一元復始，萬象更新，万象城awc迎來了充滿希望和挑戰的2022年。我謹代表萬象城awc礦業集團股份有限公司，向辛勤奮戰在全球各地的萬象城awc人及家屬、廣大協作者和社區人民致以誠摯的問候！向長期關心、支持和幫助萬象城awc礦業發展的各國政府、投資者與社會各界朋友致以美好的新年祝福！

With a new beginning comes a fresh start. As the year of 2022 is ringing in, we see both hope and challenges lying ahead. On behalf of Zijin Mining Group, I wish a Happy New Year to all our stakeholders in China and around the world. I would also like to extend our sincere gratitude to our employees and their families, our investors, local communities and governments where we operate, for their devotion and support that have made us grow.

2021年初，萬象城awc礦業確立了宏偉的《五年（2+3）規劃和2030年發展目標綱要》，吹響了十年“三步走”達到全球超一流金屬礦業公司的進軍號角。面對百年未有之大變局和世紀疫情等多重挑戰，公司沉著應對、堅定信心，堅持“深化改革、跨越增長、持續發展”工作總路線，實現了業績增長、生產經營、重大項目建設的“超預期”，實現了首年開門紅！

Zijin Mining unveiled its Five-Year (2+3) Plan and 2030 Development Goals at the start of 2021, aiming to become a top global metals and mining company with a three-phased approach in 10 years.

As an old Chinese saying goes, first victory is most auspicious. Zijin Mining secured a good start in 2021. Faced with momentous changes and a global pandemic unseen in a century, Zijin Mining followed the overarching principle of “deepening reform, leapfrog growth, sustainable development” in calmness and confidence, and achieved better-than-expected results in financial and operational performance as well as the construction of major projects.

過去的一年，是萬象城awc礦業實現跨越增長之年！公司在極其困難的情況下，狠抓生產經營，搶抓金屬市場良好上漲機遇，主營礦產品量價齊升，主要經濟指標創歷史新高，海外主要礦產資源量、產量及利潤貢獻全面超越國內。銅板塊成為跨越增長的主要動力，呈現爆發式增長態勢，邁入世界一流銅業公司行列。公司以創新為代表的全球礦業競爭力持續培厚，行業地位大幅提升，成為2021《福布斯》和《財富》世界雙“500強”企業。

This past year is a year of leapfrog growth. Despite external difficulties, Zijin Mining has created new production records to maximize the sales and profits in a bullish metals market. Our overseas operations have contributed more than our domestic operations and our copper assets have become a main driver of our growth, turning us into a top player in the global copper market.   Self-driven innovation and strengthened competitiveness are key to our progress – Zijin Mining has been ranked by both Forbes and the Fortune magazine as one of world’s top 500 companies.

過去的一年，是萬象城awc礦業實現可持續增長的奠基之年！一批重大“旗艦項目”建設捷報頻傳，“萬象城awc力量”、“萬象城awc速度”得到生動詮釋。三大世界級銅礦項目剛果（金）卡莫阿-卡庫拉銅礦一期、塞爾維亞佩吉銅金礦上部礦帶、西藏巨龍銅礦一期全部建成投產；塞爾維亞萬象城awc銅業MS礦新建年千萬噸級技改項目投產。剛果（金）卡莫阿-卡庫拉銅礦二期和塞爾維亞萬象城awc銅業VK礦4萬噸/天選廠建設迅速推進，均將在今年上半年投產；澳大利亞諾頓Binduli金礦、哥倫比亞武里蒂卡金礦、山西萬象城awc、貴州萬象城awc和塔吉克斯坦澤拉夫尚公司礦山及熱壓冶金項目等建設有序推進。“礦石流五環歸一”礦業工程管理模式深入推廣，并取得顯著成效。

This past year is a year of a solid foundation for sustainable development. The construction of several “flagship projects” has made great headway, another testimony to the “Zijin Capability” and “Zijin Speed”. The three world-class copper projects - the Kamoa-Kakula copper mine Phase 1 in Democratic Republic of Congo, the Upper Zone of the ?ukaru Peki copper-gold mine in Serbia, and the Julong copper mine Phase 1 in Tibet - have started commercial production. The expansion project of tens of millions tonnes per annum capacity at Serbia Zijin Copper’s Majdanpek mine has been completed and put into operation. And we expect to see the Kamoa-Kakula Phase 2 and 40Ktpd concentrator at the Veliki Krivelj mine to be commissioned in the first half of 2022. Other construction or expansion projects including the Binduli gold mine in Norton of Australia, the Buriticá gold mine in Columbia, Shanxi Zijin, Guizhou Zijin, JV Zeravshan in Tajikistan and its smelter project are also progressing steadily. Our “Five-in-One” mining and operational model has been applied to more mines with exciting feedbacks.

