股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 北方礦業股份有限公司 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00433 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 25,000,000,000 | HKD | | 0.02 | HKD | | 500,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 25,000,000,000 | HKD | | 0.02 | HKD | | 500,000,000 | 本月 ...

Group 1 - The Hang Seng Index rose by 0.46% to close at 24,139.57 points on July 11 [1] - Northern Mining (00433.HK) shares increased by 9.68% to HKD 0.034 per share, with a trading volume of 8.35 million shares and a turnover of HKD 274,100, showing a volatility of 6.45% [1] - Over the past month, Northern Mining has seen a cumulative decline of 11.43%, but has increased by 34.78% year-to-date, outperforming the Hang Seng Index by 19.78% [1] Group 2 - For the fiscal year ending December 31, 2024, Northern Mining reported total revenue of HKD 1.028 billion, a year-on-year decrease of 27.61% [1] - The company recorded a net profit attributable to shareholders of -HKD 63.42 million, a year-on-year increase of 95.8% [1] - The gross profit margin stood at 11.5%, while the debt-to-asset ratio was 137.11% [1] Group 3 - Currently, there are no investment rating recommendations from institutions for Northern Mining [1] - The average price-to-earnings (P/E) ratio for the general metals and minerals industry is -2.68 times, with a median of -0.17 times [1] - Northern Mining's P/E ratio is -5.66 times, ranking 49th in the industry, compared to other companies like Aide New Energy (02623.HK) at 2.6 times and Xinghe Holdings (01891.HK) at 2.63 times [1]

Financial Performance - The Group recorded a revenue of approximately HK$1,110,226,000 for the year ended 31 December 2024, representing a decrease of approximately 27.61% compared to HK$1,533,714,000 in the previous year[33]. - For the year ended 31 December 2024, the Group recorded a loss attributable to owners of the Company of approximately HK$68,486,000, a decrease in loss of approximately 95.8% compared to the loss of approximately HK$1,632,535,000 in 2023[34]. - The Group incurred a net loss of approximately HK$249,235,000 during the year ended 31 December 2024, with net current liabilities and net liabilities of approximately HK$1,488,805,000 and HK$570,868,000 respectively[36]. - The Group's revenue from continuing operations for the year ended 31 December 2024 was approximately HK$1,110,226,000, a decrease of about 27.61% from approximately HK$1,533,714,000 in the previous year[37]. - The decrease in revenue was primarily attributed to the chemical trading operation, which saw a decline compared to the previous year[33]. Mining Operations - Full-scale mining operations resumed in October 2024 after nearly three years of suspension due to licensing issues, with expectations to return to or exceed pre-suspension output levels in upcoming quarters[15][16]. - The molybdenum concentrate grades remained consistent, and the focus on cost control and process improvements positions the Group for a strong rebound in mining operations[17]. - Enhanced safety protocols and upgraded equipment have been implemented to ensure operational efficiency and environmental compliance in mining operations[16]. - The mining licence has been successfully renewed and is valid up to 22 February 2034, which is essential for the Group's mining activities[47]. - The Safety Production Licence has also been renewed, valid until 17 October 2027, allowing the Group to resume full mining operations[48]. - The mining operation sold approximately 714 tonnes of molybdenum concentrate during the year, with an average selling price of approximately HK$135,710 per tonne, contributing approximately HK$116,378,000 to the Group's revenue[49]. - The gross profit from the mining operation was approximately HK$54,745,000, resulting in a gross profit margin of 47.04%[49]. - For the year ended 31 December 2024, impairment losses for mining operations were approximately HK$147,503,000 for property, plant and equipment, HK$1,020,000 for right-of-use assets, and HK$215,715,000 for mining rights, compared to HK$30,818,000, HK$Nil, and HK$51,564,000 respectively in 2023[53][69]. Chemical Operations - Significant strides in cost optimization were achieved in the chemical operation, reducing operating expenses across several product lines through process automation and strategic sourcing[18][22]. - The Group continues to explore opportunities to expand its chemical product offerings in high-demand sectors, reinforcing its role in overall performance[25]. - The Group's revenue from chemical trading operations for the year ended 31 December 2024 was approximately HK$993,830,000, a decrease from approximately HK$1,533,714,000 in 2023[55][59]. - No impairment loss was recognized for the chemical trading operation for the year ended 31 December 2024, compared to an impairment loss of approximately HK$790,000 and HK$149,000 in 2023[58][62]. - The chemical operation aims to improve product quality and competitiveness through research and development and additional production facilities[87]. Financial Position and Liquidity - The Group's cash and cash equivalents increased from approximately HK$5,941,000 as of December 31, 2023, to approximately HK$15,247,000 as of December 31, 2024[97]. - As of December 31, 2024, the Group's current ratio improved to approximately 0.24, up from approximately 0.17 in 2023, primarily due to the resumption of mining operations[98]. - The Group's debt to equity ratio as of December 31, 2024, was approximately 48.72, an