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，並明確表示概不就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。 Wanguo Gold Group Limited 萬國黃金集團有限公司 ( 於開曼群島註冊成立之有限公司 ) (股份代號: 3939) 董事會欣然宣佈，通知中所列的擬議決議已於 2025 年 11 月 21 日（星期五）上午 10 時在香港干諾道 西 144-151 號成基商業中心 28 樓 1 室舉行的股東特別大會上，經投票表決通過。 股東特別大會上關於該擬議決議的投票結果如下： 1 | | 普通決議 | 已投票股份數量 | | | --- | --- | --- | --- | | | | （約佔百分比） | | | | | 贊成 | 反對 | | | 動議待本公司日期為 2025 年 11 月 6 日的通函「股份拆 | | | | | 細的條件」一節所載的所有條件（「條件」）獲達成 | | | | | 後及以此為條件，並緊隨條件獲達成日期後的第二個 | | | | | 營業日起： | | | | ...

Core Insights - The announcement from WanGuo Gold (03939) highlights two major positive developments: the completion of the feasibility study for the Jinling Gold Mine expansion project by strategic shareholder Zijin Mining, and a significant increase in gold resource estimates from 7.34 million ounces (228 tons) to 367 tons, representing a 61% increase [1][2][8] Resource Increase - The core highlight of the announcement is the substantial increase in gold resources at the Jinling Gold Mine, with total ore reserves estimated at approximately 2.894 billion tons and gold metal content at 367.104 tons [1][5] - The updated resource estimate of 328 tons of gold, based on the boundary reserves, adds over 100 tons of exploitable gold resources, potentially valued at over 30 billion yuan based on current industry averages [2][5] Project Expansion - The expansion plan for the Jinling Gold Mine has been clearly outlined, with an additional processing capacity of over 10 million tons per year, bringing the total processing scale to 13.5 million tons per year [6][8] - The mining costs during the expansion phase are projected at $4.2 per ton of ore, decreasing to $2.19 per ton once production scales reach 13 million tons per year [7] Production Forecast - Once the project reaches full production, annual gold output is expected to increase from 2.06 tons in 2024 to 15 tons, marking a 628% increase and exceeding previous market expectations [7][8] - The anticipated net profit for the company in the first half of 2025 is projected to be 600 million yuan, reflecting a year-on-year increase of 136% [7] Market Confidence - The announcement effectively eliminates market uncertainties regarding project progression, positioning the Jinling Gold Mine as a transition from a growth asset to a world-class profit engine [8]

公告显示，金岭金矿的资源量提升是本次披露的核心亮点。数据显示，矿区内保有矿石量约28.94亿 吨，Au金属量367.104吨；境界内保有矿石量24.93亿吨，Au金属量328.593吨。 如果仅按照境界内保有金属量计算，相较于2024年底的 228 吨黄金资源量，紫金矿业凭借行业领先的勘 探技术与成矿带研究经验，通过系统钻探与储量核实，将黄金资源量更新至 328 吨，且平均品位在1.32 克/吨的优质水平。这一增量相当于为公司新增超100吨可开发黄金资源，按当前行业平均开采成本与金 价水平测算，新增资源对应的潜在价值超300亿元。 智通财经APP获悉，11月17日，万国黄金（03939）公告披露了最新的金岭金矿资源储量与开发进展信 息，两大核心利好引发市场高度关注：战略股东紫金矿业已完成金岭金矿扩建项目可行性研究，1000万 吨 / 年扩建方案正式敲定，项目推进确定性全面提升；经紫金专业勘探核实，矿山黄金资源量从 2024 年底公告的 734 万盎司（折合 228 吨）跃升至 367 吨，增幅高达 61%。双重利好叠加，不仅印证了金 岭金矿的世界级资源禀赋，更标志着其从资源储备向产能释放的转型进入加速期。 资 ...

