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EQS via SeaPRwire.com / 19/03/2026 / 09:22 MSK Solidcore Resources plc (“Solidcore” or the “Company”) announces financial results for the year ended 31 December 2025. “In 2025, we recorded an increase in profitability metrics amid the record gold prices, yet the results were constrained by sales disruptions at Kyzyl. 2026 will see further inventory release, increased CAPEX into Ertis POX and Kyzyl underground, and potentially the start of investing into new development projects”, said Vitaly Nesis, CEO of Solidcore Resources plc, commenting on the results. FINANCIAL HIGHLIGHTS The results for 2024 exclude those from the discontinued Russian segment of our business, which was divested in March 2024 and is categorised as a discontinued operation in the accompanying prior year financial statements. In 2025, revenue increased by 13% year-on-year (y-o-y) to US$ 1,500 million on the back of higher gold prices. Gold equivalent (GE) production and GE sales were 19% and 23% lower y-o-y at 395 Koz and 412 Koz respectively due to delays in Kyzyl concentrate processing at a third-party POX in H1 2025. The Company’s Total Cash Costs (TCC)[1] were US$ 1,138/GE oz, up 17% y-o-y and 3% above the top end of the guidance range of US$ 1,000-1,100/GE oz. The dynamics were driven by lower sales at Kyzyl, domestic inflation and price-driven higher expenses on mineral extraction tax (MET) and cost of the purchased ore, partly offset by the Kazakhstani tenge (KZT) depreciation. All-in Sustaining Cash Costs (AISC)1 amounted to US$ 1,532/GE oz, within the US$ 1,450-1,550/GE oz guidance. An 18% y-o-y increase was driven by the same factors as TCC. Adjusted EBITDA1 increased by 37% y-o-y to US$ 972 million. Adjusted EBITDA margin rose to 65% (2024: 54%). Underlying net earnings1 grew by 40% y-o-y to US$ 701 million (2024: US$ 499 million) with net earnings[2] of US$ 662 million (2024: US$ 533 million). Net operating cash inflow decreased by 7% y-o-y to US$ 603 million (2024: US$ 650 million) on the back of concentrate inventories accumulation at Kyzyl. Capital expenditure (CAPEX) was up 23% y-o-y to US$ 255 million[3] due to the commencement of the Ertis POX construction, however it was 15% below the original guidance of US$ 300 million as some Ertis POX purchases were deferred to 2026. Free cash flow1 decreased by 20% to US$ 348 million (2024: US$ 435 million). Free cash flow post-M&A was US$ 196 million. CAPITAL ALLOCATION The Company’s net cash1 position as of 2025 year end was US$ 464 million (2024: US$ 374 million). Cash and cash equivalents balance stood at US$ 731 million. Gross debt was US$ 267 million, of which US$ 105 million is scheduled to mature in 2026. The Company remains focused on proactive debt management and is considering various refinancing opportunities. Solidcore is advancing negotiations with several international banks for US$ 600-700 million of credit facilities to finance the Ertis POX construction, and expects the signing of agreements in Q2 2026. In February 2026, an indicative term sheet with KfW IPEX-Bank for a seven-year loan of up to US$ 100 million was signed. The Company continues to prioritise investments in growth, including capital expenditures for development, M&A transactions and exploration over cash returns to shareholders. The approach to capital allocation  may be revised after sufficient financing for the current investment plans is secured and the legal risks related to concentrate tolling are further clarified. Accordingly, no dividend is proposed for 2025. 2026 OUTLOOK In 2026, the Company expects to deliver c. 540 Koz of GE production. The increase will be mostly driven by the concentrate inventories release. Costs are estimated to be in the ranges of US$ 1,350-1,550/GE oz for TCC (20-35% increase y-o-y) and US$ 1,850-2,050/GE oz for AISC (20-35% increase y-o-y). A y-o-y increase is expected mostly due to higher MET expenses[4] – reflecting the introduction of a progressive MET tax rate under the new Tax Code in Kazakhstan, which is linked to gold prices and inflationary pressures. The estimate remains contingent on the KZT/US$ exchange rate, which has a significant effect on the Company’s local currency denominated operating costs. Capital expenditures are expected to double and reach c. US$ 510 million. The y-o-y increase will be driven by higher spending on the Ertis POX construction as the project progresses (US$ 315 million), construction of underground mining infrastructure at Kyzyl, fleet replacement at the Varvara hub and the expansion of tailings storage facilities at both Kyzyl and Varvara. In addition to the capital expenditure, the Company will provide an up to US$ 50 million loan to the Syrymbet JV before the investment decision to finance a feasibility study preparation, pre-construction costs and early procurement. In 2026, the Board will take investment decisions on Syrymbet construction and Besshoky copper-porphyry exploration project (Bai Tau Minerals).   Financial highlights[5] 2025 2024 Change         Revenue, US$m 1,500 1,328 +13% Total cash cost[6], US$/GE oz 1,138 971 +17% All-in sustaining cash cost2, US$/GE oz 1,532 1,298 +18% Adjusted EBITDA2, US$m 972 712 +37%         Average realised gold price[7], US$/oz 3,658 2,409 +52%         Net earnings, US$m 662 533 +24% Underlying net earnings2, US$m 701 499 +40% Return on assets2, % 74% 28% +163% Return on equity (underlying)2, % 45% 28% +61%         Basic earnings per share, US$ 1.40 1.13 +24% Underlying EPS2, US$ 1.48 1.05 +41%         Net (cash) or debt2, US$m (464) (374) +24% Net (cash) or debt / Adjusted EBITDA (0.48) (0.53) -9%         Cash flows from continuing operations       Net operating cash flow, US$m 603 650 -7% Capital expenditure, US$m 255 208 +23% Free cash flow2, US$m 348 435 -20% Free cash flow post-M&A2, US$m 196 548 -64%         Cash flows, total on continuing and discontinued operations     Free cash flow2, US$m 348 532 -34% Net cash outflow on disposal of Russian business, US$m - (215) N/A Free cash flow post-M&A2, US$m 196 64 +208% OPERATING HIGHLIGHTS For the eighth consecutive year, no fatal accidents occurred among Solidcore’s employees and contractors. No lost time injuries among the Company’s employees and contractors have been recorded since 2022. Accordingly, days lost due to work-related injuries (DIS) remained at zero. 2025 GE production totalled 395 Koz, 19% lower y-o-y and 6% below the production guidance of 420 Koz, due to disruptions in Kyzyl concentrate processing at a third-party POX in H1 2025. At the mine level, combined Kyzyl gold in concentrate and Varvara GE output was broadly unchanged y-o-y at 508 Koz[8]. At Ertis POX, a significant milestone was achieved with the autoclave delivery to the construction site. The project is progressing according to schedule. At Syrymbet, the definitive feasibility study is in progress and the project is moving toward Board approval the end of 2026. In Q4 2025, the Company completed construction of the solar power plant at the Varvara site with the ramp-up expected in H1 2026. ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) HIGHLIGHTS Solidcore remains committed to sustainable development and has made significant progress in implementing its refined Sustainability Strategy and Climate Action Plan. The Company is targeting a 45% reduction in Scope 1 and 2 emissions by 2030 and carbon neutrality by 2050. As part of this pathway, Solidcore is prioritising the development of its own energy generation capacity to strengthen asset-level energy security and reduce reliance on external power grids. In 2025, we significantly increased investment in climate and environmental initiatives, with operating and capital expenditures totalling US$ 24 million, compared with US$ 13 million in 2024. A key milestone was the commissioning of a 23 MW solar power plant at Varvara in December 2025. This facility represents the first phase of the Varvara Energy Hub and, together with the planned 40 MW gas-fired power plant scheduled for launch in late 2026, is expected to cover nearly all of the processing plant’s electricity demand. We continued to advance our voluntary afforestation programme, planting 160 hectares near the Varvara site in the Kostanay region in 2025 and increasing the total afforested area to nearly 190 hectares. Water stewardship remains a priority, with 91% of water recirculated across our operations, significantly reducing freshwater dependence. Fresh drinking water intensity for ore processing increased to 43 m3 per 1,000 tonnes (2024: 14 m3 per 1,000 tonnes) due to drier weather conditions, while remaining within the target range. Solidcore invested US$ 9.1 million in social programmes in 2025 (2024: US$ 9.8 million), supporting education, local infrastructure, sports and cultural initiatives in our host communities. By building a comprehensive and transparent ESG strategy, Solidcore has received strong external recognition for its efforts. The Company ranked in the top 10% of global metals and mining companies in the S&P Corporate Sustainability Assessment, achieving a score of 63 out of 100 (91st percentile) and securing the highest position among mining and metallurgical companies in Kazakhstan. The transparency of Solidcore’s corporate disclosures and data availability was assessed as “high” by S&P and was awarded an “A” rating (on a scale from “D” to “A+”) in an independent evaluation by PwC.  Conference call and webcast The Company will hold a webcast on Thursday, 19 March 2026, at 4 p.m. Astana time (11 a.m. London time). To participate in the webcast, please register using the following link: https://edge.media-server.com/mmc/p/d5wuf79s Webcast details will be sent to you via email after registration. About Solidcore Solidcore Resources is a leading gold producer registered in AIFC, Kazakhstan, and listed on Astana International Exchange. Solidcore operates two producing gold mines and a major growth project (Ertis POX) in Kazakhstan. Enquiries Investor Relations Media Kirill Kuznetsov Alina Assanova +7 7172 47 66 55 (Kazakhstan) ir@solidcore-resources.com Yerkin Uderbay +7 7172 47 66 55 (Kazakhstan) media@solidcore-resources.kz FORWARD-LOOKING STATEMENTS   This release may include statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements speak only as at the date of this release. These forward-looking statements can be identified by the use of forward-looking terminology, including the words “targets”, “believes”, “expects”, “aims”, “intends”, “will”, “may”, “anticipates”, “would”, “could” or “should” or similar expressions or, in each case their negative or other variations or by discussion of strategies, plans, objectives, goals, future events or intentions. These forward-looking statements all include matters that are not historical facts. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company’s control that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. Forward-looking statements are not guarantees of future performance. There are many factors that could cause the Company’s actual results, performance or achievements to differ materially from those expressed in such forward-looking statements. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. TABLE OF CONTENTS Chair’s statement CEO’s statement Operating review Financial review Principal risks and uncertainties Going concern Directors’ responsibility statement Financial statements Alternative performance measures     CHAIR’S STATEMENT Turning our vision into a growth story After the uncertainties of recent years, in 2025 we reaped the benefit of our newly independent corporate structure in Kazakhstan and, with it, the freedom to implement our growth strategy for the business. Our ambitious vision for the future is predicated upon our track record of operating stable, long-lived assets alongside our proven capabilities in the exploration and development of unique projects. While this year was challenging in terms of third-party processing issues, we fully expect production to bounce back in 2026 and sustain levels above 500 Koz per annum over the next three years. Strategy in action We are making good progress with the Ertis POX project, where full-scale construction has started on schedule. Located in the Pavlodar region, our investment in this refractory gold processing hub amounts to approximately US$ 1 billion and will create 500 new jobs. Our consultations with the state and local authorities and the wider community have all had positive outcomes. We are also looking at other ways in which to diversify and grow the business. In 2025, we approved the investment in the final stages of the feasibility study for the Syrymbet tin project in North Kazakhstan, one of the largest tin deposits globally. The management team will make their development proposals to the Board in by the end of 2026 which will inform our decision on the start of construction. In addition, we are pursuing new accretive expansion prospects in Kazakhstan, Central Asia and the Middle East. While a reasonable acquisition of either an operating mine or a pre-development asset in the gold industry remains challenging with current gold pricing, there are some interesting greenfield geological projects, both in base metals and gold, in our target regions. Early plans for 2026 include reaching an investment decision about the Besshoky copper-porphyry exploration project in the Karaganda region in Kazakhstan and the completion of our first transaction on a geological partnership in the Middle East. Share capital developments In 2025, we completed a vital corporate procedure – the mandatory buyback of shares blocked in Euroclear. This marks a significant step forward in recovering shareholder value, since it removed a long-standing structural constraint on the Company’s equity and enhanced the transparency of our shareholder register. In terms of capital allocation, we continue prioritising investment in growth, including capital development expenditure, M&A and exploration. The approach may be reviewed as and when we are confident that our existing ambitious investment plans have been fully financed and legal risks associated with concentrate tolling are further clarified. Accordingly, no dividend is proposed for 2025. Plans for future listing Our efforts on capital markets allied with favourable gold prices resulted in an influx of financial interest in our stock, both from institutional and retail investors. We recorded a substantial increase in liquidity and valuation, although they still remain relatively low compared with that of our global peers. Further recovery is still constrained given the limitations of the Kazakh stock markets. Together with our primary exchange, AIX, we remain fully committed to enhancing liquidity and accessibility of our stock. The Board is assessing longer-term options of an additional listing and our current view is that the Company will be in a better position to take this strategic step once the remaining legacy legal challenges, relating to tolling arrangements, have been resolved and significant strategic progress has been made with the launch of Ertis POX. ESG at the centre Our commitment to corporate governance goes beyond simply adopting best practice and international standards. Our aim to become an international industry player starts with our role as a responsible corporate citizen, contributing to the economy and supporting the social aspirations of the communities wherever we operate. Maintaining a high level of health and safety performance is a central tenet of the business. We take great pride in our safety record and there have been no accidents at our assets in Kazakhstan since 2022 and zero fatalities since 2017. Mitigating climate change at our ongoing projects and in the planning for future ventures is crucial to our ongoing licence to operate. We have set goals to decrease our absolute GHG emissions by 45% and source 30% of electricity from renewables by 2030, and achieve net zero by 2050. 2025 and beyond I think we can confirm that 2025 was not only the year that marked the return to business as usual for the Company, but it also proved to be the successful starting point of a new and different era for Solidcore. We were able to crystallise our strategic plans for growth across Kazakhstan, Central Asia and the Middle East, and we are already demonstrating our ability to turn our vision into ambitious new projects. This achievement, and that of Solidcore in the future, is only possible because of the confidence of our shareholders, dedication and hard work of our management team and employees, and the valuable input from my colleagues on the Board. I would like, therefore, to thank everyone, and I look forward to 2026 and beyond with eager anticipation.   Chair Omar Bahram     CEO’S STATEMENT All in all, 2025 was a year of material progress for Solidcore as we affirmed our strategic prospects, operational stability and resilience of our business in Kazakhstan. Investing in the future First and foremost, we have initiated the implementation of our ambitious growth strategy. We began full-scale construction at Ertis POX, which will utilise autoclave oxidation, one of the most effective and eco-friendly processes globally, and a first in Central Asia. The autoclave has been successfully delivered and installed on site, having travelled approximately 8,000 km from the manufacturing plant. When commissioned, Ertis POX will be able to process up to 300,000 tonnes of gold-bearing concentrate per annum delivering 500 Koz of gold. We have actively considered various financing options for the project and made substantial headway with our plans to raise US$ 600-700 million for Ertis POX construction in 2026. We moved forward with the feasibility study and site preparation for the Syrymbet tin project in North Kazakhstan. The development of Syrymbet would be the largest investment in the region, creating some 800 jobs. The global tightness of the tin market has increased both the value and feasibility of the project. With Board approval in 2026, we expect to complete construction in 2029. Partnering with Bai Tau Minerals exploration company, we have advanced our geological efforts in central Kazakhstan and defined exploration potential in the Besshoky licence area. We are awaiting the results of the mineral resource estimate in 2026 to make an investment decision on the project with the Board. We have also completed extensive geological work in other target jurisdictions in our hunt for new gold and copper greenfield projects with a view to carrying out more next year. Operations in Kazakhstan In the early part of 2025, third-party processing and logistical challenges led to the accumulation of significant concentrate inventories at Kyzyl, which resulted in lower-than-expected production. However, these issues were successfully resolved and we were able to release significant related working capital in the second half of the year, with the remainder to follow in 2026. Due to a combination of the Company’s commercial efforts, cost effectiveness and favourable market conditions, we maintained solid profitability and a strong cash position. At an asset level, both of our operating mines demonstrated robust results in line with budget. At Kyzyl, our flagship operation, the next stage of development began in 2025 with preparatory work to enable the start of underground mining in 2030, which will last until 2054. At Varvara, we focused on preparing the necessary documentation for our future near-mine projects: Baksy and Elevator. ESG recognition Sustainability remains central to our overall strategy with our commitment to a zero-harm culture and mitigating the environmental impacts of our operations. We are proud to report no lost-time injuries in Kazakhstan for the third consecutive year and, once again, there have been no fatalities since 2017. We made further progress in 2025 with our efforts to generate inhouse green energy and transition towards energy independency, cost-effectiveness and emissions reduction. We launched a 23 MW solar power plant at Varvara and plan to complete construction of a 40 MW gas-piston power plant at the mine in late 2026 and are preparing to develop another 17 MW solar power plant project at Kyzyl. These projects will secure 25% of energy supply from green and low-carbon sources for the Group and reduce GHG emissions by up to 30%. Our efforts were recognised by S&P Global in its December 2025 Corporate Sustainability Assessment of Solidcore, placing us in the top 10% of global mining companies and making us the highest-ranked mining and metallurgical company in Kazakhstan. Strong cash position As a result of the inventory build-up at Kyzyl, we reported a 19% year-on-year decrease in production to 395 Koz. Given the decline and higher mineral extraction tax expenses attributable to the gold price surge, total cash costs (TCC) came out higher than expected at US$ 1,138/GE oz, while all-in sustaining costs (AISC) were within the guidance at US$ 1,532/GE oz. However, due to sales recovery in the second half of the year and very favourable prices, we generated US$ 348 million free cash flow. Capital expenditure was US$ 255 million, US$ 45 million below the guidance as a corresponding amount of the Ertis POX capital expenditure was deferred to 2026.  We ended the year with a cash balance of US$ 731 million and net cash position of US$ 464 million. While this is a substantial amount in support of our current development projects, we need to take into account project financing plans and the legal risks highlighted by the Chair before making a decision on a cash distribution to shareholders. Prospects for 2026 In 2026, we will maintain high safety and sustainability standards, ensure the stability of our operations and make further progress with the implementation of our projects. We expect the release of all remaining concentrate inventories, which will result in boosting production to 540 Koz. Costs will be negatively affected by a higher MET rate, gold prices and inflation, so our forecasts for TCC and AISC are US$ 1,350-1,550/GE oz and US$ 1,850-2,050/GE oz, respectively. Capital expenditure is set to increase to approximately US$ 510 million, due to a more advanced stage of development at Ertis POX as well as construction of an underground mine at Kyzyl and expansion of tailings storages at both Kyzyl and Varvara. I said at the start that this has been a solid and constructive year. I do not believe we could have foreseen how different it would feel to operate autonomously and begin to make our growth strategy a reality. The opportunities that Kazakhstan has to offer the business are tremendous and broader horizons also beckon. Our achievements over the last 12 months are due to the exceptional efforts of Solidcore employees and support of our stakeholders who believe in and foster our aspirations. So, a big thank you to all of you from the senior management team and it will be a privilege to work alongside you again in 2026.   Chief Executive Officer Vitaly Nesis     OPERATING REVIEW OPERATIONAL STABILITY In 2025, Solidcore’s gold equivalent (GE) production amounted to 395 Koz, representing a decrease of 19% y-o-y (2024: 490 Koz), due to delays in Kyzyl concentrate shipments and processing at a third-party POX. Although the overall reported gold production for the year decreased, mine level metal output remained largely on par with the previous year at 508 Koz of GE (2024: 513 Koz). GE sales of 412 Koz decreased by 27% y-o-y in line with the dynamics of the Company’s reported gold production. There were no fatalities since 2017 and no lost-time injuries since 2022. Wherever possible, Solidcore applies digital technologies to improve the safety of its workforce.   2025 2024 Change         Production, GE Koz[9] 395 490 -19% Kyzyl 264 320 -27% Varvara 161 170 -5%         Mine level metal output, GE Koz[10] 508 513 -1% Kyzyl (gold in concentrate) 347 343 +1% Varvara 161 170 -5%         Safety       LTIFR[11] 0 0 N/M DIS[12] 0 0 N/M Fatalities           Employees 0 0 N/M     Contractors 0 0 N/M         Average headcount 3,884 3,577 +9% RESERVES AND RESOURCES In 2025, Solidcore’s Ore Reserves decreased by 2% y-o-y to 11.9 Moz of GE (2024: 12.1 Moz), on the back of depletion at both Kyzyl and Varvara, which was partially offset by revaluation. The average grade in Ore Reserves declined to 3.0 g/t of GE (2024: 3.2 g/t). Share of Ore Reserves for open-pit mining decreased further by 1 p.p. compared with the previous year and stood at 42% on the back of the planned depletion of the open-pit reserves at Kyzyl as the mine is approaching a shift to the underground mining. The Company’s Mineral Resources (additional to Ore Reserves) increased by 10% y-o-y to 3.8 Moz of GE, mainly due to positive brownfield exploration in close proximity to Varvara and Kyzyl. The average GE grade in Mineral Resources decreased by 12% y-o-y to 2.6 g/t (2024: 3.0 g/t). Exploration activities in 2025 focused on three regions in Kazakhstan, including nine newly granted mineral exploration licences. Throughout the year, the Company held a total of 30 licences, of which four were returned to the government due to unsatisfactory exploration results, thus the number on licences at the year-end was 26. The total licenced area amounted to 81.1 thousand km² including 3.7 thousand km² covered by solid mineral exploration licences and 77.4 thousand km² covered by the licences for geological exploration of subsoil. Ore Reserves reconciliation, GE Moz[13]   Ore Reserves as at 1 January 2025 Depletion Revaluation Ore Reserves as at 1 January 2026 Kyzyl 10.0 -0.4 +0.1 9.7 Varvara 2.2 -0.1 +0.2 2.2 Total 12.1 -0.5 +0.3 11.9   Ore Reserves and Mineral Resources summary1   1 Jan 2026 1 Jan 2025 Change Ore Reserves (Proved + Probable), GE Moz 11.9 12.1 -2% Kyzyl 9.7 10.0 -3% Varvara 2.2 2.2 +3% Average reserve GE grade, g/t 3.0 3.2 -6%         Mineral Resources (Measured + Indicated + Inferred), GE Moz 3.8 3.5 +10% Kyzyl 2.5 2.4 +4% Varvara 1.3 1.0 +24% Average resource GE grade, g/t 2.6 3.0 -12% Ore Reserves and Mineral Resources as at 1 January 20261   Tonnage,Mt GE grade, g/t GE content, Moz Ore Reserves       Proved 28.8 1.5 1.4 Probable 93.6 3.5 10.5 Proved + Probable 122.4 3.0 11.9         Mineral Resources       Measured 6.0 1.3 0.2 Indicated 23.0 2.1 1.5 Measured + Indicated 29.0 1.9 1.8 Inferred 16.1 4.0 2.0 Measured + Indicated + Inferred 45.0 2.6 3.8 Syrymbet Mineral Resources as at 5 October 2018[14]   Tonnage, Mt Grade Content Mineral Resources (Measured + Indicated + Inferred) 99.7 Cu, % Sn, % Cu, Kt Sn, Kt 0.07 0.21 74.4 206.3   HEALTH AND SAFETY There were no fatal accidents, injuries and lost-time incidents in 2025 at Solidcore’s assets. However, near-misses were recorded, emphasising the need for ongoing efforts to ensure safety. Solidcore still took responsive measures by updating risk maps for relevant facilities, providing additional instructions to employees and encouraging contractors to carry out an investigation if the accident involved a contractor’s worker.   2025 2024 Injuries 0 0 LTIFR (per 200,000 hours worked) 0 0 Days off work following accidents 0 0       Contractors     Injuries 0 0 LTIFR (per 200,000 hours worked) 0 0 EMPLOYEES In 2025, our average headcount increased by 9% to 3,884 employees (2024: 3,577), with approximately 38% working on a fly-in/fly-out basis. This growth was driven by the implementation of our development strategy in Kazakhstan, the advancement of Ertis POX and Syrymbet investment projects, and the expansion of our engineering team and other administrative staff in Astana. The voluntary turnover rate stayed the same at the level of 2% in 2025 (2024: 2%). The proportion of women in our workforce increased to 22% in 2025 (2024: 21%). We continue to promote a culture of equal opportunity through training and communication initiatives aimed at eliminating workplace bias, empowering diverse teams, and attracting and retaining talent from different backgrounds. These efforts contributed to a 1% increase in women in leadership positions, reaching 25% in 2025. In addition to addressing gender diversity, we are committed to eliminating discrimination based on age or disability. As part of this effort, we continue to implement our interactive online course on inclusion practices, which provides insights into disability inclusion, highlights workplace bias risks, and promotes best practices for fostering an inclusive work environment. This course has also been incorporated into our employee induction programme.   2025 2024 Change Average headcount 3,884 3,577 +9% Share of female employees 22% 21% +5% Share of female managers 25% 24% +4%         Voluntary turnover 2.0% 2.0% N/A For female employees 1.8% 2.0% -10% For male employees 2.0% 1.9% +5% CLIMATE AND ENERGY In 2025, our combined Scope 1 and Scope 2 emissions increased slightly by 1% year-on-year, primarily reflecting changing mining conditions, longer transportation distances and constraints on direct procurement of low-carbon electricity from grid suppliers. At the same time, emissions intensity per gold equivalent ounce increased by 26% to 1,168 kg CO₂e per oz of GE, driven solely by lower production volumes rather than higher absolute emissions. We remain committed to our climate targets, including a 45% reduction in Scope 1 and Scope 2 emissions by 2030 (from a 2023 baseline) and achieving carbon neutrality by 2050. In 2025, we made significant progress in implementing our Climate Action Plan, investing US$ 24 million in climate and environmental initiatives, compared with US$ 13.1 million in 2024. A key milestone was the commissioning of a 23 MW solar power plant at Varvara in December 2025. This facility represents the first phase of the Varvara Energy Hub and, together with the planned 40 MW gas power plant scheduled for commissioning in late 2026, is expected to cover nearly all of the Varvara processing plant’s electricity demand. In addition, we are evaluating the construction of a further 17 MW solar power plant at another Solidcore operation. We also continued to advance our voluntary afforestation programme in Kazakhstan. In 2025, we afforested 160 hectares near the Varvara site in the Kostanay region, bringing the total planted area to nearly 190 hectares. A further 300 hectares are planned for planting in 2026-2027, alongside the launch of a similar project in the Abai region near Kyzyl in 2026. Overall, we aim to afforest 1,500 hectares of previously non-forested land by 2030, expanding the programme across our operational regions.   2025 2024 Change Energy       Total energy consumed (GJ) 4,338,639 4,186,979 +4% Energy intensity (GJ per Koz of GE produced) 10,995 8,553 +29%         Greenhouse gas (GHG) emissions       Scope 1 GHG emissions (CO2 eq. Kt) 250,890 236,875 +6% Scope 2 GHG emissions (market based, CO2 eq. Kt) 209,896 217,904 -4% Scope 1 + Scope 2 (CO2 eq. Kt) 460,786 454,779 +1% GHG intensity of Scope 1 and Scope 2 emissions (kg of CO2e per oz of GE) 1,168 929 +26% ENVIRONMENT Our Environmental Management System (EMS) is the cornerstone of our approach. All our production sites are certified to the ISO 14001 global standard. Our EMS is supported by specific systems for cyanide and tailings management, as well as internal and external auditing. The monitoring of both water quantity and quality is a key focus within our EMS. Given the predicted physical impacts of climate change on our operations, vigilance in monitoring water risks is crucial for our assets. We strive to continually enhance our water efficiency by employing metering and auditing practices for water consumption, coupled with the meticulous management of the quality of wastewater. The majority of the water we use in ore processing is circulated in closed water cycles. Overall, 91% of our on-site water consumption is via a closed cycle of treated waste water (2024: 96%). We also remain committed to our goal of maintaining fresh drinking water usage for processing per unit of production at a minimum achievable level. In 2025, our fresh drinking water intensity for ore processing increased to 43 m3/1,000 t (2024: 14 m3/1,000 t) due to drier weather conditions. At the same time, our water efficiency and recycling measures ensured that consumption remained within the established target of no more than 58 m3/1,000 t.   2025 2024 Change Water       Fresh water use (th. m3) 1,224 471 +160% Water reused and recycled (th. m3) 11,867 12,187 -3% Total water used (th. m3) 13,092 12,658 +3% Share of water recycled and reused 91% 96% -5% Fresh drinking water use for processing intensity (m3/ Kt of processed ore)[15] 43 14 +201%         Waste       Share of waste recycled (including overburden) 20% 8% +150%   COMMUNITIES We aim to maintain open dialogue with neighbouring communities, ensuring transparent feedback mechanisms in all regions where we operate. In 2025, we responded to all of the 291 enquiries received from locals and held 37 stakeholder engagement events. The outcomes of such engagement inform our social investment programmes. Solidcore’s social investments amounted to US$ 9.1 million in 2025 and were targeted to projects in education, local infrastructure, sports and culture (2024: US$ 9.8 million).   2025 2024 Change Total community investment, US$m 9.10 9.83 -7% Enquiries from communities received and responded to 291 271 +7% Stakeholder meetings and events 37 24 +54% OUTLOOK FOR 2026 In 2026, the Company expects to make further progress in releasing its remaining accumulated metal inventory, advancing the Ertis POX project and completing the feasibility study for the Syrymbet project to inform the Board decision and the go-ahead for construction. Full-year production is expected at 540 Koz of GE. Safety remains a top priority for Solidcore, with a firm commitment to maintaining zero fatalities across operations and among on-site contractors. The Company is dedicated to implementing initiatives that enhance health and safety conditions. At Kyzyl, the Company plans to maintain the stable mine level production and recovery rates achieved in 2025 and continue reducing stripping volumes at the open-pit in preparation for the gradual transition to underground mining. At Varvara, priorities include maintaining stable throughput and production, advancing preparatory works for the development of the Baksy deposit and obtaining a subsoil-use licence for the Elevator project. At Ertis POX, the Company plans to complete the Environmental and Social Impact Assessment (ESIA), finalise Hatch Basic Engineering and Detailed Engineering, and obtain a positive State Expert Review conclusion. Planned activities also include completing the foundations for major facilities, commencing the assembly of structural framework, installing the tank farm and slurry collector, completing temporary and heating infrastructures and the delivery of heavy and main process equipment to the site. At Syrymbet, the Company plans to complete all engineering surveys and advance to full development of the design and working documentation for key project facilities. Studies on gravity separation and the feasibility study are scheduled for completion by the end of 2026, followed by an investment decision. The Company will continue its active exploration efforts in prospective regions of Central and Eastern Kazakhstan, with the objective of expanding its resource base and further diversifying its metals portfolio. The Board will also consider investment decision on the Besshoky copper-porphyry exploration project (Bai Tau Minerals).     FINANCIAL REVIEW market summary Commodity price impetus Throughout 2025, investors continued to seek diversification into safe-haven assets, offloading exposure to heightened geopolitical and geoeconomic risks, a weakening US dollar and elevated equity valuations. These dynamics underpinned strong momentum for gold prices. Metal prices and demand momentum Although global inflationary pressures continued to recede in 2025, market volatility remained elevated due to persistent tariff tensions and an easing, yet-still fragile geopolitical environment. Ongoing military conflicts worldwide fuelled defence expenditures and contributed to inflationary pressures. As a result, gold entered 2025 at an all-time high of US$ 2,625/oz, which later became the lowest point of the year as prices continued to climb. Gold hit a new all-time record on 51 occasions before closing the year at an unprecedented US$ 4,539/oz. The price strength was supported by foreign hedging activity, the risk of further military escalation and tariff-related uncertainty. The average LBMA gold price for 2025 reached US$ 3,439/oz, reflecting a staggering 44% y-o-y increase. Gold demand continued to outperform the strong levels recorded in previous years. For the first time, demand exceeded 4,999 tonnes, representing an 8% increase y-o-y (2024: 4,631 tonnes). Drivers of this strong performance included continued global trade uncertainty stemming from US tariff policies, persistent geopolitical tensions and a lack of investor confidence in the ability of central banking systems to effectively manage economic challenges. Investment demand surged by 84% y-o-y to 2,175 tonnes (2024: 1,185 tonnes), with gold-backed exchange-traded funds (ETFs) contributing over 800 tonnes of additional demand compared with 2024 (2024: net outflow of 2.9 tonnes). Bar and coin investment reached 1,374 tonnes (2024: 1,188 tonnes), the highest level since 2013. Demand from central banks declined by 21% y-o-y to 863 tonnes (2024: 1,092 tonnes), with banks from emerging and frontier markets accounting for the majority of accumulated volumes, as gold reserve accumulation showed sensitivity to elevated metal prices. Nevertheless, accumulation persisted with central banks maintaining a long-term strategic interest in gold. The National Bank of Poland remained the largest purchaser of the year, expanding its reserves by 102 tonnes. In contrast to the prior year, the National Bank of Kazakhstan increased its gold reserves by 57 tonnes, marking its highest level of accumulation since 1993. The Governor of the National Bank of Kazakhstan stated that the central monetary authority would continue net accumulation until global geopolitical tensions eased. Gold demand from the technology sector remained broadly stable at 323 tonnes (2024: 326 tonnes). While cost pressures and weaker economic sentiment in China weighed on mass-market electronics and dentistry, these declines were almost fully offset by the AI-driven technology boom. Record gold prices strongly impacted jewellery volumes, while overall value remained resilient. Global jewellery demand dropped 18% y-o-y to 1,542 tonnes (2024: 1,887 tonnes), reaching a five-year low. In contrast, the total value of jewellery purchases rose by 18% y-o-y to over US$ 172 billion, reflecting a negative correlation with volume. Despite higher prices constraining volumes, underlying consumer appetite remained intact, limited primarily by budgetary considerations. Total gold supply in 2025 increased by 1% to 5,002 tonnes, the highest level since 1970. Strong mine production was supported by robust outputs in Ghana, Canada, Australia and Chile, fully offsetting declines in Argentina, Indonesia, Mexico and Mali, where lower ore grades negatively impacted production. Notably, higher metal prices led to a 3% increase in recycled gold supply, reaching 1,404 tonnes (2024: 1,365 tonnes). The largest y-o-y increases in recycling volumes were recorded in developed economies such as the US, Europe and Japan. In 2025, the net producer hedge book fell to 120 tonnes, the lowest level since 2013. Tin and copper both being essential green transition and industrial metals increased in price in 2025 due to robust demand from EV and renewables sectors and global supply disruptions in key producing regions such as Chile, Peru, Democratic Republic of the Congo and Indonesia. Tin and copper prices at the year-end stood at US$ 40,636/t and US$ 12,453/t respectively, an increase of over 40% y-o-y for both metals. The average annual tin and copper prices rose to US$ 9,957/t and US$ 37,079/t respectively (2024: tin US$ 9,144/t, copper: US$ 30,052/t). Global and local economy The global economy continued to navigate persistent inflation, driven by ongoing geopolitical tensions and uncertainty surrounding US trade policy. Global inflation declined to 5.1% from 6.8% in 2024. The elevated inflation level in 2025 was attributable to higher energy and food prices, supply chain frictions and resilient labour markets sustaining services inflation. In Kazakhstan, inflation increased sharply to 12.3% in 2025 (2024: 8.6%), driven by strong domestic demand and rising energy prices. In response, the National Bank of Kazakhstan adopted a tightening monetary policy stance, conducting several reviews throughout the year. During the year, the base rate increased from 15.25% to 18.00% to curb inflationary pressures, manage strong demand and ensure economic stability. In 2025, Kazakhstan’s GDP grew by 6.5%, primarily driven by expansion in transportation and construction. The mining sector’s contribution to the country’s GDP remained stable at approximately 12% of the economy. Local currency and oil The Kazakhstani tenge (KZT) weakened in early 2025 in line with oil price movements before reversing the trend and appreciating. In the first half of 2025, the KZT traded in the range of 480-530 KZT/US$. However, rising domestic inflation and oil price dynamics eroded the earlier gains, resulting in the KZT/US$ exchange rate depreciating to 549 in August. The average exchange rate for the year was 521 KZT/US$ (2024: 469 KZT/US$). Oil prices trended lower throughout 2025 amid persistent market oversupply and rising global inventories. Buyers remained cautious, with purchasing decisions influenced by expectations of sustained price weakness. Downward pressure was reinforced by subdued global economic growth, easing demand momentum and the gradual unwinding of OPEC+ production restraints. Market implications for Solidcore Gold price and exchange rate The Company’s revenues are denominated in US dollars, while the majority of operating costs are denominated in the local currency, the Kazakhstani tenge. Exchange rate fluctuations, together with price-driven higher MET expenses affected financial results and overall performance. Revenue for 2025 increased by 15% y-o-y to US$ 1.5 billion (2024: US$ 1.3 billion), driven by higher gold prices. Elevated domestic inflation, together with a decrease in payable production, exerted significant pressure on costs, resulting in a substantial increase compared with the previous year. 2026 costs are estimated at US$ 1,350-1,550/GE oz for TCC (15-35% increase y-o-y) and US$ 1,850-2,050/GE oz for AISC (15-30% increase y-o-y). The increase relative to 2025 is driven by higher MET expenses: starting in 2026, at gold prices of US$ 3,800/oz and above, the MET rate will reach its ceiling of 11%, compared with the previous ceiling of 7.5%, under the new Tax Code effective from 1 January 2026. Energy supply constraints Kazakhstan is experiencing an energy supply deficit due to outdated infrastructure and rising demand driven by economic growth. The shortfall is currently covered by importing electricity from neighbouring countries at higher costs. Projections indicate that the energy deficit will widen over the next six years, with the shortfall in domestic electricity generation expected to reach 13.4 billion kWh by 2030. Energy supply constraints directly affect the efficiency of our operations, resulting in higher cash costs. Notably, since 2022, the Varvara Hub has experienced an average annual increase of 18% in grid tariffs. To mitigate the impact of the energy deficit and rising tariffs, we have completed the construction of a 23 MW solar power plant at the Varvara site in the Kostanay region, which is set to become the largest renewable energy facility in northern Kazakhstan. The project will be further expanded to include the construction of a 40 MW flexible gas piston power plant, expected to be commissioned in 2026. The Company also considers the construction of a solar power plant at Kyzyl. These initiatives are expected to significantly reduce our reliance on third-party electricity from coal-fired power plants, lowering dependence on external power sources and mitigating the effects of rising energy tariffs.   Revenue SALES VOLUMES 2025 2024 Change Gold, Koz 408 557 -27% Gold equivalent sold[16], Koz 412 566 -27%     Sales by metal (US$m unless otherwise stated)   2025 2024 Change Volume variance, US$m Price variance, US$m Gold   1,485 1,308 +14% (352) 529 Average realised price[17] US$ /oz 3,658 2,409 +52%     Average LBMA price US$ /oz 3,439 2,389 +44%     Share of revenues   99% 98%       Other metals   15 20 -25%     Share of revenues   1% 2%       Total revenue   1,500 1,328 +13% (362) 534 In 2025, revenue increased by 13% to US$ 1,500 million driven by higher gold prices, which compensated for the lower sales. The latter was attributable to delays in Kyzyl concentrate processing at a third-party POX in H1, however both processing and sales stabilised in H2. The Company’s average realised gold price was US$ 3,658/oz, a y-o-y increase of 52%. Other metals comprising Varvara’s copper concentrate are not meaningful for the consolidated Company’s results.   Revenue, US$m Gold equivalent sold, Koz OPERATION 2025 2024 Сhange 2025 2024 Сhange Kyzyl 892 857 +4% 240 365 -34% Varvara 608 412 +48% 171 172 -0% Corporate and other[18] - 59 N/A - 29 N/A Total revenue 1,500 1,328 +13% 412 566 -27% Kyzyl recorded an increase revenue on the back of favourable gold price dynamics which compensated for the sales disruptions. Likewise, at Varvara, higher prices contributed to a significant growth of revenue amid stable y-o-y sales volume.   COST OF SALES (US$m) 2025 2024 Change         On-mine costs 183 164 +12% Smelting costs 117 114 +3% Mining tax 131 91 +44% Purchase of metal inventories from third parties 92 98 -6% Cash operating costs 523 467 +12%         Depreciation and depletion of operating assets 97 97 - Costs of production 620 564 +10%         Change in metal inventories (107) 56 N/M Idle capacities and abnormal production costs - 1 N/A Total cost of sales 513 621 -17%   CASH OPERATING COST STRUCTURE 2025 2024 US$m Share US$m Share           Services 146 28% 133 28% Mining tax 131 25% 91 19% Consumables and spare parts 106 20% 97 21% Purchase of metal inventories from third parties 92 18% 98 21% Labour 43 8% 40 9% Other expenses 5 2% 8 2% Total cash operating cost 523 100% 467 100% Total cost of sales dropped by 17% to US$ 513 million mostly due to a negative US$ 107 million net change in metal inventory reflecting the cost of concentrate stockpiles accumulated at Kyzyl. At the same time, cash operating costs were up 12% to US$ 523 million driven by: domestic inflation in Kazakhstan of 12.3% affecting cost of services (+10% y-o-y), consumables and spare parts (+9% y-o-y), and labour (+8% y-o-y); and higher MET expenses (+44% y-o-y) on the back of the increase in the market gold price. Purchase of metal inventories from third parties decreased by 6% due to lower purchases of the third-party ore at Varvara, although at a higher unit cost due to the gold price dynamics.   General, administrative and selling expenses (US$m) 2025 2024 Change         Labour 44 37 +19% Services 11 11 - Depreciation 3 2 +50% Share-based compensation - 2 N/M Other 12 13 -8% Total general, administrative and selling expenses 70 65 +8% General, administrative and selling expenses (SGA) increased by 8% to US$ 70 million largely on the back of increase in labour costs, which were up 19% due to annual salary growth tracking inflation and administrative headcount increase. The Company recorded zero share-based compensation costs due to the suspension of the programme. Other operating expenses (US$m) 2025 2024 Change         Taxes, other than MET and income tax 11 7 +57% Social payments 9 13 -31% Exploration expenses 4 8 -50% Other expenses 3 3 - Total other operating expenses 27 31 -13% Other operating expenses dropped by 13% to US$ 27 million driven by lower exploration expenses due to the completion of the exploration programme at the Bakyrchik flanks (Kyzyl) and surface exploration of prospective areas, and high base of social payments in 2024.   TOTAL Cash costs[19] In 2025, total cash costs were US$ 1,138/GE oz, recording 17% y-o-y increase, due to sales deferral at Kyzyl, inflationary pressure and price-driven mining tax increase with some positive KZT depreciation effect. The table below summarises major factors that have affected the Company’s TCC and AISC dynamics y-o-y: RECONCILIATION OF TCC AND AISC MOVEMENTS TCC, US$/oz Change AISC, US$/oz Change Cost per GE oz 2024 971 1,298 KZT rate change (97) -10% (124) -10% Decrease of sales at Kyzyl 139 +14% 172 +13% Domestic inflation 91 +9% 121 +9% Mining tax change 41 +4% 41 +3% Sustaining CAPEX per ounce increase - +0% 29 +2% Other (6) -1% (4) -0% Cost per GE oz 2025 1,138 +17% 1,532 +18% Total cash cost by segment/operation   Cash cost per GE oz, US$/GE oz Gold equivalent sold, Koz OPERATION 2025 2024 Change 2025 2024 Change Kyzyl 839 777 +8% 240 365 -34% Varvara 1,556 1,383 +13% 171 172 -0% Total TCC 1,138 971 +17% 412 537 -23% Cost dynamics at the mines were affected by inflationary headwinds and a price-linked increase in MET expenses: at Kyzyl TCC were up 8% to US$ 839/GE oz; and at Varvara it was combined with higher price of the purchased ore driven by gold prices and lower grade resulting in a TCC increase of 13% to US$ 1,556/GE oz. Analysis of H2 2025 versus H1 2025 performance:   Cash cost per GE oz, US$ /oz Gold equivalent sold, Koz OPERATION H2 2025 H1 2025 Change H2 2025 H1 2025 Change Kyzyl 795 1,179 -33% 216 24 +802% Varvara 1,579 1,543 +2% 91 80 +14% Total TCC 1,138 1,458 -22% 308 104 +196% In H2 2025, TCC were 22% lower versus H1 2025 as processing of Kyzyl concentrate at a third-party facilities and Dore sales stabilised after the disruption in H1.     ALL-IN SUSTAINING AND all-in cash costs[20] All-in sustaining cash costs were up 18% y-o-y at US$ 1,532/GE oz, an increase on par with TCC dynamics. AISC by operations were driven by same factors and were as follows: All-in sustaining cash costs by segment/operation (US$/GE oz) 2025 2024 Change Kyzyl 1,000 993 +1% Varvara 2,035 1,765 +15% Total AISC 1,532 1,298 +18% AISC at Kyzyl was largely stable y-o-y given the decrease in sustaining CAPEX attributable to the higher base of 2024 when a planned scheduled fleet renewal took place. Varvara’s AISC dynamics was in turn affected by an increase in sustaining CAPEX due to new tailings storage facility construction, railroad spur construction at Komar and fleet upgrade. RECONCILIATION OF ALL-IN COSTS[21] Total, US$m US$/GE oz 2025 2024 Change 2025 2024 Change Cost of sales, excluding depreciation, depletion and write-down of inventory to net realisable value (Note 5 of financial statements) 433 463 -6% 1,051 862 +22% Adjusted for:             Idle capacities - (1) N/A - (2) N/A Treatment charges deductions reclassification to cost of sales 6 24 -75% 14 45 -69% SGA expenses, excluding depreciation, amortisation and share-based compensation (Note 5 of financial statements) 30 35 -14% 73 65 +12% Total cash costs 469 521 -10% 1,138 971 +17% Corporate SGA expenses and other operating expenses 59 56 +6% 143 103 +39% Capital expenditure excluding development projects 72 75 -4% 176 140 +26% Exploration expenditure (capitalised) - 1 N/M - 1 N/M Capitalised stripping 31 44 -30% 75 82 -9% All-in sustaining cash costs 631 697 -9% 1,532 1,298 +18% Net finance income (22) (9) +144% (53) (18) +194% Capitalised interest 4 3 +51% 10 5 +100% Income tax paid 199 116 +72% 482 215 +124% After-tax all-in cash costs 812 807 +1% 1,971 1,502 +31% Capital expenditure for development projects 152 88 +73% 369 163 +126% SGA and other expenses for development assets 5 2 +221% 12 3 +300% All-in costs 969 897 +8% 2,352 1,669 +41% Adjusted EBITDA[22] and EBITDA margin (US$m) 2025 2024 Change Profit for the year 662 533 +24% Net finance loss/(income) (22) (9) +144% Income tax expense 199 116 +72% Depreciation and depletion 83 99 -16% EBITDA 922 739 +25%         Net foreign exchange loss/(gain) 16 (31) N/M Impairment losses on financial assets 2 - N/A Impairment of non-current assets, net - 2 N/M Share-based compensation - 2 N/M Change in fair value of contingent consideration liability 32 - N/A Adjusted EBITDA 972 712 +36% Adjusted EBITDA margin 65% 54% +11% Adjusted EBITDA per GE oz 2,359 1,259 +87% Adjusted EBITDA by segment/operation (US$m) 2025 2024 Change Kyzyl 687 577 +19% Varvara 332 168 +98% Attributable corporate and other costs (47) (33) +39% Total Adjusted EBITDA 972 712 +37% Adjusted EBITDA was US$ 972 million, 37% higher y-o-y, with an adjusted EBITDA margin of 65%, reflecting the increase in the average realised price of gold. Other income statement items In 2025, Solidcore recorded a net foreign exchange loss of US$ 16 million (2024: exchange gain of US$ 31 million) attributable to the revaluation of non-USD denominated loans, current accounts and deposits. The Company does not use any hedging instruments for managing foreign exchange risk, other than a natural hedge arising from the fact that the majority of the Company’s revenue is denominated or calculated in US dollars. Change in fair value of financial instruments of US$ 32 million was related to an early termination and release of the royalty liability. Net finance income in 2025 was US$ 22 million (2024: US$ 9 million) due to a reduction in gross debt and higher interest income from the Company’s cash and cash equivalents. Income tax expense was US$ 199 million (2024: US$ 116 million) charged at an effective tax rate of 23% (2024: 18%). An increase was attributable to the loss related to revaluation of the terminated royalty which is not deductible for the taxation purposes.   Net earnings, earnings per share In 2025, Solidcore had a net profit of US$ 662 million, compared to US$ 533 million net profit in 2024. The underlying net earnings were US$ 701 million, compared to US$ 499 million in 2024. Reconciliation of underlying net earnings[23]   (US$m) 2025 2024 Change Profit for the year 662 533 +24% Foreign exchange (gain)/loss 16 (31) N/M Change in fair value of deferred consideration liability 32 - N/A Impairment of non-current assets, net - 2 N/A Tax effect on foreign exchange (gain)/loss (3) (5) -36% Tax effect on change in fair value of deferred consideration (6) - N/A Underlying net earnings 701 499 +40% Basic earnings per share (EPS) was US$ 1.40 (2024: US$ 1.13), underlying EPS[24] was US$ 1.48 (2024: US$ 1.05). Capital expenditurE[25] (US$m) Sustaining Development Capital stripping and underground development Total 2025 Total 2024 Ertis POX - 128 - 128 88 Kyzyl 25 - 3 28 63 Varvara 45 - 28 73 57 Corporate and other 2 24 - 26 - Total capital expenditure 72 152 31 255 208 In 2025, total capital expenditure was US$ 255 million[26], below the initial guidance of US$ 300 million as some Ertis POX purchases were carried over to 2026. A y-o-y increase of 23% is predominantly attributable to investments into the more advanced stages of the Ertis POX development. The major capital expenditure items in 2025 were as follows: Development projects: Capital expenditure of US$ 128 million was related to investments into the Ertis POX development (base engineering, autoclave transportation, construction of temporary buildings and structures, etc.). US$ 24 million was allocated to other projects including solar and gas power plant construction at Varvara, ZhanaLab laboratory, Baksy mine. Sustaining CAPEX totalled US$ 72 million (2024: US$ 75 million), comprising: US$ 25 million (2024: US$ 37 million) at Kyzyl including scheduled technical upgrades and expansion of the tailings storage facility. US$ 45 million (2024: US$ 38 million) at Varvara was mainly represented by the construction of the new tailing storage facility, railroad spur construction and fleet upgrade. Capitalised stripping was US$ 31 million (2024: US$ 44 million). Capitalised stripping at Kyzyl was lower y-o-y due to the gradual and systematic reduction of open-pit mining operations, while at Varvara an increase was recorded on the back of resource model adjustments at Komar. Cash flows As required by IFRS 5, cash flows include amounts of discontinued operations, unless otherwise stated. (US$m) 2025 2024 Change Operating cash flows       Operating cash flows before changes in working capital 803 785 +2% Changes in working capital (200) 38 N/M Total operating cash flows 603 823 -27% Continuing operations 603 650 -7% Discontinued operations - 173 N/A         Investing cash flows       Capital expenditure (255) (279) -9% Net cash outflow on investment in time deposits (105) - N/A Net change in loans advanced (32) (177) N/M Net cash outflow on acquisition of financial assets (15) - N/A Net cash outflow on disposal of subsidiaries - (215) N/A Investments in joint ventures - (82) N/A Other - (6) N/A Total investing cash flows (407) (759) -46% Continuing operations (407) (393) +4% Discontinued operations - (366) N/A         Financing cash flows       Purchase of shares through mandatory buyback (79) - N/A Net changes in gross debt (55) (180) -69% Deferred consideration paid (46) - N/A Repayments of principal under lease liabilities (1) (1) - Total financing cash flows (181) (181) - Continuing operations (181) (176) +3% Discontinued operations - (5) N/A         Net increase/(decrease) in cash and cash equivalents 15 (117) N/M Cash and cash equivalents at the beginning of the year 696 842 -17% Effect of foreign exchange rate changes on cash and cash equivalents 20 (29) N/M Cash and cash equivalents at the end of the year 731 696 +5% In 2025, the Company generated solid operating cash flow of US$ 603 million supported by strong adjusted EBITDA although lower y-o-y on the back of concentrate inventories accumulation. US$ 255 million was allocated to capital expenditure, including US$ 128 million invested into Ertis POX development. Free cash flow (FCF)[27] amounted to US$ 348 million (2024: US$ 435 million) which was further distributed to the following investing activities: Placement of US$ 105 million of cash into a short-term (up to 12 months) deposit which was made to enhance returns amid declining deposit rates; Net cash outflow on acquisition of financial assets represented by US$ 15 million acquisition of 10.7% stake in Besshoky project in Karaganda region, consisting of main exploration contracts and several exploration licences for the adjacent areas; and US$ 22 million of loans advanced to Bai Tau Minerals to finance exploration programme at prospective areas within the licence portfolio and metallurgical studies. As a result, FCF post-M&A and liquidity placement was US$ 196 million (2024: US$ 548 million). From this: US$ 79 million allocated for the mandatory buyback of ordinary shares blocked in Euroclear, that were not tendered into the Final Exchange Offer[28]; US$ 55 million for the repayment of debt; and US$ 46 million – early repayment of the royalty liability. Total cash and cash equivalents at the end of 2025 stood at US$ 731 million. Reconciliation of FCF post-M&A1 (US$m) 2025 2024 Change Net operating cash flow 603 650 -7% Capital expenditure (255) (208) +23% Other - (7) N/M FCF from continuing operations 348 435 -20% M&A and other investments[29] (152) (178) -15% Proceeds from divestment of Russian business retained by continuing operations - 300 N/M Other - (9) N/M FCF post-M&A from continuing operations 196 548 -64%     balance sheet, Liquidity and funding NET DEBT[30] (US$m) As at 31 December 2025 As at 31 December 2024 Change Short-term debt and current portion of long-term debt 105 179 -41% Long-term debt 162 143 +13% Gross debt 267 322 -17% Less: cash and cash equivalents 731 696 +5% Net cash (464) (374) +24% Adjusted EBITDA 972 712 +37% Net cash / Adjusted EBITDA (0.48x) (0.53x) -9% Due to strong cash inflow from ongoing operations, the Company recorded a net cash position of US$ 464 million versus a net cash position of US$ 374 million as at the end of 2024. Gross debt stood at US$ 267 million versus US$ 322 million as at the end of 2024 due to the scheduled repayments. Long-term borrowings comprised 61% of total borrowings. The average effective cost of debt in 2025 was 5.7%. 62% of available cash balances of US$ 731 million is denominated in hard currency. In addition, Solidcore had US$ 135 million of undrawn credit lines, US$ 105 million in short-term deposit demonstrating strong liquidity position. The Company is confident in its ability to repay its existing borrowings as they fall due. INVENTORY Inventory levels decreased by US$ 30 million to US$ 339 million in H2 2025 on the back of the release of the Kyzyl concentrate inventories and work-in-progress at Amursk POX. (US$m) 31 Dec 2025 Change 30 June 2025 31 Dec 2024 Metal in circuit 167 -50 217 73 Ore stock piles 101 +14 87 83 Doré 2 -5 7 8 Consumables and spare parts 59 +1 58 55 Refined metals 10 +10 - - Total inventory 339 -30 369 219 Payable metals in inventory accumulated at 31 December 2025 were as follows: (GE Koz) 31 Dec 2025 Change 30 June 2025 31 Dec 2024 Metal in circuit 157 -101 258 85 Ore stock piles 152 -8 160 173 Doré 1 -3 4 6 Refined metals 10 +10 - - Total inventory 320 -102 422 264   PRINCIPAL RISKS AND UNCERTAINTIES There are several potential risks and uncertainties which could have a material impact on the Company’s performance and could cause actual results to differ materially from expected and historical results. The principal risks and uncertainties facing the Company are categorised as follows:    Operational risks: Production risk Construction and development risk Supply chain risk Exploration risk    Sustainability risks: Health and safety risk Environmental risk Human capital risk    Political and social risks: Legal and compliance risk Political risk Taxation risk    Financial risks: Market risk Currency risk Liquidity risk A detailed explanation of these risks and uncertainties can be found on pages 92 to 101 of the 2024 annual report which is available at https://www.solidcore-resources.com/en/. The Board acknowledged the concentrate sales deferral at Kyzyl during H1 2025, which was partially reversed in the second half of the year and assessed its impact on the Group’s financial and liquidity position. It was further noted that the Group assumes it has successfully adapted its sales routes, ensuring that net cash flows generated remain accessible within the Group; however, there can be no assurance that similar disruptions will not occur in the future. The Board also noted that the Group remains focused on advancing the full-scale construction of the Ertis POX facility, which is expected to reduce reliance on third-party concentrate offtake over the medium term. In addition, subject to market conditions and logistical stability, the Group expects a substantial portion of accumulated concentrate inventories to be released during 2026, supporting the normalisation of cash flow generation. The directors note that, aside from this matter, the principal risks and uncertainties are largely unchanged from those set out in the annual report for the year ended 31 December 2024 and continued to apply to the Company for the 2025 financial year. During 2025, exploration, market, and currency risks partially materialised due to mine depletion and heightened KZT/USD exchange rate volatility. While a new progressive Mineral Extraction Tax regime was adopted in Kazakhstan during the year, effective from 2026, it did not impact the Company’s financial performance in 2025. Further updates will be presented in the full annual financial report for 2025. GOING CONCERN In assessing its going concern status, the Company has taken account of its financial position, anticipated future trading performance, its borrowings and other available credit facilities, its forecast compliance with covenants on those borrowings and capital expenditure commitments and plans. The Board is satisfied that the Company’s forecasts and projections, having taken account of reasonably possible changes in trading performance, show that the Company has adequate resources to continue in operational existence for at least the next 12 months from the date of this report and that it is appropriate to adopt the going concern basis in preparing these consolidated financial statements.   DIRECTORS’ RESPONSIBILITY STATEMENT Directors are responsible for the preparation of the consolidated financial statements that present fairly the financial position of Solidcore Resources plc (the Company) and its subsidiaries (the Group) as of 31 December 2025, and the results of its operations, cash flows and changes in equity for the year then ended, in compliance with IFRS Accounting Standards (IFRS). In preparing the consolidated financial statements, directors are responsible for: properly selecting and applying accounting policies; presenting information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information; providing additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the Group’s consolidated financial position and financial performance; and making an assessment of the Group’s ability to continue as a going concern. Directors also are responsible for: designing, implementing and maintaining an effective and sound system of internal controls throughout the Group; maintaining adequate accounting records that are sufficient to show and explain the Group’s transactions and disclose with reasonable accuracy at any time the consolidated financial position of the Group, and which enable them to ensure that consolidated financial statements of the Group comply with IFRS; taking such steps as are reasonably available to them to safeguard the assets of the Group; and preventing and detecting fraud and other irregularities. These consolidated financial statements were approved and authorised for issue by the Board of Directors on 18 March 2026 and signed on its behalf by Omar Bahram Chairman of the Board of Directors Vitaly Nesis Group Chief Executive Officer   FINANCIAL STATEMENTS SOLIDCORE RESOURCES PLC CONSOLIDATED INCOME STATEMENT        Year ended    Year ended   Note   31 December 2025   31 December 2024       US$m   US$m Continuing operations           Revenue 6   1,500   1,328 Cost of sales 7   (513)   (621) Gross profit     987   707             General, administrative and selling expenses 11   (70)   (65) Other operating expenses, net 12   (27)   (31) Impairment of non-current assets 19   -   (2) Share of loss in joint ventures     (1)   - Operating profit 19   889   609             Foreign exchange (loss)/gain, net     (16)   31 Change in fair value of financial instruments     (32)   - Impairment losses on financial assets     (2)   - Finance costs 27   (21)   (21) Finance income     43   30 Profit before income tax from continuing operations     861   649   16         Income tax     (199)   (116) Profit for the year from continuing operations 15   662   533             Discontinued operations           Net loss from discontinued operations     -   (2,045) Net profit/(loss) 17   662   (1,512)             Profit/(loss) for the year attributable to:           Equity shareholders of the Parent     662   (1,512)       662   (1,512) Earnings per share for continuing operations (US$) 4         Basic     1.40   1.13 Diluted     1.40   1.13             Loss per share for discontinued operations (US$)           Basic     -   (4.32) Diluted     -   (4.32)   29         Earnings/(loss) per share for continuing and discontinued operations (US$)           Basic 29   1.40   (3.19) Diluted     1.40   (3.19)       SOLIDCORE RESOURCES PLC CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME        Year ended    Year ended    Note   31 December 2025   31 December 2024       US$m   US$m             Profit/(loss) for the year     662   (1,512) Other comprehensive income/(loss), net of income tax     104   772 Items that will not be reclassified subsequently to profit or loss           Fair value gain arising on equity investments designated at FVOCI 27   11   - Effect of translation to presentation currency[31]     96   (207)             Items that may be reclassified to profit or loss           Fair value loss arising on hedging instruments during year     (3)   (3) Exchange differences on translating foreign operations 27   -   (2) Currency translation recycling on disposal of foreign operation[32]     -   984 Total comprehensive income/(loss) for the year     766   (740)   4         Total comprehensive income/(loss) for the year attributable to:     766   (740) Equity shareholders of the Parent     766   (740)                 SOLIDCORE RESOURCES PLC CONSOLIDATED STATEMENT OF FINANCIAL POSITION   Note   31 December 2025   31 December 2024 Assets     US$m   US$m             Property, plant and equipment 18   1,034   819 Right-of-use assets     -   2 Investments in associates and joint ventures     82   80 Non-current inventories 19   44   41 Non-current accounts receivable and other financial assets     161   129 Non-current financial assets at fair value 20   28   5 Deferred tax assets     7   5 Total non-current assets 21   1,356   1,081             Current inventories 27   295   178 Prepayments to suppliers     48   34 Income tax prepaid 17   9   12 VAT receivable     70   42 Accounts receivable and other financial assets     85   26 Time deposits with original maturities greater than three months     105   - Cash and cash equivalents 20   731   696 Total current assets     1,343   988             Total assets     2,699   2,069             Liabilities and shareholders' equity 21                     Non-current borrowings 27   (162)   (143) Deferred consideration liabilities     -   (16) Provisions 31   (37)   (40) Non-current lease liabilities     -   (2) Deferred tax liabilities     (37)   (47) Total non-current liabilities     (236)   (248)             Accounts payable and accrued liabilities     (66)   (68) Current borrowings     (105)   (179) Income tax payable     (30)   (25) Other taxes payable 22   (55)   (31) Current provisions     (5)   (2) Current lease liabilities 27   -   (1) Total current liabilities     (261)   (306) Total liabilities 23   (497)   (554) NET ASSETS     2,202   1,515             Share capital 17   14   14 Share premium     2,436   2,436 Treasury shares     (79)   - Share-based compensation reserve     -   4 Cash flow hedging reserve 24   2   5 Fair value reserve     11   - Translation reserve 22   (1,192)   (1,288) Retained earnings     1,010   344 Total equity     2,202   1,515             Total liabilities and shareholders’ equity     (2,699)                         (2,069)     SOLIDCORE RESOURCES PLC CONSOLIDATED STATEMENT OF CASH FLOWS       Year ended   Year ended[33]       31 December 2025   31 December 2024 Note US$m   US$m             Net cash generated by operating activities 31   603   823 Relating to:           Continuing operations     603   650 Discontinued operations     -   173             Cash flows from investing activities           Purchases of property, plant and equipment     (255)   (279) Acquisition of interest in joint venture     -   (82) Net cash outflow on acquisition of financial assets 19   (15)   - Net cash outflow on investment in time deposits     (105)   - Net cash outflow on disposal of subsidiaries 27   -   (215) Net cash outflow on asset acquisitions2     -   (6) Loans advanced 27   (44)   (193) Repayment of loans provided     12   16   4         Net cash used in investing activities     (407)   (759) Relating to:           Continuing operations     (407)   (393) Discontinued operations     -   (366)             Cash flows from financing activities           Borrowings obtained     135   359 Repayments of borrowings     (190)   (539) Repayments of principal under lease liabilities     (1)   (1) Purchase of shares through mandatory buyback     (79)   - Deferred consideration released 31   (46)   - Net cash used in financing activities     (181)   (181)   31         Continuing operations     (181)   (176) Discontinued operations 31   -   (5)             Net increase/(decrease) in cash and cash equivalents 29   15   (117) Cash and cash equivalents at the beginning of the year     696   842 Effect of foreign exchange rate changes on cash and cash equivalents 27   20   (29) Cash and cash equivalents at the end of the financial year     731   696       SOLIDCORE RESOURCES PLC CONSOLIDATED STATEMENT OF CHANGES IN EQUITY   Note Stated capital account Share capital Share premium Treasury shares Share-based compensation reserve Cash flow hedging reserve Fair value reserve Translation reserve Retained earnings Total equity     US$m US$m US$m US$m US$m US$m US$m US$m US$m US$m                         Balance at 1 January 2024   - 14 2,436 - 33 8 - (2,063) 1,825 2,253 Loss for the financial year   - - - - - - - - (1,512) (1,512) Other comprehensive income/(loss), net of income tax   - - - - - (3) - 775 - 772 Total comprehensive income/(loss)   - - - - - (3) - 775 (1,512) (740) Share-based compensation   - -  -  - 2 - - - - 2 Transfer to retained earnings 29 - -  -  - (31) - - - 31 - Balance at 31 December 2024   - 14 2,436 - 4 5 - (1,288) 344 1,515                         Profit for the financial year   - - - - - - - - 662 662 Other comprehensive income/(loss), net of income tax   - - - - - (3) 11 96 - 104 Total comprehensive income/(loss)   - - - - - (3) 11 96 662 766 Purchase of shares through mandatory buyback   - - - (79) - - - - - (79) Transfer to retained earnings 29 -  -  - - (4) - - - 4 - Balance at 31 December 2025   - 14 2,436 (79) - 2 11 (1,192) 1,010 2,202     1.          GENERAL Corporate information Solidcore Resources plc (the “Company”) is a public limited company domiciled in Kazakhstan and incorporated in the Astana International Financial Centre (AIFC). The registered office is 1306 Office, 13th Floor, 10 Dinmukhamed Qonayev Street, Esil District, Astana, 010000, Kazakhstan. The consolidated financial statements comprise the Company and its subsidiaries (together, the “Group”). The Group’s principal activities are gold mining and related processing in Kazakhstan. Solidcore Resources plc (the Company) is the ultimate parent entity of the Solidcore Resources Group. The Company was incorporated on 29 July 2010 as a public limited company under Companies (Jersey) Law 1991 as Polymetal International plc. On 8 August 2023, the Group completed the re-domiciliation of the Company from Jersey to the Astana International Financial Centre (AIFC) in Kazakhstan. During the year ended 31 December 2024 the Group completed the divestment of its Russian business through sale of 100% share of JSC Polymetal (Polymetal Russia) (Note 4) and was delisted from the Moscow Exchange. The Company changed its name on 11 June 2024 following the sale of Polymetal Russia, which retained its former name. Significant subsidiaries As of 31 December 2025, the Company held the following significant mining and production subsidiaries:         Effective interest held, % Name of subsidiary Deposits and production facilities Segment Country of incorporation 31 December2025   31 December 2024               Varvarinskoye LLC Varvara Varvara Kazakhstan 100   100 Bakyrchik Mining Venture LLC Kyzyl Kyzyl Kazakhstan 100   100 Komarovskoye Mining Company LLC Komar Varvara Kazakhstan 100   100 Ertis Hydrometallurgical Plant LLC Ertis POX Corporate and other Kazakhstan 100   100 The Company also holds a 55% interest in the joint venture Tin One ("Syrymbet"). Going concern  In assessing its going concern status, the Group has taken account of its financial position, anticipated future trading performance, its borrowings and other available credit facilities, its forecast compliance with covenants on those borrowings and capital expenditure commitments and plans. The Board is satisfied that the Group’s forecasts and projections, having taken account of reasonably possible changes in trading performance, show that the Group has adequate resources to continue in operational existence for at least the next 12 months from the date of this report and that it is appropriate to adopt the going concern basis in preparing these consolidated financial statements. Basis of presentation The Group’s annual consolidated financial statements for the year ended 31 December 2025 are prepared in accordance with IFRS accounting standards (IFRS) as issued by the International Accounting Standards Board (IASB). The financial statements have been prepared on the historical cost basis, except for certain financial instruments which are measured at fair value as of end of the reporting period and share-based payments which are recognised at fair value as of the measurement date. New standards and amendments applicable for the current periods Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates titled Lack of Exchangeability: specify how to assess whether a currency is exchangeable, and how to determine the exchange rate when it is not. The amendments do not have a material impact on the Group. New standards or amendments issued but not yet effective At the date of authorisation of these consolidated financial statements, the Group has not applied the following new and revised IFRS Accounting Standards that have been issued but are not yet effective: IFRS 18 Presentation and Disclosures in Financial Statements; IFRS 19 Subsidiaries without Public Accountability: Disclosures; Amendments IFRS 9 and IFRS 7 regarding the classification and measurement of financial instruments; Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency; Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures; Contracts Referencing Nature-dependent Electricity – Amendments to IFRS 9 and IFRS 7 (issued on 18 December 2024); and Annual Improvements to IFRS Accounting Standards – Volume 11. The Group is in the process of determining the impact of these standards on its consolidated financial statements. IFRS 18 Presentation and Disclosure in Financial Statements In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new. The standard requires disclosure of newly defined management-defined performance measures, subtotals of income and expenses, and it also includes new requirements for aggregation and disaggregation of financial information based on the identified ‘roles’ of the primary financial statements (PFS) and the notes. In addition, narrow-scope amendments have been made to IAS 7 Statement of Cash Flows, which include changing the starting point for determining cash flows from operations under the indirect method, from ‘profit or loss’ to ‘operating profit or loss’ and removing the optionality around classification of cash flows from dividends and interest. In addition, there are consequential amendments to several other standards. IFRS 18, and the amendments to the other standards, are effective for reporting periods beginning on or after 1 January 2027, but earlier application is permitted and must be disclosed. IFRS 18 will apply retrospectively. The Group is currently working to identify all impacts the amendments will have on the primary financial statements and notes to the financial statements. The initial expected material impacts on the Group’s financial statements are, as follows: Share of loss in joint ventures and finance income will be classified in the investing category within the statement of profit or loss. Foreign exchange (loss)/gain, net will be classified in the category where the related income and expense form the item giving rise to the foreign exchange difference (e.g., operating for transaction-related forex on mining operations, or financing for borrowing-related forex). Change in fair value of financial instruments (e.g., derivatives or deferred consideration) will be classified based on the nature of the instrument (e.g., investing for equity investments or financing for debt-related items). New disclosures will be added: (a) management-defined performance measures; (b) specified expenses by nature; and (c) a reconciliation for each line item in the statement of profit or loss between the restated amounts presented applying IFRS 18 and the amounts previously presented applying IAS 1. Interest received and interest paid will be classified in the investing activities and financing activities, respectively, on the statement of cash flows. IFRS 19 Subsidiaries without Public Accountability: Disclosures In May 2024, the IASB issued IFRS 19, which allows eligible entities to elect to apply its reduced disclosure requirements while still applying the recognition, measurement and presentation requirements in other IFRS accounting standards. To be eligible, at the end of the reporting period, an entity must be a subsidiary as defined in IFRS 10, cannot have public accountability and must have a parent (ultimate or intermediate) that prepares consolidated financial statements, available for public use, which comply with IFRS accounting standards. IFRS 19 will become effective for reporting periods beginning on or after 1 January 2027, with early application permitted. As the Group’s equity instruments are publicly traded, it is not eligible to elect to apply IFRS 19. 2.          MATERIAL ACCOUNTING POLICIES Basis of consolidation Subsidiaries The consolidated financial statements of the Group include the financial statements of the Company and its subsidiaries, from the date that control effectively commenced until the date that control effectively ceased. Control is achieved where the Company is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Income and expenses of subsidiaries acquired or disposed of during the period are included in the consolidated income statement from the effective date of acquisition and up to the effective date of disposal, as appropriate. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the Group. All intragroup balances, transactions and any unrealised profits or losses arising from intragroup transactions are eliminated on consolidation. When the Group loses control of a subsidiary, the profit or loss from the disposal is calculated as the difference between 1) the aggregated fair value of the consideration received and the fair value of any retained interest and 2) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and non-controlling interests. Business combinations IFRS 3 Business Combinations applies to a transaction or other event that meets the definition of a business combination. When acquiring new entities or assets, the Group applies judgement to assess whether the assets acquired and liabilities assumed constitute an integrated set of activities, whether the integrated set is capable of being conducted and managed as a business by a market participant, and thus whether the transaction constitutes a business combination, using the guidance provided in the standard. Acquisition of mining licences The acquisition of mining licences is often affected through a non-operating corporate entity. As these entities do not represent a business, it is considered that the transactions generally do not meet the definition of a business combination and, accordingly, the transaction is usually accounted for as the acquisition of an asset. The net assets acquired are accounted for at cost. Where asset acquisition is achieved in stages net assets acquired are accounted for as the sum of cost of the original interest acquired and the cost of additional interest acquired. Investments in associates and joint ventures An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint arrangement. Significant influence constitutes the power to participate in the financial and operating policy decisions of the investee but does not extend to control or joint control over the enactment of those policies. The results and assets and liabilities of associates are incorporated in the consolidated financial statements using the equity method of accounting. A joint arrangement is defined as an arrangement of which two or more parties have joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. A joint operation is a joint arrangement in which the parties that share joint control have rights to the assets, and obligations for the liabilities, relating to the arrangement. This includes situations where the parties benefit from the joint activity through a share of the output, rather than by receiving a share of the results of trading. In relation to its interest in a joint operation, the Group recognises: its share of assets and liabilities; revenue from the sale of its share of the output and its share of any revenue generated from the sale of the output by the joint operation; and its share of expenses. A joint venture is a joint arrangement in which the parties that share joint control have rights to the net assets of the arrangement and is accounted for using the equity accounting method. When entering in a new joint arrangement, the Group applies judgement to assess whether the parties that have joint control over the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement (joint operation) or rights to the net assets of the arrangement (joint venture), using the guidance provided in the standard. When a joint arrangement has been structured through a separate vehicle, consideration has been given to the legal form of the separate vehicle, the terms of the contractual arrangement and, when relevant, other facts and circumstances. Equity method of accounting Under the equity method, an investment in an associate or a joint venture is initially recognised in the consolidated balance sheet at cost and adjusted thereafter to recognise the Group's share of the profit or loss and other comprehensive income of the investee. When the Group's share of the losses of an associate or a joint venture exceeds the Group's interest in that entity, the Group ceases to recognise its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the investee. Any excess of the cost of acquisition over the Group's share of the net fair value of the identifiable assets, liabilities and contingent liabilities of an investee at the date of acquisition is recognised as goodwill, which is included within the carrying amount of the investment. Any excess of the Group's share of the net fair value of the identifiable assets, liabilities and contingent liabilities over the cost of acquisition, after reassessment, is recognised immediately in profit or loss. The requirements of IAS 28 Investments in Associates and Joint Ventures are applied to determine whether any indicators that the interest in an associate or a joint venture may be impaired. Where an indicator of impairment exists or the carrying value of the asset contains goodwill with an indefinite useful life, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with IAS 36 Impairment of Assets as a single cash generating unit through the comparison of its recoverable amount (the higher of value in use and fair value less costs to sell) with its carrying amount. Any impairment loss recognised forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognised in accordance with IAS 36 Impairment of Assets. When a Group entity transacts with its investees, profits and losses resulting from the transactions with the investee are recognised in the Group's consolidated financial statements only to the extent of interests in the associate or the joint venture that are not related to the Group. Functional and presentation currency The functional currency for each entity in the Group is determined as the currency of the primary economic environment in which it operates. The functional currency of the Group’s entities located and operating in Kazakhstan (Varvarinskoye LLC, Bakyrchik Mining Venture LLC, Komarovskoye Mining Company LLC, Ertis Hydrometallurgical Plant LLC) is the Kazakhstani tenge (KZT, changed from US$ on 1 August 2023). Amounts are rounded to the nearest US$ million unless otherwise indicated. The Group has chosen to present its consolidated financial statements in the US dollars (US$), as management believes it is the most useful presentation currency for international users of the consolidated financial statements of the Group as being common presentation currency in the mining industry. Translation of the financial statements of the Group entities from their functional currencies to the presentation currency is performed as follows: all assets and liabilities are translated at closing exchange rates at each reporting period end date; all income and expenses are translated at the average exchange rates for the periods presented, except for significant transactions that are translated at rates on the date of such transactions; resulting exchange differences are recognised in other comprehensive income and presented as movements relating to the effect of translation to the Group’s presentation currency within the Translation reserve in the statement of change in equity; and in the consolidated statement of cash flows, cash balances at the beginning and end of each reporting period presented are translated using exchange rates prevalent at those respective dates. All cash flows in the period are translated at the average exchange rates for the periods presented, except for significant transactions that are translated at rates on the date of transaction. Resulting exchange differences, if any, are presented as Effect of foreign exchange rate changes on cash and cash equivalents. On the disposal of a foreign operation (i.e. a disposal of the Group's entire interest in a foreign operation, or a disposal involving loss of control over a subsidiary that includes a foreign operation, a disposal involving loss of joint control over a jointly controlled entity that includes a foreign operation, or a disposal involving loss of significant influence over an associate that includes a foreign operation), all of the exchange differences accumulated in equity in respect of that operation attributable to the owners of the Company are reclassified to profit or loss. In the case of a partial disposal that does not result in the Group losing control over a subsidiary that includes a foreign operation, the proportionate share of accumulated exchange differences are reattributed to non-controlling interests and are not recognised in the consolidated income statement. For all other partial disposals (i.e. reductions in the Group's ownership interest in associates or jointly controlled entities that do not result in the Group losing significant influence or joint control), the proportionate share of the accumulated exchange differences is reclassified to the consolidated income statement. Goodwill and fair value adjustments on identifiable assets and liabilities acquired arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the rate of exchange prevailing at the end of each reporting period. Exchange differences arising are recognised in equity. The Group translates its income and expenses in presentation currency on a monthly basis at the monthly average rate. During the years ended 31 December 2025 and 2024 exchange rates used in the preparation of the consolidated financial statements were as follows:   Kazakhstani tenge/US dollar     31 December 2025   Period ended 502.57 Average 521.37 Maximum monthly rate 540.75 Minimum monthly rate 499.36     31 December 2024   Period ended 523.54 Average 469.11 Maximum monthly rate 519.74 Minimum monthly rate 441.87 Foreign currency transactions Transactions in currencies other than an entity’s functional currencies (foreign currencies) are recorded at the exchange rates prevailing on the dates of the transactions. All monetary assets and liabilities denominated in foreign currencies are translated at the exchange rates prevailing at the reporting date. Non monetary items carried at historical cost are translated at the exchange rate prevailing on the date of transaction. Non-monetary items carried at fair value are translated at the exchange rate prevailing on the date on which the most recent fair value was determined. Exchange differences arising from changes in exchange rates are recognised in the consolidated income statement. Exchange differences generated by monetary items that forms part of the intragroup net investment in the foreign operation are recognised in the consolidated financial statements within foreign currency translation reserve. Property, plant and equipment Mining assets Mining assets include the cost of acquiring and developing mining assets and mineral rights. Mining assets are depreciated to their residual values using the unit-of-production method based on proven and probable ore reserves according to the JORC Code, which is the basis on which the Group’s mine plans are prepared. Changes in proven and probable reserves are dealt with prospectively. Depreciation is charged on new mining ventures from the date that the mining asset is capable of commercial production. In respect of those mining assets whose useful lives are expected to be less than the life of the mine, depreciation over the period of the asset’s useful life is applied. Mineral rights for the assets under development are included within Exploration and development. When a production phase is started, mineral rights are transferred into Mining assets and are depreciated as described below.   Capital construction-in-progress Capital construction-in-progress assets are measured at cost less any recognised impairment. Depreciation commences when the assets are ready for their intended use. Exploration and evaluation assets Mineral exploration and evaluation costs, including geophysical, topographical, geological and similar types of costs are expensed as incurred until such time as the Group determines that reasonable prospects exist for the eventual economic extraction of minerals, which is supported by management’s decision to prepare the mineral resource estimation for the relevant field. Mineral resource estimation prepared in accordance with JORC is subsequently published on the Group’s corporate website. Exploration assets representing mineral rights which were acquired as a result of a business combination or an asset acquisition in accordance with IFRS 3 Business Combinations, are recognised as a result of the purchase price allocation where appropriate; and are carried at deemed cost, being fair value as at the date of acquisition or at cost where a transaction is classified as an asset acquisition. In accordance with IFRS 6 Exploration for and evaluation of mineral resources, the potential indicators of impairment include: management’s plans to discontinue the exploration activities, lack of further substantial exploration expenditure planned, expiry of exploration licences in the period or in the nearest future, or existence of other data indicating the expenditure capitalised is not recoverable. At the end of each reporting period, management assesses whether such indicators exist for the exploration and evaluation assets capitalised. Development assets Exploration and evaluation expenditures are transferred to development assets when commercially-viable reserves are identified, so that the entity first establishes proved and probable reserves in accordance with the JORC Code and a respective mining plan and model are prepared and approved. At the time of reclassification to development assets, exploration and evaluation assets are assessed for impairment based on the economic models prepared. The costs to remove any overburden and other waste materials to initially expose the ore body, referred to as stripping costs, are capitalised as a part of development assets when these costs are incurred. Non-mining assets Non-mining assets are depreciated to their residual values on a straight-line basis over their estimated useful lives. When parts of an item of property, plant and equipment are considered to have different useful lives, they are accounted for and depreciated separately. Depreciation methods, residual values and estimated useful lives are reviewed at least annually. Estimated useful lives are as set out below: Machinery and equipment 5-20 years Transportation and other assets 3-10 years Gains or losses on disposal of property, plant and equipment are determined by comparing the proceeds from disposal with the asset’s carrying amount at the date. The gain or loss arising is recognised in the consolidated income statement. Stripping costs In open-pit mining operations, it is necessary to remove overburden and other waste in order to access the ore body. During the mines under development stage, these costs are capitalised as part of the mines development costs. At the same time the Company incurs stripping cost during production phase of mine, during which such costs are considered to create two benefits, being the production of inventory (ore mined) in the current period and/or improved access to the ore body to be mined in the future. Where stripping costs are incurred and the benefit that was created is improved access to the component of the ore body to be mined in the future, the stripping costs are recognised as a stripping activity assets, if the following criteria are met: Future economic benefits (being improved access to the ore body) are probable; The component of the ore body for which access will be improved can be accurately identified; and The costs associated with the improved access can be reliably measured. If not all of the above-mentioned criteria are met, the stripping costs are included in the production cost of inventory (ore mined), otherwise the stripping costs in excess of the average long-term ore-to-waste ratio evaluated for the life of mine of that component as recognised as non-current assets and presented within property, plant and equipment as a separate class of assets. Estimated ore reserves Estimated proven and probable ore reserves reflect the economically recoverable quantities which can be legally recovered in the future from known mineral deposits. The Group’s reserves are estimated in accordance with the JORC Code. Impairment of property, plant and equipment An impairment review of property, plant and equipment is carried out when there is an indication that those assets have suffered an impairment loss or there are impairment reversal indicators. If any such indication exists, the carrying amount of the asset is compared to the estimated recoverable amount of the asset in order to determine the extent of the impairment loss or its reversal (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit (CGU) to which the asset belongs. A CGU is defined as the smallest identifiable group of assets that generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Assets are combined into a CGU consisting of the assets for which it is impossible to estimate the recoverable amount individually, which is the case when: the asset does not generate cash inflows that are largely independent of those from other assets; and the asset’s value in use cannot be estimated to be close to its fair value less costs of disposal (which is the case when the future cash flows from continuing use of the asset cannot be estimated to be negligible). Recoverable amount is the higher of fair value less costs of disposal and value in use. Value in use is based on the application of the Discounted Cash Flow Method (DCF) using post-tax cash flows and post-tax discount rate. The DCF method is applied to the development of proved and probable reserves and certain resources where a relevant resource-to-reserve conversion ratio can be reasonably applied. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately in the consolidated income statement. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but only to the extent that the increased carrying amount does not exceed the original carrying amount that would have been determined had no impairment loss been recognised in prior periods. Impairment loss may be subsequently reversed if there has been a significant change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognised. A reversal of an impairment loss is recognised in the consolidated income statement immediately. Inventories Metal inventories Inventories including ore stockpiles, metals in concentrate and in process, doré and refined metals are stated at the lower of production cost and net realisable value. Production cost is determined as the sum of the applicable costs incurred directly or indirectly in bringing inventories to their existing condition and location. Work in-process, metal concentrate, doré and refined metal are valued at the average total production costs at each asset’s relevant stage of production (i.e. the costs are allocated proportionally to unified metal where unified metal is calculated based on prevailing market metal prices). Ore stockpiles are valued at the average cost of mining that ore. Where ore stockpiles and work in-process are not expected to be processed within 12 months, those inventories are classified as non-current. Metal inventories are measured using the weighted average cost formula. This includes ore stockpiles, metals in concentrate and in process, doré and refined metals. Net realisable value represents the estimated selling price for that product based on forward metal prices for inventories which are expected to be realised within 12 months, and the flat long-term metal prices for non-current inventories, less estimated costs to complete production and selling costs. Consumables and spare parts Consumables and spare parts are stated at the lower of cost or net realisable value. Cost is determined on the weighted average moving cost. The portion of consumables and spare parts not reasonably expected to be used within one year is classified as a long-term asset in the Group's consolidated statement of financial position. Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. Mining tax Mining tax includes royalties payable in Kazakhstan. Mining tax is calculated based on the value of the precious metals extracted in the period. This value is usually determined based on the realised selling price of precious metals or, in case if there were no sales during the period, the average market price during the reporting period. Mining tax is charged to cost of production and absorbed into metal inventories (Note 7). Financial instruments Financial assets and financial liabilities are recognised when a Group entity becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in the consolidated income statement. Trade receivables without provisional pricing that do not have a significant financing component (determined in accordance with IFRS 15 Revenue from Contracts with Customers) are initially measured at their transaction price. Financial assets All recognised financial assets are measured subsequently in their entirety at either amortised cost or fair value, depending on the classification of the financial assets. Financial assets are classified as either financial assets at amortised cost or at fair value through profit or loss (FVTPL) depending upon the business model for managing the financial assets and the nature of the contractual cash flow characteristics of the financial asset. Time deposits are fixed-term deposits with financial institutions for a specified period at a fixed or floating interest rate. They are classified as financial assets at amortised cost if held to collect contractual cash flows (principal and interest). They qualify as cash equivalents only if maturity is three months or less, highly liquid, and with insignificant value risk. Deposits exceeding three months without unrestricted early withdrawal are short-term investments, presented as 'Time deposits with original maturities greater than three months' under current assets. Trade receivables without provisional pricing that do not contain provisional price features, loans and other receivables are held to collect the contractual cash flows and therefore are carried at amortised cost adjusted for any loss allowance. The loss allowance is calculated in accordance with the impairment of financial assets policy described below. Trade receivables arising from the sales of copper, gold and silver concentrate with provisional pricing features are exposed to future movements in market prices as described below and therefore contain an embedded derivative. IFRS 9 does not require that these embedded derivatives are separated; instead, the contractual cash flows of the financial asset are assessed in their entirety. Trade receivables from sales of copper, gold and silver concentrates have contractual cash flow characteristics that are not solely payments of principal and interest, and are therefore measured at fair value through profit or loss in accordance with IFRS 9 and do not fall under the expected credit losses model (ECL) described below. Effective interest rate method The effective interest rate method is a method of calculating the amortised cost of a financial instrument and of allocating interest income or expense over the relevant period. The effective interest rate is the rate that discounts estimated future cash receipts or payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial instrument, or, where appropriate, a shorter period, to the net carrying amount on initial recognition. Time deposits are recognised on placement date at fair value (principal plus transaction costs). Subsequently measured at amortised cost using the effective interest method, with interest in profit or loss. For floating-rate time deposits, the effective interest rate is recalculated at each interest rate reset date. Impairment of financial assets The Group recognises a loss allowance for expected credit losses (ECL) on investments in debt instruments that are measured at amortised cost, trade and other receivables and contract assets, except for trade accounts receivable with provisional pricing. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. The Group always recognises lifetime ECL for trade receivables and other receivables. Time deposits are assessed for impairment via expected credit losses. For all other financial instruments, the Group recognises lifetime ECL when there has been a significant increase in credit risk since initial recognition. However, if the credit risk on the financial instrument has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-month ECL. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument. In contrast, 12-month ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date. The Group writes off a financial asset when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery, e.g. when the debtor has been placed under liquidation or has entered into bankruptcy proceedings, or in the case of trade receivables, when the amounts are over two years past due, whichever occurs sooner. Financial assets written off may still be subject to enforcement activities under the Group’s recovery procedures, taking into account legal advice where appropriate. Any recoveries made are recognised in profit or loss. Derecognition of financial assets The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received. Time deposits are derecognised on maturity or withdrawal. Financial liabilities Financial liabilities are initially classified and subsequently measured at amortised cost or FVTPL. A financial liability is classified as and measured at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. A derivative is defined as a financial instrument or other contract within the scope of IFRS 9 with all three of the following characteristics: its value changes in response to the change in a specified interest rate, financial instrument price, commodity price, foreign exchange rate, index of prices or rates, credit rating or credit index, or other variable, provided in the case of a non-financial variable that the variable is not specific to a party to the contract. Inclusion of the term 'non-financial variable specific to a party to the contract' is limited to excluding insurance contracts from the definition of a derivative; it requires no initial net investment or an initial net investment that is smaller than would be required for other types of contracts that would be expected to have a similar response to changes in market factors; and it is settled at a future date. Borrowings, representing financial contracts for unconditional repayment of principal and interest under a loan agreement, and other financial liabilities, including trade payables, are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. Derecognition of financial liabilities The Group derecognises financial liabilities when, and only when, the Group's obligations are discharged, cancelled or they expire. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in the consolidated income statement. Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of unused funds obtained from specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in the consolidated income statement in the period in which they are incurred. Cash and cash equivalents Cash and cash equivalents comprise cash balances, cash deposits and highly liquid investments with original maturities of three months or fewer, which are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value. Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. Environmental obligations An obligation to incur environmental restoration, rehabilitation and decommissioning costs arises when disturbance is caused by the development or ongoing production of mining assets. Such costs arising from the decommissioning of plant and other site preparation work, discounted to their net present value using a risk-free rate applicable to the future cash flows, are provided for and capitalised at the start of each project, as soon as the obligation to incur such costs arises. These costs are recognised in the consolidated income statement over the life of the operation, through the depreciation of the asset in the cost of sales line and the unwinding of the discount on the provision in the finance costs line. Costs for restoration of subsequent site damage which is created on an ongoing basis during production are provided for at their net present values and recognised in the consolidated income statement as extraction progresses. Changes in the measurement of a liability relating to the decommissioning of plant or other site preparation work (that result from changes in the estimated timing or amount of the cash flow or a change in the discount rate), are added to or deducted from the cost of the related asset in the current period. If a decrease in the liability exceeds the carrying amount of the asset, the excess is recognised immediately in the consolidated income statement. The provision for closure cost obligations is remeasured at the end of each reporting period for changes in estimates and circumstances. Changes in estimates and circumstances include changes in legal or regulatory requirements, increased obligations arising from additional mining and exploration activities, changes to cost estimates and changes to the risk free interest rate.   Employee benefit obligations Remuneration paid to employees in respect of services rendered during a reporting period is recognised as an expense in that reporting period. The Group pays mandatory contributions to the state social funds, which are recorded as an expense over the reporting period based on the related employee service rendered. Taxation Income tax expense represents the sum of the tax currently payable and deferred tax. Income taxes are computed in accordance with the laws of countries where the Group operates. Current tax The tax currently payable is based on taxable profit for the period. Taxable profit differs from profit as reported in the consolidated income statement because of items of income or expense that are taxable or deductible in other periods and items that are never taxable or deductible. The Group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences associated with investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future (judged to be one year). Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Recognition of current and deferred tax Current and deferred tax is recognised in the consolidated income statement, except when they relate to items that are recognised in the consolidated statement of comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in consolidated statement of comprehensive income or directly in equity respectively. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination. Uncertain tax positions Provision for uncertain tax positions is recognised within current tax when management determines that it is probable that a payment will be made to the tax authority. For such tax positions the amount of the probable ultimate settlement with the related tax authority is recorded. When the uncertain tax position gives rise to a contingent tax liability for which no provision is recognised, the Group discloses tax-related contingent liabilities and contingent assets in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets. The Group applies IFRIC 23. Where the acceptability of a tax treatment is uncertain, the Group assumes the tax authority will examine the amounts reported and will have full knowledge of all relevant information. If it is probable the authority will accept the treatment, the Group measures current and deferred taxes consistently with the filing position. Otherwise, the Group reflects uncertainty using the most likely amount or expected value method, whichever better predicts the outcome. The Group reassesses judgements when facts and circumstances change. There were no significant tax exposures identified as of 31 December 2025 (Note 26). Tolling Agreement Kyzyl refractory concentrate is processed to doré by the Group at the third-party processing facility. The Group retains title and control to the goods during the toll processing and revenue is recognised when the finished goods are transferred to a final customer under doré sales agreements described below. Tolling fees are recognised within productions costs as smelting services received. Revenue recognition The Group has three major streams: the sale of gold and silver bullions; sale of copper, gold and silver concentrate; and sale of doré. Revenue is measured at the fair value of consideration to which the entity expects to be entitled in a contract with a customer in exchange for transferring promised goods, excluding amounts collected on behalf of third parties, such as value added tax (VAT). Group recognises revenue when it transfers control of a product to a customer. Sale of gold and silver bullion Metal sales includes sales of refined gold and silver, which are generally physically delivered to customers in the period in which they are produced, with their sales price based on prevailing spot market metal prices. Revenue from metal sales is recognised when control over the metal is transferred to the customer, which generally occurs when the refined gold and silver has been accepted by the customer. Once the customer has accepted the metals, the significant risks and rewards of ownership have typically been transferred and the customer is able to direct the use of and obtain substantially all of the remaining benefits from the metals. Sales of copper, gold and silver concentrate The Group sells copper, gold and silver concentrate under pricing arrangements whereby the final price is determined by the quoted market prices in a period subsequent to the date of sale. These quotation periods differ from 1 to 4 months, depending on the specific terms of the relevant agreement. For shipments under the Incoterms Cost, Insurance and Freight (CIF) and Cost and Freight (CFR), control passes to the customer and the revenue is recorded at the time of loading, whilst for shipments under the Incoterms Delivery at Place (DAP) and Delivery at Terminal (DAT), control passes when the goods are delivered at an agreed destination. The proportion of concentrate sold on CIF or CFR Incoterms is insignificant, and therefore no separate material performance obligations for freight and insurance services are recognised. Revenue is initially recognised based on Solicore’s estimate of copper, gold and silver content in the concentrate and using the forward London Bullion Market Association (LBMA) or London Metal Exchange (LME) price, adjusted for the specific terms of the relevant agreement, including refining and treatment charges which are subtracted in calculating the provisional amount to be invoiced. Subsequent adjustments to pricing during the quotation period is not considered to be variable consideration under IFRS 15, as the Group’s performance obligation has been satisfied at the point of delivery. Subsequent changes in LBMA/LME forward prices during the quotation period are recognised in revenue via re‑measurement of the FVTPL trade receivable under IFRS 9. Trade receivables arising from the sales of copper, gold and silver concentrate with provisional pricing features are accounted for under IFRS 9 Financial Instruments as described above. The provisionally priced accounts receivable, outstanding as of each reporting date, are marked to market using the forward price for the quotation period under the relevant agreement with mark-to-market adjustments recognised within revenue. Ore sales arrangements are substantially similar to the copper, gold and silver concentrate pricing arrangements described above. Doré Doré sales arrangements are similar to the copper, gold and silver concentrate pricing arrangements described above, with shorter quotational periods of up to 14 days. Share-based compensation The Group applies IFRS 2 Share-based Payments to account for share-based compensation. IFRS 2 requires companies to recognise compensation costs for share-based payments to employees based on the grant-date fair value of the award. The fair value of the awards granted is recognised as a general, administrative and selling expense over the vesting period with a corresponding increase in the share-based compensation reserve. Upon the exercise of the awards the amounts recognised within the share-based compensation reserve are transferred to the share capital and share premium. Upon expiry or forfeiture the amounts recognised within the share-based compensation reserve are reclassified to retained earnings. Earnings per share Earnings per share calculations are based on the weighted average number of common shares outstanding during the period. Diluted earnings per share are calculated using the treasury stock method, whereby the proceeds from the potential exercise of dilutive stock options with exercise prices that are below the average market price of the underlying shares are assumed to be used in purchasing the Company’s common shares at their average market price for the period. 3.          CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY In the course of preparing the consolidated financial statements, management necessarily makes judgements and estimates that can have a significant impact on those financial statements. The determination of estimates requires judgements which are based on historical experience, current and expected economic conditions, and all other available information. Estimates and underlying assumptions are reviewed on an ongoing basis, with revisions recognised in the period in which the estimates are revised and in the future periods affected. The judgements involving a higher degree of estimation or complexity are set out below. Use of estimates The preparation of financial statements requires the Group to make estimates and assumptions that affect the amounts of the assets and liabilities recognised, amounts of revenue and expenses reported, and contingent liabilities disclosed, as of the reporting date. The determination of estimates is based on current and expected economic conditions, as well as historical data and statistical and mathematical methods as appropriate. Key sources of estimation uncertainty Based on the current favourable market conditions, including strong commodity prices and the local currency devaluation, as well as the stable outlook for commodity prices and their volatilities, management has determined that as of the reporting date there are no assumptions or other sources of estimation uncertainty that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Other sources of estimation uncertainty Other sources of estimation uncertainty reflect those sources of estimation uncertainty of which management believe users should be aware, but which are not judged to have a reasonably possible material impact of resulting in a material adjustment to the carrying amount of assets and liabilities within the next financial year. They include: cash flow projections for impairment testing and impairment reversal, valuation of contingent consideration assets and liabilities and calculation of net realisable value of stockpiles and work-in progress. DCF models are developed for the purposes of impairment testing, valuation of contingent consideration assets and liabilities and calculation of net realisable value of metal inventories. Expected future cash flows used in DCF models are inherently uncertain and could change over time. They are affected by a number of factors including ore reserves, together with economic factors such as commodity prices, exchange rates, discount rates and estimates of production costs and future capital expenditure. Ore reserves and mineral resources – Recoverable reserves and resources are based on the proven and probable reserves and resources in existence. Reserves and resources are incorporated in projected cash flows based on ore reserve statements and exploration and evaluation work undertaken by appropriately qualified persons (see below). Mineral resources, adjusted by certain conversion ratios, are included where management has a high degree of confidence in their economic extraction, despite additional evaluation still being required prior to meeting the required confidence to convert to ore reserves. Commodity prices – Commodity prices are based on latest internal forecasts, benchmarked against external sources of information. The Group currently uses flat real long-term gold prices of US$ 4,000 per ounce for 2026, US$ 3,000 per ounce from 2027 (2024: US$ 2,500 per ounce for 2025, US$ 2,050 per ounce for 2026 and US$ 2,000 from 2027 per ounce). Foreign exchange rates – foreign exchange rates are based on observable spot rates, or on latest internal forecasts, benchmarked with external sources of information for relevant countries of operation, as appropriate. Management have analysed RUB/$rate movements for the year ended 31 December 2025. The long-term and medium-term rate KZT/US$ exchange rate is estimated at 530 KZT/US$ for 2026 and 560 KZT/US$ from 2027 (2024: 560 KZT/US$). Discount rates – The Group used a post-tax real discount rate of 7.2% (2024: 8.5%). Operating costs, capital expenditure and other operating factors – Cost assumptions incorporate management experience and expectations, as well as the nature and location of the operation and the risks associated therewith. Underlying input cost assumptions are consistent with related output price assumptions. Other operating factors, such as the timelines of granting licences and permits are based on management’s best estimate of the outcome of uncertain future events at the balance sheet date. Based on the estimates described above the Group concluded that there were no indicators of impairment for property, plant and equipment identified as of 31 December 2025 and no write-downs to net realisable value of metal inventories was recognised for the year ended 31 December 2025 (31 December 2024: none). Environmental obligations The Group’s mining and exploration activities are subject to various laws and regulations governing the protection of the environment. The Group’s provision for future decommissioning and land restoration cost represents management’s best estimate of the present value of the future cash outflows required to settle the liability which reflects estimates of future costs, inflation, movements in foreign exchange rates and assumptions of risks associated with the future cash outflows; and the applicable interest rate for discounting the future cash outflows. Actual costs incurred in future periods could differ materially from the estimates. Additionally, future changes to environmental laws and regulations, life of mine estimates and discount rates could affect the carrying amount of this provision. Climate change We have assessed and set out the Group’s climate risks and opportunities as part of our commitment to climate disclosure within the Strategic Report. Mitigation and adaptation measures that may be required in the future to combat the physical and transition risks of climate change could also have potential implications for the Group’s financial statements. This would be the case where assets and liabilities are measured based on an estimate of future cash flows. In preparing the Group’s financial statements, climate-related strategic decisions have impacted the following: Our decarbonisation and clean energy initiatives considered and approved by the Board were included in future cash flow projections, underpinned by estimates for recoverable amounts of property, plant and equipment, as deemed relevant; and The provision for mine closure costs impacted by climate risks and opportunities is set out in Note 23 to the consolidated financial statements. Management considered climate‑related assumptions (e.g., carbon pricing, renewable power costs, and transition CAPEX) in measuring closure provisions. We have adopted both mitigation and adaptation measures within our climate management system. We focus on renewable energy, carbon-intensive fuel replacement and innovative technologies to both mitigate climate change impacts and to reduce our carbon footprint. The adaptation measures we use are based on climate models, which inform the design, construction, operation and closure of our mining assets. Significant judgements and key estimates made by the Group may be impacted in the future by changes to our climate change strategy or in global commitments to decarbonisation. This could, in turn, result in material changes to the financial results and the carrying values of certain assets and liabilities in future reporting periods. As at the reporting date, the Group believes that there is no material impact on balance sheet carrying values of assets or liabilities. 4.          DIVESTMENT OF THE RUSSIAN BUSINESS AND DISCONTINUED OPERATIONS Оn 18 February 2024, the Group entered into contracts for the divestment of its Russian business through a sale of 100% JSC Polymetal’s shares to a third party, JSC Mangazeya Plus (the Purchaser). On 7 March 2024, the transaction was completed following approval at the General Shareholders Meeting and receipt of the regulatory approvals. Following this date, the Group ceased to have any interest in JSC Polymetal and therefore determined that it lost control over JSC Polymetal on 7 March 2024. As Polymetal Russia was a separate geographical area of operation and a major line of business, the sale represented discontinued operations for the Group. The transaction entailed US$ 50 million cash consideration which was paid to the Company at completion. Prior to completion, an aggregate dividend of US$ 1,429 million (before tax) was paid by JSC Polymetal to the Company, of which US$ 278 million were retained by the Company for its general corporate purposes and US$ 1,151 million were used to repay, and fully discharge, the intragroup debt and related interest owed to JSC Polymetal. Net cash proceeds from the Purchaser and cash received through dividends retained by the Company (after tax) amounted to US$ 300 million. Major classes of assets and liabilities of JSC Polymetal and its subsidiaries (JSC Polymetal Group), net of dividends payable and intercompany loans receivable as described above, that were settled in March 2024 before the actual disposal date and which were not to be part of assets and liabilities of the divested subsidiaries as of disposal date, are presented as follows:   US$m Assets   Property, plant and equipment                    2,227 Right-of-use assets                         79 Goodwill                         11 Investments in associates and joint ventures                       124 Non-current accounts receivable                         107 Deferred tax asset                           194 Non-current inventories                       78 Total non-current assets                    2,820     Current inventories                       939 Prepayments to suppliers                       149 Income tax prepaid                         16 VAT receivable                         46 Trade and other receivables                       310 Cash and cash equivalents                       265 Total current assets                    1,725     Non-current borrowings                   (1,974) Deferred tax liability                        (49) Other non-current liabilities                      (140) Total non-current liabilities                   (2,163)     Accounts payable and accrued liabilities                      (218) Current borrowings                      (725) Other taxes payable                      (185) Income tax payable                        (38) Other current liabilities                        (30) Total current liabilities                   (1,196) Total liabilities                   (3,359) NET ASSETS                    1,186     Loss from discontinued operations is detailed as follows:   US$m Net assets disposed of                   (1,186) Cash consideration received                         50 Currency translation recycling on disposal of foreign operation[34]                      (984) Tax expense attributable to disposal of discontinued operations                          (6) Loss on disposal of discontinued operations                   (2,126)     Profit for the period attributable to the discontinued operations                         84 Directly attributable expenses                          (3) Net loss attributable to the discontinued operations                   (2,045)     Disposed cash and cash equivalents as of 7 March                       265 Cash consideration received                        (50) Net cash outflow on disposal of subsidiaries                      (215) The rationale for the transaction was associated with the significant political and financial risks that the pre-divestment structure posed to the Group, as well as the extreme difficulty and related uncertainty of executing any alternative transaction. Therefore, management believes that the transaction terms do not represent an indicator of impairment of any CGU within the JSC Polymetal Group prior to the disposal date. 5.          SEGMENT INFORMATION The Group’s operating segments are aligned to those businesses that are evaluated regularly by the chief operating decision maker (the CODM) in deciding how to allocate resources and in assessing performance. Operating segments with similar economic characteristics are aggregated into reportable segments. It was concluded that operating segments are aligned to production hubs, which is the basis used by the chief operating decision maker for allocating resources and assessing performance. This format reflects the Group's management structure, internal reporting and operational processes Therefore, the Group has identified two reportable segments: Varvara (Varvarinskoye LLC, Komarovskoye Mining Company LLC); and Kyzyl (Bakyrchik Mining Venture LLC). Minor companies and activities (management, exploration, purchasing and other companies) which do not meet the reportable segment criteria are disclosed within the corporate and other segment. The measure which management and the CODM use to evaluate the performance of the Group is a segment adjusted EBITDA, which is an Alternative Performance Measure (APM). The accounting policies of the reportable segments are consistent with those of the Group’s accounting policies under IFRS. Revenue and cost of sales of the production entities are reported net of any intersegmental revenue and cost of sales, related to the intercompany sales of ore and concentrates. Business segment current assets and liabilities, other than current inventory, are not reviewed by the CODM and therefore are not disclosed in these consolidated financial statements. Additionally, net debt is included in performance measures, reviewed by CODM.   The segment adjusted EBITDA reconciles to the profit before income tax from continuing operations as follows:   Year ended 31 December 2025 Year ended 31 December 2024     Varvara   Kyzyl   Total reportable segments   Corporate and other   Total     Varvara   Kyzyl   Total reportable segments   Corporate and other   Total                                                 Revenue from external customers   608   892   1,500   -   1,500     412   857   1,269   59   1,328   Doré   472   752   1,224   -   1,224     295   542   837   -   837   Concentrate   136   140   276   -   276     117   315   432   -   432   Bullions   -   -   -   -   -     -   -   -   59   59   Cost of sales, excluding depreciation, depletion and write-down of inventory to net realisable value   250   183   433   -   433     217   246   463   61   524   Cost of sales   289   224   513   -   513     250   310   560   61   621   On-mine costs   67   116   183   -   183     65   99   164   -   164   Smelting costs   51   66   117   -   117     49   65   114   -   114   Purchase of ore from third parties   92   -   92   -   92      82       82   16   98   Mining tax   33   98   131   -   131     21   70   91   -   91   Change in metal inventories less depreciation   7   (97)   (90)   -   (90)     -   11   11   45   56   Depreciation included in cost of sales   (39)   (41)   (80)   -   (80)     (33)   (64)   (97)   -   (97)   General, administrative and selling expenses, excluding depreciation, amortisation and share based compensation   16   16   32   35   67     18   17   35   26   61   General, administrative and selling expenses   17   17   34   36   70     19   18   37   28   65   Depreciation included in SGA   (1)   (1)   (2)   (1)   (3)     (1)   (1)   (2)   -   (2)   Share-based compensation   -   -   -   -   -     -   -   -   (2)   (2)   Other operating expenses excluding additional tax charges   10   6   16   11   27     9   17   26   5   31   Other operating expenses, net   10   6   16   11   27     9   17   26   5   31   Share of loss of associates and joint ventures   -   -   -   1   1     -   -   -   -   -   Adjusted EBITDA   332   687   1,019   (47)   972     168   577   745   (33)   712   Depreciation expense   40   42   82   1   83     34   65   99   -   99   Impairment of non-current assets   -   -   -   -   -     -   -   -   2   2   Share-based compensation   -   -   -   -   -     -   -   -   2   2   Operating profit   292   645   937   (48)   889     134   512   646   (37)   609   Foreign exchange gain/(loss), net                   (16)                     31   Impairment losses on financial assets                   (2)                     -   Change in fair value of contingent consideration liability                   (32)                     -   Finance expenses                   (21)                     (21)   Finance income                   43                     30   Profit before tax                   861                     649   Income tax expense                   (199)                     (116)   Profit for the financial year                   662                     533   Current metal inventories   35   214   249   -   249     40   91   131   -   131   Current non-metal inventories   13   28   41   5   46     13   33   46   1   47   Non-current segment assets:   -                                         Property, plant and equipment, net   292   438   730   304   1,034     250   447   697   122   819   Non-current inventory   37   7   44   -   44     38   3   41   -   41   Investments in associates   -   -   -   82   82     -   -   -   80   80   Total segment assets   377   687   1,064   391   1,455     341   574   915   203   1,118   Additions to non-current assets:                                             Property, plant and equipment 13 78   32   110   176   286     64   68   132   89   221       6.          REVENUE     Year ended     31 December 2025   31 December 2024     US$m   US$m Gold                        1,491                         1,332 Other metals   15                        20 Revenue before treatment charges   1,506   1,352     (6)   (24) Total   1,500   1,328 Included in revenues for the year ended 31 December 2025 are revenues from the sales to the Group’s largest customers, whose contribution to the Group’s revenue presented 10% or more of the total revenue. In 2025, revenues from such customers amounted to US$ 1,224 million and US$ 136 million (2024: US$ 827 million and US$ 117 million). Geographical analysis of revenue by destination is presented below:     Year ended     31 December 2025   31 December 2024     US$m   US$m Sales within Kazakhstan                        1,444                         954 Sales to Asia   56                        374 Total   1,500   1,328 Presented below is an analysis per revenue streams as described in Note 2 Significant accounting policies:     Year ended     31 December 2025   31 December 2024     US$m   US$m Doré                        1,224                         837 Concentrate   276   432 Bullions   -                        59 Total   1,500   1,328     7.          COST OF SALES     Year ended     31 December 2025   31 December 2024     US$m   US$m Cash operating costs         On-mine costs (Note 8)   183   164 Smelting costs (Note 9)   117   114 Purchase of metal inventories from third parties   92   98 Mining tax   131   91 Total cash operating costs   523   467           Depreciation and depletion of operating assets (Note 10)   97   97 Total costs of production   620   564           (Increase)/decrease in metal inventories   (107)   56 Idle capacities and abnormal production costs   -   1 Total   513   621 8.          ON-MINE COSTS     Year ended     31 December 2025   31 December 2024   US$m   US$m Services   95   84 Labour   25   23 Consumables and spare parts   59   51 Other expenses   4   6 Total (Note 7)   183   164 9.          SMELTING COSTS     Year ended     31 December 2025   31 December 2024   US$m   US$m Consumables and spare parts   47   46 Services   51   49 Labour   18   17 Other expenses   1   2 Total (Note 7)   117   114 10.      DEPLETION AND DEPRECIATION OF OPERATING ASSETS     Year ended     31 December 2025   31 December 2024     US$m   US$m On-mine   75   77 Smelting   22   20 Total in cost of production (Note 7)   97   97 Less: absorbed into metal inventories   (17)   - Depreciation included in cost of sales   80   97 Depreciation of operating assets excludes depreciation relating to non-operating assets (included in general, administrative and selling expenses) and depreciation related to assets employed in development projects where the charge is capitalised.   11.      GENERAL, ADMINISTRATIVE AND SELLING EXPENSES     Year ended     31 December 2025   31 December 2024     US$m   US$m Labour   44   37 Services   11   11 Depreciation   3   2 Share-based compensation   -   2 Other   12   13 Total   70   65 12.      OTHER OPERATING EXPENSES, NET     Year ended     31 December 2025   31 December 2024     US$m   US$m Taxes, other than income tax   11   7 Social payments   9   13 Exploration expenses   4   8 Other expenses   3   3 Total   27   31 13.      EMPLOYEE COSTS     Year ended     31 December 2025   31 December 2024     US$m   US$m Wages and salaries   86   75 Social security costs   13   11 Share-based compensation   -   2 Total employee costs   99   88 Reconciliation:         Less: employee costs capitalised   (11)   (9) Less: employee costs absorbed into unsold metal inventory balances   (9)   1 Employee costs included in profit or loss   79   80 The weighted average number of employees during the year ended 31 December 2025 was 3,884 (year ended 31 December 2024: 3,577 as related to the continuing operations). Compensation of key management personnel is disclosed within Note 30. 14.      AUDITOR’S REMUNERATION     Year ended     31 December 2025   31 December 2024     US$m   US$m Audit of financial statement(s)   0.20   0.38 Audit related assurance services (half-year financial statements review)   0.14   0.11 Other non-assurance (non-audit but related) services    0.07   0.07 Total   0.41   0.56 Audit of financial statements for 2024 includes fee of US$ 0.17 million paid to AO BST as a component auditor for the audit of JSC Polymetal Group net assets as of date of disposal.   15.      FINANCE INCOME     Year ended     31 December 2025   31 December 2024     US$m   US$m Interest income on cash and cash equivalents   41   30 Income from the early termination of deferred liabilities (Note 27)   2   - Total   43   30 16.      FINANCE COSTS     Year ended     31 December 2025   31 December 2024     US$m   US$m Interest expense on borrowings   14   19 Unwinding of discount on environmental obligations and social liabilities   7   1 Unwinding of discount on lease liabilities   -   1 Total   21   21 During the year ended 31 December 2025 interest expense on borrowings excluded borrowing costs capitalised in the cost of qualifying assets of US$ 4 million (2024: US$ 3 million). These amounts were calculated based on the Group’s general borrowing pool and by applying an effective interest rate of 6.60% (2024: 4.39%) to weighted average balance of expenditure associated with qualifying assets. 17.      INCOME TAX Income tax expense for the years ended 31 December 2025 and 2024 recognised in the consolidated income statement was as follows:     Year ended     31 December 2025   31 December 2024   US$m   US$m Current income taxes   (212)   (271) Deferred income taxes   13   155 Total   (199)   (116) A reconciliation between the reported amounts of income tax expense attributable to income before income tax is as follows:     Year ended     31 December 2025   31 December 2024     US$m   US$m Profit before income tax   861   649 Theoretical income tax expense at the tax rate of 20%   (172)   (130) Tax effect of WHT on intercompany dividends   -   11 Non-deductible net foreign exchange loss   (5)   (3) Change in fair value of deferred consideration liability   (6)   - Disposal of subsidiary   -   4 Change in unrecognised deferred taxes   -   7 Non-deductible interest expense   -   (2) Other non-taxable income and non-deductible expenses   (6)   (3) Adjustments in respect of prior periods   (10)   - Total income tax expense   (199)   (116) The actual tax expense differs from the amount which would have been determined by applying the statutory rate of 20% for Kazakhstan to profit before income tax as a result of the application of relevant jurisdictional tax regulations, which disallow certain deductions which are included in the determination of accounting profit. Deferred taxation Deferred taxation is attributable to the temporary differences that exist between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for tax purposes. The following are the major deferred tax assets and liabilities recognised by the Group and movements thereon during the reporting period.   Mineral rights Stripping costs Tax losses Unremitted earnings Other Total continuing operations Discontinued operations TOTAL             US$m US$m US$m At 1 January 2024 (56) (12) 7 (152) 10 (203) 143 (60) Charge to income statement - (6) (3) 154 10 155 3 158 Disposal of subsidiaries - - - - - - (145) (145) Exchange differences 8 1 (1) (2) - 6 (1) 5 At 31 December 2024 (48) (17) 3 - 20 (42) - (42) Charge to income statement (1) 11 (1) - 4 13 - 13 Exchange differences (1) - - - - (1) - (1) At 31 December 2025 (50) (6) 2 - 24 (30) - (30) Offsetting of deferred tax assets and liabilities is applied only when a legally enforceable right of set off exists and the deferred taxes relate to the same taxable entity and the same taxation authority. The following analysis shows deferred tax balances presented for financial reporting purposes:    Year ended    31 December 2025   31 December 2024   US$m   US$m Deferred tax liabilities (37)   (47) Deferred tax assets 7   5 Total (30)   (42) The Group’s estimate of future taxable income is based on established proven and probable reserves which can be economically developed. The related detailed mine plans and forecasts provide sufficient supporting evidence that the Group will generate taxable earnings to be able to fully realise its net DTA even under various stressed scenarios. The amount of the DTA considered realisable, however, could be reduced in the near term if estimates of future taxable income during the carry forward period are reduced due to delays in production start dates, decreases in ore reserve estimates, increases in environmental obligations, or reductions in precious metal prices. As of 31 December 2023, the Group recognised deferred tax liability of US$ 152 million in respect of the undistributed retained earnings of certain of the Group subsidiaries, which were expected to be remitted by JSC Polymetal Russia to the Company prior to the completion of the divestment of the Russian business (Note 4). During the year ended 31 December 2024 this amount was released, while the withholding tax of US$ 141 million related to the dividends remitted was recognised within current income taxes.   18.      PROPERTY, PLANT AND EQUIPMENT   Development assets  Exploration assets  Mining assets  Non-mining assets  Capital construction in-progress  Total US$m US$m US$m US$m US$m US$m Cost             Balance at 1 January 2024 165 111 3,725 74 1,058 5,133 Additions 7 2 119 10 167 305 Transfers (4) (6) 66 1 (57) - Change in provisions - - 16 - - 16 Acquisitions - 13 - - - 13 Eliminated on disposal of subsidiaries (Note 4) (162) (101) (2,550) (63) (1,005) (3,881) Disposals and write-offs including fully depleted mines - (1) (23) 1 - (23) Translation to presentation currency (4) (1) (182) (5) (28) (220) Balance at 31 December 2024 2 17 1,171 18 135 1,343 Additions - - 79 6 201 286 Transfers 16 (16) 9 - (9) - Change in provisions (Note 23) - - (5) - - (5) Disposals and write-offs including fully depleted mines - - (6) (1) - (7) Translation to presentation currency - (1) 58 (1) 14 70 Balance at 31 December 2025 18 - 1,306 22 341 1,687                 Development assets  Exploration assets  Mining assets  Non-mining assets  Capital construction in-progress  Total   US$m US$m US$m US$m US$m US$m Accumulated depreciation, amortisation             Balance at 1 January 2024 (7) (11) (1,930) (44) (143) (2,135) Charge for the year - - (141) (6) - (147) Eliminated on disposal of subsidiaries (Note 4) 7 11 1,452 44 140 1,654 Disposals and write-offs including fully depleted mines - - 16 - - 16 Translation to presentation currency - - 86 1 1 88 Balance at 31 December 2024 - - (517) (5) (2) (524) Charge for the year - - (104) (3) - (107) Disposals and write-offs including fully depleted mines - - 4 - - 4 Translation to presentation currency - - (26) - - (26) Balance at 31 December 2025 - - (643) (8) (2) (653)               Net book value             31 December 2024 2 17 654 13 133 819 31 December 2025 18 - 663 14 339 1,034 In 2025 the Group transferred mineral rights of US$ 16 million related to Baksy project from exploration to development assets, as it was included in the Varvara segment mining plan. Mining, exploration and development assets at 31 December 2025 included mineral rights with a net book value of US$ 257 million (31 December 2024: US$ 257 million) and capitalised stripping costs with a net book value of US$ 202 million (31 December 2024: US$ 172 million). Mineral rights of the Group comprise assets acquired upon acquisition of subsidiaries. No property, plant and equipment was pledged as collateral at 31 December 2025 and 2024.   19.      INVESTMENTS IN ASSOCIATES AND JOINT VENTURES     31 December 2025   31 December 2024     Voting power % Carrying value   Voting power % Carrying value       US$m   US$m Interests in associates and joint ventures           Syrymbet   55.0%                        80     55.0%                        78   Individually immaterial investments   n/a  2     n/a  2   Total investments in associates and joint ventures   82     80 Movement during the reporting periods was as follows:   31 December 2025   31 December 2024   US$m   US$m At 1 January 80   129 Disposal of investments in associates and joint ventures due to disposal of JSC Polymetal Group (Note 4) -   (124) Acquisition of interest in joint venture -   82 Write-down of interest in JVs and associates -   (2) Share of loss in joint venture, included in discontinued operations -   (1) Share of loss in joint venture (1)   - Currency translation adjustment 3   (4) Total at 31 December 82   80 Syrymbet Joint Venture In November 2024, the Group acquired a 55% stake in а private company Tin One Holding (holder of the Syrymbet subsoil licence) for the total cash consideration of US$ 82 million, comprising US$ 61 million paid for outstanding shares and US$ 21 million paid for newly issued shares of the investee. As part of the transaction, the Group entered into the shareholders agreement, governing the management of the investee. The Syrymbet licence covers the area of over 10 km2 and is located in the Ayirtau district of the North-Kazakhstan region and represent the polymetallic deposit suitable for open-pit mining. The Group has determined that the arrangement requires the unanimous consent of the parties sharing control. As a result, it was concluded that the joint arrangement provides the parties with rights to the net assets of the arrangement and, therefore, the investment represents a joint venture as defined by IFRS 11 Joint Arrangements. Consideration paid is attributable to the fair value of the mineral rights of the investee, which was reflected in purchase price allocations performed. No deferred tax liability was recognised as it was determined that the investee does not meet the definition of business in accordance IFRS 3 Business Combinations. Summarised financial position of the investments   31 December 2025   31 December 2024   Syrymbet   Syrymbet   US$m   US$m Non-current assets 156   141 Current assets 3   1 Non-current liabilities -   (1) Current liabilities (14)   - Net assets 145   141         Reconciliation of Syrymbet net assets to the investment recognised in the Group balance sheet Group interest 55.0%   55.0% Net assets 145   141 Group's ownership interest 80   78     20.      INVENTORIES     Year ended     31 December 2025   31 December 2024   US$m   US$m Inventories expected to be recovered after twelve months         Ore stock piles   31   33 Consumables and spare parts   13   8 Total non-current inventories   44                                    41             Inventories expected to be recovered in the next twelve months         Metal in circuit   167   73 Ore stock piles   70   50 Refined metals   10   - Doré   2   8 Total current metal inventories   249                                  131             Consumables and spare parts   46   47 Total current inventories   295                                  178   Write-downs of metal inventories to net realisable value There were no write-downs or reversals to net realisable value of metal and other inventories during years 2024 and 2025 ended 31 December. No inventories held at net realisable value at 31 December 2025 and 31 December 2024. 21.      ACCOUNTS RECEIVABLE AND OTHER FINANCIAL ASSETS     Year ended     31 December 2025   31 December 2024     US$m   US$m Non-current assets at amortised costs         Loans provided to third parties   136   105 Deposits related to mining contracts and licences   17   16 Other long-term assets   4   6 Loans provided to related parties   6   2 Less allowance for expected credit losses   (2)   - Total non-current accounts receivable   161                             129           Trade and other receivables 15       Receivables from provisional copper, gold and silver concentrate sales at FVTPL   61   19 Other receivables   12   6 Short-term loans provided   12   1 Total trade and other receivables   85                               26 Loans provided to third parties include US$ 128 million loan extended to Bai Tau Minerals (US$ 130 million contractual amount less US$ 2 million expected credit loss), holding investment in JSC “Ulmus Besshoky” (Note 27) for three years at a market rate (2024: US$ 96 million). The average credit period on sales of copper, gold and silver concentrate and doré at 31 December 2025 was 16 days (2024: 23 days on sales of copper, gold and silver concentrate, as doré receivables were insignificant). No interest is charged on trade receivables.   22.      BORROWINGS       Effective interest rate at 31 December 2025 31 December 2024   Type of rate   31 Dec 2025 31 Dec 2024 Current Non-current Total Current Non-current Total Secured loans from third parties         US$m US$m US$m US$m US$m US$m US dollar denominated fixed   4.58% 4.32% 42 31 73 42 72 114 Total secured loans from third parties         42 31 73 42 72 114 Unsecured loans from third parties                     US dollar denominated floating   6.31% 6.79% 60 121 181 40 60 100 US dollar denominated fixed   n/a 2.17% - - - 95 - 95 Euro denominated floating   2.53% 4.04% 3 10 13 2 11 13 Total unsecured loans from third parties         63 131 194 137 71 208 Total loans from third parties         105 162 267 179 143 322 Bank loans The Group has a number of borrowing arrangements with various lenders. These borrowings consist of unsecured and secured loans and credit facilities as detailed above. Movements in borrowings are presented in Note 31. The Group’s non-current borrowings include borrowings amounting to US$162m that contain covenants, which, if not met, would result in the borrowings becoming repayable on demand. These borrowings are otherwise repayable more than 12 months after the end of the reporting period. As at 31 December 2025, the Group has complied with all the covenants that were required to be met on or before 31 December 2025. The covenants that are required to be complied with after the end of the current reporting period do not affect the classification of the related borrowings as current or non-current at the end of the current reporting period. Therefore, all these borrowings remain classified as non-current liabilities. The table below summarises maturities of borrowings:   Year ended   31 December 2025   31 December 2024   US$m   US$m Less than 1 year                          105                              179   1-5 years                          148                              141   More than 5 years 14                                  2   Total                           267                              322   23.      PROVISIONS     Year ended     31 December 2025   31 December 2024     US$m   US$m Non-current         Environmental obligations   16                                 19 Social liabilities   21                                 21     37                                 40 Current         Social liabilities   5                                  2 TOTAL   42                                 42 The principal assumptions are related to the Kazakhstani tenge projected cash flows. The assumptions used for the estimation of environmental obligations were as follows:   2025   2024 Discount rates 11.55%-15.63%   11.15%-13.73% Inflation rates 5%-9.9%   5%-8.6% Expected mine closure dates   2-27 years   3-28 years The discount rates applied are based on the applicable government bond rates in Kazakhstan. The expected mine closure dates are consistent with life-of-mine models and applicable mining licence requirements. Social liabilities are represented by various social programmes and payments stipulated by the mining licences and contracts. Discount rates applied to the social liabilities are consistent with those used for environmental obligations.   Year ended 31 December 2025   Environmental obligations   Social liabilities   TOTAL US$m   US$m   US$m Opening balance                               19                                   23                       42 Recognised as decrease in property, plant and equipment (Note 18)                               (5)                                   -                       (5) Utilisation of provision -   (3)                        (3) Effect of unwinding of discount 2   5   7 Translation effect -   1   1 Closing balance                               16                                   26                       42 24.      PAYABLES AND ACCRUED LIABILITIES     Year ended     31 December 2025   31 December 2024   US$m   US$m Trade payables   37   33 Contract liabilities   -   14 Accrued liabilities   8   5 Labour liabilities   3   2 Other payables   18   14 Total   66                              68   In 2025, the average credit period for payables to suppliers of goods and services was 25 days (2024: 19 days). There was no interest charged on the outstanding trade and other payables balance during the credit period. The Group has financial risk management policies in place, which include budgeting and analysis of cash flows and payment schedules to ensure that all amounts payable are settled within the credit period. 25.      OTHER TAXES PAYABLE     Year ended     31 December 2025   31 December 2024   US$m   US$m Mining tax   38   25 VAT payable   12   2 Social tax   2   1 Ecology tax   1   1 Other taxes   2   2 Total   55                              31   26.      COMMITMENTS AND CONTINGENCIES Commitments Capital commitments The Group’s contractual capital expenditure commitments as of 31 December 2025 amounted to US$ 158 million, net of VAT (2024: US$ 11 million). Contingent liabilities Social contingent liabilities In accordance with a memorandum with Kostanay Oblast Akimat (local Kazakhstan government), the Group participates in financing of certain social and infrastructure development project of the region. The total social contingent liability as at 31 December 2025 amounts to US$ 5 million (undiscounted), payable in the future periods.   Taxation Kazakh tax, currency and customs legislation is subject to varying interpretations, and changes, which can occur frequently. Management’s interpretation of such legislation as applied to the transactions and activities of the companies of the Group may be challenged by the relevant regional and federal authorities and, as a result, significant additional taxes, penalties and interest may be assessed. Fiscal periods remain open to review by the authorities in respect of taxes for five calendar years preceding the year of review. Under certain circumstances reviews may cover longer periods. As at 31 December 2025, management has not identified any tax exposure in respect of contingent liabilities (31 December 2024: nil). Conditional share exchange offer As part of the Final Exchange Offer, the Company has entered into a conditional exchange offer buyback agreement to repurchase and exchange 11.1 million shares for AIX-listed ordinary shares on a one-for-one basis where the completion is subject to sanctions relief in relation to a custodian and to the distribution by Euroclear. As at 31 December 2025, these conditions precedent were not satisfied and were not considered highly probable. No asset, liability or equity instrument has been recognised in respect of these arrangements. 27.      FINANCIAL INSTRUMENTS Major categories of financial instruments     Year ended     31 December 2025   31 December 2024   US$m   US$m Financial assets         Financial assets at amortised cost         Time deposits with original maturities greater than three months   105   -           Derivatives designated in hedge relationships         Interest rate swaps   2   5           Financial assets at FVOCI         Equity investments designated at FVOCI   26   -           Financial assets at FVTPL         Receivables from provisional copper, gold and silver concentrate sales (Note 21)   61   19 Equity investments designated at FVTPL   -   1       Cash and cash equivalents (Note 31)   731   696 Non-current loans and receivables (Note 21)   144   107 Other receivables (Note 21)   12   6 Short-term loans provided (Note 21)   12   1 Deposits related to mining contracts and licences (Note 21)   17   16 Total financial assets   1,110   851           Financial liabilities         Financial liabilities at FVTPL         Deferred consideration liability   -   16           Financial liabilities at amortised cost         Borrowings (Note 22)   267   322 Trade and other payables (Note 24)   55   47 Total financial liabilities   322   385 The Group’s principal financial liabilities comprise borrowings, trade and other payables. The Group has various financial assets such as accounts receivable, loans advanced and cash and cash equivalents. Trade and other payables exclude employee benefits and social security. Interest expense, calculated using effective interest method, arising on financial liabilities at amortised costs is disclosed in Note 16. The main risks arising from the Group’s financial instruments are foreign currency and commodity price risk, interest rate, credit and liquidity risks. At the end of the reporting period, there were no significant concentrations of credit risk for receivables at FVTPL. The carrying amount reflected above represents the Group's maximum exposure to credit risk for such receivables. Presented below is a summary of the Group’s accounts receivable with embedded derivative recorded on the consolidated balance sheet at fair value. As of 31 December 2025, accounts receivable with embedded derivatives recognised at fair value amounted to US$ 61 million (31 December 2024: US$ 19 million) and represented receivables from provisional metal concentrate sales. In 2025, gains recognised on revaluation of these instruments amounted to US$ 3 million (2024: US$ 3 million) and was recorded within revenue. Fair value of financial instruments The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable as follows: Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 fair value measurements are those derived from inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly; and Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). At 31 December 2025 and 31 December 2024, the Group held the following financial instruments:   31 December 2025   Level 1   Level 2   Level 3   Total   US$m   US$m   US$m   US$m Financial instruments at fair value through profit or loss (FVTPL)               Receivables from provisional copper, gold and silver concentrate sales -   61   -   61 Cash balances held in money market funds 164   -   -   164 Interest rate swap -   2   -   2                 Financial instruments designated at fair value through other comprehensive income (FVTOCI)               Equity investments designated at FVOCI -   -   26   26   164   63   26   253     31 December 2024   Level 1   Level 2   Level 3   Total   US$m   US$m   US$m   US$m Financial instruments at fair value through profit or loss (FVTPL)               Receivables from provisional copper, gold and silver concentrate sales -   19   -   19 Interest rate swaps -   5   -   5 Equity investments designated at FVTPL 1   -   -   1 Deferred consideration liability -   -   (16)   (16)   1   24   (16)   9 During the reporting year, there were no transfers between Level 1 and Level 2. In June 2025, the Group completed the acquisition of 10.68% interest in JSC “Ulmus Besshoky” (Besshoky) for total consideration of US$ 15 million. The acquisition was made through several consecutive deals with third parties. Besshoky is an exploration company, holding Besshoky project in Karaganda region, consisting of main exploration contracts and several exploration licences for the adjacent areas. This investment in equity instruments is not held for trading. Instead, it was acquired for medium to long-term strategic purposes. Accordingly, the Group has elected to designate these investments in equity instruments as at FVTOCI as recognising short-term movements in the investment’s fair value in profit or loss would not be consistent with the group’s strategy of holding it for long-term purposes. Additionally, as of 31 December 2025 the Group held an interest rate swap contract, recognised within non-current accounts receivables and other financial instruments in the amount of US$ 2 million (31 December 2024: US$ 5 million). An interest rate swap contract exchanging floating rate interest amounts for rate interest amounts is designated as cash flow hedges to reduce the Group’s cash flow exposure resulting from variable interest rates on borrowings. As the critical terms of the interest rate swap contracts and their corresponding hedged items are the same, the Group performs a qualitative assessment of effectiveness and it is expected that the value of the interest rate swap contracts and the value of the corresponding hedged items will systematically change in opposite direction in response to movements in the underlying interest rates. As of 31 December 2025 and 31 December 2024, it was determined that there is no hedge ineffectiveness identified and therefore change of fair value was recognised within other comprehensive income. The carrying values of cash and cash equivalents, trade and other receivables, non-current loans and receivables, deposits related to mining contracts and licences, trade and other payables and short-term debt recorded at amortised cost approximate to their fair values because of the short maturities of these instruments. The estimated fair value of the Group’s debt, calculated using the market interest rate available to the Group as of 31 December 2025, was US$ 267 million (2024: US$ 308 million), and the carrying value as of 31 December 2025 was US$ 267 million (2024: US$ 322 million) (see Note 22). Receivables from provisional copper, gold and silver concentrate sales The fair value of receivables arising from copper, gold and silver concentrate sales contracts that contain provisional pricing mechanisms is determined using the appropriate quoted forward price from the exchange that is the principal active market for the particular metal. As such, these receivables are classified within Level 2 of the fair value hierarchy. Deferred consideration liability termination During 2025, the Group recognised a US$ 32 million loss in profit or loss from the fair value remeasurement of the Net Smelter Royalty (“NSR”) deferred consideration liability, primarily reflecting an increase in the silver price assumption to US$ 38 per ounce (31 December 2024: US$16 per ounce). In October 2025, the Group executed deeds of termination and release of the NSR agreements. Consequently, the existing deferred consideration liability (carrying amount US$ 48 million) was extinguished and a new financial liability for the termination consideration was recognised at its fair value of US$ 46 million. The US$ 2 million difference was recognised as a gain on extinguishment in the income statement (Note 15) for the year ended 31 December 2025. 28.      RISK MANAGEMENT ACTIVITIES Capital management The Group manages its capital to ensure that it continues as a going concern while maximising the return to stakeholders through the optimisation of the debt and equity balance. The Group's overall strategy is to provide value to stakeholders by maintaining an optimal short-term and long-term capital structure, reducing cost of capital, and to safeguard the ability to support the operating requirements on an ongoing basis, continuing the exploration and development activities. The capital structure of the Group consists of net debt (borrowings as detailed in Note 22 offset by cash and cash equivalents and bank balances as detailed in Note 31) and equity of the Group comprising the share capital, reserves and retained earnings. The Group’s committed borrowings are subject to certain financial covenants. Compliance with covenants is reviewed on a semi-annual basis by management. The Group's Board reviews the capital structure of the Group on a semi-annual basis. As part of this review, the Board considers the cost of capital and the risks associated with each class of capital. Foreign currency and commodity price risk In the normal course of business, the Group enters into transactions for the sale of its commodities, denominated in the US dollars. In addition, the Group has assets and liabilities in a number of different currencies, predominantly in the US dollars. As a result, the Group is subject to transaction and translation exposure from fluctuations in foreign currency exchange rates. The Group does not currently use derivative instruments to hedge its exposure to foreign currency risk. The carrying amounts of monetary assets and liabilities denominated in foreign currencies other than functional currencies of the individual Group entities at 31 December 2025 and 2024 were as follows:   Assets   Liabilities   31 December 2025 31 December 2024   31 December 2025 31 December 2024 US$m US$m   US$m US$m             US dollar 634 678   260 325 Euro 9 3   13 13 Total 643 681   273 338 Currency risk is monitored on a monthly basis by performing a sensitivity analysis of foreign currency positions in order to verify that potential losses are at an acceptable level. The table below details the Group’s sensitivity to changes in exchange rates by 10% which is the sensitivity rate used by the Group for internal analysis. The analysis includes external loans as well as loans to foreign operations within the Group where the denomination of the loans is in a currency other than of the lender or the borrower.   Year ended   31 December 2025 31 December 2024 US$m US$m Profit or loss     KZT to US dollar 37 35 When assessing the potential impact of commodity price changes, the Company believes a 10% volatility is a reasonable measure. A 10% increase or decrease in gold price would have resulted in the following impact on revenue and profit before income tax:   Year ended   31 December 2025 31 December 2024 US$m US$m Commodity price +10%/(-10%)     Revenue 149/(149) 131/(131) Profit before income tax 139/(139) 123/(123) Provisionally priced sales Under a long-established practice prevalent in the industry, copper, gold and silver concentrate sales are provisionally priced at the time of shipment. The provisional prices are finalised in a contractually specified future period (generally one to three months) primarily based on quoted LBMA or LME prices. Sales subject to final pricing have quotation periods from 1 to 4 months. Interest rate risk The Group is exposed to interest rate risk because entities in the Group borrow funds at both fixed and floating interest rates. The risk is managed by the Group by maintaining an appropriate mix between fixed and floating rate borrowings, and by the use of interest rate swap contracts. Hedging activities are evaluated regularly to align with interest rate views and defined risk appetite; ensuring the most cost-effective hedging strategies are applied. The Group's exposure to interest rates on financial assets and financial liabilities are detailed in the liquidity risk section of this note. For floating rate liabilities, the analysis is prepared assuming the amount of the liability outstanding at the end of the reporting period was outstanding for the whole period. A 100-basis point increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management's assessment of the reasonably possible change in interest rates. If interest rates had been 100-basis points higher/lower and all other variables were held constant, the Group's profit for the year ended 31 December 2025 would have decreased/increased by US$ 2 million (2024:  US$ 1 million). This is mainly attributable to the Group's exposure to interest rates on its variable rate borrowings. Credit risk Credit risk is the risk that a customer may default or not meet its obligations to the Group on a timely basis, leading to financial losses to the Group. The Group’s financial instruments that are potentially exposed to concentration of credit risk consist primarily of cash and cash equivalents and loans and receivables. Trade accounts receivable at 31 December 2025 and 2024 are represented by provisional copper, gold and silver concentrate sales transactions. A significant portion of the Group’s trade accounts receivable is due from reputable export trading companies. With regard to other loans and receivables, the procedures of accepting a new customer include checks by a security department and responsible on-site management for business reputation, licences and certification, creditworthiness and liquidity. Generally, the Group does not require any collateral to be pledged in connection with its investments in the above financial instruments. Credit limits for the Group as a whole are not set up. The credit risk on liquid funds is limited because the counterparties are banks with high credit ratings assigned by international and local credit-rating agencies. The major financial assets at the balance sheet date other than trade accounts receivable presented in Note 31 are cash and cash equivalents at 31 December 2025 of US$ 731 million (2024: US$ 696 million). Liquidity risk Liquidity risk is the risk that the Group will not be able to settle its liabilities as they fall due. The Group’s liquidity position is carefully monitored and managed. The Group manages liquidity risk by maintaining detailed budgeting, cash forecasting processes and matching the maturity profiles of financial assets and liabilities to help ensure that it has adequate cash available to meet its payment obligations. The following table details the Group's remaining contractual maturity for its financial liabilities with agreed repayment periods. The table has been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. The table includes both interest and principal cash flows. To the extent that interest flows are floating rate, the undiscounted amount is derived from interest rate curves at the end of the reporting period. The contractual maturity is based on the earliest date on which the Group may be required to pay. Presented below is the maturity profile of the Group’s financial liabilities as of 31 December 2025 and 2024:   31 December 2025   Less than 3-12 months 1-5 years More than Total 3 months     5 years   US$m US$m US$m US$m US$m Borrowings (Note 22Error! Reference source not found.) 18 104 173 6 301 Accounts payable and accrued expenses (Note 24) 43 20 - - 63 Total 61 124 173 6 364   31 December 2024   Less than 3-12 months 1-5 years More than Total 3 months     5 years   US$m US$m US$m US$m US$m Borrowings (Note 22) 39 153 149 1 342 Accounts payable and accrued expenses (Note 24) 47 8 - - 55 Deferred consideration liabilities - - 16 22 38 Total 86 161 165 23 435     29.      STATED CAPITAL ACCOUNT Stated capital represents the aggregate par value of all issued ordinary shares plus any share premium received upon issuance, in accordance with the legal requirements of the Company's jurisdiction. The movements in the Stated capital account in the year were as follows:   Stated capital account   Share capital   Share premium   Treasury shares   Treasury shares no. of shares US$m US$m   US$m   no. of shares                                         Balance at 31 December 2023 473,645,141   14   2,436   -   41,614,678 Own shares exchanged during year (45,440,241)   -   -   -   45,440,241 Own shares issued in exchange 45,440,241   -   -   -   - Deferred shares issued 45,179   -   -   -   - Balance at 31 December 2024 473,690,320   14   2,436   -   87,054,919 Own shares exchanged during year (5,809,748)   -   -   -   5,809,748 Own shares issued in exchange 5,809,748   -   -   -   - Shares acquired under Mandatory Buyback -   -   -   (79)   30,544,186 Balance at 31 December 2025 473,690,320   14   2,436   (79)   123,408,853 Share Exchange Offer On 14 July 2025, the Company announced the Final Exchange Offer, which was approved by shareholders at the General Meeting held on 29 July 2025. The Exchange Offer invited Eligible Shareholders holding shares in Euroclear (including those held through non-sanctioned brokers or depositories outside of Russia) to tender such shares for exchange in consideration for the issuance of certificated shares listed on Astana International Exchange (AIX), on a one-for-one basis. The exchange of shares was effected at par value on a one-for-one basis and did not give rise to any cash settlement. Consequently, the transaction did not affect the Company's net assets, equity position or capital structure. Mandatory Buyback Pursuant to the resolution approved by shareholders on 29 July 2025, the Company implemented a mandatory buyback of all remaining Ordinary Shares held through Euroclear that were not tendered into the Final Exchange Offer (the "Targeted Shares"). On 22 December 2025, the Company completed the Mandatory Buyback of 30,544,186 non-treasury shares held in Euroclear at a buyback price of US$ 2.57 per share. The cash consideration paid amounting to US$ 79 million for the repurchased shares has been accounted for as a reduction of equity. The repurchased shares have been classified as treasury shares and are held by the Company. Following completion of the Mandatory Buyback, the Company holds 123,408,853 treasury shares. The total number of voting shares outstanding is 443,146,134 Ordinary Shares of US$ 0.03 par value each, each carrying one vote. Weighted average number of shares: Diluted earnings per share Both basic and diluted earnings per share were calculated by dividing profit for the year attributable to equity holders of the parent by the weighted average number of outstanding common shares before/after dilution respectively. The calculation of the weighted average number of outstanding common shares after dilution is as follows:   Year ended 31 December 2025   31 December 2024 Weighted average number of outstanding common shares 472,853,493   473,690,320   Weighted average number of outstanding common shares after dilution 472,853,493   473,690,320 There were no adjustments to weighted average number of shares for the purposes of calculating the diluted earnings per share in the current period (period ended 31 December 2024: none), as there are no outstanding Long-Term Incentive Plan (LTIP) awards as of the reporting date (31 December 2024: no dilutive potential ordinary shares). The remaining LTIP tranche, granted in 2021 lapsed during 2025 and, accordingly, the related balance of US$ 4 million in the share-based payment reserve was transferred into retained earnings (2024: US$ 31 million was transferred into retained earnings). 30.      RELATED PARTIES Related parties are considered to include shareholders, affiliates, associates, joint ventures and entities under common ownership and control with the Group and members of key management personnel. During the years ended 31 December 2025 and 2024 there were no significant transactions with the related parties. The remuneration of Directors and other members of key management personnel during the periods was as follows:   Year ended   31 December 2025   31 December 2024   US$m US$m Short-term benefits of board members 3 2 Short-term employee benefits 1 1   4                                 3   31.      SUPPLEMENTARY CASH FLOW INFORMATION       Year ended   Year ended[35]   Notes   31 December 2025   31 December 2024   US$m   US$m             Profit/(loss) before tax     861   (1,374) Adjustments for:           Depreciation and depletion recognised in the statement of comprehensive income 5   83   128 Impairment of non-current assets, net     -   2 Loss on disposal of subsidiaries 3   -   2,120 Write-down of inventories to net realisable value     -   1 Share-based compensation     -   2 Finance costs     21   96 Finance income     (43)   (38) Change in fair value of financial instruments     32   - Foreign exchange, net     16   (30) Impairment losses on financial assets     2   - Other non-cash items     (1)   (4)       971   903 Movements in working capital           Change in inventories     (111)   23 Change in VAT and other taxes     (18)   30 Change in trade and other receivables     (51)   (20) Change in prepayments to suppliers     (14)   (8) Change in trade and other payables     (6)   13 Cash generated from operations     771   941 Interest paid     (14)   (49) Interest received     40   35 Income tax paid     (194)   (104) Net cash generated by operating activities     603   823 There were no significant non-cash transactions during the years ended 31 December 2025 and 31 December 2024, other than in respect of exchange of the ordinary shares (Note 27). During the year ended 31 December 2025, the capital expenditure related to the new projects, which increase the Group’s operating capacity amounts to US$ 181 million (2024: US$ 88 million). Cash and cash equivalents     31 December 2025   31 December 2024   US$m   US$m           Bank deposits                       -USD   66                          382                                              - CNY                              -                              -                                              - KZT   181                            51                                              - other currencies   24   - US treasury bills                   - USD   124                          260 Current bank accounts         - USD   101                              2                                              - KZT   71   - Money market funds            - USD   164                              -                                              - other currencies   -                              1 Total   731                          696 Bank deposits as of 31 December 2025 were mainly presented by the KZT, bearing an average interest rate of 17.8 % per annum (2024: the US dollar, bearing an average interest rate of 4.1 % per annum). During year ended 31 December 2025 finance income of US$ 41 million (2024: US$ 30 million) mainly related to the interest income from cash and cash equivalents. Changes in liabilities arising from financing activities The table below details changes in the Group's liabilities arising from financing activities, including both cash and non-cash changes. Liabilities from financing activities are those for which cash flow were, or future cash flows will be, classified in the Group's consolidated cash flow statements as cash flows from financing activities.   31 December 2025   Borrowings   Deferred liability payable at fair value   Lease liabilities             1 January 322                        16                3 Cash inflow                        135                           -                  - Cash outflow                       (190)   (46)                (1) Changes from financing cash flows                       (55)   (46)                (1)             Change in fair value, included in profit or loss                            -   32   - Liability termination                            -   -                (2) Net foreign exchange loss                         (17)   -                  - Exchange differences on translating foreign operations                          17   -   - Income from the early termination of deferred liabilities -   (2)   - Other changes -   30               (2)             31 December                        267                        -   -             Less current portion                       (105)                           -   - Total non-current liabilities at 31 December                        162   -   -       31 December 2024   Borrowings   Deferred liability payable at fair value   Royalty payable   Lease liabilities                 1 January 3,225   44   24   70 Cash inflow 359   -   -   - Cash outflow (539)   -   -   (1) Changes from financing cash flows (180)   -   -   (1)                 Disposal of subsidiary (2,699)   (34)   (24)   (72) Change in fair value, included in profit or loss -   6   -   9 Unwind of discount (1)   -   -   1 New leases -   -   -   (2) Lease termination -   -   -   (1) Net foreign exchange (losses)/gains (52)   1   -   - Exchange differences on translating foreign operations 29   (1)   -   (1) Other changes (2,723)   (28)   (24)   (66)                 31 December 322   16   -   3                 Less current portion (179)   -   -   (1) Total non-current liabilities at 31 December 143   16   -   2 32.      SUBSEQUENT EVENTS There have been no material subsequent events between 31 December 2025 and 18 March 2026, the date these financial statements were authorised for issue.   ALTERNATIVE PERFORMANCE MEASURES Introduction The financial performance reported by the Company contains certain Alternative Performance Measures (APMs), disclosed to complement measures that are defined or specified under International Financial Reporting Standards (IFRS). APMs should be considered in addition to, and not as a substitute for, measures of financial performance, financial position or cash flows reported in accordance with IFRS. The Company believes that these measures, together with measures determined in accordance with IFRS, provide the readers with valuable information and an improved understanding of the underlying performance of the business. APMs are not uniformly defined by all companies, including those within the Group’s industry. Therefore, the APMs used by the Company may not be comparable to similar measures and disclosures made by other companies. Purpose APMs used by the Company represent financial KPIs for clarifying the financial performance of the Company and measuring it against strategic objectives, given the following background: Widely used by the investor and analyst community in the mining sector and, together with IFRS measures, provide a holistic view of the Company; Applied by investors to assess earnings quality, facilitate period to period trend analysis and forecasting of future earnings, and understand performance through eyes of management; Highlight key value drivers within the business that may not be obvious in the financial statements; Ensure comparability of information between reporting periods and operating segments by adjusting for uncontrollable or one-off factors which impact upon IFRS measures; Used internally by management to assess the financial performance of the Company and its operating segments; and Certain APMs are used in setting directors’ and management’s remuneration (i.e. total cash costs adjusted for gold price related expenses). APMs and justification for their use Company APM Closest equivalent IFRS measure Adjustments made to IFRS measure Rationale for adjustments Underlying net earnings Profit/(loss) for the financial period attributable to equity shareholders of the Company Write-down of metal inventory to net realisable value (post-tax) Impairment/reversal of previously recognised impairment of non-current assets (post-tax) Foreign exchange (gain)/loss (post-tax) Change in fair value of contingent consideration liability (post-tax) Gains/losses on acquisition, revaluation and disposals of interests in subsidiaries, associates and joint ventures (post-tax)   Excludes the impact of key significant one-off non-recurring items and significant non-cash items (other than depreciation) that can mask underlying changes in core performance. Underlying earnings per share Earnings per share Underlying net earnings (as defined above) Weighted average number of outstanding common shares Excludes the impact of key significant one-off non-recurring items and significant non-cash items (other than depreciation) that can mask underlying changes in core performance. Underlying return on equity No equivalent Underlying net earnings (as defined above) Average equity at the beginning and the end of reporting year, adjusted for translation reserve The most important metric for evaluating the Company’s profitability. Measures the efficiency with which a company generates income using the funds that shareholders have invested. Return on assets No equivalent Underlying net earnings (as defined above)1 before interest and tax Average total assets at the beginning and the end of reporting year A financial ratio that shows the percentage of profit the Company earns in relation to its overall resources.   EBITDA Profit/(loss) before income tax Finance cost (net) Depreciation and depletion   A financial metric used to assess the Company's profitability and financial performance before payment of taxes, interest and depreciation & amortisation costs. Adjusted EBITDA Profit/(loss) before income tax Finance cost (net) Depreciation and depletion Write-down of metal and non-metal inventory to net realisable value Impairment/reversal of previously recognised impairment of non-current assets Share-based compensation Bad debt allowance Net foreign exchange gains/losses Change in fair value of deferred consideration liability Rehabilitation costs Non-recurring/retrospective assessments of mining taxes, VAT, penalties and accrued interest Gains/losses on acquisition, revaluation and disposals of interests in subsidiaries, associates and joint ventures Excludes the impact of certain non-cash elements, either recurring or non-recurring, that can mask underlying changes in core operating performance, to be a proxy for operating cash flow generation. Net debt or (cash) Net total of current and non-current borrowings[36] Cash and cash equivalents Not applicable Measures the Company’s net indebtedness that provides an indicator of the overall balance sheet strength. Used by creditors in bank covenants. Net debt or (cash)/Adjusted EBITDA ratio No equivalent Not applicable Used by creditors, credit rating agencies and other stakeholders. Free cash flow Cash flows from operating activity less cash flow from investing activities Excluding cash flows relating to business combinations and acquisitions of investments in associates and joint ventures Excluding loans forming part of net investment in joint ventures Excluding investment loans Excluding proceeds from disposal of subsidiaries Reflects cash generating from operations after meeting existing capital expenditure commitments. Measures the success of the Company in turning profit into cash through the strong management of working capital and capital expenditure. Free cash flow post-M&A Cash flows from operating activity less cash flow from investing activities Not applicable Free cash flow including cash used in/received from acquisition/disposal of assets and joint ventures. Reflects cash generation to finance returns to shareholders after meeting existing capital expenditure commitments and financing growth opportunities. Total cash costs (TCC) Total cash operating costs General, administrative & selling expenses Depreciation expense and depletion Rehabilitation expenses Write-down of inventory to net realisable value Intersegment unrealised profit elimination Idle capacities and abnormal production costs Exclude Corporate and Other segment and development assets Treatment charges deductions reclassification to cost of sales Calculated according to common mining industry practice using the provisions of Gold Institute Production Cost Standard. Gives a picture of the Company’s current ability to extract its resources at a reasonable cost and generate earnings and cash flows for use in investing and other activities. All-in sustaining cash costs (AISC) Total cash operating costs General, administrative & selling expenses AISC are based on total cash costs, and add items relevant to sustaining production, such as other operating expenses, corporate level SG&A, and capital expenditures and exploration at existing operations (excluding growth capital). After tax all-in cash costs include further adjustments for net finance cost, capitalised interest and income tax expense. All-in costs include additional adjustments for capital expenditure for new development projects. Includes the components identified in World Gold Council’s Guidance Note on Non‐GAAP Metrics – All‐In Sustaining Costs and All‐In Costs (June 2013), which is a non‐IFRS financial measure. Provides investors with better visibility into the true cost of production.     [1] The financial performance reported by the Company contains certain Alternative Performance Measures (APMs) disclosed to complement measures that are defined or specified under International Financial Reporting Standards (IFRS). For more information on the APMs used by the Company, including justification for their use, please refer to the “Alternative performance measures” section below. [2] Profit for the year. [3] On a cash basis, representing cash outflow on purchases of property, plant and equipment in the consolidated statement of cash flows. [4] At US$ 3,800/oz and above the MET rate is at its ceiling of 11%. [5] Totals may not correspond to the sum of the separate figures due to rounding. % changes can be different from zero even when absolute amounts are unchanged because of rounding. Likewise, % changes can be equal to zero when absolute amounts differ due to the same reason. This note applies to all tables in this release. [6] Defined in the “Alternative performance measures” section below. [7] In accordance with IFRS, revenue is presented net of treatment charges which are subtracted in calculating the amount to be invoiced. Average realised prices are calculated as revenue divided by gold volumes sold, without effect of treatment charges deductions from revenue. [8] Gross metal output generated at the mine site before accounting for third-party refining or processing losses. Based on 80:1 Au/Ag conversion ratio and excluding base metals. Discrepancies in calculations are due to rounding. [9] Based on 80:1 Au/Ag conversion ratio and excluding base metals. Discrepancies in calculations are due to rounding. [10] Gross metal output generated at the mine site before accounting for third-party refining or processing losses. Based on 80:1 Au/Ag conversion ratio and excluding base metals. Discrepancies in calculations are due to rounding. [11] LTIFR – lost time injury frequency rate per 200,000 hours worked and includes only the Company’s own employees. [12] DIS – days lost due to work-related injuries. [13] Ore Reserves and Mineral Resources in accordance with the JORC Code (2012). Mineral Resources are additional to Ore Reserves. Discrepancies in calculations are due to rounding. Estimate based on gold price of US$ 3,000/oz and copper price of US$ 9,000/t. [14] Attributable to 55% ownership. Estimate based on tin price of US$ 20,000/t. [15] Water use for processing does not include water used for non-technological purposes. [16] Based on actual realised prices. [17] Without the effect of deductions for treatment charges from revenue. [18] Commission sales of third-party materials. [19] Defined in the “Alternative performance measures” section below. [20] Defined in the “Alternative performance measures” section below. [21] Discrepancies are due to rounding. [22] Defined in the “Alternative performance measures” section below. [23] Defined in the “Alternative performance measures” section below. [24] Underlying basic EPS are calculated based on underlying net earnings. [25] On a cash basis. [26] On accrual basis, capital expenditure was US$ 286 million in 2025 (2024: US$ 222 million). [27] Defined in the “Alternative performance measures” section below. [28] Pursuant to the resolution approved by shareholders on 29 July 2025, the Company implemented a mandatory buyback of all remaining Ordinary Shares held through Euroclear that were not tendered into the Final Exchange Offer. On 22 December 2025, the Company completed the Mandatory Buyback of 30,544,186 non-treasury shares held in Euroclear at a buyback price of US$ 2.57 per share. Following completion of the Mandatory Buyback, the Company holds 123,408,853 treasury shares. [29] Including acquisition of financial assets (US$ 15 million), investment in time deposit (US$ 105 million), net change in loans advanced (US$ 32 million). [30] Defined in the “Alternative performance measures” section below. [31] Related to the Parent and Kazakh entities since re-domiciliation to AIFC. [32] The effect of currency translation recycling relates to discontinued operations (Note 4). [33] Consolidated cash flows include amounts of discontinued operations (Note 4). 2 Asset acquisitions related to the discontinued operations to the date of disposal. [34] The functional currency of Polymetal is the Russian rouble, which is different from the Solidcore Resources plc functional currency (the US dollar from 1 January 2015 and the Kazakhstani tenge from 1 August 2023). The exchange differences arising on translation of the assets, liabilities and income statements of Polymetal were recorded in other comprehensive income and accumulated in the separate component of equity. On disposal of Polymetal the cumulative amount of the exchange differences relating to Polymetal was recycled to Solidcore Resources plc’s income statement. [35] Consolidated cash flows for the year ended 31 December 2024 include amounts of discontinued operations, related to the Russian business disposed of in 2024. [36] Excluding lease liabilities and royalty payments. 19/03/2026 Dissemination of a Financial Press Release, transmitted by EQS News.The issuer is solely responsible for the content of this announcement.Media archive at www.todayir.com

