Announcement on Obtaining the Mining License for Mami Cuo Mining

Recently, Zangge Mining Co., Ltd. (hereinafter referred to as “the Company”) announced that its wholly-owned subsidiary, Zangge Mining Investment (Chengdu) Co., Ltd., participated in the subscription of the Jiangsu Zangqing New Energy Industry Development Fund Partnership (Limited Partnership), which invested in and held a controlling stake in Tibet Ali Mami Cuo Mining Development Co., Ltd. (hereinafter referred to as “Mami Cuo Mining”). Mami Cuo Mining has received the physical “Mining License of the People’s Republic of China” (hereinafter referred to as the “Mining License”) issued by the Tibet Autonomous Region Department of Natural Resources. The relevant details are hereby announced as follows:

I. Key Information of the Mining License

License Number: C5400002020045210149743

Mining Rights Holder: Tibet Ali Mami Cuo Mining Development Co., Ltd.

Address: No. 6, Construction Avenue, Shiquanhe Town, Ali, Tibet Autonomous Region

Mine Name: Lithium-Boron Mine of Mami Cuo Salt Lake, Gêrzê County, Ali, Tibet, operated by Tibet Ali Mami Cuo Mining Development Co., Ltd.

Economic Type: Limited Liability Company

Minerals to be Extracted: Lithium, Boron, Potassium

Mining Method: Open-pit mining

Production Capacity: 364,500 tons per year

Mining Area: 115.36 square kilometers

Validity Period: Ten years, from April 30, 2020, to April 30, 2030

II. Impact on the Company and Risk Reminder

The acquisition of the Mining License grants Mami Cuo Mining the legal right to extract salt lake resources, allowing the Company to develop the lithium-boron resources of Mami Cuo Salt Lake in an orderly manner according to the project plan. It is beneficial for obtaining credit support from local financial institutions, ensuring sufficient funding for project construction. It also facilitates cooperation with other enterprises, accelerating project development.

However, the development and utilization of mineral resources may be affected by natural factors, social factors, as well as laws, regulations, and policy adjustments related to mining. There remains uncertainty as to whether the expected mining outcomes can be achieved. Investors are therefore reminded to pay attention to investment risks.

III. Reference Documents

Mining License of the People’s Republic of China

This announcement is hereby made.