[Shengtun Mining: The high debt ratio is due to the investment in mining resources at home and abroad. The cash flow contribution of future projects can gradually absorb the debt] September 11th, Shengtun Mining stated at the 2026 semi-annual performance briefing held on September 11 that the current debt ratio is high. The main reason is the phased results brought about by the company's investment in high-quality copper, gold and silver mine resources at home and abroad. Currently, projects at home and abroad have just completed the resource delivery stage; the company implements dynamic control over capital expenditures, prioritizes debt repayment and mine operations, and flexibly adjusts new investments according to metal prices. In the medium to long term, with the release of production capacity and operating cash flow continuing to increase, the company has a clear goal of reducing the debt ratio and steadily reducing leverage to a reasonable level in the industry. The company's resource investments have been strictly calculated, and future cash flow contributions from projects can gradually absorb liabilities.