Company Successfully Holds 2026 Semi-Annual Results Briefing

On August 25, 2026, the company held its 2026 semi-annual results briefing (online), presenting to shareholders, investors, and major brokerage firms the unaudited interim results for the six months ended June 30, 2026. The session also included Q&A and exchanges on market-focused topics such as the company's operating performance and future development strategies. The meeting was attended by four shareholder representatives and over 80 investment institutions. The meeting was chaired by the company's Chairman, Liu Liqiang, with the participation of Executive Director and Vice President Qiu Huaizhi, Chief Financial Officer Liu Peng, and Vice President and Board Secretary Yan Minghe.

Chief Financial Officer Liu Peng stated that in the first half of 2026, with the continued advancement of commercial production at the Phase I project of the Bakuta Tungsten Mine, the company's operating scale and profitability improved significantly. During the period, the company achieved revenue of approximately HK$2.703 billion, representing a substantial year-on-year increase of 2,039.9%; gross profit of approximately HK$1.977 billion, with a gross margin of 73.1%; and net profit of approximately HK$1.584 billion, turning losses into profits (compared to a net loss of approximately HK$6.99 million in the same period of 2025), demonstrating a marked improvement in profitability during the reporting period. Meanwhile, the company's net cash flow from operating activities amounted to approximately HK$1.318 billion, and cash and cash equivalents stood at approximately HK$1.460 billion, further strengthening the company's cash generation capability. Lastly, the company's total borrowings amounted to approximately HK$1.023 billion, down approximately 19.2% from the end of 2025. The company was in a net cash position at the end of the period, with a further optimized financial structure, providing a solid financial foundation for subsequent production operations and business development.

Executive Director and Vice President Qiu Huaizhi indicated that the company's performance growth was primarily attributable to the stable production operations at the Bakuta Tungsten Mine, with scheelite concentrate (≥65% WO₃) output exceeding 4,000 tonnes during the reporting period. Combined with the rise in tungsten concentrate prices during the period, this drove significant growth in the company's revenue and profit scale, further transforming the resource advantages of the Bakuta Tungsten Mine into operating results.

Vice President and Board Secretary Yan Minghe stated that the profit attributable to equity holders of the company amounted to approximately HK$1.538 billion, with basic earnings per ten shares of 3,370 HK cents (HK$33.70). The board of directors resolved at this session to declare an interim cash dividend for 2026 of HK$18.7 per ten shares. The company is willing to enhance its participation in the capital market and actively share its development achievements with shareholders and investors.

Chairman Liu Liqiang outlined the Group's future development prospects at the meeting: on the one hand, the company will leverage the high-quality resource endowments of the Bakuta Tungsten Mine to continuously improve production and operational efficiency, and steadily advance the integration of the ore sorting system and capacity enhancement; on the other hand, the company will actively carry out exploration of surrounding resources and pursue new project opportunities, while integrating internal and external capabilities to further explore investment opportunities in high-quality non-ferrous metal resources in the Central Asian region, thereby promoting the Group's long-term, stable, and sustainable development.