Dunhuang Huantai Green Vanadium Technology Co., Ltd., a subsidiary of Wontai Power, has been granted a mining license for Wuyishan vanadium mine from the Department of Natural Resources of Gansu Province.

The mining license, valid for 30 years, covers an area of 22.5425 sq. km. and allows a mining capacity of 1.8 million tonnes per annum of vanadium ore at Wuyishan vanadium mine in Dunhuang, Gansu.

In January 2022, Wontai Power won the exploration right of Wuyishan vanadium mine for RMB180 million (USD25.01 million). Geological field survey showed that Wuyishan vanadium mine has a proved reserve of more than 500,000t of vanadium pentoxide (V2O5) equivalent.