Dear non-registered shareholder(s), South Manganese Investment Limited (the "Company") - SGM Circulars (the "Current Corporate Communication") We are pleased to inform you that the English and Chinese versions of the Current Corporate Communication are now available on the Company's website at www.southmn.com and HKEXnews website at www.hkexnews.hk. You may access the Current Corporate Communication by clicking "Investor Relations" on the home page of the Company's website or browsing through the HKEXnews w ...

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告之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 South Manganese Investment Limited 南方錳業投資有限公司 （於百慕達註冊成立之有限公司） （股份代號：1091） 股東特別大會通告 茲通告 南 方 錳 業 投 資 有 限 公 司（「本公司」）謹 訂 於 二 零 二 五 年 五 月 十 六 日 上 午 十 一時正假座香港金鐘道95號統一中心5樓Event Space C舉 行 股 東 特 別 大 會（「股 東 特別大會」），以 討 論 下 列 事 項： 普通決議案 – 1 – 1. 「動 議 (a) 批 准、確 認 及 追 認 廣 西 大 錳 銷 售 框 架 協 議（定 義 見 本 公 司 日 期 為 二 零 二 五 年 四 月 二 十 四 日 有 關 持 續 關 連 交 易 之 通 函（「通 函」），其 註 有「A」字 樣 之 副 本 將 提 呈 大 會，並 由 股 東 特 別 大 會 主 席 簡 簽 以 資 識 別） ...

此乃要件 請即處理 閣下如 對本通函任何方面或應採取之行動 有任何疑問，應諮詢閣下之股票經紀或其他持牌 證券交易商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如 已將名下之南方錳業投資有限公司股份全部 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、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份內容而產 生或因倚賴該等內容而引致之任何損失承擔任何責任。 | 釋 | 義 | | | 1 | | --- | --- | --- | --- | --- | | 董事會函件 | | | | 5 | | 獨立董事委員會函件 | | | | 17 | | 獨立財務顧問函件 | | | | 19 | | 附 | 錄 | － | 一般資料 | 38 | | 股東特別大會通告 | | | | 42 | South Manganese Investment Limited 南方錳業投資有限公司 （於百慕達註冊成立之有限公司） （股 ...

Industry Overview - Manganese is a crucial strategic mineral resource, with China categorizing it as a scarce mineral. The country has a high dependence on imports, with 80%-90% of its manganese supply sourced from abroad, making it the largest manganese importer globally [2][3] - China's manganese ore production has been declining due to low ore grades, high impurities, and stringent mining regulations. The import volume and net import volume have consistently remained above 27 million tons, with projections for 2024 showing a decrease to approximately 29.29 million tons and 29.02 million tons, representing year-on-year declines of 6.28% and 7.14% respectively [2][3] Industry Chain - The manganese industry chain consists of three segments: upstream (exploration and mining), midstream (smelting and processing), and downstream (application in various industries). Key players in the upstream include companies like Western Gold, WISCO, and Southern Manganese, while midstream players include Tianyuan Manganese and Southern Manganese [4] - The downstream applications of manganese products span across steel, batteries, chemicals, construction, real estate, transportation, new energy vehicles, aerospace, and pharmaceuticals [4] Global Manganese Resources - Global manganese metal reserves are approximately 1.5 billion tons, with South Africa, Australia, China, and Brazil accounting for over 85% of total reserves. South Africa holds the largest share at around 32%, while China ranks third with about 15% [5] - High-grade manganese resources, with manganese content above 35%, are primarily found in South Africa, Gabon, Australia, and Brazil, while China mainly has low-grade resources with manganese content generally below 30% [5] Domestic Manganese Resources - China's manganese ore resources are predominantly composed of carbonate manganese ore, which constitutes about 55.8% of the total reserves. The distribution of manganese resources is uneven, with the highest concentration in Guangxi, accounting for 43.24% of the national reserves, followed by Guizhou at 17.83% [9] Market Report - The report titled "China Manganese Industry Market Operation Status and Future Strategic Analysis" provides a comprehensive analysis of the manganese industry's development environment, operational status, import and export dynamics, and competitive landscape, projecting trends for 2025 [11][13]

本公告僅供參考，並不構成收購、購買或認購本公司任何證券之邀請或要約。 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告之內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該 等內容而引致之任何損失承擔任何責任。 South Manganese Investment Limited 南方錳業投資有限公司 ( 於百慕達註冊成立之有限公司 ) (股份代號 : 1091) 根據一般授權配售新股份 配售代理 配售事項 於 2025 年 4 月 11 日（交易時間後），本公司與配售代理訂立配售協議，據此，配售代 理有條件同意，作為本公司的代理人，盡力促使一名或多名承配人（其及其最終實益 擁有人均為獨立第三方）按每股配售股份 0.21 港元的價格認購最多 685,691,800 股配售 股份。 最多 685,691,800 股配售股份相當於：(a) 於本公告日期已發行股份總數的 20%；及(b) 經配發及發行配售股份擴大後的已發行股份總數約 16.67%（假設自本公告日期起至完 成日期期间，除發行配售股份外，已發行股份總數並無變動）。 配售價為每股配售股份 ...

