Announcement of Fujian Kuncai Material Technology: the company signed a letter of intent for the investment framework agreement of the vanadium and titanium resource base project with the Commerce Bureau of Zhangzhou City and G-resources. The joint venture company plans to exploit the resources of the Mapochs mine in South Africa, rely on the import of raw materials from Zhangzhou port resources and carry out R&D and manufacturing business. The project is expected to achieve an annual throughput of 10 million tons in 2025 and 60 million tons in 2030, producing 50 million tons of high-grade iron ore, 5 million tons of high-grade titanium powder and 0.1 million tons of vanadium pentoxide. The cooperation is still in the planning stage and does not involve specific amounts. There is uncertainty about the impact on the company's assets, liabilities and operational performance in 2024 and future years.