Group 1 - The core point of the news is that southbound funds reduced their holdings in WanGuo Gold Group (03939.HK) by 1.1532 million shares on November 19, 2025, marking a decrease of 0.94% [1] - Over the past five trading days, there were two days of net increases in holdings by southbound funds, totaling an increase of 340,800 shares [1] - In the last twenty trading days, there were eleven days of net increases, with a cumulative net increase of 5.4786 million shares [1] Group 2 - As of November 19, 2025, southbound funds hold a total of 12.2 million shares of WanGuo Gold Group, which represents 11.02% of the company's total issued ordinary shares [1] - WanGuo Gold Group operates primarily in mining, ore processing, and the sale of refined mineral and gold products, structured into two segments: the Yifeng project and the Solomon project [2] - The company's product offerings include copper concentrate, iron concentrate, zinc concentrate, sulfur concentrate, lead concentrate, gold ingots, gold concentrates, and by-products of gold and silver [2]

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，並明確表示概不就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。 Wanguo Gold Group Limited 萬國黃金集團有限公司 (於開曼群島註冊成立之有限公司) (股份代號: 3939) 自願公告 金岭礦採選工程可研報告摘要 本公告乃由萬國黃金集團有限公司（「本公司」），及其附屬公司（統稱「本集團」） 自願作出。 茲提述本公司日期為2025年5月1日之公告（「該公告」），內容有關（其中包括）擴 建可行性研究。除另有界定外，本公告所用詞彙與該公告所界定者具有相同涵義。 董事會欣然向本公司股東（「股東」）及潛在投資者提供紫金(廈門)工程設計有限公司 編制的有關所羅門群島金岭金礦採選工程初步设计的摘要。 項目介紹 本集團擁有 98%的祥符金岭礦業有限公司的股份，其持有所羅門金岭金礦有限公司 90%的權益。目前金岭金礦由本集團運營管理。 位置與交通 所羅門群島，是南太平洋的一個島國，位於太平洋西南部，屬美拉尼西亞群島，西南距 澳大利亞 1,600km，西距巴布亞紐幾 ...

Core Insights - Southbound funds increased their holdings in WanGuo Gold Group (03939.HK) by 164,000 shares on November 17, 2025, marking a net increase of 6.4 million shares over the past five trading days [1] - Over the last 20 trading days, there have been 12 days of net increases in holdings, totaling 8.8378 million shares [1] - As of now, southbound funds hold 123 million shares of WanGuo Gold Group, representing 11.13% of the company's total issued ordinary shares [1] Trading Data Summary - On November 17, 2025, total shares held were 123 million, with a change of 164,000 shares, reflecting a change of 0.13% [2] - On November 14, 2025, total shares held remained at 123 million, with a decrease of 80,000 shares, showing a change of -0.06% [2] - On November 13, 2025, total shares held were 123 million, with an increase of 1.484 million shares, indicating a change of 1.22% [2] - On November 12, 2025, total shares held were 122 million, with an increase of 1.596 million shares, reflecting a change of 1.33% [2] - On November 11, 2025, total shares held were 120 million, with an increase of 3.236 million shares, showing a change of 2.77% [2] Company Overview - WanGuo Gold Group, formerly known as WanGuo International Mining Group, is primarily engaged in mining, ore processing, and the sale of refined mineral and gold products [2] - The company operates through two segments: the Yifeng project segment, which processes and sells metal concentrates, and the Solomon project segment, which processes and sells gold concentrates and gold bars [2] - The company's product offerings include copper concentrates, iron concentrates, zinc concentrates, sulfur concentrates, lead concentrates, gold bars, gold concentrates, and by-products of gold and silver [2] - WanGuo Gold Group conducts business in both domestic and international markets [2]

