Common use of Mutual Guarantees Clause in Contracts

Mutual Guarantees. Heding Copper and Fuye Group agreed that the maximum aggregated annual balance amount (which is also the maximum daily balance) of guarantees for each other’s obligations in respect of loans which they may respectively obtain from financial institutions for the period from 1 January 2024 to 31 December 2025 shall not exceed RMB2,550,000,000 (which shall include the amount of guarantees that were provided by Heding Copper and Fuye Group for each other pursuant to the Mutual Guarantees Agreement prior to 1 January 2024 and are valid during the term of the New Mutual Guarantees Agreement), provided that each loan contract shall be executed during the period from 1 January 2024 to 31 December 2024 and the term of each loan shall not exceed 12 months. The Mutual Guarantees Agreement shall be terminated from the effective date of the New Mutual Guarantees Agreement (i.e. 1 January 2024), provided that the existing guarantee agreements which have not reached maturity shall still be valid. Undertaking Fuye Group undertook that in the event that the debt-to-asset ratio of Fuye Group reaches 70%, Fuye Group shall forthwith cease to execute new loans pursuant to the New Mutual Guarantees Agreement and shall inform Heding Copper in writing immediately and Heding Copper shall not provide further guarantees for the additional loans obtained by Fuye Group after the debt-to-asset ratio of which reaches 70% until Heding Copper has performed relevant approval procedures. Counter-guarantees Xxxxxxx Xxxx, Xxxxxxx Xxxxxx and Zhejiang Fuhe Zhiye agreed to act as the counter- guarantors of Fuye Group, as such, they shall jointly and severally provide counter- guarantees to Heding Copper with all their assets for the guarantees provided by Heding Copper for Fuye Group in respect of the bank loan contracts signed during the period from 1 January 2024 to 31 December 2024 under the New Mutual Guarantees Agreement. Heding Copper is entitled (i) to cease to provide guarantees for Fuye Group if the Counter Guarantors fail to provide counter-guarantees and (ii) to request Fuye Group to increase counter-guarantees in accordance with the actual circumstances. Annual Cap As at 31 December 2023, the balance of guarantees provided by Heding Copper for Fuye Group was RMB1,400,700,000 and as Fuye Group voluntarily provided additional guarantees of RMB2,665,480,000 for Heding Copper, the balance of guarantees provided by Fuye Group for Heding Copper was RMB5,215,480,000. The Proposed Cap, that is the proposed maximum aggregated annual balance amount (which is also the maximum daily balance) of guarantees to be provided by Heding Copper for Fuye Group for loans contemplated under the New Mutual Guarantees Agreement for each of the financial years ending 31 December 2024 and 31 December 2025, shall be RMB2,550,000,000 (equivalent to approximately HK$2,803,430,079) (which shall include the amount of guarantees that were provided by Heding Copper for Fuye Group prior to 1 January 2024 and are valid during the term of the New Mutual Guarantees Agreement). In arriving at the above annual cap, the Directors have considered the production and operation needs of Heding Copper for the period ending 31 December 2025 and the abovementioned historical amount of guarantees provided by Heding Copper for Fuye Group under the Mutual Guarantees Agreement. Status of Guarantees Provided by the Group As at the end of December 2023, the total amount of external guarantees provided by the Group amounted to RMB1,400,700,000 ( equivalent to approximately HK$1,539,907,652), representing approximately 1.96% of the Company’s audited net assets attributable to the parent company for the latest period, and there were no overdue external guarantees provided by the Company.

