Report Overview - The report provides cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals on August 21, 2025 [1][4][8] Cross - Market Arbitrage Tracking Copper - Spot price: domestic 78740, LME 9619, ratio 8.22; March price: domestic 78610, LME 9710, ratio 8.09. Spot import equilibrium ratio 8.17, profit 287.54; spot export profit - 327.67 [1] Zinc - Spot price: domestic 22160, LME 2768, ratio 8.01; March price: domestic 22250, LME 2777, ratio 6.01. Spot import equilibrium ratio 8.66, profit - 1804.06 [1] Aluminum - Spot price: domestic 20520, LME 2566, ratio 8.00; March price: domestic 20500, LME 2568, ratio 7.97. Spot import equilibrium ratio 8.46, profit - 1201.30 [1] Nickel - Spot price: domestic 118750, LME 14825, ratio 8.01. Spot import equilibrium ratio 8.25, profit - 2009.30 [1] Lead - Spot price: domestic 16550, LME 1932, ratio 8.59; March price: domestic 16755, LME 1972, ratio 11.25. Spot import equilibrium ratio 8.86, profit - 513.73 [3] Cross - Period Arbitrage Tracking Copper - Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 260, - 280, - 280, - 310 respectively; theoretical spreads are 496, 891, 1294, 1698 [4] Zinc - Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 20, - 35, - 40, - 45 respectively; theoretical spreads are 214, 335, 455, 576 [4] Aluminum - Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 30, - 65, - 90, - 115 respectively; theoretical spreads are 214, 329, 443, 558 [4] Lead - Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 85, - 70, - 40, - 20 respectively; theoretical spreads are 209, 314, 419, 525 [4] Nickel - Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 270, - 30, 180, 420 respectively [4] Tin - 5 - 1 spread is 2810, theoretical spread is 5556 [4] Cross - Variety Arbitrage Tracking - Ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc in Shanghai (three - continuous) are 3.53, 3.83, 4.69, 0.92, 1.22, 0.75 respectively; in London (three - continuous) are 3.49, 3.77, 4.91, 0.92, 1.30, 0.71 respectively [8] Futures - Spot Arbitrage Tracking Copper - Spreads for current - month contract - spot and next - month contract - spot are 155 and - 105 respectively; theoretical spreads are 452 and 850 [4] Zinc - Spreads for current - month contract - spot and next - month contract - spot are 125 and 105 respectively; theoretical spreads are 179 and 298 [5] Lead - Spreads for current - month contract - spot and next - month contract - spot are 275 and 190 respectively; theoretical spreads are 205 and 316 [5]

Vancouver, British Columbia – TheNewswire - August 18, 2025 – Lake Winn Resources Corp. (TSXV: LWR, FSE: EE1A) (the “Company”) announces that further to its news release dated June 2, 2025, the Company is still proceeding with a non-brokered private placement (the “Offering”) of up to 11,818,182 units (the “Units”) at a price of $0.055 per Unit, for gross proceeds of up to $650,000.The Company anticipates closing the first tranche of the Offering (the “First Tranche”) in the week of August 18th.The Company ...

Core Viewpoint - Cornish Metals Inc. is making significant progress in the refurbishment of the New Cook's Kitchen shaft and mine dewatering at its South Crofty tin project, with work expected to continue into mid-2026 [1][3]. Group 1: Project Progress - Mine dewatering and refurbishment have reached the mid-shaft pump station at approximately 360 meters below the surface, with the installation of new permanent pumps underway [2]. - The completion of work on the pump station is anticipated in Q4 2025, after which dewatering and refurbishment will resume down to approximately 730 meters below the surface [3]. Group 2: Project Significance - The South Crofty tin project is a high-grade underground tin mine in Cornwall, UK, with existing infrastructure that supports future operations [5]. - The project is permitted for underground mining until 2071 and aims to be the only primary tin producer in Europe or North America, addressing the critical mineral demand as two-thirds of current tin production comes from China, Myanmar, and Indonesia [5]. - The project is expected to generate over 300 direct jobs, benefiting from strong local and governmental support [5].

