Summary of Western Mining's Conference Call Company Overview - **Company**: Western Mining - **Industry**: Mining and Metallurgy Key Points Industry and Company Developments - Western Mining acquired exploration rights for the Chating copper polymetallic mine in Xuanzhou District, Anhui, for 8.6 billion CNY, which includes copper, gold, silver, lead, and zinc resources. The copper reserves are estimated at 1.8 million tons and gold at 248 tons [2][3][4] - The company plans to use its own funds for the acquisition, with a current cash flow of 8.8 billion CNY and nearly 20 billion CNY in unused bank credit [2][5][15] Financial Performance - For the first nine months of 2025, Western Mining reported revenue of 48.4 billion CNY, a 32% increase year-on-year, and a net profit of 2.945 billion CNY, up 7.8% [3] - The third quarter saw copper profits of approximately 30 million CNY, zinc profits of about 50 million CNY, while lead incurred a loss of 90 million CNY due to raw material supply issues [2][6] Production and Cost Management - The company expects to maintain copper concentrate production at 180,000 to 200,000 tons despite a decline in ore grade, with costs projected to remain below 30,000 CNY per ton [2][11][13] - The Yulong Phase III project is anticipated to start construction in 2025 and commence production in 2027, focusing on low-grade ores [2][11] Research and Development - R&D expenses have increased due to new projects like Qinghai Copper and the need for significant manpower and technological improvements. The company benefits from a reduced corporate tax rate of 15% for high-tech enterprises [7][8][16] Market Conditions and Pricing - The copper refining business achieved profitability in Q3 due to improved recovery rates and reduced energy consumption, despite a decline in overall gross margin [9][23] - The company has maintained a hedging strategy to mitigate risks associated with raw material price fluctuations, which has led to some losses in investment returns [25] Dividend Policy - The company commits to a minimum dividend payout ratio of 30%, despite the financial impact of the exploration rights acquisition. The expected cash flow for the year is projected to cover construction funding needs [20][28] Future Outlook - Western Mining aims to achieve a revenue and asset target of 100 billion CNY during the 14th Five-Year Plan period, with ongoing resource development and acquisitions planned in regions like Xinjiang, Tibet, and Qinghai [15] Additional Insights - The company is not currently experiencing significant impacts from industry-wide anti-competitive practices, as most operations are state-owned and continue production to meet local economic targets [20] - The company’s financial health remains stable, with a focus on resource expansion and improving the performance of underperforming assets [15][30]

Core Viewpoint - Baodi Mining (601121) reported a decline in net profit despite an increase in revenue for the third quarter of 2025, primarily due to a decrease in the selling price of iron concentrate [1] Financial Performance - The company's third-quarter revenue reached 423 million yuan, representing a year-on-year increase of 8.25% [1] - Net profit for the third quarter was 54.41 million yuan, showing a year-on-year decline of 19.67% [1] - For the first three quarters of 2025, total revenue was 1.145 billion yuan, reflecting a year-on-year growth of 17.47% [1] - Net profit for the first three quarters was 116 million yuan, which is a year-on-year decrease of 32% [1] - Basic earnings per share stood at 0.14 yuan [1]

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。 ...