Greenway Mining Group Limited provided group earnings guidance for the year ended December 31, 2020. The board of directors of the company inform the shareholders of the company and potential investors that, based on a preliminary assessment of the unaudited consolidated management accounts of the Group for the year ended 31 December 2020 and the information currently available to the Board, the Group is expected to record that the net loss attributable to parent of the company will be substantially increased to not less than RMB 350,000,000 (not considering and excluding the impairment losses for relevant projects in Myanmar (if any)), as compared to a net loss attributable to parent of the Company of RMB 70,789,000 for the year ended 31 December 2019. The increase in net loss was mainly attributable to the following non-cash accounting impairment adjustments based on following factors and consideration of the principle of prudence: impairment losses of not less than approximately RMB 180,000,000 in mining assets in China based on current business and operating environment resulted from adverse impacts brought by factors including but not limited to COVID-19 pandemic and the expected escalating mining and production costs and the falling selling price of products; and impairment losses of not less than approximately RMB100,000,000 on prepayment to Mr. Li Jincheng in respect of exploration activities conducted at Lushan Mine which is owned by Xiangcaobo Mining Co. Ltd. and will be offset subsequently by the purchase of mineral ores to be mined from Lushan Mine. The prepayment is secured by the shares of Xiangcaopo Mining which is in the process of applying for the renewal of exploration licence. As the mineral resources may include rare earths (tungsten, tin), therefore it will take a longer time to advance a new round of exploration plan review. Such impairment loss is due to factors including (but not limited to) the time uncertainties caused by the delay in the grant of exploration licence by the local authority to Xiangcaopo Mining, COVID-19 pandemic and the expected escalating mining and production costs and the falling selling price of products, which resulted in decrease adjustment in carrying amount of such prepayment based on the current business and operating environment.