Zijin Mining : First Quarterly Report 2024

First Quarterly Report 2024

The board of directors (the "Board of Directors") of Zijin Mining Group Co., Ltd.* (the "Company") is pleased to announce the unaudited results (the "First Quarterly Report") of the Company and its subsidiaries (collectively the "Group") for the three months ended 31 March 2024, which have been prepared in accordance with the Accounting Standards for Business Enterprises ("ASBE") issued by the Ministry of Finance of the People's Republic of China (the "PRC"), and the Application Guidance for ASBE, interpretations and other relevant regulations issued and revised thereafter.

This report is published in both Chinese and English. In the case of any discrepancies, the Chinese version of this report shall prevail.

In this report, unless otherwise stated, monetary units are denominated in Renminbi ("RMB").

22 April 2024, Fujian, the PRC

* The Company's English name is for identification purpose only

1

First Quarterly Report 2024

Stock code: 601899

Stock abbreviation: Zijin Mining

Zijin Mining Group Co., Ltd.*

First Quarterly Report 2024

The Board of Directors and all directors of the Company hereby warrant that there are no false representations or misleading statements contained in, or material omissions from the contents in this announcement, and bear legal responsibility for the authenticity, accuracy and completeness of the contents.

Important notes:

The Board of Directors, the supervisory committee, the directors, supervisors and senior management of the Company hereby warrant that the contents contained in this quarterly report are authentic, accurate and complete, and there are no false representations or misleading statements contained in, or material omissions from this quarterly report, and individually and jointly bear legal responsibility.

The person in charge of the Company, the principal in charge of accounting and the head of accounting department (chief accounting officer) hereby warrant that the financial statements contained in this quarterly report are authentic, accurate and complete.

Is the First Quarterly Report audited Yes No

I. Major financial data

(I) Major accounting data and financial indicators

				Unit: RMB
				Percentage change in
Item			Amount for the reporting	amount for the reporting
		period	period compared with the
				same period last year (%)
Operating income			74,776,621,392	-0.22
Profit before tax			8,828,355,514	8.86
Net profit			7,648,878,108	11.23
Net profit attributable to owners of the listed company	6,260,843,273	15.05
Net profit attributable to owners of the listed company	6,223,991,585	15.92
after non-recurring profit or loss
Net cash flows from operating activities	8,172,074,230	4.38
Basic earnings per share (RMB/share)	0.238	14.98
Diluted earnings per share (RMB/share)	0.238	14.98
Weighted average return on net assets (%)	5.58	Decreased by 0.31
percentage points
				Change as at the end of the
		As at the end of the	As at the end of last year	reporting period compared
		reporting period	with the end of last year
				(%)
Total assets		355,906,653,868	343,005,706,012	3.76
Equity attributable	to
shareholders of	the	116,677,039,800	107,505,943,323	8.53
listed company

2

First Quarterly Report 2024

1. Non-recurringprofit or loss items and their amounts
   Applicable Not applicable

Unit: RMB

Non-recurring profit or loss item	Amount for the reporting period	Note
Losses on disposal of non-current assets,
including reversal of provision for	-8,729,463
impairment loss on impaired assets
Government grants recognised in profit or
loss for the current period, except for
government grants which are closely
related to the Company's normal
business operations, and in line with the	125,305,833
country's policies,	calculated according
to certain standards or generating
continuous impact on the Company's
profit or loss
Gains or losses on changes in fair value
arising from held for trading financial
assets and held for trading financial
liabilities, and investment income and
losses on disposals of held for trading	-14,355,557
financial assets and held for trading
financial liabilities except for the
effective hedging business relating to the
Company's normal business operations
Capital utilisation	fee	received from
non-financial enterprises recognised in	10,038,807
profit or loss for the current period
Reversal of bad debt provision for trade
receivables of which impairment has	856,290
been tested individually
Non-operating income and expenses other	-250,411,047
than the aforesaid items
Other profit or loss items which meet the	100,884,330
definition of non-recurring profit or loss
Less: Impact on income tax	14,324,109
Impact on	the	non-controlling	-87,586,604
interests (after tax)
Total		36,851,688

For items which the Company recognises as non-recurring profit or loss items according to the Explanatory Announcement No. 1 on Information Disclosure for Companies Making Public Offering of Securities - Non-recurring Profit or Loss that are not listed in the announcement but are significant in amount, and items which are listed as non-recurring profit or loss items in the Explanatory Announcement No. 1 on Information Disclosure for Companies Making Public Offering of Securities - Non-recurring Profit or Loss but are defined by the Company as recurring profit or loss items, the Company should explain the reason.

