Group 1 - The coal sector in Hong Kong is experiencing increased activity, with notable stock price rises for companies such as Strength Development (up 3.3%), Yancoal Australia (up 2.8%), and Yanzhou Coal Mining (up 2.6%) [1] - According to a report by Founder Securities, the tightening of supply in the coal industry is becoming a key investment theme, with the oversupply situation expected to reverse as policies to restrict production capacity continue to be implemented until 2026 [1] - Companies with a high proportion of long-term contracts, such as China Shenhua and China Coal Energy, are expected to have stable performance, while undervalued stocks like Yanzhou Coal (Hong Kong) and China Coal Energy (Hong Kong) may see valuation recovery if coal prices remain high [1] Group 2 - Since 2025, coal stocks have been negatively impacted by declining coal prices, but the pessimistic outlook has significantly eased following the issuance of Document No. 108 [1] - The trend of reducing competition remains unchanged, and there are expectations for improved performance in the fourth quarter; if prices maintain high levels, there is potential for performance recovery in 2026 [1]

Group 1 - The Hong Kong stock market saw a strong performance in coal stocks, with Feishang Anthracite rising by 33% [1] - Shougang Resources and Mongol Mining both increased by over 5% [1] - Companies such as Power Development, Yida Commodity, and Yanzhou Coal Mining rose by more than 3% [1] - China Coal Energy, China Qinfa, and South Gobi also experienced gains of over 2% [1]

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 致：香港交易及結算所有限公司 公司名稱: 力量發展集團有限公司 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) | 01277 | 說明 | | | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 500,000,000,000 | USD | | 0.001 | USD | | 500,000,000 | | 增加 / 減少 (-) | | | | 0 | | | USD | | 0 | | 本月底結存 | | | 500,000,000,000 | USD | | 0.001 | USD | | 500,000,000 ...

(於開曼群島註冊成立的有限公司) （股份代號：1277） 持續關連交易 二零二六年物業管理服務框架協議 茲提述本公司日期為二零二五年一月十三日的公告，內容有關（其中包括）物業管 理服務框架協議（其目前預定將於二零二五年十二月三十一日屆滿）項下擬進行的 持續關連交易。 重續物業管理服務框架協議 由於本集團擬於二零二五年十二月三十一日後繼續於日常及一般業務過程中進行 物業管理服務框架協議項下擬進行的交易，因此本公司擬於物業管理服務框架協 議屆滿後代前海實地與實地以大致相同的條款重續有關協議，自二零二六年一月 一日起續期一年。 1 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的內容概不負責， 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倚賴該等內容而引致的任何損失承擔任何責任。 Kinetic Development Group Limited 力量發展集團有限公司 董事會欣然宣佈，於二零二五年十二月三十一日（交易時段後），本公司的間接全 資附屬公司前海實地與實地訂立二零二六年物業管理服務框架協議，據此（其中 包括），自二零二六年一月一日起至二零二六年十二 ...

Core Viewpoint - The collaboration between Power Development Group Limited and Minenet Company Limited marks a strategic shift from a successful coal mining operator to a diversified international resource enterprise, focusing on the development of a titanium-rich mineral project in Sierra Leone [1] Group 1: Strategic Transition - Power Development has established a clear growth path, evolving from coal mining in Inner Mongolia to successful projects in Ningxia and South Africa, which provides a solid foundation for the Sierra Leone project [2] - The Sierra Leone project is a key strategic move, producing heavy mineral sands rich in titanium and zircon, with mining rights valid until 2049 [3] Group 2: Project Details - The first phase of the Sierra Leone project involves an investment of approximately $18 million, with plans to construct three production lines capable of processing 6 million tons of raw ore annually, expected to commence production by September 2026 [3] - The project aims to expand to five production lines, increasing annual processing capacity to over 10 million tons, with Power Development set to receive 80% of the output [3] Group 3: Market Position and Economic Benefits - The heavy mineral sands produced will contain 30-45% rutile and 35-55% ilmenite, making it a critical resource for high-end manufacturing sectors [4] - The project is projected to generate approximately $160 million in revenue and $80 million in gross profit annually, with a low initial investment requirement, positioning it as a significant growth driver for the company [5] Group 4: Shareholder Returns - Power Development has a strong track record of returning value to shareholders, with a dividend payout ratio increasing from 36.0% to 69.7% from 2022 to 2024, and a current TTM dividend yield of approximately 9.56% [5] - The Sierra Leone project is expected to further diversify the company's product and profit structure, enhancing future shareholder returns [5][6]

