The board of directors of Lingbao Gold Group Company Ltd. announced that Mr. Wang Junqiang has tendered his resignation as a chief executive officer of the company with effect from June 26, 2018 due to his work re-designation. The Board announced that Mr. Chen Jianzheng has been appointed as a chief executive officer of the company with effect from June 26, 2018. Mr. Chen was appointed as an executive director and chairman of the company on January 23, 2017.

Mr. Chen has served as deputy secretary of the party leadership and deputy chief of Zhenzhuang Town, Yuanling County, Hunan Province, in charge of listed company related work to Chenzhou Mining Company, during which he was responsible for the maintenance of the town and mine relationship and is very familiar with the management and operation of mining companies. Prior to joining the company, he was a member of the party leadership and deputy chief of land and resources Bureau of Yuanling County in Hunan Province. The emolument of Mr. Chen will be determine by the Remuneration Committee of the company with reference to the level of responsibility, experience, the company's performance and the market situation.

The Board also announced that Mr. Xing Jiangze has been appointed as a deputy chairman of the company with effect from 26 June 2018, for a term of office until the expiration of the sixth session of the Board of the Company. Mr. Xing is currently the secretary of the Board and vice president of the Company. He is a registered certified public accountant, certified tax agent, senior accountant, senior consultant and economist in the PRC, having over 23 years' experience in finance, accounting and auditing.