香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）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分內容而產生或因依賴該等內容而引致的任何損失 承擔任何責任。 GRAND T G GOLD HOLDINGS LIMITED 大 唐 潼 金 控 股 有 限 公 司 * （於開曼群島註冊成立之有限公司） （股份代號：8299） 截 至 二 零 二 三 年 三 月 三 十 一 日 止 年 度 業 績 公 告 大唐潼金控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董事」） 會（「董事會」）謹此公佈本集團截至二零二三年三月三十一日止年度業績。本公 告載有本公司二零二三年年度業績全文，符合香港聯合交易所有限公司GEM 證券上市規則（「GEM上市規則」）有關年度業績初步公告附載之資料的相關規 定。 承董事會命 大唐潼金控股有限公司 主席 李大宏 ...

Financial Performance - Revenue for the three months ended December 31, 2022, was HK$38,680,000, a decrease of 14.6% from HK$45,333,000 in the same period of 2021[9] - Gross profit for the three months ended December 31, 2022, was HK$19,141,000, down 22.5% from HK$24,710,000 in the previous year[9] - Profit for the period attributable to equity holders of the Company was HK$4,763,000, compared to HK$5,328,000 in the same quarter of 2021, representing a decline of 10.7%[11] - Profit before tax for the three months ended December 31, 2022, was HK$10,009,000, down 26.5% from HK$13,607,000 in the previous year[9] - Total comprehensive profit for the period was HK$16,884,000, compared to HK$15,677,000 in the same period of 2021, indicating an increase of 7.7%[13] - The Company reported a basic/diluted earnings per share of HK$0.00 for the three months ended December 31, 2022, compared to HK$0.08 in the same period of 2021[11] - Operating results for the nine months ended December 31, 2022, were HK$42,282,000, significantly higher than HK$22,103,000 in the previous year[9] - The net profit for the nine months ended December 31, 2022, was HK$4,967,000, with a total loss of HK$37,563,000 reported[22] Expenses and Costs - The Company incurred finance costs of HK$11,945,000 for the three months ended December 31, 2022, compared to HK$2,185,000 in the same period of 2021, reflecting an increase of 446.5%[9] - The Company’s administrative expenses for the three months ended December 31, 2022, were HK$13,687,000, up from HK$5,441,000 in the same period of 2021, indicating a rise of 151.5%[9] - Administrative and other expenses increased by approximately 50.3% to HK$20.6 million from HK$13.7 million in the corresponding period last year, primarily due to higher professional fees[74] - Selling and distribution expenses decreased to approximately HK$3.1 million, down approximately 22.2% from approximately HK$4.0 million in the corresponding period last year[108] Share Capital and Equity - The issued share capital increased to HK$5,987,000, while the share premium reached HK$1,991,309,000[16] - The total equity attributable to equity holders of the company was HK$358,175,000 at the end of the reporting period[16] - Retained losses accumulated to HK$1,605,942,000 as of December 31, 2022[16] - The company issued new shares during the rights issue, raising HK$152,816,000[16] Cash Flow and Financial Position - As of December 31, 2022, the Group had cash and cash equivalents amounting to approximately HK$40.1 million, compared to approximately HK$4.4 million as of March 31, 2022[113] - The Group's net current liabilities amounted to approximately HK$28.5 million as of December 31, 2022, down from approximately HK$181.7 million as of March 31, 2022[113] - The current ratio as of December 31, 2022, was approximately 0.79, significantly improved from approximately 0.19 as of March 31, 2022[113] Business Operations - The company is engaged in gold exploration, mining, and mineral processing, with operations primarily in the PRC and Hong Kong[29] - The increase in revenue is primarily attributed to the recovery of gold mining operations[89] - The Group's subsidiaries are primarily engaged in gold exploration, mining, and mineral processing, with gold concentrate as the main product[71] Corporate Governance and Management - The company has not appointed a chief executive officer since the retirement of Mr. Feng Jun on September 12, 2017, and the board is reviewing the structure for future appointments[149] - The company will continue to evaluate its corporate governance structure and make appointments as suitable candidates are identified[149] Share Option Scheme - The Share Option Scheme allows the company to grant options to employees and directors, with a maximum entitlement of 149,678,216 shares, representing 10% of the total shares issued as of the approval date[154] - A total of 89,247,286 share options were granted, with 19,584,000 options granted to employees and 9,792,000 to consultants during the reporting period[168] - The options granted are vested upon grant, and the minimum holding period before exercise is three years[176] - The share options are part of the company's strategy to enhance employee engagement and align interests with shareholders[151] Significant Events and Future Outlook - The Company is better positioned to execute its business growth plan for 2023 following a successful fund-raising exercise in May 2022[120] - No significant events occurred after December 31, 2022, up to the report date[184]

Financial Performance - Revenue for the six months ended September 30, 2022, was HK$78,911,000, representing a 52.5% increase from HK$51,749,000 in the same period of 2021[13] - Gross profit for the six months ended September 30, 2022, was HK$42,649,000, up 182.5% from HK$15,109,000 in the previous year[13] - Profit for the period attributable to equity holders of the Company was HK$10,709,000 for the six months ended September 30, 2022, compared to a loss of HK$5,244,000 in the same period of 2021[15] - Basic earnings per share for the six months ended September 30, 2022, was HK$0.22, compared to a loss per share of HK$0.35 in the previous year[15] - Operating results for the six months ended September 30, 2022, were HK$30,088,000, significantly higher than HK$3,980,000 in the same period of 2021[13] - Other income for the six months ended September 30, 2022, was HK$4,221,000, compared to no other income in the same period of 2021[13] - The Company reported a profit before tax of HK$23,057,000 for the six months ended September 30, 2022, compared to a loss before tax of HK$3,449,000 in the previous year[13] - Profit for the three months ended 30 September 2022 was HK$8,258,000, compared to a loss of HK$1,156,000 in the same period of 2021[18] Financial Position - Non-current assets decreased from HK$882,176,000 as of 31 March 2022 to HK$770,240,000 as of 30 September 2022[26] - Current liabilities decreased from HK$227,534,000 as of 31 March 2022 to HK$129,597,000 as of 30 September 2022[46] - Net current liabilities improved from HK$185,488,000 as of 31 March 2022 to HK$57,631,000 as of 30 September 2022[46] - Cash and cash equivalents increased significantly from HK$4,444,000 as of 31 March 2022 to HK$47,764,000 as of 30 September 2022[35] - Total assets less current liabilities increased to HK$712,609,000 as of 30 September 2022 from HK$696,688,000 as of 31 