EQS via SeaPRwire.com / 18/03/2026 / 10:53 UTC+8 Recently, while NVIDIA's GTC 2026 conference mapped out the "Trillion Token Factory" blueprint, a deeper question is fermenting: When the whole world is busy producing Tokens, who guarantees these Tokens burn worthily? Jensen Huang released a key signal: in the deep-water area where AI moves from training to inference, the golden mineral of data centers is shifting from traditional databases processing structured data to AI engines processing unstructured data. Pure computing power stacking is giving way to "data refining" to become effective Tokens. Xunce Technology, this company deeply cultivating real-time data infrastructure construction and analysis for many years, is redefining the input-output ratio of Token investment in the AI era through vertical industry data as "Token efficiency boosters." From "Training" to "Inference": The Game Rules Have Changed The evolution of AI has entered a new stage. In the previous two years, everyone competed on training—whoever had more GPUs could refine larger models. But today, the protagonist has become inference. NVIDIA CEO Jensen Huang repeatedly emphasized in his GTC speech that future AI must be able to "infer"—able to reflect, able to think, able to plan. This means AI is no longer just generating content based on prompts, but must, like humans, deconstruct problems, deduce paths, and make decisions. But the problem follows: in the inference stage, AI's consumption of Tokens rises exponentially, but the requirement for result quality no longer depends on Tokens themselves, but on effective Tokens. The "Brute Force Dilemma" of General AI: Trading Computing Power for Precision Current general-purpose AI, when improving inference precision, universally adopts the strategy of trading computing power for precision—popularly speaking, using brute force to "gamble" on results. Typical inference large models, in order to select the optimal solution from multiple possibilities, often pre-generate several candidate options, then score them one by one, finally picking the one with the highest score as the answer. This mechanism sounds rigorous, but the cost is: every step of inference must take several more "detours." The bigger problem is that inference itself carries the risk of failure. Once the inference chain breaks midway, or the finally selected answer is judged unqualified, the massive amount of Tokens invested earlier will be voided—no reusable value, or "residual value" that can be recovered. This is a common challenge of general AI frameworks: When facing complex tasks, Token consumption rises linearly, while effects often hover in a downward channel. The Solution of Vertical AI: Installing an "External Brain" for Large Models with Data The answer Xunce gives is to do "subtraction." The core of vertical AI solutions is using industry data to provide an "external brain" for large models. The function of this external brain is to use business models to optimize inference paths, helping large models in advance judge which paths are passable and which are dead ends. This mechanism is called "workflow model guided inference." Its operating logic is: before Tokens begin large-scale consumption, first have vertical industry business models do a round of "feasibility pre-judgment" based on many years of accumulated high-quality, high-net-worth, scenario-based vertical industry data. Xunce is equivalent to drawing an "avoid-pit map" for large models. The value of this map lies in: It makes AI take fewer detours, or even no detours. When general AI still relies on "trial and error" to approach correct answers, Xunce's users have already directly stood on the cornerstone of high-purity data, using less Token consumption to exchange for higher-precision business results. The Business Logic of "Efficiency Booster": Token Unit Price Determined by Market, Token "Effectiveness" Determined by Data Token unit price is determined by chip computing power costs and market supply-demand relationships—this point no company can control. But Token "effectiveness"—that is, the business value each unit of Token can produce—can be determined by data quality. This is precisely the core logic of the "Token efficiency booster": It is not a "producer" of Tokens, but an "amplifier" of Token value. Under the same computing power costs, high-quality data can make every Token burn more worthily; under the same Token budget, high-purity data can let users obtain higher output certainty. This means a tangible financial model change: computing power costs are becoming increasingly transparent, buying computing power is like buying electricity—prices converge, no differentiation to compete on. But data is different—data has memory, has scenarios, has compound interest effects. Data used today can still be used tomorrow; business logic precipitated today can make models smarter tomorrow. From "Measurement" to "Efficiency Boosting": The Compound Interest of Vertical Data is Being Released Xunce has long insisted on deep cultivation in professional Vertical Data modeling and development fields, with its R&D results embodied in technical platforms at different stages. And the popularization of generative AI technology is accelerating the release of these accumulated values. AI computing power optimization by Token flow metering is one of the important application scenarios for professional Vertical Data services. As the ecosystem evolves, Tokens will also achieve cross-application, cross-scenario universality—consumable for both computing power scheduling and optimizing vertical models and high-frequency data calls. The better users' effects in training vertical models, the less Tokens consumed, the more precise business results produced, the deeper their dependence on Xunce, and the higher the switching costs. This is not only an upgrade of the business model, but also a competitive barrier based on data compound interest. Conclusion NVIDIA used "Token Factory" to define the future of AI computing power, while Xunce Technology is using "Token efficiency booster" to redefine the value of AI data. When computing power converges and models open-source, what truly determines AI business returns will no longer be the "output volume" of computing power stacking, but the "output volume" of data refining. In the tide of the Token economy, there are many companies that can help users "save money," but the company that can make users "get more value for every penny spent" is the ultimate winner. And this, perhaps, is exactly what the capital market expects from Xunce Technology's "growth certainty." 18/03/2026 Dissemination of a Financial Press Release, transmitted by EQS News.The issuer is solely responsible for the content of this announcement.Media archive at www.todayir.com

