This Kyrgyzstan mining project emerges as a promising opportunity in tungsten-tin mining, boasting substantial reserves and concentrated deposits of these highly sought-after metals in the global market. Evaluated by esteemed institutions including the internationally renowned mineral resources assessment agency SRK according to the JORC standard, and supported by assessments from the Hunan Nonferrous Metals Research Institute and Kyrgyzstan Bureau of Geology and Mineral Resources, the project's suitability for extraction is firmly established.

With reserves conservatively estimated at an ore volume of 15,730,000 tons (proven reserve), the mine demonstrates its ultra-large-scale resource reserves. Ores generally have an estimated average tungsten-tin grade of 1.1%, significantly surpassing the industry standard of 0.5%, indicating substantial richness in the deposits and confirming the project's economic viability.

Moreover, there is significant potential for further growth by identifying additional resources and upgrading reserves. The Independent Technical Report suggests considerable potential to extend and upgrade current resources within the mines, as they are not completely closed off along the strike and at depth, indicating the possibility of increased ore reserve volume and expanded processing capacity. Additionally, there are numerous undiscovered or undeveloped tungsten or tin resources in the surrounding areas of these mines, offering the opportunity to further expand mineral resources and reserves through continuous exploration activities in this region.

This Kyrgyzstan mining project is an attractive investment opportunity due to its efficient use of existing infrastructure inherited from the former Soviet Union. It includes comprehensive facilities for mining and processing, such as engineering structures and mineral processing plants. Notably, the project has completed extensive exploration and drilling, with 248.3 kilometers of pit exploration, 544,687 meters of drilling, and 262,161 cubic meters of trenching. Additionally, it has conducted 231,638 sample analyses.

Moreover, the project features infrastructure like a processing plant with an annual capacity of 1 million tons of ore, as well as the completion of the tailings reservoir dam project. This infrastructure includes employee dormitories, hospitals, asphalt roads covering 165 kilometers, mine roads spanning 220 kilometers, and 280 kilometers of 110 kV power supply lines. With such robust infrastructure in place, the project ensures smooth operations and enhances safety for workers. Positioned strategically and well-prepared to leverage opportunities in the tungsten-tin market, this project promises investors steady returns and long-term profitability.

At the core of this project also lies its integrated production process, which seamlessly encompasses every stage from mining to the production of refined tungsten-tin metal concentrate, ultimately resulting in direct final consumer products. This unified approach not only streamlines operations but also enhances profitability and investment appeal by bridging traditionally separate upstream and downstream industries.

• Tin concentrate: 56% grade;

• Wolframite concentrate: 65% grade;

• Scheelite concentrate: 50% grade;

• Tungsten-tin mixed concentrate: average grade Sn 5.33%, average grade WO3 8.51 %;

• Copper concentrate: 20 % grade;

This Kyrgyzstan mining project benefits from its close proximity to Kashgar Port, providing it with exceptional geographic advantages for export operations, enabling easy access to international markets. Domestic railways complement port logistics, ensuring the continuous transportation of bulk materials and finished products to destinations worldwide. This seamless integration of transportation networks enhances the project's efficiency and reliability in meeting global demand for tungsten and tin.

Connected by a highway, this project is conveniently located at about a 145 km driving distance from Karakol, the fourth largest city in Kyrgyzstan. Karakol city is the administrative city of Issyk Kul Province, which is about 435 km from Bishkek, the capital city of Kyrgyzstan, and 385 km from the Baleikeqi railway station, with a distance of 1,625 km to the Ala Mountain pass port of Xinjiang, the PRC. This strategic location provides easy access to major transportation hubs, facilitating logistical operations and market access.

Positioned as a strategic gateway, the project is well-positioned to capitalize on the growing demand for tungsten and tin in global markets. Its location within this vital trade hub strengthens its role in meeting international needs, solidifying its position as a key player in the global tungsten-tin market.

Despite fluctuations in macroeconomic conditions, the tungsten and tin markets have demonstrated impressive resilience, marked by consistent demand growth and moderate price increases. Tungsten prices have seen a notable rise of 50% compared to five years ago, while tin prices have surged by 100% over the same period. This upward trend in prices reflects the robust recovery in demand and the careful management of production, creating a favorable market environment for investors.

This mining project stands out amidst these market dynamics as a symbol of stability and opportunity. Positioned to capitalize on the increasing demand for tungsten and tin, the project is primed to benefit from the favorable market conditions. With its strategic infrastructure, robust resource base, and efficient operations, the project is poised to attract investor confidence and ensure sustainable profitability over the long term.

When making financial projections for the processing plants, the project chose conservative market prices as a cautious approach. However, it's important to note that the ongoing upward trajectory of market prices for these commodities suggests the potential for actual revenue outcomes surpassing its initial conservative projections.

The asset-driven development strategy is a comprehensive approach focused on maximizing economic returns by strategically deploying and optimizing various assets within the mining project including:

• Mines: 2 Tungsten-Tin (W-Sn) understand mines and 1 Tungsten (W) underground mine

• Mining Sites: underground mining sites, mining industrial sites, explosives depots and ore and waste rock transport systems.

• Mineral Processing Plant: crushing workshop, screening workshop, powder ore silo, and main plant of mineral processing.

• Tailings: tailings thickening, tailings conveyance systems, and tailings storage facilities.

• Production Auxiliary Facilities: comprehensive maintenance workshop, electric repair workshop, spare parts storehouse, test laboratory, boiler room and so on.

• Living Auxiliary Facilities: comprehensive office building, mining rostering room, mining bathroom, comprehensive canteen, ore-dressing workshop rostering room, and ore-dressing plant bathroom.

• Water Source Assets: water intake wells, new water delivery systems, and high level tanks.

• Electrical Assets: includes power supply and distribution of electrical equipment, control and lighting of buildings, lightning protection and grounding, and electrical outdoor works in the underground mining area, the ore processing area and the production and living support facilities area.

1) Crushing process

adopts the "two-stage and one closed-circuit" crushing process

2) Grinding and separation process

(a) Grinding process: a section of ball mill + linear screen, two sections of the second section of grinding + high frequency screen two sections of two closed-circuit classification.

(b) Selection process :

b1. desulphurisation flotation

b2. copper-sulphur separation

b3. tungsten-tin mixed flotation

b4. mixed concentrates magnetic separation

b5. Shaking table re-election

b6. wolframite flotation

(c) Dewatering process: adopt three-stage dewatering process of concentration, filter press and drying.