Zhaojin Mining Industry Company Limited (1818) has announced a revision to the annual cap under its Framework Agreement for Sales of Silver for the year ending 31 December 2026. The original cap of RMB210 million is expected to be insufficient due to the significant rise in silver prices. As a result, the company entered into a supplemental agreement on 11 February 2026 to increase the cap to RMB570 million. Subject to independent Shareholder approval, the annual cap will be further raised to RMB2.0 billion.

The silver sales framework agreement was initially signed with Zhaojin Refinery, a subsidiary of the company’s controlling shareholder, Shandong Zhaojin, for the period from 1 January 2024 to 31 December 2026. The proposed upward adjustment aims to capture favorable market trends and enhance overall profitability by optimizing the timing of silver sales. In addition, Zhaojin Refinery’s capabilities in refining and logistics help reduce delivery, transportation, and market risks.

From a regulatory perspective, the revised annual cap of RMB570 million triggers reporting, annual review, and announcement requirements under Chapter 14A of the Listing Rules. The further increase to RMB2.0 billion will also require independent Shareholder approval, as it exceeds the 5% threshold under the Listing Rules. A circular providing additional details is planned for dispatch on or before 27 February 2026, and transactions with Zhaojin Refinery will remain within the RMB570 million limit unless and until the higher cap is approved.