EQS via SeaPRwire.com / 17/03/2026 / 10:06 UTC+8 Amsterdam, Netherlands - March 17, 2026 - (SeaPRwire) - NetRanks today announced the launch of its AI Optimisation Control Center, the first platform designed to measure, predict, and improve a brand's visibility inside AI-generated responses across ChatGPT, Gemini, Claude, Perplexity, and emerging AI engines. The release marks a significant step toward establishing structured, data-driven methods for Generative Engine Optimization (GEO), the discipline focused on brand visibility within AI answer engines. As businesses adapt to a rapid change in how consumers find information, the need for models that quantify AI-driven visibility has grown. Recent industry data shows that classical search volume is projected to decline by 25% by 2026 as AI systems increasingly become the primary gateway for discovery. With AI platforms now synthesizing answers from a limited set of sources, brands face new challenges in understanding how and when they are mentioned. NetRanks' AI Optimisation Control Center addresses this development by combining large-scale probing, multi-engine scanning, predictive modelling, and actionable visibility improvements into one system. The platform is designed to help brands see where they appear in AI-generated answers, forecast changes in ranking, and take targeted steps to increase their AI Share-of-Voice - defined as the percentage of AI-generated answers naming a brand. "Our goal was to replace assumptions with measurable signals," said NetRanks CEO and Founder Reha Sönmez. "AI engines update frequently, and traditional methods do not explain why a brand is or isn't mentioned. We built a platform that shows the underlying sources, identifies gaps, and models what happens when those gaps are filled." The system operates through continuous, model-agnostic scans of major AI engines. It analyzes citations, identifies which articles and sources influence AI-generated answers, and groups visibility opportunities by topic, product line, or market category. Its prediction engine uses historical scanning patterns to forecast potential visibility lift and rank movement before new content or campaigns are deployed. Alongside predictive modelling, the platform converts visibility insights into ranked, step-by-step actions. These tasks are prioritized by expected impact, allowing communications teams, marketing departments, and SEO specialists to allocate efforts based on data rather than trial-and-error. "Many companies are aware they need to adapt to AI-driven discovery, but they do not have the tools to see what is influencing their visibility," Sönmez added. "Our platform links observations to projections and projections to action. It is designed to give teams clarity at a time when AI systems play a major role in how information surfaces." NetRanks has also confirmed that its baseline visibility feature—the core function many competitors monetize - will be made available for free. The company stated that its subscription model will focus instead on predictive capabilities, advanced modelling, optimization tasks, and visibility-to-impact connections. This structure is intended to support broad adoption while allowing organizations to scale into deeper GEO operations as needed. The launch follows months of engine refinement, cross-model testing, and early-access collaboration with agencies and B2B brands. According to the company, continuous scanning and longitudinal datasets will remain central to the platform's development, as AI systems evolve and new engines enter the market. NetRanks plans to expand its functionality over the coming months, further integrating prediction, diagnostics, and impact measurement to support teams working across communications, content strategy, advertising, and brand management. About NetRanks NetRanks is an AI visibility company that tracks, analyzes, and increases brand presence inside AI-generated answers across major AI search engines. Through continuous scanning, predictive modelling, and actionable optimization tasks, NetRanks helps organizations understand how AI systems reference their brands and how visibility changes over time. The company serves global clients across industries and is focused on building the measurement infrastructure for the AI-driven search era. Social Links X: https://x.com/netranksai LinkedIn: https://www.linkedin.com/company/netranks/ Contact Information Brand: NetRanks  Contact: Reha Sonmez Email: reha@netranks.ai Website: https://www.netranks.ai 17/03/2026 Dissemination of a Financial Press Release, transmitted by EQS News.The issuer is solely responsible for the content of this announcement.Media archive at www.todayir.com

