Sales Performance - SouthGobi Resources Ltd. recorded sales of 11.2 million tons in 2025, up from 7 million tons in 2024[7]. - The total coal sales volume for 2025 was 11.20 million tons, an increase from 7.02 million tons in 2024[26]. - The company's coal sales volume for Q4 2025 was 3.14 million tons, an increase from 2.66 million tons in Q4 2024, representing a growth of approximately 18%[39]. Pricing and Revenue - The average realized price per ton in 2025 was $53.5, down from $70.4 in 2024, primarily due to a shift in product mix towards lower-priced coal products[7]. - The average realized selling price per ton decreased to $53.5 in 2025 from $70.4 in 2024, a decline of about 24% due to changes in product mix influenced by the downturn in the Chinese coal market[27]. - The company recorded revenue of $598.819 million, an increase from $493.378 million in 2024, reflecting a year-over-year growth of approximately 21.4%[29]. Operating Loss and Expenses - The company reported an operating loss of $133.2 million in 2025, compared to an operating profit of $153.9 million in 2024, impacted by lower average realized prices and impairment losses totaling $77.3 million and $42 million on coal inventory and property, plant, and equipment respectively[7]. - Operating expenses rose to $507.911 million in 2025 from $288.773 million in 2024, marking an increase of approximately 76%[32]. - The company reported a net loss of $168,766 million for the year ending December 31, 2025, compared to a net profit of $92,497 in 2024, resulting in a basic loss per share of $0.569[151]. Tax Penalties and Provisions - The Mongolian tax authority imposed a tax penalty of approximately $75 million on the company following an audit of financial data from 2017 to 2020[14]. - The tax penalty was later revised to approximately $80 million after a reassessment by the Mongolian tax authority[15]. - Following an appeal, the tax penalty was further reduced to approximately $26.5 million, which the company decided not to contest further[16]. Financing and Debt - SouthGobi entered into a deferral agreement with JD Zhi Xing Fund L.P. on March 20, 2025, allowing the company to defer payments totaling approximately $111.6 million[10]. - The company agreed to defer payments related to the March 2025 convertible bond obligations until August 31, 2026, with a 6.4% annual interest rate on the unpaid balance[13]. - SGS signed a bank loan agreement with Khan Bank JSC for a principal amount of up to RMB 235 million (approximately USD 33.1 million) with an interest rate of 10% per annum[21]. Impairment Losses - The company incurred impairment losses of $77.334 million on coal inventory and $41.960 million on property, plant, and equipment in 2025[31]. - The company recorded an impairment loss of $42 million for the cash-generating unit at the Aobao Te Taalugei coal mine due to declining coal prices, with a pre-tax discount rate of 22.8% used for valuation[78]. Operational Developments - SouthGobi expanded its mining operations starting in 2024, utilizing various coal processing methods to improve coal quality and increase output, which enhanced coal export volumes to China[6]. - The company is working to diversify its coal product offerings, including mixed coal, washed coal, and dry-processed coal, to meet market demand[6]. - The company plans to expand its mining operations and enhance coal processing capabilities in 2026 to deliver higher quality products and meet changing customer demands[106]. Legal Matters - The Ontario court allowed the continuation of a class action lawsuit against the company related to alleged misstatements affecting its securities[20]. - A conditional settlement of CAD 6.8 million was reached in a class action lawsuit, which includes all liabilities and related costs, approved by the Ontario Superior Court[22]. - The company faces ongoing litigation related to past financial restatements, with a collective lawsuit allowed to proceed against it[83]. Market Outlook and Strategy - The company remains cautiously optimistic about the Chinese coal market, as coal is expected to remain a key component of China's energy structure in the foreseeable future[105]. - The company aims to optimize its product mix by improving mining operations and utilizing its coal processing plants[107]. - The company is focused on improving maintenance efficiency through enhanced spare parts management[180]. Financial Position and Liquidity - As of December 31, 2025, the company's asset deficit was $227.2 million, compared to a deficit of $49.8 million as of December 31, 2024[55]. - The company's working capital deficit reached $337 million as of December 31, 2025, up from $228.1 million as of December 31, 2024[55]. - The company anticipates generating sufficient operating cash flow to cover unpaid taxes and penalties under normal circumstances[54].