March 2022[46] - Borrowings decreased from HK$388,758,000 as of 31 March 2022 to HK$314,392,000 as of 30 September 2022[46] - The Company reported a total equity of HK$398,217,000 as of 30 September 2022, up from HK$271,796,000 as of 31 March 2022[46] Cash Flow and Financing - The company issued new shares upon rights issue, raising HK$152,816,000 during the reporting period[49] - Net cash generated from financing activities was HK$48,304,000, a significant increase compared to HK$4,683,000 in the previous year[57] - The company experienced a net cash outflow from operating activities of HK$320,000, contrasting with a cash inflow of HK$34,782,000 in the prior year[57] - Cash and cash equivalents at the end of the period stood at HK$47,764,000, down from HK$10,078,000 a year earlier[57] - The company reported an exchange loss of HK$47,306,000 due to foreign currency translation adjustments[49] Segment Performance - The Group reported segment revenue of HK$78,911,000 from external customers in the Gold Mining Division for the six months ended 30 September 2022[70] - Gross profit for the Gold Mining Division was HK$42,649,000, resulting in a segment profit before taxation of HK$36,545,000[70] - The net profit for the period was HK$18,283,000, with a loss of HK$13,488,000 recorded in the Corporate Division[70] - Total segment assets amounted to HK$842,206,000, with HK$798,436,000 attributed to the Gold Mining Division[70] Corporate Governance - The company has established an audit committee comprising three independent non-executive directors to oversee financial reporting and risk management[183] - The audit committee reviewed the unaudited condensed consolidated financial statements for the six months ended September 30, 2022, and confirmed compliance with applicable accounting standards and GEM Listing Rules[183] - The company has complied with all Code Provisions set out in the Corporate Governance Code during the reporting period, except for the separation of the roles of chairman and chief executive officer[187] - The company emphasizes the importance of effective corporate governance practices to enhance corporate value and safeguard shareholder interests[187] Future Outlook - The company plans to continue exploring market expansion opportunities and new product development in the upcoming periods[51] - The Company aims to enhance production efficiency and competitiveness while seeking new growth opportunities through mergers and acquisitions[180] - The Group plans to utilize remaining proceeds for repayment of other indebtedness by March 31, 2023[168]

Financial Performance - Revenue for the three months ended June 30, 2022, was HK$42,056,000, an increase of 83.1% compared to HK$22,992,000 in the same period of 2021[15] - Gross profit for the same period was HK$22,780,000, up from HK$6,288,000, representing a significant increase of 262.5%[15] - Profit before tax for the period was HK$12,658,000, compared to a loss of HK$2,987,000 in the previous year[15] - The profit attributable to equity holders of the Company was HK$5,848,000, a turnaround from a loss of HK$3,297,000 in the same quarter of 2021[17] - Basic and diluted earnings per share for the period were both HK$0.16, compared to a loss per share of HK$0.22 in the previous year[17] - The total comprehensive loss for the period was HK$12,368,000, compared to a comprehensive income of HK$1,290,000 in the same period last year[21] - Non-controlling interest contributed HK$4,177,000 to the profit for the period, compared to HK$310,000 in the previous year[17] - The total comprehensive income for the period was HK$4,065,000, with a loss of HK$3,297,000 attributed to the net profit[26] - The unaudited consolidated profit for the reporting period was approximately HK$10.0 million, compared to a loss of approximately HK$3.0 million in the same period last year[71] - Basic earnings per share for the reporting period was approximately HK cents 0.16, compared to a loss of HK cents 0.22 in the previous year[71] Expenses and Costs - Administrative expenses increased to HK$5,194,000 from HK$4,590,000, reflecting a rise of 13.2%[15] - Finance costs for the period were HK$4,479,000, compared to HK$3,944,000 in the previous year, indicating a 13.5% increase[15] - Cost of inventories sold for the three months ended June 30, 2022, was HK$19,276,000, an increase from HK$16,704,000 in the same period of 2021[44] - Depreciation expenses for the three months ended June 30, 2022, amounted to HK$8,800,000, up from HK$7,992,000 in the same period of 2021[44] - Staff costs for the three months ended June 30, 2022, totaled HK$2,833,000, an increase from HK$2,429,000 in the same period of 2021[44] - Selling and distribution expenses decreased by approximately 9.6% to HK$0.67 million from HK$0.74 million in the previous year[64][69] - Administrative and other expenses increased by approximately 13.2% to HK$5.2 million from HK$4.6 million in the previous year[71] Share Capital and Financial Position - As of June 30, 2022, the issued share capital was HK$5,987,000, and the share premium was HK$1,991,309,000[24] - The retained profit (accumulated losses) stood at HK$1,615,566,000 as of June 30, 2022[24] - The company issued new shares upon rights issue amounting to HK$152,816,000[24] - The actual net proceeds raised from the Rights Issue was approximately HK$152.8 million, with HK$104.4 million utilized and HK$48.4 million remaining[100] - The Company has utilized HK$30.1 million for the redemption of convertible bonds and HK$55.5 million for the repayment of loans from Ms. Zhao[97] - As of June 30, 2022, the Group had cash and cash equivalents of approximately HK$55.3 million, up from HK$4.4 million on March 31, 2022[71] - The current ratio as of June 30, 2022, was approximately 0.64, compared to 0.19 on March 31, 2022[71] - The Group's gearing ratio was approximately 0.42 as of June 30, 2022, down from 0.52 on March 31, 2022[71] - Trade receivables of approximately HK$3.9 million were pledged to secure the Group's borrowings as of June 30, 2022[77] Corporate Governance and Structure - The Company has established an Audit Committee to oversee financial reporting and risk management processes[108] - The Board comprises five members, including Dr. Li Dahong as the executive director[138] - There were no interests or short positions in shares recorded for directors or chief executives as of June 30, 2022[117] - The Company will continue to review its board structure and appoint a new chief executive when a suitable candidate is identified[115] Future Outlook and Challenges - The Company aims to maintain and increase production activities, improve efficiency, and expand mining and mineral processing capabilities[105] - The Group is actively seeking new growth opportunities through mergers and acquisitions, business integration, and partnerships[105] - The Company is facing challenges