improvement from a deficit of approximately 52.44 in 2023, reflecting a reduction in total liabilities[101]. - The Group's total liabilities were approximately HK$2,109,133,000 as of December 31, 2024, compared to approximately HK$2,096,113,000 in 2023[101]. - Current liabilities rose to approximately HK$1,953,133,000 in 2024 from HK$1,842,120,000 in 2023, an increase of about 6.0%[102]. Strategic Focus and Future Outlook - The strategic focus includes sustaining safe and efficient mining production, expanding the chemical portfolio, investing in innovation, and strengthening financial resilience[32]. - The Group anticipates ongoing macroeconomic challenges in 2025, including geopolitical uncertainties and inflation, and aims to enhance resilience through strategic management and supply chain improvements[86]. - The Group aims to enhance its operational efficiency and broaden its revenue base by actively identifying investment opportunities and expanding mineral resources[91]. - Changes in the pre-tax discount rate and growth rate assumptions could significantly impact the recoverable amounts for both mining and chemical operations, with variations of 0.5% leading to changes of up to HK$25,056,000 for mining and HK$2,478,000 for chemical operations[72][78]. Governance and Management - The Group is committed to long-term value creation for shareholders and stakeholders through operational optimization and strategic initiatives[26]. - The Group will maintain effective communication with stakeholders and improve investor relations management to enhance operational management and corporate governance[88]. - The Directors do not recommend the payment of any dividend for the year ended December 31, 2024, consistent with 2023[156]. - The Group's single largest customer accounted for approximately 12% of total operating revenue in 2024, up from 11% in 2023[157]. - The Group's five largest customers accounted for approximately 33% of total operating revenue in 2024, down from 39% in 2023[157]. Risk Management - The Company is subject to economic environment risks due to macroeconomic conditions and policies in Mainland China and abroad, which could impact its mining and trading operations[140]. - Market price risks are significant, with sharp fluctuations in molybdenum concentrate and chemical product prices affecting cash flow and revenue[142]. - The Company has implemented measures to enhance risk control capabilities and strengthen production cost management in response to market price risks[143]. - Safety and environmental risks are critical, as any accidents could lead to substantial losses in reputation and assets, particularly in molybdenum concentrate production[146]. - The Company is committed to improving safety and environmental management through enhanced training and investment in technology upgrades[147].

Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of HKD 1,110,226,000, a decrease of 27.5% from HKD 1,533,714,000 in 2023[3] - The cost of sales for the same period was HKD 982,541,000, down 31.9% from HKD 1,441,307,000 in 2023, resulting in a gross profit of HKD 127,685,000, an increase of 38.2% from HKD 92,407,000[3] - The company recorded a net loss of HKD 249,235,000 for the year, significantly improved from a loss of HKD 1,759,872,000 in 2023[3] - Total comprehensive loss for the year was HKD 233,702,000, compared to a loss of HKD 1,753,633,000 in the previous year[4] - The total loss from continuing operations for the year was HKD 574,234 thousand, compared to a loss of HKD 1,759,866 thousand in 2023[15] - The pre-tax loss from continuing operations for 2024 was HKD 195,236,000, a significant improvement compared to a loss of HKD 1,632,531,000 in 2023[31] Assets and Liabilities - As of December 31, 2024, total assets amounted to HKD 1,538,265,000, down from HKD 1,758,947,000 in 2023[5] - Current liabilities were reported at HKD 1,953,133,000, slightly up from HKD 1,842,120,000 in 2023[6] - The total assets as of December 31, 2024, amounted to HKD 1,538,265 thousand, while total liabilities were HKD 2,109,133 thousand[19] - The net debt position was HKD 570,868,000, compared to HKD 337,166,000 in the previous year, indicating a worsening financial leverage situation[6] - The company reported a total of HKD 47,685,000 in accounts receivable for 2024, down from HKD 118,486,000 in 2023, indicating a reduction of approximately 59.8%[33] - The total accounts payable decreased to HKD 264,698,000 in 2024 from HKD 373,998,000 in 2023, a reduction of about 29.3%[37] Cash Flow and Funding - The company had cash and cash equivalents of HKD 15,247,000 as of December 31, 2024, an increase from HKD 5,941,000 in 2023[5] - The group plans to enhance cash flow management by closely monitoring administrative expenses and operational costs[13] - The group is actively seeking additional funding and negotiating with banks for financing and loan extensions[13] - The company’s cash and cash equivalents were only HKD 15,247,000 as of December 31, 2024, raising concerns about liquidity given the net loss of approximately HKD 249,235,000 for the year[40] Operational Highlights - Mining operations resumed in October 2024, expected to generate positive cash flow and improve liquidity[13] - The mining segment generated revenue of HKD 116,378 thousand, while the chemical sales segment contributed HKD 993,830 thousand in 2024[15] - The mining business generated a profit with a sales volume of approximately 714 tons of molybdenum concentrate, contributing about HKD 116,378,000 in