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 loan facilities which they may respectively obtain from financial institutions for the period from 1 January 2020 to 31 December 2021 shall not exceed 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 2020 and are valid during the term of the New Mutual Guarantees Agreement), provided that the execution of each loan facility contract shall take place within the period from 1 January 2020 to 31 December 2020 and the term of each loan facility shall not exceed 12 months. The Mutual Guarantees Agreement was terminated from the date of the New Mutual Guarantees Agreement provided that the existing guarantee agreements which have not reached maturity shall still be valid. 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 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 loan facilities obtained by Fuye Group after the debt to asset ratio of which reaches 70% until Heding Copper has performed relevant approval procedures. Jiangxi Jinhui, Jiangxi Hefeng and Zhejiang Fuhe Zhiye agreed to act as the counter- guarantors of Fuye Group, of 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 between 1 January 2020 and 31 December 2020 under the New Mutual Guarantees Agreement. Heding Copper is entitled (i) to cease to provide guarantees if the Counter Guarantors fail to provide counter-guarantees and (ii) to request Fuye Group to increase counter-guarantees in accordance with the actual condition. As at 30 November 2019, the balance of guarantees provided by Heding Copper for Fuye Group was RMB1,373,270,000 and, as Fuye Group voluntarily provided additional guarantee for Heding Copper, the balance of guarantees provided by Fuye Group for Heding Copper was RMB2,804,370,000. 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 and Fuye Group for each other for loan facilities contemplated under the New Mutual Guarantees Agreement for each of the financial years ending 31 December 2020 and 31 December 2021, shall be RMB1,600,000,000 (equivalent to approximately HK$1,785,714,285.71) (which shall include the amount of guarantees that were provided by Heding Copper and Fuye Group for each other prior to 1 January 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 2021 and the abovementioned historical amount of guarantees provided by Heding Copper and Fuye Group to each other under the Mutual Guarantees Agreement.

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 loan facilities which they may respectively obtain from financial institutions for the period from 1 January 2020 2023 to 31 December 2021 2024 shall not exceed RMB1,600,000,000 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 2020 2023 and are valid during the term of the New Mutual Guarantees Agreement), provided that the execution of each loan facility contract shall take place within the period from 1 January 2020 2023 to 31 December 2020 2023 and the term of each loan facility shall not exceed 12 months. The Mutual Guarantees Agreement was would be terminated from the effective date of the New Mutual Guarantees Agreement (i.e. 1 January 2023) provided that the existing guarantee agreements which have not reached maturity shall still be valid. 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 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 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. Jiangxi JinhuiXxxxxxx Xxxx, Jiangxi Hefeng and Zhejiang Fuhe Zhiye agreed to act as the counter- guarantors of Fuye Group, of pursuant 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 between 1 January 2020 2023 and 31 December 2020 2023 under the New Mutual Guarantees Agreement. Heding Copper is entitled (i) to cease to provide guarantees if the Counter Guarantors fail to provide counter-guarantees and (ii) to request Fuye Group to increase counter-guarantees in accordance with the actual conditioncircumstances. As at 30 November 20192022, the balance of guarantees provided by Heding Copper for Fuye Group was RMB1,373,270,000 RMB1,539,160,000 and, as Fuye Group voluntarily provided additional guarantee guarantees of RMB3,312,720,000 for Heding Copper, the balance of guarantees provided by Fuye Group for Heding Copper was RMB2,804,370,000RMB4,912,720,000. 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 and for Fuye Group for each other for loan facilities contemplated under the New Mutual Guarantees Agreement for each of the financial years ending 31 December 2020 2023 and 31 December 20212024, shall be RMB1,600,000,000 RMB2,550,000,000 (equivalent to approximately HK$1,785,714,285.71HK$2,848,843,705) (which shall include the amount of guarantees that were provided by Heding Copper and for Fuye Group for each other prior to 1 January 2020 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 2021 2024 and the abovementioned historical amount of guarantees provided by Heding Copper and for Fuye Group to each other under the Mutual Guarantees Agreement. As at the end of November 2022, the total amount of external guarantees provided by the Group amounted to RMB1,539,160,000 ( equivalent to approximately HK$1,719,539,716), representing approximately 2.21% 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 loan facilities loans which they may respectively obtain from financial institutions for the period from 1 January 2020 2024 to 31 December 2021 2025 shall not exceed RMB1,600,000,000 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 2020 2024 and are valid during the term of the New Mutual Guarantees Agreement), provided that the execution of each loan facility contract shall take place within be executed during the period from 1 January 2020 2024 to 31 December 2020 2024 and the term of each loan facility shall not exceed 12 months. The Mutual Guarantees Agreement was 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. 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 loan facilities 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 loan facilities loans obtained by Fuye Group after the debt to debt-to-asset ratio of which reaches 70% until Heding Copper has performed relevant approval procedures. Jiangxi JinhuiXxxxxxx Xxxx, Jiangxi Hefeng Xxxxxxx Xxxxxx and Zhejiang Fuhe Zhiye agreed to act as the counter- guarantors of Fuye Group, of whichas 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 between during the period from 1 January 2020 and 2024 to 31 December 2020 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 conditioncircumstances. As at 30 November 201931 December 2023, the balance of guarantees provided by Heding Copper for Fuye Group was RMB1,373,270,000 and, RMB1,400,700,000 and as Fuye Group voluntarily provided additional guarantee guarantees of RMB2,665,480,000 for Heding Copper, the balance of guarantees provided by Fuye Group for Heding Copper was RMB2,804,370,000RMB5,215,480,000. 