On April 29, Hainan Mining announced its first quarter 2025 results. During the reporting period, the company achieved operating revenue of RMB1.189 billion, representing a year-on-year increase of 7.17%. However, affected by the decline in Platts iron ore index and Brent crude oil prices, net profit attributable to shareholders was RMB160 million, down 35.20% year-on-year.

During the reporting period, the company maintained stable operations in its iron ore and oil & gas businesses while accelerating construction of lithium new energy projects, continuously deepening its global industrial layout and laying a solid foundation for sustainable, high-quality development.

In Q1 2025, against the backdrop of significant downward fluctuations in iron ore and crude oil market prices, the company optimized lean management and improved operational efficiency, with both finished ore and oil & gas production exceeding scheduled progress.

Iron ore finished product output reached 652,800 tonnes, up 1.88% year-on-year, and is expected to exceed the annual budget target of 2.4 million tonnes.

Through the implementation of dehydration and compression upgrades at Bajiaochang Gas Field and the consolidation of equity output from the Oman project during the reporting period, Roc Oil achieved oil & gas equity output of 2.7523 million BOE in Q1, a significant year-on-year increase of 38.63%.

Oman Oilfield Blocks 3&4

The Bajiaochang Gas Field project made particularly outstanding contributions, with natural gas production and sales volume increasing by over 25% year-on-year. Current daily output has reached a record high of 4.26 million cubic meters per day, with full-year production expected to increase by 30% year-on-year.

Bajiaochang Gas Field J25 Compression Station

As of March 2025, the 20,000-tonne lithium hydroxide project has completed main construction works and successfully conducted trial production in the metallurgical section, with formal production imminent. The Bougouni Lithium Mine has achieved conditions for continuous stable production and recently completed the transfer of mining rights. The company is poised to become one of the few upstream lithium enterprises in China with integrated advantages of owning high-quality mines and advanced processing production lines.

Additionally, in March the company obtained a RMB364 million syndicated loan to refinance part of the self-raised funds used for acquiring the controlling stake in Bougouni Lithium Mine. This will help optimize the company's financing structure and improve capital efficiency, while also demonstrating recognition and support for the project from syndicate members including the China-Africa Production Capacity Cooperation Fund.

Global Layout Continues to Deepen and Expand Resource Footprint

The company is accelerating its "going global" strategy and continuously strengthening its global "minerals + energy" industrial layout. During the reporting period, Tethys Oil has completed delisting and board restructuring, officially becoming a Roc Oil subsidiary and being included in the company's consolidated financial statements. Post-investment integration work such as organizational restructuring is currently being actively advanced.

For the Mozambique zirconium-titanium producing mine acquisition project initiated in December 2024, the company has completed the selection of major intermediaries and is conducting on-site visits, inventory checks, and customer and supplier interviews as part of due diligence. Related audit and evaluation work for the transaction is also progressing in an orderly manner.

Reflecting confidence in future stable development, during the reporting period the company also announced a new share repurchase plan, proposing to repurchase shares with RMB75 million to RMB150 million of capital. All repurchased shares will be canceled to reduce registered capital, further enhancing shareholder returns and strengthening investor confidence.