Statement
I. This asset appraisal report is prepared in accordance with the Basic Standard for Asset Appraisal issued by the Ministry of Finance and the Professional Ethics Code for Asset Appraisers issued by the China Appraisal Society.
II. The client and other users of this asset appraisal report shall use the report in accordance with laws, administrative regulations, and the scope of use specified in this report. The appraisal firm and appraisers shall not be liable for any damages arising from the client's or other users' violation of the aforementioned provisions. This asset appraisal report is for the use of the client, other asset appraisal report users as stipulated in the asset appraisal entrustment contract, and users as stipulated by laws and administrative regulations. No other entity or individual may use this asset appraisal report. The appraisal firm and appraisers remind users of the asset appraisal report to correctly understand and use the appraisal conclusion. The appraisal conclusion does not equate to the realizable price of the appraised asset, nor does it guarantee the realizable price of the appraised asset.
III. The appraisal firm and appraisers adhere to laws, administrative regulations, and appraisal standards, upholding the principles of independence, objectivity, and fairness, and shall be legally liable for the issued asset appraisal report.
IV. The list of assets and liabilities involved in the appraised assets is declared by the client and the appraised entity and confirmed by their signatures, seals, or other legally permissible methods. The client and other related parties are legally responsible for the truthfulness, completeness, and legality of the information they provide.
V. The appraisal firm and appraisers have no existing or anticipated conflicts of interest with the appraised assets or the parties related to the asset appraisal report, and are not biased towards any related party.
VI. The appraisers have conducted on-site investigations of the appraised assets and the assets involved. They have paid necessary attention to the legal ownership status of the appraised assets and the assets involved, inspected the legal ownership documentation of the appraised assets and the assets involved, disclosed any discovered issues truthfully, and have requested the client and other related parties to perfect the property rights to meet the requirements for issuing the asset appraisal report.
VII. The analysis, judgment, and results in the asset appraisal report issued by the appraisal firm are subject to the assumptions and limitations stated in the asset appraisal report. Users of the asset appraisal report should fully consider the assumptions, limitations, and special matters described in the asset appraisal report and their impact on the appraisal conclusion.
Asset Appraisal Report Summary
Tianxing Appraisal Report (2026) No. 0827
Beijing Tianjian Xingye Asset Appraisal Co., Ltd. was entrusted by Hunan Gold Co., Ltd. to conduct an appraisal of the market value of the entire equity interest of Hunan Zhongnan Gold Smelting Co., Ltd. as of March 31, 2026, which is involved in Hunan Gold Co., Ltd.'s proposed acquisition of 100% of the equity held by Hunan Gold Group Co., Ltd. through share issuance. The appraisal was conducted in accordance with relevant laws, administrative regulations, and appraisal standards, adhering to the principles of independence, objectivity, and fairness, using the asset-based approach and income approach, and following necessary appraisal procedures. The appraisal situation is reported as follows.
I. Purpose of Appraisal: Based on the resolutions of the 7th Board of Directors' 15th Meeting of Hunan Gold Co., Ltd. (January 23, 2026), the 5th Board of Directors' 32nd Meeting of Hunan Gold Group Co., Ltd. (January 14, 2026), and the 1st Board of Directors' 22nd Meeting of Hunan Provincial Mining Resources Group Co., Ltd. (January 14, 2026), Hunan Gold Co., Ltd., for strategic development needs, intends to acquire 100% of the equity of Hunan Zhongnan Gold Smelting Co., Ltd. held by Hunan Gold Group Co., Ltd. through share issuance. An appraisal of the entire equity interest of Hunan Zhongnan Gold Smelting Co., Ltd. involved in this transaction is required to provide a value reference for this economic activity.