Lygend Resources & Technology Co., Ltd. announced that the eight ferronickel production lines under phase I of the RKEF project has reached full capacity by the end of August 2023. The utilization rate of these production lines has
exceeded 100%, with a total production amount of ferronickel of over 8,000 metal tons by the end of August 2023. Reference is also made to the disclosure in the Prospectus relating to the industry and business of the Company. Phase I of the RKEF project on the Obi Island, Indonesia, which the Group has jointly developed with the Indonesian Partner, has eight production lines and an aggregate designed production capacity of 95,000 metal tons of ferronickel per annum.