revenue, with an average selling price of HKD 135,710 per ton[44] - The gross profit from the mining business was approximately HKD 54,745,000, resulting in a gross margin of 47.04%[44] - The chemical trading business generated revenue of approximately HKD 993,830,000, a decrease from HKD 1,533,714,000 in the previous year[46] Corporate Governance - The company has adhered to the corporate governance code principles as per the listing rules, with one exception regarding the separation of roles between the chairman and CEO[65] - The audit committee consists of three independent non-executive directors, responsible for reviewing and supervising the company's financial reporting processes[68] - The independent auditor confirmed that the financial figures in the performance announcement align with the consolidated financial statements for the year ending December 31, 2024[69] - The board of directors includes both executive and independent non-executive members, ensuring a diverse governance structure[72] Future Outlook and Challenges - The company is facing significant uncertainty regarding its ability to continue as a going concern due to its reliance on obtaining new funding for operations[10] - The company is facing uncertainties regarding its ability to generate sufficient cash flow to support operations and repay debts by December 31, 2024[42] - The group aims to enhance resilience amid unclear economic prospects for 2025, facing macroeconomic challenges such as geopolitical uncertainties and inflation[51] - Domestic molybdenum demand is expected to continue increasing, driven by the steel industry's transformation towards high-quality steel production[52] Shareholder Information - The company did not recommend any final dividend for the year ending December 31, 2024, consistent with the previous year[30] - The company has not proposed any dividend for the year ending December 31, 2024[62] - There were no purchases, redemptions, or sales of the company's listed securities during the year ending December 31, 2024[63] - The number of ordinary shares issued increased to 12,511,640,397 in 2024 from 3,788,827,715 in 2023, indicating a significant increase in share capital[34]

Financial Performance - For the six months ended June 30, 2024, the group recorded revenue of approximately HKD 621,311,000, a decrease of about 16.72% compared to HKD 746,078,000 for the same period in 2023[2] - The group reported a loss of approximately HKD 99,790,000, which is a reduction of about 36.05% from a loss of HKD 156,043,000 in the same period of 2023[2] - The gross profit for the same period was HKD 8,122,000, down 85.3% from HKD 55,486,000 in 2023[19] - The total comprehensive loss for the six months ended June 30, 2024, was HKD (377,166) thousand, compared to HKD (92,358) thousand for the same period in 2023[23] - The company reported other income of HKD 53,000 for the six months ending June 30, 2024, compared to HKD 759,000 in the same period of 2023, indicating a significant decrease of approximately 93%[32] Mining Operations - The mining business, primarily focused on molybdenum concentrate, did not contribute any revenue during the review period due to the need for a safety license renewal[3][4] - The molybdenum concentrate produced by the group's mining operations has a grade of approximately 45%-50%[3] - The mining license granted by the Ministry of Natural Resources of China is valid until February 22, 2034, following its renewal on February 10, 2023[4] - The company has successfully renewed its molybdenum mining license and plans to invest in upgrading mining machinery to enhance production efficiency and safety[10] - The mining operations are expected to resume in 2024 after obtaining necessary approvals from Chinese authorities, which is anticipated to generate positive cash flow and improve overall liquidity[28] Chemical Trading Business - The chemical trading business generated revenue of approximately HKD 621,311,000, with a loss of about HKD 32,595,000 for the six months ended June 30, 2024[5] - Sales of chemical products decreased to HKD 621,311,000 for the six months ending June 30, 2024, down from HKD 746,078,000 in the same period of 2023, representing a decline of approximately 16.7%[31] Financial Position - As of June 30, 2024, total assets decreased to HKD 1,692,902 thousand from HKD 1,758,947 thousand as of December 31, 2023, representing a decline of approximately 3.73%[21] - The company's total equity decreased to HKD (429,524) thousand from HKD (337,166) thousand, indicating a decline of 27.4%[22] - The company's cash and cash equivalents increased to HKD 18,363 thousand from HKD 5,941 thousand, marking a significant increase of 208.5%[24] - The total liabilities to equity ratio was approximately 20.42% as of June 30, 2024, a significant improvement from 52.44% on December 31, 2023[13] - Total liabilities as of June 30, 2024, were HKD 2,122,426,000, an increase of 1.24% from HKD 2,096,113,000 as of December 31, 2023[38] Operational Efficiency and Future Plans - The company aims to improve operational efficiency and expand its mineral resources to enhance future financial performance and profitability[12] - The company plans to enhance measures to improve working capital and cash flow, including close monitoring of administrative expenses and operating costs[28] - The company is actively seeking additional funding and negotiating with several banks for extra financing and/or loan extensions[28] - The company incurred a total capital expenditure of HKD 