Haitian Mining Mauritania SA (hereinafter referred to as "HMM SA") is a joint venture registered in Mauritania, jointly established by Hainan Yinghai Mining Co., Ltd., the Mauritanian Government, and Wafa Mining & Petroleum SA.

HMM SA holds two black sand mining licenses No. 2840C2 and No. 2841C2 and has successfully completed work in both mining areas, including geological prospecting (reconnaissance, topography, general prospecting, and detailed exploration), mineralogical and technological studies on the ores, mining processing research, project feasibility studies, development of the development plan, environmental impact assessment report, and equipment design.

HMM SA plans to invest in the two mining areas in three phases. Following the completion of the third phase of investment, annual production of mixed black sand raw ore is expected to reach approximately 200,000 tons. Currently, the first phase of the project has been completed and put into operation in October 2024. In the first half of 2025, black sand ore production reached approximately 45,000 tons, with sales of 40,000 tons. The first phase of the project generated approximately 250 direct jobs and 100 indirect jobs, brought considerable tax and public revenue to the region, and increased port traffic by approximately 100,000 tons per year. Through the construction and development of the project, it stimulates local economic development, helps form an industrial development chain including mining, processing, and trade, boosts related industries such as transportation, mechanical repair, and services, vigorously promotes local material economic, social, and cultural progress, and ensures stable development. During mining, we do not add any auxiliary chemicals, thus ensuring pollution-free, safe, and reliable operations, and preventing seawater backflow. Furthermore, provided there is no geological impact on the mining areas, we use the extracted mine tailings to form a protective dike. Through environmental restoration and management, we can plan and build a coastal protection forest belt. Based on the natural coastal landscape, we will also develop resorts and tourist attractions, transforming the Tiguimatine coast into a distinctive and beautiful tourist, leisure, and vacation destination.

Our black sand project enjoys the support of the Mauritanian government and has become a platform for cooperation and friendship between China and Mauritania. We are confident that our collaboration with the Mauritanian government and local companies will leverage our respective advantages to achieve mutual benefit. This project has also received strong support from the Chinese Embassy in Mauritania and has been declared an international cooperation project under the Belt and Road Initiative. We have every reason to believe that with the joint support and coordination of the governments of both countries, our company's black sand project will definitely become a model of cooperation and a bridge of friendship between the two countries in the new era.