Jinling Mining to establish wholly-owned subsidiary for Dazhang iron deposit

Jinling Mining plans to invest RMB10million (USD1.48 million) of its own funds to establish a wholly-owned subsidiary, tentatively named Shandong Jinshun Mining Co., Ltd. (subject to final approval and registration by the market regulatory authority), with its registered address located in Qihe County, Dezhou City, Shandong Province.

The establishment of this subsidiary is aimed at acquiring the exploration rights for the Dazhang area iron deposit in Qihe County, and coordinating subsequent geological exploration efforts. The subsidiary will operate under a localized, independent management model, facilitating seamless communication with regulatory authorities such as the natural resources and emergency management departments. This will help accelerate the approval process for exploration procedures and enhance on-site supervision, while optimizing the company's industrial layout and strengthening its resource development capabilities.

On October 12, 2024, Jinling Mining won the bid for the general survey exploration rights of the Dazhang area iron deposit in Qihe County, Shandong Province, with an acquisition price of RMB55.28 million (USD8.17 million). Subsequently, on March 5, 2025, the company obtained the Mineral Resources Exploration Permit issued by the Department of Natural Resources of Shandong Province.