On 17 October 2025, Zijin Mining Group Co., Ltd.* approved that conditions for the first exercise period under its 2023 Share Option Incentive Scheme have been met, allowing 12 eligible participants to exercise a total of 13.10 million share options. One participant resigned, resulting in the cancellation of 2.70 million share options that had been granted but not yet exercised.

According to the announcement, the scheme covers an exercise price of RMB11.15 per A Share, with the resulting shares to be newly issued. The share options were originally granted on 8 December 2023, with a vesting period of 24 months. The first exercise window starts after that vesting period and ends on the last trading day of the 36-month period from the grant date, at which point one-third of the granted share options may be exercised.

The board and supervisory committees concluded that growth and profitability metrics for 2024 exceeded the thresholds set by the incentive plan. Company performance measures, including operating income increase and return on net assets ratio, met or surpassed required levels. The debt-to-asset ratio was also below the specified 65% limit, while all 12 remaining participants achieved the individual performance ratings required.

The announcement highlights adherence to relevant laws and regulations throughout the process. The optimization of shareholders’ returns remains a core part of the company’s overall incentive structure, with no changes to historical share-based payment expenses. The share options eligible for exercise under this first period may be traded upon listing, following completion of relevant registration formalities and on the second trading day after participants exercise their options.

*The Company’s English name is for identification purposes only.