Core Viewpoint - As of the market close on August 21, a total of 86 stocks reached their 52-week highs, indicating a positive trend in the market [1] Group 1: Stocks Reaching 52-Week Highs - The top three stocks with the highest new high rates are: - Tian Shi Resources (08028) with a high rate of 76.34%, closing at 0.320 and reaching a peak of 0.395 [2] - Da Yu Financial Equity (02930) with a high rate of 62.86%, closing at 0.044 and reaching a peak of 0.057 [2] - Heng Fu Holdings (00643) with a high rate of 32.88%, closing at 0.880 and reaching a peak of 0.970 [2] - Other notable stocks include: - Yi Chen Group (08365) with a high rate of 14.42% [2] - China Biotechnology Services (08037) with a high rate of 14.13% [2] - Jin Bang Da Bao Jia (03315) with a high rate of 12.80% [2] Group 2: Stocks Reaching 52-Week Lows - The stocks that reached their 52-week lows include: - China Tongshang Group (01719) with a low rate of -12.50%, closing at 0.395 and reaching a low of 0.350 [2] - Global Friendly Drink Smart (08496) with a low rate of -8.93% [2] - Guohong Hydrogen Energy (09663) with a low rate of -7.17% [2] - Additional stocks with significant declines include: - Xi Ye Rong Technology (08107) with a low rate of -6.67% [2] - Rong Wanjia (02146) with a low rate of -6.25% [2]

Group 1 - The company has entered into a non-binding strategic cooperation memorandum with HashKey Token Limited,艾德证券期货有限公司, and its wholly-owned subsidiary 白银时代有限公司 to explore potential collaborative opportunities in developing, deploying, and issuing silver-backed digital tokens on the HashKey chain [1][2] - HashKey will provide necessary technical support, documentation, and compliance assistance to facilitate the successful issuance of the silver tokens on the HashKey chain [1] - 艾德证券 will assist the product issuer in obtaining all necessary approvals from regulatory authorities prior to the launch of the silver tokens and will guide its clients to engage in transactions or collaborations involving the silver tokens [1] Group 2 - The group is primarily engaged in exploration, development, and mining of precious metals, as well as providing integrated IT solutions and related services [2] - The company believes that blockchain technology will transform the global precious metals operating model and sees the potential collaboration as an opportunity to digitize and tokenize traditional precious metal trading [2] - The board of directors considers the signing of the strategic cooperation memorandum to be in the overall interest of the company and its shareholders [2]

Group 1 - The company, Timely Resources, has announced a non-binding strategic cooperation memorandum with HashKey Token Limited, Ade Securities, and its wholly-owned subsidiary, Silver Era Limited, to explore potential strategic synergies [1][2] - The memorandum outlines plans to develop, deploy, and issue digital tokens backed by physical silver assets on the HashKey chain, with HashKey providing necessary technical support and compliance assistance [1][2] - Ade Securities will assist in obtaining necessary regulatory approvals for the issuance of the silver tokens and will guide its clients in trading or collaborating on transactions involving the silver tokens [1][2] Group 2 - The company is primarily engaged in exploration, development, and mining of precious metals, as well as providing integrated IT solutions and related services [2] - The company believes that blockchain technology will transform the global precious metals operating model, and the potential transactions under the memorandum could enhance flexibility and accessibility to physical silver assets for investors [2] - The collaboration is seen as an opportunity to digitize and tokenize traditional precious metal trading, leveraging emerging blockchain technology to enhance market influence and competitiveness [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之內容概不負責，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分內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 TIMELESS RESOURCES HOLDINGS LIMITED 天時資源控股有限公司 （於香港註冊成立的有限公司） （股份代號：8028） 自願公告 有關與HASHKEY及艾德證券戰略合作之諒解備忘錄 本公告乃由天時資源控股有限公司（「本公司」，連同其附屬公司統稱「本集團」） 自願作出以通知本公司股東及潛在投資者有關本公司最新之業務發展。 戰 略合作 諒 解備 忘錄 董 事 （「董 事 」）會 （「董事會 」）欣然宣佈， 鑒 於 與 （i ）HashKey Token Limited（ 一 間 於 新 加 坡 註 冊 成 立 之 有 限 公 司 ） （ 「 HashKey」 ） ;（ii）艾 德 證 券 期 貨 有 限 公 司 （ 一 間 於 香 港 註 冊 成 立 之 有 限 公 司 ） （ 「 艾德證 券 」 ） ;及 （iii）本 公 司 之 全 資 附 屬 公 司 白 銀 時 代 有 限 ...

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 | 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) | 08028 | 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 | | | | 505,932,270 | | 0 | | 505,932,270 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 505,932,270 | | 0 | | 505,932,270 | 第 2 頁 共 10 頁 v 1.1.1 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） | 截至月份: | 2025年7月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所 ...

