Qualcomm (01029.HK) announced that for the six months ended June 30, 2024, the revenue decreased to 0.1123 billion US dollars (June 30, 2023: 0.1392 billion US dollars), mainly due to an 18.6% decline in sales volume; the cash cost per ton increased to 97.4 US dollars (June 30, 2023: 77.7 US dollars), mainly due to high mining costs, temporary export taxes, and high inflation rates in Russia; EBITDA (excluding non-recurring items and forex) was negative 1.7 million US dollars (June 30, 2023: positive 28.5 million US dollars); basic loss was 10.8 million US dollars (June 30, 2023: basic income 9.3 million US dollars); no impairment of assets was recorded (June 30, 2023: impairment loss of 73.6 million US dollars); shareholder losses were 13.2 million US dollars (June 30, 2023: 65.7 million US dollars); and cash and deposits decreased to 39.4 million US dollars (December 31, 2023: 56.6 million US dollars) and net liabilities increased to 23.9 million US dollars (December 31, 2023: 11.2 million US dollars), mainly due to reduced profitability and difficulties in receiving customer sales proceeds due to delays in bank fund transfers.

Nikolai Levitskii, Chairman of Iron River Commodities, commented on the performance: "We faced many challenges this year and recorded a loss of 13.2 million US dollars in the first half of 2024. The gradual depletion of the Kimkan mine and the lower quality of the ore feed are key factors causing the related losses. Our third-party mining contractors performed poorly, also resulting in insufficient production this year.

Before the full operation of the new Sutara mine, the current predicament has shown little improvement. Sutara is designed to provide better ore quality, which will not only increase production, but also extend K&S's overall mining life. We have begun stripping and mining operations at Sutara. It will take time to bring Sutara's operation to full capacity, but after a long effort, there is a glimmer of hope, which is encouraging.

Looking ahead, the future still presents many challenges. The low iron ore prices, coupled with high inflation, exert downward pressure on our profit margins and profitability. In addition, geopolitical issues continue to pose uncertainties, making our strategic planning and operational decisions more complex. In dealing with these challenges, we must remain vigilant and adaptable, focusing on ensuring financial stability. Thank you for your understanding and continuous support during this challenging period. We will strive to enhance competitiveness and take our business to the next level.