假设于本公告日期至完成配售事项期间，公司的已发行股本并无任何变动，配售事项下的配售股份最高 数目相当于经配发及发行配售股份而扩大的公司已发行股本约3.25%。配售事项下的配售股份最高数目 总面值将为15万港元。每股配售股份的配售价为1.75港元，较股份于2025年9月30日在联交所所报收市 价每股2.09港元折让约16.27%。 待配售事项完成后，预期配售事项的所得款项净额(经扣除配售佣金及所有相关开支)将为约2555万港 元。按此基准，净发行价将约为每股配售股份1.70港元。公司拟将配售事项所得款项净额约2555万港元 用于充实一般营运资金及增强集团的财务状况，其中(i)约606万港元将用于购买皮革制造以及皮革及机 动车发动机延伸清洁服务相关的材料、设备及费用成本;(ii)约1369万港元将用作集团一般营运资金，包 括支付租金、员工成本、专业费用以及其他一般行政及营运开支;(iii)约294万港元将用于偿付结欠应付 款项;及(iv)余下约286万港元将用作新业务发展机遇。 中联发展控股(00264)发布公告，于2025年9月30日(交易时段后)，配售代理与公司订立配售协议，据 此，配售代理有条件同意作为公司 ...

Financial Data and Key Metrics Changes - The company reported an adjusted EBITDA of $86 million for the June quarter, bringing the first half unaudited adjusted EBITDA to $183.6 million, which is a material outperformance compared to the previous year [4][16] - The twelve-month rolling Total Recordable Injury Frequency Rate (TRIFR) was 1.29, with a Lost Time Injury Frequency Rate (LTIFR) of 0.05 for June, indicating strong safety performance [2][3] Business Line Data and Key Metrics Changes - RKF nickel metal production was 30,463 tonnes, slightly lower than the previous quarter, impacted by kiln realignment and maintenance [4][7] - HPAL production from HNC was 2,075 tonnes of nickel, continuing to operate above nameplate capacity [4] - The Hangjai mine achieved record ore sales of over 3 million wet metric tonnes, with an EBITDA of $41.4 million, a 33% increase from the previous quarter [6][12] Market Data and Key Metrics Changes - MHP pricing remained stable at $11,449, slightly higher than the previous quarter, with payabilities for MHP close to 90% [8][9] - The Hengjia mine's EBITDA increased by CAD10.4 million, highlighting the benefits of integrated operations [8] Company Strategy and Development Direction - The company is focusing on the completion of the E and C project, with commissioning deferred to align working capital requirements [10][11] - The feasibility study to increase the Anglia mine RKB from 9 million tonnes to 19 million tonnes has been approved, indicating growth plans [13] - The Sampala project is progressing well, with a feasibility study lodged for an initial operation of 6 million wet metric tonnes per annum [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about achieving RKAB approval in August and expects to ramp up production from the Hangjai mine significantly [37] - The company remains confident in the exploration target of over 1 billion wet metric tonnes of ore at the Sao Paulo project, with strong margins expected [16][40] Other Important Information - The company is actively managing working capital due to a significant build-up, particularly in RKF operations [20][30] - There are discussions regarding various financing sources, excluding equity raises, to manage cash flow and debt obligations [32][33] Q&A Session Summary Question: Cash flow neutrality despite good EBITDA - Management explained that the neutral cash flow was due to a large working capital build, particularly in RKF operations, which is expected to unwind [20][21] Question: MHP realizations increase - Management noted market tightness leading to improved MHP payabilities, offsetting a decrease in LME prices [22][23] Question: Delaying commissioning of E and C - The decision to delay was significant enough to avoid building up working capital ahead of the sales license [28][30] Question: Debt service requirements - Management confirmed $33 million in interest amortization was paid in July, with another $100 million due in the remainder of the year [31][34] Question: Production ramp-up from Hangjai mine - Management remains optimistic about receiving the RCAB permit in August and targets significantly above 12 million tonnes for the year [37] Question: Development timing for Sao Paulo - The company is targeting completion of the haul road by early Q4, with first ore delivery expected in early H2 next year [40]