According to Zhitong Financial App, Jihai Resources (02489) announced that on March 25, 2024, PRG Res Holding 2 Ltd. (PRGRH2 Ltd.), a wholly-owned subsidiary of the company, signed a letter of intent with the seller and target company. Based on this, PRGRH2 Ltd. is to be acquired and the seller plans to sell 70% of the issued share capital of a target company registered in China.

The target company is mainly engaged in gold ore mining, emergency rescue of mine safety accidents, preventive safety inspections, housing leasing, and foreign investment with its own capital. The target company has mining licenses for three gold mines located in Yantai, Shandong, China.

The Group aims to expand its market share through the selective acquisition of high-quality gold mining assets to enhance the Group's business development and thus enhance the overall performance of the Group's business. The board of directors believes that if the acquisition is implemented, it will not only strengthen and consolidate the Group's market position in the Muping-Rushan Gold Mining Belt and Shandong Province, but also help the Group expand its mineral resources and enhance the Group's gold concentrate processing capacity in the future to support the Group's long-term sustainable development.