Xiamen Tungsten board approves partial sale of Tengyuan Cobalt shares

Xiamen Tungsten Co., Ltd. held the seventeenth meeting of its tenth board of directors on September 16, 2025. Chaired by Huang Changgeng, all nine directors attended, alongside company supervisors and senior management.

The board unanimously approved the "Proposal on the Planned Reduction of Tengyuan Cobalt Industry Shares." The company will reduce its holdings in Ganzhou Tengyuan Cobalt New Material Co., Ltd. (Tengyuan Cobalt Industry) shares through centralized bidding.

The total number of shares to be divested will not exceed 1.00% of Tengyuan Cobalt Industry’s total share capital, excluding shares in its repurchase special account, equating to no more than 2,932,924 shares. The reduction period will commence within three months after 15 trading days from the public announcement date of the Tengyuan Cobalt Industry divestment plan. The board has authorized the company's management to handle the specifics of the reduction, including determining the timing, quantity, price, and information disclosure based on market conditions. This authorization is valid for 12 months from the board's approval.