Financial Performance - For the fiscal year ended March 31, 2025, the company reported a revenue of HKD 107,567,000 from gold processing, an increase from HKD 48,251,000 in the previous year, with a total of 4,478 ounces processed compared to 3,017 ounces[13]. - The total revenue for the year ended March 31, 2025, was approximately HKD 110,622,000, representing a 129% increase from HKD 48,251,000 in the previous fiscal year, driven by sales of processed gold products and IT solution services[25]. - The mining and metals segment generated revenue of HKD 107,567,000, while the software business contributed HKD 3,055,000 in revenue for the year[25]. - The company recorded a loss of approximately HKD 16,035,000 for the year, an improvement from a loss of HKD 21,312,000 in the previous year[25]. - Basic and diluted loss per share for the year ended March 31, 2025, was 3.55 HK cents, compared to 6.61 HK cents for the previous year[168]. - Adjusted loss before interest, tax, depreciation, and amortization for the year ended March 31, 2025, was approximately 13,952,000 HKD, an increase from 10,686,000 HKD in the previous year[169]. - Operating cash flow per share for the year ended March 31, 2025, was a negative 3.49 HK cents, down from a negative 7.14 HK cents in the previous year, reflecting a decrease of 3.65 HK cents[171]. Exploration and Development - The company spent approximately HKD 1,394,000 on drilling activities, significantly up from HKD 411,000 in the previous year, indicating increased exploration efforts[13]. - The company anticipates that the feasibility study for the second phase of the mining area will be completed by October 2025, with mining operations expected to commence in the second half of 2027[14]. - The company is conducting additional exploration work at the Baishiquan copper-nickel mine to identify further resources[8]. - The company has completed the production scale assessment for the mining license and is preparing development plans for the second phase of the mining area[13]. - As of March 31, 2025, the resource estimate for the Phase II mining area includes 3,962,000 tons of controlled resources with an average nickel grade of 0.55% and copper grade of 0.36%[15]. - The total capital expenditure related to exploration and development activities for the year ended March 31, 2025, amounted to HKD 1,633,000, with exploration costs of HKD 1,394,000 and development costs of HKD 239,000[18]. Corporate Governance - The board consists of five members, including two executive directors and three independent non-executive directors[55]. - The board held a total of 8 meetings during the fiscal year ending March 31, 2025[58]. - The audit committee, comprising three independent non-executive directors, held 4 meetings during the fiscal year[66]. - The company has adopted a code of conduct for directors' securities transactions, ensuring compliance with GEM listing rules[63]. - The company confirmed that all independent non-executive directors are considered independent according to GEM listing rules[62]. - The board is responsible for setting the company's strategic goals and monitoring business management[52]. - The company has established a liability insurance and indemnity arrangement for directors and senior management[65]. - The audit committee's responsibilities include reviewing the financial reporting process and monitoring internal controls[67]. - The company has complied with all corporate governance code provisions during the fiscal year[53]. - The board is tasked with reviewing and supervising the company's compliance with legal and regulatory requirements[53]. - The audit committee has reviewed the accounts audited by Zhongzheng Tianheng Accounting Firm for the year ending March 31, 2025, and has recommended the reappointment of the firm at the upcoming annual general meeting[68]. - The nomination committee held 2 meetings during the year and is responsible for reviewing and recommending suitable candidates for board vacancies[69]. - The company adopted a nomination policy on January 29, 2019, to ensure a balanced skill set and diverse perspectives on the board[70]. - The nomination committee evaluates the independence of non-executive directors and recommends re-election of retiring directors at the annual general meeting[71]. - The board diversity policy was adopted on January 29, 2019, emphasizing the importance of diversity in achieving strategic goals and sustainable development[75]. - The company aims for a diverse board composition, considering factors such as gender, age, cultural background, and professional experience[76]. Financial Position - As of March 31, 2025, the company's cash and cash equivalents were approximately HKD 73,052,000, a decrease from HKD 82,618,000 in the previous year[27]. - The current ratio as of March 31, 2025, was 4.80, compared to 4.64 in the previous year, indicating strong liquidity[28]. - The company has no outstanding borrowings as of March 31, 2025, compared to HKD 9,800,000 in the previous year[30]. - As of March 31, 2025, the company had no outstanding borrowings, resulting in a debt-to-asset ratio of 0%, compared to 24.47% in 2024[36]. - The company proposed a rights issue on February 27, 2025, to raise up to approximately HKD 30,000,000, issuing 168,644,090 shares at a subscription price of HKD 0.178 per share[34]. - The net proceeds from the rights issue, after expenses, were approximately HKD 29,100,000, with plans to allocate HKD 10,000,000 for gold processing and trading, and another HKD 10,000,000 for software development[34]. - The company does not recommend the distribution of dividends or the transfer of any funds to reserves for the year[180]. - As of March 31, 2025, the company had no reserves available for distribution to shareholders[183]. Environmental, Social, and Governance (ESG) - The environmental, social, and governance (ESG) report covers the company's performance from April 1, 2024, to March 31, 2025, highlighting sustainable development strategies[106]. - The company has identified waste management and health and safety as key environmental, social, and governance (ESG) risks[108]. - The company has maintained compliance with environmental laws and regulations, with no significant legal cases reported related to emissions or waste management[114]. - The company