A c t i o n | 24 Aug 2025 16:31:50 ET │ 18 pages Zijin Mining (601899.SS/2899.HK) Model Update - TP Raised to HK$26.3/sh and Rmb23.9/sh; Open 90- Day Positive Catalyst Watch CITI'S TAKE We update our Zijin model to factor in updated metals price forecast. We revise our 2025/26/27E earnings forecast by +12%/+3%/+7% to Rmb43.4/46.4/55.9bn because of higher gold sales volume forecast and higher copper and gold price forecast in 2025E. We raise our TP for Zijin-H to HK$26.3/sh (from HK$24.4/sh) and for Zijin-A ...