PERSISTENCE RES (02489) announced that the safety production permit for the Songjia Gou North Mining Area underground mine operated by its subsidiary Yantai Zhongjia Mining Co., Ltd. expired on September 11, 2025. Yantai Zhongjia had submitted relevant documents to the Shandong Provincial Emergency Management Department in August 2025, applying for the renewal of the Songjia Gou underground mine's safety production permit.

Given that the Emergency Management Department conducts unscheduled surprise safety inspections during the application process, Yantai Zhongjia voluntarily decided to temporarily halt major production activities at the Songjia Gou underground mine starting September 1, 2025. This suspension allows the Emergency Management Department to conduct comprehensive hazard investigations and enables Yantai Zhongjia to more effectively follow up on any safety rectification work proposed by the department, thereby supporting the renewal application for the Songjia Gou underground mine's safety production permit.

As of the announcement date, Yantai Zhongjia has not yet obtained the new safety production permit for the Songjia Gou underground mine. Under normal circumstances, if all relevant documents are submitted on time, the Emergency Management Department would issue the new safety production permit for the Songjia Gou underground mine to Yantai Zhongjia before the permit expires. However, given the intensified safety inspection efforts implemented this year, Yantai Zhongjia's management estimates that the Emergency Management Department will issue the new safety production permit for the Songjia Gou underground mine by the end of October 2025.

Currently, Yantai Zhongjia will utilize previously mined ore from the Songjia Gou underground mine for mineral processing. The company's Songjia Gou open-pit mining operations continue to maintain normal operations and will not be affected by the application for the new safety production permit for the Songjia Gou underground mine.