Metallurgical Corporation of China (MCC; 01618) has approved separate Mutual Supply Agreements for Project Construction and Services with three connected subsidiaries—MCC Eco-Environmental Protection, Nanjing MCC Real Estate and Qianhai MCC Construction Technology—covering the period from signing to 31 December 2027.

Key terms and scale • Transaction scope: engineering construction, plus technical and management services. • Pricing: mainly through public tender or arm’s-length negotiation, benchmarked against local government guidance and market rates. • Term: effective immediately until end-2027.

Aggregated annual caps (RMB, including VAT) • Engineering construction income: up to 0.20 billion for 2026 and 0.10 billion for 2027. • Engineering construction expenditure: capped at 0.20 billion per year. • Technical and management service income: capped at 0.10 billion per year. • Technical and management service expenditure: capped at 0.10 billion per year.

Historical dealings For 2024–2025, MCC’s transactions with MCC Eco-Environmental Protection generated RMB217.12 million in engineering income and RMB15.45 million in service income, while related expenditures totalled RMB11.59 million. Dealings with Nanjing MCC Real Estate were confined to service-related outlays of RMB8.38 million in 2024 and RMB7.26 million in 2025. No transactions were recorded with Qianhai MCC Construction Technology during the same period.

Regulatory position Because all three counterparties are, via China Minmetals Group, connected persons holding more than 10 % stakes, the agreements constitute continuing connected transactions under Chapter 14A of the Hong Kong Listing Rules. Individual and aggregated percentage ratios exceed 0.1 % but remain below 5 %, requiring announcement and annual review only; shareholder approval is not needed.

Strategic rationale Management expects the arrangements to: 1. Leverage MCC Eco-Environmental Protection’s expertise in water and green construction to enhance the Group’s environmental engineering capability; 2. Broaden revenue streams through participation in high-quality real-estate construction and project management alongside Nanjing MCC Real Estate and Qianhai MCC Construction Technology; and 3. Realise synergies in technology R&D, supply-chain optimisation and cost control across the wider Minmetals ecosystem.

Internal controls Tender committees, monthly transaction monitoring and contract reviews by the legal department are in place to ensure that terms remain no less favourable than those offered by independent third parties.