EQS via SeaPRwire.com / 16/03/2026 / 19:20 UTC+8 Chia Tai Enterprises International Proposes Name Change to CPBIO Biotech is the Core Growth Engine: Innovation Fuels Diversified Portfolio   (16 March 2026 – Hong Kong) Chia Tai Enterprises International Limited (Stock Code: 03839.HK) is pleased to announce today that it proposes to change its name to “CPBIO Holding Company Limited” (hereinafter referred to as “CPBIO” or the “Company”). The proposed name change aims to accurately reflect the Company’s current principal business and future strategic direction, further reinforcing its vision of becoming a world‑leading biotechnology company. Under the new name “CPBIO”, the Company will continue to collaborate with global partners to advance the sustainable development of the biotechnology industry. The proposed change of company name is subject to approval by the shareholders at the general meeting and by the Registrar of Companies in Bermuda.   Business Focus: Biotech Contributes All Revenue, Continue to be the Core Growth Engine This renaming marks a significant milestone in the Company’s history, accurately reflecting that the biotech business (including animal health products and chlortetracycline) now contributes all revenue. As the Company continues to focus and deepen its business operations, future efforts will be concentrated on fields such as synthetic biology and biological products. The new name, “CPBIO”, provides a more intuitive representation of the Company's core direction - driving future growth through biotechnology and underscores its firm commitment to safeguarding life and health while promoting sustainable industry practices.   Core Strategy: Research, Innovation & Globalization to Capture Livestock Industry Upgrade & Biosecurity Trends Positioned at the forefront of life sciences, CPBIO has successfully transitioned from a premier supplier of animal health products to a global provider of biotechnology solutions. As the global livestock industry accelerates toward large-scale, intensive operations and enhanced biosecurity, market demand for efficient and safe animal health products continues to rise. Leveraging this opportunity, the Company will consistently strengthen product R&D and technical innovation. While expanding its presence in the international market, CPBIO will deepen cooperation with global industry partners to build a robust business foundation based on solid biotechnological capabilities.   Corporate Mission: Championing Leadership as a World‑Leading Biotech Firm As CPBIO embarks on this new chapter, it remains dedicated to upholding and promoting its deeply rooted corporate spirit. The Company consistently adheres to its grand vision of “Becoming a World-class Biotechnology Company” and employs it to steer the high-quality development of every aspect of the business. Under this vision, CPBIO is committed to its corporate mission: With innovative biotechnology, advance animal health, protect the earth, and benefiting mankind. This original aspiration is not only the cornerstone of past success but also the core driving force for future biotech innovation and application.   Future Outlook: Innovative and Synthetic Biologics + AI Powers Through‑Cycle Growth Engine CPBIO will activate a new core growth engine: Building on a strengthened life sciences foundation, enhanced global resource synergies, and expanded market networks, the Company will aggressively advance cutting-edge biologics innovation and strategically target the high-growth pet health sector. At the same time, it will leverage advanced synthetic biology across its value chain while building an AI- and data-driven intelligent ecosystem. These engines will work synergistically to create a diversified biotech portfolio with strong through-cycle resilience, delivering comprehensive industry solutions and creating sustainable, long-term value for shareholders, customers, and partners. – END –     About Chia Tai Enterprises International Limited Listed on the Main Board of the Hong Kong Stock Exchange in July 2015, Chia Tai Enterprises International Limited (“CTEI”) (Stock Code: 03839.HK) is engaged in biotech business and investment business. We have established a strong presence and leadership position in the biotech industry in China.   CTEI is a subsidiary of Charoen Pokphand Foods Public Company Limited (Stock Code: CPF.TB, hereinafter referred as “CPF”). CPF is one of the world’s leading agri-food companies and is listed on the Stock Exchange of Thailand.     This press release is issued by DLK Advisory Limited on behalf of Chia Tai Enterprises International Limited.   For enquiries, please contact, DLK Advisory 金通策略 pr@dlkadvisory.com Tel: +852 2857 7101 Fax: +852 2857 7103   16/03/2026 Dissemination of a Financial Press Release, transmitted by EQS News.The issuer is solely responsible for the content of this announcement.Media archive at www.todayir.com

