Xingye Silver&Tin issued an announcement on July 28 regarding a safety incident at a subsidiary. The announcement showed that at approximately 15:30 on July 26, 2026, an accident occurred during production and construction at the underground mine of West Ujimqin 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”), in Zone 3, Level 750, West Main Haulage between points 19-1 and 25-1, resulting in one fatality and no injuries. After the accident, the Company promptly reported to the local emergency management department in accordance with relevant regulations. The cause of the accident and the cause of death are still under investigation and confirmation, and the Company will fully cooperate with the accident investigation and follow-up work. Currently, Yinman Mining has received the “On-site Treatment Measures Decision” (Xi) Ying Ji Xian Jue [2026] No. 257 issued by the West Ujimqin Banner Emergency Management Bureau. The mining area of Yinman Mining has been shut down, while the beneficiation plant continues normal production. The Company expresses deep condolences to the deceased employee and profound apologies to the bereaved family. To learn a profound lesson from this accident and further strengthen safety production management, the Company will comprehensively and thoroughly conduct safety production self-inspections, implement accident prevention and rectification measures, and further eliminate potential safety hazards.
Regarding the expected impact of this accident on the Company, the announcement by Xingye Silver&Tin stated: Yinman Mining is mainly engaged in the mining, beneficiation, and sales of non-ferrous metals such as silver, tin, copper, lead, and zinc, with a capacity of 1.65 million mt/year. In 2025, Yinman Mining achieved operating revenue of RMB 3.062 billion, accounting for 55.12% of the Company’s total consolidated operating revenue, and net profit of RMB 1.346 billion. In Q1 2026, Yinman Mining achieved operating revenue of RMB 961.60 million, accounting for 45.15% of the Company’s total consolidated operating revenue, and net profit of RMB 474.75 million. Currently, the beneficiation plant of Yinman Mining is operating normally. The surface ore stockpile at the mining area amounts to 350,000 mt of ore, which can supply the beneficiation plant for about two and a half months. If the mining area cannot resume normal production in the short term, it will not have a significant impact on the Company’s production and operations, nor will it materially adversely affect the Company’s future performance. The Company will promptly fulfill its information disclosure obligations in accordance with relevant regulations based on the progress of this accident, and reminds investors to be aware of investment risks.
In terms of performance: According to the 2025 annual report released by Xingye Silver&Tin, in 2025, the Company achieved operating revenue of RMB 5.555 billion, up 30.09% year-over-year; total profit of RMB 2.096 billion, up 18.75%; and net profit attributable to shareholders of the listed company of RMB 1.704 billion, up 11.40%.
The announcement by Xingye Silver&Tin shows: In 2025, the operating revenue from the Company’s main mineral products as a proportion of total operating revenue was as follows: ore-derived silver contributed RMB 2.176 billion, accounting for 39.17%; ore-derived tin RMB 1.650 billion, 29.70%; ore-derived zinc RMB 975.87 million, 17.57%; ore-derived lead RMB 220.95 million, 3.98%; ore-derived iron RMB 180.38 million, 3.25%; ore-derived copper RMB 133.00 million, 2.39%; ore-derived antimony RMB 100.36 million, 1.81%; ore-derived gold RMB 82.34 million, 1.48%; ore-derived bismuth RMB 16.67 million, 0.30%. Notably, the combined revenue shares of ore-derived tin and ore-derived silver reached 68.86%.
In discussing the Company’s main business and key performance drivers, Xingye Silver&Tin stated in its 2025 annual report: The Company is a large mining group primarily engaged in the exploration, mining, and beneficiation of non-ferrous and precious metals. As of the disclosure date of this report, the Company has over 20 subsidiaries, of which 8 are producing mining companies, namely Yinman Mining, Qianjinda Mining, Yubang Mining, Rongguan Mining, Xilin Mining, Rongbang Mining, Ruineng Mining, and Bosheng Mining; the Achmmach tin mine under Atlantic Tin SAS, a subsidiary of Atlantic Tin, is under construction; Tanghe Shidai Mining is in suspension, while Yitong Mining and Yunnan Xigui are in the exploration stage. Hainan Fund is primarily engaged in equity investment management; Xingye Gold (Hong Kong) mainly engages in metals and mining trade, corporate M&A, and is responsible for expanding markets outside China and acquiring high-quality overseas mineral resources; Hainan Guomao and Tianjin Guomao primarily sell non-ferrous mineral products and procure some raw materials; Xingye Ruijin mainly conducts process research, technology R&D, and transformation in areas such as prospecting, mining and beneficiation, and comprehensive tailings recovery. Xizang Shannan Antimony-Gold, Xizang Xinda Mining, and Xing’an Meng Fuxingtun Mining serve as regional resource integration platforms for the Company. During the reporting period, the Company successfully acquired an 85% stake in Yubang Mining. According to data from the World Silver Survey as of the end of 2023, Yubang Mining’s single silver mine ranked first in Asia and fifth globally. This acquisition further strengthened the Company’s resource advantages and laid a solid resource foundation for sustainable development. At the same time, using its subsidiary Xingye Gold (Hong Kong) as the investment vehicle, the Company increased its investments in overseas mineral resources, successfully acquiring a 100% stake in Atlantic Tin. This acquisition was an important step in implementing the Company’s “going global” strategy. According to the Classification for Mineral Resources and Reserves Scale (DZ/T 0400-2022), a large-scale tin mine standard, the Achmmach tin mine owned by Atlantic Tin is now equivalent to five large deposits. Through this integration of overseas tin resources, the Company further improved its global tin layout and reserved significant strategic resources for long-term development. The Company’s main performance derives from its non-ferrous metal mining and beneficiation business, which accounted for 99.64% of total operating revenue in 2025. Key factors affecting the performance of the mining and beneficiation segment include production and sales volumes of major products, market prices, and costs associated with non-ferrous and precious metal mining and beneficiation operations.
