China Merchants Securities Co., Ltd. Verification Opinion on the Fluctuation of Hunan Gold Co., Ltd.'s Stock Price Before the Announcement of Major Asset Restructuring Information

Hunan Gold Corporation Limited·July 8, 2026·2 pages

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China Merchants Securities, as the independent financial advisor, verified Hunan Gold's stock price fluctuations before its major asset restructuring announcement. The stock price increased by 9.59% in the 20 trading days prior to the suspension. After adjusting for market and industry factors, the cumulative increase was within 20%, indicating no abnormal fluctuation.

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China Merchants Securities Co., Ltd.

Verification Opinion on the Fluctuation of Hunan Gold Co., Ltd.'s Stock Price Before the Announcement of Major Asset Restructuring Information

Hunan Gold Co., Ltd. (hereinafter referred to as the "Company") plans to acquire 100% equity of Hunan Gold Tianyue Mining Co., Ltd. held by Hunan Gold Group Co., Ltd. (hereinafter referred to as "Hunan Gold Group") and Hunan Tianyue Investment Group Co., Ltd., and 100% equity of Hunan Zhongnan Gold Smelting Co., Ltd. held by Hunan Gold Group, and issue shares to raise supporting funds (hereinafter referred to as the "Transaction").

As the independent financial advisor for the Transaction, China Merchants Securities Co., Ltd. (hereinafter referred to as the "Independent Financial Advisor") has verified the fluctuation of the Company's stock price before the announcement of the Transaction information, and the verification opinion is as follows:

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