including uncertainties from China-US trade disputes and the ongoing effects of the COVID-19 epidemic[104] - The Company plans to improve its financial performance and create sustained growth to enhance shareholder value[105] Share Options - The Company adopted a Share Option Scheme on September 21, 2021, with 54,624,000 share options granted to employees and consultants as of May 24, 2022[130] - No share options were exercised, cancelled, or lapsed during the three months ended June 30, 2022[130] - As of June 30, 2022, there were 54,624,000 outstanding share options, all of which have vested and are issuable for ordinary shares of the Company[130] - The Company has maintained a sufficient public float as of the report date[130] Miscellaneous - The company’s principal activities include gold exploration, mining, and mineral processing[31] - The unaudited condensed consolidated financial statements are presented in Hong Kong dollars (HK$) and values are rounded to the nearest thousand[31] - The company is listed on the GEM of the Stock Exchange of Hong Kong Limited[31] - No significant events occurred after June 30, 2022, up to the date of the report[136]

Financial Performance - The Group increased production days compared to the previous fiscal year, resulting in higher product throughput and revenues [24]. - The Company turned net profits for the Group and further narrowed losses attributable to shareholders compared to the previous fiscal year [24]. - For the year ended March 31, 2022, the group's revenue was approximately HK$128.4 million, representing an increase of approximately 28.7% from HK$99.8 million in the previous year [38]. - The group's gross profit for the year was approximately HK$36.9 million, an increase of approximately 49.1% from HK$24.8 million, with a gross profit margin of approximately 28.8% compared to 24.8% in the previous year [39]. - The consolidated profit for the year amounted to approximately HK$7.8 million, compared to a consolidated loss of approximately HK$16.6 million in the previous year [49]. - The net loss attributable to equity holders was approximately HK$0.1 million, a significant improvement from a loss of approximately HK$18.0 million in the previous year [49]. Financial Position - On May 17, 2022, the Company completed a rights issue raising net proceeds of approximately HK$152.9 million, improving its financial status [26]. - The rights issue allowed the Company to resolve outstanding financial obligations, including long-time debts and disputes [26]. - The company raised approximately HK$152.9 million through a rights issue completed on May 17, 2022, improving its financial position and enabling it to address outstanding financial obligations [27]. - As of March 31, 2022, the group had cash and cash equivalents of approximately HK$4.4 million, down from HK$5.9 million in the previous year [49]. - The current ratio as of March 31, 2022, was approximately 0.19, compared to 0.18 in the previous year [49]. - The group's gearing ratio was approximately 52% as of March 31, 2022, unchanged from the previous year [49]. - The Group's financial health relies on sufficient funding and cash flow for operations, development, and acquisitions of quality mining assets [130]. Cost Management - Selling and distribution expenses decreased by approximately 41.6% to HK$2.6 million from HK$4.5 million in the previous year [40]. - Administrative expenses decreased by approximately 11.7% to HK$22.1 million from HK$25.1 million in the previous year [41]. - The total staff costs for the year amounted to approximately HK$8.6 million, an increase from approximately HK$7.8 million in 2021 [67]. Legal and Regulatory Matters - Following the rights issue, the last unresolved litigation against the Company was discontinued, marking the first time in about 11 years without material legal proceedings [26]. - The last litigation against the Company was discontinued in June 2022, freeing it from material legal proceedings [70]. - The Group's operations are subject to various government regulations, which have become lengthy and costly, potentially affecting mining and exploration rights [120]. - The Group monitors policy developments closely to prepare for anticipated regulatory changes in the mining sector [120]. - The Group's mining activities are affected by government initiatives aimed at consolidating mining rights, which may impact operational efficiency [121]. Environmental and Social Responsibility - The Group's environmental policies aim to minimize adverse impacts from mining activities and ensure compliance with regulatory requirements [138]. - The Group is focused on proactive measures for environmental protection, including impact assessments and waste recycling [138]. - The nationwide campaign for building green mines has intensified, with strict enforcement of pollution control standards, which may increase operating costs [124]. - The Group has committed to protecting natural and social environments while ensuring compliance with all applicable laws and regulations [136]. - The Group had no environmental claims, lawsuits, penalties, or disciplinary actions during the Year [140]. Strategic Growth and Development - The Company is focusing on expanding its mining and mineral processing capabilities to improve financial performance and competitiveness [72]. - The Company aims to explore new growth opportunities through mergers and acquisitions, business integration, and partnerships [72]. - The Group is seeking new growth opportunities through cautious acquisitions of mining assets and business integration [74]. - The company plans to expand its mining and ore processing capacity to improve financial performance [74]. - The Group is focused on creating and sustaining long-term growth to enhance shareholder value [74]. Customer and Supplier Relationships - The Group's five largest customers accounted for approximately 100% of total sales for the Year, with the largest customer also accounting for approximately 100% [174]. - Purchases from the Group's five largest suppliers accounted for approximately 100% of total purchases for the Year, with the largest supplier accounting for approximately 10.9% [174]. Governance and Compliance - The audited consolidated financial statements for the year ended 31 March 2022 were reviewed by the Audit Committee before approval by the Board [162]. - The Board does not recommend the payment of any dividend for the Year, consistent with the previous year (2021: Nil) [147]. - There were no equity-linked agreements entered into by the Company during the Year, except for those disclosed in the report [151]. - As of March 31, 2022, no Directors or chief executives held interests or short positions in the Company's shares or debentures [195]. - The Company maintained permitted indemnity provisions for Directors against potential legal liabilities during the Year [188].

