Zijin Mining Group (2899) Q1 2026 earnings summary

Executive summary

• Operating income for Q1 2026 reached RMB98.5 billion, up 24.79% year-over-year, with net profit attributable to owners at RMB20.1 billion, a 97.5% increase year-over-year.

• Core financial indicators hit record highs, driven by increased production and higher metal prices.

• Significant growth in mine-produced gold (up 23%) and lithium carbonate (up over 10x), while copper output declined due to lower production at Kamoa-Kakula.

Financial highlights

• Net profit for Q1 2026 was RMB25.17 billion, up 101.9% year-over-year.

• Net cash flows from operating activities rose 122.15% to RMB27.83 billion.

• Basic earnings per share increased to RMB0.755 from RMB0.383 year-over-year.

• Weighted average return on net assets improved to 10.35% from 7.12% year-over-year.

• Total assets grew to RMB549.92 billion, up 7.41% from year-end 2025.

Outlook and guidance

• Lithium segment expected to become a new core profit engine, targeting 120,000 tonnes of lithium carbonate equivalent in 2026 and 270,000–320,000 tonnes by 2028.

• Manono Northeast Lithium Project to commence production in June 2026.