Applicable Not applicable

		Unit: RMB
Item	Amount involved	Reason
Capital utilisation fee received from non-financial
enterprises recognised in profit or loss for the	497,430,173	Please refer to the Note
current period

Note: The amounts due from Kamoa and others represent the Group's ongoing operational funding support provided to associates and joint ventures. The corresponding capital utilisation fee income generated from these amounts was directly relating to daily operating activities and are not of temporary or occasional nature. Based on the abovementioned business model, the management of the Group does not classify the capital utilisation fee income received from associates and joint ventures for their daily operating activities as non-recurring profit or loss since 2023. The Company's capital utilisation fee income generated from loans to associates and joint

3

First Quarterly Report 2024

ventures for their daily operation in the first quarter of 2024 amounted to RMB497,430,173.

1. Changes in major accounting data and financial indicators and reasons for the changes
   Applicable Not applicable

II. Information about shareholders

Total number of ordinary shareholders and number of preference shareholders with restored voting rights and shareholdings of the top ten shareholders

Unit: share

Total	number	of	ordinary		Total number of preference shareholders with
shareholders as at the end of the	345,936	restored voting rights as at the end of the	0
reporting period				reporting period (if any)
	Shareholdings of	top ten shareholders (excluding lending of shares through refinancing)
							Number of	Information about
						Approximate	pledged, marked or
	Name of shareholder	Nature of	Number of	shareholding	shares held	frozen shares
	shareholder	shares held	percentage	subject to
				trading	Status of
						(%)	Number
							moratorium	shares
Minxi Xinghang State-owned Assets
Investment Company Limited	State-owned	6,083,517,704	23.11	0	Frozen	208,484,145
(閩西興杭國有資產投資經營有限公	corporation
司)
HKSCC Nominees Limited		Overseas	5,721,544,720	21.73	0	Nil	0
	corporation
Hong	Kong Securities	Clearing	Overseas	1,573,616,704	5.98	0	Nil	0
Company Limited			corporation
China Securities Finance Corporation	State-owned
Limited			691,190,770	2.63	0	Nil	0
		corporation
(中國證券金融股份有限公司)
Perseverance Asset	Management
L.L.P.	- Gaoyi Xiaofeng No. 2
Zhixin Fund			Others	345,777,490	1.31	0	Nil	0
(上海高毅資產管理合伙企業(有限
合伙)－高毅曉峰 2 號致信基金)
Industrial and Commercial Bank of
China - SSE 50 Exchange - Traded
Securities Investment Funds	Others	275,842,453	1.05	0	Nil	0
(中國工商銀行－上證50 交易型開放
式指數證券投資基金)
China Foreign Economy and Trade
Trust Co., Ltd. - Foreign Trade Trust
- Gaoyi Xiaofeng	Hongyuan
Collective Fund Trust Scheme	Others	265,000,100	1.01	0	Nil	0
(中國對外經濟貿易信託有限公司－
外貿信託－高毅曉峰鴻遠集合資
金信託計劃)
Industrial and Commercial Bank of
China - Huatai-PineBridge CSI 300
ETF				Others	177,944,929	0.68	0	Nil	0
(中國工商銀行股份有限公司－華泰
柏瑞滬深300 交易型開放式指數證
券投資基金)
Abu Dhabi Investment Authority	Overseas	144,752,085	0.55	0	Nil	0
(阿布達比投資局)			corporation
					4

First Quarterly Report 2024

HHLR Management Pte. Ltd. - HHLR

China Fund (Exchanges)

Overseas

142,809,537

0.54

0

Nil

0

HHLR 管理有限公司－中國價值基

corporation

金(交易所)

Shareholdings of top ten shareholders whose shares are not subject to trading moratorium

Number of tradable shares

Class and number of shares

Name of shareholder

held which are not subject to

Class of shares

Number

trading moratorium

Minxi Xinghang State-owned Assets

Investment Company Limited

6,083,517,704

RMB ordinary shares

6,083,517,704

(閩西興杭國有資產投資經營有限公

(A Shares)

司)

HKSCC Nominees Limited

5,721,544,720

Shares listed overseas

5,721,544,720

(H Shares)

Hong

Kong

Securities

Clearing

1,573,616,704

RMB ordinary shares

1,573,616,704

Company Limited

(A Shares)

China Securities Finance Corporation

RMB ordinary shares

Limited

691,190,770

691,190,770

(A Shares)

(中國證券金融股份有限公司)

Perseverance

Asset Management

L.L.P.

