Simandou Iron Ore Project Progress and Year-End Shipment Plan

The Simandou iron ore deposit, located in southeastern Guinea, is one of the world's largest and highest-quality undeveloped iron ore deposits, with measured resources of 4.41 billion mt and an average total iron grade exceeding 65%. The project is divided into northern and southern zones. Weiqiao Group stated that infrastructure development for the northern zone, including a 550-kilometer railway and port facilities, is accelerating, with the first shipment of ore expected by the end of 2025; the southern zone, led by Rio Tinto, is expected to deliver its first batch of ore in 2025 and gradually increase to a capacity of 60 million mt per year within 30 months.