致：香港交易及結算所有限公司 FF301 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12月31日 狀態: 新提交 公司名稱: 國際資源集團有限公司（於百慕達註冊成立之有限公司） 呈交日期: 2026年1月2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) | 01051 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.01 HKD | | 10,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.01 HKD | | 10,000,000 | 本月底法定/ ...

因董事会对ESG委员会组成作出相应调整，邱怀智先生不再为ESG委员会成员，自2025年12月31日起生 效。 汪中伟先生已由公司执行董事调任为非执行董事及获委任为调任审核委员会成员，且其已不再为ESG委 员会成员及公司首席执行官，自2025年12月31日起生效。 佳鑫国际资源(03858)发布公告，查克兵先生已因工作调动原因辞任非执行董事及公司审核委员会成 员，自2025年12月31日起生效。谢文波先生已获委任为公司执行董事及公司环境、社会及管治委员会 (ESG委员会)主席，并同时担任公司首席执行官，自2025年12月31日起生效。公云帆先生已获委任为非 执行董事及ESG委员会成员，自2025年12月31日起生效。 ...

（原标题：佳鑫国际资源(03858)：谢文波获委任为执行董事及ESG委员会主席） 智通财经APP讯，佳鑫国际资源(03858)发布公告，查克兵先生已因工作调动原因辞任非执行董事及公司 审核委员会成员，自2025年12 月31日起生效。谢文波先生已获委任为公司执行董事及公司环境、社会 及管治委员会(ESG委员会)主席，并同时担任公司首席执行官，自2025年12月31日起生效。公云帆先生 已获委任为非执行董事及ESG委员会成员，自2025年12月31日起生效。 汪中伟先生已由公司执行董事调任为非执行董事及获委任为调任审核委员会成员，且其已不再为ESG委 员会成员及公司首席执行官，自2025年12月31日起生效。 因董事会对ESG委员会组成作出相应调整，邱怀智先生不再为ESG委员会成员，自2025年12月31日起生 效。 ...

Group 1 - The core point of the article is the announcement of management changes at Jiaxin International Resources (03858.HK) [1] - Chuck Bing has resigned as a non-executive director and member of the company's audit committee due to work relocation, effective December 31, 2025 [1] - Xie Wenbo has been appointed as the company's executive director and chairman of the Environmental, Social, and Governance (ESG) Committee, also effective December 31, 2025 [1] - Gong Yunfan has been appointed as a non-executive director and member of the ESG Committee, effective December 31, 2025 [1]

Core Viewpoint - The company, Power Development Group Limited, is strategically transitioning from a successful coal mining operator to a diversified international resource enterprise through a partnership with Sierra Leone's Minenet Company Limited to develop a rutile project in Sierra Leone [1]. Group 1: Company Strategy and Growth - Power Development has a clear growth path, starting from the Dafenpu coal mine in Inner Mongolia, successfully developing projects in Ningxia and South Africa, and establishing a replicable mining management model [1]. - The South African Macadu coal mine is expected to commence production in early 2026, providing a solid foundation for the advancement of the Sierra Leone project [1]. Group 2: Project Details - The Sierra Leone rutile project is a key strategic move for the company, focusing on the production of heavy mineral sands rich in rutile, ilmenite, and zircon, with a mining license valid until 2049 [1]. - The first phase of the project involves an investment of approximately $18 million, with the local partner holding the mining rights and assisting in obtaining all necessary permits [1]. Group 3: Production Capacity and Market Strategy - The first phase plans to construct three production lines with a total annual processing capacity of 6 million tons of raw ore, expected to commence production in September 2026 [2]. - Upon reaching full capacity, the second phase aims to expand to five production lines, increasing the annual processing capacity to over 10 million tons [2]. - Under this partnership, Power Development will receive 80% of the output, which is planned to be sold in both domestic and international markets, showcasing the company's mature international project operation capabilities [2].

智通财经获悉，佳鑫国际资源(03858)涨幅扩大逾13%，较招股价10.92港元已涨近350%。截至发稿，涨 12.29%，报48.44港元，成交额9304.92万港元。 本文源自：智通财经网 智通财经APP在《钨价年内狂飙220%创历史新高，最具弹性标的佳鑫国际（03858）或有10倍空间？》 中指出，在产量方面，佳鑫国际2027年精矿石产量1.37万吨;在价格方面，市场普遍预计钨精矿中长期 价格中枢45万-50万元/吨；在成本方面，2027年每吨精矿成本可低至4.9万元。这就意味着，佳鑫国际 2027年的毛利或可达55亿至60亿元。若钨价格进一步超预期，则可为佳鑫国际带来更丰厚利润。 消息面上，中钨在线数据显示，12月17日，钨粉价格上涨1万元/吨，最新价格达到100万元/吨，较年初 涨216.5%。中金公司表示，由于国内因品位下降、规范化要求趋严等影响，供给侧产量收缩压力加 大，同时海外其他主要增量项目的投产进度存在不确定性，叠加地缘冲突持续不断和海外通胀压力抬 升，全球钨供给增量需要更高的激励价格，因此其认为钨价短期有望继续偏强运行，并持续创下新高。 ...

