China Metal Resources Utilization Limited announced that Mr. Pan Liansheng has resigned as an independent non-executive Director with effect from 13 October 2022, and each of Mr. Fang Guanghua and Mr. Yu Rengzhong has been appointed as an independent non-executive Director with effect from 13 October 2022. With effect from his resignation as an independent non-executive Director, Mr. Pan Liansheng ceased to be the chairman of the Remuneration Committee and a member of each of the Audit Committee and the Nomination Committee. Mr. Fang Guanghua has been appointed as the chairman of the Remuneration Committee and a member of each of the Audit Committee and the Nomination Committee with effect from 13 October 2022.

Mr. Yu Rengzhong has been appointed as the chairman of the Audit Committee and a member of each of the Remuneration Committee and the Nomination Committee with effect from 13 October 2022. Mr. Fang Guanghua, aged 56, obtained a certificate of building construction and management from The Open University of China in January 2011. Mr. Fang has been serving as a director of Sichuan Gangfu Decoration Design Co.

Ltd., Ganghua Tongda Industrial (Chengdu) Co. Ltd., and Sichuan Xinduguicheng Village Bank Co. Ltd. since May 1994, November 2017, and March 2011 respectively.

Mr. Fang is experienced in corporate management, building and construction, civil engineering, sales of communication electronic products, and general banking business. Pursuant to the appointment letter to be entered into by the Company and Mr. Fang, his initial term of office is 2 years and shall continue unless terminated in accordance with the terms and conditions specified therein. Mr. Fang will hold office until the first annual general meeting to be convened by the Company and is subject to retirement by rotation and re-election at annual general meetings of the Company in accordance with its articles of association and the Listing Rules, as amended from time to time.

He will receive a director's fee of HKD 180,000 per annum, which is determined by the Board and is subject to annual review with reference to the prevailing market condition, his duties and responsibilities in and the time he spent on the affairs of the Company. Mr. Yu Rengzhong, aged 44, graduated from Xian Jiaotong University with a bachelor degree in investment economic in July 2001. Mr. Yu has been serving as the financial controller of Fujian Minhai Energy Co.

Ltd. since June 2020. From January 2019 to March 2020, Mr. Yu served as the general manager of Xiamen Bangfu Investment Management Co. Ltd., mainly engaging in initial public offering planning.

From September 2001 to June 2007, Mr. Yu worked in Fujian Mindu Certified Public Accountants Co. Ltd. (currently knonw as Fujian Lixin Mindu Certified Public Accountants Co. Ltd.) with his last role as the audit manager.

Mr. Yu has approximately 21 years of experiences in auditing, accounting and financial management. Mr. Yu is a member of The Chinese Institute of Certified Public Accountants. The Board announces that: with effect from his resignation as an independent non-executive Director, Mr. Pan ceased to be the chairman of the remuneration committee of the Board (the "Remuneration Committee") and a member of each of the audit and corporate governance committee of the Board (the "Audit Committee") and the nomination committee of the Board (the Nomination Committee), Mr. Fang has been appointed as the chairman of the Remuneration Committee and a member of each of the Audit Committee and the Nomination Committee with effect from 13 October 2022, and Mr. Yu has been appointed as the chairman of the Audit Committee and a member of each of the Remuneration Committee and the Nomination Committee with effect from 13 October 2022.