EQS via SeaPRwire.com / 16/03/2026 / 18:08 UTC+8 Focused on developing high-value inhalation therapies for pulmonary hypertension (PAH and PH-ILD), with clinical potential to expand into pulmonary fibrosis indications (PF-ILD, including IPF and PPF). Suzhou, China, March 13, 2026 — CF PHARMTECH, INC. (HKEX: 2652.HK, hereinafter referred to as “CF PHARMTECH, INC.” or “the Company”) today announced that the National Medical Products Administration (NMPA) has officially accepted the Investigational New Drug (IND) application for ICF001. Independently developed by the Company, ICF001 is an innovative inhalation powder for the treatment of pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD). It is classified as a Class 2.1 improved new chemical drug in China. Following the recent acceptance of ICF004, ICF001 is another candidate from the Company’s high-barrier respiratory pipeline to reach this milestone, signaling an accelerated harvest phase for CF PHARMTECH, INC.’s innovative R&D. ICF001 utilizes a prodrug-based mechanism designed to achieve long-acting efficacy. As drugs in this class have already demonstrated blockbuster potential in treating rare and serious pulmonary diseases, ICF001 is positioned to capture significant growth as it expands into new indications. Addressing Unmet Clinical Needs and Filling a Domestic Treatment Gap ICF001 targets two critical categories of pulmonary hypertension: WHO Group 1 pulmonary arterial hypertension (PAH) and WHO Group 3 pulmonary hypertension associated with interstitial lung disease (PH-ILD). Both conditions are associated with poor prognosis and urgently require better treatment options. PAH: As a rare and progressive disease, PAH continues to carry a heavy disease burden. Even with current standard therapies, the 5-year survival rate remains only around 50%–60%, and median survival is approximately 4–7 years. PH-ILD: Prognosis is even more severe. Pulmonary vascular remodeling caused by interstitial lung disease results in a median survival of only 1.5–3 years, with a 3-year survival rate as low as 25%–40%, making PH-ILD a particularly challenging condition in the pulmonary hypertension field. Notably, there are currently no approved targeted therapies for PH-ILD in China. The rapid development of ICF001 positions it to potentially become the first inhaled therapy approved for this indication in China, addressing a critical therapeutic void and offering a transformative treatment option for patients worldwide. Tackling Key Industry Challenges with a Globally Differentiated Improved Mechanism While the industry is shifting toward long-acting therapies to reduce dosing frequency, existing approaches often face challenges, including single-dose burden, local tolerability, and titration complexity, all of which can affect dose escalation and long-term patient adherence. ICF001 is designed to address these clinical pain points through precise formulation and pharmacokinetic optimization, with the goal of delivering two key breakthroughs while demonstrating multi-indication expansion potential: Enhanced patient adherence through reduced dosing frequency By optimizing molecular structure and formulation, ICF001 increases drug loading efficiency and improves local tolerability, reducing the overall administration burden for long-term therapy. Optimized pharmacokinetics through a “peak-shaving and trough-filling” profile, balancing safety and efficacy Delivered directly to the lungs, ICF001 is designed to blunt peak plasma concentration (Cmax) while extending drug exposure (AUC). This “peak-shaving and trough-filling” profile improves systemic tolerability and may enhance clinical efficacy while maintaining safety. “One drug, Multiple indications” Strategy Expanding beyond PAH and PH-ILD, ICF001 utilizes a mechanism of action that targets pulmonary fibroblast activation, offering dual potential in pulmonary hypertension and pulmonary fibrosis. Backed by cutting-edge global research and clinical exploration of this drug class, ICF001 is expected to emerge as a next-generation blockbuster, addressing significant unmet needs in the broader respiratory market. These differentiated advantages represent the Company’s R&D goals and strategic direction based on translational medicine models. If improvements in tolerability and titration efficiency are confirmed in subsequent clinical studies, ICF001 is expected to improve long-term treatment adherence, strengthen efficacy potential, and further expand clinical accessibility. The rapid acceptance of this IND application marks another critical milestone in the Company’s clinical development of its high-barrier respiratory pipeline. It demonstrates the Company’s solid fundamentals, forward-looking strategic positioning, and efficient execution in innovative drug R&D. Furthermore, it established a strong foundation for the Company to further penetrate the global high-value inhalation therapy market to address unmet clinical needs. The market holds high expectations for the clinical application of such improved new drugs. Validating Platform Value: Extending from Complex Formulation Capabilities to Innovative Drug Translation The IND acceptance of ICF001 marks a key transition for CF PHARMTECH, INC.’s inhaled innovative drug program enters the regulatory phase. This progress represents a strategic breakthrough with long-term sustainable development potential: Strategic Dimension Implication Validation of platform translation capability The Company has integrated complex formulations, delivery systems, device engineering, and unmet clinical needs, demonstrating its capability to advance innovative drug programs. Replicable R&D model This progress establishes a proven methodology and a replicable R&D model for future innovation in respiratory and other therapeutic fields. Value Driver Evolution Supports a higher-level valuation based on the intersection of precision delivery technology, device engineering, and innovative clinical assets.   By leveraging its integrated global capabilities, CF PHARMTECH is building a multi-layered product portfolio centered on the synergy of advanced complex formulations and innovative therapeutics. This strategic focus solidifies the Company’s position in the high-value global inhalation market while enabling the expansion of its proprietary delivery technology into broader therapeutic areas and innovative drug development. 16/03/2026 Dissemination of a Financial Press Release, transmitted by EQS News.The issuer is solely responsible for the content of this announcement.Media archive at www.todayir.com

