Gelonghui, December 24 | Hainan Mining (601969.SH) announced that in May 2017, SuayChinInternationalPTELTD (hereinafter referred to as “Shunxin”, the former largest shareholder of KOD) and KodalMineralsPlc (hereinafter referred to as “KOD”, a shareholder holding 49% of KMUK's shares) signed the “Bougouni (Bougouni) Lithium Project Spodumene Sales Restriction Clause”. It is agreed that within three years after the Bougouni lithium project is put into operation, Shun Xin will be able to guarantee no less than 80% of KOD Priority of lithium concentrate products. On November 16, 2023, XinMaoInvestmentCo., Ltd., a wholly-owned subsidiary of Hainan Mining Co., Ltd. (hereinafter referred to as the “Company”). , Limited (hereinafter referred to as “Xinmao Investment”) completed the subscription for 2,937,801,971 additional shares of KOD, becoming KOD's largest shareholder; it also completed a capital increase with KodalMiningUK (hereinafter referred to as “KMUK”) and actually held 51% of KMUK's shares, thereby obtaining mining rights and prospecting rights for the Buguni lithium mine.
In March, May, and November 2024, the company, KMUK, KOD and Shunxin respectively signed the “Binding Clause Agreement to Terminate the Purchase of Spodumene from the Buguni Lithium Project” and related supplementary agreements (hereinafter collectively referred to as the “Cancellation of Underwriting Agreement”), agreeing that KMUK will pay a total termination fee of 14 million US dollars to Shunxin in installments, and that Shunxin's underwriting priority for Buguni lithium products will be terminated after receiving the first $3.5 million termination payment. In May and November 2024, KMUK paid 3.5 million US dollars and 7 million US dollars in termination payments to Shunxin, respectively, in accordance with the aforementioned agreement. As of the disclosure date of this announcement, KMUK has paid the final termination payment of 3.5 million US dollars to Shunxin in accordance with the agreement, and all of the above cancellation agreements have been fulfilled.
