南戈壁資源有限公司 財務狀況及經營業績的管理層討論與分析 財務狀況及經營業績的管理層討論與分析 • 本公司預期有充足流動資金及資本資源，以履行持續經營責任及未來合約承擔，包括本公司償還 應付貿易賬款、取得額外資金以及履行其於JD Zhixing Fund L.P.（「JDZF」）可換股債券（「可換股債 券」）、2020年11月延期支付協議（定義見下文）、經修訂及重列合作協議（定義見下文）、2021年7 月延期支付協議（定義見下文）、2022年5月延期支付協議（定義見下文）、2022年11月延期支付協 議（定義見下文）、2023年3月延期支付協議（定義見下文）及信貸融資（定義見下文）項下到期應 付責任的能力，及本公司支付蒙古稅務局（「蒙古稅務局」）7,500萬美元稅務罰款或提出上訴的能 力； • 與額濟納錦達的協議及其項下的付款（如本管理層討論與分析第6節「監管事項及或然事件－與額 濟納錦達的洗煤加工合約」所述）； • 本公司透過進行選煤及洗煤提升產品價值的能力； • 中國煤炭行業未來趨勢； 2 財務狀況及經營業績的管理層討論與分析 2023 年中期報告 由於假設、風險及不確定性，包括上文及本管理層討論與分析其 ...

(ii) 每200,000工時及按照連續12個月的平均值計算。 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------|-------|------------------------|------------|-----------|-------|------------------------|------------|---------| | 銷量、售價和成本 \n優質半軟焦煤 | | 截至 6 月 30 \n2023 年 | 日止三個月 | \n2022 年 | | 截至 6 月 30 \n2023 年 | 日止六個月 | 2022 年 | | 煤炭銷量 （以百萬噸計） | | 0.57 | | 0.04 | | 0.90 | | 0.04 | | 平均實現售價 （每噸） | $ | 103.33 | $ | 92.87 | $ | 111.19 | $ | 92.87 | | 標準半軟焦煤╱優質動力煤 | | | | | | | | | | 煤炭 ...

於2021年7月24日，SGS從蒙古政府執行機構得知，兩個採礦許可證(MV-016869及MV- 020451)所涵蓋的許可證區域不再交迭特別需求地區。本公司將繼續與蒙古當局商討採礦許 可證(MV-020436)所涵蓋的許可證區域。 於2022年底，本公司恢復包括煤炭開採在內的主要採礦營運，煤炭產量逐步增加，導致隨後 對中國的煤炭出口量增加，顯著改善了本公司截至2023年第一季度的現金流狀況。本公司預 計，多家煤礦公司計劃在2023年進行投資，以加強支持中蒙邊境跨境出口的基礎設施和技術， 將令2023年出口量繼續增加。 在JDZF的幫助及支持下，本公司將專注於擴大其在中國的市場範圍及客戶基礎，以提高其煤 炭產品的利潤率。 中期而言，本公司將繼續採納各種策略，以加強產品組合從而最大化地增加收益，擴大客戶基 礎和銷售網絡，改善物流，優化營運成本結構，其中以安全及對社會負責任的方式營運尤為重 要。 本公司中期目標如下： • 優化產品組合－本公司將著重通過以下措施改善產品組合：(i)改善採礦營運；(ii)利用本 公司濕洗煤加工廠；(iii)尋求乾選煤加工營運的可能性；及(iv)買賣煤炭及混煤以生產對 本公司具有經濟效 ...

Supplier and Customer Relationships - The largest supplier accounts for 13% of the company's total procurement[5] - The largest customer accounts for 14% of the company's total sales[6] Liquidity and Financial Resources - The company expects sufficient liquidity and capital resources to meet ongoing operational obligations and future contractual commitments[14] - The company has secured access to up to $73 million in financial support from an affiliate of its major shareholder to improve liquidity and financial conditions[125] - The company has implemented cost-saving measures and is in discussions with suppliers and the Mongolian Tax Authority to extend payment schedules for outstanding liabilities[125] - The company's cash flow forecast covers a 12-month period starting from December 31, 2022, and includes expected cash flows from operations and cost-saving measures[125] - The company's board of directors believes there are sufficient financial resources to continue operations and meet financial obligations for the next 12 months, supporting the use of the going concern basis for financial reporting[125] Operational Efficiency and Production Capacity - The company aims to improve operational efficiency and production capacity at the Ovoot Tolgoi coal washing facility[15] - The company plans to enhance mining operations and capacity in 2023, along with strengthening infrastructure and technology for cross-border exports at the Ceke Port[199] Environmental and Safety Performance - The company is focused on mitigating environmental impacts and enhancing health, safety, and environmental performance[15] Corporate Governance and Compliance - The company is transitioning its listing status on the Hong Kong Stock Exchange from secondary to primary[15] - The company regularly reviews and updates its practices to ensure compliance with the latest corporate governance requirements and best practices[28] - The company has established a disclosure committee to oversee its disclosure practices, consisting of management members and the chair of the nomination and corporate governance committee[24] - The company has a disclosure committee responsible for overseeing disclosure practices, including controls, procedures, and policies[55] - The company has adopted a disclosure policy that meets or exceeds the standards set by the Hong Kong Securities and Futures Commission[49] - The company updated the Audit Committee and Compensation and Benefits Committee charters in March 2023 to align with Hong Kong Listing Rules, effective April 2023[65][69] - The company's corporate governance report highlights the role of the nomination and corporate governance committee in monitoring compliance with legal, regulatory, and governance standards[136] - The company has updated its disclosure, confidentiality, and securities trading policies to align fully with the Hong Kong Listing Rules, effective March 2023[145] Board of Directors and Committees - The Board of Directors consists of 3 executive directors, 2 non-executive directors, and 3 independent non-executive directors[52] - A special committee of independent non-executive directors was established in December 2022 to explore potential capital restructuring options[56] - The Board oversees the company's business and sets long-term development goals and strategies[44] - The Nomination and Corporate Governance Committee reviews the effectiveness of risk management and internal control systems[40] - The Board ensures that senior management operates in the best interests of shareholders and aligns with shareholder and management objectives[47] - The Board is responsible for approving the appointment of senior management and reviewing their performance annually[49] - The Audit Committee consists of three independent non-executive directors: Mr. Sun Mao (Chairman), Mr. He Yingbin, and Ms. Quan Jinlan[66] - The Board of Directors held a total of 13 meetings in 2022, with the Audit Committee holding 10 meetings, the Compensation and Benefits Committee holding 5 meetings, and the Operations Committee holding 4 meetings[75] - The company's board diversity policy emphasizes the importance of diverse perspectives, experiences, and expertise for effective governance[107] - The company's nomination and corporate governance committee uses a skills matrix to identify and track the qualifications and skills needed for board members[111] - The company's board diversity policy emphasizes gender diversity and recognizes the importance of women in promoting diverse perspectives on the board[139] - The company's board of directors includes members with expertise in corporate governance, mining, financial management, and related fields, as outlined in the skills matrix[143] Financial Performance and Reporting - Coal sales increased from 900,000 tons in 2021 to 1.1 million tons in 2022 after the reopening of the Ceke Port in May 2022[39] - The company suspended coal exports to China from November 2021 to May 2022 due to COVID-19 restrictions in Inner Mongolia[39] - The company significantly improved its cash flow due to the gradual increase in the number of trucks allowed to cross the China-Mongolia border and coal exports since May 25, 2022, with coal mining operations resuming on July 15, 2022[62] - The company reported a net loss attributable to equity holders of $30.4 million in 2022, compared to a net loss of $14.4 million in 2021[155] - As of December 31, 2022, the company had an asset deficit of $142.5 million, up from $90.5 million in 2021[155] - The company's working capital deficit (current liabilities exceeding current assets) reached $184.7 million as of December 31, 2022, compared to $42.5 million in 2021[155] - The company's internal controls over financial reporting were deemed effective by the CEO and CFO as of December 31, 2022[151] - The company's financial reporting internal controls did not undergo any significant changes in the most recent quarter that could materially affect them[152] - The company's audit fees for 2022 included the audit of annual financial statements, review of quarterly financial statements, and statutory audits of subsidiary financial statements[154] - Audit fees and related fees amounted to $361,000 and $101,000 respectively, totaling $462,000[177] Risk Management and Internal Controls - The company's internal control policies aim to provide reasonable assurance against material misstatements and help the board identify and mitigate risks[118] - The company's financial reporting internal controls include policies and procedures to ensure transactions are recorded accurately and in accordance with IFRS[121] - The company's board is responsible for maintaining an effective risk management and internal control system[118] Whistleblower and Employee Welfare - The company has adopted a whistleblower program to allow employees to confidentially report concerns or perceived misconduct[29] - The company's audit committee and corporate secretary jointly manage the whistleblower program[104] - The company emphasizes employee welfare and is committed to providing a healthy, respectful, and safe working environment, considering employees as its greatest asset[81] Shareholder Communication and Governance - The company's shareholder communication policy ensures that shareholders and the investment community receive complete, fair, and timely information about the company[105] - The company's shareholders can request a meeting if they hold at least 5% of the issued and outstanding common shares[162] Mining Operations and Assets - The company fully owns the Ovoot Tolgoi open-pit coal mine and the Soumber and Zag Suuj deposit development projects, located 150 kilometers apart in Mongolia[34] - The company focuses on the exploration, development, and production of coal deposits in the South Gobi region of Mongolia, with its flagship Ovoot Tolgoi mine supplying coal to Chinese customers[83] - The company's Oyu Tolgoi deposit has over 90 million tons of mineral reserves, with growth potential in nearby deposits[170] Legal and Financial Obligations - The company agreed to pay JDZF a deferral fee at an annual interest rate of 6.4% for the deferred interest payment due in November 2022[91] - The company's operating capital deficit as of December 31, 2022, included significant liabilities, including $59.7 million in trade and other payables, with $22.5 million in unpaid taxes owed to the Mongolian Tax Authority[124] - The company has deferred payments totaling approximately $133.5 million to JDZF, including $7.9 million in semi-annual cash interest payments, $8.7 million in cash interest, management fees, and related deferral fees, $13.5 million in cash and in-kind interest and related deferral fees, and $110.4 million in cash and in-kind interest, management fees, and related deferral fees, all due by August 31, 2024[125] - The company may face delays in repaying trade payables and other liabilities, potentially impacting its ability to resume mining activities and leading to legal actions or bankruptcy proceedings[180] Business Conduct and Ethics - The company has adopted a business conduct and ethics policy, "The Way We Work," applicable to all employees, consultants, senior management, and directors at all times[135] Going Concern and Financial Uncertainty - The company's ability to continue as a going concern is in significant doubt due to adverse conditions and uncertainties, potentially requiring adjustments to asset values and liabilities[157] - The company continues to operate on a going concern basis, with the ability to realize assets and repay debts in the normal course of business[199] Factors Affecting Liquidity - Factors affecting the company's liquidity include the impact of COVID-19, restrictions on coal product sales in China, economic growth, coal market prices, production levels, operational cash costs, capital costs, currency exchange rates, and exploration expenses[181] Director Education and Compensation - The company provides Canadian Directors Association membership to all directors to facilitate ongoing education, covering topics such as corporate governance and mining industry updates[78] - The company's independent non-executive directors received approved annual retainers for the fiscal year 2022, with no stock options granted during the year[116] Property, Plant, and Equipment - The company’s property, plant, and equipment changes for the fiscal year are detailed in Note 16 of the financial statements[87] Strategic Planning and Investments - The Board of Directors is responsible for approving annual and quarterly budgets, strategic plans, and significant acquisitions or investments outside the approved budget[86] Listing and Exchange Transitions - The company's revised articles of association will take effect after its delisting from the Toronto Stock Exchange and relisting on the TSX Venture Exchange[168]

• 循環信貸融資－於2023年3月2日，本公司的間接全資附屬公司（「借方」）與本公司最大 股東JDZF的關聯方訂立無抵押循環信貸融資（「信貸融資」），向本公司提供本金總額最 高不超過人民幣9千萬元，到期日為協議簽署之日起計三個月。根據多倫多證交所公司手 冊的規定，本公司已就信貸融資獲得多倫多證交所的必要批准，惟須受若干標準條件規 限。 - 6 - 信貸融資的主要條款如下： • 信貸融資項下的所有義務於到期日到期應付。 • 信貸融資為一種循環貸款，據此借方將有權（但無義務）不時要求作出信貸融資項 下的墊款（「墊款」），惟信貸融資項下的未償還墊款總額任何時候均不得超過最高 貸款額。借方有權不時償還信貸融資項下的全部或部分未償還墊款，而無需支付任 何獎金或罰款。 • 倘借方於提款日後十五(15)天（「免息期」）內悉數償還任何墊款，信貸融資項下的 墊款將不計息。倘借方未能於免息期結束前悉數償還墊款，則於緊隨免息期最後一 日之次日（「利息觸發日」）起至該墊款獲悉數償還或清償之日（不包括該日）止，借 方將支付該墊款未償還金額的利息予貸方。自利息觸發日起，每筆墊款未償還金額 的利息按年利率5%（每日釐定）計算，並於有關墊款 ...

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* （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） （加拿大股份代號：SGQ） 南戈壁公佈2022年第3季度財務及經營業績 南戈壁資源有限公司（「本公司」或「南戈壁」）今日公佈其截至2022年9月30日止三個月及九 個月財務及經營業績。 詳情請參見隨附公告。隨附的公告內所載的資料可於SEDAR的網址www.sedar.com及香港聯 交所的網址www.hkexnews.hk查閱。 承董事會命 南戈壁資源有限公司 首席董事 孫茅 加拿大溫哥華，2022年11月14日 香港，2022年11月14日 於本公告日期，本公司執行董事為王東先生，達蘭古爾班先生及朱重臨女士；獨立非執行董事 為赫英斌先生、孫茅先生及權錦蘭女士；非執行董事為陳志偉先生及顧嘉莉女士。 * 僅供識別 - 1 - R ESOU R ...

SouthGobi Resources Ltd. 南戈壁資源有限公司 TSX: SGQ HKEX: 1878 Annual Report 2 0 21 年年報 Annual Report2021 www.southgobi.com 南戈壁資源有限公司 SouthGobi Resources Ltd. TSX: SGQ HKEX: 1878 STANT 年 報 2021 www.southgobi.com 南戈壁資源有限公司 2021年年報 目錄 目錄 N 200km 4 首席執行官致辭 8 董事會及高級管理層 14 董事會報告 26 企業管治報告 56 財務狀況及經營業績的管理層討論與分析 112 環境、社會及管治報告 122 綜合財務報表 184 公司資料 南戈壁資源有限公司（「本公司」或「南戈壁」）專注於蒙古南戈壁區 勘探，開發及生產煤炭礦藏。本公司擁有蒙古註冊公司SouthGobi Sands LLC的全部股權，而且該公司亦為南戈壁持有蒙古開採許可證及經營 最具代表性的敖包特陶勒蓋煤礦。敖包特陶勒蓋向中國客戶生產及銷 售煤炭。 本年報中英文版本如有歧異，概以英文版本為準。 f The ronor 【.】 ...

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* （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） （加拿大股份代號：SGQ） 南戈壁公佈2022年第1季度財務及經營業績 南戈壁資源有限公司（「南戈壁」或「本公司」）今日公佈其截至2022年3月31日止季度的財務 及經營業績。 詳情請參見隨附公告。隨附的公告內所載的資料可於SEDAR的網址www.sedar.com及香港聯 交所的網址www.hkexnews.hk查閱。 承董事會命 南戈壁資源有限公司 首席董事 孫茅 溫哥華，2022年6月6日 香港，2022年6月6日 於本公告日期，本公司執行董事為達蘭古爾班先生；獨立非執行董事為赫英斌先生、孫茅先生 及權錦蘭女士；非執行董事為鮑建敏先生、陳志偉先生、牛奔先生及顧嘉莉女士。 * 僅供識別 - 1 - R ESOU R C E S 2022年 ...

SouthGobi Resources Ltd. 南戈壁資源有限公司 TSX: SGQ HKEX: 1878 南戈壁資源有限公司 SouthGobi Resources Ltd. TSX: SGQ HKEX: 1878 混合產品 源自負責任的 森林資源的紙張 年 報 2020 www.southgobi.com www.southgobi.com Annual Report2020 | --- | --- | --- | |-------|-------|-------| | | | | | | | | 目 錄 2020 年年報 2 目 錄 N 200km 目錄 4 首席執行官致辭 8 董事會及高級管理層 14 董事會報告 26 企業管治報告 54 財務狀況及經營業績的管理層討論與分析 111 環境、社會及管治報告 122 綜合財務報表 186 公司資料 南戈壁資源有限公司（「本公司」或「南戈壁」）專注於蒙古南戈壁區勘 探，開發及生產煉焦煤礦藏。南戈壁資源擁有蒙古註冊公司SouthGobi Sands LLC的全部股權，而且該公司亦為南戈壁持有蒙古開採許可證及 經營最具代表性的敖包特陶勒蓋煤礦。敖包特陶勒蓋向 ...

SouthGobi Resources Ltd. 南戈壁資源有限公司 TSX: SGQ HKEX: 1878 SouthGobi Resources Ltd. 南戈壁資源有限公司 Annual Report 2019年年報 年年報 Annual Report www.southgobi.com 南戈壁資源有限公司 SouthGobi Resources Ltd. TSX: SGQ HKEX: 1878 2019 年 報 2019 www.southgobi.com 南戈壁資源有限公司 2019年年報 俄罗斯 Russia 敖包特陶勒盖媒矿 Ovoot Tolgoi Mine 铁路 Railway 乌兰巴托 Ulaanbaatar Russia 蒙古 Mongolia ...... · Ulaanbaatar Mongolia Beijing · ieou China Shanghai == 二连浩特 Erenhot 达兰扎德嘎德 Dalanzadgad SouthGobj 敖包特陶勒盖煤矿 Ovoot Tolgoi Mine 幾克 Ceke 乌兰察布 Ulanqab 临河 Linhe 呼和浩特 Hohhot ...