emphasizes the importance of stakeholder engagement and aims to improve sustainability performance through optimized communication strategies[110]. - The company has committed to providing quantitative information for objective assessment of its ESG performance[109]. - The board regularly reviews the performance and implementation progress of ESG objectives and may make adjustments as necessary[108]. - The company has engaged with stakeholders to identify significant ESG issues, including emissions, resource usage, and employee welfare[113]. - The company aims to reduce waste and greenhouse gas emissions by at least 50% over the next five years[117]. - The company generated 28,973 sheets of paper waste in FY2025, a decrease from 30,382 sheets in FY2023, reflecting a reduction of approximately 8.5%[117]. - Energy consumption was recorded at 146,406 kWh in FY2025, down from 151,932 kWh in FY2024, indicating a reduction of about 3.3%[119]. - The company has not generated any hazardous waste during the reporting period, maintaining a focus on non-hazardous waste management[117]. - The company has completed restoration work on several mining areas that were finished in 2017, demonstrating commitment to environmental rehabilitation[123]. - The company recognizes climate change risks, particularly in its mining operations located in Xinjiang, and is taking steps to mitigate potential impacts[124]. - The company has maintained a strict adherence to health and safety regulations, with no recorded workplace injuries or fatalities over the past three years[131]. - The company has established a recruitment control process to prevent the hiring of child or forced labor, complying with relevant labor laws[134]. - The company emphasizes equal opportunities and anti-discrimination in recruitment and promotion processes, adhering to various anti-discrimination laws[130]. - The company has not received any complaints or product recalls during the reporting period[140]. - The company has not received any significant complaints regarding customer data breaches or privacy violations during the reporting period[144]. - The company has established a reporting system for employees to monitor and report any illegal activities, with no reports received during the reporting period[146]. - The company emphasizes its commitment to social responsibility by creating job opportunities and encouraging employee participation in charitable activities[147]. - The company strictly adheres to laws and regulations to prevent corruption, bribery, and money laundering, with no reported violations[145]. - The company respects intellectual property rights and has not infringed on any third-party trademarks or intellectual property during the reporting period[142]. - The company maintains strict confidentiality of customer data and has policies in place to protect privacy[143]. Risks and Challenges - The company's profitability may be significantly affected by fluctuations in metal market prices, which are influenced by various uncontrollable factors[153]. - The group's mining and metals operations are primarily denominated in Renminbi, exposing it to currency risk due to potential fluctuations in the exchange rate[154]. - The group has limited financial resources and cannot guarantee the ability to raise additional funds when needed, which may delay or terminate certain mineral exploration and development projects[158]. - The group faces significant risks in mineral exploration and development, including geological uncertainties and the potential for cost overruns[156]. - The estimation of mineral resources and reserves is inherently uncertain and subject to various assumptions, which may significantly impact the group's financial condition and operating results[157]. - The group must obtain specific licenses and permits for exploration and mining activities, and any regulatory changes could adversely affect its operations and asset ownership[159]. - Compliance with environmental regulations is mandatory, and failure to obtain necessary approvals may result in fines or penalties, potentially reducing future profitability[160]. - The mining industry is experiencing increasing competition for acquiring mineral rights, which may hinder the group's ability to secure desirable projects[161]. - The software business operates in a highly competitive environment, facing rapid changes in market trends and technology developments[162]. Shareholder Relations - The company emphasizes the importance of continuous communication with shareholders through various channels, including announcements, reports, and shareholder meetings[98]. - The board of directors has reviewed the implementation and effectiveness of the shareholder communication policy, finding it to be adequately executed during the review period[98]. - Shareholders holding at least 5% of the total voting rights can request a special general meeting within three months of submission[97]. - The voting results from the annual general meeting will be published on the GEM website and the company's website after the meeting[102].

[Financial Performance](index=2&type=section&id=Financial%20Performance) [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) The company achieved HKD 111 million revenue in FY2025, up 129%, narrowing its annual loss to HKD 16.04 million, with total assets at HKD 118 million and net assets stable at HKD 95.56 million [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the year ended March 31, 2025, group revenue increased by 129% to HKD 110.6 million, with annual loss narrowing from HKD 21.31 million to HKD 16.04 million, and loss attributable to owners of the Company at HKD 12.42 million, with basic loss per share improving to 3.55 HK cents from 6.61 HK cents Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | 2025 (HKD '000) | 2024 (HKD '000) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 110,622 | 48,251 | +129.2% | | Loss before tax | (16,035) | (21,096) | -24.0% | | Loss for the year | (16,035) | (21,312) | -24.8% | | Loss attributable to owners of the Company | (12,421) | (19,438) | -36.1% | | Basic loss per share (HK cents) | (3.55) | (6.61) | -46.3% | [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the Group's total assets were HKD 118 million, slightly down from HKD 122 million last year, with net