MANAGEMENT’S DISCUSSION AND ANALYSIS

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# 2025 08 14

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# 2025 08 14
(Incorporated in British Columbia, Canada with limited liability)
HK Stock Exchange Stock Code: 2099
Toronto Stock Exchange Stock Code: CGG
2025
Interim Report
MANAGEMENT’S DISCUSSION AND ANALYSIS
Management’s Discussion and Analysis of Financial Condition and Results of Operations for the three and six months ended
June 30, 2025. (Stated in U.S. dollars, except as otherwise noted)
FORWARD-LOOKING STATEMENTS 1
THE COMPANY 2
OVERVIEW 2
PERFORMANCE HIGHLIGHTS 2
OUTLOOK 3
RESULTS OF OPERATIONS 5
SELECTED QUARTERLY FINANCIAL DATA 5
SELECTED QUARTERLY PRODUCTION DATA AND ANALYSIS 5
REVIEW OF QUARTERLY DATA 7
NON-IFRS MEASURES 9
MINERAL PROPERTIES 11
THE CSH MINE 11
THE JIAMA MINE 13
LIQUIDITY AND CAPITAL RESOURCES 17
CASH FLOWS 18
OPERATING CASH FLOW 19
INVESTING CASH FLOW 19
FINANCING CASH FLOW 19
EXPENDITURES INCURRED 19
GEARING RATIO 19
SIGNIFICANT INVESTMENTS, ACQUISITIONS AND DISPOSAL OF SUBSIDIARIES.
ASSOCIATES AND JOINT VENTURES, AND FUTURE PLAN FOR MATERIAL INVESTMENTS
OF CAPITAL ASSETS 20
CHARGE ON ASSETS 20
EXPOSURE TO FLUCTUATIONS IN EXCHANGE RATES AND RELATED HEDGES 20
COMMITMENTS 20
RELATED PARTY TRANSACTIONS 21
PROPOSED TRANSACTIONS 22
CRITICAL ACCOUNTING ESTIMATES 22
CHANGE IN ACCOUNTING POLICIES 22
FINANCIAL INSTRUMENTS AND OTHER INSTRUMENTS 22
OFF-BALANCE SHEET ARRANGEMENTS 22
DIVIDEND AND DIVIDEND POLICY 22
OUTSTANDING SHARES 23
DISCLOSURE CONTROLS AND PROCEDURES AND INTERNAL CONTROL OVER FINANCIAL
REPORTING 23
RISK FACTORS 23
QUALIFIED PERSON 23
ADDITIONAL INFORMATION 23
MANAGEMENT’S DISCUSSION AND ANALYSIS
The following Management Discussion and Analysis of financial condition and results of operations (“MD&A”) is prepared
as of August 14, 2025. It should be read in conjunction with the consolidated financial statements and notes thereto of
China Gold International Resources Corp. Ltd. (referred to herein as “China Gold International”, the “Company”, “we” or
“our” as the context may require) for the three and six months ended June 30, 2025 and the three and six months ended
June 30, 2024, respectively. Unless the context otherwise provides, references in this MD&A to China Gold International or
the Company refer to China Gold International and each of its subsidiaries collectively on a consolidated basis.
The following discussion contains certain forward-looking statements relating to the Company’s plans, objectives, expectations
and intentions, which are based on the Company’s current expectations and are subject to risks, uncertainties and changes
in circumstances. Readers should carefully consider all of the information set out in this MD&A, including the risks and
uncertainties outlined further in the Company’s Annual Information Form (“Annual Information Form” or “AIF”) dated
March 27, 2025 on SEDAR+ at www.sedarplus.ca, www.chinagoldintl.com and www.hkex.com.hk. For further information
on risks and other factors that could affect the accuracy of forward-looking statements and the result of operations of the
Company, please refer to the sections titled “Forward-Looking Statements” and “Risk Factors” and to discussions elsewhere
within this MD&A. China Gold International’s business, financial condition or results of operations could be materially and
adversely affected by any of these risks.
FORWARD-LOOKING STATEMENTS
Certain statements made herein, other than statements of historical fact relating to the Company, represent forward-looking
information. In some cases, this forward-looking information can be identified by words or phrases such as “may”, “will”,
“expect”, “anticipate”, “contemplates”, “aim”, “estimate”, “intend”, “plan”, “believe”, “potential”, “continue”, “is/are likely
to”, “should” or the negative of these terms, or other similar expressions intended to identify forward-looking information.
This forward-looking information includes, among other things; China Gold International’s production estimates, business
strategies and capital expenditure plans; the development and expansion plans and schedules for the CSH Mine and the
Jiama Mine; China Gold International’s financial condition; the regulatory environment as well as the general industry outlook;
general economic trends in China; and statements respecting anticipated business activities, planned expenditures, corporate
strategies, participation in projects and financing, and other statements that are not historical facts.
By their nature, forward-looking information involves numerous assumptions, both general and specific, which may cause
the actual results, performance or achievements of China Gold International and/or its subsidiaries to be materially different
from any future results, performance or achievements expressed or implied by the forward–looking information. Some of the
key assumptions include, among others, the absence of any material change in China Gold International’s operations or in
foreign exchange rates, the prevailing price of gold, copper and other non-ferrous metal products; the absence of lower-
than-anticipated mineral recovery or other production problems; effective income and other tax rates and other assumptions
underlying China Gold International’s financial performance as stated in the Company’s technical reports for its CSH Mine
and Jiama Mine; China Gold International’s ability to obtain regulatory confirmations and approvals on a timely basis;
continuing positive labor relations; the absence of any material adverse effects as a result of political instability, terrorism,
natural disasters, pandemics such as COVID-19, litigation or arbitration and adverse changes in government regulation; the
availability and accessibility of financing to China Gold International; and the performance by counterparties of the terms and
conditions of all contracts to which China Gold International and its subsidiaries are a party. The forward-looking information