Core Viewpoint - The international gold market experienced significant volatility, with spot gold prices dropping to $4080.87 per ounce, marking a daily decline of over 6%, the largest since August 2020. This has led to mixed market sentiments, with Standard Chartered attributing the volatility to investors moving away from safe assets, while JPMorgan remains bullish, predicting an average gold price of $5055 per ounce by the end of 2026, and Goldman Sachs raising its forecast to $4900 for the same period [1]. Company Performance - 万国黄金 reported a revenue of 1.24 billion yuan in the first half of 2025, a year-on-year increase of 33.7%, and a net profit of 600 million yuan, a staggering increase of 136% year-on-year. The company is actively expanding its gold mining operations and successfully entered the Hong Kong Stock Connect in April 2025, increasing stock liquidity by over three times [1]. Resource Security - The company has established a robust resource matrix consisting of domestic and overseas mining assets, which serves as a core barrier against short-term gold price fluctuations. The gold mine in the Solomon Islands, known as the Jinling Gold Mine, is a key growth engine, with gold resources increasing by 121.2% to 227 tons as of July 2024 [2]. Cash Flow Stability - The Xinjian Mine in Jiangxi serves as a cash flow stabilizer, contributing 600 to 800 million yuan in annual revenue. The mine's diversified income structure, including copper and zinc, helps mitigate performance risks during gold price fluctuations. Despite a temporary production halt in the first half of 2025, the mine is expected to resume stable profitability in the latter half of the year [3]. Strategic Partnerships - The strategic investment by Zijin Mining in September 2024 marked a significant turning point for 万国黄金. Zijin acquired 15.28% of the company for approximately 1.249 billion yuan, with half of the funds allocated for exploration and development of the Jinling Gold Mine. This partnership not only provides capital but also enhances technology, management, and industry resources [4]. Cost Optimization - The introduction of Zijin's mining technology has led to a 16.1% reduction in sales costs, from 444 million yuan in the first half of 2024 to 372 million yuan in the same period of 2025. This cost optimization is expected to improve profitability during gold price downturns [4]. Production Capacity Expansion - The expansion of the Jinling Gold Mine is accelerating, with feasibility studies already initiated under Zijin's involvement. Long-term production potential is projected to reach 8-10 tons per year, with the mine's gold revenue share increasing to 65% by 2024 [5]. Market Positioning - The global gold market's long-term trends remain intact despite short-term price corrections. Central bank gold purchases are expected to exceed 1200 tons in 2025, with China increasing its reserves for 12 consecutive months. The high-purity gold produced by Jinling Gold Mine is well-positioned to meet this demand [7]. Investment Demand - The demand for gold from private investors is also on the rise, with global gold ETF holdings increasing and high-end investment gold bar sales growing during the National Day holiday in China. The company's product structure aligns well with these market changes, providing a buffer against price volatility [7]. Valuation Perspective - The market is shifting its focus from merely "gold price elasticity" to "resource reserves and growth certainty." 万国黄金 stands out as one of the few growth-oriented mining companies in Hong Kong with both overseas high-grade gold mines and strong backing from industry leaders [8]. Growth Resilience - Despite potential risks, the company's growth logic remains robust, supported by a combination of resource depth, cost control, and collaborative synergies. The recent gold price correction has highlighted the fundamental value of the company, which is backed by 227 tons of gold resources and enhanced efficiency from Zijin Mining [9][10].

