Shengda Resources acquires majority stake in Jinshi Mining for 500m yuan

Shengda Resources Co., Ltd. announced its intent to acquire a 60% equity stake in Yichun Jinshi Mining Company Limited for 500,000,000 yuan. This all-cash transaction will result in Jinshi Mining becoming a controlled subsidiary of Shengda Resources. The company will acquire 31.71% from Dai Hongbo for 264,250,000 yuan, 25.53% from Song Heming for 212,750,000 yuan, and 2.76% from Liang Zhengbin for 23,000,000 yuan.

Jinshi Mining's primary asset is the exploration right for the 460 Highland Gold Mine in Xinlin District, Daxing'anling, Heilongjiang Province. This includes a copper-molybdenum mineralized belt (Zone I) with estimated resources of 9,960.07 million tonnes of ore, containing 1,540,872 tonnes of copper metal and 460,979 tonnes of molybdenum metal as of May 31, 2025. Zones II and III, gold-mineralized belts, are still under exploration.

The transaction, approved by the company's board of directors, is not a related-party transaction nor does it constitute a major asset reorganization. The valuation report, based on an asset-based approach as of October 31, 2025, assessed Jinshi Mining's total shareholder equity at 90,010.80 million yuan, serving as the basis for the agreed-upon acquisition price.