Core Viewpoint - Cornish Metals Inc. has received an inaugural overall sustainability rating of A from an independent panel of sustainability experts, reflecting the company's commitment to responsible mining practices and transparency [1][4][5]. Company Performance - The A rating from Digbee is an average score derived from a range of evaluations, indicating significant achievements in transparency, environmental stewardship, and community engagement [2][5]. - The company has embedded ESG (Environmental, Social, and Governance) priorities into its strategic planning and governance structures, including a formal sustainability strategy and linking ESG KPIs to executive remuneration [8]. Project Details - The South Crofty tin project is fully permitted for underground mining and is positioned to be the only primary producer of tin in Europe or North America, which is classified as a Critical Mineral [12]. - The project incorporates sustainable practices such as the reuse of existing infrastructure, backfilling of tailings, and the use of renewable electricity, aimed at reducing greenhouse gas emissions and water pollution [8]. Investment and Market Confidence - Cornish Metals has attracted significant investment from Vision Blue Resources and the UK National Wealth Fund, collectively holding over 55% of the company, indicating strong market and public-sector confidence in its responsible production model [8].

Group 1: Appointment of Directors - The Company appointed Mr. Ravi Sharma and Mr. Abhinay Khowala as new directors following the acquisition of a 56% shareholding by International Resources Holding's subsidiary, Alpha Mining Ltd [2][3] - Mr. Sharma has 36 years of experience in the mining industry and is a JORC Competent Person and NI 43 101 Qualified Person for Mineral Resource Estimates [4] - Mr. Khowala has over 20 years of experience in financial management and is a qualified Chartered Accountant from The Institute of Chartered Accountants of India [5] Group 2: Interim FY2025 Dividend - The Board declared an interim FY2025 cash dividend of CAD$0.07 per share, totaling approximately US$65 million, payable on September 15, 2025 [6] - The Company intends to consider a further top-up FY2025 dividend in November 2025 based on its financial position and market conditions [6] Group 3: Company Objectives - The Company aims to declare semi-annual dividends and to enhance its tin production by increasing exploration efforts to extend the life of the mine and search for new tin deposits near the Bisie mine [7]

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Report's Core View - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals (copper, zinc, aluminum, nickel, lead, and tin) on August 5, 2025, including domestic and LME prices, price ratios, spreads, equilibrium price ratios, and theoretical spreads [1][4][5]. 3. Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On August 5, 2025, the domestic spot price was 78,420, the LME spot price was 9,625, with a price ratio of 8.16. The equilibrium price ratio for spot import was 8.17, with a profit of - 72.83. The domestic three - month price was 78,330, the LME three - month price was 9,678, with a price ratio of 8.08 [1]. - **Zinc**: The domestic spot price was 22,160, the LME spot price was 2,723, with a price ratio of 8.14. The equilibrium price ratio for spot import was 8.67, with a profit of - 1,454.96. The domestic three - month price was 22,250, the LME three - month price was 2,734, with a price ratio of 6.14 [1]. - **Aluminum**: The domestic spot price was 20,480, the LME spot price was 2,579, with a price ratio of 7.94. The equilibrium price ratio for spot import was 8.49, with a profit of - 1,425.36. The domestic and LME three - month prices were both 20,480 and 2,580 respectively, with a price ratio of 7.93 [1]. - **Nickel**: The domestic spot price was 119,150, the LME spot price was 14,849, with a price ratio of 8.02. The equilibrium price ratio for spot import was 8.25, with a profit of - 1,839.75 [1]. - **Lead**: The domestic spot price was 16,650, the LME spot price was 1,925, with a price ratio of 8.67. The equilibrium price ratio for spot import was 8.87, with a profit of - 367.60. The domestic three - month price was 16,760, the LME three - month price was 1,973, with a price ratio of 11.24 [3]. Cross - Period Arbitrage Tracking - **Copper**: On August 5, 2025, the spreads for the next - month, three - month, four - month, and five - month contracts relative to the spot month were - 60, - 60, - 140, and - 170 respectively, while the theoretical spreads were 494, 886, 1287, and 1688 respectively [4]. - **Zinc**: The spreads were - 35, - 40, - 45, and - 75 respectively, and the theoretical spreads were 214, 335, 455, and 576 respectively [4]. - **Aluminum**: The spreads were - 55, - 100, - 135, and - 195 respectively, and the theoretical spreads were 214, 329, 444, and 559 respectively [4]. - **Lead**: The spreads were 70, 80, 90, and 115 respectively, and the theoretical spreads were 208, 313, 417, and 522 respectively [4]. - **Nickel**: The spreads were 1160, 1260, 1400, and 1670 respectively [4]. - **Tin**: The 5 - 1 spread was - 350, and the theoretical spread was 5534 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were - 5 and - 65 respectively, while the theoretical spreads were 221 and 647 respectively [4]. - **Zinc**: The spreads were 130 and 95 respectively, and the theoretical spreads were 127 and 256 respectively [4]. - **Zinc (repeated data)**: The spreads were 130 and 95 respectively, and the theoretical spreads were 130 and 245 respectively [5]. - **Lead**: The spreads were 30 and 100 respectively, and the theoretical spreads were 118 and 229 respectively [5]. Cross - Variety Arbitrage Tracking - On August 5, 2025, the cross - variety price ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc were 3.52, 3.82, 4.67, 0.92, 1.22, and 0.75 respectively for the Shanghai (three - continuous) contracts and 3.52, 3.79, 4.94, 0.93, 1.30, and 0.71 respectively for the London (three - continuous) contracts [5].

