According to the Three Gorges New Materials announcement, Sanxia New Materials Silicon Co., Ltd., a wholly-owned subsidiary of the company, previously successfully competed for mining rights for the Hongyantou glass sandstone mine in Yiling District of Yichang City, and recently signed a “Mining Rights Concession Contract” with the Natural Resources and Planning Bureau of Yiling District of Yichang City. Silicon companies are required to apply for mining rights registration within 15 working days from the date of obtaining the payment certificate, complete preliminary work such as optimizing the mining plan and applying for a mining license within 12 months from the date the contract is signed, and cannot mine without obtaining a mining license. Subsequent mining license processing time limits are based on the approval progress of the competent department, and there are multiple uncertain risks in mine construction and operation.

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