-

Gaoyi

Xiaofeng

No.

2

RMB ordinary shares

Zhixin Fund

345,777,490

345,777,490

(A Shares)

(上海高毅資產管理合伙企業(有限

合伙)－高毅曉峰 2 號致信基金)

Industrial and Commercial Bank of

China - SSE 50 Exchange - Traded

RMB ordinary shares

Securities Investment Funds

275,842,453

275,842,453

(A Shares)

(中國工商銀行－上證50 交易型開放

式指數證券投資基金)

China Foreign Economy and Trade

Trust Co., Ltd. - Foreign Trade Trust

- Gaoyi

Xiaofeng

Hongyuan

RMB ordinary shares

Collective Fund Trust Scheme

265,000,100

265,000,100

(A Shares)

(中國對外經濟貿易信託有限公司

－外貿信託－高毅曉峰鴻遠集合

資金信託計劃)

Industrial and Commercial Bank of

China - Huatai-PineBridge CSI 300

ETF

177,944,929

RMB ordinary shares

177,944,929

(中國工商銀行股份有限公司－華泰

(A Shares)

柏瑞滬深300 交易型開放式指數證

券投資基金)

Abu Dhabi Investment Authority

144,752,085

RMB ordinary shares

144,752,085

（阿布達比投資局）

(A Shares)

HHLR Management Pte. Ltd. - HHLR

China Fund (Exchanges)

142,809,537

RMB ordinary shares

142,809,537

HHLR 管理有限公司－中國價值基

(A Shares)

金(交易所)

Description of connected relationship

or acting in concert arrangement

The Company is not aware of any connected relationship or acting in concert arrangement

among

the

abovementioned

among the top ten shareholders of tradable shares.

shareholders

Description

of

participation

in

securities

margin

trading

and

refinancing business of top ten

Not applicable

shareholders and top ten shareholders

whose shares are not subject to trading

moratorium (if any)

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First Quarterly Report 2024

Details of lending of shares through the participation in refinancing business of shareholders holding more than 5% of the shares, top ten shareholders and top ten shareholders whose shares are not subject to trading moratorium Applicable Not applicable

Unit: share

Details of lending of shares through the participation in refinancing business of shareholders holding more than 5% of the shares,

top ten shareholders and top ten shareholders whose shares are not subject to trading moratorium

				Shareholding of ordinary	Lending of shares			Lending of shares
				through refinancing	Shareholding of ordinary	through refinancing
				account and credit account
Name of		business and not yet	account and credit account	business and not yet
	at the beginning of the
shareholder	returned at the beginning	at the end of the period	returned at the end
period
(full name)	of the period			of the period
				Total	Proportion	Total	Proportion	Total	Proportion	Total	Propor-
				number	(%)	number	(%)	number	(%)	number	tion (%)
Industrial		and
Commercial		Bank
of China - SSE 50
Exchange -	Traded
Securities			200,846,253	0.76	1,290,000	0.0049	275,842,453	1.05	0	0
Investment Funds
(中國工商銀行－上
證 50	交易型開放
式指數證券投資基
金)
Industrial		and
Commercial		Bank
of	China	-
Huatai-PineBridge
CSI 300 ETF		123,011,429	0.47	45,600	0.0002	177,944,929	0.68	0	0
(中國工商銀行股份
有限公司－華泰柏
瑞滬深 300	交易型
開放式指數證券投
資基金)

Changes of the top ten shareholders and top ten shareholders whose shares are not subject to trading moratorium compared with the previous period due to lending/return of shares through refinancing business Applicable Not applicable

6

First Quarterly Report 2024

III. Other reminders

Other important information about the Company's operating conditions during the reporting period that investors need to be reminded of and pay attention to

Applicable Not applicable

(I) Main production and operation data

From January to March 2024, the production volumes of mine-produced gold and mine-produced copper increased by 5% and 5%, respectively, compared with the same period last year; and the production volume of mine-produced zinc decreased by 9% compared with the same period last year; the Group realised an operating income of RMB74.777 billion, representing a decrease of 0.22% compared with the same period last year; net profit attributable to owners of the parent was RMB6.261 billion, representing an increase of 15% compared with the same period last year. The overall gross profit margin of mining entities was 54.50%, representing an increase of 0.97 percentage points compared with the same period last year.