本公司謹此通知其股東及潛在投資者，根據本公司及其附屬公司（「本集團」）截至 2025 年 12月 31日止年度（「2025財年」）之未經審核管理賬目及本公司目前所得資料的初步評估， 本公司預期本公司 2025 財年將錄得本公司權益持有人應佔淨虧損介乎約 1 億 5,190 萬美元至 1 億 8,560 萬美元，而 2024 年同期則錄得本公司權益持有人應佔淨溢利為 9,250 萬美元。 2025 財年預計本公司權益持有人應佔淨虧損主要原因為：(i) 2025 財年平均實現銷售價格與上一財 年相比有所下降；(ii) 產品組合與去年同期相比發生變化，本公司售出更多生產成本較高的加 工煤；以及(iii) 煤炭庫存和現金產生單位的減值損失分別約為 7,730 萬美元和 4,200 萬美元。 於本公告日期，本公司仍在編製及落實 2025 財年的財務業績。本公告所載之資料僅基於本公 司目前可得的資料及本集團的未經審核管理賬目而作出的初步評估，而該等資料尚未經由本 公司核數師審閱或審核，並可能作出調整。本公司的財務資料及業績詳情將於本公司 2025 財 年的業績公告內披露，該公告將於 2026 年 3 月 27 日（星期五 ...

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公佈的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不會就因本公佈全部或任何部分內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 SOUTHGOBI RESOURCES LTD. 南戈壁資源有限公司* （根據加拿大英屬哥倫比亞法例存續的有限公司） （香港股份代號︰1878） （多倫多證券交易所創業板股份代號︰SGQ） 須予披露及關連交易 重列合作協議項下延期支付責任 本公告乃由南戈壁資源有限公司（「本公司」，連同其附屬公司統稱「本集團」）遵照適用 的加拿大證券法及香港聯交所證券上市規則（「香港上市規則」）第 13.09(2)條及第 14 及第 14A 章以及證券及期貨條例（香港法例第 571 章）第 XIVA 部內幕消息條文而作出。 茲提述本公司日期為 2022 年 11 月 11 日、2023 年 3 月 26 日、2023 年 8 月 30 日、2023 年 10 月 13 日、2023 年 11 月 17 日、2024 年 1 月 19 日、2024 年 3 月 19 日、2024 年 4 月 30 日及 ...

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公佈的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不會就因本公佈全部或任何部分內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 SOUTHGOBI RESOURCES LTD. 南戈壁資源有限公司* （根據加拿大英屬哥倫比亞法例存續的有限公司） （香港股份代號︰1878） （多倫多證券交易所創業板股份代號︰SGQ） 董事會會議召開日期 南戈壁資源有限公司 （「本公司」）宣佈本公司之董事會將於 2026 年 3 月 27 日（星期五） 考慮及批准本公司及其附屬公司 2025 年第 4 季度及截至 2025 年 12 月 31 日止之年度財務及經 營業績。該等業績將於 2026 年 3 月 27 日（星期五）公佈。 承董事會命 南戈壁資源有限公司 首席董事 赫英斌 香港，2026年3月16日 於本公告日期，本公司執行董事為徐瑞彬先生、朱重臨女士及申晨先生 ; 本公司獨立非執行董 事為赫英斌先生、權錦蘭女士及蔡奮強先生；本公司非執行董事為高柱先生及溫在祥先生。 * 僅供識別 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: | 2026年2月28日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 南戈壁資源有限公司 | | | 呈交日期: | 2026年3月3日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.2.0 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 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) 01878 說明 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 296,934,666 296,934,666 增加 / 減少 (-) 0 本月底結存 296,934,666 0 296,934,666 足夠公眾持股量的確認(註4) III.已發行股份及/或庫存股份變動詳情 (A). 股份期權（根據發行人的股份期權計劃） | 1. 股份分類 | | 普通股 | 股份類別 | 不適用 | | ...

| 截至月份: | 2026年1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: | 南戈壁資源有限公司 | | | 呈交日期: | 2026年2月4日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.2.0 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 | 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) | 01878 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 296,704,666 | | | | 296,704,666 | | 增加 / 減少 (-) | | | 230,000 | | | | | | 本月底結存 | | | 296,934 ...