Report Industry Investment Rating - Not mentioned in the provided content Report Core View - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on August 1, 2025 [1][3][4] Summary by Directory Cross - Market Arbitrage Tracking - **Copper**: 2025/08/01, domestic spot price 78500, LME spot price 9571, spot price ratio 8.26; domestic March price 78050, LME March price 9622, March price ratio 8.14; spot import equilibrium ratio 8.19, spot import profit - 286.39, spot export profit - 294.28 [1] - **Zinc**: 2025/08/01, domestic spot price 22320, LME spot price 2762, spot price ratio 8.08; domestic March price 22365, LME March price 2769, March price ratio 6.07; spot import equilibrium ratio 8.69, spot import profit - 1680.39 [1] - **Aluminum**: 2025/08/01, domestic spot price 20590, LME spot price 2584, spot price ratio 7.96; domestic March price 20500, LME March price 2587, March price ratio 7.95; spot import equilibrium ratio 8.54, spot import profit - 1503.26 [1] - **Nickel**: 2025/08/01, domestic spot price 119050, LME spot price 14765, spot price ratio 8.06; spot import equilibrium ratio 8.27, spot import profit - 1922.67 [1] - **Lead**: 2025/08/01, domestic spot price 16625, LME spot price 1936, spot price ratio 8.61; domestic March price 16755, LME March price 1977, March price ratio 11.30; spot import equilibrium ratio 8.89, spot import profit - 525.73 [3] Cross - Period Arbitrage Tracking - **Copper**: 2025/08/01, spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 890, - 880, - 920, - 960 respectively; theoretical spreads are 497, 891, 1295, 1699 respectively [4] - **Zinc**: 2025/08/01, spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 10, 10, 25, - 10 respectively; theoretical spreads are 215, 336, 456, 577 respectively [4] - **Aluminum**: 2025/08/01, spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 165, - 175, - 220, - 270 respectively; theoretical spreads are 214, 330, 445, 561 respectively [4] - **Lead**: 2025/08/01, spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 135, - 115, - 80, - 55 respectively; theoretical spreads are 209, 315, 420, 525 respectively [4] - **Nickel**: 2025/08/01, spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 1690, - 1520, - 1300, - 1100 respectively [4] - **Tin**: 2025/08/01, 5 - 1 spread is 880, theoretical spread is 5512 [4] Spot - Futures Arbitrage Tracking - **Copper**: 2025/08/01, spreads for 当月合约 - 现货, 次月合约 - 现货 are 385, - 505 respectively; theoretical spreads are 332, 637 respectively [4] - **Zinc**: 2025/08/01, spreads for 当月合约 - 现货, 次月合约 - 现货 are 35, 25 respectively; theoretical spreads are 130, 260 respectively [4] - **Lead**: 2025/08/01, spreads for 当月合约 - 现货, 次月合约 - 现货 are 245, 110 respectively; theoretical spreads are 160, 271 respectively [5] Cross - Variety Arbitrage Tracking - 2025/08/01, ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc in Shanghai (three - continuous) are 3.49, 3.81, 4.66, 0.92, 1.22, 0.75 respectively; in London (three - continuous) are 3.48, 3.75, 4.88, 0.93, 1.30, 0.71 respectively [5]

Core Viewpoint - Cornish Metals Inc. is advancing its South Crofty tin project in Cornwall, UK, with significant government support aimed at regional economic growth and job creation [2][3]. Group 1: Government Support and Investment - The UK Government has invested £28.6 million through the National Wealth Fund to support the re-opening of South Crofty [2]. - This investment is part of a broader commitment to unlock regional growth, with South Crofty being a flagship example of how investment in critical industries can foster job creation and economic renewal [2]. Group 2: Project Development and Job Creation - The revival of domestic tin production at South Crofty is expected to create over 300 direct jobs, along with additional support for local supply chains and regional businesses [3]. - The company emphasizes its commitment to delivering long-term, sustainable value while being deeply rooted in the community [4]. Group 3: Importance of Tin in Clean Energy - Tin is identified as a critical mineral for the clean energy transition, essential for electronics, electric vehicles, and renewable infrastructure [3].

