Report on the Appraisal of Mining Right for Kaolin (Lithium-Containing) Ore in the Jinzifeng-Zuoli Area, Fengxin County, Yifeng County, Jiangxi Province
Table of Contents
Statement 4 Summary 5 I. Mining Right Appraisal Institution 10 II. Appraisal Client and Related Parties 11 III. Mining Right Holder 12 IV. Purpose of Appraisal 12 V. Appraisal Object and Scope 12 VI. Appraisal Basis Date 15 VII. Appraisal Principles 15 VIII. Appraisal Basis 15 IX. Overview of Mineral Resource Exploration and Development 18 X. Appraisal Implementation Process 53 XI. Appraisal Methods 54 XII. Review of Basis for Selection of Appraisal Parameters 55 XIII. Selection and Calculation of Appraisal Parameters 60 XIV. Appraisal Assumptions 84 XV. Appraisal Conclusion 85 XVI. Explanation of Adjustment Matters After the Appraisal Basis Date 85 XVII. Special Matters Statement 86 XVIII. Restrictions on the Use of the Appraisal Report 87 XIX. Appraisal Report Date 88 XX. Person Responsible for Appraisal 89 Zhongshui Zhiyuan Assets Appraisal Co., Ltd. Page 1
Statement
I. In carrying out this mining right appraisal business, we have followed the relevant laws, regulations, and the "Code of Practice for Mining Right Appraisal" 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 relevant parties involved in this appraisal report and are not biased against the relevant parties. III. The client or other users of the appraisal report shall use this appraisal report in accordance with the provisions of laws 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 plans, 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 truthfulness, completeness, and legality of the information they provide. V. We have conducted on-site investigations of the mineral property 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 information of the appraised object and the mining rights involved, and disclosed the problems found in a truthful manner. VI. The appraisal conclusion of this appraisal report uniquely corresponds to the appraised object, appraisal scope, and appraisal purpose described in the report, and is derived under the relevant appraisal data, assumptions, and other limiting conditions. Users of the appraisal report should fully understand the impact of the appraisal object, appraisal scope, appraisal purpose, and other conditions (including but not limited to the basis of information, assumptions, and other limiting conditions), special matters statement, etc., disclosed in the appraisal report on the appraisal conclusion. Zhongshui Zhiyuan Assets Appraisal Co., Ltd. Page 4