China Iron Titanium (00893) subsidiary changes mine upgrade and production expansion contractor to Zhejiang Tianzeng

According to the Zhitong Finance App, China Iron and Titanium (00893) issued an announcement regarding the construction contract between Aba Mining and Zhejiang Zhongxiang to upgrade and expand production of the mine (Zhongxiang Construction Contract). On October 26, 2026, Aba Mining and Zhejiang Zhongxiang mutually agreed to terminate the Zhongxiang construction contract, which will take effect from October 26, 2026. After terminating the Zhongxiang construction contract through a joint agreement, Aba Mining (an indirect wholly-owned subsidiary of the Company) has entered into a new construction contract with Zhejiang Tianzeng to replace Zhejiang Zhongxiang continuing to complete all remaining scope of projects that have not yet been completed under the Zhongxiang construction contract (Tianzeng Construction Contract). According to the Tianzeng construction contract, Zhejiang Tianzeng agreed to complete the remaining construction and engineering work according to the terms and conditions of the Tianzeng construction contract, according to the total contract amount of about RMB 26 million.

Zhejiang Zhongxiang informed the Group that the current business environment has largely caused its supply chain to face inflationary pressure, affecting material and labor procurement, including subcontracting arrangements, logistics and other costs associated with completing the Zhongxiang construction contract agreed on September 30, 2025.

In view of the above situation, after negotiating the price adjustment of the contract and re-evaluating the need to revise the existing contract terms of the Zhongxiang construction contract, the contracting parties concluded that the most appropriate commercial approach is to terminate the Zhongxiang construction contract in an orderly manner through mutual agreement, so that Aba Mining can appoint another qualified contractor to complete the remaining project to upgrade and expand the mine during the Tianzeng construction period with commercially acceptable contract terms for Aba Mining; while Zhejiang Zhongxiang will assist in handover to minimize disruption to the project.

As a result, Aba Mining has signed a Tianzeng construction contract with Zhejiang Tianzeng to continue to complete all remaining uncompleted projects relating to the upgrading and expansion of the mine under the Zhongxiang construction contract.