Group 1: Company Overview - Honglin Mining's Caiyuanzi Copper-Gold Mine is located in the southern segment of the Ganzi-Litang-Muli fault zone, characterized by easily selectable ore with low carbon and arsenic content, allowing for controllable costs. The company anticipates product output during the trial production phase, with specific production figures to be detailed in the 2025 annual report [1] - The company has been focusing on acquiring high-quality precious metal resources, particularly silver and gold, with plans to acquire operating or planned mines that have mining licenses and a service life exceeding 15 years. The acquisition strategy considers pricing and industry cycles to avoid high-cost purchases, with potential overseas acquisitions planned after stable development [2] Group 2: Production Plans - Dongsheng Mining has obtained a mining license for the Bayannur Silver-Polymetallic Mine, with a production scale of 250,000 tons per year and an estimated silver metal reserve of 556.32 tons at an average grade of 284.90 grams per ton. The company aims to commence production by 2026 without the need for a processing plant or tailings dam, planning to outsource processing to its subsidiary [3] - After the production of Honglin Mining and Dongsheng Mining, the company's main products will include silver-lead concentrate, silver-zinc concentrate, gold-silver concentrate, copper-gold concentrate, and a small amount of silver and gold ingots [4] Group 3: Capacity and Future Outlook - Both Guangda Mining and Jindu Mining have a registered production capacity of 300,000 tons per year and are currently operating at full capacity [5] - The production of silver metal is expected to increase following Dongsheng Mining's production launch, with Jinshan Mining's capacity gradually increasing to 480,000 tons per year and potential expansion applications. Silver Capital Mining is in the process of integrating mining rights and surrounding exploration rights, which is expected to enhance production after completion [6] Group 4: Financial and Operational Insights - The company's mining subsidiaries have seen a significant increase in royalty and other tax payments compared to the same period last year, with details available in the 2025 semi-annual report. Future tax payments will depend on local policies [7] - Jinshan Mining faced delays in processing operations due to cold weather in northeastern Inner Mongolia, resulting in later processing plant operations and product sales primarily occurring in the third quarter. The company plans to adjust processing times flexibly in the future [7]

Group 1: Mining Operations - The Caiyuanzi Copper Mine is located in the Ganzi-Litang-Muli fault zone, an important precious metal mineralization belt in China [1] - The average copper grade at the Caiyuanzi Copper Mine is 0.48%, with a licensed production scale of 396,000 tons/year [2] - Dongsheng Mining's Bayannur Silver Polymetallic Mine has a licensed production scale of 250,000 tons/year and is expected to start production by 2026 [3] Group 2: Future Production and Capacity - The company anticipates an increase in silver production following the completion of the Bayannur Silver Polymetallic Mine [4] - Jingshan Mining's production capacity is expected to gradually increase to 480,000 tons/year, with plans to apply for further expansion based on resource availability [4] - Both Guangda Mining and Jindu Mining have a licensed production scale of 300,000 tons/year and are currently operating at full capacity [3] Group 3: Financial and Taxation Insights - The company has seen a significant increase in tax payments compared to the same period last year, as detailed in the 2025 semi-annual report [5] - Future tax payments will depend on local government policy requirements [5] Group 4: Mergers and Acquisitions Strategy - The company plans to focus on acquiring high-quality precious metal resources, targeting mines with a service life of over 15 years and necessary mining permits [2] - The company aims to avoid high-priced acquisitions and will consider market conditions to expedite production [2]