CHINAVTM MINING (00893.HK): Signs RMB 12.35mn Works Contracts for Backfill and Upgrading at Maoling-Yanglong Iron Mine

NewTimeSpace News: On 24 September 2026, China Vanadium Titano-Magnetite Mining Company Limited (the "Company") announced that Aba Mining, an indirect wholly-owned subsidiary of the Company, entered into the 2026 works contracts with Linzhou Huakuang Construction Group Co., Ltd.: the first contract covers the phase-two civil and structural steel works for underground backfilling of tailings at the Maoling-Yanglong iron mine, with a contract sum of RMB 3.0 million (tax inclusive); the second contract covers the civil and site works for the ground infrastructure and auxiliary facilities of the underground backfilling system, with a contract sum of RMB 1.95 million (tax inclusive).

The announcement disclosed that Aba Mining earlier entered into the 2025 works contracts with the same contractor: the first contract, dated 18 June 2025, covering the phase-one underground backfilling works with a contract sum of RMB 5.5 million (tax inclusive); and the second contract, dated 20 September 2025, covering the upgrading of the magnetic separation facilities at the washing plant, with a contract sum of RMB 1.9 million (tax inclusive). The 2026 works contracts total RMB 4.95 million and the 2025 works contracts total RMB 7.4 million, an aggregate of approximately RMB 12.35 million. As none of the applicable percentage ratios exceeds 5% on a standalone basis but the highest applicable percentage ratio when aggregated exceeds 5% but is below 25%, the transactions are aggregated under Rules 14.22 and 14.23 of the Listing Rules, constituting a discloseable transaction exempt from shareholders' approval; the contract sums have been and will be funded by the Group's internal resources.

The Company stated that the underground and ground backfilling facilities form part of the Group's operational upgrades under continuing environmental compliance obligations and China's green mine framework, allowing a large volume of tailings to be reused underground, reducing the size and risks of surface tailings ponds and stabilising underground rock structures; the magnetic separation upgrading aims to address the ongoing challenges in China's steel supply chain and supports the Group's phased transition of its downstream washing capacity from existing high-grade iron ore concentrate to ultra-high-grade concentrate (TFe content above 70%). The directors (including the independent non-executive directors) consider the contracts to be entered into in the ordinary course of business on normal commercial terms, fair and reasonable, and in the overall interests of the Company and its shareholders.

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