assets stable at HKD 95.56 million compared to HKD 97.66 million, and net current assets slightly decreased from HKD 71.52 million to HKD 68.46 million, notably with all related party loans fully repaid Consolidated Statement of Financial Position | Metric | As at March 31, 2025 (HKD '000) | As at March 31, 2024 (HKD '000) | | :--- | :--- | :--- | | Non-current assets | 31,484 | 31,300 | | Current assets | 86,489 | 91,176 | | **Total assets** | **117,973** | **122,476** | | Current liabilities | 18,026 | 19,660 | | Non-current liabilities | 4,390 | 5,160 | | **Total liabilities** | **22,416** | **24,820** | | **Net assets** | **95,557** | **97,656** | | Equity attributable to owners of the Company | 57,041 | 40,054 | - As of March 31, 2025, the Group had **no outstanding borrowings**, compared to **HKD 9.8 million** from a related party in the prior year[7](index=7&type=chunk)[56](index=56&type=chunk) [Notes to the Financial Statements](index=5&type=section&id=Notes%20to%20the%20Financial%20Statements) The notes detail the company's business segments, revenue sources, segment performance, and share capital changes, highlighting the Mining and Metals Business and Software Business as main operations, with the former's revenue significantly increasing but segment loss widening, while the new Software Business contributed HKD 3.06 million in revenue and HKD 0.34 million in profit, and the company undertook equity financing activities without declaring dividends [1. General Information and Principal Activities](index=5&type=section&id=1.%20General%20Information) Times Strategic Holdings Limited is a public company incorporated in Hong Kong and listed on GEM, primarily engaged in (i) mining and metals business (exploration, development, mining, gold processing, and trading) and (ii) software business (providing integrated IT solutions) - The Group's principal activities are divided into two main segments: **Mining and Metals Business** and **Software Business**[10](index=10&type=chunk) [4. Revenue and Segment Information](index=6&type=section&id=4.%20Revenue%20and%20Segment%20Information) Total revenue for FY2025 was HKD 110.6 million, with Mining and Metals Business contributing HKD 107.6 million and the new Software Business contributing HKD 3.06 million; geographically, Hong Kong revenue was HKD 107.6 million and Mainland China was HKD 3.06 million, while mining segment loss expanded from HKD 3.21 million to HKD 6.45 million despite revenue growth, and software business achieved HKD 0.34 million segment profit Segment Revenue and Results (For the year ended March 31, 2025) | Segment | Revenue (HKD '000) | (Loss)/Profit (HKD '000) | | :--- | :--- | :--- | | Mining and Metals Business | 107,567 | (6,449) | | Software Business | 3,055 | 343 | Segment Revenue and Results (For the year ended March 31, 2024) | Segment | Revenue (HKD '000) | Loss (HKD '000) | | :--- | :--- | :--- | | Mining and Metals Business | 48,251 | (3,206) | | Software Business | – | – | Revenue from External Customers by Geographical Location | Region | 2025 (HKD '000) | 2024 (HKD '000) | | :--- | :--- | :--- | | Hong Kong | 107,567 | 48,251 | | Mainland China | 3,055 | – | - Customer A1 was a major client, contributing **HKD 78.43 million** in revenue, accounting for approximately **71%** of total revenue[25](index=25&type=chunk) [12. Share Capital](index=13&type=section&id=12.%20Share%20Capital) During the year, the company undertook several share capital operations, including a 10-to-1 share consolidation in January 2024, a placement of 56 million new shares at HKD 0.173 per share in March 2024, and a 2-for-1 rights issue completed in March 2025, issuing approximately 169 million shares at HKD 0.178 per share to fund business development and operations - On January 2, 2024, the company completed a **10-to-1 share consolidation**[35](index=35&type=chunk) - In March 2024, the company placed **56,000,000 ordinary shares** at **HKD 0.173 per share**, raising net proceeds of approximately **HKD 9.31 million**[36](index=36&type=chunk) - On March 31, 2025, the company completed a **2-for-1 rights issue**, issuing approximately **169 million shares** at **HKD 0.178 per share**, raising a total of approximately **HKD 30 million**[35](index=35&type=chunk) [13. Dividends](index=14&type=section&id=13.%20Dividends) The company neither paid nor declared any dividends during the current financial year, consistent with the previous financial year - The company neither paid nor declared any dividends during the year (2024: nil)[37](index=37&type=chunk) [Management Discussion and Analysis](index=15&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review and Prospects](index=15&type=section&id=Business%20Review%20and%20Prospects) The Group's two core businesses show divergent trends: Mining and Metals saw increased gold processing trade but expanded segment loss due to deteriorating margins, while the Baishiquan copper-nickel mine project made key progress with mining expected to commence in late 2027; the new Software Business, through a joint venture, began generating revenue and profit, with positive outlook for China's software industry, while the company ceased nano-bubble innovation and divested its CGA Holdings stake [Mining and Metals Business](index=15&type=section&id=Mining%20and%20Metals%20Business) This segment includes copper-nickel mine exploration and development in Mainland China and gold processing trade in Hong Kong; during the year, gold product transactions increased to 4,478 ounces, contributing HKD 107.6 million in revenue, but gross profit significantly declined due to intense competition and unfavorable gold prices, while the core Baishiquan copper-nickel mine Phase II development plan was approved, mining permits renewed, and a feasibility study initiated, with mining expected to commence in late 2027 - During the year, **4,478 ounces** of processed gold products were traded, generating **HKD 107.6 million** in revenue, but gross profit decreased to **HKD 0.196 million** (2024: HKD 1.26 million), primarily due to intense competition and unfavorable gold price trends[39](index=39&type=chunk) - The development plan for Baishiquan Copper-Nickel Mine Phase II mining area was approved, and mining permits were renewed; the feasibility study is expected to be completed by **October 