【JX Metals】Decision to Issue Convertible Bonds with Warrants｜May 2026

Funding and Issuance Terms

On May 11, 2026, JX Metals' Board of Directors approved the issuance of convertible bonds with warrants due in 2029 and 2031, denominated in euros and yen. The total amount raised is approximately 125 billion yen, which will be allocated to share buybacks and capital expenditure. The conversion price is set at 4,860 yen, and the bond issuance payments are set at 110.75% and 111.50% of the face value of each bond, respectively. The exercise period runs from June 17, 2026, to May 21, 2029, and May 20, 2031, with an estimated potential dilution rate from potential shares of approximately 5.54%.

Future Schedule and Impact on Shareholders

The issuance decision was made on May 11, 2026, with the bond payment date scheduled for June 3, 2026. The warrants' exercise periods are from June 17, 2026, to May 21, 2029, and May 20, 2031. Part of the funds will be used for share buybacks, with the remaining to be invested in capital expenditure and resource acquisition. The expected dilution rate is approximately 5.54%, which may impact shareholders' ownership ratios.