Guangdong Dowstone Technology Co Ltd

Dowstone Technology announced on the evening of September 18 that the fourth meeting of the company's sixth board of directors in 2026 reviewed and approved a proposal to re-evaluate and temporarily suspend the Congo (DRC) annual 30,000-tonne copper cathode hydrometallurgical smelter project. The project's raised funds were originally planned to be 1.104 billion yuan, with an 18-month construction period. As of June 30, 2026, cumulative investment was 131.35 million yuan, representing an investment progress of 11.89%. The company said that due to geopolitical conflicts driving up energy and commodity prices, rising logistics costs, and changes in the security situation in the project area, the project faces significant uncertainty in proceeding as planned. Singapore FOB diesel prices rose from around 75 to 95 US dollars per barrel before the conflict to a peak of 291.62 US dollars per barrel, and as of September 17, 2026, still stood at 191.08 US dollars per barrel. The mid-price of sulphur, FOB Middle East, on September 17, 2026, was about 875 US dollars per tonne, up nearly 70% from before the conflict. The company plans to properly handle procurement contracts already signed for the project, mainly by terminating relevant contracts. Any subsequent costs such as breach-of-contract penalties or progress payments due will be paid with the company's own funds, and any raised funds that need to be returned will be returned to the special account for raised funds. The company stated that this suspension will not have a material adverse impact on current production and operations, and it will focus on ensuring the safe and stable operation of its existing MJM and MMT production bases in Congo (DRC) while prudently controlling new investment.