Financial Performance - Revenue for the three months ended December 31, 2021, was HK$45,333,000, a significant increase from HK$6,127,000 in the same period of 2020, representing a growth of 640%[12] - Gross profit for the nine months ended December 31, 2021, was HK$39,819,000, compared to HK$9,304,000 in the previous year, indicating a year-over-year increase of 328%[12] - Profit for the period attributable to equity holders of the Company for the three months ended December 31, 2021, was HK$5,328,000, a recovery from a loss of HK$11,715,000 in the same period of 2020[15] - The profit before tax for the nine months ended December 31, 2021, was HK$10,158,000, compared to a loss of HK$23,573,000 in the previous year[12] - Basic earnings per share for the three months ended December 31, 2021, was HK$0.3560, recovering from a loss per share of HK$0.7826 in the same period of 2020[15] - For the nine months ended December 31, 2021, the profit for the period was HK$9,110,000, compared to a loss of HK$14,321,000 in the same period of 2020[18] - Total comprehensive income for the period was HK$15,434,000, a significant improvement from a loss of HK$21,032,000 in the previous year[18] - The equity holders of the Company reported a profit of HK$11,367,000 for the period, compared to a loss of HK$18,173,000 in the same period of 2020[18] Costs and Expenses - Total cost of sales for the nine months ended December 31, 2021, was HK$57,263,000, up from HK$42,749,000 in the previous year, reflecting an increase of 34%[12] - Administrative expenses for the nine months ended December 31, 2021, were HK$13,687,000, down from HK$17,555,000 in the previous year, showing a decrease of 22%[12] - Selling and distribution expenses increased by approximately 10.2% to approximately HK$4.0 million from HK$3.7 million in the previous year[79] - Depreciation expenses for the three months ended December 31, 2021, were HK$9,014,000, up from HK$7,599,000 in the same period of 2020[58] Financial Position - As of December 31, 2021, the total equity attributable to equity holders of the Company was HK$225,365,000, an increase from HK$191,986,000 at the end of 2020[22] - The Company had accumulated losses of HK$1,722,046,000 as of December 31, 2021, compared to HK$1,724,826,000 at the end of 2020[22] - The foreign currency translation reserve increased to HK$2,079,000 as of December 31, 2021, from a deficit of HK$28,521,000 in the previous year[22] - As of December 31, 2021, the Group had cash and cash equivalents amounting to approximately HK$4.4 million, down from approximately HK$5.9 million as of March 31, 2021[94] - The current ratio as of December 31, 2021, was approximately 0.25, an increase from approximately 0.19 as of March 31, 2021[94] - The Group's gearing ratio was approximately 0.58 as of December 31, 2021, compared to approximately 0.52 as of March 31, 2021[94] Corporate Governance and Compliance - The financial statements comply with the applicable disclosure provisions of the Rules Governing the Listing of Securities on the GEM of the Stock Exchange[28] - The Group's unaudited condensed consolidated financial statements have been prepared in accordance with all applicable Hong Kong Financial Reporting Standards (HKFRSs) and have no material impact from the adoption of new HKFRSs[37] - The Audit Committee has reviewed the unaudited condensed consolidated financial statements for the nine months ended December 31, 2021, ensuring compliance with applicable accounting standards[111] - The Company has adopted a code of conduct for securities transactions by Directors, ensuring compliance with the Required Standard of Dealings[115] - The Company aims to maintain high standards of corporate governance to enhance corporate value and safeguard shareholder interests[115] Future Outlook and Strategies - The Company aims to continue its market expansion and product development strategies to enhance future performance[5] - The Group anticipates facing challenges in the remaining of 2022 due to economic uncertainties and tightening regulations in the mining industry[104] - The Group is taking actions to raise funds through a rights issue to alleviate ongoing concerns and reshape its business growth plan[104] - The Company is committed to improving its asset scale and quality as well as financial performance over time through organic growth and potential acquisitions[104] Share Capital and Financing - The Company has proposed a rights issue based on three rights shares for every one ordinary share[42] - The rights issue aims to raise up to approximately HK$157.2 million before expenses, assuming all qualifying shareholders take up their allotment in full[167] - The Board proposed to change the board lot size for trading on the Stock Exchange from 24,000 Shares to 96,000 Adjusted Shares upon the Capital Reorganisation and Rights Issue becoming effective[173] - The Company issued Convertible Bonds with an aggregate principal amount of HK$30,095,357, with an initial conversion price of HK$0.02 per share[98] - Upon full exercise of the Convertible Bonds, 1,504,767,850 new ordinary shares will be issued, diluting the substantial shareholder's stake from approximately 13.41% to 12.57%[98] Share Option Scheme - The Share Option Scheme allows for a maximum of 149,678,216 Shares to be issued, representing 10% of the total Shares in issue as of the approval date[127] - The overall limit for outstanding options under the Share Option Scheme shall not exceed 30% of the Shares in issue at any time[128] - Each Participant's maximum entitlement under the Share Option Scheme is capped at 1% of the total number of Shares in issue within any 12-month period[129] - The purpose of the Share Option Scheme is to provide incentives to Participants for their contributions and to attract high-caliber employees[126] - The option period for shares under the Share Option Scheme shall not exceed 10 years from the date of grant[134]