is also based on the assumption that none of the risk factors identified in this MD&A or in the AIF that could cause actual
results to differ materially from the forward-looking information actually occurs.
1 Interim Report 2025
MANAGEMENT’S DISCUSSION AND ANALYSIS
Forward-looking information contained herein as of the date of this MD&A is based on the opinions, estimates and assumptions
of management. There are a number of important risks, uncertainties and other factors that could cause actual actions,
events or results to differ materially from those described as forward-looking information. China Gold International disclaims
any obligation to update any forward-looking information, whether as a result of new information, estimates, opinions or
assumptions, future events or results, or otherwise except to the extent required by law. There can be no assurance that
forward-looking information will prove to be accurate, as actual results and future events could differ materially from those
anticipated in such statements. The forward-looking information in this MD&A is expressly qualified by this cautionary
statement. The reader is cautioned not to place undue reliance on forward-looking information.
THE COMPANY
Overview
China Gold International is a gold and base metal mining company registered in British Columbia, Canada. The Company’s
main business involves the operation, acquisition, development and exploration of gold and base metal properties.
The Company’s principal mining operations are the Chang Shan Hao Gold Mine (“CSH Mine” or “CSH”), located in Inner
Mongolia, China and the Jiama Copper-Gold Polymetallic Mine (“Jiama Mine” or “Jiama”), located in Tibet, China. China Gold
International holds a 96.5% interest in the CSH Mine, while its Chinese joint venture (“CJV”) partner holds the remaining
3.5% interest. The Company owns a 100% interest in the Jiama Mine, which hosts a large scale copper-gold polymetallic
deposit containing copper, gold, molybdenum, silver, lead and zinc metals.
China Gold International’s common shares are listed on the Toronto Stock Exchange (“TSX”) and The Stock Exchange of
Hong Kong Limited (“HKSE”) under the symbol CGG and the stock code 2099, respectively. Additional information about
the Company, including the Company’s Annual Information Form, is available on SEDAR+ at sedarplus.ca as well as Hong
Kong Exchange News at hkexnews.hk.
Performance Highlights
Three months ended June 30, 2025
• Revenue increased by 108% to US$307.3 million from US$148.0 million for the same period in 2024.
• Mine operating earnings of US$159.4 million, increased by US$130.0 million from mine operating earnings of US$29.4
million for the same period in 2024.
• Net profit of US$116.3 million increased by US$121.1 million from net loss of US$4.8 million for the same period in
2024.
• Cash flow from operation of US$191.3 million, increased from US$80.9 million for the same period in 2024.
• Total gold production increased by 38% to 43,403 ounces from 31,373 ounces for the same period in 2024.
• Total copper production was 39.7 million pounds (approximately 18,013 tonnes) an increase from 18.6 million pounds
(approximately 8,454 tonnes) for the same period in 2024.
China Gold International Resources Corp. Ltd. 2
MANAGEMENT’S DISCUSSION AND ANALYSIS
Six months ended June 30, 2025
• Revenue increased by 178% to US$580.4 million from US$208.5 million for the same period in 2024.
• Mine operating earnings of US$277.1 million, increased by US$259.2 million from US$17.9 million for the same
period in 2024.
• Net profit of US$202.3 million increased by US$233.2 million from net loss of US$30.9 million for the same period
in 2024.
• Cash flow from operation of US$334.8 million, increased from US$88.1 million for the same period in 2024.
• Total gold production increased by 69% to 88,200 ounces from 52,087 ounces for the same period in 2024.
• Total copper production was 77.0 million pounds (approximately 34,924 tonnes) an increase from 23.3 million pounds
(approximately 10,547 tonnes) for the same period in 2024.
Outlook
After the repairs and reinforcements of the overflow of the Guolangou Tailings Dam, the Government of Tibet Autonomous
Region and relevant departments of the central government approved the resumption of Jiama’s operations on May 30, 2024,
with a daily processing capacity of 34,000 tonnes, which is lower than the design processing capacity. The Company is
actively advancing the construction of the Phase III tailings pond, which is expected to be completed and put into operation
in the first half of 2027. The total daily processing capacity is anticipated to increase to 44,000 tpd once the Phase III
tailings pond is in operation.
The open-pit operations at the CSH gold mine are nearing the end of its mine life. With the CSH pit’s increased depth, the
stability of the open pit slopes is becoming more and more prominent in determining the operations plan. Ensuring slope
stability and avoiding systematic risks at this stage are the Company’s top priority to ensure safe and sustainable production.
Inconsideration of the events, the Company reports separate production guidance for the two mines in 2025.
CSH Mine:
• It is expected that the gold production range will be 77,162 ounces to 83,592 ounces (approximately 2.4 tonnes to
2.6 tonnes) in 2025.
Jiama Mine:
• It is expected that the copper production range will be 139 million pounds to 148 million pounds (approximately
63,000 tonnes to 67,000 tonnes) in 2025;
• It is expected that the gold production range will be 69,124 ounces to 73,947 ounces (approximately 2.15 tonnes to
2.3 tonnes) in 2025.
3 Interim Report 2025
MANAGEMENT’S DISCUSSION AND ANALYSIS
Outline of the Long-Term Development Plan for the Jiama Mine
In 2024, the Company successfully restored stable operation at the Jiama Mine. In addit

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