Tibet Mineral Development subsidiary continues energy contract for lithium project

Tibet Mineral Development announced that its controlled subsidiary, Tibet Rikeze Zabuye Lithium Industry High-Tech, will continue an energy supply contract with Baowu Qingneng, a related party. The contract, related to the 10,000-ton battery-grade lithium carbonate energy supply project at Zabuye Salt Lake, is effective until the energy supply service period ends. This decision was approved by the company's eighth board of directors and supervisors' eighth meeting on November 11, 2025.

The transaction has been designated as a related party transaction due to Baowu Qingneng being a controlled subsidiary of China Baowu Steel Group, Tibet Mineral Development's actual controller. The energy supply contract ensures the continued provision of electricity at yuan 0.998/kWh and steam at yuan 598/ton for the lithium project, which is critical for its operational needs.

Additionally, Tibet Mineral Development announced revisions to its Articles of Association and other internal governance documents to align with updated laws and regulations. These revisions, approved by the board and supervisory board, are pending a special resolution vote at the company's second extraordinary general meeting of shareholders on November 27, 2025, to enhance corporate governance and operational efficiency.