Core Viewpoint - The international gold market experienced significant volatility on October 21, 2025, with spot gold prices dropping to $4080.87 per ounce, marking a daily decline of over 6%, the largest since August 2020. This sudden adjustment has led to mixed market sentiments, with Standard Chartered attributing the volatility to investors fleeing safe assets, while JPMorgan remains bullish, predicting an average gold price of $5055 per ounce by the end of 2026, and Goldman Sachs raising its forecast to $4900 for the same period [1][1][1]. Company Performance - 万国黄金 (Wanguo Gold) reported a revenue of 1.24 billion yuan in the first half of 2025, a year-on-year increase of 33.7%, and a net profit of 600 million yuan, surging 136% year-on-year. The company is actively expanding its gold mining operations and successfully entered the Hong Kong Stock Connect in April 2025, increasing stock liquidity by over three times [1][1][1]. Resource Security - The company has established a robust resource matrix consisting of three mines: the Jinling Gold Mine in the Solomon Islands, the Xinyang Xinzhang Mine in Jiangxi, and the Walege Mine in Tibet. This diversified resource base serves as a buffer against short-term gold price fluctuations [1][1][1]. Jinling Gold Mine - The Jinling Gold Mine, located in the Pacific Ring of Fire, has a gold resource of 227 tons as of July 2024, a 121.2% increase from the initial 103 tons. The mine has a life cycle of approximately 20 years and is expected to produce over 4 tons of gold annually once fully operational. The acquisition cost of the mine was only one-third of the industry average, allowing for significant cost control [2][2][2]. Xinyang Xinzhang Mine - The Xinyang Xinzhang Mine contributes 600 to 800 million yuan in annual revenue, providing a cash flow cushion for the company. Despite a temporary production halt in the first half of 2025 due to technical upgrades, the mine is expected to resume stable profitability in the second half of the year [3][3][3]. Walege Mine - The Walege Mine in Tibet is a strategic reserve asset, currently undergoing approval processes for exploration and mining. It has proven reserves of 159.45 million tons of lead and 1937.2 tons of silver, with significant gold resources as well. This mine will enhance the company's resource portfolio once operational [3][3][3]. Strategic Partnership - In September 2024, Zijin Mining's strategic investment in Wanguo Gold marked a significant turning point for the company. Zijin acquired 15.28% of Wanguo Gold's expanded share capital for approximately 1.249 billion yuan, with half of the funds allocated for the exploration and development of the Jinling Gold Mine. This partnership brings not only capital but also technological and managerial upgrades [4][4][4]. Cost Optimization - The collaboration with Zijin Mining has led to cost optimization, with sales costs decreasing from 444 million yuan in the first half of 2024 to 372 million yuan in the same period of 2025, a reduction of 16.1%. This positions the Jinling Gold Mine to maintain profitability during gold price downturns [4][4][4]. Production Expansion - The pace of production expansion has accelerated, with feasibility studies for the Jinling Gold Mine's expansion already initiated. Long-term production potential is projected to reach 8-10 tons per year, aided by Zijin's global distribution network [5][5][5]. Market Positioning - The global gold market's long-term trend remains intact despite short-term price corrections, supported by central bank gold purchases and increasing private investment demand. Wanguo Gold's product structure aligns well with these trends, providing a buffer against price volatility [7][7][7]. Valuation Perspective - The market is shifting focus from merely "gold price elasticity" to "resource reserves and growth certainty." Wanguo Gold's unique position as a growth-oriented mining company with overseas high-grade gold mines and strong liquidity in the Hong Kong market enhances its valuation potential [8][8][8]. Growth Resilience - Wanguo Gold's growth logic is underpinned by resource reserves, cost control, production release, and synergistic effects. The period from 2025 to 2027 is critical for the company as it transitions from a mid-sized miner to a new player in global gold production [10][10][10].

Group 1 - The core point of the news is that southbound funds have increased their holdings in WanGuo Gold Group (03939.HK) by 1.596 million shares on November 12, 2025, with a total net increase of 5.384 million shares over the last five trading days [1] - Over the past 20 trading days, southbound funds have increased their holdings in WanGuo Gold Group on 12 occasions, resulting in a total net increase of 9.953 million shares [1] - As of now, southbound funds hold 12.2 million shares of WanGuo Gold Group, accounting for 10.99% of the company's total issued ordinary shares [1] Group 2 - The total number of shares held by southbound funds on November 12, 2025, is 122 million, reflecting a change of 1.33% [2] - The previous trading day, November 11, 2025, saw a total of 120 million shares held, with a change of 2.77% [2] - WanGuo Gold Group operates primarily in mining, ore processing, and the sale of refined mineral and gold products, with two main divisions: the Yifeng project and the Solomon project [2]

Core Viewpoint - The recent share purchase by the founder and chairman of the company reflects strong confidence in the company's future and growth potential, alongside a commitment to its long-term success [1]. Company Summary - The founder, Gao Mingqing, acquired a total of 1.01 million shares at an average price of HKD 29.3408 per share, amounting to nearly HKD 30 million [1]. - Following this acquisition, the total shares held by Gao's investment company, Jiesheng Investment Co., reached 283 million, representing approximately 25.57% of the total issued share capital [1]. Industry Summary - On November 10, spot gold prices surpassed USD 4,040 per ounce, with an intraday increase of over 1% [1]. - According to CITIC Securities, gold is expected to benefit from global liquidity expansion and heightened preference due to de-globalization risks in the long term [1]. - Recent fluctuations in gold prices have been primarily driven by U.S.-China trade relations and interest rate cut expectations [1]. - Looking ahead to next year, various factors are likely to continue driving gold prices upward, with both structural and cyclical opportunities expected to resonate [1].