Core Viewpoint - Tongguan Gold (00340) has seen a significant increase in stock price, rising over 7% and currently trading at 3.01 HKD, with a transaction volume of 79.79 million HKD. The company announced the acquisition of Rongchang Investment Co., Ltd., which adds 26 tons of gold resources, increasing total resources from 55 tons to 81 tons, a 47% increase, marking a new stage in resource reserves [1] Company Developments - On October 10, Tongguan Gold disclosed details regarding the acquisition of the Su Bei mining area, which is expected to enhance its resource base significantly [1] - The company signed a gold flow agreement with Zijin Mining in April, where Zijin prepaid 25 million USD as initial funding, with a commitment to deliver approximately 422 kilograms of gold over the next nine years [1] Strategic Insights - Guosen Securities highlighted Tongguan Gold as a small yet attractive regional gold mining company, with future strategic goals focused on increasing research into mineralization patterns in Gansu and Tongguan, and actively pursuing external mergers and acquisitions for growth [1] - The strategic partnership with Zijin not only secures part of the production revenue but also introduces 25 million USD in initial funding, which is less dilutive compared to equity financing. This partnership enhances the availability and stability of funding for project development [1]

Core Viewpoint - Tongguan Gold (00340) has seen a significant increase in its stock price, rising over 7% and currently trading at 3.01 HKD, following the announcement of the acquisition of Rongchang Investment Co., which enhances its gold resource reserves by 47% [1] Group 1: Acquisition Details - On October 10, Tongguan Gold disclosed details regarding the acquisition of Rongchang Investment Co., acquiring 100% of its shares, which adds 26 tons of gold resources, increasing the total from 55 tons to 81 tons [1] - This acquisition marks a new stage in the company's resource reserves, reflecting a substantial growth in its operational capacity [1] Group 2: Strategic Partnerships - In April, Tongguan Gold signed a gold flow agreement with Zijin Mining, where Zijin prepaid 25 million USD as initial funding, with a commitment to deliver approximately 422 kilograms of gold over the next nine years from the Su Bei Bei Dong mining area [1] - The partnership with Zijin Mining is seen as a strategic move to secure part of the production revenue while minimizing dilution compared to equity financing, enhancing the project's funding accessibility and stability [1] Group 3: Future Strategy - According to Guosen Securities, Tongguan Gold is characterized as a small but efficient regional gold mining company, with future strategic goals focused on increasing research into mineralization patterns in Gansu and Tongguan regions and actively pursuing external acquisitions for growth [1]

Core Insights - The ongoing US-China trade tensions have led to a surge in safe-haven investments, pushing gold prices to a new historical high of $4,060 per ounce [1] - The rise in gold prices has positively impacted the Hong Kong stock market, particularly gold-related stocks, which have shown significant gains [1] Company Performance - Zijin Mining International saw an increase of over 6%, with a latest price of $139.00 and a market capitalization of 372.11 billion, reflecting a year-to-date increase of 94.16% [2] - China Silver Group rose by over 5%, with a latest price of $0.800 and a market capitalization of 2.17 billion, marking a year-to-date increase of 238.98% [2] - Chifeng Jilong Gold experienced a gain of 4.48%, with a latest price of $34.020 and a market capitalization of 64.65 billion, showing a year-to-date increase of 151.16% [2] - Lingbao Gold saw an increase of 4.04%, with a latest price of $19.580 and a market capitalization of 25.20 billion, reflecting a remarkable year-to-date increase of 640.79% [2] - Zefeng Gold rose by 3.55%, with a latest price of $1.750 and a market capitalization of 2.17 billion, indicating a staggering year-to-date increase of 894.32% [2] - Shandong Gold increased by 2.51%, with a latest price of $40.080 and a market capitalization of 184.77 billion, showing a year-to-date increase of 228.34% [2] - Zijin Mining rose by 2.08%, with a latest price of $34.360 and a market capitalization of 913.21 billion, reflecting a year-to-date increase of 152.73% [2] - Jihai Resources increased by 2.27%, with a latest price of $1.800 and a market capitalization of 3.60 billion, marking a year-to-date increase of 116.87% [2] - Zhangguan Gold rose by 2.12%, with a latest price of $2.890 and a market capitalization of 12.71 billion, indicating a year-to-date increase of 504.60% [2] - China National Gold International saw an increase of 1.28%, with a latest price of $141.900 and a market capitalization of 56.25 billion, reflecting a year-to-date increase of 251.42% [2]

