Interim Report 2026

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# Interim Report 2026

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# Interim Report 2026
中期報告 Interim Report
2026 2026
INTEGRATE RESOURCES,
CREATE VALUES,
整合資源 創造價值 BUILD BENEFITS AND
創造效益 回報社會 CONTRIBUTE TO THE SOCIETY
Contents
2 Corporate Information
3 Management Discussion and Analysis
18 Corporate Governance Practices
20 Other Information
23 Condensed Consolidated Statement of
Profit or Loss and Other Comprehensive Income
24 Condensed Consolidated Statement of Financial Position
26 Condensed Consolidated Statement of Changes in Equity
27 Condensed Consolidated Statement of Cash Flows
28 Notes to the Condensed Consolidated Financial Statements
Wanguo Gold Group Limited Interim Report 2026 1
Corporate Information
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 (retired on 5 June 2026) P.O. Box 10240,
Wang Guobiao Grand Cayman KY1-1002,
Wang Lixin (appointed on 3 February 2026) Cayman Islands
Non-executive Director:
CAYMAN ISLANDS SHARE REGISTRAR
Wang Renxiang
AND TRANSFER OFFICE
Maples Fund Services (Cayman) Limited
Independent non-executive Directors:
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 REGISTRAR
Tsang Wai Hung (Chairman) Tricor Investor Services Limited
Wong Chi Ming Ming 17/F, Far East Finance Centre
Wang Xin 16 Harcourt Road
Hong Kong
REMUNERATION COMMITTEE
Wong Chi Ming Ming (Chairman) AUDITOR
Liu Zhichun (ceased on 5 June 2026) Deloitte Touche Tohmatsu
Wang Xin
Certified Public Accountants
Gao Jinzhu (appointed on 5 June 2026)
35/F One Pacific Place
88 Queensway
NOMINATION COMMITTEE
Hong Kong
Tsang Wai Hung (Chairman)
Wong Chi Ming Ming
Gao Jinzhu LEGAL ADVISER
as to Hong Kong Law
COMPANY SECRETARY Dentons Hong Kong LLP
Wong Chi Wah (HKICPA, FCCA) 3201 Jardine House
1 Connaught Place Central
HEADQUARTER AND PRINCIPAL PLACE Hong Kong
OF BUSINESS IN THE PRC
Xinzhuang Township Yifeng County PRINCIPAL BANKER
Jiangxi Province Bank of China, Yifeng Branch
PRC 239 Xinchang West Street
Yifeng County
PRINCIPAL PLACE OF BUSINESS
Jiangxi Province PRC
IN THE SOLOMON ISLANDS
Gold Ridge Mine Site
STOCK CODE
Guadalcanal
3939
Solomon Islands
PRINCIPAL PLACE OF BUSINESS COMPANY WEBSITE
IN HONG KONG www.wgmine.com
Unit 1, 28/F
Singga Commercial Centre
144-151 Connaught Road West
Hong Kong
2 Wanguo Gold Group Limited Interim Report 2026
Management Discussion and Analysis
BUSINESS REVIEW
Wanguo Gold Group Limited (the “Company”) and its subsidiaries (collectively referred to as the “Group”) is principally
engaged in the business of mining, ore processing and sale of concentrates products in the People’s Republic of China
(“PRC”) and the Solomon Islands.
Currently, we, through our wholly-owned subsidiaries, own the entire equity interest in Jiangxi Province Yifeng Wanguo Mining
Company Limited (“Yifeng Wanguo”) which in turn owns the Xinzhuang copper-lead-zinc mine, an operating mine located
in Jiangxi Province, the PRC (“Xinzhuang Mine”) in which we conduct underground mining. The Xinzhuang Mine has a
substantial volume of non-ferrous polymetallic mineral resources. Products of our Group primarily include copper concentrates,
iron concentrates, zinc concentrates, sulfur concentrates, lead concentrates as well as by-products of gold and silver.