根据公告，该项目第一期计划建设3条生产线，整体年处理量合计达600万吨原矿，目前正在矿建中，预计2026年9月投 产。如达产，第二期计划将扩建至5条生产线，再增400万吨原矿年处理量，年处理原矿能力将达到1000万吨以上。在该合作框 架下，力量发展获得其中80%的产出品重砂矿，计划销往中国国内及国际市场。这种"战略互补、有序切入"的合作模式，既有 效控制了海外运营风险，也能确保项目未来的上升空间，彰显出力量发展成熟的国际化项目运作能力。 （编辑 张伟） 力量发展拥有清晰的成长路径。从内蒙古大饭铺煤矿起步，到成功开发宁夏永安、韦一煤矿，再到开拓南非MC Mining马 卡度煤矿项目，力量发展已形成一套成熟、可快速复制的矿业管理模式。据悉，南非马卡度煤矿预计2026年初投入生产。这一 系列成功的扩张以及海外项目的稳步进展为塞拉利昂项目的顺利推进提供了坚实保障。 塞拉利昂金红石项目是力量发展战略布局的关键落子，主要生产富含金红石、钛铁矿、锆英石等矿石的重砂矿，采矿许可 有效期至2049年。合作方持有该矿矿权，并负责协助办理所有相关许可证。力量发展主要负责生产线建设及运营，预计第一期 投资额约1800万美元。通过与当 ...

智通财经获悉，力量发展(01277)涨超3%，截至发稿，涨3.03%，报1.36港元，成交额1377.17万港元。 本文源自：智通财经网 消息面上，力量发展发布公告，于2025年12月23日，公司于塞拉利昂注册成立的间接全资附属公司 Kinetic Development Metal Mining (SL) Limited(Metal Mining)与 Minenet Company Limited(于塞拉利昂注 册成立的公司)(Minenet)就位于塞拉利昂罗蒂丰克的金红石项目(金红石项目)订立合作协议及补充协议。 Minenet合法持有塞拉利昂莫延巴区的大型金红石开采许可证，覆盖面积约117平方公里，有效期直至 2049年2月25日。根据该等协议，Metal Mining将在许可证指定的50平方公里范围内投资并进行采矿业 务，且拥有勘探、开采、加工及销售的独家权利。 金红石项目五条生产线完全投产后，预计每年生产约48万吨重砂矿，其中Metal Mining有权享有约80% (相当于约38.4万吨)重砂矿。根据现时可取得的信息估算，预计红金石项目重砂矿单位成本约每吨200美 元。上述资料仅供说明之用，且并不 ...

智通财经APP获悉，力量发展(01277)涨超3%，截至发稿，涨3.03%，报1.36港元，成交额1377.17万港 元。 消息面上，力量发展发布公告，于2025年12月23日，公司于塞拉利昂注册成立的间接全资附属公司 Kinetic Development Metal Mining (SL) Limited(Metal Mining)与 Minenet Company Limited(于塞拉利昂注 册成立的公司)(Minenet)就位于塞拉利昂罗蒂丰克的金红石项目(金红石项目)订立合作协议及补充协议。 Minenet合法持有塞拉利昂莫延巴区的大型金红石开采许可证，覆盖面积约117平方公里，有效期直至 2049年2月25日。根据该等协议，Metal Mining将在许可证指定的50平方公里范围内投资并进行采矿业 务，且拥有勘探、开采、加工及销售的独家权利。 金红石项目五条生产线完全投产后，预计每年生产约48万吨重砂矿，其中Metal Mining有权享有约80% (相当于约38.4万吨)重砂矿。根据现时可取得的信息估算，预计红金石项目重砂矿单位成本约每吨200美 元。上述资料仅供说明之用，且并不构成对集团收入 ...