Summary of the Conference Call for Tongguan Gold Industry and Company Overview - **Company**: Tongguan Gold - **Industry**: Gold Mining Key Points and Arguments - **Exploration and Resource Growth Strategy**: Tongguan Gold is committed to advancing its exploration and resource growth strategy, with annual exploration investments not less than 30 million RMB, increasing to 50 million RMB by 2025, indicating strong internal growth potential [2][4][11] - **Resource Acquisition**: The acquisition of Rongchang Investment has increased the gold resource volume to 12.46 million tons with an average grade of 6.5 grams per ton, representing a 47% increase in resource volume [2][5] - **Production Capacity**: The company’s mining operations in the Tongguan area have acquired four concentrate enterprises, providing an additional 35.2 tons of gold resources for the ore processing plants [2][5] - **Sales Growth**: Future gold sales are expected to grow at a compound annual growth rate (CAGR) of approximately 17% over the next few years [2][6] - **Cost Structure**: The cash cost of concentrates is projected to be 283 RMB per gram in 2024, remaining stable in the first half of 2025, with a slight increase to 324 RMB per gram. The all-in sustaining cost is estimated at 1,548 USD per ounce, which is relatively low globally due to reduced tailings impact and economies of scale [2][6] - **Valuation**: Based on a gold price of 900 RMB per gram, the company is expected to generate a profit of approximately 1.15 billion HKD in 2026, with a price-to-earnings ratio of about 13 times, which is lower than comparable domestic and Hong Kong stocks, indicating attractive valuation [2][7] Additional Important Insights - **Market Sentiment**: The market has fully priced in the dilution expectations from previous share issuance, and the company’s market capitalization is expected to meet the requirements for inclusion in the Hong Kong Stock Connect, which may restore liquidity discounts [2][8] - **Future Gold Price Outlook**: The outlook for gold prices is optimistic, driven by interest rate cuts and the depreciation of the US dollar. The company’s resource growth potential is significant, with plans to increase exploration efforts in the Su Bei mining area [3][10] - **Competitive Advantages**: Tongguan Gold differentiates itself from other gold companies through its regional focus on the northwest, particularly the Tongguan and Su Bei areas, and its extensive geological exploration experience [4][11] - **Investment Recommendation**: The current valuation of Tongguan Gold remains attractive even after considering dilution, with potential for price recovery as previous price suppression factors are alleviated. The company’s strategic focus on exploration and resource growth supports its investment appeal [13]

Core Viewpoint - The precious metals sector, particularly gold and silver, has seen significant price increases, with gold prices rising 47% this year, potentially marking the largest annual increase since 1979. Silver has outperformed gold, with a price increase of over 62% [2][3]. Group 1: Market Performance - On October 2, the first trading day after the National Day holiday in Hong Kong, gold and silver stocks surged, with several stocks, including China Silver Group, rising over 10%, and China Silver Group specifically increasing by 30% to reach a nearly four-year high [1]. - Year-to-date performance shows that China Silver Group has increased by 192.37%, while Tongguan Gold has surged by 552.72% [2]. Group 2: Price Trends and Predictions - Goldman Sachs has raised its price forecasts for gold, predicting prices could reach $4,000 per ounce by mid-2026 and $4,300 by the end of 2026, indicating further upward potential for gold prices [3]. - The gold-silver ratio, which measures the price relationship between gold and silver, currently stands at approximately 80:1, suggesting that silver may still have room for price increases [8][24]. Group 3: Supply and Demand Dynamics - The global silver market has experienced a supply-demand gap for five consecutive years, with an estimated shortfall of about 4,000 tons in 2025 [18]. - Industrial demand for silver is projected to continue growing, with its share of total demand expected to reach 58% by 2024 [20]. Group 4: Economic Context - The differing economic roles of gold and silver lead to divergent price movements under various economic conditions. Gold primarily serves as a safe-haven asset, while silver has both safe-haven and industrial attributes, which can drive its price higher during economic recoveries [13][14]. - Historical trends indicate that when the gold-silver ratio exceeds 80:1, silver is often undervalued relative to gold, presenting potential investment opportunities [22].

(Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） (Stock Code 股份代號：340) NOTIFICATION LETTER 通 知 信 函 The following document(s) of Tongguan Gold Group Limited (the "Company") has/have been prepared in English and Chinese and is/are available on the websites of the Company at www.tongguangold.com and The Stock Exchange of Hong Kong Limited at www.hkexnews.hk (collectively the "Websites"):- Please provide your email address to the Company via Hong Kong Securities Clearing Company Limited ("HKSCC" ...

(Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） (Stock Code 股份代號：340) NOTIFICATION LETTER 通知信函 Dear Shareholder(s), 10 October 2025 The following document(s) of Tongguan Gold Group Limited (the "Company") has/have been prepared in English and Chinese and is/are available on the websites of the Company at www.tongguangold.com and The Stock Exchange of Hong Kong Limited at www.hkexnews.hk (collectively the "Websites"):- If you have not provided us with an email address but now would like to r ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部分內容 而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 （ 於 百 慕 達 註 冊 成 立 之 有 限 公 司 ） （股份代號：00340） 股東特別大會通告 茲通告潼關黃金集團有限公司（「本公司」）謹訂於二零二五年十月三十一日（星期五）上午 十時三十分假座香港灣仔港灣道1號會展廣場辦公大樓27樓2707A室舉行股東（「股東」）特 別大會（「股東特別大會」），以考慮並酌情通過（無論有否修訂）下列本公司決議案。除另 有所指外，本公司日期為二零二五年十月十日內容有關（其中包括）收購事項的通函（「通 函」，本通告構成其一部分）所界定的詞彙與本通告所使用者具有相同涵義： 普通決議案 1. 「動議： (a) 謹此批准、確認及追認宏勇投資有限公司（作為買方）（「買方」）與浩華控股有限 公司（作為賣方）（「賣方」）訂立的日期為二零二五年三月七日之買賣協議（「該協 議」）（註有「A」字樣之該協議副本已呈交股東特別大會，並由股東特別大會主席 簡簽以資識別），據此，買方有條件同 ...

地址為 或如彼未能出席，則大會主席 （三） 為本人╱吾等之代表，代表本人╱吾等出席本公司謹訂於二零二五年十月三十一日（星 期五）上午十時三十分假座香港灣仔港灣道1號會展廣場辦公大樓27樓2707A室舉行之股東特別大會或其任何續會（「大 會」），藉以考慮並酌情通過於二零二五年十月十日發出之召開大會通告（「通告」）所載決議案，並於該大會代表本人╱ 吾等以本人╱吾等之名義依照以下指示就決議案投票。 | 1. 批准該協議及當中擬進行之交易，包括根據特別授權發行及配發代價股份以及 | | | | --- | --- | --- | | 普通決議案 當中擬進行之所有其他交易。 | （四） 贊成 | （四） 反對 | 日期：二零二五年 月 日 簽署 （於百慕達註冊成立之有限公司） （股份代號：00340） 於二零二五年十月三十一日（星期五）舉行之股東特別大會之代表委任表格 本人╱吾等 （一） 地址為 為潼關黃金集團有限公司（「本公司」）股本中每股面值0.1港元普通股 （二） 股 之登記持有人，茲委任 （五） ： 附註： （一） 請用正楷填上全名及地址。請列明所有聯名持有人之姓名。 （二） 請填上登記於 閣下名下之普通股數目 ...

本通函僅作說明用途，且僅供 閣下考慮將於二零二五年十月三十一日（星期五）舉行的股東特別大會 上表決的決議案。本通函並不構成對發行或出售要約，亦非招攬收購、購買或認購本通函所述證券的 要約。 閣下如已將名下之潼關黃金集團有限公司股份全部出售或轉讓，應立即將本通函連同隨附之代表委任 表格送交買主或承讓人，或經手買賣或轉讓之銀行或股票經紀或其他代理商，以便轉交買主或承讓人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函之內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本通函全部或任何部分內容而產生或因倚賴該等內容而 引致之任何損失承擔任何責任。 此乃要件 請即處理 閣下如對本通函任何方面或 閣下應採取之行動有任何疑問，應諮詢股票經紀或其他註冊證券交易商、 銀行經理、律師、專業會計師或其他專業顧問。 （股份代號：00340） (I) 有關涉及根據特別授權發行代價股份 以收購目標公司100%股本之須予披露交易 及 (II) 股東特別大會通告 本封面所用詞彙與本通函「釋義」一節所界定者具有相同涵義。 潼關黃金集團有限公司謹訂於二零二五年十月三十一日（星期五）上午十時三十分假座香港灣仔港 ...