CHIFENG GOLD (Chifeng Jilong Gold Mining Co., Ltd.) reported a strong first-quarter performance for 2026, buoyed by higher gold prices and tighter cost controls.

Revenue and Profitability • Operating income rose 47.65% year-on-year to 3.55 billion RMB. • Profit before tax climbed 108.47% to 1.70 billion RMB. • Net profit attributable to shareholders doubled to 0.99 billion RMB, translating into basic earnings per share of RMB 0.52 (up 79.31%). • Non-recurring gains were limited to 4.07 million RMB, underscoring that growth was fundamentally driven.

Cash Flow and Balance Sheet • Net cash from operating activities increased 46.98% to 0.50 billion RMB. • Total assets stood at 24.87 billion RMB, while equity attributable to shareholders reached 14.29 billion RMB, lifting the equity ratio and cutting the debt-to-asset ratio to 29.36% (-4.55 ppts versus year-end 2025).

Operational Metrics • Mined gold output fell 10.71% to 2,981 kg, but the average selling price surged 61.19% to RMB 1,061.32/g, offsetting lower volume. • Operating cost per gram of gold rose 15.01% to RMB 408.40, and all-in sustaining cost jumped 38.61% to RMB 483.87, mainly due to higher resource taxes and scheduled maintenance across several mines. • Copper cathode production grew 101.55% to 2,546 t with an average price of RMB 90,288/t (+31.42%).

Capital Expenditure Investment cash outflows totaled 2.64 billion RMB, reflecting ongoing mine upgrades and expansion projects. Construction-in-progress rose to 1.18 billion RMB from 0.78 billion RMB at end-2025.

Upcoming Change in Control On 22 March 2026, controlling shareholder Li Jinyang and concert-party Zhejiang Hanfeng Venture Capital agreed to transfer their entire 241.93 million A-shares to Zijin Gold (Group) Co., Ltd. Concurrently, CHIFENG GOLD plans to issue 310.90 million new H-shares to Zijin Gold. Upon completion, Zijin Gold will become the company’s new controlling shareholder.

Shareholder Structure As of 31 March 2026, CHIFENG GOLD had 128,168 ordinary shareholders; HKSCC Nominees Limited remained the largest holder with a 12.44% stake.

Outlook Management highlighted that optimisation of production and operational efficiency, combined with strong commodity pricing, underpinned the quarter’s performance. All technical upgrades and maintenance programs are proceeding as scheduled, positioning operations for the remainder of 2026.