The Group has, on 13 July 2017, completed acquisition of 51% attributable interest of Xizang Changdu County Dadi Mining
Company Limited (“Xizang Changdu”), which owns the lead-silver mine in Walege of Changdu County, Tibet, the PRC
(“Walege Mine”) in which we may further exploit for open-pit and underground mining. The Walege Mine has a significant
volume of mineral resources of lead and silver.
On 30 April 2020, the Group has completed acquisition of 77.78% interest of AXF Gold Ridge Pty Limited, which indirectly
owns 90% interest of a gold ridge mine located in the Solomon Islands (“Gold Ridge Mine”) in which we exploit for mining.
The Group has commenced trial production of Gold Ridge Mine since November 2022. In addition, on 9 October 2024, the
Group completed acquisition of another 20.22% interest of AXF Gold Ridge Pty Limited, resulted in the Group owning 98%
interest of AXF Gold Ridge Pty Limited and 88.2% effective interest in Gold Ridge Mining Limited, which owns the Gold
Ridge Mine.
Operating performance
The following tables set forth the volume of respective products sold at the Xinzhuang Mine and Gold Ridge Mine during the
six months ended 30 June 2026 compared to the corresponding period in 2025.
Xinzhuang Mine
Six months ended 30 June
2026 2025
Type of products sold Volume Volume Changes
(approximate %)
Copper in copper concentrates (tonnes) 1,965 1,622 21.1
Zinc in zinc concentrates (tonnes) 1,570 1,731 (9.3)
Iron concentrates (tonnes) 16,595 25,486 (34.9)
Sulfur concentrates (tonnes) 163,618 117,971 38.7
Lead in lead concentrates (tonnes) 277 529 (47.6)
Sulfur and iron concentrates (tonnes) 64,620 25,529 153.1
Gold in concentrates (kg) 61 64 (4.7)
Silver in concentrates (kg) 2,664 3,225 (17.4)
Copper in concentrates (kg) 55 52 5.8
Gold Ridge Mine
Six months ended 30 June
Changes in
contained
2026 Contained 2025 Contained gold (kg)
Type of products sold Volume gold (kg) Volume gold (kg) (approximate %)
Gold Doré (kg) 999 807 1,022 811 (0.5)
Gold Concentrates (tonnes) 34,186 715 25,170 549 30.2
Wanguo Gold Group Limited Interim Report 2026 3
Management Discussion and Analysis
The following table sets forth the volume of ores mined and processed at our Xinzhuang Mine and Gold Ridge Mine during
the six months ended 30 June 2026 and 2025 respectively.
Xinzhuang Mine Gold Ridge Mine
Six months ended 30 June Six months ended 30 June
2026 2025 2026 2025
Volume Volume Changes Volume Volume Changes
(tonnes) (tonnes) (approximate %) (tonnes) (tonnes) (approximate %)
Volume of ores mined 569,976 461,405 23.5 1,888,168 1,975,870 (4.4)
Volume of ores processed 565,976 450,528 25.6 1,657,146 1,272,280 30.3
EXPANSION IN EXISTING MINES
Xinzhuang Mine
We had completed our expansion plan as disclosed in the prospectus of the Company dated 28 June 2012 in Xinzhuang Mine,
reaching 600,000 tonnes per annum (“tpa”) in both mining capacity and processing capacity. We are now in the process of
upgrading its capacity to 900,000 tpa.
During the six months ended 30 June 2026, exploration work was carried out primarily in the eastern section, for the purpose
of increasing the proportion of deep-level controlled resources. Significant exploration results have been achieved along
Lines 25 and 29. There is significant resource potential in the deeper parts of the mining area, and the company will continue
to carry out exploration work in these deeper areas to for the mine’s sustained and stable development.
