Yankuang Energy: Signed a letter of intent for cooperation with Salt Lake Holdings and may no longer acquire control of highland resources.

On the evening of May 12th, Yankuang Energy announced that on May 12th, Highfield Resources Limited, a subsidiary of China Minmetals Group, Yuhua Holdings, the company, and EMR Capital signed a non-binding cooperation intention agreement. According to the content of the cooperation intention agreement, Yuhua Holdings intends to subscribe to approximately $300 million in cash for the ordinary shares issued by Highfield Resources and become the largest shareholder of Highfield Resources, with control rights over Highfield Resources at the time of delivery. When the subscription transaction by Yuhua Holdings is completed, Yuhua Holdings will, through a series of governance arrangements including but not limited to appointing directors of Highfield Resources, leading project production and operation, consolidating financial statements, achieve actual control over Yancoal Canada Resources Co., Ltd., Highfield Resources, its subsidiary Soisy project, and Muga project. If Highfield Resources and Yuhua Holdings subsequently sign a binding share subscription agreement based on the cooperation intention agreement, the company will no longer become the largest shareholder of Highfield Resources and acquire control rights over Highfield Resources as per the original transaction arrangement.