CHINAGOLDINTL (02099.HK): Engages SRK to Advance Independent NI 43-101 Feasibility Study for Changshanhao Underground Development, Pre-Development Works Commence

NewTimeSpace News: On 17 August 2026 (Vancouver), China Gold International Resources Corp. Ltd. (stock code: 02099) announced that it has entered into an agreement with SRK Consulting to conduct an independent feasibility study stage assessment of the proposed underground development project at the Changshanhao Gold Mine in the Inner Mongolia Autonomous Region of China, and to prepare a technical report in accordance with Canadian National Instrument NI 43-101 Standards of Disclosure for Mineral Projects.

As open-pit mining at the Changshanhao Gold Mine progressively enters the later stage of the mine life, the company is advancing the transition to underground mining, with the "block caving" method currently proposed as the primary mining method for the mineral resources beneath and adjacent to the existing pit. Engaging SRK is an important step for the company to establish an independent technical and economic basis in accordance with NI 43-101 and applicable Canadian Institute of Mining, Metallurgy and Petroleum (CIM) standards; in parallel, pre-development underground works have been independently initiated under the engineering, technical and regulatory framework applicable in China.

The proposed underground development project at the Changshanhao Mine has completed engineering design and a "preliminary design" under applicable Chinese technical standards and regulatory requirements, and construction contractors have mobilised to commence pre-development underground works, including development works such as shafts and ramps and related site infrastructure preparation. The domestic "preliminary design" is intended to satisfy domestic building engineering design, construction and regulatory requirements; it is not prepared in accordance with NI 43-101 or CIM standards and does not constitute, and should not be interpreted as, a feasibility study or technical report under NI 43-101.

SRK's work will proceed in two main stages. In the first stage, gap analysis, SRK will conduct a comprehensive review of the existing geological, engineering and technical data for the underground project and compare it with the relevant requirements of feasibility study stage assessments under NI 43-101 and CIM standards, identifying data that can be used directly, data requiring further validation or analysis, and additional technical work or data needed to support an independent NI 43-101 feasibility study stage assessment. In the second stage, following completion of the gap analysis, SRK will independently conduct the technical and economic assessments required to support the feasibility study stage and prepare the corresponding NI 43-101 technical report. The mine plan, production schedule, mine life, mineral reserve estimates and economic analysis ultimately determined under NI 43-101 will be established through SRK's independent work, and the results may differ materially from the conclusions contemplated by the existing domestic preliminary design. The company emphasises the strengthening of rock mechanics, geotechnical and hydrogeological investigation and analysis, which are particularly important for assessing the suitability of block caving and related design.

Mr. Hou Chenguang, Chairman and Chief Executive Officer of the company, stated that as the Changshanhao open-pit mine gradually enters the later stage of its mine life, advancing the development potential of Changshanhao's underground resources has become an important focus, and it is necessary to establish an independent technical and economic basis for the project in accordance with internationally recognised reporting standards; the goal is not only to advance underground development but also to ensure that the long-term mine plan is built on rigorous technical work, appropriate resource and reserve classification, and prudent assessment of the project's technical and economic feasibility. China Gold International is a gold and base metals mining company incorporated in British Columbia, Canada, operating the Changshanhao Gold Mine and the Jiama copper-gold-polymetallic mine in Tibet, and is listed on the Toronto Stock Exchange (CGG) and the Main Board of the Stock Exchange of Hong Kong (02099).

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