As compared with the fourth quarter of 2023, in the first quarter of 2024, the production volume of mine-produced gold decreased by 5%, the production volume of mine-produced copper increased by 4% and the production volume of mine-produced zinc decreased by 0.2%, respectively; the Company realised an operating income of RMB74.777 billion, representing an increase of 9% compared with the fourth quarter of 2023; net profit attributable to owners of the parent was RMB6.261 billion, representing an increase of 26% compared with the fourth quarter of 2023. In the first quarter of 2024, the gross profit margin of mining entities was 54.50%, representing an increase of 8.88 percentage points compared with the fourth quarter of 2023.

The following tables show the major production and financial indicators by product for the period from January to March 2024, the same period last year and the fourth quarter of 2023, respectively.

1. Production volumes of the Company's major products during the reporting period

Product name	Unit	Jan - Mar	Jan - Mar	Oct - Dec
2024	2023	2023
I. Mine-produced product
Mine-produced gold	kg	16,805	15,952	17,635
Including: Zhaojin Mining on equity basis	kg	682	499	703
Mine-produced copper	t	262,649	249,699	253,042
Including: Kamoa on equity basis	t	38,816	42,104	41,480
Yulong Copper on equity basis	t	7,807	5,140	7,837
Mine-produced zinc	t	98,453	107,635	98,616
Including: Wancheng Commercial on equity basis	t	2,898	2,631	2,590
Mine-produced silver	kg	102,014	105,592	101,630
Iron ore	Mt	0.5356	0.5133	0.5834
Including: Makeng Mining on equity basis	Mt	0.2418	0.1939	0.1867
Xinjiang Huajian on equity basis	Mt	0.1227	-	-
II. Refined product
Refined copper	t	190,805	174,276	180,500
Refined zinc	t	92,536	87,838	93,457

Note 1: The above data by product was based on the figures before eliminating intercompany sales.

Note 2: The Group is mainly engaged in mine development, refining and processing. The Group's costs of sales of products mainly includes mining, processing, refining, ore transportation, procurement of mine-produced concentrates, raw materials consumption, energy, salaries, depreciation of fixed assets, etc.

7

First Quarterly Report 2024

2. Major production and financial indicators by product for the periods from January to March 2024 and January to March 2023, respectively:

		Item		Sales volume			Unit price		Unit cost of sales	Gross profit
						margin (%)
Product name	Unit	Q1 2024	Q1 2023	Unit	Q1 2024	Q1 2023	Unit	Q1 2024	Q1 2023	Q1 2024	Q1 2023
I. Mine-produced product
Mine-produced		Gold bullion	kg	9,448	7,279	RMB/g	472.74	412.69	RMB/g	276.72	256.11	41.47	37.94
gold		Gold concentrate	kg	6,530	8,823	RMB/g	436.66	366.53	RMB/g	145.17	153.75	66.75	58.05
Mine-produced		Copper concentrate	t	163,026	176,843	RMB/t	51,194	51,656	RMB/t	18,546	20,144	63.77	61.00
	Electrodeposited copper	t	20,530	19,644	RMB/t	58,220	59,583	RMB/t	32,155	35,106	44.77	41.08
copper
	Electrolytic copper	t	29,319	0	RMB/t	60,516	/	RMB/t	37,069	/	38.75	/
Mine-produced zinc	t	80,152	106,740	RMB/t	12,218	13,316	RMB/t	8,689	9,027	28.89	32.21
Mine-produced silver	kg	93,079	104,122	RMB/g	3.93	3.26	RMB/g	1.90	1.67	51.65	48.75
Iron ore			Mt	0.3105	0.7161	RMB/t	718	592	RMB/t	155	224	78.38	62.24
II. Refined product
Refined copper			t	188,622	174,272	RMB/t	61,129	60,909	RMB/t	59,495	58,806	2.67	3.45
Refined zinc			t	91,712	88,408	RMB/t	18,567	20,555	RMB/t	17,525	18,978	5.61	7.67
Overall gross profit margin										16.61	15.53
Overall gross	profit margin of mining										54.50	53.53
entities

Note 1: The above data by product was based on the figures before eliminating intercompany sales, and does not include associates and joint ventures.

