Guangdong Xianglu Tungsten Co., Ltd. announced a private placement of not more than 83,301,672 A shares for gross proceeds of not more than CNY 766,119,300 on August 9, 2022. The transaction will include participation from not more than 35 investors. The transaction has been reviewed and approved at the 2nd extraordinary meeting of 2022 of the 4th directorate and the 9th meeting of the 5th supervisory board.

The transaction is subject to the approvals of the company's shareholders and the China Securities Regulatory Commission. The shares cannot be transferred within 6 months from the issuance closing date.