27,620,000 during the reporting period, with HKD 26,330,000 allocated to mining operations[36] Corporate Governance - The company has adopted the corporate governance code and has complied with all applicable provisions, except for the separation of the roles of Chairman and CEO[54] - The Audit Committee, consisting of three independent non-executive directors, reviewed the interim results for the six months ending June 30, 2024[56] - The company has implemented a board diversity policy to ensure sustainable and balanced development of its strategic goals[54] - The company confirmed that all directors fully complied with the standard code of conduct for securities trading during the six months ending June 30, 2024[55] Shareholder Information - The average number of shares outstanding for calculating basic loss per share increased to 12,511,640,397 shares from 1,168,519,314 shares in the previous year due to a capital reorganization[43] - As of June 30, 2024, Guangzhou Fund International Asset Management Co., Ltd. holds 2,380,886,925 shares, representing 19.03% of the company's issued voting shares[52] - Qian Baohua holds 2,575,478,816 shares through controlled companies, accounting for 20.58% of the company's issued voting shares[52] - Huatune Holding Group Limited owns 2,438,619,133 shares, which is 19.49% of the company's issued voting shares[52] - The company has a total of 12,511,640,397 issued shares as of June 30, 2024, which is the basis for calculating the ownership percentages[53]

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 621,311,000, a decrease of 16.7% compared to HKD 746,078,000 for the same period in 2023[2] - Gross profit for the same period was HKD 8,122,000, down from HKD 55,486,000, reflecting a significant decline[2] - Operating loss for the six months was HKD 68,268,000, an improvement from a loss of HKD 114,854,000 in the previous year, indicating a reduction in operational losses[2] - The company reported a loss before tax of HKD 99,790,000, compared to a loss of HKD 156,043,000 in the prior year, showing a narrowing of losses[2] - The loss attributable to owners of the company was HKD 58,543,000, compared to HKD 98,598,000 in the previous year, reflecting a reduction in losses[3] - The group recorded a net loss of approximately HKD 99,790,000 for the six months ended June 30, 2024[8] - The company recorded revenue of approximately HKD 621,311,000 for the six months ended June 30, 2024, a decrease of about 16.72% compared to HKD 746,078,000 for the same period in 2023[32] - The company reported a loss of approximately HKD 99,790,000 for the six months ended June 30, 2024, which is a reduction of about 36.05% from a loss of HKD 156,043,000 in the same period of 2023[32] Assets and Liabilities - Total assets as of June 30, 2024, were HKD 1,692,902,000, down from HKD 1,758,947,000 at the end of 2023[5] - Current liabilities totaled HKD 1,530,196,000, slightly up from HKD 1,520,388,000 at the end of 2023[5] - The company’s total liabilities increased to HKD 2,122,426,000 from HKD 2,096,113,000, indicating a rise in financial obligations[5] - The total assets as of June 30, 2024, were HKD 1,692,902,000, while total liabilities were HKD 2,122,426,000[18] - The group had bank loans and other borrowings totaling approximately HKD 642,171,000, with HKD 608,019,000 classified as current liabilities[8] - The company’s accounts receivable as of June 30, 2024, amounted to HKD 47,721,000, down from HKD 118,486,000 as of December 31, 2023[30] Cash Flow and Liquidity - The company’s cash and cash equivalents increased to HKD 18,363,000 from HKD 5,941,000, indicating improved liquidity[4] - The company recorded a net cash inflow of approximately HKD 13,773,000 during the review period, compared to a cash outflow of approximately HKD 1,055,000 as of June 30, 2023[42] - As of June 30, 2024, the company's current ratio was approximately 0.19, up from 0.18 on December 31, 2023[42] Business Operations - The company’s mining business did not contribute any revenue during the review period due to the need for renewing safety licenses and the expiration of mining licenses[34] - The mining business is expected to resume operations in 2024, which is anticipated to generate positive cash flow[8] - The company’s chemical trading business generated revenue of approximately HKD 621,311,000 for the six months ended June 30, 2024, compared to HKD 746,078,000 for the same period in 2023, with a loss of approximately HKD 32,595,000[36] Corporate Governance - The company has adopted a corporate governance code and has complied with all applicable provisions, except for the separation of the roles of Chairman and CEO, which are held by Mr. Yang Yingmin[48] - The board has established a diversity policy to ensure sustainable and balanced development, with annual reviews to assess its effectiveness[49] - The company has confirmed that all directors have fully complied with the standard code of conduct for securities trading during the six months ending June 30, 2024[50] - The audit committee, consisting of three independent non-executive directors, has reviewed the interim financial results for the six months ending June 30, 2024, prior to approval by the board[51] - The interim results announcement is available on the Hong Kong Stock Exchange website and the company's website, ensuring compliance with listing rules[52] Future Plans and Strategies - The group plans to enhance measures to improve working capital and cash flow, including monitoring administrative expenses