Financial Performance - Revenue for the six months ended September 30, 2021, increased to HK$51,749,000, up 12% from HK$45,926,000 in the same period last year[14]. - Gross profit for the six months ended September 30, 2021, was HK$15,109,000, representing a 13% increase compared to HK$13,323,000 in the previous year[14]. - Loss for the period attributable to equity holders of the Company was HK$5,244,000 for the six months ended September 30, 2021, compared to a loss of HK$8,955,000 in the same period last year, indicating a 41% improvement[17]. - Operating results for the three months ended September 30, 2021, showed a profit of HK$3,023,000, a significant recovery from a loss of HK$6,001,000 in the previous year[14]. - Loss before tax for the six months ended September 30, 2021, was HK$3,449,000, an improvement from a loss of HK$8,430,000 in the same period last year[14]. - The Company reported a basic loss per share of HK$0.35 for the six months ended September 30, 2021, compared to HK$0.60 in the same period last year[17]. - The total cost of sales for the six months ended September 30, 2021, was HK$36,640,000, an increase from HK$32,603,000 in the previous year[14]. - The company reported a loss of HK$4,143,000 for the six months ended 30 September 2021, compared to a loss of HK$9,252,000 in the same period of 2020, representing a 55.2% improvement[20]. - Total comprehensive profit for the period was HK$160,000, a significant decrease from HK$3,575,000 in the previous year[20]. - The net loss for the period was HK$5,244,000, compared to a loss of HK$8,956,000 in the same period last year, indicating an improvement of approximately 41%[30]. - The unaudited consolidated loss for the Reporting Period was approximately HK$4.1 million, a decrease of approximately 59.1% from approximately HK$9.3 million in the corresponding period last year[147]. - Loss attributable to equity holders of the Company was approximately HK$5.2 million, compared to approximately HK$9.0 million for the six months ended 30 September 2020[150]. Expenses and Cost Management - Selling and distribution expenses decreased to HK$1,610,000 for the six months ended September 30, 2021, down from HK$2,619,000 in the previous year, reflecting a 39% reduction[14]. - Administrative expenses for the six months ended September 30, 2021, were HK$9,519,000, down from HK$12,396,000 in the previous year, marking a 23% decrease[14]. - Operating expenses totaled HK$11,128,000, with the Gold Mining Division incurring HK$6,407,000 and the Corporate Division incurring HK$4,721,000[75]. - Staff costs for the six months ended September 30, 2021 totaled HK$4,762,000, down 18.6% from HK$5,856,000 in 2020[100]. - Administrative and other expenses were approximately HK$9.5 million, a decrease of approximately 23.2% from approximately HK$12.4 million in the same period last year, mainly due to reduced staff costs[146]. Assets and Liabilities - The company's non-current assets increased to HK$859,964,000 as of 30 September 2021, up from HK$828,972,000 as of 31 March 2021, reflecting a growth of 3.7%[23]. - Current assets rose to HK$30,848,000, compared to HK$26,746,000 at the end of March 2021, indicating a 7.8% increase[23]. - Trade and other payables increased to HK$112,048,000 from HK$103,281,000, marking an increase of 8.3%[23]. - The company reported net current liabilities of HK$189,995,000, compared to HK$169,120,000 in the previous period, indicating a deterioration in current financial position[26]. - The equity attributable to equity holders of the company was HK$213,998,000, slightly up from HK$213,872,000, showing a marginal increase of 0.1%[26]. - The Group's net current liabilities were approximately HK$190.0 million as of 30 September 2021, compared to approximately HK$169.1 million as of 31 March 2021[153]. - The current ratio as of 30 September 2021 was approximately 0.14, down from approximately 0.19 as of 31 March 2021[153]. - The Group's gearing ratio was approximately 0.51 as of 30 September 2021, slightly decreased from approximately 0.52 as of 31 March 2021[153]. Cash Flow and Financing - Net cash generated from operating activities was HK$34,782,000, a significant increase from HK$11,935,000 in the previous year, representing a growth of about 191%[46]. - Cash and cash equivalents improved to HK$10,078,000 from HK$5,916,000, representing a 70.5% increase[23]. - Cash and cash equivalents at the end of the period increased to HK$10,078,000 from HK$9,230,000, reflecting a growth of approximately 9%[46]. - The net cash used in investing activities was HK$(35,366,000), an increase from HK$(20,253,000) in the previous year, indicating higher investment outflows[46]. - The financing activities generated a net cash inflow of HK$4,683,000, down from HK$14,789,000 in the previous year, reflecting a decrease of approximately 68%[46]. - The Group's interest-bearing borrowings as of 30 September 2021 amounted to HK$418.5 million, with interest rates ranging from 5% to 30%[130]. Future Outlook and Strategy - The Company aims to enhance its market presence and improve operational efficiency in the upcoming quarters[12]. - Management plans to control operating costs and increase revenue to improve operating cash flows[63]. - The Company aims to improve asset scale and quality, as well as financial performance, through organic growth and potential mergers and acquisitions[181]. - The Group anticipates facing several challenges for the remainder of 2021 due to economic uncertainties from the COVID-19 pandemic and tightening mining regulations[180]. Corporate Governance and Structure - The role of the chairman is performed by Dr. Li Dahong, while the position of chief executive officer is currently vacant[192]. - The maximum number of shares subject to the share options under the Share Option Scheme is capped at 149,678,216 shares, representing 10% of the total shares in issue as of September 27, 2021[198]. - The overall limit on the number of shares that may be issued upon exercise of all outstanding options under the Share Option Scheme shall not exceed 30% of the shares in issue at any time[199]. - The Share Option Scheme aims to provide incentives to participants for their contributions to the Group and to attract high-caliber employees[198].