Core Viewpoint - The company has established a partnership for a titanium ore project in Sierra Leone, which is expected to enhance its competitive position in supplying high-quality raw materials to global industrial clients [1][2]. Group 1: Partnership and Project Details - The company’s subsidiary, Kinetic Development Metal Mining (SL) Limited, has signed a cooperation agreement with Minenet Company Limited for a titanium ore project in Sierra Leone [1]. - The project covers an area of approximately 117 square kilometers and has a mining license valid until February 25, 2049 [1]. - Metal Mining will invest and operate within a designated 50 square kilometer area, holding exclusive rights for exploration, mining, processing, and sales [1]. Group 2: Production Capacity and Investment - In the first phase, three production lines will be constructed, each with an annual processing capacity of over 2 million tons of raw ore, with an estimated investment of approximately $18 million [2]. - The expected annual output from these three lines is around 280,000 tons of heavy mineral sand, with a product distribution of 80% to Metal Mining and 20% to Minenet [2]. - If the initial production lines operate successfully, two additional lines will be constructed within twelve months, bringing the total to five lines [2]. Group 3: Market and Financial Projections - The heavy mineral sand is expected to contain 30%-45% titanium dioxide and is projected to be sold primarily to customers in China, with potential global sales depending on market conditions [3]. - The indicative average prices for the products are $410 per ton for heavy mineral sand, $960 per ton for titanium ore, $251 per ton for ilmenite, and $1,456 per ton for zircon [3]. - The estimated production cost for heavy mineral sand is approximately $200 per ton, with the project expected to commence production by September 2026 [3].

Core Viewpoint - The company has established a partnership with Minenet Company Limited for a titanium ore project in Sierra Leone, which is expected to enhance its competitive position in supplying high-quality raw materials to global industrial clients [1][2]. Group 1: Project Overview - The project involves a mining license covering approximately 117 square kilometers in the Moyamba District of Sierra Leone, valid until February 25, 2049 [1]. - Metal Mining will invest and operate within a designated 50 square kilometer area, holding exclusive rights for exploration, mining, processing, and sales [1]. - The partnership will last until the mining license expires, with the possibility of extension if the project remains viable [1]. Group 2: Production Capacity and Investment - In the first phase, three production lines will be constructed, each with an annual processing capacity exceeding 2 million tons of raw ore, with an estimated investment of approximately $18 million [2]. - The expected annual output from these three lines is around 280,000 tons of heavy mineral concentrate, with a product distribution of 80% to Metal Mining and 20% to Minenet [2]. - If the initial phase is successful, two additional production lines will be built within twelve months, bringing the total to five lines [2]. Group 3: Product Specifications and Market Potential - The heavy mineral concentrate is expected to contain 30%-45% ilmenite (with 95% titanium dioxide content), 35%-55% titanium magnetite (with 52.66% titanium dioxide content), and 2.3%-6% zircon [3]. - Indicative average prices for the products are $410 per ton for heavy mineral concentrate, $960 per ton for ilmenite, $251 per ton for titanium magnetite, and $1,456 per ton for zircon [3]. - Once fully operational, the project is projected to produce approximately 480,000 tons of heavy mineral concentrate annually, with Metal Mining entitled to about 384,000 tons [3]. Group 4: Strategic Opportunities - The project is expected to primarily target the Chinese market for sales, while also considering global market opportunities depending on conditions [3]. - The agreement provides a strategic opportunity for the company to expand its resource portfolio into ilmenite, a crucial titanium raw material, and strengthen its international mining operations [3].