Mineral Rights Valuation Report for the Proposed Integration of the Wangu Gold Mining Area by Hunan Gold Tianyue Mining Co., Ltd.
Report No.: Tianxing Kuangping Zi [2026] No. 0025
[Chart: Valuation report cover]
Beijing Tianjian Xingye Asset Appraisal Co., Ltd.
Date: July 3, 2026
Address: 23rd Floor, Tower A, Yue Tan Building, 2 Yue Tan North Street, Xicheng District, Beijing
Postal Code: 100045
Telephone: (010) 68083253
Fax: (010) 68081109
China Mining Rights Valuers Association
Valuation Report Unified Coding Receipt
Report Code: 1105420260202068262
[Chart: QR code for report]
Valuation Client: Hunan Gold Corporation
Valuation Agency: Beijing Tianjian Xingye Asset Appraisal Co., Ltd.
Valuation Report Name: Mineral Rights Valuation Report for the Proposed Integration of the Wangu Gold Mining Area by Hunan Gold Tianyue Mining Co., Ltd.
Internal Report Number: Tianxing Kuangping Zi [2026] No. 0025
Valuation Value: 369,284.43 (10,000 RMB)
Report Signatories: Zhang Yu (Mining Rights Valuer), Xie Weixing (Mining Rights Valuer)
Notes:
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The QR code and report coding information must be consistent with the archived data in the China Mining Rights Valuers Association's unified coding management system.
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This unified coding receipt only certifies that the mineral rights valuation report has been coded and archived in the system; it does not serve as a basis for the valuation agency or signatories to be exempted from relevant legal liabilities.
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Summary
Valuation Client: Hunan Gold Corporation.
Valuation Object: Mineral rights for the Wangu gold mining area proposed for integration by Hunan Gold Tianyue Mining Co., Ltd.
Mining Rights Holder: Hunan Gold Tianyue Mining Co., Ltd.
Valuation Purpose: As Hunan Gold Corporation intends to acquire 100% equity of Hunan Gold Tianyue Mining Co., Ltd. held by Hunan Gold Group Co., Ltd. and Hunan Tianyue Investment Group Co., Ltd. through share issuance, it is necessary to evaluate the market value of the "mineral rights of the Wangu gold mining area proposed for integration by Hunan Gold Tianyue Mining Co., Ltd." as of the valuation base date.
Valuation Base Date: March 31, 2026.
Valuation Method: Discounted Cash Flow Method.
Valuation Parameters:
As of the valuation base date, the mineral rights in the Wangu gold mining area contain 24.0208 million tons of gold ore, with 111,540 kg of gold metal at an average grade of 4.64g/t. This includes 1.2446 million tons of proven resources (5,943 kg gold, 4.78g/t), 9.845 million tons of controlled resources (47,434 kg gold, 4.82g/t), and 12.9312 million tons of inferred resources (58,163 kg gold, 4.5g/t).
Utilized resources: 20.1416 million tons of ore, 94,091.10 kg of gold metal, average grade 4.67g/t. With a mining recovery rate of 88%, the utilized recoverable reserves are 17.7247 million tons of ore, 82,800.18 kg of gold metal, average grade 4.67g/t.
According to the Feasibility Study Report, the design production capacity after integration is 1.116 million tons/year, with an ore dilution rate of 34%.
Valuation calculation period: April 2026 to November 2055.
Product scheme: Based on current Jiangdong Gold Mine production, the product grade is 85.9g/t for flotation gold concentrate. According to the Feasibility Study and beneficiation tests, the production period products are (a) jigging gold concentrate (Au 160g/t) and (b) flotation gold concentrate (Au 70g/t).
Sales price: Flotation gold concentrate (Au 85.9g/t) gold price is 547.64 RMB/g; Jigging gold concentrate (Au 160g/t) gold price is 566.74 RMB/g; Flotation gold concentrate (Au 70g/t) gold price is 541.27 RMB/g.
Operating income during the production period is 1,711,108.50 (10,000 RMB).
Fixed asset investment: Existing fixed assets 19,505.93 (10,000 RMB); new initial investment 154,711.01 (10,000 RMB); new later-stage investment 33,216.64 (10,000 RMB).
Total intangible asset investment: 7,217.57 (10,000 RMB).
Normal production period unit cost: 639.24 RMB/ton of raw ore; unit operating cost 561.39 RMB/ton of raw ore.
Discount rate: 8.27%.