China Hanking (03788): The iron ore resources at Shangma have increased to 110 million tons.

China Hanking (03788) has announced that its wholly-owned subsidiary, Fushun Hanwang Shangma Mining Co., Ltd., received a reply from the Liaoning Provincial Department of Natural Resources on February 12, 2025, regarding the approval of the Shangma Iron Mine's ore reserve evaluation. The letter shows that the resource of the Shangma Iron Mine has increased by approximately 79.76 million tons or about 265%, with a total resource of around 110 million tons. Among them, the proven and controlled resources account for 50.72% of the total resources. In addition, Shangma Area 1, one of the nine mining areas, has five main ore bodies, accounting for 63.46% of the total resource in the mining area. The Shangma Iron Mine is located in the southeast of Fushun City, Liaoning Province, with a straight-line distance of 30 kilometers. The mine is 32 kilometers northwest of Fushun Station on the Shenyang-Jilin Railway, and the G230 National Highway Shenning Line and S104 Provincial Highway Fugold Line pass through the mining area, making transportation convenient. The mine area has a high-voltage industrial power grid, and there are well-developed water systems near the mine area with sufficient water supply to meet the production needs of the mine. Convenient water and power supply, as well as abundant labor resources, are available. The significant increase in the resource of the Shangma Iron Mine will be a source of income growth for the group's iron ore business in the future, laying a solid foundation for the sustainable development of the group. Additionally, the Shangma Iron Mine is located in the center of the Fushun iron ore belt, between the group's Aoniu Iron Mine and Maogong Iron Mine. Integrating and systematically planning the three mines will help the group form a more complete exploration block and further expand the group's development space in iron ore exploration, thereby significantly enhancing the potential of reserves.