Xinjiang Xinxin Mining Industry Co., Ltd. provided group earnings guidance for the six months ended 30 June 2023. The company announced that, based on the preliminary review of the unaudited consolidated management accounts of the group for the six months ended 30 June 2023, the group is expected to record, for the period, consolidated revenue amounting to approximately RMB 763.7 million, representing a substantial decrease of approximately 56.1% as compared to RMB 1,740.8 million in the corresponding period of 2022 (the "Same Period Last Year"); and net profit attributable to shareholders of the company amounting to approximately RMB 170.4 million, representing a substantial decrease of approximately 72.0% as compared to RMB 609.6 million in the same period last year. The Board believes that the significant decrease in operating results of the Group for the Period as compared to the Same Period Last Year was mainly attributable to that (1) the sales volume of nickel cathode decreased from 8,075 tonnes in the Same Period Last Year to approximately 3,236 tonnes in the Period, representing a decrease of approximately 59.9%, and (2) the sales volume of copper cathode decreased from 5,014 tonnes in the Same Period Last Year to approximately 1,452 tonnes in the Period, representing a decrease of approximately 71.0%.

During the period, the sales volume of the Group's main products decreased due to the decrease in production volume as a result of the introduction of the National Assistance Guidance on Production Safety.