Shengda Resources announced that the company plans to obtain no less than 58% of Fangxin Mining's shares through equity transfers and capital increases; on November 2, 2026, the company signed a “Framework Cooperation Agreement” with Fangxin Mining, Gao Chengcheng, and Li Xianzhu to transfer 44% of Gao Chengcheng's shares, corresponding to a 100% equity valuation of not more than 200 million yuan, and increase capital in cash. The pre-investment valuation is not higher than 300 million yuan to ensure that the total shareholding of no less than 58% of Fangxin Mining will become a holding subsidiary after the capital increase is completed. This signing is a preliminary intention, and the details are subject to the formal investment agreement.

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