Announcement by Guangdong Xianglu Tungsten Industry Co., Ltd. on Financing Applications and Guarantees

Overview of Guarantees

Guangdong Xianglu Tungsten Industry Co., Ltd. (hereinafter referred to as "the Company") held the second extraordinary meeting of the fifth board of directors on March 31, 2026. A total of 7 directors attended the meeting, with related directors Chen Qifeng, Chen Wei'er, and Chen Weidong abstaining from voting. The board approved the proposals regarding the Company and its subsidiaries applying for financing limits and providing guarantees to banks and non-bank financial institutions, with 4 votes in favor, 0 against, and 0 abstentions. The total financing limit approved is not to exceed RMB 4 billion (including the principal), with RMB 3.5 billion from banks and RMB 500 million from non-bank financial institutions. The Company and its subsidiaries may use the credit and financing limits cyclically based on actual funding needs. The Company may provide financing guarantees or use its own assets and investment properties as collateral for such financing. The guarantees include those provided by the Company for itself and its subsidiaries, as well as those provided by subsidiaries for themselves and for the Company and other subsidiaries. The maximum guarantee balance at any point during the validity of this proposal shall not exceed RMB 4 billion. The chairman of the Company is authorized to sign relevant legal documents. The actual controllers, Mr. Chen Qifeng, Ms. Chen Hongyin, and Mr. Chen Weidong, will provide joint liability guarantees for the credit and financing applications, including but not limited to personal credit and equity pledges. This guarantee does not involve payment of guarantee fees and does not harm the interests of the Company and its minority shareholders. The acceptance of guarantees from related parties constitutes a related transaction. This proposal is valid for one year, effective from the date of approval at the 2025 annual shareholders' meeting. According to the relevant regulations of the Shenzhen Stock Exchange, this guarantee and acceptance of guarantees from related parties must be submitted to the Company's 2025 annual shareholders' meeting for approval. As of now, the relevant guarantee agreements have not been signed, and specific content will be determined through negotiation between the Company and the banks and other institutions.

Expected Guarantee Limits