Zangge Mining Co., Ltd. Successfully Convenes 2024 Semi-Annual Board Meeting

Zangge Mining Co., Ltd. (hereinafter referred to as the “Company”) convened the 14th meeting of the 9th Board of Directors on August 9, 2024, in the 14th-floor conference room at 15-02 Kunlun South Road, Golmud, Qinghai Province, in a hybrid format combining on-site attendance and telecommunication. The meeting was chaired by Mr. Xiao Ning, Chairman of the Board. All directors attended, with supervisors and senior management present. The procedures for convening and holding the meeting were in compliance with relevant laws, regulations, and the Company’s Articles of Association.

The meeting focused on the Company’s operational performance, financial position, and production results for the first half of 2024. After thorough review and discussion, the Board unanimously approved the 2024 Semi-Annual Report and Summary. The directors confirmed that the report was prepared in accordance with applicable laws, regulations, and the requirements of the China Securities Regulatory Commission (CSRC). The report accurately, truthfully, and completely reflected the Company’s actual performance for the period, free of any false statements, misleading information, or significant omissions. The data presented offered investors a transparent and comprehensive picture of the Company’s operations.

Regarding profit distribution, the Company formulated a 2024 interim dividend plan with the principle of balancing stable operations and long-term growth, aiming to deliver positive returns to shareholders. The Company will distribute a cash dividend of RMB 2.60 (tax inclusive) for every 10 shares, without issuing bonus shares or increasing share capital from reserves. The total cash dividend amounts to RMB 408 million (tax inclusive).

The Board also deliberated on matters related to comprehensive credit facilities and guarantees, considering the ongoing development and funding needs of the Company and its wholly-owned subsidiaries. After thorough assessment, the Board approved an application for a total credit facility of no more than RMB 3 billion (or the foreign currency equivalent), to support business expansion and ensure stable operations.

In addition, to safeguard investor interests, enhance shareholder confidence, and stabilize as well as increase corporate value, the Company plans to repurchase its issued A-shares using self-owned funds through centralized bidding on the stock exchange. The repurchased shares will be canceled to reduce registered capital. The total repurchase amount will range between RMB 150 million and RMB 300 million, with a repurchase price not exceeding RMB 35.90 per share. The proposal was thoroughly reviewed and unanimously approved by the Board.

The successful convening of this Board meeting reflects the Company’s efficient decision-making and strategic foresight. Zangge Mining remains committed to its philosophy of innovation and prudent management, continuously strengthening its core competitiveness, creating greater value for shareholders, and contributing to the sustainable development of the industry.