Zhongqi New Materials: Zhongqi Mining signs mining right transfer contract

The announcement of Zhongqi Xincai stated that the company's wholly-owned subsidiary, Zhongqi Mining Co., Ltd., has signed a mining rights transfer contract. According to the contract, Zhongqi Mining has obtained the mining rights of the quartz vein ore in the Lamala Rong Mining Area in Luocheng County, Guangxi. The area of the mining area has been expanded from the original 3.02 square kilometers to 4.96 square kilometers, and the mining elevation has been adjusted from +850 meters to +300 meters to +940 meters to +300 meters. The annual production scale has been increased from 200,000 tons/year to 400,000 tons/year. After this mining rights transfer registration, the disposed quartz vein ore resources in the mining area are 7.486 million tons, and the unused resources amount to 0.771 million tons. Zhongqi Mining needs to pay the mining rights usage fee before July 1st of each year during the valid period of the mining rights, and pay the mining rights transfer revenue on time and in full amount.