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告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依 賴該等內容而引致之任何損失承擔任何責任。 1 茲提述南方錳業投資有限公司（「本公司」）日期為 2025 年 3 月 11 日之公告，內容 有關廣西大錳銷售框架協議及廣西大錳採購框架協議項下擬進行的持續關連交易 （「該公告」）。除文義另有所指外，本公告所用詞彙與該公告所界定者具有相同涵 義。 誠如該公告所述，本公司預計將於 2025 年 3 月 31 日或之前將載有（其中包括）(i) 有 關廣西大錳銷售框架協議及廣西大錳採購框架協議及其項下擬進行的交易（包括建議 年度上限）的詳情；(ii) 獨立董事委員會致獨立股東的函件；(iii) 獨立財務顧問致獨立 董事委員會及獨立股東的函件；及(iv) 股東特別大會通告之通函（「通函」）寄發予 股東。 由於本公司需要更多時間編製及落實載入通函的資料，故預期寄發通函日期將延遲至 2025 年 4 月 25 日或之前。 承董事會命 南方錳業投資有限公司 主席 張逸 South Manganese Investm ...

Financial Performance - In 2024, the revenue was HKD 13,210.5 million, a decrease of 22.9% compared to HKD 17,134.0 million in 2023[3]. - The gross profit for 2024 was HKD 406.4 million, down 56.5% from HKD 934.1 million in 2023, resulting in a gross margin of 3.1%, a decline of 2.4 percentage points from 5.5% in 2023[3]. - The operating loss for 2024 was HKD 375.7 million, compared to a profit of HKD 123.7 million in 2023[3]. - The loss attributable to owners of the company was HKD 725.1 million in 2024, compared to a profit of HKD 64.1 million in 2023[3]. - Total comprehensive loss for the year amounted to HKD 851.2 million, compared to a total comprehensive income of HKD 3.9 million in 2023[5]. - The group recorded a consolidated net loss of HKD 801,966,000 for the year ended December 31, 2024, compared to a profit of HKD 72,386,000 in 2023[11]. - The company reported a net loss attributable to owners of the company of HKD (725,070,000) for 2024, compared to a profit of HKD 64,144,000 in 2023[51]. - The company recorded a loss attributable to shareholders of HKD 725.1 million in 2024, compared to a profit of HKD 64.1 million in 2023[98]. Assets and Liabilities - Current assets decreased to HKD 3,723.0 million in 2024 from HKD 6,340.4 million in 2023[7]. - Current liabilities decreased to HKD 5,382.4 million in 2024 from HKD 7,231.7 million in 2023[9]. - The net assets attributable to owners of the company decreased to HKD 2,361.6 million in 2024 from HKD 3,142.2 million in 2023[9]. - As of December 31, 2024, the group had net current liabilities of HKD 1,659,391,000, up from HKD 891,263,000 in 2023[11]. - Total assets amounted to HKD 8,786,603,000, with total liabilities at HKD 6,809,416,000[25]. - The company’s total liabilities as of December 31, 2024, were HKD 8,537,658, compared to HKD 5,628,642 in 2023, indicating an increase of approximately 51.5%[32]. - The group’s current ratio dropped to 0.69 in 2024 from 0.88 in 2023, indicating a decline in liquidity[112]. - The group’s net debt ratio increased to 136.9% in 2024 from 121.9% in 2023, primarily due to the net loss incurred during the year[113]. Cash Flow and Financing - Net cash inflow from operating activities was HKD 1,597,774,000, a significant improvement from a cash outflow of HKD 319,820,000 in the previous year[11]. - The group is actively seeking other financing options, including equity issuance, to strengthen its financial position and reduce reliance on short-term borrowings[12]. - The group has successfully renewed existing borrowings and secured additional bank loans totaling HKD 323,970,000[12]. - The total borrowings decreased to HKD 3,945.6 million in 2024 from HKD 5,120.6 million in 2023, reflecting a reduction of 22.9%[109]. - The group is exploring various methods, including short-term or medium-term notes, to improve its borrowing structure in terms of interest rates and repayment terms[109]. Operational Performance - The group is restructuring its manganese product processing portfolio to increase the proportion of higher-margin products, aiming for profitability and positive cash flow[11]. - The group is adjusting its trading business sales strategy for 2025 in response to recent trends in manganese ore and non-manganese metal prices[11]. - The manganese mining segment generated external sales of HKD 144,497,000, while the electrolytic manganese and alloy materials segment achieved HKD 1,030,761,000 in sales[25]. - The battery materials production segment reported external sales of HKD 2,162,924,000, contributing significantly to overall revenue[25]. - The average selling price of electrolytic manganese metal products decreased by 9.3% to HKD 12,289 per ton in 2024, compared to HKD 13,556 per ton in 2023[60]. - The average selling price of lithium manganate decreased by 49.4% to HKD 34,731 per ton, compared to HKD 68,654 per ton in 2023[80]. Cost Management - The group is implementing measures to enhance cost control over administrative and operational expenses to improve cash flow[11]. - Administrative expenses decreased by 18.7% to HKD 523.9 million in 2024, compared to HKD 644.8 million in 2023[90]. - The cost of goods sold decreased to HKD 11,685,627,000 in 2024 from HKD 16,099,731,000 in 2023, a decline of about 27.5%[39]. - Research and development costs reduced to HKD 76,969,000 in 2024 from HKD 116,799,000 in 2023, a decrease of approximately 34.1%[39]. Future Strategies - The group aims to enhance manganese resource exploration and reserves through strategic acquisitions and operational efficiency improvements[126]. - The company plans to implement a strategy focused on increasing production capacity, reducing costs, promoting savings, and strengthening management by 2025[127]. - The company will introduce advanced production equipment and optimize processes to increase overall production capacity and efficiency[128]. - Cost reduction will be achieved through detailed planning and strict cost control measures across production, procurement, and operations[129]. Corporate Governance and Communication - The annual general meeting is scheduled for June 6, 2025, to discuss future strategies and performance[134]. - The audit committee has reviewed the accounting policies and financial reporting for the year ending December 31, 2024[136]. - The company has published its annual report and financial results on the Hong Kong Stock Exchange and its own website[143]. - The company expresses gratitude to shareholders, business partners, distributors, and customers for their loyal support[144].