智通财经APP获悉，佳鑫国际资源(03858)涨幅扩大逾13%，较招股价10.92港元已涨近350%。截至发 稿，涨12.29%，报48.44港元，成交额9304.92万港元。 消息面上，中钨在线数据显示，12月17日，钨粉价格上涨1万元/吨，最新价格达到100万元/吨，较年初 涨216.5%。中金公司表示，由于国内因品位下降、规范化要求趋严等影响，供给侧产量收缩压力加 大，同时海外其他主要增量项目的投产进度存在不确定性，叠加地缘冲突持续不断和海外通胀压力抬 升，全球钨供给增量需要更高的激励价格，因此其认为钨价短期有望继续偏强运行，并持续创下新高。 智通财经APP在《钨价年内狂飙220%创历史新高，最具弹性标的佳鑫国际（03858）或有10倍空间？》 中指出，在产量方面，佳鑫国际2027年精矿石产量1.37万吨;在价格方面，市场普遍预计钨精矿中长期 价格中枢45万-50万元/吨；在成本方面，2027年每吨精矿成本可低至4.9万元。这就意味着，佳鑫国际 2027年的毛利或可达55亿至60亿元。若钨价格进一步超预期，则可为佳鑫国际带来更丰厚利润。 ...

Group 1 - Jaxin International Resources (03858) has seen its stock price increase by nearly 350% from its IPO price of HKD 10.92, with a current price of HKD 48.44, reflecting a rise of 12.29% at the time of reporting [1][1][1] - Tungsten powder prices have risen by HKD 10,000 per ton to reach HKD 1 million per ton as of December 17, marking a 216.5% increase since the beginning of the year [1][1][1] - CICC indicates that domestic production is under pressure due to declining grades and stricter regulations, while uncertainties in overseas projects and ongoing geopolitical conflicts necessitate higher incentive prices for global tungsten supply increases, suggesting that tungsten prices are likely to remain strong in the short term [1][1][1] Group 2 - Jaxin International is projected to produce 13,700 tons of concentrate by 2027, with market expectations for long-term tungsten concentrate prices to stabilize between HKD 450,000 and HKD 500,000 per ton [1][1][1] - The cost of producing tungsten concentrate is expected to drop to HKD 49,000 per ton by 2027, potentially leading to gross profits of HKD 5.5 billion to HKD 6 billion for the company [1][1][1] - If tungsten prices exceed expectations, Jaxin International could see significantly higher profits [1][1][1]

Group 1 - The core viewpoint of the articles highlights the significant rise in tungsten prices, with prices for tungsten powder (≥99.7%) reaching 1.01 million CNY per ton, an increase of 219.6% since the beginning of the year [1][2] - Jaxin International Resources (03858) has seen its stock price rise over 6%, reaching a new high of 45.8 HKD, driven by the bullish trend in tungsten prices and increased trading volume of 14.2566 million HKD [1] - The recent acceleration in tungsten price increases is attributed to supply contraction and adjustments in long-term contract prices as the year-end approaches [1] Group 2 - Jaxin International is focused on developing the Bakuta tungsten mine project in Kazakhstan, benefiting from top-tier resource endowments and rapid capacity release [2] - The current stock price of Jaxin International is viewed as a short-term reflection of tungsten price expectations, not fully capturing its long-term intrinsic value as a highly elastic investment in the context of the tungsten price upcycle [2] - Key variables that outline the long-term value of Jaxin International include production, price, and cost, which can be assessed through simple calculations to determine the company's true long-term value [2]

Core Viewpoint - The stock of Jaxin International Resources (03858) has surged over 6%, reaching a new high of 45.8 HKD, driven by rising tungsten prices and strong market interest in the company [1] Group 1: Company Overview - Jaxin International is a tungsten mining company based in Kazakhstan, focusing on the development of the Bakuta tungsten project [1] - The company is recognized for its top-tier resource endowment, collaboration with state-owned enterprises, rapid capacity release, and future cost advantages, making it an attractive investment in the capital market [1] Group 2: Market Dynamics - As of December 18, tungsten concentrate, ammonium paratungstate, and tungsten powder prices have continued to rise, with tungsten powder (≥99.7%) reaching 1.01 million CNY per ton, a 219.6% increase since the beginning of the year [1] - Domestic tungsten powder prices (≥99.7%) have also increased to 1.045 million CNY per ton, with a noticeable acceleration in the price increase compared to November [1] - The recent surge in tungsten prices is attributed to supply contraction as the year-end approaches and adjustments in long-term contract prices [1] Group 3: Investment Potential - Jaxin International is viewed as a highly elastic investment opportunity in the context of the ongoing tungsten price surge, with potential for significant long-term value that is not yet fully reflected in its current stock price [1] - The long-term intrinsic value of Jaxin International is primarily determined by three core variables: production, price, and cost, which can be assessed through simple calculations to anchor the company's true long-term value [1]