Ying Mining District

Overview

Ying is a silver-lead-zinc underground mining district located in Henan Province, China, about 240 km west-southwest of Zhengzhou, and 145 km southwest of Luoyang, the nearest major city . Ying has been in production since 2006.

68.6 Km2
Property

15 years
Reserve Life

Primary Silver
Lead, Zinc, Gold By-products

6.4 MozFY2025 Silver Production

7
Underground Mines

US$9.68/oz
FY2025 AISC¹

1 AISC refers to all-in sustaining costs in US$ per ounce, net of by-product credits.

MINING

Underground mining is supported by multiple ramps and shafts, producing about 1.0 Mt of ore per year. Ongoing development of expanded ramps and tunnels will enhance underground access and material handling; the goal is to phase out shafts in favour of a trackless system. Mining methods are also transitioning from labour-intensive practice to a more mechanized system, enhancing efficiency and safety.

YING MINES QUICK FACTS

MINING LICENSE	AREA	MINES	OWNERSHIP
Yuelianggou	19.8 km2	SGX HZG	77.5% 77.5%
Haopinggou	6.2 km2	HPG	80%
Tieluping-Longmen	22.8 km2	TLP LME LMW	77.5% 80% 77.5%
Dongcaogau	19.8 km2	DCG	77.5%

KUANGPING SATELLITE DEVELOPMENT

Kuanping, located 33 km north of Ying, was acquired in 2021 for US$13.5 million. The 12 km² property further expands the Company’s footprint and is under construction.

PROCESSING

Ore is processed at two sulphide flotation plants with a total design capacity of 4,000 tpd, producing high-quality silver-lead and zinc concentrates, as well as gold doré, sold to local smelters on market terms.

Ying has three tailings storage facilities (TSF). TSF No. 3 was completed last year and, together with TSF No. 2, will support production at 1.3 Mtpa through the current reserve life and beyond. TSF No. 1 has reached capacity and is being reclaimed.

FY2025 REVENUE MIX

GEOLOGY

Silver-lead-zinc mineralization is hosted in epigenetic veins with mesothermal characteristics. Mesothermal vein systems typically occur in rocks associated with orogenic belts—in the case of the Ying district, the Qinling orogenic belt. The mineralization is related to deep-seated shear zones that cut through metamorphic rocks. Veins formed within a temperature range of 200–300°C at pressure depths of 600–5,000 m. They occur in sets, with the major veins in the system extending continuously for more than 1,000 m both laterally and vertically.

Several gold-bearing veins have also been discovered and are currently being mined. These veins are gently dipping, in contrast to the steeply to moderately dipping silver-lead-zinc veins. The gold-rich veins may have formed slightly earlier than the silver-lead-zinc veins but are likely part of the same mesothermal system. Like the silver-lead-zinc veins, they are hosted in the same metamorphic rocks.

To date, significant mineralization has been identified or developed in at least 356 discrete vein structures, while many additional smaller veins have been discovered but remain largely unexplored.