Shandong Gold Mining Co., Ltd. (the “Company”) in January to June 2023, due to severe inflation in Argentina and a gradual decline in the quality of gold minerals geological resources, resulted in MAS's revenue falling by 4.59% year-on-year and a significant drop in net profit of 82.16%. Despite this, the company's profit before interest tax for January to November 2023 is close to the full-year 2022 figure due to the high run in international gold prices. However, as the Argentine government adjusted its mining export tax policy and the depreciation of the peso against the dollar, MAS's full-year profit before interest tax fell 34.87% compared to the same period last year, and the net profit narrowed. In 2017, the Company...Show More

Shandong Gold Mining Co., Ltd. (the “Company”) in January to June 2023, due to severe inflation in Argentina and a gradual decline in the quality of gold minerals geological resources, resulted in MAS's revenue falling by 4.59% year-on-year and a significant drop in net profit of 82.16%. Despite this, the company's profit before interest tax for January to November 2023 is close to the full-year 2022 figure due to the high run in international gold prices. However, as the Argentine government adjusted its mining export tax policy and the depreciation of the peso against the dollar, MAS's full-year profit before interest tax fell 34.87% compared to the same period last year, and the net profit narrowed. In 2017, the Company acquired a 50% interest in MAS Company, owned by Balick Gold, through a wholly-owned subsidiary, and jointly operated the Beradro Gold Mine in Argentina. MAS management is actively taking steps to reduce headcount and achieve a mining breakthrough in 2023, which is expected to increase the volume of metals by 20 tons. The CPA test shows that MAS corporate reputation does not require drawdown preparations and management considers that there is no risk of depreciation. The issuer has fully disclosed the risks involved in the fundraising brochure.