According to a research report released by First Shanghai on the Smart Finance APP, as of the announcement on September 22, 2024, Wanguo Gold Group (03939) entered into a subscription agreement with the subscriber, who conditionally agreed to subscribe to a total of 165,600,000 shares of the company to be issued at a subscription price of HK$8.33 per share. The subscriber is Gold Mountain (Hong Kong) International Mining Limited, a wholly-owned subsidiary of Zijin Mining Group.

The subscription shares in this issue account for 20% of the total issued shares currently and 15.28% of the total issued shares after the expansion. According to the subscription agreement, 50% of the net proceeds will be used as funding for the exploration and development project in the Gold Ridge mine in the Solomon Islands, and the remaining 50% of the net proceeds will be used for the company's general operating funds. This collaboration with Zijin Mining Group not only provides funds to accelerate the development of the Gold Ridge project in the Solomon Islands but also facilitates knowledge sharing and provides support for the company's overseas mining technology and mine operation.

The bank stated that the company is gradually transitioning to gold mining, entering a new stage of business development. According to the announcement on September 17, the company's abbreviated name has been changed from 'Wanguo International Mining Group Limited' to 'Wanguo Gold Group Limited', highlighting the company's market positioning with gold mining and processing as the main business focus as it gradually enters a new stage of business development.

The company currently owns three major mineral resources: Yifeng New Village, Changdu Walage, and Gold Ridge in the Solomon Islands. Among them, Yifeng New Village Mine has an annual selected mining capacity exceeding 1 million tons and has increased the intensity of copper and iron ore mining in the first half of the year due to the rise in copper prices; the Gold Ridge Gold Mine has an annual designed mining and selection capacity of over 3 million tons, with ore reserves reaching 72 million tons, potentially becoming a world-class gold mine; the Changdu Walage Mine is currently undergoing exploration and mining license application, with an estimated metal quantity of about 1.6 million tons of lead, silver, and gold.

In the first half of 2024, the company's gold concentrate production reached 22,256 tons, with gold ingots and gold concentrates accounting for more than 50% of the company's revenue and gross profit. With the continuous advancement of the Gold Ridge mine exploration and production processes, the company will gradually enter a new stage with gold mining and processing business as the main focus.