SMM Tin Market Morning Comment (Aug 13)

I. Specifics of the Accident At approximately 15:30 on July 26, 2026, an accident occurred during production and construction at the mine of Xiwuzhumuqin Banner Yinman Mining Co., Ltd. (hereinafter referred to as "Yinman Mining"), a wholly-owned subsidiary of Inner Mongolia Xingye Silver&Tin Mining Co., Ltd. (hereinafter referred to as the "Company"), between 19-1 and 25-1 of the west main haulage on the 750 sublevel in Zone III underground, resulting in one fatality and no injuries. After the accident, Yinman Mining received the On-site Handling Measures Decision and the On-site Handling Measures Decision issued by the Xiwuzhumuqin Banner Emergency Management Bureau (hereinafter referred to as the "Xiwu Banner Emergency Bureau"). As required by the Xiwu Banner Emergency Bureau, the mining area and the beneficiation tailings system of Yinman Mining were successively suspended. II. Progress After the accident, Yinman Mining carried out comprehensive and in-depth safety production self-inspections, and strictly implemented accident prevention and various rectification measures. Recently, Yinman Mining received the Notice on Approving the Resumption of Production of the Beneficiation Tailings System of Xiwuzhumuqin Banner Yinman Mining Co., Ltd. issued by the Xiwu Banner Emergency Bureau, approving the resumption of production of the beneficiation tailings system of Yinman Mining. The beneficiation plant of Yinman Mining will resume production on September 3, 2026. At present, the mining area of Yinman Mining is making every effort to advance various rectification work, striving to achieve the resumption of production in the mining area as soon as possible. The Company will fulfill its information disclosure obligations in a timely manner in accordance with relevant regulations based on subsequent progress, and investors are advised to pay attention to investment risks.

[SMM informe matinal del estaño: El estaño en la LME cayó un 1,07% durante la noche, el estaño en la SHFE cayó un 0,70%; la prima geopolítica y un dólar estadounidense fuerte presionaron los precios del estaño]

[SMM Resumen de la reunión matutina: El contrato de estaño más negociado en la SHFE cerró en 412.960, con una caída del 2,47%; la probabilidad de subida de tipos en septiembre sube al 66,9%]