EQS via SeaPRwire.com / 15/03/2026 / 21:59 UTC+8 Press Release (For immediate release)           （Stock code: 2386）   SEG Announced 2025 Annual Results   Initiating First Special Dividend Distribution Payout Ratio Reached 88% Newly Signed Orders Exceeded RMB100-Billion Mark for the Second Consecutive Year   (16 March 2026, Hong Kong) SINOPEC Engineering (Group) Co., Ltd. (“SEG” or the “Company”, together with its subsidiaries collectively known as the “Group”) (stock code: 2386) today announced its annual results for the twelve months ended 31 December 2025 (the “Reporting Period”).   In 2025, facing the challenges of profound shifts in the global energy landscape and intensifying industry competition, the Group consistently prioritized high-quality development as the overarching principle. We have advanced international operations with greater openness, driven technological innovation with unwavering determination, and rewarded shareholder trust with pragmatic measures-delivering a solid annual performance.   In 2025, the Company achieved operating revenue of RMB70.074 billion and net profit of RMB1.807 billion. The Board consistently adheres to the core principle of “investor-centricity,” sharing the fruits of high-quality development with all shareholders through a high dividend policy. A final dividend for 2025 of RMB0.104 per share is proposed, representing a base dividend payout ratio of 65% for the full year. To further demonstrate unwavering confidence in long-term development and safeguard shareholder returns, the Company initiated our first special dividend distribution, proposing an additional special dividend of RMB0.094 per share, resulting in a total distribution of RMB0.198 per share with the final dividend on a combined basis. Including the interim dividend already paid, the total dividend per share for the whole year amounts to RMB0.358, representing an effective payout ratio of 88%, maintaining the same dividend per share as last year.   Operational quality and efficiency were steadily improved, while development resilience continues being strengthened.   Market scale maintained steady growth. New orders signed throughout the year reached RMB101.248 billion, remaining above the RMB100 billion mark for the second consecutive year, which demonstrates a positive trend of “steadily increasing total volume, continuously optimized structure, and accelerated expansion into front-end business segments.” International operations improved in both quality and speed, establishing a diversified and balanced layout where Sinopec markets, non-Sinopec markets and international markets each account for one-third of the portfolio, significantly enhancing risk resilience. Breakthroughs were achieved in high-end business segments. The high-level front-end engineering advantage was further consolidated, with the successful signing of landmark overseas front-end projects such as the FEED+ convertible EPC contract for the Saudi ACWA large-scale green hydrogen project. All five engineering subsidiaries achieved their first overseas front-end business contracts within the year, comprehensively enhancing source competitiveness. Comprehensive strengths have become more apparent. The unique competitive advantage of “Global Rules + Chinese Efficiency” has been fully demonstrated, with our integrated engineering service capabilities earning high recognition from global clients. Currently, front-end and EPC contracts account for over 80% of our order backlog, and the order structure continues to optimize, effectively stimulating the continuous optimization of the revenue structure, demonstrating strong operational resilience in intense market competition and achieving both qualitative enhancement and reasonable quantitative growth.   Technological innovation capabilities remain at the forefront, driving significant progress in new industrialization.   Steady progress in technology-driven value creation. Throughout the year, technology development and licensing contracts totaling RMB1.013 billion were signed, demonstrating a steady enhancement in the direct efficiency-generating capacity of technology. The innovation ecosystem has expanded comprehensively. Adhering to the principles of “open cooperation and integrated innovation”, we deepened industry-academia-research integration with top research institutes and universities, and collaborated with overseas clients and partners to promote the global deployment of our leading technologies. We successfully hosted the 12th World Congress of Chemical Engineering SubForum 12 on “Process Industry Innovation and Process System Engineering Reinvention”, gathering nearly 200 global experts, scholars, corporate representatives, and industry elites in the chemical engineering eld for exchange of insights. Accelerating implementation of digital and intelligent transformation. The “Guidelines for Comprehensively Advancing the Company’s Leadership in the New Industrialization of the Engineering Construction Industry” were released, yielding replicable and scalable outcomes in intelligent design, machine-based manufacturing, and digital delivery, etc. The engineering construction model is accelerating its transformation and upgrading toward “standardized lean design + factory-based intelligent manufacturing + modular installation”. AI applications moved into practical implementation: On the design side, knowledge graphs and generative design significantly boosted efficiency; on the management side, the intelligent supply chain management system for the entire lifecycle advanced in tandem with smart construction site development; on the construction side, intelligent equipment like trackless crawler welders and multi-axis welding robots saw widespread adoption.   Corporate governance continues improving, and the quality of the Company steadily increases.   The governance system is standardized and efficient. The convert of China National Petroleum Corporation’s domestic shares to the H shares on the public market was successfully completed, further optimizing our equity structure and governance framework. A comprehensive amendment to the Articles of Association was smoothly completed, with the Audit Committee of the Board fully assuming the functions of the Supervisory Committee. Industrial layout has been expanded. Sinopec (Guangdong) Environmental Technology Co., Ltd. was established as a specialized environmental governance platform, contributing to the protection of clear waters, blue skies, and clean soil. The acquisition of equity in East China Pipeline Design and Research Institute was completed, further enhancing comprehensive design capabilities in pipeline storage and transportation. ESG performance remains leading. Deepened SINOPEC’s social responsibility brand building by continuing the “Immersive Public Safety Experience and Emergency Science Outreach Program,” demonstrating state-owned enterprise responsibility. Maintained the industry’s highest AA-level ESG rating from Wind Information and received the “China Listed Companies ESG Annual Best Practice Award” for two consecutive years.   Mr. JIANG Dejun, Chairman of SEG, said: “The Company has now completed the drafting of the “15th Five-Year Development Plan Outline,” which has been reviewed and approved by the Board. Seven major development strategies have been made: value-oriented, innovation-driven, cost-leadership, digital & smart empowerment, green & clean, globally development, and integration symbiosis. Research has been completed on eight key initiatives: development indicator system, domestic market expansion, international operations, construction business transformation, technological innovation, green low-carbon and energy conservation, digital-physical integration, and smart manufacturing. By 2030, the Company is expected to embody the fundamental characteristics of a world-class technology-driven engineering enterprise, evolving into an engineering group distinguished by robust technological capabilities, exceptional management expertise, integrated synergistic development, effective risk prevention and control, and will significantly enhance our overall value. The Company endeavors to achieve its long-term goal of main business revenue exceeding RMB100 billion by 2035, with overseas business revenue consistently accounting for over one-third of total revenue, significantly enhancing the international competitiveness of core technologies, and maintaining a leading brand influence among international engineering companies. In 2026, the Group will implement the Board’s strategic decisions by focusing on advancing initiatives such as: strengthening strategic guidance and integrated coordination; continuously promoting innovation-driven development, lean management, digital & smart empowerment, and green low-carbon practices; providing high-level support for the transformation and upgrading of the energy and chemical industries; setting high standards for leading the new industrialization of the engineering construction sector; advancing the internationalization of engineering construction enterprise operations with high quality and efficiency; and achieving diversified value creation for the listed company with high efficiency. These efforts will enable the Group to take more solid strides toward “Building a world-leading technology-driven engineering company”.   Business Review and Highlights   QHSE performance remained sound.   During the Reporting Period, the Group was executing 1,888 projects, with an average daily personnel of about 120,000 on site. As at the end of the Reporting Period, the accumulated safety manhours reached 359 million, and no major safety, quality or environmental incidents occurred.   During the Reporting Period, the Group fully carried out the demonstration construction of safety standardized work teams, continued to promote the certification of team leaders and three types of key personnel from subcontractors, and achieved full coverage of training for strategic subcontractors. Focusing on key links such as design, verification and engineering changes, the Group launched special quality improvement initiatives to effectively reduce HSE risks at the source. It actively promoted the construction of smart construction sites and promoted the application of advanced technologies and equipment including intelligent violation identification systems and electronic fences. The Operation Supervision Platform of “Divisional Work & Sub-divisional Work with Higher Risk” was launched to implement three-level control and full-process information-based dynamic supervision. A problem database was established to strengthen closed-loop risk management. The Group deepened its “comprehensive health” management, carried out the “Health Management Year” campaign, and established an employee health consultation and service platform. Centering on the four goals of carbon reduction, pollution abatement, efficiency improvement and green enhancement, the Group launched the second phase of the Green Enterprise Initiative, implemented energy conservation and emission reduction measures from the design stage, fully adopted green construction, and continuously enhanced its sustainable development capacity.   Market development achieved robust growth on both volume and quality   During the Reporting Period, the value of new contracts signed by the Group was RMB101.248 billion. Among which, the value of newly signed domestic contracts was approximately RMB63.248 billion, and the value of newly signed overseas contracts was approximately USD5.429 billion.   In the domestic market, the Group deeply engaged with strategic clients, strengthened integrated promotion efforts, and continuously expanded market share through comprehensive solutions. While enhancing our core advantages in traditional businesses, we continuously expand business into new technologies, new materials, new energy and other emerging sectors. During the Reporting Period, the representative newly signed domestic contracts included the EPC contract for the Sinopec Maoming Ethylene Project with a total contract value of approximately RMB11.821 billion; the EPC contract for Sinopec Luoyang Million-ton Ethylene Project (the “Luoyang Ethylene Project”) with a total contract value of approximately RMB6.553 billion; the EPC contract for the demonstration project of coal-grading clean and efficient transformation of 15 Million-ton per year by Shaanmei Yulin Chemical (the “Shaan Coal Yulin Coal Chemical Project”) with a total contract value of approximately RMB2.772 billion; and the EPC contract for the MTO and olefin separation unit of China Energy Shenhua Baotou Coal-to-Olefin Upgrading Demonstration Project (the “Shenhua Baotou MTO”) with a total contract value of approximately RMB2.367 billion.   During the Reporting Period, the Group signed 348 new contracts in the emerging business sector with a new contract value of approximately RMB11.0 billion. Among which, 40 contracts were from the clean energy and new energy fields, with a new contract value of approximately RMB1.8 billion; 308 contracts were from new materials, new technologies, energy conservation, environmental protection and other emerging fields, with a new contract value of approximately RMB9.2 billion.   In the overseas market, the Group accelerated the development of a more diversified, balanced and resilient global market network, and strengthened strategic cooperation with international peers and enhanced high-level mutual visits, promotions and communications with strategic clients. During the Reporting Period, the representative newly signed overseas contracts included the EPC contract for the Algerian Hassi Refinery Project with a contract value of approximately USD2.058 billion; the EPC contract for the polyethylene and utilities project of the Silleno Petrochemical Complex Project in Kazakhstan (the “Kazakhstan Silleno PE & UIO Project”) with a contract value of approximately USD1.902 billion; the EPC contract of Haradh GOSP-3 oil and gas separation and stimulation project of Saudi Aramco (the “Saudi Haradh Project”) with a contract value of approximately USD707 million; and the EPCC contract of the Arzew Refinery Reformation Project in Oran, Algeria (the “Arzew Refinery Project”) with a contract value of approximately USD433 million.   In regards to its front end business, the Group entered into contracts, including a FEED + convertible EPC contract for the ACWA Green Hydrogen Green Ammonia Project in Yasref, Saudi Arabia; a FEED + convertible EPC contract for the UAE NGL Project; the NKNK Ethylbenzene Styrene technology transfer and process package design; the Kazakhstan sulfuric acid foundation design; the feasibility study of Vietnam biomass gasification to jet fuel project; the engineering design for the Sinopec Hunan Petrochemical Yueyang 1 Million-ton per year ethylene refining and chemical integration project (the “Yueyang Ethylene Project”); the engineering design for the Sinopec Qilu Petrochemical local oil refinery transformation and upgrading technology conversion project (the “Qilu Upgrade Project”); and the engineering design for Shenhua Yulin Circular Economy Coal Comprehensive Utilization Project (the “Shenhua Yulin Coal Chemical Project”), and shall continue to move towards the front end of the industrial chain and the high end of the value chain.   During the Reporting Period, the Group’s major projects under implementation were as follows:   North Huajin United Petrochemical Fine Chemical and Raw Material Engineering Project (the “Aramco Huajin Project”) (EPC): the project has been mechanically completed and entered the final stage.   SINOPEC SABIC Petrochemical Fujian Gulei Ethylene and Downstream Deep Processing Consortium Project (EPC): the project was in the final stage of construction and installation with an overall progress of over 90%.   Maoming Ethylene Project (EPC): the engineering design had entered the final stage and the construction had entered the installation stage, with the overall progress of nearly 50%.   Luoyang Ethylene Project (EPC): the ethylene unit of the project is in the stage of basic design, and the auxiliary refining unit is in the stage of construction and installation, with an overall progress of nearly 30%.   Lianhong Gerun (Shandong) Integrated Project of New Energy Materials and Biodegradable Materials (EPC): the project has been completed and delivered, and has entered feeding and commissioning.   China Coal Yulin Coal Deep Processing Base Project (EPC): the engineering design had entered the final stage and the construction had entered the installation stage, with the overall progress of nearly 50%.   Shenhua Baotou MTO (EPC): the project is in the stage of detailed design and civil works commenced, with an overall progress of over 30%.   Packages P1 and P2 of Riyas NGL Project of Saudi Aramco (EPC): the design work of the project has entered the final stage, and the construction work was in the peak stage of installation, with an overall progress of over 60%.   Tank Farm and Integration Project with SATORP Refinery under Saudi AMIRAL Project (EPC): the design of the project entered the final stage, the construction has entered the peak of installation, with the overall progress of over 60%.   Jafurah Gas Expansion Project Phase III of Saudi Aramco (EPC): design and procurement peak. The construction work has started with an overall progress of over 40%.   Crude Oil Pumping Station Upgrading and Improvement Project of Saudi Aramco (EPC): the project was substantially completed, with an overall progress of over 90%.   Kazakhstan Silleno Project: (1) the ethane cracking (ECU) project (EPC) is currently in the stage of design and procurement, construction work has been initiated with an overall progress of over 40%. (2) the polyolefin and utilities (PE & UIO) project (EPC) has commenced the design and procurement stage, with an overall progress of over 10%.   Algerian Hassi Refinery Project (EPC): the project is currently in the peak of design and procurement, and construction entered preparation stage, with an overall progress of over 20%.   Algerian LNG/MTBE (EPCC) Project: the design and procurement of the project was substantially completed, and the project is in the peak of construction with an overall progress of over 80%.   Saudi Haradh Project (EPC): the design and procurement of the project has commenced, with an overall progress of over 10%.   UAE NGL Project (FEED): the overall design work of the project is completed, and has entered into the EPC contract tender evaluation process.   Yasref Green Hydrogen Project (FEED) of Saudi Arabia: with an overall design work progress of the project of over 30%.   Note: “FEED” refers to front end engineering design contracting; “EPC” refers to engineering, procurement and construction contracting; “BEPC” refers to basic design + EPC; “EPCC” refers to EPC and commissioning contracting; and “C” refers to construction contracting.   Continuous progress in technology innovation   During the Reporting Period, the Group continuously expanded open cooperation. The Group has entered into 3 strategic cooperation agreements with China General Nuclear Power Corporation, Sinopec Qingdao Research Institute of Safety Engineering Co., Ltd., and Guangdong University of Technology, and has organized technical exchanges with 20 scientific academies including relevant institutes of the Chinese Academy of Sciences, Tsinghua University, Beijing University of Chemical Technology, and other universities, and deepened cooperation in areas such as carbonyl synthesis, PEEK, new types of electrolyzer, green chemistry, energy conservation and carbon emission reduction, and CCUS. We also explored technology development and collaboration with companies such as NEXANT, SABIC, ADNOC, SOCAR and TR, so as to advance the global reach of our advantageous technologies. We successfully hosted the 12th World Congress of Chemical Engineering and the 21st Asian Pacific Confederation of Chemical Engineering Congress, Sub Forum 12 on “Process Industry Innovation and Process Systems Engineering Reengineering”. The meeting focused on topics such as intelligent manufacturing, digital enablement, and green and low carbon development, attracting nearly 200 global experts, scholars, corporate representatives, and industry leaders for joint exploration of new paths for technological innovation and high quality growth in the industry.   During the Reporting Period, the Group has received a total of 37 awards for scientific and technological progress at the provincial/ministerial level and above.   During the Reporting Period, the Group’s major achievements in technological innovation included: (1) The key technology development and demonstration project of Maoming Vinyl Elastomers successfully produced qualified products. The unit has been calibrated at full load, with all indicators exceeding design specifications. (2) The first feeding and commissioning of the complete set of technology for reactor-made polypropylene alloys in Zhenhai was successfully completed. (3) The development and application of the complete set of deoiled asphalt gasification technology has achieved all designed targets. (4) The whole process of the development and demonstration project of the complete set of technology for PBST degradable material industrialization at Hainan Refinery was successfully completed, producing qualified products. (5) The succinic acid plant in Qingdao, which adopts the maleic anhydride hydrogenation process, has successfully produced qualified succinic anhydride products, and the unit is operating stably.   During the Reporting Period, the Group signed 309 new technology development contracts of various types with a total contract value of RMB532 million, and 138 new technology licensing and technology transformation contracts with a total contract value of RMB481 million.   During the Reporting Period, the Group filed 762 new patent applications, of which 583 applications; and 307 newly licensed patents, of which 174 patents. As at the end of the Reporting Period, the Group had 4,580 valid patents, 2,440 of which were invention patents.   Leading new industrialization in the engineering and construction industry   The Group systematically advanced innovation in engineering construction models. It actively promoted the application of advanced technologies and equipment, steadily improved on the traditional construction methods, and achieved a transformation from conventional models to a model of “standardized lean design, factory based manufacturing, and modular installation”. This transformation has established a new pathway to industrialization, defined by the distinctive characteristics of engineering construction.   Strengthening integration synergy across the entire industry chain. We have deepened our integrated capabilities across collaborative design, supply chain management, constructability studies, and project interface management. We have reinforced the standardization of business processes across the value chain, enhanced data interconnectivity, and advanced AI-enabled applications of tool chains. We have optimized the collaborative working mechanisms within engineering construction integration, enabling us to deliver better value-added services to customers throughout the entire project life cycle.   (1) On the design side, the Group developed a knowledge graph to enhance efficiency, explored generative design transformation, and conducted intelligent research in 13 key areas, including ethylene devices and HAZOP safety. Professional models were established for intelligent review, process safety analysis, structural design, and other applications. Significant progress was achieved in plant-wide process optimization, intelligent drawing review, and 3D model verification. (2) On the management side, the Group leveraged on digital technologies to strengthen supply chain collaboration and established an intelligent supply chain management system covering the entire project lifecycle. It coordinated the development of a unified platform of operation management, project management, and construction management, reinforced the “data + platform + application” model, and advanced the development of standardized smart construction sites. (3) On the application side, the Group promoted research into domestic industrial software, including piping, physical property libraries, and process simulation, while deepening the application of 3D design software in civil engineering and equipment.   Further enhance the empowerment capability of digital intelligence. We are vigorously advancing technology research and development as well as intelligent assembly, with a focus on the research and development, promotion and application of special technology in modular intelligent manufacturing, factory-style prefabrication production lines, digital simulation of lifting and transportation, and intelligent equipment. By transforming the production organization model through “machine OEM,” we have accelerated the R&D of intelligent equipment and the construction of smart production workshops.   During the Reporting Period, the Group compiled a list of 86 high-efficiency construction equipment applications and published the Application Guide for Intelligent Equipment, covering scenarios such as welding, commissioning, inspection, supply chain management, and green manufacturing. The assembly test of the Qingdao intelligent pipeline prefabrication production line was completed, and the application rate of automatic welding for process pipelines rose to 26%. Railless crawling welding machines and nine-axis/six-axis pipeline welding robots were widely deployed, achieving a first-pass success rate of 99.8%. Pilot initiatives included full-process robotic operations of anti-corrosion inside tanks, intelligent inspection robot dogs, and safety monitoring systems. New energy construction machinery, such as electric forklifts and aerial work platforms, was also promoted. The Group completed the overall design of the 14,000-ton ring-rail crane, expanded the application of AI in scheme optimization and construction scheduling, and launched the “smart lifting” platform to strengthen digital simulation capabilities for lifting and transportation.   Propelling intelligent production, operation, and maintenance. The Group expanded the scope and depth of digital factory delivery, steadily advancing high-quality digital delivery across full volume and all elements. A “digital twin” intelligent O&M platform was established, integrating dynamic operational data with mechanism models to enable remote diagnosis, predictive maintenance, and process optimization. We accelerated the development of remote technical support centers and a remote intelligent support service platform for replicable applications. At the same time, the Group advanced research on digital twins and remote intelligent O&M, while planning for a comprehensive intelligent O&M platform system. These initiatives continuously enhance intelligent O&M service capabilities across the entire equipment lifecycle, creating high value-added operational assurance for customers.   Business Outlook   The market development targets of the Group for 2026 are: newly signed contract amount of RMB55 billion in domestic market and USD5 billion in overseas market, with particular emphasis on the following tasks at the same time:   Step up market development efforts.   We will firmly move toward the front end of the engineering service value chain, focusing on enhancing high-end services such as consulting, FEED and detailed design, as well as procurement capabilities, to add more technological value to engineering services. In the domestic market, we will continue to consolidate our core businesses in petrochemicals, coal chemical industry, natural gas and storage & transportation. We will expand into new sectors including green hydrogen, green ammonia, green alcohol, wind, solar and nuclear power; strengthen new materials businesses such as electronic chemicals, high-performance engineering plastics and carbon fiber composites; advance the development of bio-jet fuel, bio-based chemicals, and sulfur, phosphorus and synthetic ammonia industrial chains; and expand the scale of environmental governance, energy conservation and carbon reduction, circular economy and safety technology services. In overseas markets, we will deepen our presence in competitive regions such as the Middle East, Central Asia and North Africa, explore emerging markets, and build a diversified and balanced global footprint. Building on our traditional strengths in the petrochemical industry, we will accelerate expansion into new sectors such as new energy and low-carbon engineering.   Step up project management and control.   We will strengthen planning at the project inception stage and improve the dynamic monitoring mechanism for full life cycle operational risks. We will enhance whole-process project control to continuously improve performance capability and profitability. We will strive for better QHSE performance to consolidate the foundation for safe, environmentally friendly and green operations. We will upgrade the application of artificial intelligence, increase investment in design optimization and on-site project management, and vigorously promote the application of automatic welding, welding robots and other equipment, empowering project management efficiency and capacity with digital and intelligent technologies.   Step up collaborative innovation.   We will fully integrate innovation resources, deepen cooperation with research institutes, universities and enterprises, and expand the supply of high-quality technologies. We will leverage our integrated strengths in R&D, design, manufacturing and construction. Focusing on engineering technology innovation and achievement transformation, we will coordinate the advancement of the R&D and manufacturing of new processes, patented and proprietary equipment, and continuously improve the Company’s profitability. We will ensure the implementation, commissioning, demonstration and iteration of major scientific and technological projects, and keep strengthening technological reserves. We will step up the application and brand promotion of competitive technologies, push for the global adoption of our technologies and standards, lead and create markets with technological strengths, and steadily enhance our industrial influence.   Comprehensively enhance risk prevention and control capabilities.   We will strengthen risk management and further promote the integration of the internal control system with compliance and risk management systems. We will intensify project risk prevention and control, advance risk management to the project’s earlier stage, strictly control project approval, prudently promote project decision-making, and implement closed-loop management of risk response. We will enforce boundary control and rigid constraints on key financial indicators, dynamically monitor the financial status of key projects, accurately identify and provide timely alert against various financial risks, and ensure that risks related to funds, exchange rates and taxation are generally stable, safe and controllable, so as to prevent and defuse various external risks.   Summary of Financial Data and Indicators Prepared in Accordance with International Financial Reporting Standards (“IFRS”)   Unit: RMB’000 Items As at 31 December 2025 As at 31 December 2024 Changes from the end of 2024 (%) Total assets 91,217,852 81,513,339 11.9 Total equity attributable to equity holders of the Company 31,741,999 31,512,063 0.7 Net assets per share attributable to equity holders of the Company (RMB) 7.22 7.17 0.7   Unit: RMB’000 Items For the twelve months ended 31 December Changes over the same period of 2024 (%) 2025 2024 Revenue 70,074,081 64,198,210 9.2 Gross profit 5,177,326 5,336,500 (3.0) Operating profit 1,279,115 1,715,213 (25.4) Profit before taxation 2,242,167 2,851,913 (21.4) Net profit attributable to equity holders of the Company 1,797,681 2,465,727 (27.1) Basic earnings per share (RMB) 0.41 0.56 (27.1) Net cash flow (used in)/generated from operating activities 8,186,346 (2,210,914) - Net cash flow (used in)/generated from operating activities per share (RMB) 1.86 (0.50) -   Items For the twelve months ended 31 December 2025 2024 Gross profit margin (%) 7.4 8.3 Net profit margin (%) 2.6 3.9 Return on assets (%) 2.1 3.0 Return on equity (%) 5.7 7.8 Return on invested capital (%) 5.8 7.9   Items As at 31 December 2025 As at 31 December 2024 Asset-liability ratio (%) 65.1 61.3     ~ End ~   This press release is issued by PRChina Limited on behalf of SINOPEC Engineering (Group) Co., Ltd. About SINOPEC Engineering (Group) Co., Ltd.   The Group is a comprehensive service provider covering the entire energy and chemical industry value chain and full project lifecycles. With over 70 years of history, it operates across multiple industrial sectors, including petroleum rening, petrochemical, aromatics, new coal chemical, inorganic chemical, pharmaceutical chemical, clean energy, storage and transportation facility, as well as environmental protection and energy conservation. The Group is committed to providing global clients with full industry chain services, including engineering R&D, technical consulting, technology licensing, engineering consulting, engineering design, project management, financing and EPC (engineering, procurement and construction) contracting. Its services also cover material procurement, equipment manufacturing, construction and installation, large-scale equipment lifting and transportation, pre-commissioning and commission services as well as operation and maintenance. The Group has delivered, on schedule, hundreds of modern chemical plants featuring large investment scales, complex processes, advanced technologies and high-quality standards for clients in more than 30 countries and regions. Over the years, it has built extensive and stable client relationships and earned significant industrial influence and social recognition.   Disclaimer   This press release includes “forward-looking statements”. All statements, other than statements of historical facts that address activities, events or developments that the Group expects or anticipates will or may occur in the future (including but not limited to projections, targets, other estimates and business plans) are forward-looking statements. The Group’s actual results or developments may differ materially from those indicated by these forward-looking statements as a result of various factors and uncertainties, including but not limited to the price fluctuation, possible changes in actual demand, foreign exchange rate, market shares, competition, environmental risks, possible changes to laws, finance and regulations, conditions of the global economy and financial markets, political risks, possible delay of projects, government approval of projects, cost estimates and other factors beyond the Group’s control. In addition, the Group makes the forward-looking statements referred to herein as of today and undertakes no obligation to update these statements.   Investor and Media Enquiries:   SINOPEC Engineering (Group) Co., Ltd. Office of the Board Tel: (86) 10 5673 0525 Email: seg.ir@sinopec.com   PRChina Limited David Shiu / Jin Liu Tel: (852) 2522 1838 / (852) 2522 1368 Fax: (852) 2521 9955 Email: seg@prchina.com.hk   15/03/2026 Dissemination of a Financial Press Release, transmitted by EQS News.The issuer is solely responsible for the content of this announcement.Media archive at www.todayir.com

