NAMI Corp., via its wholly owned subsidiary SBS Mining Corporation Sdn Bhd (“SBS”), entered into a joint venture with JHW Holdings Sdn Bhd, a private limited company incorporated in Malaysia (“JHW”; and together with SBS and NAMI, the “Group”), received a sea sand mining and dredging license from the Ministry of Water, Land and Natural Resources (Kementerian Air, Tanah, dan Sumber Asli) (“KATS”) on January 10, 2019. This mining license was granted to JHW until January 9, 2022. The sea sand mining and dredging license has been renewed for an additional three (3) year period, commencing on August 2, 2022 and ending in August 1, 2025.

The Company has been focusing its commercial efforts on its sea sand mining and dredging operations and expects to export sea sand mined from the 20.65 KM2 licensed area to China, Japan, and Hong Kong, following each country's regulatory framework.