2025**, with mining operations projected to commence in **late 2027**[38](index=38&type=chunk)[41](index=41&type=chunk) Baishiquan Copper-Nickel Mine Phase II Mining Area Resource Estimation | Resource Category | Tonnes ('000 tonnes) | Average Grade (Nickel %) | Average Grade (Copper %) | | :--- | :--- | :--- | :--- | | Controlled | 3,962 | 0.55 | 0.36 | | Inferred | 3,116 | 0.60 | 0.32 | [Software Business](index=18&type=section&id=Software%20Business) As a new segment, the Software Business first contributed HKD 3.06 million in revenue and HKD 0.34 million in profit this fiscal year; the Group provides integrated software and hardware solutions in Hong Kong and Mainland China through a joint venture with an independent third party, is applying for 'Dual Software Certification' for its Chinese subsidiary to enjoy tax incentives, and plans to invest more resources to expand its customer base and revenue streams, with a positive outlook on the growth prospects of China's software industry - The Software Business achieved segment revenue of approximately **HKD 3.055 million** and segment profit of approximately **HKD 0.343 million** in the current fiscal year[47](index=47&type=chunk) - The Group established a joint venture with a partner and is applying for 'Dual Software Certification' for its Chinese subsidiary to obtain tax and policy incentives[47](index=47&type=chunk) - Looking ahead, the Group will allocate more resources to the joint venture to further expand its customer base and revenue streams[48](index=48&type=chunk) [Other Investments](index=19&type=section&id=Other%20Investments) The company adjusted its investment portfolio during the year; after the termination of CGA Holdings' listing proposal, the company increased its stake to 29.97% and subsequently sold all shares for HKD 0.15 million cash, recording an equivalent gain, while its equity interest in Trip Guru Holdings Limited incurred a fair value change loss of HKD 0.577 million due to slower growth in travel booking services - The **29.97% equity interest** in CGA Holdings was sold for a cash consideration of **HKD 0.15 million**, resulting in a gain of **HKD 0.15 million**[51](index=51&type=chunk) - The equity interest in Trip Guru Holdings Limited recorded a fair value change loss of **HKD 0.577 million** due to slower growth in travel booking services[52](index=52&type=chunk) [Financial Review](index=19&type=section&id=Financial%20Review) The Group's total turnover increased by 129% to HKD 110.6 million, with loss for the year narrowing to HKD 16.04 million; Mining and Metals segment loss increased due to declining gross margins, but the new Software Business contributed profit; the Group maintained operations through internal cash and equity financing, with no outstanding borrowings and a 0% gearing ratio at year-end, raising approximately HKD 9.3 million and HKD 29.1 million net from share placement and rights issue respectively, used for debt repayment, business development, and working capital Financial Performance Overview | Metric | 2025 (HKD '000) | 2024 (HKD '000) | | :--- | :--- | :--- | | Total turnover | 110,622 | 48,251 | | Loss for the year | (16,035) | (21,312) | | Loss attributable to owners of the Company | (12,421) | (19,438) | - Mining and Metals Business segment loss increased by **101%** to **HKD 6.45 million**, primarily due to declining gross margins in gold processing trade and increased operating expenses[54](index=54&type=chunk) [Liquidity and Financial Resources](index=20&type=section&id=Liquidity%20and%20Financial%20Resources) As of March 31, 2025, the Group held cash and time deposits totaling HKD 73.05 million, with net current assets of HKD 68.46 million; the current ratio improved to 4.80 from 4.64 last year, and at year-end, the Group had no outstanding borrowings, with funding primarily from internally generated cash and equity financing Liquidity and Financial Resources | Metric | As at March 31, 2025 | As at March 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | 40,946 HKD '000 | 50,278 HKD '000 | | Time deposits (>3 months) | 32,106 HKD '000 | 32,340 HKD '000 | | **Total cash and deposits** | **73,052 HKD '000** | **82,618 HKD '000** | | Net current assets | 68,463 HKD '000 | 71,516 HKD '000 | | Current ratio | 4.80 | 4.64 | | Outstanding borrowings | 0 | 9,800 HKD '000 | [Capital Raising Activities](index=20&type=section&id=Capital%20Raising%20Activities) During the year, the company undertook two main financing activities: a share placement completed in March 2024, raising approximately HKD 9.3 million net, fully used for debt repayment and operating expenses, and a rights issue proposed in February 2025 and completed in April, raising approximately HKD 29.1 million net, planned for developing gold trading, software business, and general working capital - A share placement completed in March 2024 raised net proceeds of approximately **HKD 9.31 million**, fully utilized by March 31, 2025, for **debt repayment (HKD 3 million)** and **operating expenses (HKD 6.31 million)**[59](index=59&type=chunk) - A rights issue completed in April 2025 raised net proceeds of approximately **HKD 29.1 million**, intended for developing **gold processing and trading business (HKD 10 million)**, **software business (HKD 10 million)**, and **general working capital (HKD 9.1 million)**[60](index=60&type=chunk) [Other Information](index=22&type=section&id=Other%20Information) As of March 31, 2025, the Group had capital commitments of approximately HKD 2.02 million for the Baishiquan copper-nickel mine development, with a 0% gearing ratio due to no outstanding borrowings; the Group had 24 employees and no significant industrial accidents during the year, no assets pledged, no orders on hand, and no recent major investment plans, with management deeming exchange rate risk insignificant - As of March 31, 2025, capital commitments related to the Baishiquan copper-nickel mine development amounted to approximately **HKD 2.023 million**[62](index=62&type=chunk) - The gearing ratio was **0%**, as the Group had no outstanding borrowings (2024: **24.47%**)[63](index=63&type=chunk) - The Group had a total of **24 employees** at year-end (2024: 25 employees)[64](index=64&type=chunk) - Aside from disclosed investments, the Group had no significant investments, acquisitions, or