Financial Performance - Revenue for the three months ended June 30, 2021, was HK$22,992,000, a decrease of 17.5% compared to HK$27,850,000 in the same period of 2020[13]. - Gross profit for the same period was HK$6,288,000, down 40.6% from HK$10,555,000 year-on-year[13]. - The operating results showed a profit of HK$957,000, a significant decline from HK$4,696,000 in the previous year[13]. - The loss before tax for the period was HK$2,987,000, compared to a profit of HK$1,448,000 in the same period last year[13]. - The loss attributable to equity holders of the Company was HK$3,297,000, compared to a loss of HK$162,000 in the previous year[16]. - Basic loss per share for the period was HK$0.22, compared to HK$0.01 in the same period of 2020[16]. - Total comprehensive loss for the period was HK$1,290,000, compared to a comprehensive loss of HK$2,148,000 in the previous year[19]. - The net profit for the period was a loss of HK$3,297,000, compared to a profit of HK$1,086,000 in the previous period[22]. - The total comprehensive income for the period was HK$1,290,000, which includes an exchange difference gain of HK$4,065,000 from the translation of financial statements of overseas subsidiaries[22]. - The company experienced an increase in non-controlling interest to HK$35,795,000, up from HK$35,273,000[22]. Expenses and Costs - The Company reported finance costs of HK$3,944,000, an increase from HK$3,248,000 in the previous year[13]. - Administrative expenses were HK$4,590,000, slightly down from HK$4,883,000 in the same period last year[13]. - Cost of inventories sold for the same period was HK$16,704,000, down from HK$17,295,000, reflecting a reduction of 3.4%[48]. - Staff costs, including directors' emoluments, decreased to HK$2,429,000 from HK$3,201,000, a reduction of 24.1%[48]. - Selling and distribution expenses were approximately HK$0.7 million, a decrease of approximately 44.4% from HK$1.3 million in the same period last year[72]. - Administrative and other expenses were approximately HK$4.6 million, representing a decrease of approximately 6.0% from HK$4.9 million compared to the same period last year[84]. - Depreciation expenses for the period were HK$7,992,000, compared to HK$7,405,000 in 2020, marking an increase of 7.9%[48]. - Total finance costs for the three months ended June 30, 2021, amounted to HK$3,944,000, an increase from HK$3,248,000 in 2020[65]. - Interest on borrowings increased to HK$2,566,000 from HK$2,034,000, reflecting a rise of 26.2%[65]. Equity and Share Capital - As of June 30, 2021, the company reported a total equity of HK$250,435,000, with a retained loss of HK$1,725,427,000[22]. - The issued share capital remained at HK$89,807,000, and the share premium was HK$1,842,983,000 as of June 30, 2021[22]. - The weighted average number of ordinary shares in issue remained constant at 1,496,782,160 for both periods[58]. - As of June 30, 2021, Mr. Ma Qianzhou holds 200,730,224 shares, representing approximately 13.41% of the issued shares[116]. - Mr. Zhao Yuebing has a beneficial ownership of 22,508,800 shares, which is about 1.50% of the issued shares[116]. - Lee Shing has an interest in a controlled corporation holding 106,893,333 shares, accounting for 7.14% of the issued shares[116]. - Wang Dong has an interest in a controlled corporation with 86,244,800 shares, representing 5.76% of the issued shares[116]. - The company has maintained a sufficient public float as of the report date[126]. Challenges and Future Outlook - The Group anticipates facing numerous challenges in 2021 due to the China-US trade dispute, ongoing COVID-19 impacts, and tightening environmental regulations in China[85][87]. - The Company aims to improve asset scale and quality, as well as financial performance over time[85][87]. - In addition to organic growth, the Group will diligently seek new growth opportunities through mergers and acquisitions, business integration, and expansion to enhance profitability and shareholder returns[85][87]. Compliance and Reporting - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with applicable regulations[32]. - The company’s shares are listed on the GEM of the Stock Exchange of Hong Kong Limited, reflecting its commitment to transparency and regulatory compliance[32]. - No provision for Hong Kong profits tax was made as the Group had no assessable profit for the period[52]. - The report indicates that the interests of Mr. Ma and Ms. Zhao are deemed to be beneficially owned by each other under the SFO[120]. - The company has not established any arrangements for directors to benefit from purchasing shares during the reporting period[112]. - The report includes a detailed breakdown of substantial shareholders and their respective holdings[115]. - No significant events occurred after June 30, 2021, up to the report date[127]. - The company has not been notified of any other person with an interest or short position in shares as required under Section 336 of the SFO[124].

