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CGG
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Message to Shareholders

CEO MESSAGE

CEO'S MESSAGE

March, 2019

We bid farewell to 2018 with full of challenges and steady development.

In 2018, we overcame significant foreign exchange fluctuations, saw a decrease in product prices and achieved profitability in mine operations for the 11th consecutive year. The Company also almost reached a pre-tax net profit, which was adversely effected by the depreciation of RMB exchange rates causing a realized foreign exchange loss of US$15.82 million. The Jiama Mine’s Phase II expansion achieved full commercial production, which resulted in copper production reaching a record high and production capacity to continually increase. The CSH Mine completed the optimization of pit wall slope parameters, achieving pit wall stabilization and sustainable development. The CSH Mine is currently working on a study of inferred resources development.

We enter 2019 with hope and progress.

In 2019, we will continue to put more effort on production and operation at our Jiama Mine and CSH Mine. We will continue to improve the efficiency of our equipment and increase our recovery rate, maintaining the year-on-year growth of performance through increased production capacity records of copper. We will strengthen our efforts on resource exploration and environmental protection at the two mines and fully promote the sustainable development of the company. We are hopeful and optimistic about potential M&A opportunities. We will carefully evaluate potential projects and strive to inject new assets as soon as possible. Thanks to the support of shareholders and directors!

Thanks to all the members of the team for their contribution! With your strong support, and with the hard work and dedication of all employees, we will continue to move forward by successfully completing the goals of 2019 and creating better all around performance.

Liangyou Jiang

Chief Executive Officer