Anning Group: Intends to participate in the substantial merger and reorganization of the quality mineral resources and its affiliated enterprises through the method of paying a total of 6.508 billion yuan in cash in installments.

Announcement of Anning Corporation: The company plans to participate in the substantial merger and reorganization of Jingzhi Mining and its affiliated enterprises Hongxin Industry and Liyu Mining by paying a total of 6.508 billion yuan in cash in installments, and ultimately acquire 100% equity of Jingzhi Mining. After the completion of this transaction, Jingzhi Mining will become a wholly-owned subsidiary of the listed company, and the listed company will hold 100% equity of Hongxin Industry and Liyu Mining through Jingzhi Mining. This transaction constitutes a major asset reorganization of the listed company. Anning Corporation's Panjiatian iron mine and the target company Xiaheijing iron mine belong to the same vein. After this transaction is completed, Anning Corporation can formulate a coordinated mining plan within the mining areas of the two mines, to maximize the development and utilization of mineral resources in the mining areas and reduce resource waste.