Summary of Key Points Core Viewpoint - The company, Pangang Group Vanadium Titanium Resources Co., Ltd., is continuing to utilize part of its temporarily idle raised funds for cash management, which is expected to enhance the efficiency of fund usage and provide better returns for the company and its shareholders [1][8]. Fundraising Basic Situation - The company has successfully raised a total of 693,009,118 shares of A-shares at a price of approximately RMB 8,478,834.47, resulting in a net fundraising amount of RMB 2,271,521,163.75 after deducting issuance costs [1][2]. Investment Project Commitment - The net amount raised will be allocated to specific projects, with a total planned investment of RMB 262,514.91 million, of which RMB 227,152.12 million is earmarked for actual investment [2]. Previous Cash Management Usage - The company has previously approved the use of up to RMB 450 million of idle raised funds for cash management, with a balance of RMB 445 million remaining as of June 2025, which is within the approved limit [3][6]. Current Cash Management Plan - The company plans to continue using up to RMB 450 million of idle raised funds for cash management for another 12 months, ensuring that this does not affect the normal operation of fundraising projects [6][8]. Cash Management Objectives - The purpose of cash management is to improve the efficiency of fund usage while ensuring the safety of the raised funds and the normal progress of investment plans, thereby increasing returns for the company and its shareholders [6][7]. Cash Management Limits and Terms - The cash management will allow for a rolling use of funds within the approved limit and timeframe, with investments restricted to high-security, liquid products such as bank time deposits and large-denomination certificates of deposit [6][7]. Impact on Daily Operations - The planned cash management will not affect the company's daily cash flow or the normal operation of fundraising projects, and it is expected to enhance the efficiency of fund utilization [7][8]. Regulatory Compliance - The company will adhere to the relevant regulations regarding the management and use of raised funds, ensuring proper disclosure of information as required by regulatory authorities [7][8].