SDR(SZ:000603)2026-01-05 09:44Group 1: Company Development Strategy - The company will focus on developing existing mines while continuing to pursue mineral resource acquisitions over the next 3-5 years [1] - Acquisition projects will be selected based on proven mineral resource reserves and future exploration potential, aiming for controlling stakes with a mine service life of over 15 years [1] - The primary targets for acquisitions will be high-quality native mineral resources such as silver, gold, and copper [1] Group 2: Overseas Acquisition Considerations - The company is exploring overseas acquisitions, considering factors like resource conditions, pricing, political risks, community relations, and legal regulations [2] - A cautious approach will be taken, with plans to develop further once international conditions stabilize and existing projects yield stable outputs [2] Group 3: Project Development and Exploration - The focus for 2026 is on advancing the exploration and transition to production for the 460 highland copper-molybdenum project, aiming for construction to start in 2027 [3] - The company has not yet conducted detailed exploration of the II and III gold ore belts at Yichun Jinshi Mining, prioritizing the copper-molybdenum project [5] Group 4: Financial and Operational Insights - The Ba Yan Bao Le Ge mining area has a production capacity of 900,000 tons per year and covers an area of 2.3206 square kilometers [6] - The company can simultaneously develop both the 460 highland copper-molybdenum project and the silver polymetallic project without affecting capital expenditures [6] - The gold recovery rate during trial production at Honglin Mining is between 91%-92%, while the copper recovery rate is around 90% [6] Group 5: Future Financing and Dividend Strategy - The company has stable cash flow and plans to use its own funds for mining construction and acquisitions, with potential financing from financial institutions based on future needs [7] - Future dividend policies will consider industry characteristics, development stages, operational models, profitability, debt repayment capacity, and investor returns [7] - The company will avoid high-priced acquisitions even in a competitive acquisition environment, focusing on cost-effectiveness [7]