On November 15, 2023, Hainan Mining announced that the investment project with Kodal Minerals PLC ("KOD") and Kodal Mining UK ("KMUK") has been completed, and the construction of the lithium ore processing production line in Bougouni, Mali will be launched within the year, which marks a key step in Hainan Mining's new energy industry layout and internationalization strategy.

KOD is a British listed company focused on lithium exploration and development in West Africa, particularly in Mali. Its core project is the Bougouni lithium mine. In January of this year, Hainan Mining announced its intention to increase its investment in KOD and its wholly-owned subsidiary KMUK by US$118 million in cash, thereby acquiring the Bougouni lithium assets in Mali.Through the joint efforts of both parties, all the delivery documents of this transaction have been signed and the investment project has been successfully completed.

Moving forward, Hainan Mining will collaborate with partner KOD to advance the development of the Bougouni lithium mine. They plan to initiate the construction of the beneficiation production line within this year, with an estimated construction period of 12 months. Once operational, this production line is expected to produce 100,000 to 120,000 metric tons of lithium concentrate per year with a purity of 5.5% or higher.

Upon completion and commissioning of the Bougouni lithium mine, it will provide resource support for Hainan Mining's ongoing 20,000-ton battery-grade lithium hydroxide project, forming an integrated industrial chain at the upstream resources and lithium salt processing stages of the new energy industry. This further strengthens the company's industrial layout focusing on "iron ore + oil and gas + new energy" as its three main tracks.