過去的一年，是萬象城awc礦業改革與綠色發展夯實之年！公司全面推進以國際化為主要標準的“簡潔、規范、高效”改革，全力建設以綠色可持續發展為重要特征的ESG治理體系，公司國際化運營管理體系建設初見成效，國際化人才隊伍建設成果顯著。綠色生態礦山建設持續提升，單位生產值的“能耗碳排”指標持續下降，低碳已成為公司建設和營運的指南。公司進軍新能源和新材料領域，并優先在礦產原材料方面布局，實施50億元的阿根廷世界級高品位3Q鋰鹽湖項目并購；成立新能源新材料研究院，推進與新能源礦產相關的產業延伸，加快項目落地工作；與福州大學等合作的氨-氫能源產業化全面啟動；與礦山及企業相結合的光伏電站建設取得重要成果。

This past year is a year of deepening reform and pursing green ambitions. With a global perspective in mind, the Group initiated managerial reforms to build a streamlined, standardized, and more efficient organizational process. To install an overall ESG system has been regarded as top priority. Achievements have been made in the development of an international management and operation system and in building an internationally competent workforce.

Our mines are becoming greener and more eco-friendly, with power consumption and carbon emissions per unit of output dropping. Low carbon emission target is a top requirement for all of our constructions and operations.

The Group has decided to expand into the renewable energy and advanced materials industry starting from exploring the upstream mineral resources. We are about to complete the deal to acquire the 3Q project, a world-class, high grade lithium brine project in Argentina with RMB 5 billion. Our lithium iron phosphate project, electrodeposited copper foil project and high-performance alloys project are progressing rapidly. We have launched a project together with Fuzhou University to commercialize the ammonia-to-hydrogen energy solution. And we installed solar power generators at our mine sites and factories that turned out to be a brilliant idea.

過去的一年，是萬象城awc礦業優秀企業文化的升華之年！疫情期間，一大批海外將士義無反顧逆行出征，一大批駐守將士長年堅守崗位默默奉獻；西藏巨龍團隊克服高原高寒、缺氧的極限挑戰，僅用1年半時間就把停建的中國最大銅礦建成投產，鑄就了最高海拔的“萬象城awc速度和奇跡”。“艱苦創業、開拓創新”的萬象城awc精神在“一帶一路”上熠熠生輝，富有萬象城awc特色的“共同發展”理念在海內外生根發芽，萬象城awc鋅業榮膺“全國脫貧攻堅先進集體”殊榮，多個海外項目獲得所在國最高領導人及社區群眾高度稱贊，萬象城awc礦業負責任大型跨國企業形象進一步提升。

This past year is a year of celebrating excellent corporate culture. Hundreds of employees braved the COVID-19 pandemic to fill overseas positions, and others dedicated themselves to their responsibilities for years without any complaints. Our team at Julong Copper overcame some extreme challenges including coldness and low oxygen levels so that the largest copper mine in China can be put into operation after an unbelievable one-year-and-a-half period of construction. This is a “Zijin miracle” performed at the highest altitude ever.

The motto of “working hard and breaking new ground” guides our work in every “Belt and Road” country that we operate in. Through a Zijin-specific approach to “common development”, we have benefited many in China and overseas. Zijin Zinc won the title of “National Outstanding Entity in Poverty Alleviation”, and many overseas projects were praised by local authorities and communities, enhancing Zijin Mining’s reputation as a responsible multinational company.

時間屬于奮進者！歷史屬于奮斗者！

Time favors those who forge ahead. History will remember those with a striving spirit.