disposals during the year, nor any major investment plans in the near future[67](index=67&type=chunk)[68](index=68&type=chunk) [Corporate Governance and Other Disclosures](index=23&type=section&id=Corporate%20Governance%20and%20Other%20Disclosures) The Group's auditor, ZHONGZHENG TIANHENG CPA Limited, confirmed consistency between the financial figures in the preliminary announcement and the annual consolidated financial statements; the Audit Committee, comprising three independent non-executive directors, reviewed the audited financial results for the year; the company consistently complied with the GEM Listing Rules' Corporate Governance Code during the reporting period, with details to be provided in the annual report - The Group's auditor confirmed the consistency of financial figures in the preliminary announcement with the annual consolidated financial statements[72](index=72&type=chunk) - The Audit Committee, comprising **three independent non-executive directors**, reviewed the annual financial results[73](index=73&type=chunk) - The company consistently complied with all provisions of the Corporate Governance Code for the year ended March 31, 2025[75](index=75&type=chunk)

Financial Performance - For the six months ended September 30, 2024, the company reported revenue of HKD 49,113, compared to HKD 48,993 in the same period last year, reflecting a slight increase [4]. - The company incurred a loss before tax of HKD 5,477, compared to a loss of HKD 4,154 in the previous year, indicating a deterioration in financial performance [4]. - The total comprehensive loss for the period was HKD 3,522, significantly improved from HKD 9,108 in the prior year, showing a reduction in overall losses [4]. - Basic and diluted loss per share was HKD (1.25), slightly better than HKD (1.29) in the previous year, indicating a marginal improvement in per-share performance [4]. - Total revenue for the six months ended September 30, 2024, was HKD 117,870,000, a decrease of 4,063,000 compared to the previous period [6]. - The group reported a total of HKD 1,531,000 in other income and gains for the six months ended September 30, 2024, compared to HKD 1,963,000 in the previous year [17]. - The group reported a financing cost of HKD 131,000 for the six months ended September 30, 2024 [14]. - The group recorded a loss of approximately HKD 5,345,000 for the period, which is a 32% increase compared to the restated loss of HKD 4,063,000 for the same period last year [55]. Assets and Liabilities - Non-current assets totaled HKD 33,210 as of September 30, 2024, up from HKD 31,300 as of March 31, 2024, suggesting growth in long-term asset investments [5]. - Current assets increased to HKD 67,884 from HKD 91,176, indicating a decrease in liquidity over the period [5]. - Total assets as of September 30, 2024, amounted to HKD 101,094,000, a decrease from HKD 122,476,000 as of March 31, 2024 [16]. - Total equity decreased to HKD 78,368 from HKD 97,656, indicating a decline in the company's net worth [5]. - The total liabilities for the group as of September 30, 2024, were HKD 22,726,000, down from HKD 24,820,000 [16]. - The group’s debt-to-asset ratio as of September 30, 2024, was approximately 9.03%, down from 24.47% on March 31, 2024 [60]. Cash Flow - The net cash flow from operating activities was HKD 47,592,000, with a net cash outflow of HKD 1,342,000 [7]. - Cash and cash equivalents at the end of the period increased to HKD 59,748,000 from HKD 79,998,000 in the previous year [7]. - The group’s cash and cash equivalents as of September 30, 2024, amounted to approximately HKD 59,748,000, down from HKD 82,618,000 as of March 31, 2024 [56]. - The net cash inflow from investing activities was HKD 32,921,000, compared to HKD 11,409,000 in the previous year [7]. - Financing activities resulted in a net cash outflow of HKD 22,628,000, compared to HKD 14,252,000 in the previous year [7]. Operational Highlights - The company is engaged in mining and metal trading, as well as research and development of biological and nanomaterials [8]. - The company completed the sale of 81 kilograms of gold during the period, generating a gross profit of approximately HKD 120,000 [44]. - The company expects to obtain a renewed mining license by the end of 2024, with plans to start construction of the mine in the second half of 2025 [45]. - The company has completed two open-pit drill holes with a total depth of approximately 987 meters at the Baishiquan copper-nickel mine [46]. - The company anticipates that the demand for electric vehicles will boost global nickel prices in the future [44]. Employee and Management Expenses - Employee benefit expenses, including directors and senior management remuneration, increased to 4,483,000 HKD from 3,321,000 HKD year-on-year [20]. - The company’s management compensation for the six months ended September 30, 2024, totaled HKD 784,000, compared to HKD 692,000 in 2023 [42]. - The company paid HKD 437,000 in rent and office expenses to related parties for the six months ended September 30, 2024, a decrease from HKD 453,000 in 2023 [41]. Shareholder Information - The group has issued a total of 337,288,180 shares, with a total equity of HKD 915,382,000 as of both March 31, 2024, and September 30, 2024 [33]. - The company approved a share consolidation of every 10 existing shares into 1 share, effective January 2, 2024 [39]. - The maximum number of stock options available under the 2023 Stock Option Plan is 281,288,180 shares, which will be adjusted to 28,128,818 shares after the share consolidation [71]. - Starmax Holdings Limited holds 67,807,440 shares, representing 20.10% of the issued share capital [67]. - Zhang Ming owns 24,624,909 shares, accounting for 7.30% of the issued share capital [67]. Corporate Governance - The company has adhered to the GEM Listing Rules Appendix C1 on corporate governance, except for Rule C.2.1, which requires the separation of the roles of Chairman and CEO [73]. - The Audit Committee is responsible for reviewing and monitoring the financial reporting process, internal controls, and risk management systems [76]. - The Audit Committee consists of three independent non-executive directors, who have reviewed the interim report, including the unaudited consolidated financial statements for the six months ending September 30, 2024 [77].