Mutual Guarantees. Heding Copper and Fuye Group agreed that the maximum aggregated annual balance amount (which is also the maximum daily balance) of guarantees for each other’s obligations in respect of loans loan facilities which they may respectively obtain from financial institutions for the period from 1 January 2024 2023 to 31 December 2025 2024 shall not exceed RMB2,550,000,000 (which shall include the amount of guarantees that were provided by Heding Copper and Fuye Group for each other pursuant to the Mutual Guarantees Agreement prior to 1 January 2024 2023 and are valid during the term of the New Mutual Guarantees Agreement), provided that the execution of each loan facility contract shall be executed during take place within the period from 1 January 2024 2023 to 31 December 2024 2023 and the term of each loan facility shall not exceed 12 months. The Mutual Guarantees Agreement shall would be terminated from the effective date of the New Mutual Guarantees Agreement (i.e. 1 January 2024), 2023) provided that the existing guarantee agreements which have not reached maturity shall still be valid. Undertaking Fuye Group undertook that in the event that the debt-to-asset ratio of Fuye Group reaches 70%, Fuye Group shall forthwith cease to execute new loans loan facilities pursuant to the New Mutual Guarantees Agreement and shall inform Heding Copper in writing immediately and Heding Copper shall not provide further guarantees for the additional loans loan facilities obtained by Fuye Group after the debt-to-asset ratio of which reaches 70% until Heding Copper has performed relevant approval procedures. Counter-guarantees Xxxxxxx Xxxx, Xxxxxxx Xxxxxx Jiangxi Hefeng and Zhejiang Fuhe Zhiye agreed to act as the counter- guarantors of Fuye Group, as suchpursuant to which, they shall jointly and severally provide counter- counter-guarantees to Heding Copper with all their assets for the guarantees provided by Heding Copper for Fuye Group in respect of the bank loan contracts signed during the period from between 1 January 2024 to 2023 and 31 December 2024 2023 under the New Mutual Guarantees Agreement. Heding Copper is entitled (i) to cease to provide guarantees for Fuye Group if the Counter Guarantors fail to provide counter-guarantees and (ii) to request Fuye Group to increase counter-guarantees in accordance with the actual circumstances. Annual Cap As at 31 December 202330 November 2022, the balance of guarantees provided by Heding Copper for Fuye Group was RMB1,400,700,000 and RMB1,539,160,000 and, as Fuye Group voluntarily provided additional guarantees of RMB2,665,480,000 RMB3,312,720,000 for Heding Copper, the balance of guarantees provided by Fuye Group for Heding Copper was RMB5,215,480,000RMB4,912,720,000. The Proposed Cap, that is the proposed maximum aggregated annual balance amount (which is also the maximum daily balance) of guarantees to be provided by Heding Copper for Fuye Group for loans loan facilities contemplated under the New Mutual Guarantees Agreement for each of the financial years ending 31 December 2024 2023 and 31 December 20252024, shall be RMB2,550,000,000 (equivalent to approximately HK$2,803,430,079HK$2,848,843,705) (which shall include the amount of guarantees that were provided by Heding Copper for Fuye Group prior to 1 January 2024 2023 and are valid during the term of the New Mutual Guarantees Agreement). In arriving at the above annual cap, the Directors have considered the production and operation needs of Heding Copper for the period ending 31 December 2025 2024 and the abovementioned historical amount of guarantees provided by Heding Copper for Fuye Group under the Mutual Guarantees Agreement. Status of Guarantees Provided by the Group As at the end of December 2023November 2022, the total amount of external guarantees provided by the Group amounted to RMB1,400,700,000 RMB1,539,160,000 ( equivalent to approximately HK$1,539,907,652HK$1,719,539,716), representing approximately 1.962.21% of the Company’s audited net assets attributable to the parent company for the latest period, and there were no overdue external guarantees provided by the Company.

Mutual Guarantees. Heding Copper and Fuye Group agreed that the maximum aggregated annual balance amount (which is also the maximum daily balance) of guarantees for each other’s obligations in respect of loans loan facilities which they may respectively obtain from financial institutions for the period from 1 January 2024 2021 to 31 December 2025 2022 shall not exceed RMB2,550,000,000 RMB1,600,000,000 (which shall include the amount of guarantees that were provided by Heding Copper and Fuye Group for each other pursuant to the Mutual Guarantees Agreement prior to 1 January 2024 2021 and are valid during the term of the New Mutual Guarantees Agreement), provided that the execution of each loan facility contract shall be executed during take place within the period from 1 January 2024 2021 to 31 December 2024 2021 and the term of each loan facility shall not exceed 12 months. The Mutual Guarantees Agreement shall would be terminated from the effective date of the New Mutual Guarantees Agreement (i.e. 1 January 2024), 2021) provided that the existing guarantee agreements which have not reached maturity shall still be valid. Undertaking Fuye Group undertook that in the event that the debt-to-debt to asset ratio of Fuye Group reaches 70%, Fuye Group shall forthwith shall, forthwith, cease to execute new loans loan facilities pursuant to the New Mutual Guarantees Agreement and shall inform Heding Copper in writing immediately and Heding Copper shall not provide further guarantees for the additional loans loan facilities obtained by Fuye Group after the debt-to-debt to asset ratio of which reaches 70% until Heding Copper has performed relevant approval procedures. Counter-guarantees Xxxxxxx XxxxJiangxi Jinhui, Xxxxxxx Xxxxxx Jiangxi Hefeng and Zhejiang Fuhe Zhiye agreed to act as the counter- guarantors of Fuye Group, as suchof which, they shall jointly and severally provide counter- guarantees to Heding Copper with all their assets for the guarantees provided by Heding Copper for Fuye Group in respect of the bank loan contracts signed during the period from between 1 January 2024 to 2021 and 31 December 2024 2021 under the New