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 and for Fuye Group for each other for loan facilities loans contemplated under the New Mutual Guarantees Agreement for each of the financial years ending 31 December 2020 2024 and 31 December 20212025, shall be RMB1,600,000,000 RMB2,550,000,000 (equivalent to approximately HK$1,785,714,285.71HK$2,803,430,079) (which shall include the amount of guarantees that were provided by Heding Copper and for Fuye Group for each other prior to 1 January 2020 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 2021 2025 and the abovementioned historical amount of guarantees provided by Heding Copper and for Fuye Group to each other under the Mutual Guarantees Agreement. 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 loan facilities which they may respectively obtain from financial institutions for the period from 1 January 2020 2022 to 31 December 2021 2023 shall not exceed 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 2020 2022 and are valid during the term of the New Mutual Guarantees Agreement), provided that the execution of each loan facility contract shall take place within the period from 1 January 2020 2022 to 31 December 2020 2022 and the term of each loan facility shall not exceed 12 months. The Mutual Guarantees Agreement was would be terminated from the effective date of the New Mutual Guarantees Agreement (i.e. 1 January 2022) provided that the existing guarantee agreements which have not reached maturity shall still be valid. 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 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 loan facilities obtained by Fuye Group after the debt to asset ratio of which reaches 70% until Heding Copper has performed relevant approval procedures. Jiangxi Jinhui, Jiangxi Hefeng and Zhejiang Fuhe Zhiye agreed to act as the counter- guarantors of Fuye Group, of 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 between 1 January 2020 2022 and 31 December 2020 2022 under the New Mutual Guarantees Agreement. Heding Copper is entitled (i) to cease to provide guarantees if the Counter Guarantors fail to provide counter-guarantees and (ii) to request Fuye Group to increase counter-guarantees in accordance with the actual condition. As at 30 November 20192021, the balance of guarantees provided by Heding Copper for Fuye Group was RMB1,373,270,000 RMB1,410.43 million and, as Fuye Group voluntarily provided additional guarantee of RMB3,184.94 million for Heding Copper, the balance of guarantees provided by Fuye Group for Heding Copper was RMB2,804,370,000RMB4,784.94 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 and for Fuye Group for each other for loan facilities contemplated under the New Mutual Guarantees Agreement for each of the financial years ending 31 December 2020 2022 and 31 December 20212023, shall be RMB1,600,000,000 (equivalent to approximately HK$1,785,714,285.71HK$1,957,976,920) (which shall include the amount of guarantees that were provided by Heding Copper and for Fuye Group for each other prior to 1 January 2020 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 2021 2023 and the abovementioned historical amount of guarantees provided by Heding Copper and for Fuye Group to each other under the Mutual Guarantees Agreement.

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 loan facilities which they may respectively obtain from financial institutions for the period from 1 January 2020 2021 to 31 December 2021 2022 shall not exceed 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 2020 2021 and are valid during the term of the New Mutual Guarantees Agreement), provided that the execution of each loan facility contract shall take place within the period from 1 January 2020 2021 to 31 December 2020 2021 and the term of each loan facility shall not exceed 12 months. The Mutual Guarantees Agreement was would be terminated from the effective date of the New Mutual Guarantees Agreement (i.e. 1 January 2021) provided that the existing guarantee agreements which have not reached maturity shall still be valid. 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 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 loan facilities obtained by Fuye Group after the debt to asset ratio of which reaches 70% until Heding Copper has performed relevant approval procedures. Jiangxi Jinhui, Jiangxi Hefeng and Zhejiang Fuhe Zhiye agreed to act as the counter- guarantors of Fuye Group, of 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 between 1 January 2020 2021 and 31 December 2020 2021 under the New Mutual Guarantees Agreement. Heding Copper is entitled (i) to cease to provide guarantees if the Counter Guarantors fail to provide counter-guarantees and (ii) to request Fuye Group to increase counter-guarantees in accordance with the actual condition. As at 30 November 20192020, the balance of guarantees provided by Heding Copper for Fuye Group was RMB1,373,270,000 RMB1,359.29 million and, as Fuye Group voluntarily provided additional guarantee of RMB2,327.89 million for Heding Copper, the balance of guarantees provided by Fuye Group for Heding Copper was RMB2,804,370,000RMB3,927.89 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 and for Fuye Group for each other for loan facilities contemplated under the New Mutual Guarantees Agreement for each of the financial years ending 31 December 2020 2021 and 31 December 20212022, shall be RMB1,600,000,000 (equivalent to approximately HK$1,785,714,285.71HK$1,895,442,645.09) (which shall include the amount of guarantees that were provided by Heding Copper and for Fuye Group for each other prior to 1 January 2020 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 2021 2022 and the abovementioned historical amount of guarantees provided by Heding Copper and for Fuye Group to each other under the Mutual Guarantees Agreement. As at the end of November 2020, the total amount of external guarantees provided by the Group amounted to RMB1,359.29 million (equivalent to approximately HK$1,610,285,145.65), accounting for approximately 2.58% 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.