2020 Third Quarterly Report

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

SHANDONG GOLD MINING CO., LTD. 山東黃金礦業股份有限公司 (a joint stock company incorporated in the People’s Republic of China with limited liability) (Stock Code: 1787)

2020 THIRD QUARTERLY REPORT

This announcement is made pursuant to Rules 13.09 and 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Part XIVA of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong).

Set out below is the 2020 third quarterly report of Shandong Gold Mining Co., Ltd. (the “Company”) for the nine months ended 30 September 2020. The financial report contained herein is prepared pursuant to China Accounting Standards for Business Enterprises and has not been audited.

This announcement is prepared in both Chinese and English languages. In the event of any inconsistency between these two versions, the Chinese version shall prevail.

By order of the Board Shandong Gold Mining Co., Ltd. Li Guohong Chairman

Jinan, the PRC 28 October 2020

As at the date of this announcement, the executive directors of the Company are Mr. Wang Peiyue, Mr. Li Tao and Mr. Tang Qi; the non-executive directors of the Company are Mr. Li Guohong, Mr. Wang Lijun and Ms. Wang Xiaoling; and the independent non-executive directors of the Company are Mr. Gao Yongtao, Mr. Lu Bin and Ms. Hui Wing. SHANDONG GOLD MINING CO., LTD. 2020 Third Quarterly Report

Company Stock Code: 600547 Abbreviation : SD-GOLD

SHANDONG GOLD MINING CO., LTD. 2020 Third Quarterly Report

– 1 – SHANDONG GOLD MINING CO., LTD. 2020 Third Quarterly Report

CONTENT

I. Important Notice ...... 3 II. Company Profile ...... 3 III. Significant Events ...... 12 IV. Appendix ...... 28

– 2 – SHANDONG GOLD MINING CO., LTD. 2020 Third Quarterly Report

I. IMPORTANT NOTICE

1.1 The board of directors of the Company (the “Board”), the supervisory committee and the directors, supervisors and senior management of the Company warrant the truthfulness, accuracy and completeness of the contents of this quarterly report, and that it contains no false representation, misleading statements or material omission, and jointly and severally accept the legal responsibility.

1.2 All directors of the Company attended the Board meeting and considered this quarterly report.

1.3 Li Guohong (officer in charge of the Company), Wang Peiyue (officer in charge of the Company’s accounting affairs) and Huang Weimin (officer in charge of the accounting office of the Company, Head of the Company’s accounting department) have warranted the truthfulness, accuracy and completeness of the financial statements in the Quarterly Report.

1.4 This quarterly report of the Company is unaudited.

II. COMPANY PROFILE

2.1 Major Financial Data

Unit: Yuan Currency: RMB

Increase/decrease from the end At the end of this At the end of of last year reporting period last year (%)

Total assets 65,286,465,346.89 58,155,572,825.59 12.26 Net assets attributable to owners of the listed company 24,541,533,133.31 23,114,212,472.16 6.18

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From the From the beginning of beginning of this year to last year to Increase/decrease the end of the the end of from the reporting period the reporting corresponding (January to period of last year period of last year September) (January to September) (%)

Net cash flows generated from operating activities 3,298,373,483.47 3,687,757,950.84 –10.56

Revenue 53,660,975,381.04 64,828,768,040.84 –17.22 Net profit attributable to owners of the listed company 1,843,187,527.48 947,058,712.76 94.62 Net profit attributable to owners of the listed company, net of non-recurring profit or loss 1,839,008,475.87 934,022,660.78 96.89 Weighted average net assets return (%) Increased by 7.72 3.93 379 basis points Basic earnings per share (RMB/share) 0.42 0.22 90.91 Diluted earnings per share (RMB/share) 0.42 0.22 90.91

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Non-recurring profit or loss items and amount

✓ Applicable □ Not applicable

Unit: Yuan Currency: RMB

Amount from beginning of this year to the end of the Amount for the reporting period current period (January to Items (July to September) September) Explanation

Gains or losses on disposal of non-current assets –2,328,969.75 –5,203,229.46 — Tax refunds, exemptions or reductions from unauthorized approval or non- official approval documents or on a contingent basis — Government grants recognized through current profit or loss (other than grants which are closely related to the Company’s normal operation of business that are in accordance with the national policies and conferred on the standard quota or fixed amounts basis) 2,131,703.69 13,845,808.26 — Payment for use of state funds received from non-financial institutions recorded in current profits and losses — Gains from the difference between the investment costs of acquisition of subsidiaries, associates and joint ventures and share of the net fair value of the identifiable assets of the investee through investment — Gains or losses from exchange translation of non-monetary asset — Gains or losses from entrusting the investments or management of assets —

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Amount from beginning of this year to the end of the Amount for the reporting period current period (January to Items (July to September) September) Explanation