Financial Performance - The company recorded total revenue of approximately HKD 48,251,000 for the fiscal year ending March 31, 2024, a 300-fold increase from HKD 160,000 in the previous fiscal year, primarily due to the sale of 94 kilograms of gold in the metal trading business[52]. - Other income and gains for the year were approximately HKD 3,694,000, down from HKD 4,670,000 in the previous year, mainly consisting of interest and rental income[52]. - The company incurred a loss of approximately HKD 21,312,000 for the year, compared to a restated loss of HKD 9,785,000 in the previous fiscal year[52]. - The mining and metals business generated revenue of HKD 48,251,000, while the software and innovation business did not generate any revenue, down from HKD 160,000 in the previous year[52]. - The loss from the mining and metals segment was approximately HKD 3,206,000, a 36% reduction from HKD 5,015,000 in the previous year, attributed to a gross profit of HKD 1,260,000 from metal trading[52]. - The company reported a pre-tax loss of HKD 21,096,000 for the year[192]. - Revenue from gold sales reached HKD 48,251 thousand in 2024, compared to HKD 160 thousand in 2023, indicating a substantial increase[200]. Assets and Liabilities - As of March 31, 2024, the group's cash and cash equivalents amounted to approximately HKD 82,618,000, a decrease from HKD 90,885,000 in 2023[27]. - The group's current assets net value was HKD 71,516,000 as of March 31, 2024, down from HKD 90,466,000 in 2023[27]. - The current ratio as of March 31, 2024, was 4.64, compared to 5.05 in 2023[28]. - The group had outstanding borrowings of approximately HKD 9,800,000 as of March 31, 2024, an increase from HKD 9,003,000 in 2023[29]. - The group has no mortgaged assets as of the report date[11]. - The group's debt-to-equity ratio as of March 31, 2024, was approximately 24.47%, up from 17.65% in 2023, based on total borrowings of approximately HKD 9,800,000 and equity attributable to owners of approximately HKD 40,054,000[56]. - As of March 31, 2024, the carrying value of exploration and evaluation assets was approximately HKD 13,713,000, down from HKD 13,932,000 in 2023[189]. - The company’s financial assets amounted to HKD 1,926,000, a decrease from HKD 15,893,000 in 2023[190]. - The total assets of the reportable segments were HKD 122,476,000 for mining and metal business and HKD 146,873,000 for software and innovation business[194]. Investments and Acquisitions - There were no significant investments, acquisitions, or disposals during the year ending March 31, 2024[13]. - The company has no major investment plans recently[14]. - The company holds a 1.25% stake in Trip Guru Holdings Limited, which generated a fair value gain of HKD 853,000 during the year, up from HKD 782,000 in the previous year[50]. - The company holds a 41.45% stake in Nano Bubble Limited, up from 36.04% in 2023, focusing on the development of sanitation and disinfection products using nano-ozone technology[163]. - The company acquired additional equity in Nano Bubble for a cash consideration of HKD 195,000[177]. - The company is actively negotiating with potential buyers to divest its investment in CGA Holdings due to a complex market environment[165]. Corporate Governance - The audit committee has reviewed the accounts audited by Guowei CPA for the year ending March 31, 2024, and has recommended the reappointment of Guowei CPA as the company's auditor[87]. - The remuneration committee held one meeting during the year ending March 31, 2024, to review and recommend the share option plan for directors and employees, and to assess the performance of executive directors[100]. - The company adopted a board diversity policy in January 2019, emphasizing the importance of diversity in achieving strategic goals and sustainable development[97]. - The nomination committee is responsible for identifying and recommending qualified candidates for board appointments, ensuring a balanced skill set and diverse perspectives[89]. - The company has established a mechanism to ensure compliance with insider information regulations, regularly reminding directors and employees of their obligations[104]. - The remuneration committee's share option grants do not have performance targets, as the recipients are directly contributing to the group's performance and business development[102]. - The nomination committee evaluates candidates based on their expected contributions and the ability to devote sufficient time and energy to the company's affairs[109]. - The board's composition is reviewed annually from a diversity perspective, monitoring the implementation of the diversity policy[113]. - The company ensures that all disclosure responsibilities related to appointments or re-elections comply with GEM listing rules[106]. - The nomination committee assesses whether retiring directors continue to meet the selection criteria outlined in the nomination policy[107]. - The remuneration committee was established in March 2006 to develop transparent procedures for setting employee compensation and benefits[116]. Operational Insights - The group had no orders on hand as of March 31, 2024[12]. - The company completed a share placement on March 19, 2024, raising net proceeds of approximately HKD 9,300,000, with a net price per share of HKD 0.166[31]. - The company confirmed a one-year lease order for hydroponic machines, which are used for disinfection and sterilization[163]. - The company has allocated approximately HKD 567,000 for drilling work, completing about 1,030 meters of drilling during the year[155]. - The company anticipates that the second phase of mining operations could commence in the second half of 2026, subject to feasibility study approvals[158]. - The company is focusing on the development of its metal-related business and seeking opportunities to enhance shareholder value[152]. - The company has engaged professionals for additional exploration work at the Baishiquan copper-nickel mine to identify additional resources[150]. - The group plans to expand the production scale of the Baishiquan copper-nickel mine upon the renewal of its mining license in December 2024, aiming for lower average unit costs[130]. - The latest resource estimate for the Baishiquan copper-nickel mine includes 7,078,000 tons of ore, with nickel content of 40,322 tons and copper content of 23,905 tons[151]. Risk Management - The board conducted an annual review of the effectiveness of risk management and internal control systems, which are designed to enhance operational efficiency and ensure compliance with relevant laws and regulations[125]. - The audit committee has appointed experienced staff to monitor internal controls and audit functions, ensuring effective risk management[124]. - The group is committed to maintaining high standards of transparency, integrity, and accountability across all levels of employees[126]. - No incidents of fraud or misconduct were reported in the financial statements or overall operations for the year ending March 31, 2024[121]. - The chairman's report highlighted the challenges faced in 2023, including geopolitical uncertainties and a slow economic recovery in China[136].

