SPIC Inner Mongolia Baiyinhua Coal & Power Co., Ltd. Valuation Report on Open-Pit Mining Rights Tianxing Mining Appraisal [2026] No. 0003
Beijing Tianjian Xingye Asset Appraisal Co., Ltd. China, Beijing February 28, 2026
Address: 23rd Floor, Tower A, Yue Tan Building, No. 2 Yue Tan North Street, Xicheng District, Beijing Postal Code: 100045 Telephone: (010)68083253 Fax: (010)68081109
[Chart: QR code for report verification]
Report Code: 1105420260202066122
Appraisal Client: SPIC Inner Mongolia Energy Co., Ltd., Inner Mongolia Electric Power Energy Co., Ltd. Appraisal Agency: Beijing Tianjian Xingye Asset Appraisal Co., Ltd. Appraisal Report Name: Valuation Report on the Mining Rights of the Open-Pit Mine of SPIC Inner Mongolia Baiyinhua Coal & Power Co., Ltd. Report Internal Number: Tianxing Mining Appraisal [2026] No. 0003 Appraised Value: 1,181,578,200 RMB Report Signatories: Zhang Yu (Mining Rights Appraiser), Zhang Yong (Mining Rights Appraiser)
Notes:
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Valuation Report on the Mining Rights of the Open-Pit Mine of SPIC Inner Mongolia Baiyinhua Coal & Power Co., Ltd.
Tianxing Mining Appraisal [2026] No. 0003
Summary
Appraisal Agency: Beijing Tianjian Xingye Asset Appraisal Co., Ltd. Appraisal Client: SPIC Inner Mongolia Energy Co., Ltd., Inner Mongolia Electric Power Energy Co., Ltd. Appraisal Object: The mining rights of the open-pit mine held by SPIC Inner Mongolia Baiyinhua Coal & Power Co., Ltd. Appraisal Purpose: Inner Mongolia Electric Power Energy Co., Ltd. intends to acquire 100% equity of SPIC Inner Mongolia Baiyinhua Coal & Power Co., Ltd. through the issuance of shares and cash payments. This appraisal is conducted to provide a reference for the value of the mining rights to the client for the aforementioned purpose. Appraisal Base Date: September 30, 2025. Appraisal Method: Discounted Cash Flow Method.
Main Parameters: Resource reserves as of the base date: 678,777,700 tons; Utilizable resource reserves: 646,101,400 tons; Recoverable reserves: 326,707,000 tons; Recoverable raw coal: 358,624,600 tons; Production scale: 15,000,000 tons/year; Reserve-to-production ratio coefficient: 1.1; Mine service life: 21.73 years; Product plan: raw coal; Fixed asset investment: 226,572,860,000 RMB; Intangible assets (land use rights) appraisal base investment: 378,432,180,000 RMB; 2029 investment: 79,585,640,000 RMB; Intangible assets-other indicator investment: 110,402,910,000 RMB; Intangible assets-other investment: 907,200,000 RMB; Product price (excluding tax): 210.01 RMB/ton; Unit total cost: 135.25 RMB/ton; Unit operating cost: 105.15 RMB/ton; Discount rate: 7.83%.
Appraisal Conclusion: Based on site investigations and market analysis, and following the principles and procedures for mining rights appraisal, the appraised value of the "Mining Rights of the Open-Pit Mine of SPIC Inner Mongolia Baiyinhua Coal & Power Co., Ltd." is 1,181,578,200 RMB (in words: One billion one hundred eighty-one million five hundred seventy-eight thousand two hundred RMB).
Relevant Statements: The validity period of the appraisal conclusion is one year, effective from the appraisal base date. This appraisal report is intended solely for the client's stated purpose and may not be used for other economic activities. The use of this report rests with the client. Without the consent of the appraisal agency, this agency will not provide or disclose it to others. Except as required by law, the whole or any part of this report shall not be published in any public media.