Group 1 - Gold prices have increased over 60% this year, marking the most significant rise since 1979, with the current status of gold being described as "unshakeable" despite recent adjustments [1] - The global monetary expansion and devaluation have significantly driven up gold prices, with central banks increasing their gold reserves, yet China's gold reserves are still below the global average [1] - To reach the global average of 30% in gold reserves relative to foreign exchange reserves, China would need to increase its gold reserves to 5,500 tons [1] Group 2 - Zijin Mining Group ranks first among global gold companies and fourth among global metal mining companies in the 2025 Forbes Global 2000 list, with significant resource control [2] - The company reported a revenue of 254.2 billion yuan and a net profit of 37.9 billion yuan for the first three quarters of the year, reflecting a 10% and 55% year-on-year increase, respectively [2] - Zijin Mining is expected to achieve a net profit of 50 billion yuan for the year, supported by its substantial resource reserves [2] Group 3 - Zijin Mining operates over 30 significant mining bases across 17 provinces in China and 17 countries overseas, positioning itself to become one of the largest mining groups globally [3]

Core Viewpoint - Nornickel maintains its nickel production outlook for 2025 at 196,000-204,000 tons, despite challenges faced in the previous quarters due to seasonal flooding and equipment replacement [1] Group 1: Nickel Production - In Q3 2025, Nornickel's nickel production increased by 18% compared to the previous quarter, reaching 54,000 tons, attributed to processing more raw materials accumulated in Q2 [1] - The company attributes a 4% decline in nickel production over the first nine months to the need for replacement of Western mining equipment [1] Group 2: Palladium Production - Palladium production in Q3 decreased by 6% to 617,000 ounces, also impacted by transportation disruptions at Dudinka port [1] - The company noted that the longer production cycle for palladium contributed to the decline in output [1] Group 3: Operational Adjustments - Nornickel's COO, Evgeniy Fedorov, indicated that the adjustments in production were due to the Polar Division mine transitioning to new mining equipment, which temporarily reduced ore output [1]

THIRD QUARTER 2025 CONFERENCE CALL October 22, 2025 CAUTION REGARDING FORWARD-LOOKING STATEMENTS Both these slides and the accompanying oral presentation contain certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to as forward-looking statements). These statements relate to future events or our future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words ...

Core Viewpoint - Vale S.A. reported its highest quarterly iron ore production since 2018, with significant contributions from its S11D mining project and other ongoing production increases [1] Group 1: Iron Ore Production - The company's iron ore production reached 94.4 million tons in Q3, a year-on-year increase of 3.8%, marking the highest level since Q4 2018 [1] - Iron ore sales volume increased by 5.1% year-on-year, totaling 86 million tons [1] - The average selling price of iron ore rose by 4.2% to $94.4 per ton [1] Group 2: Copper and Nickel Production - Copper production increased by 5.7% year-on-year, reaching 90,800 tons, driven by stable output from the Salobo project in Brazil and increased concentrate production from Canada [1] - Nickel production decreased by 0.6% to 46,800 tons, attributed to maintenance downtime at the Copper Cliff refinery, despite record output from the Long Harbour refinery [1] Group 3: Future Outlook - Vale expects its iron ore production for FY2025 to be between 325 million and 335 million tons, with 245.7 million tons produced in the first nine months of this year [1]

Core Viewpoint - Rio Tinto is exploring the possibility of an asset swap with China Aluminum Corporation (Chinalco) to reduce the latter's 11% stake in the company [1] Group 1: Asset Swap Details - Chinalco will exchange part of its shares for a cooperative relationship involving some of Rio Tinto's mining assets [1] - Potential assets of interest for Chinalco include the Simandou iron ore project in Guinea and the Oyu Tolgoi copper mine in Mongolia [1] - Another possible exchange could involve Rio Tinto's titanium business [1]

Core Viewpoint - A new large strontium ore deposit has been discovered in the Lishui Basin, with significant resource estimates that could impact the industrial and technological development in China [1] Group 1: Resource Discovery - The exploration team from Jiangsu Provincial Geological Survey Institute has spent four years investigating the Lishui Basin, resulting in the discovery of one large strontium ore deposit [1] - The inferred resource amount of the strontium ore (celestite) is 545.55 thousand tons, with a mineral amount of 265.40 thousand tons and an average grade of 48.65% [1] Group 2: Industrial Significance - Strontium is an important rare metal widely used in special ceramic materials and magnetic alloy manufacturing, playing a crucial role in national industrial development and technological advancement [1] Group 3: Regional Context - The northeastern part of the Lishui Basin is a significant area for strontium mineral resources in Jiangsu Province, with four large and medium-sized strontium ore deposits already discovered [1] - The project team has also identified multiple concealed copper, lead-zinc, and iron-sulfur ore bodies in the work area, proposing a new comprehensive exploration strategy for strontium, copper, lead, and zinc polymetallic resources based on the summarized mineralization patterns [1]

证券日报网讯金岭矿业（000655）10月21日在互动平台回答投资者提问时表示，截至2025年10月20日， 公司在册股东人数为40，733户(含信用账户合并名册)。 ...

