CHINAGOLDINTL (02099) has approved the advancement of the Jiama Mine development plan, and the "large-scale open-pit mining" scheme aims to achieve an average daily processing capacity of approximately 160,000 tons.

CHINAGOLDINTL (02099) announced that the company's management has approved the proposal submitted by its wholly-owned subsidiary, Tibet Huatai Long Mining Development Co., Ltd. (Huatai Long), to advance the next phase of development for the Jiama Copper-Multimetal Mine (Jiama Mine) located in the Tibet Autonomous Region of China. After evaluating and comparing various development options, the proposed development plan will increase the Jiama Mine's combined processing capacity from the current designed capacity of 50,000 tons per day to approximately 160,000 tons per day. However, this is contingent upon the ongoing pre-feasibility study and subsequent internal reviews, regulatory approvals, and other statutory procedures. This development plan also marks a significant shift in the mining strategyfrom the current integrated open-pit and underground mining model to a system primarily dominated by a large-scale open-pit mining strategy. This move is expected to significantly enhance operational efficiency, achieve economies of scale, and provide technical support for the target daily processing rate of approximately 160,000 tons. The development plan also includes coordinated development of the existing mining rights area and the adjacent exploration rights area, with specific implementation pending results from the pre-feasibility study and all statutory approvals. The company also anticipates that the Youlongbu tailings dam, currently under construction, will be completed on schedule before the fourth quarter of 2027, which will align well with the planned development process. Preliminary mining engineering evaluations indicate that this tailings dam will not pose a bottleneck constraint risk for the expansion project. The long-term tailings disposal demand following the expansion will be included as a specialized topic for in-depth assessment during the pre-feasibility study and subsequent engineering design. Mr. Hou Chenguang, the company's Chairman and Chief Executive Officer, stated: The approval to advance the next phase of development for the Jiama Mine is indeed a key milestone in the companys long-term development blueprint. Our company consistently adheres to a clear strategic directioncontinuously unlocking the value potential of existing mining assets through a rigorous organic growth model to create sustainable long-term value returns for shareholders. Jiama Mine and Changshanhao Gold Mine have always been the dual core asset cornerstones of our development strategy. This project not only reflects the managements confidence in the long-term development prospects of the Jiama Mine but also demonstrates our firm commitment to fulfilling strategic promises made to the capital markets. Our company will advance the project following a professional engineering governance approach and will continue to communicate significant updates regarding the Jiama development plan to shareholders in a timely manner according to project milestone progress.