The board of directors of China Vanadium Titano-Magnetite Mining Company Limited announced that With effect from 13 July 2022, Mr. Jiang has resigned as the CEO of the Company following changes in the executive management structure of the Group. Mr. Jiang, aged 56, has been an executive Director since 28 April 2008 and was re-designated as the CEO on and from 12 October 2017. Following Mr. Jiang's resignation as the CEO, Mr. Jiang will continue to take on an executive role in overseeing the mining facilities management operations of the Group.

The Company previously announced an internal reorganisation of the Group's business operations to segregate its mining facilities management activities from the upstream mining operations to become a standalone business unit under a wholly-owned subsidiary of the Company. Mr. Hao, an executive Director and the financial controller of the Company (the "FC"), has been appointed as acting CEO of the Company (the "Acting CEO") with effect from 13 July 2022 and shall assume the roles and responsibilities of Mr. Jiang to manage and oversee the overall business and operations of the Group. Mr. Hao will report to Mr. The Wing Kwan, the non-executive Director and the Chairman of the Board, who has been providing strategic guidance in corporate directions and initiatives to the Group.

Mr. Hao, in his role as the Acting CEO, will be supported by, among others, (i) a general manager who is an engineer by profession with 12 years of relevant experience in mining operations and (ii) a finance manager who has strong finance and accounting knowledge with previous work experience from an international accounting firm. The appointment of Mr. Hao as the Acting CEO has been duly reviewed and assessed by the nomination committee of the Board (the " Nomination Committee "). The Board, after having reviewed and considered the qualifications and experience of Mr. Hao, as well as his performance as the FC, has approved the appointment of Mr. Hao's appointment as the Acting CEO.

The Company will continue to review Mr. Hao' s performance as the Acting CEO while evaluating the need to identify a candidate for the position of CEO. Mr. Hao, aged 40, has been an executive Director and the FC since 1 January 2018. Mr. Hao has been the financial manager of the Company since January 2012.

Mr. Hao is also a director of, and holds executive roles in certain key subsidiaries of the Company for which he is responsible for financial management, financing, costing and other operational matters. Mr. Hao has 17 years of experience in financial management and previously participated in the initial public offering ("IPO") exercise of the Company, including pre-IPO reorganization, merger and acquisition, corporate finance matters and operational reorganization. Prior to joining the Company, Mr. Hao was the financial supervisor of the Panxi region of the mining branch of Sichuan Chuanwei Group Co.

Ltd."Chuanwei") from March 2010 to January 2012, a financial supervisor in each of the financial management department of Chuanwei from May 2006 to March 2010 and Sichuan Longwei Metal Products Co. Ltd. from July 2004 to April 2006, respectively. Mr. Hao has professional qualification as an International Certified Management Accountant.

Mr. Hao obtained a bachelor's degree in accounting from Southwestern University of Finance and Economics in June 2004.