WANGUO GOLD GP (03939): Shandong Jinling Mining and Purple Gold Engineering sign a contract for the feasibility study of expanding the Jinling Mine to a capacity of 10 million tons per year.

WANGUO GOLD GP (03939) announced that on October 31, 2024, its indirect non-wholly-owned subsidiary Shandong Jinling Mining Co., Ltd. ("Shandong Jinling Mining") has entered into a technical service contract with Xiamen Zijin Mining and Metallurgy Technology Co., Ltd. ("Zijin Mining") for the Gold Ridge Mine in the Solomon Islands. According to the technical service contract, Zijin Mining will provide the following services to Shandong Jinling Mining: evaluate the recovery effect of flotation columns or Nelson on fine gold particles; assist in the technical modification and production trial of related equipment to fully utilize equipment performance; help train laboratory test personnel, on-site technical personnel, and establish a standardized system for production machine operation; help the existing selection plant meet the standards as soon as possible, accumulate technical experience for the subsequent construction of new selection plants; submit interim summaries or evaluation reports of various work contents, training materials such as PPT, and the final PDF version of the project research report; and assist in the technical modification and process optimization of production-related equipment. The contract period is from November 1, 2024, to October 30, 2025, subject to the progress of the project, valid for one year. The contract amount is 1.69 million RMB, and it must be paid in installments by Shandong Jinling Mining to Zijin Mining. On May 1, 2025, Shandong Jinling Mining entered into a feasibility study contract for the expansion of the Gold Ridge Mine to produce 10 million tons/year with Zijin (Xiamen) Engineering Design Co., Ltd. ("Zijin Engineering"). The feasibility study for the expansion includes designing main production facilities such as mining engineering, tailings pond, low-grade ore crushing, heap leach pad, absorption, and related water supply, electricity supply, factory roads, laboratory, and living facilities to achieve a capacity of 13 million tons/year, producing gold ingots (gold grade 80%) and flotation gold concentrate (gold grade 25g/ton). It is expected that the contract period will end on December 31, 2026, after Zijin Engineering submits the construction plan to Shandong Jinling Mining. The total contract amount is 2.89 million USD, and Shandong Jinling Mining will pay Zijin Engineering according to the payment schedule of the feasibility study contract for the expansion.