Zijin Mining Group Co Ltd

Latest Results (01.09.2026):

Zijin Mining Group Co Ltd — First quarter of 2026 (Q1 2026): The company reported strong unaudited results for Q1 2026 prepared under ASBE, with operating income of RMB98.498 billion (up 24.8% year‑over‑year) and net profit of RMB25.166 billion (up 101.9% YoY). Net profit attributable to owners of the listed company was RMB20.079 billion (up 97.5% YoY). Results were driven by higher metal prices, increased gold and lithium output and improved operational performance.

Key financials

Operating income: RMB98.498bn (+24.79% YoY). Profit before tax: RMB31.584bn (+115.03% YoY). Net profit: RMB25.166bn (+101.90% YoY). Net profit attributable to owners: RMB20.079bn (+97.50% YoY). Basic EPS: RMB0.755 (Q1 2025: RMB0.383).

Profitability and margins

Overall gross profit margin rose to 36.33% from 22.89% a year earlier; gross margin for mining operations reached 71.01% (vs. 59.94% in Q1 2025). The company cites higher realized prices for principal metals and improved cost and production management as drivers.

Cash flow and liquidity

Net cash flows from operating activities were RMB27.832bn (up 122.15% YoY). Reported cash and cash equivalents on the consolidated balance sheet were about RMB99.393bn as at 31 March 2026 (closing cash per cash flow statement RMB90.253bn). Short‑term borrowings were ~RMB41.18bn and long‑term borrowings ~RMB57.43bn.

Production highlights

Mine‑produced output: gold 23,497 kg (+23% YoY), copper 259,214 t (down from 287,571 t YoY, impacted by lower output at Kamoa‑Kakula), lithium carbonate equivalent 16,229 t (vs 1,376 t in Q1 2025). Refined copper and zinc volumes also reported.

Lithium outlook

Zijin expects to produce ~120,000 t lithium carbonate equivalent in 2026 and targets 270,000–320,000 t by 2028 as new projects ramp up (Tres Quebradas, Lakkor Tso, Xiangyuan, Manono NE). The company positions lithium as a new core growth engine benefiting from energy transition trends.

Balance sheet and capitalization

Total assets were RMB549.920bn (+7.41% vs end‑2025) and equity attributable to shareholders RMB200.417bn (+8.02%). Total liabilities were RMB282.501bn; bonds payable reported at ~RMB56.326bn.

Non‑recurring items and one‑offs

Reported non‑recurring profit (net) totaled RMB1.620bn in Q1 2026, including gains on changes in fair value and disposals of financial assets. Management noted certain recurring provisions for operational funding support are not classified as non‑recurring.

Other notes

Results are unaudited. Management highlighted ongoing measures to improve quality, raise production, control costs and said incremental contributions from recent gold and lithium acquisitions and ramped projects supported the quarter’s performance.