Impairment of assets for force majeure such as natural calamities — Gains or losses from debt restructuring — Restructuring expenses, such as the compensation for employee relocation and integration cost — Gains or losses from transactions with obvious unfair transaction price in excess of fair values — Current net gains or losses of the subsidiaries from merger under the common control from the beginning of the period to the merger date — Profit or loss arising from contingencies not related to the Company’s normal business — Except for effective hedging business related to the normal business of the Company, profit or loss from fair value changes in held-for-trading financial assets, derivative financial assets, held-for-trading financial liabilities, derivative financial liabilities and investment income from disposal of held-for-trading financial assets, derivative financial assets, held-for- trading financial liabilities, derivative financial liabilities and other debt investments — Reversal of the impairment for receivables and contract assets subject to individual impairment test —

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Amount from beginning of this year to the end of the Amount for the reporting period current period (January to Items (July to September) September) Explanation

Profit or loss from entrusted loans — Profit or loss from fair value changes in investment property measured at fair value subsequently — Impacts of one-off adjustment of the current profit or loss in accordance with requirements of tax and accounting laws and regulations on the current profit and loss — Custodian income from entrusted management — Other non-operating income and expenses other than the aforesaid items 3,123,176.59 –3,731,045.78 — Other items of gains or losses subject to the definition of non-recurring gains or losses — Amount of effect on non-controlling interest (after tax) 907,252.35 225,663.94 — Amount of effect on income tax –132,336.47 –958,145.35 —

Total 3,700,826.41 4,179,051.61 —

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2.2 Total number of shareholders, shareholding of top ten shareholders and top ten holders of tradable shares (or shareholders not subject to trading moratorium) as at the end of the reporting period

Unit: Share

Total number of shareholders 236,061

Shareholding of top ten shareholders

Number of shares held Number of as at shares held Name of the end of subject Pledged or locked up shareholders reporting to trading Shares Nature of (full name) period Ratio (%) moratorium status Number shareholder

Shandong Gold 1,671,709,197 38.52 91,599,502 Pledged 509,600,000 State-owned Group Co., Ltd. legal person (山東黃金集團有限公司)

Shandong Gold 194,872,049 4.49 116,923,230 Nil State-owned Geological Mine legal person Exploration Co., Ltd. (山東黃金地質礦產勘查有限公司)

Shandong Gold 140,986,999 3.25 140,986,999 Nil State-owned Non-ferrous legal person Metal Mine Group Co., Ltd. (山東黃金有色礦業集團有限公司)

China Securities 108,834,879 2.51 Nil Unknown Finance Corporation Limited (中國証券金融股份有限公司)

Hong Kong Securities 699,503,419 16.12 Nil Overseas legal Clearing Company Limited person (H shares)

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Shareholding of top ten shareholders

Hong Kong Securities 77,948,878 1.80 Nil Overseas legal Clearing Company Limited person (A shares)

Qianhai Kaiyuan 51,487,008 1.19 Nil Unknown Fund – SPD Bank – Qianhai Kaiyuan Private Placement No. 6 Asset Management Plan (前海開源基金－浦發銀行－前海開源定增6 號資產管理計劃)

Central Huijin Asset 35,991,480 0.83 Nil Other Management Ltd. (中央滙金資產管理有限責任公司)

Shandong Gold 31,467,157 0.73 Nil State-owned Group Qingdao legal person Gold Co., Ltd. (山東黃金集團青島黃金有限公司)

Guo Hongwei (郭宏偉) 30,200,000 0.70 Nil Domestic natural person

Shandong State-owned Assets 25,028,941 0.58 Nil State-owned Investment Holdings Co., legal person Ltd. (山東省國有資產投資控股有限公司)

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Shareholding of top ten shareholders not subject to trading moratorium Number of tradable shares held not subject to Name of trading Class and number of shares shareholders moratorium Class Number

Shandong Gold Group Co., Ltd. 1,580,109,695 RMB ordinary 1,580,109,695 (山東黃金集團有限公司) shares

China Securities Finance Corporation Limited 108,834,879 RMB ordinary 108,834,879 (中國証券金融股份有限公司) shares

Hong Kong Securities Clearing Company 699,503,419 Foreign shares 699,503,419 Limited listed overseas 77,948,878 RMB ordinary 77,948,878 shares

Qianhai Kaiyuan Fund – SPD Bank – Qianhai 51,487,008 RMB ordinary 51,487,008 Kaiyuan Private Placement No. 6 Asset shares Management Plan (前海開源基金－浦發銀行－前海開源定增 6號資產管理計劃)

Central Huijin Asset Management Ltd. 35,991,480 RMB ordinary 35,991,480 (中央滙金資產管理有限責任公司) shares

Guo Hongwei (郭宏偉) 30,200,000 RMB ordinary 30,200,000 shares

Shandong State-owned Assets Investment 25,028,941 RMB ordinary 25,028,941 Holdings Co., Ltd. shares (山東省國有資產投資控股有限公司)

Wang Weilie (王衛列) 24,139,372 RMB ordinary 24,139,372 shares

Industrial and Commercial Bank of China – 22,000,000 RMB ordinary 22,000,000 GF Stable Growth Securities Investment shares Fund (中國工商銀行－廣發穩健增長證券投資基金)

The National Social Security Fund 115 19,743,000 RMB ordinary 19,743,000 Composition shares (全國社保基金一一五組合)

