CROSBY Research – Zijin Mining (2899 HK/NR): Profit Alert Sets the Tone for 2026 — Gold/Silver Upswing & Lithium Scale‑Up

5 Jan 2026

On 30 Dec 2025, Zijin Mining issued a positive profit alert, guiding FY25 net profit attributable to shareholders to Rmb51–52bn, up roughly 59%–62% YoY (ex‑non‑recurring: Rmb47.5–48.5bn, +50%–53% YoY). Management attributed the uplift to both volume growth and higher realized prices across key commodities. Full‑year 2025 mined output is estimated at c.90t gold (+23% vs 2024), c.1.09mt copper (+2%), c.437t silver (~flat), and c.25kt lithium carbonate equivalent (including May–Dec contributions from Zangge Mining), alongside YoY price gains in gold, copper and silver. The mix shift toward gold (a higher‑margin segment for Zijin) and scaling in battery metals also support operating leverage and cash generation.