Longbai Group: Its subsidiaries won the prospecting rights of Changchong Titanium Ore in Wuding County, Yunnan Province through an auction of RMB 99.9 million

On September 19, it was reported that Wudingguo Titanium Minerals Co., Ltd., a subsidiary of Longbai Group, successfully bid for the prospecting rights of Changchong titanium ore in Wuding County, Yunnan Province for 99.9 million yuan and signed relevant contracts. The exploration mineral type of the prospecting right is titanium ore, with a survey area of 23.52 square kilometers and a transfer period of 5 years. This transaction does not constitute a related party transaction or a major asset reorganization, and the source of funds is self-owned or self-raised funds. This transaction will help the company increase its titanium ore resource reserves and enhance its core competitiveness. However, there are risks such as gaps between exploration results and expectations, uncertainty about the time when the prospecting rights certificate is obtained, and uncertainty about whether the approval procedures can be successfully advanced and mining rights can be obtained.