Treasure Land Mining: Open auction for 66% equity of Xinjiang Kaihong Investment Co., Ltd. Transaction price 1.25 billion yuan.

Baoda Mining announces that it has successfully bid for 66% equity of Xinjiang Kaihong Investment Co., Ltd. held by Shougang Yili Iron and Steel Co., Ltd. through participating in the public listing on the Beijing Property Rights Exchange. The transaction price is 1.25 billion yuan. After the completion of the transaction, Baoda Mining will directly hold 66% equity of Kaihong Investment, making Kaihong Investment its controlling subsidiary. Kaihong Investment's subsidiary, Bazhou Kaihong Mining Co., Ltd., is one of the largest iron powder production enterprises in Xinjiang, with mining rights in Nu'er Lake Iron Mine in Hejing County and deep survey and exploration rights. This bidding will help increase Baoda Mining's iron ore reserves and market share of iron powder, enhancing the company's continuous profitability.