Financial Performance - The Group's revenue for the year ended March 31, 2021, was approximately HK$99.8 million, representing an increase of approximately 43.3% from HK$69.6 million in the previous year[39]. - The Group's gross profit for the year was approximately HK$24.8 million, an increase of approximately 38.7% from HK$17.9 million last year, with a gross profit margin of approximately 24.8%[40]. - The consolidated loss for the year amounted to approximately HK$16.6 million, a significant reduction from approximately HK$38.8 million in the previous year[52]. - The net loss attributable to equity holders of the Company was approximately HK$18.0 million, compared to a loss of approximately HK$35.2 million last year, mainly due to increased revenue and tightened operational expenses[53]. - Selling and distribution expenses increased to approximately HK$4.5 million, up approximately 33.9% from HK$3.4 million last year[41]. - Administrative expenses decreased to approximately HK$25.1 million, down approximately 32.3% from HK$37.0 million last year[42]. - As of March 31, 2021, the Group had cash and cash equivalents of approximately HK$5.9 million, compared to approximately HK$2.1 million in the previous year[55]. - The current ratio as of March 31, 2021, was approximately 0.19, slightly improved from 0.17 in the previous year[55]. - The Group's gearing ratio was approximately 0.52, unchanged from the previous year, calculated based on total borrowings over total assets[55]. Challenges and Risks - The year ended March 31, 2021, was marked by significant challenges due to the COVID-19 pandemic, which disrupted production and business operations[24]. - The Group faced increased operating pressure and production costs due to enhanced environmental protection measures at mine sites, including relocating worker facilities[24]. - The ongoing trade war between China and the US created a high level of uncertainty for business operations throughout the year[24]. - The outbreak of COVID-19 in early 2020 halted all business activities in the PRC and Hong Kong, affecting the Group's ability to raise funds and complete investment plans[66]. - The Group anticipates facing challenges in 2021 due to economic uncertainties, including the China-US trade dispute and the ongoing effects of the COVID-19 pandemic[92][94]. - The COVID-19 pandemic has introduced uncertainties that may lead to labor shortages and operational interruptions, affecting the Group's financial performance[149][150]. - Labor shortages and increased wages due to health risks from the pandemic may delay the Group's mining operations[152]. - The Group faces regulatory challenges, including lengthy and costly processes for mining permit reviews, which could affect operations[141]. - Environmental protection regulations are becoming increasingly stringent, potentially raising operating costs and impacting production activities[145]. Strategic Plans and Investments - The Company expects to face ongoing challenges in the fiscal year 2021 but remains committed to improving asset scale, quality, and financial performance to generate better returns for shareholders[34]. - The Company is focusing on developing its existing business and exploring investment opportunities to enhance profitability and shareholder returns[80]. - The Group aims to enhance its asset scale and quality as well as financial performance over time, while exploring new growth opportunities through mergers and acquisitions[92][94]. - The Group is actively fundraising and negotiating with several interested investors to alleviate current liability risks[151]. - A financial support commitment has been received from a major shareholder to cover essential financial obligations[151]. - The Group plans to boost mineral products throughput and revenue by completing a new processing plant[151]. - Investment opportunities for acquiring quality mining assets are included in the Group's updated plan[151]. - The successful implementation of the plan is expected to fundamentally improve the Group's financial position[151]. Production and Operations - The company reported a significant increase in gold production, achieving a total output of 150,000 ounces, representing a 20% increase year-over-year[121]. - The Group's total expenditure for mine development and mineral exploration was approximately HK$40.7 million, while the expenditure on ore mining operations was approximately HK$27.1 million[99][101]. - The indicated resource and inferred resource of the Group were 1,740 kilotonnes at a grade of 7.88 grams per tonne, containing 13,711 kilograms of gold, and 1,555 kilotonnes at a grade of 6.60 grams per tonne, containing 10,260 kilograms of gold, respectively[102]. - The estimated probable reserves of the Group were 1,494 kilotonnes at a grade of 5.83 grams per tonne, containing 8,709 kilograms of gold[103]. - New technology in ore processing is expected to improve efficiency by 30%, leading to cost savings of approximately $10 million annually[121]. - The Group maintains long-term relationships with suppliers to ensure stable supply and aims to deepen collaborative relationships with strategic suppliers[90][91]. Market and Sales - Revenue for the fiscal year reached $200 million, reflecting a 15% growth compared to the previous year[121]. - User data indicates a growing demand for gold products, with a 40% increase in online sales over the past year[121]. - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share over the next two years[121]. - The company has set a performance guidance of $250 million in revenue for the next fiscal year, projecting a 25% increase[121]. Governance and Compliance - The Group has complied with all relevant laws and regulations in Hong Kong during the year[156]. - There were no environmental claims, lawsuits, or penalties against the Group during the year[158]. - The Company had no distributable reserves available for shareholders as of March 31, 2021[182]. - No management contracts for the administration of the business were entered into or existed during the year[196]. - The Company maintained permitted indemnity provisions for potential liabilities and costs associated with legal proceedings against Directors[199].

