China Vanadium Titano-Magnetite Mining Company Limited announced that Mr. Hao Xiemin ("Mr. Hao"), an executive Director, the acting chief executive officer (the "CEO") and the financial controller of the Company, will be re-designated as the CEO of the Company with effect from 1 July 2023 (the "Re-designation"). Mr. Hao, who is also the financial controller of the Company, has assumed the role of the acting CEO since July 2022. As the acting CEO, Mr. Hao has taken on the roles and responsibilities in managing and overseeing the overall business and operations of the Group, including implementation of the Group's strategic plans, financial management, production cost control and business diversification strategies.

Mr. Hao will continue to report to Mr. Teh Wing Kwan, the non-executive Director and the Chairman of the Board, who has been providing strategic guidance in connection with the corporate directions and growth initiatives of the Group. The nomination committee of the Board (the "Nomination Committee"), having reviewed and assessed the qualifications and experience of Mr. Hao, his work performance and execution capabilities as the acting CEO, considered that Mr. Hao is suitable to be appointed as the CEO. The Board, upon the recommendation of the Nomination Committee, has approved the Re-designation.

Upon the Re-designation, Mr. Hao will continue to be supported by, among others, an experienced finance team, including a senior finance manager and accountants in overseeing the financial reporting and management of the Group. Mr. Hao, aged 41, has been an executive Director and the financial controller of the Company since 1 January 2018, and has been appointed as the acting CEO since 13 July 2022. Mr. Hao also acts as a director and a supervisor of certain key subsidiaries of the Company, and is responsible for the financial reporting and management of these subsidiaries.

Mr. Hao has 18 years of experience in financial management and previously participated in the initial public offering ("IPO") exercise of the Company, including pre-IPO reorganisation, merger and acquisition, corporate finance matters and operational reorganisation. Prior to joining the Company, Mr. Hao was the financial supervisor of the Panxi region of the mining branch of Sichuan Chuanwei Group Co. Ltd. "Chuanwei") from March (2010 to January 2012, a financial supervisor in each of the financial management department of Chuanwei from May 2006 to March 2010 and Sichuan Longwei Metal Products Co.

Ltd. from July 2004 to April 2006, respectively. Mr. Hao has professional qualification as an International Certified Management Accountant. Mr. Hao obtained a bachelor's degree in accounting from Southwestern University of Finance and Economics in June 2004.