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告之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內 容而引致之任何損失承擔任何責任。 South Manganese Investment Limited 南方錳業投資有限公司 ( 於百慕達註冊成立之有限公司 ) (股份代號 : 1091) 於2025年3月11日，南錳控股（一間本公司的全資附屬公司）與廣西大錳簽訂廣西大錳銷 售框架協議。根據該協議，於2025年3月11日至2027年12月31日期間南錳控股（為其本身 及代表其附屬公司）同意根據該協議其中的條款和條件銷售而廣西大錳（為其本身及代 表其附屬公司）同意購買錳礦石及相關產品。 廣西大錳採購框架協議 於2025年3月11日，南錳控股與廣西大錳簽訂廣西大錳採購框架協議。根據該協議，於 2025年3月11日至2027年12月31日期間南錳控股（為其本身及代表其附屬公司）同意根據 該協議其中的條款和條件購買而廣西大錳（為其本身及代表其附屬公司）同意出售錳礦 石及相關產品。 上市規則的涵義 桂南大錳持有本公司22.64%股本權益。由於桂南 ...

South Manganese Investment Limited 南方錳業投資有限公司 ( 於百慕達註冊成立之有限公司 ) (股份代號 : 1091) 盈利警告 本公告乃南方錳業投資有限公司（「本公司」，連同其附屬公司統稱為「本集團」） 根據香港聯合交易所有限公司證券上市規則（「上市規則」）第 13.09條及香港法例第 571 章證券及期貨條例第 XIVA 部項下之內幕消息條文（定義見上市規則）而刊發。 本公司董事會（「董事會」）謹此知會本公司股東及潛在投資者，根據對本集團截至 2024 年 12 月 31 日止年度（「2024 年年度」）之未經審核綜合管理帳目之初步評估以 及董事會目前掌握的資料，與截至 2023 年 12 月 31 日止年度（「2023 年年度」）歸屬 於本公司所有者之利潤約 64 百萬港元相比，預計本集團於 2024 年年度錄得歸屬於本 公司所有者之虧損將不少於 700 百萬港元。 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告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依 賴該等內容而引致之任何損失承擔任何責 ...

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告之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內 容而引致之任何損失承擔任何責任。 South Manganese Investment Limited 南方錳業投資有限公司 ( 於百慕達註冊成立之有限公司 ) (股份代號 : 1091) 關連交易 錳礦石銷售協議 錳礦石銷售協議 董事會欣然宣佈，於2025年3月7日，大錳國際資源與廣西大錳簽訂錳礦石銷售協 議。據此，大錳國際資源同意出售而廣西大錳同意購買錳礦石。合约總價爲人民幣 43,004,332.80元（相當於約46,612,396.32港元）。 上市規則之涵義 桂南大錳持有本公司22.64%的股權。由於桂南大錳由廣西大錳全資擁有，故廣西大 錳為本公司的關連人士。因此，根據上市規則第14A章，錳礦石銷售協議項下擬進 行的交易構成本公司的關連交易。 由於根據錳礦石銷售協議下代價的一項或多項適用百分比率高於0.1%但低於5.0%。 因此，根據上市規則第14A章，錳礦石銷售協議項下擬進行的交易須遵守申報及刊 發公告之規定，惟可豁免取得獨 ...