EQS via SeaPRwire.com / 13/03/2026 / 09:20 UTC+8 On March 12, CITIC Securities released its initial research report on Xunce Technology (03317), giving the company an "Buy" rating with a target price of HKD 160, implying a 13% upside from the current stock price. The report points out that as a leading domestic provider of AI real-time data infrastructure, Xunce Technology is gradually penetrating from the asset management industry into multiple sectors, with the potential to grow into the "Chinese Palantir," and is set to benefit deeply from the growing demand for data infrastructure driven by AI implementation. Founded in 2016, Xunce Technology focuses on AI-powered real-time data infrastructure and analytics platforms, listing on the Hong Kong Stock Exchange at the end of December 2025. The company's core business revolves around real-time data infrastructure, utilizing a modular architecture for flexible expansion. As of the first half of 2025, it had developed over 330 functional modules, covering the entire process from data collection and governance to analysis and AI application deployment. Its client base extends from financial institutions such as insurance companies, bank asset management departments, and securities firms to diverse fields like urban management, manufacturing, and telecommunications, including coverage of all three major state-owned telecom operators. The recent global attention on the open-source AI Agent project OpenClaw has pushed the AI Agent track into the industrial spotlight. The popularity of OpenClaw signifies a paradigm shift for AI Agents from "conversational interaction" to "task-based execution." As AI tools like OpenClaw delve deeper into enterprise-level applications, foundational data governance is becoming a critical support for AI implementation. Agentic AI has not lowered, but rather significantly raised, the bar for data governance, real-time processing, and security. This is precisely where the company's value lies: building the most solid and trustworthy data foundation for autonomous decision-making in the AI era. CITIC Securities notes that Xunce Technology's revenue has grown consistently from 2022 to 2024, reaching RMB 288 million, RMB 530 million (up 84.3% year-on-year), and RMB 632 million (up 19.1% year-on-year), respectively. Driven by both customer base expansion and increasing ARPU (Average Revenue Per User), the company's revenue is projected to reach RMB 1.28 billion, RMB 2.33 billion, and RMB 3.45 billion in 2025, 2026, and 2027, representing year-on-year growth rates of 103%, 82%, and 48%, respectively. The company is expected to turn profitable in 2026, with net profit anticipated to reach RMB 272 million, further increasing to RMB 841 million by 2027. CITIC Securities draws a parallel between Xunce Technology and the international AI data platform Palantir, noting similarities in their product architecture and business models. Palantir has achieved a revenue CAGR of 32.9% in recent years, with its B-end customer base tripling over three years, fully demonstrating the commercial potential of AI data platforms. Xunce Technology is also accelerating its global expansion, having begun serving overseas funds, QDII (Qualified Domestic Institutional Investor) scenarios, and others, with potential future expansion into markets such as Singapore and Japan.   13/03/2026 Dissemination of a Financial Press Release, transmitted by EQS News.The issuer is solely responsible for the content of this announcement.Media archive at www.todayir.com

EQS via SeaPRwire.com / 12/03/2026 / 20:30 UTC+8 On March 11, Waton Financial Limited, a NASDAQ-listed fintech company, announced a partnership with X-Tech, an enterprise affiliate with Tsinghua University's Institute for Interdisciplinary Information Sciences (IIIS), and the AI technology company PandaAI. The three parties will jointly establish the "AI and Fintech Joint Lab" to explore the application of AI Agents in real-world trading scenarios.   From "Tool" to "Partner": How AI is Redefining Financial Decision-Making Traditional AI applications have mostly functioned as "assistive tools"—capable of answering questions, providing data, and generating reports, but the ultimate decision-making and execution still require humans. AI Agents lead a qualitative leap: their form is no longer confined to programs that passively respond to commands, but rather as "agents" equipped with the capabilities of goal comprehension, autonomous planning, dynamic execution, and closed-loop task completion. In financial scenarios, autonomously trading AI Agents must not only read candlestick charts, understand financial reports, and read news, but also understand the correlation between macroeconomic factors, market sentiment, capital flows, and even geopolitical factors and the financial markets. They are expected to become experienced traders, independently completing the entire closed-loop process from analysis, research, and judgment to execution in a rapidly changing market. Waton Financial's collaboration with Tsinghua will be dedicated to equipping AI Agents with multi-dimensional analytical capabilities and autonomous trade execution capabilities, including: real-time parsing of macroeconomic data and policy trends; integrating news sentiment and social media public opinion; scanning the fundamentals and technicals of thousands of stocks; and automatically generating trading strategies with back-testing validation. Ultimately, AI Agents will not only be able to explain the basis of their decisions to users but also execute trading commands. The joint lab will be spearheaded by Professor Li Jian from Tsinghua IIIS. As a top scholar in AI for trading, Professor Li will lead the team in providing cutting-edge algorithmic research support; PandaAI will contribute new approaches in AI inspired by quantum ideas; and Waton Financial will utilize its secured trading systems and real financial operations to provide critical data and implementation channels for the training and validation of autonomously trading AI Agents. As a NASDAQ-listed company, Waton Financial’s trading system has undergone multiple security validations.   AI Democratizes Investment Tools: Quant Trading Beyond Institutions For a long time, quantitative trading and AI investment strategies have been the "patent" of institutional investors. Armed with massive research teams, expensive alternative data, and scarce computing resources, through models, they can capture potential opportunities amid market fluctuations. Individual investors, on the other hand, often have to rely on fragmented information and limited analytical tools, placing them at a disadvantage in this "algorithmic war". Waton Financial aims to use autonomously trading AI Agents to break this paradigm. These AI Agents, equipped with autonomous trading capabilities, are expected to help users issue investment commands using natural language without any background in programming or quantitative knowledge. Subsequent key steps, such as macroeconomic analysis, industry comparisons, stock screening, and trade execution, are all completed autonomously by the AI Agents. The significance of this research lies in enabling individual investors to access research and investment capabilities comparable to those of institutional quantitative trading teams. Furthermore, the joint lab will focus on researching the application of AI Agents in real-time risk control and compliance checks, ensuring the safety and stability of the smart trading system in complex market environments. ZHOU Kai, Chairman of the Board of Waton Financial Limited, stated: "This partnership will strengthen our technology offerings and help both individual and professional investors in the growing field of AI-driven finance by enabling AI Agents to truly understand the underlying logic of market operations and helping users around the world make smarter, more timely, and safer decisions."   The Future Landscape: Everyone Has Their Own "Quantitative Trader" The global capital market is undergoing a profound paradigm shift. In the past, barriers of information and technology kept the majority out; today, autonomously trading AI Agents are handing the keys to "smart finance" to everyone. The global capital market is ushering in a new stage of technological democratization, and AI is bringing professional investment tools within reach of more ordinary people. Imagine: users simply need to say to the AI Agents "I want to allocate some low-volatility tech stocks with a budget of $20,000 and hold them for 6 months," and the AI Agents can automatically screen eligible targets, assess current valuation levels, generate portfolio recommendations, execute trades upon user authorization, and continuously monitor portfolio risks. Waton Financial's collaboration with Tsinghua to build autonomously trading AI Agents is not only seeking a technological breakthrough but also making a statement: the future of finance should not be an exclusive game for institutions. As AI Agents step out of walled gardens and smart trading integrates into daily life, every ordinary person will have the opportunity to understand and participate in the most complex markets of our time in unprecedented ways.   Disclaimer: All investments carry risks, and AI models do not guarantee absolute profitability. 12/03/2026 Dissemination of a Financial Press Release, transmitted by EQS News.The issuer is solely responsible for the content of this announcement.Media archive at www.todayir.com

EQS via SeaPRwire.com / 10/03/2026 / 15:48 UTC+8 Lisbon, Portugal - March 10, 2026 - (SeaPRwire) - Sorathia Investments, a global firm specializing in hospitality, real estate, and early-stage ventures, has completed the acquisition of the building adjacent to MeraPrime Gold Hotel in Lisbon, Portugal, according to the company. The purchase strengthens the company's hospitality presence in the city's historic center, with plans to develop new upscale suites under the MeraPrime brand. According to Umar Abdul Shakoor Sorathia, CEO and Chairman of Sorathia Investments, the expansion reflects the company's ongoing commitment to its hospitality operations in key European markets. "This investment supports our strategy to grow responsibly within Lisbon's historic and cultural district," Sorathia said. Strengthening Hospitality in Lisbon Located on Rua Áurea near Commerce Square (Praça do Comércio), MeraPrime Gold Hotel features 38 guest rooms and offers a blend of Portuguese-inspired design and modern comfort. The property caters to travelers seeking authentic, culturally influenced stays in the heart of Lisbon, whether visiting for business or leisure. The hotel includes contemporary amenities such as 24-hour concierge service, high-speed Wi-Fi, and an on-site restaurant, Allow – License to Snack, which serves Halal-certified Portuguese cuisine. Its central location provides convenient walking access to key cultural landmarks, business districts, and waterfront areas. Expanding in a Growing Tourism Market Lisbon continues to rank among Europe's most visited destinations, supported by strong growth in upscale and luxury accommodation demand in recent years. The acquisition positions MeraPrime Gold Hotel to meet this growing demand and enhances its competitive offering among established brands within the city's hospitality market. Sorathia Investments plans to use the new site to expand its accommodation offerings and strengthen its service capabilities, according to the company. It intends to maintain its focus on local engagement, sustainable operations, and staff development as part of its growth approach. A Strategic and Sustainable Approach Founded in 1991, Sorathia Investments operates across manufacturing, real estate, hospitality, and travel services, with operations in Africa, Europe, and the Middle East, according to the company. Its expansion in Lisbon aligns with the company's philosophy of disciplined, community-centered investments that encourage long-term tourism development. The specific project timeline and investment figures for the new property have not been disclosed, according to Sorathia Investments. However, the development complements its broader objective to combine cultural authenticity with modern hospitality while diversifying its real estate holdings in strategic European locations. About Sorathia Investments Established in 1991, Sorathia Investments operates internationally across manufacturing, real estate, hospitality, and travel services sectors, with operations in Mozambique, Portugal, the United Kingdom, and the United Arab Emirates, according to the company. Its hospitality division includes MeraPrime Gold Hotel, a key part of its European portfolio. Contact Information Brand: Sorathia Investments Contact: Umar Sorathia Email: contact@sorathiainvestments.com Website: https://sorathiainvestments.com 10/03/2026 Dissemination of a Financial Press Release, transmitted by EQS News.The issuer is solely responsible for the content of this announcement.Media archive at www.todayir.com

EQS via SeaPRwire.com / 09/03/2026 / 15:02 UTC+8 On the morning of March 9, in the Hong Kong market, Leading AI Data company Xunce Technology (03317.HK) surged strongly intraday, with gains once exceeding 70%, touching an intraday high of HKD 130.3, hitting a record high since its listing; as of press time, the company’s stock price contiued to fluctuate at high levels, and trading volume also expanded significantly, market trading activity substantially increased.   Behind this stock price abnormal movement, are the dual strong positive resonance of company's 2025 results exceeding expectations with explosive growth and its formal inclusion in Stock Connect. Superimposed with blue ocean dividend of AI real-time data track, this leading enterprise dubbed "China's version of Palantir" by the market, is entering a key window period of dual growth in performance and valuation.   Results Exceeded Expectations Explosive Growth Second Half Revenue Surged by 448%   Xunce Technology’s disclosed 2025 annual unaudited performance forecast shows that benefiting from the massive data processing demand catalyzed by the accelerated adoption of AI large models, the company recorded full-year 2025 revenue of 1.283 billion yuan, a substantial year-on-year increase of 102.95%, successfully surpassing the 1 billion yuan revenue threshold; after deducting one-time non-recurring items, the adjusted net loss narrowed to 55 million yuan, achieving a substantial year-on-year reduction in loss, with core operating indicators continuing to improve.   The company’s results showed an extremely strong explosive growth trend, with its commercialization ability fully verified: in the first half 2025, the company achieved revenue 198 million yuan, and in the second half, revenue soared to 1.085 billion yuan, a substantial increase of 448%, highlighting the strong growth momentum of AI real-time data track, as well as the company's ability to adapt its products to core downstream demand. Formally Included in Stock Connect Triple Incremental Value Superimposed   After March 6, the Stock Connect constituent stock adjustment list was officially released, and Xunce Technology was successfully selected, with related adjustments becoming effective from March 9, which also became the direct catalyst for today's stock price surge. This inclusion in Stock Connect marks company’s formal opening of a two-way investment channel between the Chinese mainland and Hong Kong markets, fully entering the investment horizon of mainland institutional and individual investors.   As a benchmark enterprise that has deeply cultivated the real-time data field for ten years, Xunce Technology has built a core technical barrier with millisecond-level data processing capability. Its core product, a unified real-time data platform, can achieve real-time collection, cleaning, governance and analysis of heterogeneous data, adapting to the core demand of AI large model training and enterprise digital transformation. Currently, the company has 11.6% market share in the asset management industry with the highest data complexity, firmly ranking first in industry; simultaneously, its business covers diversified fields, including financial services, city management, telecommunications. Its clients include the top ten domestic asset managers and three major state-owned telecom operators, establishing a solid business foundation.   This inclusion in Stock Connect will bring triple core incremental value to the company:   Liquidity will be significantly improved: the continuous inflow of incremental capital from the mainland, will optimize company’s equity structure and alleviate previous valuation pricing deviations; Brand influence will continuously expand: this helps the company acquire more benchmark clients in diversified industry expansion and accelerate breakthrough growth of non-asset management business; The valuation system is expected to be reshaped: the current company valuation compared to international peers like Palantir is still at a relatively low level, indicating significant room for a re-rating, with expectation to align with similar international enterprises.   It is reported that the company has also been included in the Hang Seng Composite Index and other multiple core index constituent stocks.   Industry Penetration Rate Still Below 4%, Blue Ocean Track is Exploding   The China real-time data processing market is currently in blue ocean explosive period, providing broad space for Xunce Technology's long-term growth.   With China's data asset on-balance sheet policy fully landing, enterprise data infrastructure investment demand continues to surge. According to Frost & Sullivan data, the 2024 mainland China real-time data infrastructure market size reached 18.7 billion yuan, and the industry compound growth rate from 2024-2029 is expected to reach 22%; while the current overall industry penetration rate is only 3.6%, among which asset management sub-track penetration rate is as low as 2.8%, growth space extremely broad.   Superimposed with the massive data processing gap catalyzed by a 300x growth in daily AI application Token consumption, real-time data infrastructure as the core foundation for AI implementation, continues to highlight rigid demand. Xunce Technology, as a leading enterprise in industry track, will fully enjoy the industry’s growth dividend, and cross-industry expansion is expected to continue to achieve breakthroughs, further consolidating its market-leading position.   09/03/2026 Dissemination of a Financial Press Release, transmitted by EQS News.The issuer is solely responsible for the content of this announcement.Media archive at www.todayir.com

EQS via SeaPRwire.com / 09/03/2026 / 09:40 UTC+8 [Hong Kong – March 6, 2026] China Leon Inspection Holding Limited (“Leon Inspection” or the “Company”, together with its subsidiaries, the “Group”; Stock Code: 1586.HK), a renowned international inspection and testing company, has released its profit forecast for the year ended December 31, 2025. In 2025, the global macroeconomic environment remained complex and volatile, with intertwined factors such as trade policy adjustments, geopolitical developments, and exchange rate fluctuations, bringing stronger price volatility and uncertainty to the bulk commodities market. At the same time, the rapid advancement of artificial intelligence technology is profoundly reshaping the global industrial competitive landscape. Facing the challenges of the external environment and the critical juncture of industry transformation, the Group remained undeterred by short-term fluctuations, adhered to a long-term perspective on development, proactively adjusted its strategic pace, and firmly advanced its in-depth global network layout and AI technology empowerment strategy, increasing forward-looking investments in key areas such as talent reserves and technological upgrades.For the year, the Company is expected to record a year-on-year increase of approximately 4% to 9% in the revenue and a year-on-year decrease of approximately 45% to 55% in the profit attributable to owners of the Company for the year ended 31 December 2025. This performance fluctuation is mainly attributable to the phased impact of strategic investments during the year, which are aimed at laying a solid foundation for the Group’s high-quality development and further strengthening its core competitive advantages in the global market.In-depth Expansion of Global Network, Solidifying the “Global Network + Local Service” Competitive BarrierDuring the year, facing a complex international trade environment, the Group leveraged its profound insights into industry trends to intensify its globalization efforts against the trend. The Group accurately seized development opportunities in emerging markets, relying on its outstanding international service capabilities to preemptively expand into strategic regions such as Africa and the Middle East. Its service network extended from major trade ports and hub cities in the Asia-Pacific region to multiple emerging markets. To support the rapid development of overseas business, the Group continued to expand its international talent team, adding 218 overseas employees during the year. As of now, the Group’s global workforce totals 3,408, with 82 branches and professional laboratories covering 20 countries.The ongoing investments in related talent teams and network infrastructure aim to deepen the “Global Network + Local Service” Glocal model, empowering localized efficient services with international resources and building an interconnected and efficient service ecosystem. By continuously tapping into customer value, the Group is accelerating its transformation from a traditional inspection and testing service provider to the most trusted strategic partner for multinational corporations worldwide, striving to occupy a higher ecological position in the global industrial chain.Reshaping Core Competitiveness with AI, Building an Intelligent-Driven Innovation EcosystemFacing the historic opportunity of AI technology reshaping the global industrial landscape, the Group, with a clear strategic positioning, firmly believes it will become a beneficiary of this technological revolution. In 2025, the Group explicitly designated AI as a strategic focus for new technology applications, making significant strategic investments in AI robotics research and application. By building an industry-university-research collaborative innovation platform, it systematically advanced technological R&D and talent system construction, accelerating the development and application of intelligent equipment and digital technologies to build technological barriers for the Group’s long-term competitiveness.As early as the first quarter of the year, the Group achieved important breakthroughs in AI innovative applications. Through its independently developed “Leon AI System”, the Group took the lead in achieving deep integration of AI large models with its core energy inspection business, marking the official entry of traditional inspection operations into a new stage of “intelligent-driven” operations. In the field of safe production, the Group actively promoted the R&D and establishment of a safe production intelligent agent platform. This platform integrates IoT, big data analysis, and multimodal AI technologies, with AI as the core support, enabling in-depth analysis of enterprise-specific safety risk characteristics and seamless integration with production and operation systems, significantly enhancing enterprise safety management efficiency.Technological Closed Loop Formed, Commercialization in Key Scenarios Achieving ResultsThe Group’s technology-intelligent-driven layout has gradually formed a complete closed loop and made systematic progress in key inspection scenarios. Taking ship draft inspection as an example, this process previously relied on manual visual inspection, which was inefficient and posed safety risks. Since 2023, the Group has continuously invested in AI vision and simulation technology R&D, building a complete technology chain from “perception—simulation—verification—optimization”, and forming multiple authorized and published patents around waterline fluctuation simulation, automatic water gauge reading, intelligent appraisal systems, and performance evaluation, achieving full-process intelligence from algorithms to equipment.In coal inspection scenarios, the Group launched an integrated solution of “AI Processing System + Intelligent Sampling Vehicle”, significantly improving inspection efficiency and data reliability through the deep integration of intelligent hardware and information processing systems. Currently, the related technologies have achieved commercial application, not only validating the correctness of the technological direction but also further enhancing customer loyalty and market competitiveness, strengthening the Group’s determination to continue investing in the intelligent data platform field.The Group regards its three foundational businesses—coal, oil products, and green bulk commodities—as its core foundation, while prospectively targeting emerging tracks such as new energy, industrial products, and green low-carbon transformation. It actively invests in incubating technology-driven innovative businesses and promotes the deep application of AI in vertical scenarios. Through the organic combination of “consolidating foundational businesses” and “forging a new growth curve”, the Group is committed to building a second growth curve that can transcend economic cycles, ensuring sustainable long-term growth.Mr. Li Xiangli, Chairman and Chief Executive Officer of China Leon Inspection Holding Limited, stated: “The aforementioned strategic investments in key areas such as talent reserves, technological innovation upgrades, network construction, and incubation of emerging projects will lay a solid foundation for the Group’s leap from ‘single service’ to ‘value extension’, injecting strong momentum into the long-term sustainable growth of future performance, which aligns with the long-term interests of shareholders. The Group will continue to uphold the ‘customer-centric’ philosophy, focus on its core business, enhance service capabilities, solidify its development foundation, and further consolidate its leadership position in the energy and bulk commodity inspection and testing industry. At the same time, the Group will firmly empower innovation with AI and reshape competitiveness with technology, striving to become a world-leading TIC (Testing, Inspection, and Certification) service provider and create long-term value for its shareholders.”   -End- About China Leon Inspection Holding LimitedChina Leon Inspection Holding Limited (stock code: 1586. HK) was listed on the Main Board of the Stock Exchange in 2016. The Company is China’s first international leading inspection and testing company listed in Hong Kong, focusing on integrated solutions for climate change and green and low-carbon sustainable development. The Company provides global industry leaders with a wide range of one-stop services in testing, and inspection, as well as technical and consulting services around the clock, focusing on four key areas, namely commodity services, clean energy, environmental protection and climate change, empowering global industry leaders to achieve ecofriendly and low-carbon transformation. The Company continues to strengthen its global network layout, expanding its presence from major trading ports and hub cities in the Asia Pacific region to emerging markets in South America and Africa serves, and comprises 82 branches and professional laboratories globally. ESG-oriented development is a key priority for the Company’s “3+X” development strategy. Through the three main implementation dimensions of (1) ESG-Friendly+; (2) ESG+; and (3)ESG+-Focused , we have achieved our ESG development strategies, fulfilled our corporate social responsibility, and contributed to the green and low-carbon transition of the industry.   09/03/2026 Dissemination of a Financial Press Release, transmitted by EQS News.The issuer is solely responsible for the content of this announcement.Media archive at www.todayir.com

EQS via SeaPRwire.com / 06/03/2026 / 09:00 UTC+8 Hisense, a global leader in consumer electronics and home appliances, has showcased its cutting-edge 116-inch UX TV at the world-leading Planica Nordic Centre in Slovenia.     Boasting a record-breaking ultra-large screen and exceptional RGB MiniLED local dimming technology, the UX brings the speed and thrill of winter sports into your living room.   “The feeling of watching on such a big screen is really unbelievable. It looks so amazing and the colours are great,” said Slovenian ski jump men’s world-record holder Domen Prevc, who landed a history-making jump at Planica in 2025.   “Hopefully one day when I have the space for this huge TV, I will definitely buy it,” he added.   The winter sports athlete gathered around the giant Hisense screen together with his ski jump teammates to watch themselves in action after a training session.   “It's really great what Hisense achieved with this television. Such a good resolution on such a huge screen, it’s crazy. You can really see every detail,” shared fellow Slovenian ski jump team member Anže Lanišek.   Unmissable emotions   Transporting you into the excitement and drama of winter sports, the UX boasts the highest-level of industry-leading colour precision.   The UX uses individual red, green, and blue MiniLEDs instead of single-colour over thousands of dimming zones, to capture those unmissable sporting emotions. Its next-gen display technology achieves colour coverage of up to 95% BT.2020, with peak brightness of 8,000 nits for bolder, richer, more precise colours.   “It’s great watching ski jumping on such a big screen, because you can see a lot of details,” highlighted current woman’s world-record holder Nika Prevc.   “It looks like we’ll have to make sure to only do good jumps,” said teammate Nika Vodan.   For more, please watch the video: https://www.youtube.com/watch?v=1YCTLiY4hlQ   Maximum immersion   Hisense’s commitment to product innovation has seen it break ahead of the pack and become the first in the industry to achieve RGB MiniLED TV mass production.   Crafted for maximum immersion, the UX offers real-time optimization of picture, sound, and scenario settings, backed by the 6.2.2 CineStage X Surround system.   With its vivid sound developed together with the Devialet, the ground-breaking UX sets new standards for captivating home entertainment.   END 06/03/2026 Dissemination of a Financial Press Release, transmitted by EQS News.The issuer is solely responsible for the content of this announcement.Media archive at www.todayir.com

EQS via SeaPRwire.com / 05/03/2026 / 11:58 UTC+8 Dubai, UAE - March 05, 2026 - (SeaPRwire) - SIXR  enters a new phase of development for its digital cricket platform following the introduction of its first Icon Players and the announcement of fan-focused engagement initiatives intended to build early community momentum ahead of the game's launch. The platform has announced the involvement of internationally recognized cricketers Chris Gayle and Shahid Afridi as Icon Players, marking an important step in shaping how fans will eventually interact with the SIXR ecosystem. Their participation establishes the foundation for a future experience in which gamers are expected to engage with cricket-inspired challenges built around elite-level play. The launch of the first #SIXRChallenge on September 16, 2025, marked an initial step in that direction. The challenge introduced fans to the platform's broader vision through time-limited awareness initiatives and community-driven campaigns, offering an early look at how SIXR intends to connect fans with the sport ahead of a future digital experience. Participation during this phase has centered on waitlist registration and early-stage challenge participation shared through the platform's official channels. Chris Gayle's announcement as SIXR's first Icon Player established the framework for how internationally recognized cricketers are planned to be integrated into the platform. Shahid Afridi later joined the initiative, reinforcing the platform's focus on aligning iconic players with fan-first digital experiences. Their involvement signals the role Icon Players are intended to play as central figures within the SIXR ecosystem once gameplay becomes available. The next phase for SIXR will focus on the beta release of its game, which is due to launch in the second of 2026, where fans will be able to step into the experience as Icon Players and compete in planned, cricket-inspired formats. The platform is being developed to support interactive challenges that emphasize timing, strategy and decision-making, with future opportunities planned for fans to earn the chance to face Icon Players in competitive digital environments. By establishing its Icon Player roster ahead of launch, SIXR is positioning its platform around participation and community growth from the outset. This milestone reflects the company's intent to evolve digital cricket engagement by planning to embed elite player influence into gameplay design, rather than limiting involvement to promotional appearances. As SIXR moves closer to launch, fans are invited to sign up for updates and be among the first to play by joining the waitlist at sixrcricket.com/waitlist. About SIXR SIXR is a digital sports platform currently in development, focused on building interactive cricket experiences centered on participation and community engagement. The platform is being designed to incorporate digital representations of internationally recognized players alongside fan-focused challenges intended to reflect the strategy and competitive elements of the sport. Through its planned gameplay and engagement formats, SIXR aims to create a digital environment where fans can connect with cricket beyond traditional viewing, blending sport, interaction and community ahead of its game launch. Contact details Brand: SIXR Contact: Ahad Bhai, CEO Email: ahad@sixrcricket.com Website: https://sixrcricket.com/   05/03/2026 Dissemination of a Financial Press Release, transmitted by EQS News.The issuer is solely responsible for the content of this announcement.Media archive at www.todayir.com