and operating costs[8] - The company aims to enhance resilience amid economic uncertainties, focusing on strategic management and expanding its core businesses[39] - The domestic molybdenum market is expected to improve in the second half of 2024, driven by demand from the steel industry[40] Employee and Capital Management - The company employed 657 full-time employees as of June 30, 2024, a slight decrease from 659 employees in the previous year[47] - The company did not recommend the payment of an interim dividend for the six months ended June 30, 2024, consistent with no dividends declared for the same period in 2023[25] - The board does not recommend the payment of an interim or final dividend for the six months ended June 30, 2024[44] - The total amount raised from investors was HKD 40,000,000, which has been fully utilized by December 31, 2023, with no remaining balance[38] - The company incurred capital expenditures of HKD 2,289,000 during the period[16] - The company has no capital commitments as of June 30, 2024, consistent with the previous year[43]

Financial Performance - Revenue for the year ended December 31, 2023, was HK$1,533,714,000, an increase of 18.4% from HK$1,295,666,000 in 2022[6] - Gross profit decreased to HK$92,407,000, down 50.7% from HK$187,081,000 in the previous year[6] - Loss for the year amounted to HK$1,759,872,000, compared to a loss of HK$246,058,000 in 2022, representing a significant increase in losses[8] - The company reported a loss per share of HK$43.09, compared to HK$13.92 in the previous year, indicating a worsening financial position[8] - For the year ended December 31, 2023, the total comprehensive loss was HK$1,636,018,000, which includes a loss for the year of HK$1,632,535,000[35] - The loss attributable to owners of the Company for the year was approximately HK$1,632,535,000, an increase of approximately 9 times compared to a loss of HK$162,643,000 in 2022[56] Assets and Liabilities - Total assets decreased to HK$1,758,947,000 from HK$2,017,000,000, reflecting a decline of 12.8%[10] - Total liabilities were reported at HK$2,096,113,000, down from HK$3,523,078,000, indicating a reduction of 40.5%[14] - Cash and cash equivalents decreased to HK$5,941,000 from HK$11,344,000, a decline of 47.6%[10] - Total equity and liabilities amounted to HK$1,758,947,000, a decrease from HK$2,017,000,000[15] - Net current liabilities were reported at HK$(1,520,388,000), down from HK$(2,854,163,000)[16] - Net liabilities decreased to HK$(337,166,000) from HK$(1,506,078,000)[18] - As of December 31, 2023, total equity attributable to owners of the Company was HK$250,233,000, a decrease from HK$373,926,000 at the beginning of the year[35] Operational Highlights - The Group's mining operations are expected to resume full operation in the second half of 2024, following the completion of necessary government licenses[46] - The financial difficulties faced by the Group have hindered operations at Jiu Long Kuang Ye, but efforts are ongoing to renew the mining license[47] - The Group has cooperated closely with the Shaanxi Provincial Emergency Management Department to meet government construction requirements[48] - The Group's chemical trading operations generated revenue of approximately HK$1,533,714,000 for the year, up from approximately HK$1,074,334,000 in 2022[70] - The mining operation did not contribute any revenue during the year under review, compared to approximately HK$221,332,000 in the previous year[88] Research and Development - Research and development costs rose to HK$46,464,000, up 45% from HK$32,048,000 in 2022, indicating increased investment in innovation[6] - The Group's focus on research and development aims to improve product quality and competitiveness in the chemical operation sector[99] Audit and Compliance - The impairment assessment of cash-generating units (CGUs) was identified as a key audit matter due to the material balance and significant management judgment required[24] - The auditor's report emphasizes the responsibility to ensure that the consolidated financial statements are free from material misstatement due to fraud or error[30] - The audit aims to provide reasonable assurance regarding the appropriateness of the going concern basis of accounting, assessing any material uncertainties that may affect the Group's ability to continue operations[32] - The report highlights the importance of communicating significant deficiencies in internal control identified during the audit process[34] - The Company is focused on compliance with relevant laws and regulations as part of its restructuring efforts[144] Strategic Initiatives - The company is focusing on market expansion and new product development as part of its strategic initiatives moving forward[6] - The Group aims to proactively identify investment opportunities and expand its mineral resources to enhance future financial performance and profitability[76] - The Group is committed to enhancing operational efficiency and exploring investment opportunities to broaden its revenue base[103] - The Group's strategy includes building protective measures in supply chains to mitigate shortages and manage rising costs[99] Corporate Governance - The Company has arranged appropriate directors' and officers' liability insurance for relevant legal actions against the Directors[188] - The Company has a board diversity policy aimed at achieving diversity on the Board, reviewed annually for effectiveness[195] - The Company believes it has taken sufficient measures to comply with the code as of December 31, 2023[197] Shareholder Information - No dividend was recommended for the year ended 31 December 2023[83] - The Directors do not recommend the payment of any dividend for the year ended 31 December 2023, consistent with 2022[175] - The Company has fulfilled all Resumption Guidance and applied for the resumption of trading in shares effective from 9:00 a.m. on October 3, 2023[106]

