JIAXIN INTL RES(03858) subsidiary ZV has entered into a construction contract for the Bakuta mining project with CCECC Kazakhstan Branch.

JIAXIN INTL RES(03858) announced that on August 24, 2026, its subsidiary ZV (an indirect non-wholly-owned subsidiary of the company) entered into a mining construction contract with CCECC Kazakhstan Branch through a public bidding process. Subsidiary ZV will procure the expansion project of Tailings Storage Facility No. 1 for the Bakuta Tungsten Mine Project from CCECC Kazakhstan Branch, with the contract price amounting to RMB 256.9 million (including tax) (adjustable). Subsidiary ZV will procure construction works from CCECC Kazakhstan Branch for the expansion project of Tailings Storage Facility No. 1 of the Bakuta Tungsten Mine Project, including the construction of tailings dams, seepage prevention facilities, tailings transportation facilities, water intake facilities, monitoring facilities, and other works listed in the bill of quantities. The Bakuta mining construction contract involves the expansion project of Tailings Storage Facility No. 1 for the Bakuta Tungsten Mine Project, with construction works including tailings dams, seepage prevention facilities, tailings transportation facilities, water intake facilities, and monitoring facilities. As mining and ore processing operations continue, additional tailings storage capacity and related supporting facilities are needed to store and manage the tailings generated from tungsten processing. Therefore, this expansion project is crucial for maintaining the stable and sustained operation of the Bakuta Tungsten Mine Project and addressing its future production needs. CCECC Kazakhstan Branch was selected as the contractor through a public bidding process. CCECC and CCECC Kazakhstan Branch have previously contracted various construction works for the Bakuta Tungsten Mine Project and provided stripping and mining services, thus being familiar with the project site conditions, operational requirements, quality standards, and project timelines. Hiring a contractor with an existing understanding of the Bakuta Tungsten Mine Project is expected to facilitate coordination between construction, mining, and processing operations, and ensure the timely advancement of the expansion project. The Board believes that the expansion of Tailings Storage Facility No. 1 is necessary for the continued operation and development of the Bakuta Tungsten Mine Project. Entering into the Bakuta mining construction contract allows the Group to leverage the relevant construction experience accumulated by CCECC Kazakhstan Branch and its familiarity with the Bakuta Tungsten Mine Project to promote the implementation of the expansion project and support the Group's production operations and long-term development.