Core Viewpoint - The company has signed a cooperation intention letter with Zijin Mining Group to develop the Shapingou molybdenum mine in Anhui, which is expected to strengthen the company's industrial chain and align with its development strategy, without significantly impacting the company's 2025 operating performance [2][11]. Group 1: Cooperation Agreement Details - The cooperation intention letter is a framework agreement based on mutual willingness, with only the commitments having legal binding force, while other aspects remain uncertain regarding formal contract signing [2][12]. - The agreement involves Zijin Mining transferring 24% of its stake in Anhui Jinsan Molybdenum Co., Ltd. to the company, resulting in Zijin holding 60% and the company holding 34% of the stake post-transfer [5][6]. - A new smelting company will be established jointly by both parties, with the company holding 51% and Zijin holding 49%, focusing on molybdenum smelting and deep processing [6][9]. Group 2: Financial and Operational Implications - The Shapingou molybdenum mine has a total molybdenum resource of 2.1 million tons, with an average grade of 0.187%, and a molybdenum metal reserve of 1.1 million tons at an average grade of 0.2% [5]. - The cooperation aims to ensure the efficient and scientific development of the Shapingou molybdenum mine, with both parties agreeing to prioritize financing and investment decisions based on their respective shareholdings [7][9]. - The company will conduct necessary financial, legal due diligence, and audits before finalizing the cooperation agreement [19].

Core Viewpoint - The completion of the acquisition of 84% equity in Anhui Jinsan Molybdenum Co., Ltd. by the company marks a significant step in expanding its operations in the molybdenum sector, with plans for further development and collaboration with industry partners [1][2]. Group 1: Acquisition Details - The company completed the transfer of 84% equity in Anhui Jinsan Molybdenum Co., Ltd. on August 28, 2025, following the public bidding process initiated on October 21, 2022 [1]. - Anhui Jinsan Molybdenum Co., Ltd. holds 100% rights to the Shapingou Molybdenum Mine in Jinzhai County, Anhui Province, which has a total molybdenum metal resource of 2.1 million tons and a metal reserve of 1.1 million tons [1]. - The mining rights for the Shapingou Molybdenum Mine are valid until July 28, 2053, with a designed production scale of 10 million tons per year and an average annual molybdenum output of approximately 22,100 tons post-construction [1]. Group 2: Strategic Partnerships - Following the acquisition, the company will hold 84% of Jinsan Molybdenum, while Jinduicheng Molybdenum Co., Ltd. and Jinzhai County Urban Development Investment Co., Ltd. will hold 10% and 6% respectively [2]. - Jinduicheng Molybdenum Co., Ltd. plans to collaborate with Jinsan Molybdenum to invest in a new molybdenum smelting project to support local economic development and extend the industrial chain [2]. - A cooperation agreement was signed on August 29, 2025, where the company will transfer 24% of Jinsan Molybdenum's equity to Jinduicheng Molybdenum at the original acquisition price plus necessary financial costs, resulting in a new equity structure of 60% for the company and 34% for Jinduicheng Molybdenum [2].

Core Viewpoint - Zijin Mining has completed the acquisition of 84% equity in Anhui Jinsan Molybdenum Co., Ltd, enhancing its position in the molybdenum industry and facilitating local economic development through strategic partnerships [1][2] Group 1: Acquisition Details - The acquisition of 84% equity in Jinsan Molybdenum was finalized on August 28, 2025, following the public bidding process initiated on October 21, 2022 [1] - Jinsan Molybdenum holds 100% rights to the Shapingou Molybdenum Mine, which has a total molybdenum metal resource of 2.1 million tons and a metal reserve of 1.1 million tons [1] - The mining rights for the Shapingou Mine are valid until July 28, 2053, with an annual production capacity designed at 10 million tons [1] Group 2: Project Development and Operations - The project construction period is estimated to be 4.5 years, with an expected average annual molybdenum production of approximately 22,100 tons upon reaching full capacity [1] - The company is coordinating with relevant parties to expedite the necessary permits and approvals for the project, including mining licenses and environmental assessments [1] Group 3: Strategic Partnerships - Following the acquisition, Zijin Mining will hold 84% of Jinsan Molybdenum, while Jinduicheng Molybdenum Co., Ltd and Jinzhai County Urban Development Investment Co., Ltd will hold 10% and 6% respectively [2] - A cooperation agreement was signed on August 29, 2025, between Zijin Mining and Jinduicheng Molybdenum to establish a molybdenum smelting project, enhancing the local industrial chain [2] - Jinduicheng Molybdenum will hold 51% of the new smelting company, while Jinsan Molybdenum will retain 49%, ensuring a collaborative approach to the development and operation of the smelting facility [2]