Huayou Cobalt grants restricted shares, loans $42.9m to joint venture

Zhejiang Huayou Cobalt Co., Ltd. announced on October 29, 2025, the grant of 1,111,000 restricted shares from the reserved portion to 302 incentive recipients at a price of CNY 30.91 per share. This follows the approval of the "2024 Restricted Stock Incentive Plan" by the board and shareholders, with vesting periods of 12 and 24 months, subject to performance targets. The total cost of this incentive plan is estimated at CNY 35,429,800, to be expensed over 2025-2027.

Concurrently, Huayou Cobalt's wholly-owned subsidiary, HUAJUN International Investment Pte. Ltd., will provide a shareholder loan of $42,900,000 to PT Eternal Nickel Industry (ENI) for a term of three years, at an annual interest rate of 6%. This financial aid, approved by the board on October 29, 2025, and pending shareholder approval, aims to support ENI's business development, aligning with Huayou Cobalt's nickel business expansion in Indonesia.

A Shareholders' Meeting is scheduled for November 19, 2025, to deliberate on the financial assistance to ENI. The company has implemented risk control measures for the loan, including monitoring ENI’s operations and financial status to ensure timely repayment.