Nanjing Iron & Steel Co., Ltd.'s Wholly-Owned Subsidiary Acquires Exploration Right for 920 Million Yuan

I. Auction Details

To further enhance its competitiveness in "high efficiency, low cost, and intelligent manufacturing," Nanjing Iron & Steel Co., Ltd. (hereinafter referred to as the "Company") has actively constructed an industry chain ecosystem. Its wholly-owned subsidiary, Anhui Jin'an Mining Co., Ltd. (hereinafter referred to as "Jin'an Mining"), has actively sought to optimize the layout of the industry chain and enhance its resource integration capabilities.

On May 12, 2025, Jin'an Mining successfully won the bidding for the exploration right (retained prospecting right) of the Fanqiao Iron Mine in Huoqiu County, Anhui Province, at a price of RMB 920,367,700 yuan. On the same day, Jin'an Mining signed the "Notice of Bidding Results" with Anhui Property Rights Exchange Center Co., Ltd.

For detailed information, please refer to the "Announcement of Nanjing Iron & Steel Co., Ltd. on Its Wholly-Owned Subsidiary Winning the Bidding for the Exploration Right" (Announcement No.: Lin 2025-029) published by the Company in China Securities Journal, Shanghai Securities News, Securities Times, and on the website of the Shanghai Stock Exchange (http://www.sse.com.cn/) on May 13, 2025.

II. Progress of the Transaction

On May 13, 2025, the "Public Notice on the Transfer Results of the Exploration Right (Retained Prospecting Right) of the Fanqiao Iron Mine in Huoqiu County, Anhui Province" was simultaneously published on the official websites of the Ministry of Natural Resources (http://www.mnr.gov.cn), the Department of Natural Resources of Anhui Province (https://zrzyt.ah.gov.cn), and the Anhui Property Rights Exchange Center (http://www.aaee.com.cn). The public notice period was from May 13, 2025, to May 26, 2025. On May 27, 2025, the Anhui Property Rights Exchange Center website published the "Announcement on No Objections to the Public Notice on the Transfer Results of the Exploration Right (Retained Prospecting Right) of the Fanqiao Iron Mine in Huoqiu County, Anhui Province." For detailed information, please refer to the public notices on the aforementioned websites.

On May 27, 2025, Jin'an Mining signed the "Property Rights Transaction Contract for the Transfer Project of the Exploration Right (Retained Prospecting Right) of the Fanqiao Iron Mine in Huoqiu County, Anhui Province" with Huoqiu County Limin Urban and Rural Construction Investment Co., Ltd.

III. Risk Warnings

1. After obtaining the exploration right, the Company still needs to conduct further resource exploration work. There may be discrepancies between the actual resource situation, reserves, grade, geological conditions, etc., and the exploration results, introducing certain uncertainties.

2. After obtaining the exploration right, the Company needs to go through the relevant procedures for converting the exploration right into a mining right, which also involves certain uncertainties. The Company will closely monitor the progress of relevant matters and fulfill its information disclosure obligations in a timely manner in accordance with relevant regulations. Investors are advised to pay attention to investment risks.

This announcement is hereby made.

Board of Directors of Nanjing Iron & Steel Co., Ltd.

May 28, 2025