1. Report Industry Investment Rating - No relevant information provided 2. Core View - The report presents cross - market, cross - period, spot - futures and cross - variety arbitrage tracking data for non - ferrous metals (copper, zinc, aluminum, nickel, lead, tin) on July 29, 2025, including domestic and LME prices, price ratios, spreads and theoretical spreads, as well as import/export profitability [1][3][4] 3. Summary by Directory Cross - Market Arbitrage Tracking - **Copper**: Spot domestic price is 79080, LME price is 9746, ratio is 8.13; March domestic price is 79010, LME price is 9801, ratio is 8.07; equilibrium ratio for spot import is 8.17, profit is - 615.05; spot export profit is 161.91 [1] - **Zinc**: Spot domestic price is 22650, LME price is 2819, ratio is 8.03; March domestic price is 22650, LME price is 2821, ratio is 6.00; equilibrium ratio for spot import is 8.65, profit is - 1744.32 [1] - **Aluminum**: Spot domestic price is 20660, LME price is 2627, ratio is 7.87; March domestic price is 20590, LME price is 2628, ratio is 7.85; equilibrium ratio for spot import is 8.51, profit is - 1702.22 [1] - **Nickel**: Spot domestic price is 121200, LME price is 15012, ratio is 8.07; equilibrium ratio for spot import is 8.25, profit is - 1995.62 [1] - **Lead**: Spot domestic price is 16750, LME price is 1992, ratio is 8.42; March domestic price is 16925, LME price is 2019, ratio is 11.24; equilibrium ratio for spot import is 8.85, profit is - 843.94 [3] Cross - Period Arbitrage Tracking - **Copper**: Sub - month - spot month spread is - 170, March - spot month spread is - 160, April - spot month spread is - 210, May - spot month spread is - 230; theoretical spreads are 498, 894, 1299, 1703 respectively [4] - **Zinc**: Sub - month - spot month spread is - 200, March - spot month spread is - 195, April - spot month spread is - 205, May - spot month spread is - 250; theoretical spreads are 217, 340, 464, 587 respectively [4] - **Aluminum**: Sub - month - spot month spread is - 160, March - spot month spread is - 185, April - spot month spread is - 240, May - spot month spread is - 295; theoretical spreads are 215, 331, 447, 563 respectively [4] - **Lead**: Sub - month - spot month spread is - 10, March - spot month spread is 0, April - spot month spread is 25, May - spot month spread is 50; theoretical spreads are 210, 315, 421, 527 respectively [4] - **Nickel**: Sub - month - spot month spread is - 2590, March - spot month spread is - 2430, April - spot month spread is - 2310, May - spot month spread is - 1980 [4] - **Tin**: 5 - 1 spread is 1030, theoretical spread is 5547 [4] Spot - Futures Arbitrage Tracking - **Copper**: Current month contract - spot spread is 125, sub - month contract - spot spread is - 45; theoretical spreads are 328 and 741 respectively [4] - **Zinc**: Current month contract - spot spread is 195, sub - month contract - spot spread is - 5; theoretical spreads are 139 and 271 respectively [4] - **Lead**: Current month contract - spot spread is 175, sub - month contract - spot spread is 165; theoretical spreads are 161 and 273 respectively [5] Cross - Variety Arbitrage Tracking - **Cross - variety ratios**: Copper/zinc (Shanghai, three - continuous) is 3.49, copper/aluminum is 3.84, copper/lead is 4.67, aluminum/zinc is 0.91, aluminum/lead is 1.22, lead/zinc is 0.75; Copper/zinc (LME, three - continuous) is 3.48, copper/aluminum is 3.72, copper/lead is 4.86, aluminum/zinc is 0.93, aluminum/lead is 1.30, lead/zinc is 0.72 [5]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - The domestic macro situation is favorable for non - ferrous metals this week. The copper price has obvious support at the bottom, and attention should be paid to restocking opportunities around 7.6 - 7.7. For aluminum, the short - term fundamentals are acceptable, and attention should be paid to demand and low - inventory arbitrage opportunities. Zinc prices fluctuated upward this week, with short - term suggestions to observe the squeeze - out market and manage positions, and hold long - short positions in different markets. Nickel's short - term fundamentals are average, and attention can be paid to the opportunity of narrowing the nickel - stainless steel price ratio. Stainless steel's fundamentals are weak, and attention should be paid to policy trends. Lead prices declined slightly this week, and it is expected to oscillate between 16800 - 17500 next week. Tin prices fluctuated widely this week, and it is recommended to wait and see in the short term. Industrial silicon's supply is expected to decrease, and the market is expected to shift from inventory accumulation to inventory reduction, with the disk expected to oscillate. Lithium carbonate prices are expected to oscillate, and the downward inflection point requires significant inventory accumulation of warehouse receipts and spot goods [1][2][3][6][9][12][14] Group 