[Clarification Announcement Regarding 2023 Annual Results](index=1&type=section&id=Clarification%20Announcement%20Regarding%20the%20Annual%20Results%20Announcement%20for%20the%20Year%20Ended%20December%2031%2C%202023) [Purpose and Background of the Announcement](index=1&type=section&id=Clarification%20Announcement) This clarification announcement is issued by the Company to correct two textual errors in its 'Consolidated Results for the Year Ended December 31, 2023' announcement published on March 31, 2024 - This announcement aims to clarify inadvertent textual errors in the 2023 annual consolidated results announcement ('the Announcement') published by North Mining Company Limited ('the Company') on March 3, 2024[3](index=3&type=chunk) [Details of Clarification](index=1&type=section&id=Details%20of%20Clarification) The Company clarified two key financial figures: basic and diluted loss per share corrected from (10.14) HK cents to (43.09) HK cents; weighted average number of ordinary shares corrected from 16,103,157,000 shares to 3,788,828,000 shares Corrected Financial Data | Item | Incorrect Data | Corrected Data | | :--- | :--- | :--- | | Basic and Diluted Loss Per Share (HK cents) | (10.14) | (43.09) | | Weighted Average Number of Ordinary Shares (shares) | 16,103,157,000 | 3,788,828,000 | - All other information in the original results announcement remains unchanged, apart from the aforementioned clarifications[5](index=5&type=chunk) [Other Information and Board Members](index=1&type=section&id=Other%20Information) The announcement includes standard HKEX disclaimers, advises shareholders and potential investors to exercise caution when dealing in company securities, and lists the board members as of the announcement date - The Company advises shareholders and potential investors to exercise caution when dealing in the Company's securities[6](index=6&type=chunk) - The announcement discloses the list of Board members as of April 24, 2024, including Executive Directors Mr. Yang Yingmin, Mr. Qian Yidong, Mr. Huang Zhidan, and Mr. Shen Jian; and Independent Non-executive Directors Mr. Shi Wenhao, Mr. Shen Mingjie, and Mr. Feng Jiawei[6](index=6&type=chunk)

Revenue and Profitability - Revenue for the year 2023 was HK$1,533,714 thousand, compared to HK$1,295,666 thousand in 2022, representing an increase of 18.4%[3] - Gross profit for 2023 was HK$92,407 thousand, a significant decrease from HK$187,081 thousand in 2022, reflecting a 50.6% decline[3] - Operating loss for 2023 was HK$1,640,570 thousand, compared to HK$105,864 thousand in 2022, indicating a substantial deterioration[3] - Net loss for the year 2023 was HK$1,759,872 thousand, a significant increase from HK$246,058 thousand in 2022[3] - The company recorded a net loss of HKD 1,759,872,000 for the year ended December 31, 2023, compared to a net loss of HKD 246,058,000 in the previous year[29] - Total comprehensive expenses for the year amounted to HKD 1,753,633,000, up from HKD 237,230,000 in 2022[31] - The company reported a net loss attributable to owners of 1,632,535 thousand HKD in 2023, significantly higher than the 162,643 thousand HKD loss in 2022[50] - The company's revenue for the year ended December 31, 2023, was approximately HKD 1,533,714,000, an increase of 18.37% compared to HKD 1,295,666,000 in the previous year[88] - The company recorded a loss attributable to owners of approximately HKD 1,632,535,000 for the year ended December 31, 2023, a significant increase from the loss of HKD 162,643,000 in the previous year[88] - The company's total loss before tax was 245,894 thousand HKD in 2022, with a tax expense of 164 thousand HKD[59] - The company's total loss for the year 2022 was 246,058 thousand HKD, with a significant portion attributed to financing costs of 140,030 thousand HKD[59] R&D and Operating Costs - R&D costs increased to HK$46,464 thousand in 2023, up from HK$32,048 thousand in 2022, a 44.9% rise[3] - Depreciation and amortization expenses increased to HKD 80,157,000 in 2023 from HKD 67,779,000 in the previous year[44] - Capital expenditures decreased significantly to HKD 12,811,000 in 2023 from HKD 154,490,000 in 2022[44] - The company's cash outflow for 2023 was approximately HKD 6,275,000, compared to HKD 496,000 in 2022, primarily due to increased cash outflows from operating activities[106] Corporate Governance and Board Changes - The company has appointed new independent non-executive directors and restructured its board committees to enhance corporate governance[8] - The company has adopted a board diversity policy and is committed to regularly reviewing and improving its corporate governance practices[14] - The audit committee, consisting of three independent non-executive directors, has reviewed the financial statements for the year ended December 31, 2023[17] Mining Operations - The company expects its mining operations to resume in 2024, which is anticipated to generate positive cash flow and improve liquidity[11] - The company's mining business did not generate any revenue in 2023, compared to HKD 221,332,000 in 2022, due to the lack of production of molybdenum