# Interim Report 2026 Source Brief: https://evesgoldminers.com/research/source-briefs/wanguo-gold-group-limited-interim-report-2026-065d8662 Original source: http://wgmine.com/uploads/investor/20120628/en/260428/8-26042R2011R29.pdf EGM generated: 2026-09-27 Company: Wanguo Gold Group Limited (3939) ## Use Note This is the Eve's Gold Miners normalized Markdown copy of an official or regulatory public source. It is provided for readability, search discovery, and research resilience. The original source remains authoritative for legal, regulatory, and investment decisions. ## Extracted Document Text # Interim Report 2026 Source: http://wgmine.com/uploads/investor/20120628/en/260428/8-26042R2011R29.pdf Fetched: 2026-09-16T02:06:16.688+00:00 Source artifact: 065d8662-70b5-4a09-b44b-b1fefdc92a1e Normalizer input: text ## Content # Interim Report 2026 年報 Annual Report 2025 2025 Annual Report 2025 年報 Integrate Resources, Create Values, 整合資源，創造價值 Build Bene�ts 創造效益，回報社會 And Contribute To The Society Content Corporate Information 2 Chairman’s Statement 3 Management Discussion and Analysis 5 Biographical Information of Directors and Senior Management 38 Biographical Information of Strategic Development Committee 42 Corporate Governance Report 44 Directors’ Report 56 Independent Auditor’s Report 69 Consolidated Statement of Profit or Loss and 73 Other Comprehensive Income Consolidated Statement of Financial Position 74 Consolidated Statement of Changes in Equity 76 Consolidated Statement of Cash Flows 78 Notes to the Consolidated Financial Statements 80 Summary Financial Information 148 Corporate Information as at 18 March 2026 DIRECTORS REGISTERED OFFICE Executive Directors: Harneys Fiduciary (Cayman) Limited Gao Mingqing (Chairman, Chief Executive Officer) 4th Floor, Harbour Place, Gao Jinzhu 103 South Church Street, Liu Zhichun P.O. Box 10240, Wang Guobiao (appointed on 31 March 2025) Grand Cayman KY1-1002, Wang Lixin (appointed on 3 February 2026) Cayman Islands Non-executive Director: Wang Renxiang (Re-designated on 31 March 2025) CAYMAN ISLANDS SHARE REGISTRAR AND TRANSFER OFFICE Independent non-executive Directors: Maples Fund Services (Cayman) Limited Tsang Wai Hung PO Box 1093, Boundary Hall Wong Chi Ming Ming Cricket Square Grand Cayman KY1-1102 Wang Xin Cayman Islands AUDIT COMMITTEE HONG KONG BRANCH SHARE Tsang Wai Hung (Chairman) REGISTRAR Wong Chi Ming Ming Tricor Investor Services Limited Wang Xin 17/F, Far East Finance Centre 16 Harcourt Road REMUNERATION COMMITTEE Hong Kong Wong Chi Ming Ming (Chairman) Liu Zhichun Wang Xin AUDITOR Deloitte Touche Tohmatsu NOMINATION COMMITTEE Certified Public Accountants Tsang Wai Hung (Chairman) Registered Public Interest Entity Auditor Wong Chi Ming Ming 35/F One Pacific Place Wang Xin (resigned on 26 June 2025) 88 Queensway Gao Jinzhu (appointed on 26 June 2025 ） Hong Kong COMPANY SECRETARY LEGAL ADVISER Wong Chi Wah (FCPA, FCCA) as to Hong Kong Law Dentons Hong Kong LLP HEADQUARTER AND PRINCIPAL PLACE OF BUSINESS IN THE PRC 3201 Jardine House Xinzhuang Township Yifeng County 1 Connaught Place Central Jiangxi Province Hong Kong PRC PRINCIPAL BANKER PRINCIPAL PLACE OF BUSINESS IN THE Bank of China, Yifeng Branch SOLOMON ISLANDS 239 Xinchang West Street Gold Ridge Mine Site Yifeng County Guadalcanal Jiangxi Province Solomon Islands PRC PRINCIPAL PLACE OF BUSINESS IN HONG KONG STOCK CODE Unit 1, 28/F 3939 Singga Commercial Centre 144-151 Connaught Road West COMPANY WEBSITE Hong Kong www.wgmine.com Wanguo Gold Group Limited 2 Annual Report 2025 Chairman’s Statement Dear Shareholders, On behalf of the board (the “Board”) of Directors (the “Directors”, each a “Director”) of Wanguo Gold Group Limited (the “Company”), I am pleased to present the audited results of the Company and its subsidiaries (collectively referred to as the “Group”) for the financial year ended 31 December 2025. For the year ended 31 December 2025, the Group mined 1,076,822 tonnes of ores in our Xinzhuang Mine, of which it sold copper in copper concentrates of 4,107 tonnes, iron concentrates of 57,083 tonnes, zinc in zinc concentrates of 4,191 tonnes, sulfur concentrates of 293,087 tonnes, lead in lead concentrates of 1,216 tonnes, sulfur and iron