The board of directors of South Manganese Investment Limited announced that Mr. Cheng Zhiwei ("Mr. Cheng") has resigned from his position as a non-executive Director of the Company as he has reached retirement age with effect from 28 October 2022. The Board announced that Mr. Pan Shenghai ("Mr. Pan") be appointed as a non-executive Director of the Company with effect from 28 October 2022. Mr. Pan, aged 53, graduated from Zhongnan University of Economics and Law with a bachelor degree in accounting.

He worked as the manager of investment and development department of Guangxi Communications Industry Co. Ltd. (a wholly owned subsidiary of Guangxi Communications Investment Group Co. Ltd. ("Guangxi Communications Investment", the indirect holding company of Guangxi Dameng Manganese Industry Group Co.

Ltd. ("Guangxi Dameng", an indirect substantial shareholder of the Company))) from December 2009 to June 2015. He worked in Guangxi Communications Investment Trading Co. Ltd. (a wholly owned subsidiary of Guangxi Communications Investment) from July 2015 to October 2020, with his last position as the manager of the risk control department.

Thereafter, he joined Guangxi Dameng in November 2020 as the head of the operation and management department. Mr. Pan holds a PRC legal professional qualification certificate and a senior accountant qualification certificate. Mr. Pan has extensive experience in business management, risk control, investment development and other fields.

The Board further announces that Mr. Lau Wan Ki ("Mr. Lau") has resigned from his position as an independent non-executive Director of the Company with effect from 31 October 2022. Since Mr. Lau is going to start an employment with a new company and it is the policy of the new company to restrict external directorship of its employee, thus Mr. Lau has to resign. Upon his resignation, he has ceased to be the chairman of the audit committee (the "Audit Committee") and a member of the Remuneration Committee and nomination committee (the "Nomination Committee") of the Company.

The Board announces that Mr. Lo Sze Hung ("Mr. Lo") be appointed as an independent non- executive Director of the Company with effect from 31 October 2022. Mr. Lo has also become the chairman of the Audit Committee and a member of the Remuneration Committee and Nomination Committee with effect from 31 October 2022. Mr. Lo, aged 38, obtained a degree of Bachelor of Business Administration (Professional Accountancy) from The Chinese University of Hong Kong in 2006.

He has been a member of the Hong Kong Institute of Certified Public Accountants since January 2010. Mr. Lo worked for PricewaterhouseCoopers Hong Kong, from September 2006 to June 2015, with his last position as senior manager. He also worked at Hutchison Port Holdings Group from June 2015 to July 2017, as the group finance manager, and at Sino Vision Worldwide Holdings Limited, from July 2017 to February 2019, with his last position as the group chief financial officer and company secretary.

Mr. Lo was the assistant general manager of the finance department of HKIA Services Holdings Limited (a subsidiary under Airport Authority Hong Kong) from February 2019 to February 2021. Mr. Lo joined Pine Care Group Limited on 22 February 2021 as the chief financial officer and was appointed as company secretary on 13 April 2021. Mr. Lo has extensive experience in professional auditing and financial consulting, covering a wide range of industries.

He has over 16 years of experience in financial and capital management, mergers and acquisitions, corporate governance, risk management and business analysis.