China Metals

Research evidence excerpt

China Metals

le to select stocks in Asia/Australia/NZ

12-month target – Expected share price *equivalent fully paid ordinary weighted average number of

in 12 months Note: expected return is reflective of a Medium Volatility shares

Valuation – The company's estimated stock and should be assumed to adjust proportionately

All Reported numbers for Australian/NZ listed stocks are fair value share price based on the disclosed with volatility risk

modelled under IFRS (International Financial Reporting valuation methodology

Standards). Note: Quant recommendations may differ

from Fundamental Analyst recommendations

Recommendation proportions for quarter ending 30 Jun 2026

AU/NZ Asia USA

Outperform 65.38% 70.02% 64.29% (for global coverage by Macquarie, 1.91% of stocks followed are investment banking clients)

Neutral 27.62% 16.78% 35.71% (for global coverage by Macquarie, 0.40% of stocks followed are investment banking clients)

Underperform 6.99% 13.19% 0.00% (for global coverage by Macquarie, 0.00% of stocks followed are investment banking clients)

Company-Specific Disclosures

Company Name Disclosure

Yunnan Aluminium (000807 CH) None

Outperform

12-month target:CNY38.00 - EV/EBITDA

Valuation: CNY 38.00 - EV/EBITDA

Price:CNY24.98

Chifeng Jilong Gold Macquarie Capital Securities (Singapore) Pte. Limited makes a market in the securities of Chifeng Jilong Gold Mining Co Ltd.

Mining (600988 CH) Macquarie Capital Limited makes a market in the securities of Chifeng Jilong Gold Mining Co Ltd.

12-month target:CNY46.00 - EV/EBITDA

Valuation: CNY 46.00 - EV/EBITDA

Price:CNY34.95

Chifeng Jilong Gold Mining (6693 Macquarie Capital Securities (Singapore) Pte. Limited makes a market in the securities of Chifeng Jilong Gold Mining Co Ltd.