JIAXIN INTL RES (03858) Subsidiary Enters Mining Service Procurement Agreements with CCECC Kazakhstan Branch via Public Tender

On January 6, 2026, the company's subsidiary, ZV (an indirect non-wholly-owned subsidiary of the Company), entered into the mining service procurement agreements with CCECC Kazakhstan Branch through a public tender process. The subsidiary ZV will procure stripping and mining work for open-pit operations from CCECC Kazakhstan Branch during the production phase of the Bakuta Tungsten Mine project, with a total contract value of 14.9 billion Tenge (tax inclusive), equivalent to approximately HK$227 million. During the production phase of the Bakuta Tungsten Mine project, the Group outsources a portion of its mining services and selects suppliers through public tender based on an evaluation and selection process conducted by a committee comprising four experts chosen by a third party and representatives of the Company, considering multiple factors including its business needs, the contract price quoted, service quality, the supplier's licenses and qualifications, track record, and industry experience. The Company has already issued an announcement regarding the selection of the supplier. Outsourcing mining services is not uncommon and aligns with common industry practices. The subsidiary ZV possesses mining management and technical personnel responsible for managing and supervising mining operations in accordance with applicable regulations, preparing stripping and mining work plans, assigning stripping and mining tasks, assessing and managing stripping volumes, and evaluating mining and stripping work. CCECC Kazakhstan Branch is responsible for completing the mining and stripping tasks according to schedule under the supervision of the subsidiary ZV. The Company entered into these arrangements with CCECC Kazakhstan Branch due to the latter's expertise in industrial mining activities and the quality of services it provides. Furthermore, the Group maintains a long-standing and stable business relationship with CCECC and its subsidiaries; therefore, CCECC and its subsidiaries are familiar with the mining processes and requirements, quality standards, and needs of the production phase of the Bakuta Tungsten Mine project and are capable of providing continuous mining services. The Directors believe that maintaining a stable and high-quality business relationship with CCECC and its subsidiaries will be beneficial for the production phase of the Bakuta Tungsten Mine project.