The Board of China Metal Resources Utilization Limited announced that, based on information currently available, the Group is expected to record a loss attributable to Shareholders of approximately RMB 500 million for the six months ended 30 June 2022 as compared with the loss attributable to Shareholders of RMB 72 million for the six months ended 30 June 2021. Based on the information currently available to the Company, the Board believes that such substantial increase in loss is mainly attributable to the decrease in VAT refunds under the Comprehensive Utilisation of Resources Policy, the substantial increase in provision for doubtful debts and a decrease in volume of its sale transactions under the detrimental impact of COVID-19 on the economy for the Relevant Period as compared to the six months ended 30 June 2021.