The board of directors of South Manganese Investment Limited announced that Mr. Zhang Zongjian has resigned from his position as an executive Director of the Company due to his other personal commitments with effect from 25 March 2022. Mr. Zhang Zongjian has confirmed that he has no disagreement with the Board and there are no other matters in relation to his resignation that need to be brought to the attention of the shareholders of the Company. The Board announced that Mr. Xu Xiang (Mr. Xu) will be appointed as an executive Director of the Company with effect from 25 March 2022.

Mr. Xu, aged 27, holds a double bachelor's degree in auditing from Nanjing Audit University. From 2017 to 2021, he worked in different audit firm and investment fund management company handling audit, investment and risk management works. Subsequently, he joined South Manganese Group Limited (an indirect wholly-owned subsidiary of the Company) in April 2021 as the general manager assistant.