Financial Performance - The company reported a total revenue of HKD 48,251,000 for the year ending March 31, 2024, compared to HKD 160,000 in the previous year, indicating a significant increase[7]. - The cost of sales was HKD 47,009,000, resulting in a gross profit of HKD 1,242,000 for the current year[7]. - The company incurred a total comprehensive loss of HKD 25,992,000 for the year, compared to HKD 18,307,000 in the previous year, reflecting a worsening financial position[7]. - The basic loss per share was reported at HKD (6.86), compared to HKD (2.86) in the previous year, indicating a decline in shareholder value[7]. - The company reported a net loss attributable to shareholders of HKD 19,438,000 in 2024, compared to a loss of HKD 8,044,000 in 2023, indicating a worsening financial performance[42]. - For the year ended March 31, 2024, the group reported a loss before tax of HKD 21,096,000, compared to a loss of HKD 9,676,000 for the year ended March 31, 2023[27][29]. - The group incurred a loss of approximately HKD 21,312,000 for the year, compared to a restated loss of HKD 9,785,000 in the previous fiscal year[66]. Revenue and Sales - The mining and metals segment generated external sales of HKD 48,251,000 for the year ended March 31, 2024, while the software and innovation segment reported no external sales[27]. - Revenue from external customers in Hong Kong surged to HKD 48,251,000 in 2024, compared to HKD 160,000 in 2023, representing a significant increase[34]. - The group recorded total revenue of approximately HKD 48,251,000 for the year ended March 31, 2024, a 300-fold increase compared to HKD 160,000 in the previous fiscal year, primarily due to the sale of 94 kg of gold in the metal trading business[66]. Expenses and Costs - Employee costs increased to HKD 7,667,000 from HKD 6,719,000, representing a rise of approximately 14.1% year-over-year[7]. - Other income and gains decreased to HKD 3,694,000 from HKD 4,670,000, showing a decline of about 20.9%[7]. - The company recognized a significant increase in the cost of inventory recognized as an expense, which rose to HKD 46,991,000 in 2024 from HKD 2,000 in 2023[41]. - Depreciation and amortization expenses totaled HKD 367,000 in 2024, up from HKD 336,000 in 2023, reflecting increased asset utilization[41]. - Interest income from bank deposits decreased to HKD 1,906,000 in 2024 from HKD 3,581,000 in 2023, a decline of approximately 46.8%[37]. - The group recognized a fair value loss of HKD 520,000 on investment properties for the year ended March 31, 2024[27]. Assets and Liabilities - As of March 31, 2024, total assets decreased to HKD 91,176,000 from HKD 112,795,000 in 2023, representing a decline of approximately 19.2%[8]. - The company's net asset value decreased to HKD 97,656,000 in 2024 from HKD 119,334,000 in 2023, a decline of around 18.2%[9]. - Cash and cash equivalents significantly dropped to HKD 50,278,000 from HKD 90,885,000 in 2023, a decrease of approximately 44.4%[8]. - The group’s total liabilities decreased to HKD 1,376,000 as of March 31, 2024, from HKD 1,464,000 in 2023 and HKD 804,000 in 2022[18]. - The total liabilities decreased from HKD 27,539,000 in 2023 to HKD 24,820,000 in 2024, a reduction of about 9.9%[32]. - The company’s equity attributable to owners decreased to HKD 40,054,000 in 2024 from HKD 51,005,000 in 2023, a decline of approximately 21.5%[9]. Investments and Future Plans - The company plans to continue exploring market expansion opportunities and new product development to improve future performance[7]. - The group plans to expand the production scale of the Baishiquan copper-nickel mine based on the approved resource and reserve report, with additional exploration expected to start in April 2024[48]. - The feasibility study and related reports for the mining facilities are expected to take approximately 3 to 4 months to complete, with mining operations projected to begin in the second half of 2026[50]. - The group spent approximately HKD 567,000 on exploration and development activities, with no significant mining operations conducted during the year[52]. Corporate Governance and Management - The company adheres to the highest standards of corporate governance, emphasizing a high-quality board and effective internal controls[88]. - The position of CEO is currently vacant following the resignation of the acting CEO, with the executive directors collectively fulfilling the role[89]. - The annual general meeting is scheduled for September 3, 2024, to ensure shareholder participation and voting rights[91]. - Share transfer registration will be suspended from August 29, 2024, to September 3, 2024, to confirm shareholder eligibility for the annual general meeting[92].