（编辑 楚丽君） 证券日报网讯 金岭矿业10月21日在互动平台回答投资者提问时表示，公司组建了专业化拓展团队，持 续挖掘各类项目机会，并结合自身战略规划、业务布局等多方面因素综合评估，如有涉及信息披露事 项，公司将严格按照法律法规及时履行信息披露义务。 ...

Report Industry Investment Rating - No information provided in the given text Core Viewpoints of the Report - Overseas low inventory of tin ingots still supports tin prices. After the resumption of domestic maintenance enterprises, supply increases, but limited by the tightness of the ore end, the increase in supply is restricted. The improvement of downstream demand falls short of expectations. It is expected that there will be little change in the supply - demand situation, and tin prices may continue to fluctuate at a high level. Later, attention should be paid to the recovery of Burmese mines and the improvement of domestic demand [6] Summary by Relevant Catalogs Fundamental Situation Tin Concentrate - In September, China's tin ore imports were 8,713.6 tons, a month - on - month decrease of 15.13% and a year - on - year increase of 10.92%. Imports from Myanmar were 3,136.76 tons, a month - on - month increase of 49.9%. Although Burmese tin mines are gradually resuming production, the absolute import volume from Myanmar remains low, and the overall domestic import volume in September decreased month - on - month, so the domestic tin ore supply shortage continues. The processing fee for 40% tin concentrate in Yunnan is 12,000 yuan/ton, unchanged month - on - month, and the processing fee for 60% tin concentrate in Guangxi is 8,000 yuan/ton, also unchanged month - on - month [3] Supply - In September 2025, SMM estimated that China's refined tin production was about 10,620 tons, a month - on - month decrease of 37.71%. Some domestic enterprises carried out maintenance in September, and the capacity utilization rate further declined. Last week, according to SMM, the operating rate of tin ingot smelters in Yunnan and Jiangxi provinces increased by 20.63% week - on - week to 50.35%. The seasonal maintenance work of large - scale smelters in Yunnan has basically ended, but the recovery is only a phased repair, and the overall operating level is still at a historical low. In September, China imported 1,501 tons of tin ingots, a month - on - month increase of 4.38%, and exported 1,789 tons of refined tin, a month - on - month increase of 6.78%. Currently, the Shanghai - London price ratio is fluctuating slightly higher, and tin imports remain in a loss state. Indonesia exported 4,844.21 tons of refined tin in September, ending three consecutive months of decline, 1.14% lower than the average level in the past four years. The Indonesian government plans to adjust the RKAB approval cycle from once every three years to once a year, requiring enterprises to resubmit relevant documents in October 2025, so there is great uncertainty in Indonesia's exports in the later period [4] Consumption - The peak season is not prosperous. The downstream demand side remains sluggish, with weak demand in the consumer electronics and home appliance markets and a significant decrease in orders. The year - on - year data of tinplate production continues to be weak, and the growth rate of tinplate exports is also declining. After the adjustment of tin prices, the wait - and - see sentiment of downstream enterprises has weakened, and some merchants have made rigid purchases at low prices. However, the overall order situation has shown poor growth recently, and it was once relatively dull. According to merchants, the current shipment situation has improved, but the consumption side still needs further improvement [4] Domestic Spot and Inventory - As of October 17, the inventory of tin on the Shanghai Futures Exchange decreased by 188 tons to 5,691 tons. The social inventory was 7,925 tons, ending three consecutive months of decline and increasing month - on - month, and the inventory was lower than the average level. The average price of Yangtze River spot tin closed at 281,400 yuan/ton, a month - on - month decrease of 7,450 yuan, a decline of 2.58%. The basis of Yangtze River spot tin against the main contract fluctuated between premiums and discounts, and the basis was 0 last Friday [5] LME Spot and Inventory - As of October 17, the weekly inventory of LME tin continued to increase by 325 tons to 27,350 tons, still lower than the average level in recent years. The LME spot discount widened, and the discount was - 142 US dollars last weekend [5]

Core Insights - The report by Zhiyan Consulting analyzes the market dynamics and future trends of the non-ferrous metal smelting and rolling processing industry in China from 2025 to 2031 [1] Import Data Summary - In April 2025, China's imports of metal ores and sands reached 135.89 million tons, representing a year-on-year increase of 7.7% [1] - The import value for the same period was $23.745 billion, showing a year-on-year growth of 14.5% [1]