Mutual Guarantees Agreement. Heding Copper is entitled (i) to cease to provide guarantees for Fuye Group if the Counter Guarantors fail to provide counter-guarantees and (ii) to request Fuye Group to increase counter-guarantees in accordance with the actual circumstancescondition. Annual Cap As at 31 December 202330 November 2020, the balance of guarantees provided by Heding Copper for Fuye Group was RMB1,400,700,000 and RMB1,359.29 million and, as Fuye Group voluntarily provided additional guarantees guarantee of RMB2,665,480,000 RMB2,327.89 million for Heding Copper, the balance of guarantees provided by Fuye Group for Heding Copper was RMB5,215,480,000RMB3,927.89 million. The Proposed Cap, that is the proposed maximum aggregated annual balance amount (which is also the maximum daily balance) of guarantees to be provided by Heding Copper for Fuye Group for loans loan facilities contemplated under the New Mutual Guarantees Agreement for each of the financial years ending 31 December 2024 2021 and 31 December 20252022, shall be RMB2,550,000,000 RMB1,600,000,000 (equivalent to approximately HK$2,803,430,079HK$1,895,442,645.09) (which shall include the amount of guarantees that were provided by Heding Copper for Fuye Group prior to 1 January 2024 2021 and are valid during the term of the New Mutual Guarantees Agreement). In arriving at the above annual cap, the Directors have considered the production and operation needs of Heding Copper for the period ending 31 December 2025 2022 and the abovementioned historical amount of guarantees provided by Heding Copper for Fuye Group under the Mutual Guarantees Agreement. Status of Guarantees Provided by the Group As at the end of December 2023November 2020, the total amount of external guarantees provided by the Group amounted to RMB1,400,700,000 ( RMB1,359.29 million (equivalent to approximately HK$1,539,907,652HK$1,610,285,145.65), representing accounting for approximately 1.962.58% of the Company’s audited net assets attributable to the parent company for the latest period, and there were no overdue external guarantees provided by the Company.

Mutual Guarantees. Heding Copper and Fuye Group agreed that the maximum aggregated annual balance amount (which is also the maximum daily balance) of guarantees for each other’s obligations in respect of loans loan facilities which they may respectively obtain from financial institutions for the period from 1 January 2024 2022 to 31 December 2025 2023 shall not exceed RMB2,550,000,000 RMB1,600,000,000 (which shall include the amount of guarantees that were provided by Heding Copper and Fuye Group for each other pursuant to the Mutual Guarantees Agreement prior to 1 January 2024 2022 and are valid during the term of the New Mutual Guarantees Agreement), provided that the execution of each loan facility contract shall be executed during take place within the period from 1 January 2024 2022 to 31 December 2024 2022 and the term of each loan facility shall not exceed 12 months. The Mutual Guarantees Agreement shall would be terminated from the effective date of the New Mutual Guarantees Agreement (i.e. 1 January 2024), 2022) provided that the existing guarantee agreements which have not reached maturity shall still be valid. Undertaking Fuye Group undertook that in the event that the debt-to-debt to asset ratio of Fuye Group reaches 70%, Fuye Group shall forthwith shall, forthwith, cease to execute new loans loan facilities pursuant to the New Mutual Guarantees Agreement and shall inform Heding Copper in writing immediately and Heding Copper shall not provide further guarantees for the additional loans loan facilities obtained by Fuye Group after the debt-to-debt to asset ratio of which reaches 70% until Heding Copper has performed relevant approval procedures. Counter-guarantees Xxxxxxx XxxxJiangxi Jinhui, Xxxxxxx Xxxxxx Jiangxi Hefeng and Zhejiang Fuhe Zhiye agreed to act as the counter- guarantors of Fuye Group, as suchof which, they shall jointly and severally provide counter- guarantees to Heding Copper with all their assets for the guarantees provided by Heding Copper for Fuye Group in respect of the bank loan contracts signed during the period from between 1 January 2024 to 2022 and 31 December 2024 2022 under the New Mutual Guarantees Agreement. Heding Copper is entitled (i) to cease to provide guarantees for Fuye Group if the Counter Guarantors fail to provide counter-guarantees and (ii) to request Fuye Group to increase counter-guarantees in accordance with the actual circumstancescondition. Annual Cap As at 31 December 202330 November 2021, the balance of guarantees provided by Heding Copper for Fuye Group was RMB1,400,700,000 and RMB1,410.43 million and, as Fuye Group voluntarily provided additional guarantees guarantee of RMB2,665,480,000 RMB3,184.94 million for Heding Copper, the balance of guarantees provided by Fuye Group for Heding Copper was RMB5,215,480,000RMB4,784.94 million. The Proposed Cap, that is the proposed maximum aggregated annual balance amount (which is also the maximum daily balance) of guarantees to be provided by Heding Copper for Fuye Group for loans loan facilities contemplated under the New Mutual Guarantees Agreement for each of the financial years ending 31 December 2024 2022 and 31 December 20252023, shall be RMB2,550,000,000 RMB1,600,000,000 (equivalent to approximately HK$2,803,430,079HK$1,957,976,920) (which shall include the amount of guarantees that were provided by Heding Copper for Fuye Group prior to 1 January 2024 2022 and are valid during the term of the New Mutual Guarantees Agreement). In arriving at the above annual cap, the Directors have considered the production and operation needs of Heding Copper for the period ending 31 December 2025 2023 and the abovementioned historical amount of guarantees provided by Heding Copper for Fuye Group under the Mutual Guarantees Agreement. Status of Guarantees Provided by the Group As at the end of December 2023, the total amount of external guarantees provided by the Group amounted to RMB1,400,700,000 ( equivalent to approximately HK$1,539,907,652), representing approximately 1.96% of the Company’s audited net assets attributable to the parent company for the latest period, and there were no overdue external guarantees provided by the Company.

