Asset Appraisal Report
This report is prepared in accordance with the Chinese Asset Appraisal Standards and the Chinese Association of Certified Public Valuers' Practice Standards and Professional Ethics.
Statement
I. This asset appraisal report is prepared in accordance with the basic principles of asset appraisal issued by the Ministry of Finance and the practice standards of the Chinese Association of Certified Public Valuers and the professional ethics standards.
II. The client and other users of this asset appraisal report shall use the asset appraisal report in accordance with the laws, administrative regulations, and the scope of use specified in this asset appraisal report; the appraisal institution and appraisers shall not be liable for any breach of the foregoing provisions by the client or other users of this asset appraisal report. This asset appraisal report is only for the use of the client, other asset appraisal report users as stipulated in the asset appraisal entrustment contract; other institutions and individuals cannot be users of the asset appraisal report. The appraisal institution and appraisers remind users of the asset appraisal report that they should correctly understand and use the appraisal conclusions. The appraisal conclusions are not equivalent to the realizable price of the appraised object, and the appraisal conclusions should not be considered a guarantee of the realizable price of the appraised object.
III. The appraisal institution and appraisers comply with laws, administrative regulations, and asset appraisal standards, adhere to the principles of independence, objectivity, and fairness, and shall be legally liable for the asset appraisal report issued.
IV. The list of assets and liabilities involved in the appraised object is declared by the client and the appraised unit and confirmed by the client through signature, seal, or other legally permitted methods; the client and other related parties are legally responsible for the authenticity, completeness, and legality of the information provided.
V. The appraisal institution and appraisers have no existing or expected interest relationship with the appraised object or the parties related to the asset appraisal report; there is no existing or expected interest relationship with the related parties, and there is no bias against the related parties.
VI. The appraisers have conducted on-site investigations of the appraised object and the assets involved, paid necessary attention to the legal ownership status of the appraised object and the assets involved, inspected the legal ownership documents of the appraised object and the assets involved, truthfully disclosed all discovered problems, and have requested the client and other related parties to improve the property rights to meet the requirements for issuing the asset appraisal report.
VII. The analysis, judgment, and results of the asset appraisal report issued by the appraisal institution are limited by the assumptions and restrictions stated in the asset appraisal report. Users of the asset appraisal report should fully consider the assumptions, restrictions, special matters described in the asset appraisal report, and their impact on the appraisal conclusions.
Asset Appraisal Report Summary
Hunan Gold Co., Ltd. intends to acquire 100% of the equity of Hunan Gold Tianyue Mining Co., Ltd. (hereinafter referred to as "Gold Tianyue") through share issuance. The asset appraisal report covers the project for the valuation of the total shareholder's equity of Gold Tianyue.
Tianxing Appraisal Report No. (2026) 0834
Beijing Tianjian Xingye Asset Appraisal Co., Ltd., entrusted by Hunan Gold Co., Ltd., in accordance with relevant laws, administrative regulations, and asset appraisal standards, adhering to the principles of independence, objectivity, and fairness, adopted the asset-based approach and income approach, and carried out necessary appraisal procedures to assess the market value of the total shareholder's equity of Gold Tianyue, jointly held by Hunan Gold Group Co., Ltd. and Hunan Tianyue Investment Group Co., Ltd., as of March 31, 2026. The asset appraisal situation is reported as follows.