concentrate[91] - The company's mining license was successfully renewed until February 22, 2034, allowing for the resumption of mining activities once the safety production license is obtained[90] - The company's mining business is expected to fully resume operations in the second half of 2024, pending the issuance of the safety production license[90] - The company's mining business assets, including mining rights and property, plant, and equipment, amounted to approximately HKD 1,279,188,000 as of December 31, 2023[94] - Impairment losses for mining rights and property, plant, and equipment were approximately HKD 51,560,000 and HKD 30,820,000, respectively, due to delayed resumption of operations[96] Chemical Trading Business - Revenue from chemical trading business was HKD 1,533,714,000 for the year ended December 31, 2023[41] - The chemical trading segment reported a loss of HKD 79,898,000 for the year[41] - The company's total revenue from chemical sales reached 1,533,714 thousand HKD in 2023, compared to 1,074,334 thousand HKD in 2022, a 42.8% increase[51] - The chemical trading business generated revenue of approximately HKD 1,533,714,000 in 2023, a significant increase from HKD 1,074,334,000 in 2022[97] - Impairment losses for property, plant, and equipment, and right-of-use assets in the chemical business were approximately HKD 790,000 and HKD 149,000, respectively, due to continued losses and a low gross margin of 6.03%[101] Financial Position and Liabilities - The company's total assets decreased to HKD 1,758,947,000 as of December 31, 2023, from HKD 2,017,000,000 in the previous year[35] - Total liabilities stood at HKD 2,096,113,000 as of December 31, 2023, compared to HKD 3,523,078,000 in 2022[37] - The company's net current liabilities were HKD 1,520,388,000 as of December 31, 2023, an improvement from HKD 2,854,163,000 in the previous year[37] - The company's net debt position was HKD 337,166,000 as of December 31, 2023, an improvement from HKD 1,506,078,000 in the previous year[37] - The company's total assets decreased to 1,758,947 thousand HKD in 2023 from 2,017,000 thousand HKD in 2022, a 12.8% decline[61] - The company's total liabilities decreased to 2,096,113 thousand HKD in 2023 from 3,523,078 thousand HKD in 2022, a 40.5% reduction[61] - The company recognized a debt restructuring loss of approximately 1,343,925 thousand HKD in 2023 due to a debt restructuring agreement with creditors[67] - The company's total liabilities exceeded its total assets by HKD 337,166,000 as of December 31, 2023, raising concerns about its ability to continue as a going concern[87] - The company's total liabilities decreased to approximately HKD 2,096,113,000 in 2023 from HKD 3,523,078,000 in 2022, while equity attributable to owners improved to a deficit of HKD 39,972,000 from a deficit of HKD 1,326,499,000[107] - The company's total liabilities from bank loans and other borrowings decreased from HKD 1,342,265,000 in 2022 to HKD 696,948,000 in 2023[113] Debt and Capital Structure - The company's debt-to-capital ratio increased to 52.44 in 2023 from 2.66 in 2022, mainly due to successful debt restructuring and capital reorganization[107] - The company's current ratio improved to 0.17 in 2023 from 0.12 in 2022, reflecting successful debt restructuring efforts[106] - The company's bank loans and other borrowings decreased to approximately HKD 669,415,000 in 2023 from HKD 1,325,375,000 in 2022, reflecting reduced debt levels[109] - The company's total bank loans and other borrowings amounted to HKD 696,948,000 as of December 31, 2023, with interest rates ranging from 6.09% to 15%[113] - The company successfully converted HKD 250,000,000 of convertible bonds into shares on September 29, 2023, along with accrued interest[110] - The company's restructuring plan was approved by the majority of creditors on August 28, 2023, and subsequently by the High Court on September 15, 2023[121] - The company issued 11,086,710,827 new shares to a plan company, which will hold the shares in trust for the benefit of creditors[123] Accounts Receivable and Payable - The company's accounts receivable and bills decreased to HKD 116,001,000 in 2023 from HKD 9,468,000 in 2022, with a credit loss provision of HKD 2,485,000[74] - The company's expected credit loss rate for accounts receivable was 36.40% in 2023, consistent with the range of 36.40% to 38.00% in 2022[80] - The company's accounts receivable aged 0-30 days increased significantly to HKD 22,883,000 in 2023 from HKD 9,462,000 in 2022[82] - The company's total accounts payable and bills amounted to HKD 373,998,000 in 2023, compared to HKD 286,444,000 in 2022[84] - The company's inventory decreased to approximately HKD 156,176,000 in 2023 from HKD 271,949,000 in 2022, while accounts receivable and bills remained stable at HKD 116,001,000[109] Share Issuance and Equity - The company issued a total of 256,410,256 new shares at a subscription price of HKD 0.156 per share, raising a total of HKD 40,000,000 from investor subscriptions[123] - The company completed the transfer of 51% equity in a target company on March 28, 2024, following a share transfer agreement signed on January 19, 2024[114] Employee and Dividend Information - The company employed 659 full-time employees as of December 31, 2023, a decrease from 708 employees in 2022[116] - The company did not pay any dividends for the year ended December 31, 2023[117] - The company did not engage in any hedging activities or speculative foreign exchange transactions during the year[111] Miscellaneous - The company has applied for the resumption of trading on the Hong Kong Stock Exchange starting from October 3, 2023[6] - Revenue from external customers in China increased to 1,533,714 thousand HKD in 2023, up from 1,295,666 thousand HKD in 2022, representing an 18.4% growth[45] - The company's deferred tax liabilities decreased to (12,891) thousand HKD in 2023 from 164 thousand HKD in 2022[69]