世紀疫情持續沖擊，百年變局進一步演進，外部環境更趨復雜嚴峻。礦產作為工業和能源“糧食”，在國民經濟的基礎地位正在被重新認識。防止全球氣候變暖和控制碳排放已經成為全球共識，中國政府的“雙碳”承諾正在加速落地，新能源革命、電氣化浪潮波濤洶涌，新興產業和傳統產業轉型升級正加快推進，將成為巨大藍海市場。銅資源戰略性地位持續提升，需求將進一步增長；鋰、鈷、鎳等戰略性新能源金屬需求增量空間強勢打開；在貨幣泛濫的今天，黃金作為傳統避險工具預期保持高位震蕩。

With the pandemic raging, and major, evolving changes unseen in a century unfolding, the external environment becomes more challenging. To control global warming and to reduce GHG emissions have become global awareness while China is moving faster to fulfill its commitments of carbon peaking in 2030 and carbon neutrality in 2060. Energy transition and electrification have gained strong momentum, creating a Blue Ocean market with unlimited potentials. Copper as a critical mineral has been strategically repositioned and substantial demand upside is woven into the future together with other battery metals such as lithium, cobalt, and nickel. Gold is still considered to be a safe haven so it will stay in the high trading range as liquidity floods everywhere.

2022年，是萬象城awc礦業十年發展第一階段沖關之年。公司將繼續堅持“深化改革、跨越增長、持續發展”工作總路線，持續提升全球競爭力，以優質礦物原料及新能源礦產助力全球經濟發展和產業轉型升級。

2022 will mark the first milestone in our endeavor to turn our ten-year development plan into reality. Zijin will stay committed to the general principle of “deepening reform, leapfrog growth, sustainable development” while enhancing its global competitiveness. We supply the world with high-quality mineral products and energy-transition metals for stronger economic growth as well as a sustainable future.

深化改革，初步建成全球化運營管理體系。

Deepen reform and establish a global operation and management system.

公司十年“三步走”建立具有萬象城awc特色的“簡潔、規范、高效”的全球化運營管理體系，第一階段深化改革已經進入深水區，觸動“硬骨頭”勢在必行，万象城awc要走符合國際標準、又與企業實際相融合的“中間”道路，加快推進國際化制度體系建設，完善信息化流程，應用數字化和智能化為生產管理系統轉型升級賦能，建設高適配的人力資源體系，激發組織活力。

Zijin is building a streamlined, standardized, and more efficient organizational process with a three-phased approach in 10 years. The first phase of deepening reform has entered “deep waters”, where the “hard nuts” must be cracked. To this end, we will find the “middle way” between international standards and our own business model. We will introduce international corporate policies and empower production teams with smarter and better digital tools. We will also develop a tailor-made talent pool to support our development and also to stimulate organizational vitality.

緊盯“雙碳”政策催生能源結構的重大革命，主動對接產業發展方向，堅持綠色高質量可持續發展理念，加快推出萬象城awc能耗和碳排雙控目標。拋棄過去傳統“礦業思維”，把握機遇，補齊短板，把新能源新材料金屬礦產資源取得及開發作為優先事項，加快開創新產業的新能力，早日成為新能源新材料行業的佼佼者。通過改革全面提升“礦業+金融貿易”的融合能力，主動對接資本市場，把握利用國際、國內兩個市場，爭取實現重大項目、重大資源和重大產能并購的新突破。

A major shift in the energy mix is underway, driven by the policy of “carbon peaking and carbon neutrality”. We will follow the industry trends and set our own goals in controlling energy consumption and carbon emissions to realize green and sustainable development. We will change the traditional “mining mindset”, and seize market opportunities to acquire related mineral resources and diversify our business portfolio to become a leader in the renewable energy and advanced materials industry.

Reforms will be conducted to bolster our capabilities in integrating mining, finance and trading. We will work closely with capital markets to make breakthroughs in acquiring major projects, strategic resources and industrial capacities in China and overseas.

