Currently, Geely Technology Group Co., Ltd. has become the indirect controlling shareholder of the Group holding 53.9% interests of the Company. Under this background, the Group has commenced a new chapter of development. In order to support the sustainable business development and long-term strategy of the Group, the Company restructured the Board in the fourth quarter of 2024 to lay a solid foundation for future development. The restructuring aims to enhance the efficiency and decision-making capability of the Board, and include more members with diverse professional expertise and extensive experience to better direct the strategic development and oversee the management of the Group. We believe that the new Board structure will more effectively guide the Group in addressing market challenges and seizing opportunities for development. In addition, we always remain committed to strengthening the internal management to enhance operational efficiency and risk management capability of the Group.

We have adopted a prudent investment strategy by exiting projects that are not in line with the Group’s vision, and progressively building a clearer business model focusing on resources, so as to more effectively meet the market demand and identify investment opportunities with resilience and stability. This helps mitigate risks and ensure stable growth of the Group’s business. Furthermore, we are actively promoting the environmental assessment work of Brazilian iron ore and developing our bauxite business, while exploring and developing new and sustainable businesses to boost the competitiveness and long-term profitability of the Group. It is our long-term vision and goal to become a widely trusted green supplier of mineral resources, and to contribute to the sustainable development of the society. To this end, in addition to the existing projects in Brazil, the Group also intends to look for high-quality mining resource projects globally.

Last but not least, we will deepen cooperation with Geely Technology Group Co., Ltd., our indirect controlling shareholder, and Zhejiang Geely Holding Group Company Limited, one of Fortune 500 companies, to foster synergies and jointly explore new development opportunities. These close partnerships bring valuable resources and support to the Group, enabling us to overcome challenges and achieve sustainable growth.

We are confident that under the premise of openness, transparency and protection of the interests of minority shareholders, and with the strong and professional team, robust strategies and close collaboration with our partners, the Group will achieve greater success and create higher value for shareholders in the future.

Xu Zhihao

Chairman