Independent Financial Advisor Report
Overview of the Issuance
Yunnan Copper Co., Ltd. (hereinafter referred to as "Yunnan Copper," "the issuer," or "the company") has obtained approval from the China Securities Regulatory Commission (hereinafter referred to as "CSRC") for its share issuance to purchase assets and raise supporting funds (Approval No. [2025] 3024). CITIC Construction Investment Securities Co., Ltd. (hereinafter referred to as "CITIC Securities" or "independent financial advisor") has verified the compliance of the issuance process and subscription objects, concluding that they meet the requirements of relevant laws and regulations.