The board of directors of Lygend Resources & Technology Co., Ltd. announced that Mr. JIANG Xinfang ("Mr. JIANG") has tendered his resignation as an executive Director, the general manager of the Company (the "General
Manager") and a member of the environment, society and governance committee of the Board (the "ESG Committee"), with effect from 28 March 2024. Since joining and during his tenure at the Company, Mr. JIANG dedicated his time and efforts to the construction of the Obi project and the improvement of the Company's management systems. Following his resignation, Mr. JIANG has decided to dedicate his time and focus on other fields outside of his business interests. The Board announced that Mr. CAI Jianyong ("Mr. CAI"), Chairman of the Board and an executive Director, has been appointed as the General Manager with effect from 28 March 2024. Mr. CAI, aged 53, is an executive Director and Chairman of the Board. Mr. CAI graduated from Shanghai Institute of Building Materials Technology ()(later merged into Tongji University) with a specialization in financial accounting. Prior to the establishment of the Company, Mr. CAI had nearly 10 years of experience in international commodity trade. He worked at Zhejiang Grand Import and Export Co., Ltd. () (the predecessor of Grand Resources Group Co., Ltd. from April 2000 to December 2007, focusing on commodity export, import and domestic trade.He subsequently worked at Ningbo Future Import and Export Co., Ltd. from January 2008 to December 2008, focusing on international commodity trade with experience in relation to ore trading activities. In January 2009, Mr. CAI founded the Group and served as the executive Director and General Manager of the company from January 2009 to September 2021. Since September 2021, he has served as Chairman and executive Director. Mr. CAI is also the Chairman of the board of Shanghai Lygend International Trading Co., Ltd., a director or executive director and general manager of the Company's subsidiaries, including Jiangsu Wisdom Industrial Co., Ltd., Ningbo Wisdom Trading Co., Ltd., Ningbo Lygend New Energy Co., Ltd., Ningbo Lygend Industrial Park Management Co., Ltd., Ningbo Baoxin Special Steel Technology Co., Ltd., ONC International Trading (Ningbo) Co., Ltd., KPS International Trading (Ningbo) Co., Ltd., HPAL International Trading (Ningbo) Co., Ltd., Lygend Resources PTE. LTD., Hong Kong Blue Whale International LimitedLygend
New Power (Hong Kong) LimitedLygend Golden Power (Hong Kong) Limited, Lygend Source Power (Hong Kong) Limited, Laterite International (Hong Kong) Limited; and the President commissioner of the Company's subsidiaries, including PT Halmahera Persada Lygend, PT Dharma Cipta MuliaPT Obi Nickel Cobalt and PT Karunia Permai Sentosa. Mr. CAI's younger brother Mr. CAI Jianwei is an executive Director and the Deputy General Manager of the
Company. Mr. CAI as an executive Director of the Company serves for a period of three years with effect from 16 September 2021. He shall be subject to the re-election requirements at the general meetings of the Company
pursuant to its Articles of Association. Mr. CAI will be entitled to an annual salary of RMB10 million to RMB 15 million as executive Director and the General Manager for the year ending 31 December 2024, by reference to the remuneration policy, his duties, experience and responsibilities in the Company as well as the prevailing market conditions. Mr. CAI has entered into a service agreement with the Company on the above terms for serving as an executive Director in November 2022.