Tibet Zhihui Mining Goes Public in Hong Kong: From the Plateau to the World, Unique Resource Endowment Unleashes Long-Term Growth Potential

Tibet Zhihui Mining Lists on Hong Kong Stock Exchange: From the Plateau to the World, Unique Resource Endowment Unleashes Long-Term Growth Potential

Tibet Zhihui Mining Co., Ltd. ("Tibet Zhihui Mining" or the "Company", stock code:$ZHIHUI MINING(2546.HK)), a well-known mining enterprise in the Tibet region, has successfully listed on the Main Board of the Hong Kong Stock Exchange. This listing not only a new milestone for the Company's leapfrog development but also highlights its long-term investment value, backed by its unique resource endowment, industry-leading technical capabilities, and solid shareholder support.

Strong Market Recognition, Active Investor Subscription During IPO

During the global offering of H-shares, Tibet Zhihui Mining's shares garnered widespread attention and active subscription from the capital market. As of the close of the public offering on December 16, 2025, the Company recorded an oversubscription of 5,248.15 times, with the international offering also attracting enthusiastic participation from long-term funds and institutional investors. On the first day of trading, the stock opened 139.47% higher, reflecting strong market confidence in the Company's resource value, development strategy, and growth prospects in the Tibet mining sector.

Solid Regional Market Position, Resource Endowment Builds Core Barriers

As a specialized mining enterprise deeply rooted in Tibet, Tibet Zhihui Mining focuses on the industrial chain of zinc, lead, and copper exploration, mining, concentrate production, and sales. Leveraging its solid operational capabilities, the Company holds a significant position in the regional market. According to data from Shanghai Metals Market, based on the average annual production of zinc, lead, and copper concentrates in Tibet in 2024, the Company ranked fifth, fourth, and fifth, respectively. Its stable market position provides a solid foundation for securing orders and ensuring revenue stability, serving as a core competitive advantage in the industry.

The Company's core competitiveness stems from Tibet's unique resource advantages. The complex and distinctive geological structure of the Tibetan Plateau creates ideal conditions for the formation of metal mineral resources such as zinc, lead, and copper. The Company's mining operations are located in Rongduo Township, Jiali County, Nagqu City, Tibet—a resource-rich area. Currently, the Company operates an open-pit mine and an underground mine, supported by a comprehensive base camp facility, a processing plant, and two tailings ponds, forming a complete production and operation system.

According to an independent technical report, as of July 31, 2025, the Mengya'a mine has estimated total mineral resources of 16,813.0 thousand tons, with average grades of 4.70% zinc, 3.29% lead, 0.24% copper, and 38.0 g/t silver. All reserve ores are high-quality primary ores.

In terms of service life, assuming an annual permitted mining volume of 400.0 thousand tons (200.0 thousand tons each for the open-pit and underground mines), the remaining service life of the open-pit mine is 8.0 years, while the underground mine has a remaining service life of 31.0 years. The abundant and high-quality mineral reserves, combined with the region's unique geographical features, ensure stable production and long-term growth potential for the Company.

Systematic Business Operations, Shareholder Advantages Drive Long-Term Growth

Tibet Zhihui Mining has established a comprehensive business operation system covering exploration, mining, concentrate production, and sales, forming an integrated industrial layout. Its core products include zinc, lead, and copper concentrates, and the Company has built a diversified customer network thanks to its stable quality and supply capabilities. Its customer base is well-defined, ranging from refining to downstream distribution, with products precisely delivered to large state-owned smelters or listed companies.

This systematic layout and strong customer resources enable the Company to control costs and quality across production processes, effectively mitigating risks such as raw material price fluctuations and supply chain disruptions, ensuring stable profitability. Deep partnerships with core customers also secure order sources, supporting market expansion and industry positioning.

The Company's strong shareholder base and cornerstone investors provide stable momentum for growth. During the H-share global offering, cornerstone investors included Spico (wholly owned by Zhaojin Mining (1818.HK)), GIGA Industries Limited (a wholly owned subsidiary of Greater Bay Area Homeland Investments Limited), and Poly Platinum Enterprises Limited (a wholly owned subsidiary of Greater Bay Area Homeland Development Fund). As of the latest practicable date, Tibet Zhifeng and Tibet Shengyuan hold 54.12% and 44.28% of the issued shares, respectively, serving as major shareholders. Tibet Shengyuan, a state-owned enterprise established in 2009, is undergoing registration procedures to become wholly owned by the Tibet State-owned Assets Supervision and Administration Commission.

This "state-owned + market-oriented" mixed ownership structure provides the Company with stable resource support and policy advantages while ensuring operational flexibility, offering multiple safeguards in resource acquisition, compliance, and strategic development.

Talent is the core foundation for technological implementation and steady growth. The Company has built a dedicated and stable professional team, with core members possessing extensive industry experience and solid expertise. As of July 31, 2025, the Company employs five senior geological experts, two of whom are certified safety production experts by the National Mine Safety Administration, accounting for 40.0% of the region's talent pool.

These experts, with years of experience in Tibet, are familiar with the local geography, geological characteristics, and mining technology needs, while also deeply understanding local culture. They effectively address complex challenges in mining activities, providing strong support for compliance and technological upgrades.

In summary, Tibet Zhihui Mining has built an irreplicable capital moat through its unique geographical location, high-quality resource reserves, solid regional market position, professional talent team, and strong shareholder background. With growing demand for critical mineral resources in China's new energy and high-end manufacturing sectors, the Company's long-term investment value will further stand out, positioning it for sustained breakthroughs in both capital markets and industrial development.