3: Summary by Metal Copper - **Market Data**: From July 17 - 23, the spot premium changed from 110 to 180, the waste - refined copper price difference decreased by 10, the SHFE inventory remained unchanged at 84556, and the SHFE warehouse receipts decreased by 9972. The spot import profit decreased by 340.21, and the March import profit decreased by 117.79 [1] - **Market Analysis**: Domestic macro is favorable. The waste - refined price difference has shrunk significantly, the scrap substitution effect is prominent, and the refined copper rod start - up rate has rebounded. The spot import window opened this week, and attention should be paid to the opportunity of long - position import logistics in the third and fourth quarters [1] Aluminum - **Market Data**: From July 17 - 23, the Shanghai aluminum ingot price decreased by 100, the domestic alumina price increased by 8, and the SHFE social inventory data is incomplete. The aluminum LME inventory increased by 6350, and the LME cancelled warehouse receipts decreased by 100 [1] - **Market Analysis**: Supply has increased slightly, and demand is expected to weaken seasonally in July. The supply and demand are expected to be balanced in July, and attention should be paid to far - month inter - month and internal - external reverse arbitrage opportunities under the low - inventory pattern [1] Zinc - **Market Data**: From July 17 - 23, the spot premium decreased by 20, the Shanghai zinc ingot price increased by 40, and the zinc social inventory remained unchanged. The SHFE zinc exchange inventory remained unchanged, the LME zinc inventory decreased by 1275, and the LME zinc cancelled warehouse receipts decreased by 1275 [2] - **Market Analysis**: Zinc prices fluctuated upward this week. Supply is expected to increase, demand is seasonally weak, domestic social inventory is rising, and overseas LME inventory is decreasing. There is a risk of short - squeeze in lead and zinc [2] Nickel - **Market Data**: From July 17 - 23, the price of 1.5 - grade Philippine nickel ore remained unchanged, the Shanghai nickel spot price increased by 550, and the spot import return increased by 794.56. The LME nickel inventory decreased by 2220, and the LME cancelled warehouse receipts decreased by 630 [3] - **Market Analysis**: Pure nickel production remains high, demand is weak, and both domestic and overseas nickel plate inventories have increased slightly. Attention can be paid to the opportunity of narrowing the nickel - stainless steel price ratio [3] Stainless Steel - **Market Data**: From July 17 - 23, the price of 304 cold - rolled coil increased by 100, and the price of waste stainless steel increased by 50 [3] - **Market Analysis**: Supply has decreased due to some passive production cuts by steel mills. Demand is mainly for rigid needs, and the inventory in Xijiao and Foshan has decreased slightly. The fundamentals are weak, and attention should be paid to policy trends [3] Lead - **Market Data**: From July 17 - 23, the spot premium increased by 5, the social inventory data is incomplete, and the SHFE inventory remained unchanged. The LME lead inventory increased by 650, and the LME cancelled warehouse receipts decreased by 3000 [6] - **Market Analysis**: Lead prices declined slightly this week. Supply is expected to increase slightly, demand has improved, but inventory accumulation is still expected. It is expected to oscillate between 16800 - 17500 next week [6] Tin - **Market Data**: From July 17 - 23, the spot import return decreased by 5532.31, the spot export return increased by 4474.88, and the LME tin inventory decreased by 25. The LME cancelled warehouse receipts increased by 200 [9] - **Market Analysis**: Tin prices fluctuated widely this week. Supply may decline slightly in July - August, demand is weak, and domestic inventory is rising. It is recommended to wait and see in the short term [9] Industrial Silicon - **Market Data**: From July 17 - 23, the 421 Yunnan basis increased by 430, the 421 Sichuan basis increased by 430, and the warehouse receipt quantity increased by 53 [12] - **Market Analysis**: The start - up rate of leading enterprises has decreased, and the supply is expected to decrease. The market is expected to shift from inventory accumulation to inventory reduction, and the disk is expected to oscillate [12] Lithium Carbonate - **Market Data**: From July 17 - 23, the SMM electric carbon price increased by 1350, the SMM industrial carbon price increased by 1350, and the warehouse receipt quantity increased by 665 [14] - **Market Analysis**: Lithium carbonate futures prices have risen. The supply and demand are both strong in the short term, and the inventory pressure in the intermediate link is increasing. The price is expected to oscillate, and the downward inflection point requires significant inventory accumulation of warehouse receipts and spot goods [14]