Financial Performance - The company recorded a loss of approximately HKD 156,043,000 for the six months ended June 30, 2023, an increase of about 6.78% compared to a loss of HKD 146,134,000 for the same period in 2022, primarily due to decreased sales in the mining business [10]. - Revenue for the six months ended June 30, 2023, was approximately HKD 746,078,000, representing an increase of about 46.11% from HKD 510,635,000 for the same period in 2022, mainly driven by increased sales in the chemical trading business [15]. - For the six months ended June 30, 2023, the company reported a loss attributable to shareholders of approximately HKD 98,598,000, compared to a loss of approximately HKD 104,144,000 for the same period in 2022, representing a decrease in loss of about 5.3% [76]. - The company reported revenue of HKD 746,078,000 for the six months ended June 30, 2023, an increase of 46% compared to HKD 510,635,000 for the same period in 2022 [166]. - The gross profit for the same period was HKD 55,486,000, with a gross margin reflecting the cost of sales at HKD 690,592,000 [166]. - Operating loss for the six months was HKD 114,854,000, compared to a loss of HKD 48,159,000 in the previous year, indicating a significant increase in operational challenges [166]. Mining Operations - The company did not generate any revenue from its mining operations during the review period due to the need for the renewal of safety licenses, which has delayed production activities [12]. - The mining license for the company's operations was successfully renewed on February 10, 2023, and is valid until February 22, 2034, which is crucial for the company's mining activities [16]. - The company reported no production of silver concentrate during the review period, which contributed to the lack of revenue from mining operations [12]. - The company has been actively working on renewing the necessary mining licenses and has confirmed that all outstanding fees and required information have been submitted to the relevant government departments [13]. - The company’s financial difficulties have significantly impacted the operations of its mining subsidiary, which is currently under liquidation [13]. - The group successfully renewed its aluminum mining license and plans to further invest in and upgrade its mining machinery systems to improve production efficiency, safety, and environmental standards [124]. Financial Position - Total liabilities as of June 30, 2023, amounted to HKD 3,571,128,000, compared to HKD 3,523,078,000 as of December 31, 2022 [24]. - The company’s total assets minus current liabilities stood at HKD (1,389,228,000) as of June 30, 2023, compared to HKD (1,244,215,000) as of December 31, 2022 [24]. - The company’s total liabilities exceeded total assets, indicating potential solvency issues [35]. - The total current liabilities increased to HKD 3,312,276,000 from HKD 3,261,215,000, reflecting a growing financial burden [162]. - The company has a total debt of approximately HKD 1,318,264,000 as of June 30, 2023, down from HKD 1,342,265,000 in 2022 [164]. Shareholder Actions - The company reduced the par value of each issued consolidated share from HKD 0.32 to HKD 0.02, resulting in a credit balance of approximately HKD 350,556,000 based on 1,168,519,314 shares issued [34]. - The company plans to issue 11,086,710,827 new shares to settle debts with creditors, pending court approval [34]. - The average number of shares issued during the period was 23,370,386,286, unchanged from the previous year [76]. - The company plans to issue new shares at a subscription price of HKD 0.156 per share following the capital restructuring [181]. Operational Challenges - The company recorded a significant increase in overdue receivables, with amounts over 180 days reaching HKD 203,872 compared to HKD 155,213 in the previous year [51]. - The company recorded a provision for obsolete inventory of HKD 57,828,000 for the six months ended June 30, 2023, compared to HKD 43,881,000 for the same period in 2022, indicating a year-on-year increase of approximately 31.8% [78]. - The group experienced a net cash outflow of approximately HKD 1,055,000 during the review period, compared to a cash inflow of approximately HKD 26,701,000 for the six months ended June 30, 2022 [127]. - The group aims to enhance resilience by strategically managing and expanding its two core businesses while establishing safeguards in the supply chain to address shortages and rising costs [123]. Governance and Corporate Strategy - The board believes that good corporate governance is key to improving efficiency and performance, as well as protecting shareholder interests [113]. - The company has established a board diversity policy to ensure sustainable and balanced development of its strategic objectives [116]. - The company is considering capital restructuring measures, including share consolidation and capital reduction, to meet the conditions for resumption of trading [111]. - The company is actively seeking to expand its mineral resources and improve operational efficiency to enhance future financial performance [161].