The Board of Zhaojin Mining Industry Company Limited (company) announced that on 25 August 2023, the company entered into the Gold Concentrates Sales Framework Agreement with Shandong Zhaojin Group Company Limited (Shandong Zhaojin), pursuant to which the Group has agreed to sell Gold Concentrates to the Purchaser for a term of three years from 1 January 2023 to 31 December 2025. Term: From 1 January 2023 to 31 December 2025 (no transaction was made under the Gold Concentrates Sales Framework Agreement from 1 January 2023 to the date of entering into the Gold Concentrates Sales Framework Agreement). Pursuant to the Gold Concentrates Sales Framework Agreement, the Group has agreed to sell, and the Purchaser has agreed to purchase, the Gold Concentrates.

The Group and the Purchaser shall determine the details of the quantity and price of Gold Concentrates to be sold by the Group to the Purchaser depending on the market conditions and the demand of the Purchaser, and set out such details in the specific executive agreements. The pricing of Gold Concentrates shall be determined with reference to the market prices of gold concentrates at the time of the specific transactions to be made under the Gold Concentrates Sales Framework Agreement and on a fair basis. The parties will also fully consider factors including the quality, grade, recovery rate, capital security and delivery time of the products, and reflect such factors in the specific executive agreements.