遵循國際標準與規范，構建具有萬象城awc特色的ESG體系，提升環境與生態保護、職業健康與安全、人權保護、反腐敗與監督、負責任供應鏈、社會責任貢獻等關鍵績效。在礦山水循環利用和管理及自動在線監測、生態恢復方面要成為全球標桿；堅持依法合規，完善和落實企業各項證照手續。加大生態建設力度，推進自然碳匯，積極開展“油”改“電”和電動化替代，持續在礦山布局太陽能光伏電站、風力發電或水力電站，加大對清潔綠色能源的投資，創建具有國際水準的綠色礦山。確保安全環保始終處于高壓態勢，提升本質安全水平，打造高水平萬象城awc安全體系。

To install an overall ESG system with Zijin characteristics, we will follow international standards and norms, and improve our performance in environmental protection, OHS, human rights protection, anti-corruption and supervision, responsible supply chain, and social contribution. We aim to set the global benchmark in recycling, management, and online monitoring of water at mines and in ecological restoration.

We will improve our licensing work in all areas, to ensure compliance with laws and regulations. Meanwhile, stronger measures will be taken on ecological conservation and natural carbon sinks. We will build solar, wind and hydro power generators at our mines to speed up the shift from oil to electricity and electrification. We will invest more in clean energy, and build green mines to international standards. Putting high emphasis on safety and environmental protection, we keep improving our safety indicators and safety processes.

跨越增長，加速資源優勢轉化為產品及效益優勢。

Achieve leapfrog growth by turning mineral resources into mineral products and sales revenues.

2022年，万象城awc面臨良好的市場機會，隨著多個一流項目的建成投產，主要產品產量實現高增長是比較確定的事項，要把“該賺的錢賺回來”作為基本要求，爭取實現“超預期”跨越增長。

The bullish sentiments for metals and commodities will not fade away in 2022 and this is another year that will witness our strong growth as many of our world-class projects will be put into operation. Time is our friend, so we must “earn the money we ought to earn”, and strive for higher-than-expected, leapfrog growth.

銅礦項目要充分發揮“跨越增長”主力軍作用，確保成熟項目穩產達產高產，加快新建項目建成投產達產，全力推動卡莫阿-卡庫拉銅礦二期采選項目建成投產以及冶煉廠項目建設，加快啟動卡莫阿-卡庫拉銅礦三期、塞爾維亞佩吉銅金礦下部帶、西藏巨龍銅礦二期等部分關鍵工程建設，推進塞爾維亞萬象城awc銅業、黑龍江銅山銅礦等一批改擴建項目提質增效。大力激發黃金板塊動能，加快哥倫比亞武里蒂卡金礦、圭亞那奧羅拉金礦、澳大利亞諾頓金田等重點項目技改及在產項目達產，積極爭取波格拉金礦的復產；推動山西萬象城awc斑巖型金礦和貴州萬象城awc技改項目投產，為公司增長作出新貢獻。抓住鋅價高位機遇爭取超額完成規劃產量指標；實現新能源礦種項目實質性突破，完成阿根廷3Q鋰鹽項目的交割并啟動工程建設以最快速度實現投產，在提鋰工藝技術取得重要突破，并快速啟動新產能建設，在硬巖鋰方面取得進展，爭取成為全球重要的鋰材料供應商；適度延伸相關產業鏈優勢，冶煉、加工、建設、物流、技術和金融貿易等板塊要形成更大合力，為公司跨越增長作出新貢獻。

Copper projects are the main driving force for the Group’s “leapfrog growth”. Mature copper mines must maintain stable production and push for even higher outputs. New projects must speed up their construction so that they can be commissioned and reach nameplate capacity as soon as possible.

We will advance the construction of Kamoa-Kakula copper mine Phase 2 and the smelter project, and fast track Kamoa-Kakula Phase 3, the Lower Zone of the ?ukaru Peki gold-copper mine in Serbia and Phase 2 of Julong Copper in Tibet. We will also push forward with technical upgrades and expansion projects at Serbia Zijin Copper, Heilongjiang Tongshan copper mine and other projects.

The potential of our gold projects will be further unlocked. We will accelerate technical upgrading or ramp up production at our key gold assets including the Buriticá Gold Mine in Colombia, the Aurora Gold Mine in Guyana, and Norton Goldfield in Australia. We will push for the restart of the Porgera Gold Mine, the commencement of production at the porphyry gold mine of Shanxi Zijin and that of the technical upgrading at Guizhou Zijin.

