China Securities Co.,Ltd.: ZIJIN MINING (02899) records continued high performance, with its subsidiary's spin-off listing setting multiple mining company IPO records.

China Securities Co., Ltd. released a research report stating that due to the simultaneous increase in gold and copper volume and price, ZIJIN MINING (02899) achieved operating income of 86.49 billion yuan in 2025 Q3, a year-on-year increase of 8.1%; achieved a net profit attributable to the mother of 14.57 billion yuan, a year-on-year increase of 57.1%, and a quarter-on-quarter increase of 11.0%. The production of gold ore has been significantly released, exceeding the annual planned target schedule; affected by the flooding incident at the Congo (Kinshasa) KK copper mine, the production of copper ore in Q3 has declined compared to the previous quarter, and the company is currently actively promoting the resumption of production work in the east area of the Cacura ore segment. The report stated that on September 30, ZIJIN GOLD INTL (02259) successfully listed on the Hong Kong Stock Exchange, setting multiple records for mining industry IPOs. As the controlling shareholder of ZIJIN GOLD INTL, the company will not only share the rich returns brought by future high-speed growth but also have the opportunity to increase the overall market value through value reassessment. ZIJIN GOLD INTL Limited has completed the delivery of the 100% equity of the Kazakhstan Raygorodok gold mine as stipulated in the agreement through a wholly-owned subsidiary, and the acquisition was completed on October 10, 2025. ZIJIN GOLD INTL now holds 100% equity of the Raygorodok gold mine.