4 consecutive boards Hunan Gold: Due to the current company's mining process, there are significant difficulties in developing gold resources at depths of 1500 meters.

On November 26th, Jin10 Data reported that Hunan Gold issued an announcement on the abnormality and once again explained the relevant information in the report that "more than 40 gold veins were discovered in Pingjiang, Hunan: the far-reaching reserves exceeded 1,000 tons, and the valuation reached 600 billion yuan." The "predicted underground reserves of more than 1,000 tons of gold beyond 3,000 meters" in the report is a far-reaching resource estimate (including the cumulative gold resource of 300.2 tons obtained in the exploration core area) based on the research and exploration situation in previous years combined with the distribution of the explored resources in the upper part. The "resource value of 600 billion yuan calculated based on the current gold price" in the report is the overall potential resource value of the deposit calculated based on the recent gold price and the far-reaching resource estimate (including the consumed resources from mining and the speculated far-reaching resources in the deep part), and the actual economic benefits that can be obtained from the subsequent resource development of the deposit still need to be further evaluated. Firstly, most of the "far-reaching gold reserves of more than 1,000 tons" mentioned in the report are speculated far-reaching resources, and there is still a large uncertainty as to whether they can be explored in the future. Secondly, the cooperative development project of Pingjiang County's gold mineral resources is currently being fostered by Hunan Gold Group Co., Ltd., the controlling shareholder of the company, and the company enjoys the right of first refusal under the same conditions. Even if the company chooses to acquire the project, considering the acquisition cost, construction cost, and mining cost, the increase in earnings per share of the company is limited. Thirdly, due to the company's current mining technology, there are great difficulties in developing gold resources below 1,500 meters. Fourthly, as the mining depth increases, the speculated resource reserves in the deep part will correspondingly increase the difficulty and cost of mining, and the actual available resource reserves may differ from the recorded mineral resource reserves, and the mining economic benefits may not meet expectations.