concentrates of 69,811 tonnes, gold of 137 kg, silver of 7,189 kg and copper of 128 kg. The Group also mined 3,355,335 tonnes of ores in our Gold Ridge Mine, of which it sold 2,099.05 kg gold doré and 57,860.90 tonnes of gold concentrates. We achieved revenue of RMB3,161.2 million, gross profit of RMB2,438.1 million and profit attributable to owners of the Company of RMB1,355.0 million. The Company has achieved remarkable success through relentless perseverance, rooted in our unwavering commitment to “pursuing origins with dedication and deepening our expertise without pause.” We stand tall in our industry, grounded in our mission to relentlessly seek out premium resources. We explore the unknown, persevere through adversity, and advance through challenges, laying a solid foundation for growth with hard work and dedication. Every success embodies the collective effort of our colleagues, and each achievement is hard-won. We cherish every gain and safeguard every step of growth. With steady, pragmatic strides and an unyielding spirit, we have carved out a path of progress for Wanguo within the mining sector. 2026 marks a pivotal year as the Group advances toward becoming a world-class modern mining enterprise. We will seize the current favorable development opportunities, harness natural endowments, unlock resource potential, and forge ahead with unwavering perseverance. Facing future challenges, we possess the confidence, capability, and courage to overcome any obstacle－for the blood of Wanguo people pulses with the spirit of relentless striving; and the mark of perseverance is etched into our very bones. We will broaden our horizons to expand our industrial footprint, strengthen our core competitiveness with more formidable capabilities, and solidify our development foundations with a pragmatic approach. Let our aspirations become the powerful engine driving us forward, as we write a new chapter on the path of high-quality development. On behalf of the Group, I would like to take this opportunity to express my sincere gratitude to all of our customers, business partners and investors for their support and trust to the Group. In addition, I would like to express my heartfelt thanks to our Directors and employees for their dedication and contribution to the Group. By order of the Board Gao Mingqing Chairman and Chief Executive Officer 18 March 2026 Wanguo Gold Group Limited 4 Annual Report 2025 Management Discussion and Analysis MARKET REVIEW Gold In 2025, gold delivered an exceptional performance, recording one of the strongest annual gains in decades. Prices rose from the mid-US$2,000s per ounce at the start of the year to successive record highs above US$4,000 per ounce in the fourth quarter. The year’s lower levels were seen early on amid a relatively firm U.S. dollar and residual monetary tightening, while the annual peak reflected intensified geopolitical tensions, sustained central-bank purchases, renewed ETF inflows, expectations of U.S. rate cuts and a weaker dollar. In the first quarter, prices advanced sharply as safe-haven demand strengthened and investment flows accelerated. The second quarter was marked by heightened volatility, with trade and geopolitical developments driving spikes, followed by brief corrections due to profit-taking and cross-asset repricing. Momentum re-accelerated in the third quarter as easing expectations became more firmly embedded and official-sector demand remained robust, pushing gold to fresh highs. Wanguo Gold Group Limited 5 Annual Report 2025 MARKET REVIEW (Continued) Gold (Continued) In the fourth quarter, prices surpassed the US$4,000 milestone before experiencing limited pullbacks on intermittent hawkish policy signals. The year concluded with gold consolidating near record levels in December, closing strongly and reinforcing its role as a strategic hedge amid persistent global uncertainty. Silver In 2025, silver delivered an exceptional performance, significantly outperforming gold over the same period. Prices rose from approximately US$24-26 per ounce at the beginning of the year to record highs above US$80 per ounce before year-end, representing a gain of more than 200% and exceeding gold’s already strong