Walege Mine
In accordance with the requirements set out in the ‘Notice of the Ministry of Natural Resources on Further Improving the
Management of Registration for Resource Exploration and Extraction’ (Natural Resources Regulation [2023] No. 4)《自然
資源部關於進一步完善資源勘查開採登記管理的通知 》自然資規[2023]4號, the Group has finalised all documentation
required for submission and approval in relation to the transition from exploration to extraction during the six months ended
30 June 2026.
Gold Ridge Mine
The Group, through our wholly-owned subsidiaries, own 88.2% effective interest in Gold Ridge Mining Limited, which owns the
Gold Ridge Mine with a substantial volume of gold mineral resources and has commenced trial production since November 2022.
Progress of our additional 10 million production capacity is as follows:
Construction of the main equipment foundations, power supply facilities and auxiliary works is progressing in parallel, with
overall progress in line with expectations:
1. Equipment foundation works: Foundations for the core ball mill and semi-autogenous grinding (SAG) mill have been
fully completed, and all preconditions for equipment installation have been satisfied;
2. Main equipment installation: Installation of the ball mill is 80% complete and that of the SAG mill is 50% complete,
with installation work proceeding steadily in accordance with the planned schedule;
3. Power supply works: Civil works for the 35kV substation system are 90% complete and steel structure installation is
60% complete; civil works for the flotation power distribution room are 60% complete;
4. Auxiliary and supporting works: Ancillary facilities, including the diesel power station, production water ponds and
the fabrication of various custom-made (non-standard) equipment, are progressing in an orderly manner, providing
supporting assurance for subsequent equipment commissioning and integrated system testing.
4 Wanguo Gold Group Limited Interim Report 2026
Management Discussion and Analysis
SHARE AWARD SCHEME
The Company adopted a share award scheme (the “2024 Share Award Scheme”) on 15 January 2025 (the “Adoption Date”),
in order to recognise the contribution or future contribution of the eligible participants for their contribution to the Group by
granting awards to them as incentives or rewards, and to attract, retain and motivate high-calibre eligible participants in line
with the performance goals of the Group.
As at 15 January 2025, there were 108,382,720 award shares available for grant under the 2024 Share Award Scheme. As at
15 January 2025, the service provider sublimit was 32,514,816 shares of the Company (the “Shares”) (being 3% of the total
number of shares in issue (excluding treasury shares, if any) on the Adoption Date).
As at 1 January 2026, following the share subdivision completed on 25 November 2025 (the “Share Subdivision”),
381,490,880 Shares were available for grant under the 2024 Share Award Scheme, representing approximately 8.66% of the
Company’s total number of issued shares (excluding treasury shares) as at the date of this report. As at 1 January 2026, the
service provider sublimit was 123,659,264 Shares. As at 30 June 2026, following the Share Subdivision, 370,435,880 Shares
were available for grant under the 2024 Share Award Scheme, representing approximately 8.41% of the Company’s total
number of issued shares (excluding treasury shares) as at the date of this report. As at 30 June 2026, the service provider
sublimit was 123,659,264 Shares.
Please refer to the Company’s announcements dated 21 November 2024, 15 January 2025, 10 April 2026 and the Company’s
circular dated 23 December 2024 for details.
Since the adoption of the 2024 Share Award Scheme, no award shares have been granted under the 2024 Share Award
Scheme.
SHARE OPTION SCHEME
The Company adopted a share option scheme (the “2024 Share Option Scheme”) on 15 January 2025, in order to recognise
and acknowledge the contributions that eligible participants have made or may make to the Group, and to enable the Group to
grant options to the eligible participants as incentives or rewards for their contributions to the Group.
As at 15 January 2025, there were 108,382,720 options available for grant under the 2024 Share Option Scheme. As at
15 January 2025, the service provider sublimit was 32,514,816 Shares (being 3% of the total number of shares in issue
(excluding treasury shares, if any) on the Adoption Date).
As at 1 January 2026, following the Share Subdivision, 381,490,880 Shares were available for grant under the 2024 Share
Option Scheme, representing approximately 8.66% of the Company’s total number of issued shares (excluding treasury
shares) as at the date of this report. As at 1 January 2026, the service provider sublimit was 123,659,264 Shares.
During the six months ended 30 June 2026, 11,055,000 options were granted. No options were exercised or

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