Core Viewpoint - The company is facing uncertainty regarding the interpretation and application of Mongolia's mineral resource laws, particularly concerning ownership restrictions for companies holding strategically significant mineral deposits [1][2]. Group 1: Legal and Regulatory Context - The company's mining licenses in Mongolia have been designated by the government as containing strategically significant minerals, which imposes specific ownership regulations under Mongolian mineral resource law [1]. - According to the legal advice received, any entity holding a special license for strategically significant minerals cannot have a single shareholder (or a group of concerted actors) owning more than 34% of the issued shares [2]. - The company has not identified any judicial precedents in Mongolia that clarify how these ownership restrictions apply to publicly listed companies, leading to ambiguity in compliance [2]. Group 2: Current Shareholding Structure - As of the announcement date, the company's largest single shareholder holds approximately 28.87% of the issued shares, with no shareholder exceeding the 34% threshold [3]. - The company’s wholly-owned subsidiary, Southgobi Sands LLC (SGS), has received an invitation from a government representative to discuss ownership rights related to its mining licenses [3]. Group 3: Future Actions and Considerations - The company will monitor developments regarding changes in the scope of strategically significant mineral deposits and will seek to protect its legal rights and interests in these resources [4].

Core Viewpoint - The company is facing uncertainty regarding the interpretation and application of Mongolia's mineral resource laws, particularly concerning ownership restrictions for strategic mineral deposits [1][2]. Group 1: Ownership Restrictions - The company's legal advisors have indicated that any entity holding a special license for strategically significant minerals cannot have more than 34% of its issued shares held by a single shareholder or a group of shareholders with unified interests [1][2]. - If the ownership restriction is violated, the Mongolian government has the authority to appoint a representative to take over the management of the entity to ensure compliance with the law [1]. Group 2: Current Shareholding Structure - As of the announcement date, the company's largest single shareholder holds approximately 28.87% of the issued shares, with no shareholder exceeding the 34% threshold [3]. - The company’s wholly-owned subsidiary, Southgobi Sands LLC (SGS), has received an invitation from a government representative to discuss ownership rights related to its mining licenses in Mongolia [3]. Group 3: Ongoing Discussions and Future Actions - The company is engaged in ongoing discussions with the Mongolian government to reach a mutual understanding regarding ownership rights [3]. - The company will continue to monitor developments related to the scope of strategically significant mineral deposits and seek to protect its legal rights and interests [4].

SOUTHGOBI RESOURCES LTD. 南戈壁資源有限公司* （香港股份代號：1878） （根據加拿大英屬哥倫比亞法例存續的有限公司） （多倫多證券交易所創業板股份代號：SGQ） 本公告乃由南戈壁資源有限公司（「本公司」）遵照香港聯交所證券上市規則第13.09(2)(a)條 及證券及期貨條例（香港法例第571章）第XIVA部內幕消息條文而作出。 本公司宣佈，其蒙古國法律顧問已告知，持有蒙古政府指定為具有重要戰略意義的礦藏（「具 有重要戰略意義的礦藏」）的蒙古國礦藏開採許可證的法律實體，須遵守蒙古國礦產資源法項 下特定所有權法規，惟該等法規將如何被詮釋及適用於作為具有重要戰略意義的礦藏實益擁 有人之上市公司，目前尚存不確定性。於本公告日期，本公司的四個蒙古開採許可證所涵蓋的 礦藏被蒙古政府當局指定為具有重要戰略意義的礦藏。相關開採許可證與本公司敖包特陶勒 蓋煤礦及蘇木貝爾礦藏有關。 根據蒙古國法律顧問的意見，本公司了解到，根據蒙古國礦產資源法第5.7條，持有具有重要 戰略意義的礦藏特別許可證的任何法人，不得單獨或與具有統一利益的其他主體共同持有該 法人已發行及發行在外的股份總數的34%以上。倘若上述所 ...

Core Viewpoint - The company, SouthGobi Resources Ltd. (01878), announced the issuance of 30,000 shares under its stock option plan on January 23, 2026 [1] Group 1 - The share issuance is part of the company's equity incentive program [1] - The date of the share issuance is specified as January 23, 2026 [1]