Zangge Mining Co., Ltd. Successfully Convenes the 2024 Semi-Annual Board Meeting, Multiple Key Proposals Approved

The 14th meeting of the 9th Board of Directors of Zangge Mining Co., Ltd. (hereinafter referred to as the "Company") was successfully held on August 9, 2024, in Room 1401, No. 15-02 Kunlun South Road, Golmud, Qinghai Province, through a combination of on-site and teleconference formats. The meeting was chaired by Mr. Xiao Ning, Chairman of the Board. All directors attended, and all supervisors and senior management were present. The convening and procedures of this meeting complied with laws, regulations, and the Company’s Articles of Association.

The meeting focused on the Company’s operational results, financial performance, and production and business activities in the first half of 2024. After in-depth discussion, the “2024 Semi-Annual Report and Summary” was unanimously approved. The Board concluded that the report complies with laws, regulations, and the requirements of the China Securities Regulatory Commission, and that it truthfully, accurately, and completely reflects the Company’s actual performance without false records, misleading statements, or material omissions. The report provides investors with comprehensive and reliable data on the Company’s operations.

In terms of profit distribution, the Company formulated the 2024 semi-annual profit distribution plan under the principle of balancing sustainable operations and long-term growth, with the goal of rewarding shareholders and enabling them to share in the Company’s development achievements. The Company will distribute a cash dividend of RMB 2.60 (tax inclusive) for every 10 shares to all shareholders, with no bonus shares and no capital reserve conversion. The total cash dividend payout amounts to RMB 408 million (tax inclusive).

In view of the continuous development and funding needs of the Company and its wholly-owned subsidiaries, the Board discussed matters related to comprehensive credit facilities and guarantees. After careful evaluation and prudent decision-making, the Board approved applications for comprehensive credit facilities totaling no more than RMB 3 billion (or equivalent foreign currency) to support business expansion and ensure operational stability.

To protect the interests of investors, enhance investor confidence, and stabilize and increase corporate value, the Company plans to repurchase its issued RMB ordinary shares (A-shares) using its own funds through centralized bidding transactions. The repurchased shares will be canceled to reduce registered capital. The total repurchase amount will not be less than RMB 150 million and not exceed RMB 300 million, with a repurchase price cap of RMB 35.90 per share. After thorough discussion, the Board unanimously approved the share repurchase proposal.

The successful convening of this Board meeting reflects the Company’s efficient decision-making and strategic vision. The Company will continue to uphold an innovative and prudent business philosophy, enhance its core competitiveness, create greater value for shareholders, and contribute further to industry development.