructure by the end of 2026 and start production in early 2027. After the project is put into operation, the annual ore processing capacity will increase to 30 million tons. The fourth-phase project is in the preliminary stage of planning and research, and the specific construction plan and production scale are undetermined [22] 3.2 Dividend Impact - Resource acquisition and project development may lead to capital expenditure, which could affect the short - term dividend scale. The company will formulate a continuous and stable dividend plan considering cash flow, future investment needs, and shareholder returns [22] 3.3 Domestic Mineral Resources - China's mineral resources still have great potential, especially in the northwest regions such as Xinjiang, Tibet, Qinghai, and Gansu. The company has rich experience in high - altitude and complex geological mining and has regional and technological advantages. Resource expansion is one of the company's core strategies in the 15th Five - Year Plan, and it will seek high - quality large - scale mining projects at home and abroad. Overseas expansion will focus on politically stable, law - abiding, and resource - rich countries and regions [23] 3.4 Acquisition Consideration - The company participated in the auction of Chating Copper Mine because it has been tracking and researching this resource. After internal evaluations and external expert consultations, it was determined that the mine has good resource potential and meets the company's resource strategy [23] 3.5 Policy Support - The company enjoys policy support in tax, talent, and scientific research, including income tax incentives for the development of the western region and local government subsidies for high - end talent introduction and technological innovation [23] 3.6 Smelting Capacity and Product Structure - In 2024, the company completed a round of capacity expansion. The copper smelting capacity increased from 200,000 tons/year to 350,000 tons/year, and the lead and zinc smelting capacities increased from 100,000 tons/year to 200,000 tons/year. Currently, there are no plans to increase smelting capacity or product types, and the future focus will be on quality improvement and green development [24]