Table of Contents
Statement 4 Summary 5 I. Mining Right Appraisal Institution 11 II. Appraisal Client and Related Parties 12 III. Mining Right Holder 13 IV. Appraisal Purpose 13 V. Appraisal Object and Scope 14 VI. Appraisal Base Date 16 VII. Appraisal Principles 16 VIII. Appraisal Basis 17 IX. Overview of Mineral Resource Exploration and Development 20 X. Appraisal Implementation Process 59 XI. Appraisal Methods 60 XII. Review of Basis for Selection of Appraisal Parameters 62 XIII. Selection and Calculation of Appraisal Parameters 67 XIV. Appraisal Assumptions 94 XV. Appraisal Conclusion 95 XVI. Explanation of Adjustment Matters After Appraisal Base Date 95 XVII. Special Matters Statement 96 XVIII. Limitations on the Use of the Appraisal Report 98 XIX. Appraisal Report Date 98 XX. Person Responsible for Appraisal 99
Statement
I. In carrying out this mining right appraisal business, we have followed the relevant laws, administrative regulations, and the "Chinese Mining Right Appraisal Standards" issued by the China Association of Mining Right Appraisers.
II. This appraisal institution and the mining right appraiser have no existing or expected interest relationship with the parties involved in the appraisal report and are not biased against the relevant parties.
III. The client or other users of the appraisal report shall use the appraisal report in accordance with legal provisions and the scope of use specified in the appraisal report. Otherwise, we shall not bear the corresponding responsibility arising therefrom. Users of this appraisal report should correctly understand and use the appraisal conclusions. The appraisal conclusions are not equivalent to the achievable price of the appraised object, and the appraisal conclusions should not be considered a guarantee of the achievable price of the appraised object.
IV. The ownership, resource reserves, mining plan, financial accounting information, and other materials related to the appraised object are provided by the client and relevant parties and confirmed by seal. The client and relevant parties are legally responsible for the authenticity, completeness, and legality of the materials provided.
V. We have conducted on-site investigations of the mining area corresponding to the appraised object, paid necessary attention to the legal ownership status of the appraised object and the mining rights involved, inspected the legal ownership materials of the appraised object and the mining rights involved, and disclosed any discovered problems truthfully.
VI. The appraisal conclusions of this appraisal report uniquely correspond to the appraised object, appraisal scope, and appraisal purpose stated in the report, and are derived under the relevant appraisal materials, assumptions, and other limiting conditions. Users of the appraisal report should fully understand the impact of the appraised object, appraisal scope, appraisal purpose, and other conditions (including but not limited to the basis of materials, assumptions, and other limiting conditions), and special matters statement disclosed in the appraisal report on the appraisal conclusions.
Summary
Zhongshuizhiyuan Assets Appraisal Co., Ltd. accepted the entrustment of Yichun Shengyuan Lithium Industry Co., Ltd. to appraise the value of the "Jiangxi Province Fengxin County Jinzifeng-Yifeng County Zuojiali Mining Area Kaolin (Lithium-Containing) Mineral Mining Right" held by Yichun Shengyuan Lithium Industry Co., Ltd. for the purpose of contributing it as capital to Yifeng County Huaqiao Mining Co., Ltd. as of the appraisal base date of December 31, 2025. The main contents of this mining right appraisal report are summarized as follows: