Group 1 - The Hang Seng Index rose by 0.78%, gaining 185 points to close at 24,073 points, while the Hang Seng Tech Index increased by 1.29% [1] - The trading volume in Hong Kong reached HKD 117.2 billion in the morning session [1] - Stablecoin-related stocks surged, with Guotai Junan International rising by 16%, Multi-Point Smart increasing by 8%, and OSL Group also up by 8% [1] Group 2 - Jinyong Investment experienced a 150% surge due to a strategic partnership with AnchorX to explore stablecoin applications [2] - Kuaishou-W saw a 3% increase, with institutions expecting the company's Q2 performance to meet market expectations [2] - Gold stocks rebounded in the morning session, with Tongguan Gold rising by 6% and China Gold International increasing by 3.82% [2] Group 3 - Huitongda Network rose over 7% after applying for full circulation of H-shares, which is expected to enhance stock liquidity and investment attractiveness [3] Group 4 - Basestone Pharmaceuticals-B increased by over 4% after granting commercialization rights for Sugli to Gentili in Western Europe and the UK [4] Group 5 - GCL-Poly Energy rose over 9%, with the polysilicon segment potentially becoming a breakthrough point for reversing internal competition, and the company is expected to achieve profitability [5] Group 6 - China Rare Earth Holdings rose over 7% after a failed transaction involving the sale of an Australian gold mine, and plans to spin off its business through an introduction [6] Group 7 - Hon Teng Precision rose by 8.8%, driven by strong performance in AI servers and iPhone business, with Foxconn showing steady growth in Q2 [7] Group 8 - Zhaoyan New Drug increased by over 10%, assisting in the approval of the restructuring of human coagulation factor VIIa for Chengdu Tianqing [8] Group 9 - Steel stocks saw a midday rally, with Chongqing Steel rising by 11%, as institutions expect improvements in industry supply and demand [9]

Market Overview - The Hang Seng Index fell by 0.45%, down 107 points, closing at 23,808 points, while the Hang Seng Tech Index decreased by 0.15% [1] - Early trading volume in Hong Kong stocks reached HKD 109.5 billion [1] Stablecoin Regulation - The Hong Kong Monetary Authority plans to release guidelines for stablecoin regulations this month, aiming to issue licenses within the year [1] - Stocks related to stablecoins saw significant gains, with Guotai Junan International rising by 8.2%, ZhongAn Online increasing by 5.64%, and Yike rising over 9% [1] New Tea Beverage Market - A subsidy war in the takeaway market has ignited the new tea beverage sector, with Guming and Cha Baidao both rising over 9% [1] Digital Health Services - Health Road saw its stock rise over 9% as its controlling shareholder voluntarily extended the lock-up period, focusing on a digital health service platform [1] Gaming Industry - Morgan Stanley reported that Macau's gaming revenue in June increased by 19% year-on-year to MOP 21.1 billion, exceeding analyst predictions by 9% [1] - Gaming stocks continued their upward trend, with Amax Holdings up 3.7%, Melco International Development up 1.6%, and MGM China up 2.1% [1] Medical Device Sector - In response to China's reciprocal restrictions on EU medical devices, the National Medical Products Administration issued support for high-end medical devices [1] - Medical device stocks experienced broad gains, with Spring Medical up 1.86%, Yongsheng Medical up 7.27%, and Xinwei Medical-B up 5.5% [1] Company Developments - China Rare Earth Holdings plans to spin off its gold business for independent listing on the Hong Kong Stock Exchange, potentially seeking financing before the spin-off [2] - Jihong Co. saw its stock rise over 10%, with a projected over 55% year-on-year increase in net profit attributable to shareholders for the first half of the year [3] - H&H International Holdings is expected to see a decline in net profit by 45% to 65% for the first half of the year, resulting in a drop of over 6% in its stock price [4]

Market Overview - The US stock market was closed on July 4th for Independence Day [1] Hong Kong Stock Market Highlights - Yum China (09987) rose over 3% after announcing the establishment of an innovation fund to convert operational needs into practical applications [2] - H&H International Holdings (01112) fell over 7%, expecting a 45% to 65% decline in net profit for the first half of the year [2] - China Rare Earth Holdings (03788) surged nearly 9% as it plans to spin off its gold business for independent listing on the Hong Kong Stock Exchange, potentially seeking financing before the spin-off [2] - Health Road (02587) jumped over 18% as its controlling shareholder voluntarily extended the lock-up period, focusing on digital health services [2] - Smoore International (06969) increased over 5% with the launch of Glo Hilo in Japan, maintaining high profit margins [2] - Tencent Music (01698) rose nearly 3% as institutions noted that recent acquisition plans would enhance overall content supply [2] - Jihong Co., Ltd. (02603) surged over 7%, with a projected net profit increase of over 55% year-on-year for the first half [2] - Solar stocks collectively declined, with Xinyi Solar (00968) down 4.86%, Fuyao Glass (06865) down 3.88%, New Energy (01799) down 3.19%, and Xinyi Glass (00868) down 2.64% [2] Other Notable Movements - Kuaishou-W (01024) rose over 3% as it plans to launch a live streaming initiative across multiple cities to create a collaborative ecosystem [3] - Gold stocks faced pressure, with Shandong Gold (01787) down 5.09%, China Gold International (02099) down 3.44%, Lingbao Gold (03330) down 2.68%, and Chifeng Jilong Gold (06693) down 2.33% [3] - China Shipbuilding Defense (00317) increased over 3% after the approval of a merger and acquisition restructuring plan, optimizing resources in the shipbuilding industry [3] - Medical device stocks saw a broad increase, with Spring Medical (01858) up 6.36%, Yongsheng Medical (01612) up 7.27%, Xinwei Medical-B (06609) up 3.55%, and Microneuroscience (02172) up 1.12% [3] - Some stablecoin concept stocks rose, with Victory Securities (08540) up 6.9%, Guotai Junan International (01788) up 5.15%, Yika (09923) up 2.59%, and China Everbright Holdings (00165) up 1.96% [3] - SF Express City (09699) rose nearly 7% amid intensified competition in the food delivery sector, with expectations of increased order volume [3] - HSSP International (03626) fell over 20% after being named by the Hong Kong Securities and Futures Commission for high stock concentration [3] Strategic Partnerships and New Listings - Shengye (06069) opened nearly 15% higher after forming a strategic partnership with Stand Robot to enhance its robotics industry chain [4] - Beverage stocks opened high, with Cha Bai Dao (02555) up 15%, Nayuki's Tea (02150) up 9.87%, Gu Ming (01364) up 5.77%, Hu Shang Ayi (02589) up 2.99%, and Mixue Group (02097) up 2.92% [4] - FWD Group (01828) had a flat opening on its first day of listing, being a life insurance company under Li Zeqiang's control [4]

最近一个月来，中国罕王累计涨幅66.29%，今年来累计涨幅157%，跑赢恒生指数17.3%的涨幅。 财务数据显示，截至2024年12月31日，中国罕王实现营业总收入24.84亿元，同比减少17.96%；归母净 利润1.81亿元，同比增长19.2%；毛利率27.11%，资产负债率59.87%。 机构评级方面，目前暂无机构对该股做出投资评级建议。 行业估值方面，一般金属及矿石行业市盈率（TTM）平均值为-1.64倍，行业中值-0.12倍。中国罕王市 盈率19.56倍，行业排名第24位；其他兴合控股（01891.HK）为2.4倍、康利国际控股（06890.HK）为 2.42倍、爱德新能源（02623.HK）为2.63倍、绿色经济（01315.HK）为2.64倍、沪港联合（01001.HK） 为2.77倍。 资料显示，中国罕王控股有限公司於二零一零年八月二日在开曼群岛注册成立,於二零一一年九月三十 日在香港联交所挂牌上市,股份代号:03788。本集团是拥有金矿、铁矿、镍矿三大业务板块的国际化矿 业集团公司,矿产资源分布於澳大利亚、中国和印尼,经营范围涉及矿产资源的勘探、开采、选矿、冶炼 及销售。本集团坚持「以人为本, ...

Group 1 - As of June 3, a total of 105 stocks reached their 52-week highs, with Huayin International Holdings (00989), Dingyifeng Holdings (00612), and Youquhui Holdings (02177) leading the high rate at 57.26%, 37.93%, and 23.02% respectively [1] - The closing prices and highest prices for the top three stocks are as follows: Huayin International Holdings at 1.370 and 1.950, Dingyifeng Holdings at 0.770 and 0.800, and Youquhui Holdings at 3.550 and 3.580 [1] - Other notable stocks that reached their 52-week highs include China Antibody-B (03681) with a high rate of 21.62% and Fengcheng Holdings (02295) at 19.52% [1] Group 2 - The report also lists stocks that reached their 52-week lows, with Des Holdings (08437) showing the largest decline at -38.79%, followed by Dimi Life Holdings (01667) at -20.50% [3] - The closing prices and lowest prices for the top three stocks that reached their lows are: Des Holdings at 0.177 and 0.071, Dimi Life Holdings at 0.140 and 0.128, and Lujizhi Technology (01745) at 0.197 and 0.194 [3] - Other stocks with significant declines include GBA Group (00261) at -11.48% and Baide International (02668) at -10.88% [3]

Summary of Conference Call Records Company and Industry - The conference call primarily discusses a gold mining company operating in Australia, focusing on its strategic goals and project developments in the gold mining sector. Key Points and Arguments 1. **Strategic Goals**: The company aims to transform into a prominent gold production entity, with a target of reaching 1.7 million ounces of resources by 2024, up from 930,000 ounces in 2023 [1][2][3]. 2. **Project Development**: The company is developing multiple mining projects in Western Australia, with significant progress reported in resource estimation and drilling activities [1][4][5]. 3. **Resource Estimates**: Current estimates indicate a total of 1.12 million ounces of gold resources with an average grade of 3.1 grams per tonne, verified by an Australian joint venture [9]. 4. **Production Plans**: The company plans to produce 100,000 ounces of gold, with expectations of generating sales revenue of approximately AUD 20-21 billion based on current gold prices [18]. 5. **Cost Management**: The company is focused on reducing production costs, with current estimates around AUD 2,000 per ounce, which is competitive compared to other Australian gold miners [21][34]. 6. **Environmental and Community Engagement**: The company emphasizes the importance of community relations and environmental compliance in its mining operations, ensuring local community support [8]. 7. **Financial Performance**: The company reported a gross profit of CNY 674 million for 2024, an increase from the previous year, attributed to improved operational efficiency and cost management [11]. 8. **Cash Flow and Capital Expenditure**: The adjusted net cash inflow for 2024 is CNY 335 million, with capital expenditures planned at CNY 140 million, primarily for long-term asset development [15][14]. 9. **Market Dynamics**: The company notes a significant disparity between physical gold and paper gold, with a ratio of 1:130, indicating a potential demand surge for physical gold [10]. 10. **Future Outlook**: The company anticipates a favorable market environment for gold, with expectations of price increases, and is strategically positioned to capitalize on these trends [10][30]. Other Important but Possibly Overlooked Content - The company is actively drilling and exploring new mining sites, with 19 drill holes completed in the past year and plans for further exploration [26]. - There is a focus on maintaining stable production levels and exploring additional markets beyond gold, including iron ore and other minerals [21][35]. - The management team has extensive experience in the mining sector, which is expected to mitigate risks associated with project execution and operational challenges [20][25]. - The company is also exploring financing options to support its growth strategy, including potential partnerships and loans [27][28].

Financial Performance - In 2024, the company achieved revenue of RMB 2.48 billion, a year-on-year decrease of 18%, while net profit attributable to shareholders increased by 19% to RMB 180 million[4]. - The company's revenue for the fiscal year 2024 was RMB 2,484,150 thousand, a decrease of RMB 544,005 thousand or 17.96% compared to the previous year, primarily due to a reduction in high-purity iron sales volume by approximately 143 thousand tons and a decrease in sales price by RMB 106 per ton[68]. - The cost of sales for the fiscal year 2024 was RMB 1,810,591 thousand, a decrease of RMB 595,614 thousand or 24.75% compared to the previous year, influenced by the same factors affecting revenue[68]. - The gross profit for the fiscal year 2024 was RMB 673,559 thousand, an increase of RMB 51,609 thousand or 8.30%, with the gross margin rising from 20.54% to 27.11%[68]. - The company recorded a net profit of approximately RMB 176 million in 2024, representing a year-on-year increase of about 16.34%[26]. - The net profit for the fiscal year 2024 was RMB 175,549 thousand, an increase of RMB 24,652 thousand or 16.34% compared to the previous year[74]. Resource and Production Updates - The resource volume of the Shama Iron Mine increased by approximately 79.76 million tons or about 265%, reaching a total resource volume of approximately 110 million tons[5]. - The resource volume of the Mt Bundy Gold Mine increased by 67% and the reserves increased by 837% since its acquisition in 2018[6]. - The resource volume of the Cygnet Gold Mine increased by 17% to 1.38 million ounces of gold, with an average grade of 3.9 grams per ton[7]. - The Maogong Iron Mine received an updated mining license, incorporating a resource volume of 16.32 million tons of iron ore into the license[9]. - The company plans to maintain an annual production capacity of approximately 1 million tons of iron concentrate from the Maogong Iron Mine over the next decade[9]. - The company aims to enhance operational efficiency through lean management practices across its business segments[26]. - In 2024, the company's iron ore production reached 1,009,000 tons, a year-on-year increase of 0.9 thousand tons or 0.90%, achieving 106.21% of the annual budget[35]. - The production of high-purity iron was 757,000 tons, a decrease of 13.09% year-on-year, achieving 90.12% of the annual budget[49]. Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.02 per share and proposed a final dividend of HKD 0.02 per share for 2024[11]. - The company plans to distribute a total dividend of HKD 0.04 per share for 2024, which includes an interim dividend of HKD 0.02 per share already paid[112]. - The group’s available reserves for distribution to shareholders amount to approximately RMB 59,386 thousand as of December 31, 2024[106]. - The company is actively pursuing a cash-based profit distribution policy for the years 2023 to 2025, with a minimum distribution ratio of 30% of the group's net profit[110]. Capital Expenditure and Investments - The capital expenditure for the iron ore business in 2024 was RMB 69,508,000, down from RMB 88,961,000 in 2023[39]. - Capital expenditure for the gold mining business was RMB 37.465 million, down from RMB 116.489 million in the previous year[59]. - As of December 31, 2024, the group's capital expenditure decreased to RMB 139,793 thousand from RMB 218,120 thousand in 2023, representing a reduction of approximately 36%[92]. - The group reported a capital commitment of RMB 41,544 thousand as of December 31, 2024, an increase of RMB 18,893 thousand or 83.41% compared to the previous year[13]. Debt and Financial Ratios - The net debt ratio for 2024 is projected to be 31.21%, a decrease from 31.96% in 2023[25]. - The interest coverage ratio improved to 5.43 in 2024, up from 3.90 in 2023[25]. - The debt ratio remained stable at 59.87% as of December 31, 2024, while the net debt ratio decreased from 31.96% to 31.21%[85]. - The total borrowings as of December 31, 2024, were RMB 895,857 thousand, representing an increase of RMB 167,236 thousand or 22.95% from the previous year[84]. Corporate Governance and Management - The board of directors includes a mix of executive and non-executive members, with several up for re-election at the upcoming annual general meeting[126]. - The company has established criteria for selecting suppliers based on product supply and operational scale[120]. - The company has adopted corporate governance policies in line with the best practices outlined in the Corporate Governance Code[174]. - The company has complied with the corporate governance code and all applicable regulations during the year ending December 31, 2024[155]. - The company has appointed sufficient qualified independent non-executive directors in accordance with listing rules during the reporting period[178]. Environmental and Safety Performance - The company has maintained zero fatalities, zero serious injuries, and zero environmental pollution incidents for eight consecutive years[8]. - The company was recognized as a "Green Benchmark Mining Area" at the 2024 National Iron Ore Industry Chain Summit Forum for its outstanding performance in green mining construction and product quality[34]. Employee and Supplier Relations - The company recognizes employees as its most valuable asset and provides competitive compensation and comprehensive training programs[119]. - The company maintains good relationships with suppliers and customers, ensuring stable and long-term quality product supply[120]. - The company has no significant contingent liabilities as of December 31, 2024[90]. Market and Industry Trends - The global gold demand in 2024 reached a record high of 4,975 tons, driven by strong central bank purchases and investment demand[53]. - The average gold price in 2024 was USD 2,386 per ounce, reflecting a year-on-year increase of 23%[53]. - The iron ore price trend in 2024 showed a decline followed by fluctuations, with a total import volume of 1.237 billion tons, a historical high, representing a year-on-year growth of 4.9%[29].

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份 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。 CHINA HANKING HOLDINGS LIMITED （於開曼群島註冊成立的有限公司） （股份代號：03788） 截至二零二四年十二月三十一日止年度之業績公告 業績亮點 註 1. 穩定生產，降本增效 本集團的鐵礦業務及高純鐵業務始終將連續穩定生產作為工作重點。二零二四年， 兩個業務板塊的穩定生產天數進一步增加，提升了生產效率和產品質量。同時，兩 個業務板塊從組織機構、清資核產、招標管理、項目管理、技術改造等多方面來加 強精益管理，提升運營效率，從而實現了毛利小幅提升。本集團二零二四年錄得年 內溢利約人民幣1.76億元，同比增加約16.34%。依據本公司《三年股東分紅回報規 劃（2023年－2025年）》，董事會決議向股東派發二零二四年度之末期股息，每股股 份派發0.02港元。 2. 上馬鐵礦資源量增加至1.1億噸 本公司於二零二一年初成立地質勘查項目部，主要針對上馬礦區進行系統勘探 找礦。截至二 ...

Production Capacity and Operations - China Hanking Holdings Limited's high-purity iron production capacity reached 930,000 tons annually, making it the largest supplier of ductile iron for wind power in China[5] - The company has established a strong operational team in Australia, successfully completing the acquisition and production restart of the SXO gold mine project[5] - The average grade of iron concentrate produced by China Hanking is over 68%, with low impurity levels of sulfur, phosphorus, and titanium[5] - The company aims to leverage its unique technological advantages to enhance the corrosion resistance and tensile strength of its high-purity iron products[5] - China Hanking's Australian subsidiary has been operational for over a decade, focusing on creating greater value for shareholders through effective gold mining operations[5] - The company operates in both the domestic iron ore and high-purity iron sectors in China, as well as in the Australian gold mining industry[4] - The company’s headquarters in Australia is located in Perth, Western Australia, where it has developed a skilled team for gold mine development and operations[5] Financial Performance - Revenue for the first half of 2024 was RMB 1,268,564 thousand, a decrease of 15.06% compared to RMB 1,493,459 thousand in 2023[9] - Profit attributable to owners increased significantly by 219.33% to RMB 107,467 thousand from RMB 33,654 thousand in the previous year[9] - Earnings per share rose to RMB 5.6, reflecting a 229.41% increase from RMB 1.7 in 2023[9] - The net profit margin improved to 8.41%, up 6.18 percentage points from 2.23% in 2023[9] - Gross profit for the first half of 2024 was RMB 346,974 thousand, an increase of 56.66% year-on-year, with the gross margin rising from 14.83% to 27.35%[26] - The company reported a gross profit of RMB 30,865 thousand from its high-purity iron business, a significant increase of 613.64% year-on-year[20] - The company’s profit for the six months ended June 30, 2024, reached RMB 107,467,000, a significant increase from RMB 33,654,000 in the same period of 2023, representing a growth of approximately 219%[90] Market and Sales - The company is focused on expanding its clean energy materials supply for major equipment in wind power and marine engineering[5] - In the first half of 2024, the company's high-purity iron production was 408,000 tons, a decrease of 2.86% year-on-year, while sales volume was 389,000 tons, down 13.17% year-on-year[20] - The average selling price of high-purity iron was RMB 3,131 per ton, a decrease of 2.13% year-on-year, while the average selling cost was RMB 3,051 per ton, down 4.36% year-on-year[20] - The high-purity iron segment generated revenue of RMB 1,196,518 thousand, down from RMB 1,431,253 thousand, reflecting a decline of 16.43%[27] - The revenue from iron ore sales was RMB 52,603,000 for the same period[76] Corporate Governance and Social Responsibility - The company emphasizes its commitment to corporate social responsibility, adhering to its core values of being people-oriented and maintaining integrity[5] - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited interim results for the six months ending June 30, 2024, and confirmed compliance with applicable accounting standards[60] - The company has complied with the corporate governance code and principles, with all significant decisions requiring approval from the board of directors[60] - The company believes that having the same individual serve as both chairman and CEO provides strong and consistent leadership for long-term business strategy[60] Investments and Future Plans - The company plans to focus resources on the Cygnet gold mine project in Western Australia following the sale of the Mt Bundy gold project, expected to generate approximately AUD 150 million[10] - The company plans to continue expanding its operations in the iron ore and high-purity iron sectors, focusing on efficiency and cost management[78] - The company is actively developing new products and customers in the ductile iron market for wind power, aiming to enhance product value and improve gross profit levels[19] - The company announced the conditional sale of 100% of Primary Gold Pty Ltd for AUD 300 million, plus an environmental bond of AUD 3,116,653, totaling approximately RMB 1,444,351,000[104] Cash Flow and Financial Position - As of June 30, 2024, cash and cash equivalents increased to RMB 344,440 thousand, compared to RMB 184,090 thousand at the end of the previous year[33] - The net cash inflow from operating activities was RMB 98,608 thousand, down from RMB 145,992 thousand in the same period last year[33] - The company incurred a net cash outflow from investing activities of RMB 36,101,000, which included various expenditures on property, plant, and equipment[72] - The company’s total assets as of June 30, 2024, were RMB 1,514,571,000, indicating a solid asset base for future growth[70] - The group has sufficient working capital to meet its needs for at least the next 12 months[74] Employee and Management Information - 截至2024年6月30日，集团总薪酬开支为人民币99,354千元，较2023年同期的人民币100,206千元下降约0.85%[58] - 截至2024年6月30日，集团共有员工1,731名，较2023年同期的1,738名减少[58] - The total remuneration for directors and key management personnel was RMB 5,855,000, a decrease of 3.4% compared to RMB 6,061,000 for the same period in 2023[65] Legal and Compliance - As of June 30, 2024, the group is not involved in any significant legal proceedings or arbitration[63] - The company has not disclosed any other matters under the continuous disclosure obligations as of June 30, 2024[64]

Financial Data and Key Indicators Changes - In the first half of 2024, the company achieved a revenue of 1.268 billion yuan, a decrease of 15% year-on-year [1] - The profit attributable to owners was 107 million yuan, an increase of 219% year-on-year [1] - The cash operating cost for iron ore business was 339 yuan, a decrease of 12% year-on-year [1] Business Line Data and Key Indicators Changes - Iron ore production reached 510,000 tons, an increase of 28% year-on-year, benefiting from increased output and efficiency improvements [1] - The average sales price of iron ore products was 1,013 yuan per ton, an increase of 5% [1] - The production of high-purity iron was 408,000 tons, a decrease of 8.8% year-on-year [1] Market Data and Key Indicators Changes - The average sales price of high-purity iron was 3,131 yuan per ton, a decrease of 2% [1] - The overall market for high-purity iron showed a trend of stabilization followed by a slight decline [1] Company Strategy and Development Direction - The company plans to focus on resource development, particularly the Signet gold mine project in Western Australia, aiming to become a gold production company within three years [1] - The company continues to implement its dividend policy, declaring an interim dividend of 0.02 HKD per share [1] Management's Comments on Operating Environment and Future Outlook - Management expressed that the operating environment remains competitive, particularly in the high-purity iron sector, but noted a potential stabilization in competition [1] - The company is optimistic about the future growth of its gold mining projects, particularly with the expected investment returns from the PGO gold mine project [1] Other Important Information - The company has completed the preliminary review of the resource verification report for the Shama iron mine and expects to obtain the final review in the third quarter of 2024 [1] - The company has been actively exploring new suppliers to reduce procurement costs for high-purity iron [1] Q&A Session Summary Question: What is the revenue composition of iron ore and high-purity iron products in the first half of 2024? - High-purity iron accounted for 95% of total revenue, while iron ore contributed 5% [1] Question: What are the future growth potentials for iron ore and high-purity iron? - The company aims to maintain stable production in iron ore and is exploring new resource development opportunities [1] Question: When is the expected timeline for obtaining the mining license for the Shama iron mine? - The company anticipates obtaining the mining license after the final review in the third quarter of 2024 [1] Question: What is the expected investment return from the PGO gold mine project? - The expected investment return is over 150 million AUD, with a significant portion attributed to the completion of resource verification and environmental assessments [1]