The board of directors of China Vanadium Titano-Magnetite Mining Company Limited announced that With effect from 13 July 2022, Mr. Jiang has resigned as an executive Director of the Company following changes in the executive management structure of the Group. Mr. Jiang, aged 56, has been an executive Director since 28 April 2008 and was re-designated as the CEO on and from 12 October 2017. Following Mr. Jiang's resignation as the CEO, Mr. Jiang will continue to take on an executive role in overseeing the mining facilities management operations of the Group.

The Company previously announced an internal reorganisation of the Group's business operations to segregate its mining facilities management activities from the upstream mining operations to become a standalone business unit under a wholly-owned subsidiary of the Company. The Board also announced the following changes with effect from 13 July 2022 following Mr. Jiang's resignation as the CEO: Mr. Jiang has ceased to be a member of the Nomination Committee and the Remuneration Committee as well as an authorised representative of the Company under Rule 3.05 of the Listing Rules; and Mr. Wang has been appointed as a member of the Remuneration Committee and an authorised representative of the Company under Rule 3.05 of the Listing Rules.