annual advance. Early-year price levels reflected macro uncertainty and a relatively firm U.S. dollar, while the annual peak was driven by a combination of robust industrial demand, persistent supply deficits, strong investment inflows, expectations of U.S. monetary easing and dollar weakness. In the first half of the year, silver advanced steadily, breaking above US$35 per ounce as demand from solar, electronics and electrification sectors remained resilient and investment flows strengthened alongside the broader precious-metals rally. Although intermittent profit-taking caused short-term volatility, the underlying trend remained constructive. Momentum accelerated in the second half, with silver surpassing US$50, then US$75, and ultimately exceeding US$80 per ounce for the first time on record. Strong physical demand, constrained inventories and sustained investor positioning underpinned the rally. In the final month of 2025, prices consolidated near record levels, closing the year firmly higher and highlighting silver’s dual role as both a leveraged precious-metal exposure and a critical industrial commodity. Wanguo Gold Group Limited 6 Annual Report 2025 Management Discussion and Analysis MARKET REVIEW (Continued) Copper In 2025, copper delivered a strong annual performance, rising by roughly 35-40% on the London Metal Exchange and approaching US$12,000 per metric ton at its peak. The year’s lower levels were recorded earlier in the period amid mixed demand signals and macro uncertainty, while the annual high reflected tightening supply conditions, declining inventories and sustained demand linked to electrification and infrastructure investment. (Sources: Trading Economics; Reuters; market commentary from major financial institutions.) In the first quarter, prices advanced as industrial activity and infrastructure demand remained resilient, supported by expectations of improved global growth. During the second quarter, copper experienced periods of consolidation and volatility, as trade policy uncertainty and regional inventory fluctuations tempered momentum despite constructive long-term fundamentals. In the third quarter, prices strengthened further on signs of tightening physical markets and improving investor sentiment, bringing benchmarks close to historic highs. In the fourth quarter, copper consolidated near elevated levels, closing the year firmly as markets balanced supply constraints against steady industrial demand, reinforcing copper’s central role in the global energy transition narrative. Iron In 2025, iron ore prices exhibited moderate volatility, generally fluctuating between US$95 and US$140 per metric ton (62% Fe CFR China). Prices were supported early in the year by seasonal steel restocking and infrastructure activity, while mid- year softness reflected uneven property-sector demand in China and ample global supply. By the end of the year, iron ore stabilized near the US$110-120 per ton range as steel production discipline and steady seaborne demand helped balance the market. In the first quarter, prices firmed toward the US$120-130 per ton level as mills replenished inventories following winter production controls and infrastructure spending showed seasonal improvement. During the second quarter, iron ore softened toward the lower end of its annual range, pressured by cautious steel output, persistent weakness in China’s property sector, and steady shipments from major exporters including Australia and Brazil. In the third quarter, prices recovered modestly as steel margins improved and short-term supply disruptions tightened prompt availability, lifting benchmarks back above US$110 per ton. In the fourth quarter, iron ore consolidated within a narrower band, closing the year around US$115 per ton. Stable steel production and measured supply growth contributed to a more balanced market, underscoring iron ore’s continued sensitivity to Chinese demand dynamics and global supply discipline. Wanguo Gold Group Limited 7 Annual Report 2025 Management Discussion and Analysis MARKET REVIEW (Continued) Zinc In 2025, zinc experienced a cyclical y [Excerpt trimmed for readability. Open the original source for the complete filing or document.]