We aim to beat our production targets for zinc to take advantage of the current bullish cycle.

Substantive breakthroughs will be made to expand our renewable energy portfolio. We will ensure the completion of the 3Q lithium deal, kick off engineering and construction, and begin commercial production as early as possible. We will work towards major breakthroughs in lithium extraction technology, and start the construction of new capacities. And we will seek opportunities in the field of hard-rock lithium. Our goal is to become an important global supplier of lithium materials.

To give a further boost to our leapfrog growth, we will tap into mining-related industries, and forge greater synergy among our businesses of smelting, processing, construction, logistics, technologies, finance, and trading.

持續發展，全面提升全球競爭力。

Enhance global competitiveness across the board through sustainable development.

堅持面向全球配置資源，尋求具有重大戰略意義中大型礦業公司并購機遇；開啟萬象城awc山和重點礦山新一輪找礦工作，加大自主找礦勘查力度，爭取實現新突破；重視礦產及延伸產業協同，介入“城市礦山”及循環經濟領域。以技術創新推動生產運營質量和效率提升，強化以我為主、高效協同的系統技術和工程研究、設計及實施能力，實現大規模地下開采崩落法實質性應用突破，在提鋰工藝、氨-氫能源、清潔能源、智能控制、信息化等技術及產業化取得突破。圍繞礦業主業加大產融貿結合，優化資產和財務結構，推動上市公司高質量發展，建設運營好上海資本投資和海南國際運營及金融貿易平臺，為公司可持續發展增加新動能，為股東和投資者創造新的價值。

Zijin Mining will look up the global mining pool for strategic, medium-sized and large M&A deals. The Zijinshan Mine and other key mines will launch new rounds of prospecting, with more in-house exploration expertise to secure new breakthroughs.

The Group will create synergy between mining and other related industries, and enter the field of “urban mining” and circular economy. We will drive improvements in production and operation with technological innovation. We will further develop our in-house, integrated expertise in mining technology and engineering, and in research, design, and implementation. We will break new ground in block caving, lithium extraction, ammonia-to-hydrogen energy solutions, clean energy, smart technology and information technology.

Zijin Mining will pursue high-quality development by integrating its core business of mining with finance and trading, and optimizing its asset and financial portfolios. We will make the most out of our investment company in Shanghai as well as our platform for overseas operations, finance and trading in Hainan. Success on these fronts will inject new impetus to our sustainable development and create more value for our shareholders and investors.

加大國際化青年人才、技術工人的引進和培養使用，完成千人“金榜生”招聘計劃。加強監督和反腐敗工作，全力構建與關聯方“親清”的共依共存共發展生態。大力傳承弘揚萬象城awc優秀文化，堅持“開發礦業、造福社會”共同發展理念，向世界展現萬象城awc形象、萬象城awc價值、萬象城awc境界，讓更多的人因萬象城awc的存在而受益。

The Group will step up the recruitment, training, and use of young, internationally competent talent and skilled workers. Our plan is to recruit 1000 top graduates this year. We will strengthen internal supervision and fight corruption, and with integrity and honesty we closely engage with our stakeholders so that we can grow together.

Every action is guided by our corporate culture. We always stick to our philosophy of “Mining for a Better Society”. And we will bring more benefits to more people so that our values and visions will be better understood.

偉大的時代提供了廣闊空間和重大機遇，萬象城awc礦業作為全球礦業市場的重要參與者，面對諸多嚴峻的困難和挑戰，一定能跨越增長攀高峰，布設新局建新功，不斷提升企業全球競爭力，早日建設成為綠色高技術超一流國際礦業集團！

We live in a great era, with massive potential and opportunities to be explored. As an important player in the global mining industry, Zijin Mining is determined to rise to the challenge, improve its global competitiveness, and scale the heights of this new journey, so as to be a green, high-tech, leading global mining company as early as possible.

祝新年快樂！吉祥如意！

Happy new year! And I wish all of you the very best.

   萬象城awc礦業 董事長 陳景河

Chen Jinghe, Chairman of Zijin Mining Group

2021年12月31日

December 31, 2021