Mutual Guarantees. Heding Copper and Fuye Group agreed that the maximum aggregated annual balance amount (which is also the maximum daily balance) of guarantees for each other’s obligations in respect of loans loan facilities which they may respectively obtain from financial institutions for the period from 1 January 2024 2020 to 31 December 2025 2021 shall not exceed RMB2,550,000,000 RMB1,600,000,000 (which shall include the amount of guarantees that were provided by Heding Copper and Fuye Group for each other pursuant to the Mutual Guarantees Agreement prior to 1 January 2024 2020 and are valid during the term of the New Mutual Guarantees Agreement), provided that the execution of each loan facility contract shall be executed during take place within the period from 1 January 2024 2020 to 31 December 2024 2020 and the term of each loan facility shall not exceed 12 months. The Mutual Guarantees Agreement shall be was terminated from the effective date of the New Mutual Guarantees Agreement (i.e. 1 January 2024), provided that the existing guarantee agreements which have not reached maturity shall still be valid. Undertaking Fuye Group undertook that in the event that the debt-to-debt to asset ratio of Fuye Group reaches 70%, Fuye Group shall forthwith shall, forthwith, cease to execute new loans loan facilities pursuant to the New Mutual Guarantees Agreement and shall inform Heding Copper in writing immediately and Heding Copper shall not provide further guarantees for the additional loans loan facilities obtained by Fuye Group after the debt-to-debt to asset ratio of which reaches 70% until Heding Copper has performed relevant approval procedures. Counter-guarantees Xxxxxxx XxxxJiangxi Jinhui, Xxxxxxx Xxxxxx Jiangxi Hefeng and Zhejiang Fuhe Zhiye agreed to act as the counter- guarantors of Fuye Group, as suchof which, they shall jointly and severally provide counter- guarantees to Heding Copper with all their assets for the guarantees provided by Heding Copper for Fuye Group in respect of the bank loan contracts signed during the period from between 1 January 2024 to 2020 and 31 December 2024 2020 under the New Mutual Guarantees Agreement. Heding Copper is entitled (i) to cease to provide guarantees for Fuye Group if the Counter Guarantors fail to provide counter-guarantees and (ii) to request Fuye Group to increase counter-guarantees in accordance with the actual circumstancescondition. Annual Cap As at 31 December 202330 November 2019, the balance of guarantees provided by Heding Copper for Fuye Group was RMB1,400,700,000 and RMB1,373,270,000 and, as Fuye Group voluntarily provided additional guarantees of RMB2,665,480,000 guarantee for Heding Copper, the balance of guarantees provided by Fuye Group for Heding Copper was RMB5,215,480,000RMB2,804,370,000. The Proposed Cap, that is the proposed maximum aggregated annual balance amount (which is also the maximum daily balance) of guarantees to be provided by Heding Copper for and Fuye Group for loans each other for loan facilities contemplated under the New Mutual Guarantees Agreement for each of the financial years ending 31 December 2024 2020 and 31 December 20252021, shall be RMB2,550,000,000 RMB1,600,000,000 (equivalent to approximately HK$2,803,430,079HK$1,785,714,285.71) (which shall include the amount of guarantees that were provided by Heding Copper for and Fuye Group for each other prior to 1 January 2024 2020 and are valid during the term of the New Mutual Guarantees Agreement). In arriving at the above annual cap, the Directors have considered the production and operation needs of Heding Copper for the period ending 31 December 2025 2021 and the abovementioned historical amount of guarantees provided by Heding Copper for and Fuye Group to each other under the Mutual Guarantees Agreement. Status of Guarantees Provided by the Group As at the end of December 2023, the total amount of external guarantees provided by the Group amounted to RMB1,400,700,000 ( equivalent to approximately HK$1,539,907,652), representing approximately 1.96% of the Company’s audited net assets attributable to the parent company for the latest period, and there were no overdue external guarantees provided by the Company.