About TIMELESS Company

The mining and metals business mainly includes exploration, development and mining of copper-nickel ores in mainland China and metal trading in Hong Kong. In the year under review, the Group completed supplementary drilling of 4 open pit boreholes with a total depth of about 1,030 meters in June 2023. After completion of supplementary drilling, the latest resource and reserve verification report for the Baishiquan copper-nickel mine phase II mining area was re-submitted to the government department for review in September 2023. The report was approved in November 2023, and an approval letter was obtained in February 2024. For the year ended March 31, 2024, we have spent approximately HK$567,000 (2023: HK$979,000) to complete approximately 1,030 metres of drilling work. During the year, the Group completed 94 kg of gold transactions, with revenue and gross profit of HK$48,251,000 and HK$1,260,000 respectively. The software and innovation business includes research, development and agency sales of biological and nanomaterial products, and software maintenance and development services. For the year ended March 31, 2014, there was no segment revenue from the software and innovation business (2023: HK$160,000), while segment loss was approximately HK$39,000 (2023: segment profit of HK$47,000).