Financial Performance - Revenue for the three months ended December 31, 2020, was HK$6,127,000, a decrease of 75.2% compared to HK$24,737,000 in the same period of 2019[13] - Gross profit for the nine months ended December 31, 2020, was HK$9,304,000, down 78.5% from HK$43,369,000 in the previous year[13] - Loss for the period attributable to equity holders of the Company for the three months ended December 31, 2020, was HK$11,715,000, compared to a loss of HK$4,771,000 in the same period of 2019[16] - Loss before tax for the nine months ended December 31, 2020, was HK$23,573,000, significantly higher than a loss of HK$5,121,000 in the previous year[13] - The Company reported a gross loss of HK$4,019,000 for the three months ended December 31, 2020[13] - The net loss for the three months ended December 31, 2020, was HK$14,321,000, compared to a loss of HK$4,936,000 in the same period of 2019, indicating a significant increase in losses[19] - The total comprehensive loss for the period was HK$21,032,000, compared to HK$2,160,000 in the previous year, reflecting a substantial decline in performance[19] - The Company reported a net loss of HK$20,670,000 for the nine months ended December 31, 2020, compared to a loss of HK$9,525,000 for the same period in 2019, indicating a worsening financial situation[22] - The total comprehensive loss for the nine months ended December 31, 2020, was HK$15,309,000, compared to HK$22,773,000 for the same period in 2019, showing a 33% improvement[19] Expenses and Costs - Administrative expenses for the three months ended December 31, 2020, were HK$5,159,000, a decrease of 13.7% from HK$5,982,000 in the same period of 2019[13] - Finance costs for the nine months ended December 31, 2020, were HK$12,215,000, down from HK$21,421,000 in the previous year[13] - Selling and distribution expenses were approximately HK$3.7 million, a decrease of approximately 8.5% from approximately HK$4.0 million in the same period last year[82] - Administrative and other expenses were approximately HK$17.6 million, representing a decrease of approximately 23.9% from approximately HK$23.1 million in the corresponding period last year[85] - The cost of inventories sold for the nine months ended 31 December 2020 was HK$42.749 million, slightly down from HK$43.369 million in the previous year[58] - Depreciation for the nine months ended 31 December 2020 was HK$22.746 million, a slight decrease from HK$22.971 million in the same period last year[58] Equity and Share Capital - As of December 31, 2020, the total equity attributable to equity holders of the Company was HK$191,986,000, down from HK$204,871,000 at the beginning of the period[22] - The Company’s issued share capital remained unchanged at HK$89,807,000 as of December 31, 2020[22] - The issued share capital of the Company as of December 31, 2020, was HK$89,806,929.624, divided into 1,496,782,160 shares of HK$0.06 each[97] - The Company does not recommend the payment of any dividend for the nine months ended December 31, 2020, consistent with the previous year[90] Cash Flow and Current Liabilities - As of December 31, 2020, the Group had cash and cash equivalents amounting to approximately HK$18.4 million, compared to approximately HK$2.1 million as of March 31, 2020[94] - The Group's net current liabilities amounted to approximately HK$135.3 million as of December 31, 2020, down from approximately HK$148.9 million as of March 31, 2020[94] - The current ratio as of December 31, 2020, was approximately 0.27, an increase from approximately 0.15 as of March 31, 2020[94] Risks and Uncertainties - The Company has acknowledged the potential risks associated with investing in small and mid-sized companies listed on the GEM[2] - The legal proceedings regarding the repayment of HK$30,095,357 in convertible bonds are ongoing, creating uncertainty about the Group's ability to continue as a going concern[49] - The Group anticipates facing a number of challenges for the remaining of 2021 due to economic uncertainties from the Novel Coronavirus outbreak and the China-US trade dispute[104] Corporate Governance and Compliance - The Audit Committee has reviewed the unaudited condensed consolidated financial statements for the nine months ended December 31, 2020, and found them compliant with applicable accounting standards[109] - The Company has adopted a code of conduct regarding securities transactions by Directors, with no reported non-compliance during the reporting period[112] - The Company has complied with all Code Provisions set out in the Corporate Governance Code during the reporting period, except for the separation of the roles of chairman and chief executive[118] Shareholding Structure - As of December 31, 2020, Mr. Ma holds 200,730,224 shares, representing approximately 13.41% of the issued shares[132] - Mr. Ma's spouse has an interest in 22,508,800 shares, accounting for about 1.50% of the issued shares[132] - Zhao Yuebing holds 22,508,800 shares, also representing approximately 1.50% of the issued shares[132] - Lee Shing has an interest in a controlled corporation with 106,893,333 shares, which is about 7.14% of the issued shares[132] - Wang Dong has an interest in a controlled corporation with 86,244,800 shares, equating to approximately 5.76% of the issued shares[135] - Midway International Holdings is a beneficial owner of 86,244,800 shares, representing about 5.76% of the issued shares[135] - Zhou Yong holds 116,666,666 shares, which is approximately 7.79% of the issued shares[135] - Leung Heung Ying has an interest in a controlled corporation with 13,333,333 shares, accounting for about 0.89% of the issued shares[135] - J. Thomson Asset Investment Limited holds 13,333,333 shares, also representing approximately 0.89% of the issued shares[135] - Leung Heung Ying has an interest in 100,317,856 underlying shares, which is about 6.70% of the issued shares[135] Future Outlook and Strategy - The Company is focusing on developing its existing business and exploring investment opportunities to broaden its income stream and enhance profitability[103] - The Company aims to improve its asset scale and quality as well as financial performance over time through organic growth and potential mergers and acquisitions[104] - The Group did not have any significant investment, material acquisition, or disposal of subsidiaries and affiliated companies throughout the Reporting Period[102] - During the reporting period, the Group did not engage in any major investments, significant acquisitions, or sales of subsidiaries[105] - The Company is focused on developing and enhancing its existing business while exploring investment opportunities to expand revenue sources and improve profitability[105] Other Information - The Group's financial statements were prepared on a going concern basis, assuming sufficient working capital for at least the next twelve months from December 31, 2020[49] - The Group's financial risk management policies have not changed significantly for the nine months ended December 31, 2020[37] - The Group did not have any material contingent liabilities as of March 31, 2020, and December 31, 2020[104] - The company maintained a sufficient public float as of the report date[141] - No significant events occurred after December 31, 2020, up to the report date[142]