8

First Quarterly Report 2024

3. Major production and financial indicators by product for the periods from January to March 2024 and October to December 2023, respectively:

In the first quarter of 2024, the Company further implemented the master work directive of "improving quality, reducing costs, boosting profitability". The rising trend of the costs of major mineral products was effectively curbed, and the Company's overall operating costs, especially those of overseas projects, decreased significantly compared with the fourth quarter of 2023. The unit costs of sales of mine-produced gold concentrate and mine-produced copper concentrate decreased by 14% and 13%, respectively, compared with the fourth quarter of 2023. Coupled with the background of continued rise in gold and copper prices, the Company's gross profit margin increased significantly.

		Item		Sales volume			Unit price		Unit cost of sales	Gross profit
						margin (%)
Product name	Unit		Q1 2024		Q4 2023	Unit	Q1 2024	Q4 2023	Unit	Q1 2024	Q4 2023	Q1 2024	Q4 2023
I. Mine-produced product
Mine-produced		Gold bullion	kg		9,448		9,953	RMB/g	472.74	441.82	RMB/g	276.72	294.09	41.47	33.44
gold		Gold concentrate	kg		6,530		7,502	RMB/g	436.66	392.45	RMB/g	145.17	168.79	66.75	56.99
Mine-produced		Copper concentrate	t		163,026		151,390	RMB/t	51,194	49,100	RMB/t	18,546	21,403	63.77	56.41
	Electrodeposited copper	t		20,530		23,530	RMB/t	58,220	55,333	RMB/t	32,155	26,273	44.77	52.52
copper
	Electrolytic copper	t		29,319		30,245	RMB/t	60,516	58,396	RMB/t	37,069	46,040	38.75	21.16
Mine-produced zinc	t		80,152		98,695	RMB/t	12,218	12,316	RMB/t	8,689	9,900	28.89	19.62
Mine-produced silver	kg		93,079		99,097	RMB/g	3.93	3.63	RMB/g	1.90	1.78	51.65	50.96
Iron ore			Mt		0.3105		0.2779	RMB/t	718	614	RMB/t	155	232	78.38	62.16
II. Refined product
Refined copper			t	188,622		180,501	RMB/t	61,129	60,014	RMB/t	59,495	58,637	2.67	2.29
Refined zinc			t	91,712		93,374	RMB/t	18,567	18,839	RMB/t	17,525	17,571	5.61	6.73
Overall gross profit margin												16.61	17.94
Overall gross	profit margin of mining												54.50	45.62
entities

Note 1: The above data by product was based on the figures before eliminating intercompany sales, and does not include associates and joint ventures.

9

				First Quarterly Report 2024
	IV. Quarterly financial statements
	(I) Type of auditor's opinion
	 Applicable	 Not applicable
	(II) Financial statements
	Consolidated Statement of Financial Position
				As at 31 March 2024
	Prepared by Zijin Mining Group Co., Ltd.*
						Unit: RMB (unaudited)
	Item			31 March 2024		31 December 2023
	Current assets:
	Cash and cash equivalents			21,148,086,273		18,448,716,808
	Settlement reserves
	Loans to banks and other financial
	institutions
	Held for trading financial assets			5,452,237,884		5,307,044,685
	Derivative financial assets
	Bills receivable			390,939,714		553,119,452
	Trade receivables			8,125,146,010		7,777,908,320
	Receivables financing			1,792,783,248		2,798,769,858
	Prepayments			3,461,489,796		2,677,321,890
	Premium receivables
	Receivables from reinsurers
	Reinsurance contract reserves
	receivable
	Other receivables			3,530,828,359		2,834,011,778
	Including: Interest receivables
	Dividends receivable
	Financial assets purchased under
	agreements to resell
	Inventories			30,565,445,368		29,289,613,313
	Including: Data resources
	Contract assets			1,090,948,931		1,143,837,782
	Held for sale assets			23,137,364		26,351,841
	Current portion of non-current assets		965,529,006		708,232,962
	Other current assets			6,055,085,632		6,063,611,366
	Total current assets			82,601,657,585		77,628,540,055
	Non-current assets:
	Loans and advance payments
	Debt investments			971,975,570		379,661,490
	Other debt investments
	Long-term receivables
	Long-term equity investments			32,691,189,009		31,632,272,017
	Other equity instrument investments		16,568,908,534		13,719,080,444
	Other non-current financial assets
	Investment properties			313,687,942		327,295,982
	Fixed assets			81,363,382,897		81,465,916,360
	Construction in progress			38,679,182,818		35,926,774,177
	Productive biological assets
	Oil and gas assets
	Right-of-use assets			338,435,844		334,369,349
	Intangible assets			67,735,015,257		67,891,999,037
	Including: Data resources
	Development costs
				10