Regarding the operating plan, Xingye Silver&Tin stated in its 2025 annual report: 2026 marks the final year of the Company’s “23” Plan. The Board will closely focus on high-quality development, fully implement the established work targets, continuously deepen the philosophy of “trust and synergy,” and go all out to achieve the goals of the “23” Plan, with emphasis on the following tasks: 1. Adhere to the bottom line of safety and environmental protection, using 2026 as the “Year of Safety Management Implementation” to fully solidify safety responsibilities, consolidate the achievements of the “Year of Collective Safety Calmness,” strengthen risk anticipation and process control, resolutely prevent all types of safety and environmental incidents, and achieve safe, steady, green, and low-carbon development. 2. Vigorously promote the construction of key projects, strengthen full-process management of project budgets, schedules, and quality, and coordinate the implementation of projects such as the 2.97 million mt expansion and upgrade of Yinman Mining, the 8.25 million mt expansion and upgrade of Yubang Mining, the Morocco project, and the Budun Yingen Mining (trusteeship) project, ensuring timely completion, full capacity, and the release of capacity benefits. 3. Continuously intensify exploration and reserve expansion, properly balancing production operations with geological exploration, steadily advancing exploration of existing mines and surrounding areas, accelerating resource-to-reserve upgrades, and continuously consolidating the resource base. 4. Deepen industrial synergy and resource integration, leveraging the core regional advantages of Inner Mongolia while steadily expanding overseas resource deployment; adhere to silver and tin as the main business direction, enriching and optimizing resource varieties. Solidly advance the subsequent acquisition and integration of Weiling Shares, actively track high-quality mineral project opportunities both in and outside China, and enhance overall competitiveness through industrial synergy M&A. 5. Further strengthen system enforcement and internal control management, promoting the effective implementation of various systems, processes, and control requirements, and elevating the level of refined management; strengthen enforcement to ensure that production plans, comprehensive budgets, and all work deployments are fully executed, and deeply integrate corporate culture with operational management. 6. Fully promote preparations for a Hong Kong stock listing, accelerate the establishment of dual capital market platforms both at home and abroad, enhance cross-border capital operation capabilities, provide stronger financial support for resource integration and strategy implementation, and drive the Company’s high-quality sustainable development to a new level.
In a research report released on July 25, Huaxi Securities commented: Silver’s macro logic is similar to gold’s, but it also has stronger industrial attributes, with its price driven by a resonance of fundamentals, policy, and trading. From a core support perspective, silver’s inclusion in the US “critical minerals” list has triggered sustained capital attention and hoarding effects, serving as a key policy catalyst for price increases. Although short-term demand has pulled back, the supply-side gap remains prominent, providing core fundamental support for silver prices. The supply-demand gap for silver is expected to widen further in the coming years. Coupled with industrial recovery demand under an easing cycle, silver’s price elasticity is significantly higher than gold’s, and it is likely to rise amid an accommodative environment and industrial demand, with a positive long-term outlook for silver prices. Currently, the silver sector is in a pullback consolidation phase, suppressed in the short term by a stronger US dollar and delayed interest rate cut expectations, but it still holds medium- and long-term investment value. Beneficiaries of silver: [Shengda Resources], [Xingye Silver&Tin].
A research report from Guosen Securities on April 24 showed: In recent years, the Company’s production of major minerals has steadily increased. In 2025, both volume and price increases of silver drove growth, while high tin prices offset the impact on production. M&A achievements were significant, with silver and tin resource reserves reaching new heights. In 2025, the Company completed two major strategic acquisitions. 1) Acquisition of an 85% stake in Yubang Mining: In January 2025, the Company acquired an 85% stake in Yubang Mining for RMB 2.388 billion. Yubang Mining is the largest single silver mine in Asia and the fifth largest globally. This acquisition increased the Company’s silver metal resources to 29,800 mt, significantly enhancing its industry standing. 2) Acquisition of a 100% stake in Atlantic Tin: In August 2025, the Company completed the acquisition of Atlantic Tin, obtaining its Achmmach tin mine in Morocco. The mine holds tin metal resources of 213,300 mt, equivalent to five large tin deposits, bringing the Company’s total tin metal resources to 391,600 mt. Risk warnings: risks that the Company’s resource development progress may fall short of expectations; risks of wild swings in metal prices.
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