Research Express | Shan Jin International Gold Receives Online Investor Research; Focuses on M&A Strategy and Osino Project 5-Ton Production Capacity Plan

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March 12, 2026, Shanjin International Gold Co., Ltd. (hereinafter referred to as “Shanjin International”) held an online performance briefing for 2025 through the Panorama Network “Investor Relations Interactive Platform.” Company management provided detailed answers to investor concerns regarding strategic planning, project progress, cost control, and H-share issuance. This performance briefing was conducted remotely online and attracted many online investors to participate.

Basic Information on Investor Relations Activities

Key Points of Investigation Interpretation

Strategic Planning: Adhere to “Resource Expansion and Mergers & Acquisitions” Dual-Drive Strategy

In response to investor concerns about external expansion, company management stated that they will base their development strategy on the goal of “resource expansion and M&A,” maintaining a dual-drive approach. On one hand, increasing exploration investment and accelerating the transfer from exploration rights to mining rights at existing mines; on the other hand, actively pursuing domestic and international M&A to increase mineral resource reserves for sustainable development. Regarding resource layout, resources around existing domestic mines will be mainly integrated by the company, while resources around Shandong Gold will be led by Shandong Gold; overseas M&A will be promoted according to the respective characteristics of the company and Shandong Gold.

Overseas Projects: Osino Project to Start Production in 2027, Annual Capacity of 5 Tons After Full Production

Regarding the Namibia Osino project progress, the company revealed that the plant selection process is currently underway, with equipment concrete pouring and electromechanical equipment installation preparations in progress. It is expected to start production in the first half of 2027, with a full capacity of 5 tons of gold per year. The project adopts open-pit mining with an ore grade of 1.07 g/t and a mineral processing recovery rate of no less than 90%. The estimated all-in cost is approximately $1,100 to $1,200 per ounce. Additionally, the company is implementing deep exploration below 3,300 meters at the Qinglonggou Gold Mine in Daqingtan, Qinghai, aiming to expand the control scale of deep mineral bodies and support resource expansion and production increase.

Financial and Operational: Strive for Stable Comprehensive Costs in 2026; Gold Production Plan of 7-8 Tons

Regarding cost control, the company stated it will use lean operational management to maintain overall stability of comprehensive costs in 2026. The gold production target for 2026 is 7-8 tons, with other metal outputs not lower than 2025 levels (this plan is indicative and subject to uncertainty). Concerning investor interest in dividend policies, the company disclosed that cumulative cash dividends over the past three years totaled 3.123 billion yuan, with dividend payout ratios of 54.59%, 46.64%, and 44.82% from 2023 to 2025, respectively. Future dividends will balance shareholder returns and long-term development.

H-Share Issuance: Progressing Normally, Market-Based Pricing Adopted

Regarding the progress of H-share issuance, the company stated that relevant work is proceeding normally and still requires approval or filing from regulators such as the China Securities Regulatory Commission and the Hong Kong Stock Exchange. The specific listing date will be disclosed in a timely manner based on progress. As for the issuance scale, the proposed number of H-shares to be issued will not exceed 15% of the total share capital after issuance (including greenshoe options). The issuance price will be determined through market-based negotiations, considering shareholder interests, investor acceptance, and market conditions.

Gold Price Outlook: Long-term Upward Trend Supported

The management believes that current global geopolitical conflicts and ongoing debt expansion are driving the return of gold’s monetary attributes. Central bank gold purchases, institutional allocations, and resident risk aversion collectively support gold prices. In the long term, the weakening of fiat currency credit and increasing demand for safe-haven assets will provide a solid foundation for the upward movement of gold prices.

This activity does not involve disclosure of material information. The company will fulfill its disclosure obligations promptly based on market conditions and business developments.

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