EQS via SeaPRwire.com / 05/03/2026 / 09:29 UTC+8 Profit Restored, Driven by Phase-Change Energy Business (5 March 2026, Hong Kong) Huiyuan Cowins Technology Group Limited (“Huiyuan Cowins Technology”, together with its subsidiaries, the “Group”; stock code: 1116.HK) is pleased to announce its interim results for the six months ended 31 December 2025 (the “Period”). During the Period, the Group recorded revenue of approximately RMB454 million, representing a year-on-year increase of 14.9%. Gross profit amounted to approximately RMB47.65 million, up 6.9% year-on-year. Profit attributable to owners of the Company was approximately RMB1.34 million, representing a turnaround from a loss in the corresponding period of the previous year. Basic earnings per share were RMB0.06 cents, marking a significant improvement in performance.   Strong Growth from Emerging Business; PCM Technology Drives Industrial Upgrade Through coordinated development across multiple business lines, the Group maintained stability in its traditional carbon steel and stainless steel segments while accelerating growth in emerging areas, including direct drinking water, phase-change materials (PCM), and facility agriculture. The energy storage business, bolstered by supportive national policies and the Group’s technological strengths, has emerged as a key growth driver with substantial market potential.   Breakthrough in cold-chain transportation: The Group pioneered the use of PCM in China to create a long-lasting phase change cold chain vehicle. Temperature control and cold storage last for up to 120 hours, and the cost of cold storage and preservation can be reduced by up to 60%, offering innovation value for agricultural and pharmaceutical logistics.   Industrial waste-heat recovery: The “AI intelligent multi-heat source waste heat recovery application project”, the first of its kind in the industry nationwide, was launched in Huailai Zero-Carbon Agriculture Demonstration Park in November 2025. The heat generated during data center operation supplies to the surrounding Phalaenopsis orchid greenhouses and Jinqiu Jiayuan community for heating, replacing the traditional gas boiler heating. According to an assessment by SinoCarbon Innovation and Investment, during the heating season from November 2024 to March 2025, the project cumulatively saved a total of 838.94 tons of standard coal, reduced carbon dioxide emissions by 1,048.69 tons, and achieved a water saving rate of 56.61% and reduced costs by 58.63%.   Facility agriculture benchmark project: The nation’s first application case of a “phase change energy storage multi-energy complementary ultra-low energy consumption intelligent greenhouse” was implemented in Sanya, Hainan, enabling efficient year-round cultivation in tropical conditions.   In addition, the Group, through its subsidiary Guangzhou Mayer, entered into a memorandum of understanding with UK-based Environmental Process Systems Limited (EPS), to further strengthen technological leadership and expand application scenarios in central air-conditioning, data centers, and cold-chain storage.   Direct Drinking Water: Supported by Policy and Rising Demand Stricter regulations and growing public health awareness have created strong opportunities in the direct drinking water sector. The GB5749-2022 national “Standards for Drinking Water Quality” has raised entry barriers, while local governments increasingly prioritize direct drinking water in key livelihood projects. The Group has completed several direct drinking water projects, including the piped direct drinking water system for Guangdong Radio and Television, which achieved benchmark recognition and commenced operations in December 2025, serving the daily water needs of over 4,000 people. Meanwhile, the direct drinking water project for the Guangdong Expressway Fokai Branch is currently under construction.   Traditional Business: Steady Performance Amid Structural Opportunities Despite industry challenges such as overcapacity and declining steel prices, structural opportunities persist. The transition from 5G to 6G is driving increased demand for data storage and related server chassis, supporting at least 5–10 years of growth in the Group’s carbon steel segment. Limited high-end coated product processing capacity in Vietnam and Thailand also creates export opportunities for the Group’s domestic production.   In stainless steel business, the Group has adopted flexible pricing strategies and expanded its international presence in Hong Kong, Australia, and New Zealand, enhancing brand recognition and growth momentum.   Strategic Outlook: Broad Development Prospects Ahead Looking ahead, the Group will continue to align with national policies, enhance quality and efficiency in its core businesses, and pursue high-quality development across multiple segments. It will increase investment in research and development, as well as the industrialization of PCM energy storage technologies, to expand application scenarios, strengthen competitive advantages, and establish a new growth engine.   Its subsidiary, Guangzhou Mayer, has been recognized with more than 70 honours, including National High-Tech Enterprise, National “Little Giant” Enterprise, National CNAS Accredited Laboratory, Guangdong Province Green Factory, Outstanding Enterprise in New Quality Productive Forces, featured enterprise in CCTV’s “Strong Country Intelligent Manufacturing” program, and one of the Top 10 Leading Enterprises in the 2025 Economy. It also holds 45 technological patents, fully demonstrating the Group’s outstanding capabilities in technological research and industrial upgrading. In the future, the Group will continue to drive industrial upgrading through scientific and technological innovation, deliver long-term and stable value to shareholders, and make greater contributions to achieving the national carbon neutrality goal. - END –   About Huiyuan Cowins Technology Group Limited Huiyuan Cowins Technology Group Limited (stock code: 1116.HK) has been deeply engaged in the steel pipe and steel sector for over 30 years and is a benchmark brand in China's stainless steel water pipe industry, with full-chain capabilities in “independent R&D – production manufacturing”. Its main businesses cover stainless steel water pipes and fittings, carbon steel plate shearing, pipeline direct drinking water solutions, and extend to the phase change energy storage technology field.   Since 2023, the Group has accelerated its expansion into the energy storage business, focusing on the R&D and production of phase-change energy storage materials (PCM), providing customized cold storage and heat storage solutions for customers in various industries. The company was listed on the Main Board of The Stock Exchange of Hong Kong Limited in 2004. For more details, please visit its official company website: https://www.hctechgp.com.   05/03/2026 Dissemination of a Financial Press Release, transmitted by EQS News.The issuer is solely responsible for the content of this announcement.Media archive at www.todayir.com

EQS via SeaPRwire.com / 04/03/2026 / 19:00 UTC+8 [Hong Kong – 4 March 2026] Newborn Town Inc. (Newborn Town or the company, stock code: 09911.HK), a leading global social entertainment company, issued a positive profit alert for the year ended December 31, 2025, reporting solid revenue growth and a significant increase in profits.   For the twelve months ended December 31, 2025, total revenue is expected to range between RMB 6,760 Million and RMB 7,000 Million, representing year-on-year growth of approximately 32.8% to 37.5%.   Net profit attributable to owners of the Company is expected to be between RMB 900 Million and RMB 940 Million, reflecting year-on-year growth of 87.5% to 95.8%.   Adjusted EBITDA is projected to range from RMB 1,180 Million to RMB 1,220 Million, up approximately 22.5% to 26.7% compared with the previous year.   AI Integration Strengthens Social Product Portfolio   According to the announcement, Newborn Town's strong performance growth was primarily driven by the continued integration and optimization of AI technologies across its business operations, which supported the steady growth of its diversified social product portfolio.   In 2025, Newborn Town's social networking business delivered robust growth and remained a key contributor to the Company's profits. Social gaming platform TopTop sustained growth in both user scale and monetization performance. Meanwhile, live-streaming platform MICO and voice-based social platform YoHo maintained their positions within niche segments, contributing stable revenue and profit.   During the year, the Company's flagship products continued to expand in key markets including the Middle East and North Africa (MENA).   In 2025, TopTop further strengthened its user reach and monetization performance, with downloads and revenue ranking among the leading titles in its category.   Recognizing its innovation and growth in the "social + gaming" segment, TopTop was named "Best Social Game Platform" at the Sensor Tower APAC Awards, which recognize leading mobile apps and games in the Asia-Pacific region.   The platform has also expanded its presence in new markets. Leveraging its differentiated product positioning and localized strategy, TopTop entered the top tier of Japan's App Store charts.   At the technology level, the Company continued to deepen the integration of AI across its business operations. Its self-developed multimodal algorithm model, Boomiix, has undergone ongoing iterations, driving improvements in key operating metrics such as payment conversion and ARPU, thereby enhancing the long-term monetization potential of its core social products.   Newborn Town also launched Siyu AI, an internal data intelligence platform designed to streamline operational workflows, enabling faster access to comprehensive data insights within 15 minutes and improving efficiency in processes such as data queries, anomaly detection and report generation.   Meanwhile, its proprietary AI-powered design platform KIVI continued to evolve, supporting key creative functions including the production of virtual gifts and marketing assets, and further enhancing operational efficiency across the platform.   The Company's diverse-audience social networking portfolio also continued to develop steadily in overseas markets. Through enhanced user lifecycle management, iterative product features and ongoing optimization of its content ecosystem, the platforms saw improved user engagement and deeper interaction among communities.   HeeSay, the flagship product of this business segment, further strengthened its presence in key markets through branding and social responsibility initiatives such as HeeSay GALA and HeeCares.   Innovative Businesses Gain Momentum, Emerging as New Growth Drivers   In 2025, alongside the continued expansion of its core social networking business, Newborn Town's innovative business segment also achieved strong growth. Revenue from the segment reached approximately RMB 730 Million to RMB 770 Million for the year, representing year-on-year growth of 55.7% to 64.2%, and becoming an increasingly important contributor to overall business growth.   Since first generating revenue in 2024, the Company's quality games business has entered a profitability phase. Its flagship titles have transitioned into long-term operation, providing stable profit contributions.   At the same time, the deeper integration of AI across R&D and operations, together with the gaming team's accumulated experience, has improved development efficiency. The Company's pipeline of new game titles is also progressing steadily.   In addition, the Company's social e-commerce segment continued to expand through service upgrades, diversified product offerings and enhanced user acquisition efforts. In 2025, Heer Health further strengthened its presence in the fields of HIV prevention and sexual health services, while accelerating the expansion of its product portfolio.   In June 2025, Newborn Town officially established its global headquarters in Hong Kong, further strengthening its international footprint. The Hong Kong headquarters serves as a coordination hub, working closely with the Company's global R&D and operations centers to support continued overseas expansion. Through technological innovation and localized operations, the Company aims to create positive emotional value for users worldwide.   During the year, the Company conducted share repurchases totaling approximately HK$260 million. The Board stated that the buyback reflects its confidence in the Company's business outlook and long-term prospects, and is expected to enhance shareholder value.   Alongside its strong financial performance, Newborn Town has also seen growing attention from the capital markets.   On February 13, 2026, Hang Seng Indexes Company announced the results of its quarterly review, under which Newborn Town was included in the Hang Seng Composite Index, reflecting the market’s recognition of the Company’s business growth, development potential, and investment value.   Looking ahead, potential eligibility for the Stock Connect program could attract broader participation from southbound investors, which may further enhance the stock's liquidity and market visibility.   About Newborn Town Newborn Town has grown into a leading technology company which was listed on the Main Board of the Hong Kong Stock Exchange (HKEX) in 2019 under the stock code 9911. Committed to creating positive emotional value worldwide, Newborn Town has developed a diverse portfolio of applications in the social networking and entertainment sectors. These applications have achieved widespread acclaim, reaching over one billion users in over one hundred countries and regions.Newborn Town considers the Middle East and North Africa (MENA) region a key market and has also extended its influence in Southeast Asia, Europe, the United States, Japan, and South Korea. The company aims to become the world's largest social entertainment company.     For enquiries, please contact DLK Advisory pr@dlkadvisory.com             04/03/2026 Dissemination of a Financial Press Release, transmitted by EQS News.The issuer is solely responsible for the content of this announcement.Media archive at www.todayir.com

EQS via SeaPRwire.com / 02/03/2026 / 11:00 UTC+8 Spearheading the Brand’s Next Era of Global Influence   (Hong Kong, China, 2 March 2026) Chow Tai Fook Jewellery Group Limited ("Chow Tai Fook Jewellery Group", the "Group" or the "Company"; SEHK stock code: 1929), the global Chinese luxury group built on a nearly-century old legacy of trust and innovation, announced today the appointment of Mr David Tse, a veteran of the international luxury and creative arena, as Global Creative Director, effective 2 March 2026. This marks a milestone in the brand transformation journey as Mr Tse spearheads the brand’s next era of global influence.   Having built a remarkable creative career across China and global markets, Mr Tse brings to the Group a rare blend of visionary brand storytelling, cultural diversity, and creative leadership. He will lead the team to further develop the brand’s creative identity, and conceptualise, develop and execute the overall creative strategy across all touchpoints.   Ms Sonia Cheng, Vice Chairman of Chow Tai Fook Jewellery Group, said, “I am delighted to welcome David as Global Creative Director for our brand. His appointment is timely as we continue to transform and globalise the brand. His deep understanding of luxury, strong creativity and proven track record to translate brand strategy into powerful storytelling will play a key role in shaping our brand equity globally. I look forward to working with David to take our brand to the next level.”   Mr David Tse said, “I am excited to join Chow Tai Fook Jewellery Group at this pivotal moment as we approach our centenary celebration. I have long admired the brand as a distinctive global symbol of Chinese luxury. My focus will be on honoring our rich heritage while fostering innovation and creativity, always keeping our customers at the heart of everything we do.”   Mr Tse began his career as an entrepreneur focusing on creative production. Over the years, David has led award-winning work for some of the world’s most iconic brands, including Burberry, Golden Goose, Uniqlo, Google, PayPal, Volvo, Starbucks, and many more. Most recently, Mr Tse served as Creative Director at Hermès in Shanghai, the first Creative Director beyond its Paris headquarters, where he worked closely with the Paris headquarters team and collaborated with artists and creatives across disciplines worldwide.   Chow Tai Fook Jewellery Group’s Global Creative Director – Mr David Tse     ###       Chow Tai Fook Jewellery Group Limited   Since its founding in 1929, CHOW TAI FOOK, the flagship brand of Chow Tai Fook Jewellery Group, has been celebrated for its bold designs and meticulous attention to detail. Our commitment to innovation and craftsmanship has made us synonymous with excellence, value, and authenticity.   As a global Chinese luxury group, we blend contemporary designs with traditional techniques to create timeless pieces. Each collection reflects our customers' stories and lives, celebrating their special moments. We aspire to inspire and captivate generations to come, weaving the story of CHOW TAI FOOK into their own.   Our brand portfolio includes the iconic CHOW TAI FOOK flagship brand, HEARTS ON FIRE, ENZO, and MONOLOGUE, offering a wide variety of products that also includes an expanding range of cutting-edge IP collaborations. With over 5,000 stores worldwide, we offer a seamless client journey across all touchpoints that includes a network across China as well as a growing number of global locations.   Chow Tai Fook Jewellery Group Limited (SEHK: 1929) has been listed on the Main Board of the Hong Kong Stock Exchange since December 2011. We are committed to delivering sustainable long-term value for our stakeholders by continually enhancing earnings quality and driving higher value growth.     Media Enquiries: Chow Tai Fook Jewellery Group Limited   Haide Ng Associate Director, Corporate Communications Tel: (852) 3115 4402 Email: haideng@chowtaifook.com   Acky Chan Senior Manager, Corporate Communications Tel: (852) 3115 4403 Email: ackychan@chowtaifook.com 02/03/2026 Dissemination of a Financial Press Release, transmitted by EQS News.The issuer is solely responsible for the content of this announcement.Media archive at www.todayir.com

EQS via SeaPRwire.com / 02/03/2026 / 10:24 UTC+8 LINHAI, Zhejiang, China — During the 2026 Lunar New Year, the Taizhou Prefectural City Cultural and Tourism Zone in Zhejiang Province, China, welcomed a record-breaking influx of tourists. The holiday saw over 1.79 million visitors, with a single-day peak exceeding 291,000. Ranking among the top three in average daily visits among the province's 236 4A-level and above scenic spots, it emerged as one of China's most popular travel destinations during the Spring Festival. As a millennium-old city with profound historical roots, Taizhou Prefectural City has perfectly preserved the spectacular Jiangnan Great Wall and extensive Ming and Qing dynasty architectural complexes, serving as a living fossil of ancient China's dual system of urban flood control and military defense. Thanks to the operating team's continuous innovation and introduction of immersive interactive experiences, the ancient city has consistently ranked among Zhejiang's top Spring Festival attractions for years. This year, the seamless integration of "traditional culture and future technology" showcased the city's unique charm, blending historical depth with youthful vitality to the world. A Visual Spectacle: Four-Century-Old Armor Meets "Cyber Song Dynasty" To offer global visitors an around-the-clock Chinese New Year experience, the city hosted over 50 continuous cultural events daily. By day, warhorses of the "Qi Family Army" clad in iron armor patrolled the streets, recreating the majestic scenes of Chinese soldiers defending the coastal borders four centuries ago. On the picturesque East Lake, intangible cultural heritage performers showcased bamboo drifting, competing alongside modern water jetpack performers. As night fell, the ancient city quickly transitioned into a modern light-and-shadow spectacle. A city wall light show projected a millennium of cultural heritage onto ancient bricks, while hundreds of drones wove auspicious, flowing patterns in the night sky with millimeter precision. The dazzling combination of flame stunts and "electronic Kongming lanterns" illuminating the sky culminated in a "Cyber Song Dynasty" flash mob, breathing new life into the ancient city through the thrill of modern art. A Borderless, International Travel Experience Taizhou Prefectural City also demonstrated China's highly convenient smart tourism and welcoming stance to the world. The scenic area implemented a comprehensive free-admission policy for East Lake, allowing visitors to enjoy the graceful water town scenery with zero barriers. Meanwhile, the innovative "facial recognition Great Wall climbing" technology allowed verified tourists to enjoy a "three-day pass" with unlimited entries. This departure from traditional single-entry ticketing significantly encouraged visitors to slow down and embark on in-depth explorations. A Youthful Magnet and Shared Hospitality Beyond its historical significance, the city has become a trendy hub for young people. This Spring Festival, the scenic area deeply collaborated with the popular Chinese web novel IP "Jian Lai" (Sword of Coming), creating immersive check-in spots that attracted young fans to experience the romance of the martial arts world. The hometown return of Li Yunxiao, a young Yue Opera actress who just dazzled audiences at the 2026 CCTV Spring Festival Gala, further became a core highlight drawing youthful crowds. Beyond sightseeing, the introduction of high-quality homestays and the Black Pearl-rated Sichuan restaurant "Yunbuzhichuan" has fully revitalized the consumption landscape. Local residents and merchants showed immense hospitality, proactively guiding tourists and jointly creating a warm, safe travel environment. The arrival of 1.79 million visitors proves that this warm, historical city is pulsing with youthful energy. Taizhou Prefectural City looks forward to welcoming more global tourists to experience the harmonious blend of ancient and modern Eastern charm.   02/03/2026 Dissemination of a Financial Press Release, transmitted by EQS News.The issuer is solely responsible for the content of this announcement.Media archive at www.todayir.com

EQS via SeaPRwire.com / 27/02/2026 / 19:01 UTC+8 (February 26, 2026, Hong Kong) B.Duck Semk Holdings International Limited (“B.Duck Semk”, Stock Code: 2250.HK) announced that the Company has entered into a comprehensive strategic cooperation agreement with Zhejiang Haers Vacuum Containers Co., Ltd. (“Haers”, Stock Code: 002615.SZ), a global leader in the drinkware industry and an A-share listed company. The parties aim to establish a long-term, in-depth strategic alliance through equity partnership and industrial synergy, exploring a new IP-driven segment in trendy consumer markets and building a trendy consumer ecosystem covering diverse consumption scenarios.   As of now, Haers holds a 2.68% equity stake in B.Duck Semk, providing a solid foundation for the strategic partnership.     As a core component of this cooperation, the joint venture company co-established by the parties in mainland China will focus on the design, R&D, brand operation, and omni-channel sales of co-branded trendy drinkware products featuring the “B.Duck” family of brands and other international fashion IPs. This cooperation unites the core strengths of both parties. With over 20 years of experience in IP operation, B.Duck Semk owns China’s renowned B.Duck IP matrix and mature global licensing network. Haers, a benchmark in the global drinkware industry, brings industry-leading R&D and manufacturing capabilities, a full industry chain layout, and a global channel network. This partnership is poised to deliver mutual value and deep synergy between trending IPs and top-tier supply chain capabilities.   IP co-branding in drinkware products marks merely the first step of the strategic partnership. The two parties will take the joint venture as the core platform, and drinkware and drinkware-related products as the strategic starting point. By combining B.Duck Semk’s full-matrix IP operation capabilities and insights into trendy consumers with Haers’ comprehensive, flexible manufacturing capabilities and omni-channel global network, the partnership will expand into diverse trendy consumer products, unlocking the long-term value of integrating IPs with physical manufacturing.   The parties will seize this cooperation as an opportunity to jointly establish a full-chain collaborative system that integrates “fashion design, flexible manufacturing, and omni-channel marketing.” For B.Duck Semk, this partnership will facilitate the large-scale expansion of its self-operated product categories, deepen the IPs user penetration into diverse lifestyle scenarios, and establish a replicable cross-category IP operation model. For Haers, this collaboration will serve as a catalyst to upgrade and transform the company from a traditional manufacturer into a trend-driven consumer brand. By leveraging the IPs as a strategic lever, it aims to diversify into new product categories, thereby unlocking substantial new growth potential. The long-term value of this strategic cooperation lies in establishing a replicable model for cross-category and multi-IP collaboration. Looking ahead, the parties will leverage the successful collaborative experience gained in the drinkware sector and replicate this model across a wider range of consumer categories. The goal is to create a fashion ecosystem by embedding IP products into diverse lifestyle scenarios, thereby continuously unlocking the commercial value of IP-product integration. Concurrently, the parties will accelerate their global market expansion, aiming for sustained mutual profitability and ultimate industry leadership.   The drinkware industry is ushering in an unprecedented golden period of development, with both market size and trendsetting attributes experiencing explosive growth. The fundamental nature of the products has evolved from being mere practical tools into socially-oriented goods that express personal aesthetics and align with trendy lifestyles. This transformation is driven by the rise of Generation Z consumers, who are profoundly reshaping market logic: “Visuals Lead Purchase Decisions” and “Products Serving as Vessels for Emotional Value” have become key purchasing factors. Taking the thermal drinkware category as an example, topics such as “thermal mug fashion styling” and “high-aesthetic thermal mug reviews” have garnered nearly 500 million views on social media platforms, reflecting young consumers’ heightened focus on product appearance and scene compatibility. In response to this trend, brands are innovating products through design strategies such as IP collaborations, dopamine color schemes, and China-chic elements. This has successfully transformed thermal mugs from traditional utilitarian items into fashion accessories for personal expression, social sharing, and emotional connection. This transformation not only precisely aligns with the consumption preferences of the younger demographic but also provides brands with sustained growth potential and market opportunities in the direction of trend-driven and personalized product innovation.   This cooperation is committed to leading the drinkware industry beyond homogeneous price competition toward value creation centered on IP value and design innovation. Moreover, starting with drinkware, it will explore the deep integration of IPs and physical manufacturing across all product categories and lifestyle scenarios, charting a new path for IP-driven physical manufacturing and fashion lifestyles. Ultimately, it aims to provide a reference model for the trend-driven transformation of the entire consumer goods sector.   Mr. Hui Ha Lam, Chairman of the Board of B.Duck Semk, stated, “We are immensely honored to enter into this comprehensive strategic collaboration with Haers. As a global leader in drinkware manufacturing, Haers’ top-tier supply chain and full industrial chain capabilities are strategically highly complementary to our company’s robust IP operation expertise and profound insights into trend-conscious consumers. This partnership represents not only a mutual empowerment at both the industrial and capital levels but will also enable us to jointly build a trendy consumer ecosystem spanning diverse lifestyle scenarios. Furthermore, it will significantly deepen our marketing capabilities in vertical consumer product categories. This will, in turn, continuously solidify our leadership position in the IP-driven consumer market and ultimately create long-term, sustainable value for our shareholders.”     About B.Duck Semk Holdings International Limited   B.Duck Semk is China’s leading comprehensive IP operation company with capabilities across the entire value chain. It launched its core original IP character, B.Duck, in 2005. With more than twenty years of experience in the industry, B.Duck Semk has built a diversified B.Duck IP matrix covering original creation, IP agency, and brand licensing collaborations. It owns 26 original characters and the operation rights to multiple top-tier game, animation, and trendy toy IPs, and has established deep cooperation with top-tier cultural IPs both in China and abroad, such as the Palace Museum’s Court Culture.   B.Duck Semk has established a strong presence across character licensing, merchandise retail, and immersive cultural tourism. As of now, the company has achieved cooperation with over 570 high-quality licensees and developed over 50,000 SKUs covering the full spectrum of consumer scenarios, including food and beverages, homeware, 3C products and trendy toys. With its outstanding performance, B.Duck Semk ranked 46th on the Top Global Licensing Agents 2025. Relying on its mature end-to-end IP operation system, the company adopts a dual-drive strategy of “brand globalization + localized operation”, and is committed to becoming a comprehensive IP operation platform with global influence, creating globally recognized symbols of joy.   About Zhejiang Haers Vacuum Containers Co., Ltd.   As China’s first listed company in the drinkware industry, Haers always specializes in the R&D, design, manufacturing and marketing of titanium and stainless steel vacuum insulated containers, as well as drinkware-related products made of multiple materials such as aluminum, plastic, and glass.   Adhering to a customer-centered principle, Haers has created the “Five-Excellent Drinkware” criteria, focusing on both quality and appearance based on its core technologies. It has been deeply involved in this industry for many years and has formed sound R&D capabilities and production strength. By the end of 2025, Haers had obtained a total of 770 valid national patents, led and participated in the formulation of 47 national, industry and organizational standards, becoming a benchmark for high-quality development in the industry. Haers’ products have been sold to more than 80 countries and regions worldwide. It has passed the Euromonitor International certification with its strong strength. In the recent three years (2022-2024), Haers has consecutively achieved the top position in global drinkware sales. 27/02/2026 Dissemination of a Financial Press Release, transmitted by EQS News.The issuer is solely responsible for the content of this announcement.Media archive at www.todayir.com

EQS via SeaPRwire.com / 25/02/2026 / 09:36 MSK Solidcore Resources plc (“Solidcore” or the “Company”) is pleased to announce that the Company has signed an indicative term sheet with KfW IPEX-Bank for a seven-year credit facility of up to US$ 100 million to finance construction of the Ertis POX project including infrastructure, equipment and engineering costs. “Our partnership with KfW IPEX-Bank to finance Ertis POX construction marks an important milestone for Solidcore. This term sheet is the first arrangement within the broader funding framework for the project which reflects the strong confidence of our international financial partners in our strategy and long-term vision. We continue working with other banks to secure a total of US$ 600 mln of financing for Ertis POX this year”, said Evgenia Onuschenko, CFO of Solidcore Resources plc. “We are delighted to have been invited to contribute to the financing of this important project and thus to be able to supporting European exports.”, said Wolfgang Behler, Global Head of Industries and Commerce at KfW IPEX-Bank. About Ertis POX Ertis POX is Kazakhstan’s first large-scale and high-tech full-cycle pressure oxidation plant for refractory ore processing in the country. Capital expenditures for the project are estimated at US$ 978 million and will be funded through a combination of the Company’s operating cash flow and bank financing. New POX facility will process up to 300,000 tons of gold-bearing concentrate and produce up to 500 Koz of gold in dore alloy per year. It is intended to create approximately 500 permanent new jobs in the region and 1,000 jobs during the construction period. About KfW IPEX-Bank KfW IPEX-Bank is a leading German and international project and export finance bank, founded in 2008 as a wholly owned subsidiary of the state-owned KfW Group. With a strong European foundation and a global presence, it supports European and global companies in key sectors including infrastructure, energy, transport, and industrial projects. The bank provides tailored financing solutions, backed by deep sector expertise and a clear focus on sustainability and responsible financing. About Solidcore Solidcore Resources is a leading gold producer registered in AIFC, Kazakhstan, and listed on Astana International Exchange. Solidcore operates two producing gold mines and a major growth project (Ertis POX) in Kazakhstan. Enquiries Investor Relations Media Kirill Kuznetsov Alina Assanova +7 7172 47 66 55 (Kazakhstan) ir@solidcore-resources.com Yerkin Uderbay +7 7172 47 66 55 (Kazakhstan) media@solidcore-resources.kz FORWARD-LOOKING STATEMENTS   This release may include statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements speak only as at the date of this release. These forward-looking statements can be identified by the use of forward-looking terminology, including the words “targets”, “believes”, “expects”, “aims”, “intends”, “will”, “may”, “anticipates”, “would”, “could” or “should” or similar expressions or, in each case their negative or other variations or by discussion of strategies, plans, objectives, goals, future events or intentions. These forward-looking statements all include matters that are not historical facts. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the company’s control that could cause the actual results, performance or achievements of the company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the company’s present and future business strategies and the environment in which the company will operate in the future. Forward-looking statements are not guarantees of future performance. There are many factors that could cause the company’s actual results, performance or achievements to differ materially from those expressed in such forward-looking statements. The company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.   25/02/2026 Dissemination of a Financial Press Release, transmitted by EQS News.The issuer is solely responsible for the content of this announcement.Media archive at www.todayir.com

EQS via SeaPRwire.com / 25/02/2026 / 11:12 UTC+8 Suzhou, China, February 24, 2026 — CF PharmTech, Inc. (HKEX: 2652.HK) (“CF PharmTech” or the “Company”) today announced that the Investigational New Drug (“IND”) application for ICF004, the Company’s internally developed first-in-class (FIC) inhaled dry powder candidate for the treatment of pulmonary fibrosis (a Class 1 chemical drug candidate), has been accepted by the National Medical Products Administration of China (“NMPA”). The acceptance of the ICF004 IND application marks a key step forward in the Company’s innovative drug research and development efforts and an important milestone in advancing translational innovation based on the Company’s complex respiratory formulation and precision delivery platform. The Company believes progress in the ICF004 program not only supports the clinical development value of a standalone pipeline asset, but also demonstrates its ability to translate high-barrier delivery and formulation platform capabilities into innovative drug clinical development assets. Addressing Unmet Needs in PF-ILD: Resolving Efficacy-Tolerability Dilemma ICF004 is intended for the treatment of Progressive Fibrosing Interstitial Lung Disease (“PF-ILD”), a disease area that includes life-threatening indications such as Idiopathic Pulmonary Fibrosis (“IPF”) and Progressive Pulmonary Fibrosis (“PPF”). PF-ILD is characterized by progressively worsening respiratory symptoms and irreversible decline in lung function, and is generally associated with poor prognosis. Using IPF as a representative condition, publicly available data indicate a median survival of approximately 2.8 years and a 5-year survival rate below 40%, underscoring the substantial clinical burden of disease. Oral therapies have been approved globally for the treatment of IPF. Public clinical data and real-world evidence suggest that, while existing therapies may slow decline in lung function to some extent, some patients still face limited survival benefit, significant adverse-event burden, and treatment interruption or discontinuation. For patients coping with both disease progression and treatment-related side effects, there remains an urgent global need for next-generation therapies that can better balance safety, efficacy, and long-term treatment adherence. The Company believes the development rationale for ICF004 is grounded in these unmet needs. The program seeks to explore new delivery and therapeutic pathways on top of existing treatment approaches, with the goal of improving the therapeutic window and patient outcomes. Improving Therapeutic Window Through the Integration of Mechanism Exploration and Formulation Innovation Through Local Targeted Delivery Based on the Company’s current development strategy, ICF004 uses an inhaled dry powder delivery route designed to deliver the drug directly to lung lesion areas, thereby increasing local pulmonary exposure while minimizing systemic exposure to the extent possible, in pursuit of a better balance between efficacy and safety. The Company positions ICF004 as a candidate integrating mechanism exploration and formulation innovation, and continues to conduct mechanistic research and translational validation around fibrosis-related pathological processes, including inflammation, oxidative stress, and fibroblast activation. Preclinical Findings Demonstrate Differentiated Pulmonary Exposure Profile Supporting Development Strategy According to the Company’s completed preclinical studies, ICF004 demonstrated differentiated distribution characteristics between lung tissue exposure and systemic blood exposure following inhaled administration. In relevant studies, the Company observed a significant exposure differential between lung and blood, supporting the project’s subsequent development strategy centered on improving target-organ exposure efficiency and reducing systemic exposure burden through local targeted delivery. In addition, the Company observed anti-fibrotic activity trends for ICF004 in relevant preclinical models. These findings provide supportive information for subsequent clinical development; however, whether they will translate into clinical efficacy and safety advantages in humans remains to be verified in future clinical trials. Platform Validation: Extending from Complex Formulation to Innovative Drug Translational Capability and Strategic Significance The acceptance of the ICF004 IND application marks the first time one of the Company’s innovative drug programs has entered the regulatory acceptance stage. The Company believes the strategic significance of this progress is reflected primarily in the following areas: Validation of platform translational capability — demonstrating the Company’s ability to integrate complex formulations, delivery systems, device engineering, and unmet clinical needs in advancing innovative drug development programs; Strengthening the replicability of R&D pathways — providing methodological and organizational experience for subsequent innovative programs in respiratory and related therapeutic areas; and Enhancing capital market understanding of the Company’s platform-based capabilities — helping investors better understand, beyond the complex formulation business alone, the Company’s medium- to long-term capabilities and potential value drivers in combining delivery technologies, device engineering, and innovative drug clinical translation. Leveraging its capabilities in inhalation delivery, device engineering, regulatory registration, and industrialization, CF PharmTech continues to advance a multi-layered product portfolio and explore opportunities in delivery-enabled innovative drug development across broader disease areas. Next Steps The Company will continue to advance subsequent clinical development activities for ICF004 in accordance with NMPA requirements, including clinical start-up preparation, subject enrollment arrangements, and phased data readouts. At the same time, the Company will prudently evaluate strategic pathways such as independent development and collaborative development based on the project’s clinical progress, resource allocation, and external partnership opportunities, and will fulfill information disclosure obligations in a timely manner in accordance with applicable regulatory requirements. Important Risks and Disclaimers Innovative drug R&D involves high investment, long development timelines, and significant risks. Uncertainties remain in the subsequent clinical development, regulatory review and approval, and commercialization process of ICF004. The Company reminds investors to exercise rational judgment and be mindful of the risks associated with investing. About CF PharmTech CF PharmTech focuses on the development of complex formulations, small nucleic acid and liposomal drugs, and precision delivery technologies in key therapeutic areas such as respiratory diseases, and has capabilities in inhalation delivery, device engineering, regulatory registration, and industrialization. The Company is advancing a multi-layered product portfolio based on these platform capabilities and continues to explore clinical translation opportunities in innovative drug development. Cautionary Note Regarding Forward-Looking Statements This press release contains forward-looking statements, including but not limited to statements relating to the development, clinical progress, regulatory review, and potential commercialization of ICF004, and the Company’s strategic plans and expectations. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied. Such risks and uncertainties include, but are not limited to, risks related to clinical development, regulatory approval, commercialization, market conditions, and other factors. Readers are cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to update any forward-looking statements, except as required by applicable law or regulation.   25/02/2026 Dissemination of a Financial Press Release, transmitted by EQS News.The issuer is solely responsible for the content of this announcement.Media archive at www.todayir.com