– 10 – SHANDONG GOLD MINING CO., LTD. 2020 Third Quarterly Report

Explanation on the connected relationship There are connected relationships among Shandong or acting in concert among the aforesaid Gold Group Co., Ltd., the largest shareholder of the shareholders Company and Shandong Gold Non-ferrous Metal Mine Group Co., Ltd., Shandong Gold Geological Mine Exploration Co., Ltd., Shandong Gold Group Qingdao Gold Co., Ltd. Shandong Gold Group Co., Ltd. has no connected relationships with other shareholders, which are also not persons acting in concert as defined by Regulations for Disclosure of Changes in Shareholding of Listed Companies 《上( 市公司股東持股變動信息披露管理辦法》); and the Company is not aware of any connected relationship among other shareholders, or any of them is person acting in concert defined by Regulations for Disclosure of Changes in Shareholding of Listed Companies.

Explanation on the restoration of voting N/A rights of holders of preference shares and the number of shares held

2.3 Total number of holders of preference shares, shareholding of top ten holders of preference shares and top ten holders of preference shares not subject to trading moratorium as at the end of the reporting period

□ Applicable √ Not Applicable

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III. SIGNIFICANT EVENTS

3.1 Material changes in items of major accounting statements and financial indicators of the Company and the reason thereof

√ Applicable □ Not applicable

Unit: Yuan Currency: RMB

Amount at Amounts for the the end of the Balance sheet items current period prior period Reasons for the change

Bank balances and cash 6,301,679,988.52 3,241,921,814.76 Mainly due to the increase in fund reserve of subsidiaries Trade receivable 120,158,403.62 290,143,268.97 Mainly due to the decrease in unsettled balance at the end of the period Receivables financing 20,887,293.25 340,960.00 Mainly due to the increase in notes receivable that subsidiaries do not intend to hold to maturity as compared with the beginning of the period Prepayments 783,854,003.67 116,737,001.68 Mainly due to the increase in prepayment for purchase of gold by subsidiaries Other receivables 1,524,591,641.86 1,169,960,017.38 Mainly due to the increase in securities deposits of futures trading by subsidiaries Long-term equity 1,353,519,578.44 1,042,259,349.31 Mainly due to the increase in investments external equity investments by subsidiaries Construction in progress 6,435,760,275.06 3,981,874,575.30 Mainly due to the increase in contributions in construction in progress by subsidiaries Development 27,834,200.97 19,665,742.43 Mainly due to the increase in expenditures development expenditures during the period

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Amount at Amounts for the the end of the Balance sheet items current period prior period Reasons for the change

Short-term borrowings 9,993,890,838.35 3,154,257,465.97 Mainly due to the newly-added short-term borrowings financing by the Company and its subsidiaries Contract liabilities 140,991,763.90 40,939,696.10 Mainly due to the increase in guarantee deposits paid by customers of the subsidiaries’ purchasing gold Employee benefits 567,859,066.25 156,313,211.53 Mainly due to the increase payable in wages provided for by subsidiaries Dividends payable 53,490,482.64 123,953,129.05 Mainly due to dividends paid by subsidiaries Non-current liabilities 43,915,671.29 2,949,684,457.01 Mainly due to the repayment due within one year of matured portion of the borrowings and debentures due within one year during the period Other current liabilities 2,014,189,850.94 4,093,358.08 Mainly due to the issuance of ultra short-term financing bonds during the period Deferred income 18,838,688.13 12,444,017.60 Mainly due to the increase in government grants for the Company during the period Paid-in capital (or share 4,339,456,283.00 3,099,611,632.00 Mainly due to the issuance capital) of bonus shares by way of conversion of capital reserve by the Company Other comprehensive -65,334,371.63 44,016,530.70 Mainly due to the changes income in exchange rate for translating foreign currency statements Special reserve 2,819,897.78 1,545,674.38 Mainly due to the increase in safety production costs charged but not yet used by subsidiaries

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Amounts for the corresponding Amounts for the period of the Income statement items current period prior period Reasons for the change

Selling expenses 77,775,888.17 147,439,713.77 Mainly due to the decrease in the selling expenses incurred by the futures of subsidiaries Gains from changes in 260,262,774.65 196,482,818.33 Mainly due to the increase in fair value (loss is floating gain on held-for- represented by “-”) trading financial assets and liabilities as compared with the same period of last year Other income 13,333,971.25 20,822,014.05 Mainly due to the decrease in government grants recognised in profit or loss during the period Investment income (loss –214,230,749.59 -22,342,773.10 Mainly due to the period-on- is represented by “–”) period increase in loss of futures of subsidiaries (the spot goods sales profits priced corresponding to the futures are reported in the main business profits, which realised better profits. An overall better product sales benefit was achieved when the current futures was offset by the corresponding spot goods.) Credit impairment loss –3,974,961.76 –8,539,343.26 Mainly due to the period- (loss is represented by on-period decrease in “–”) credit impairment made by subsidiaries Gains from disposal 1,390,439.14 –43,519.81 Mainly due to the period-on- of assets (loss is period increase in gains represented by “–”) from disposal of fixed assets by subsidiaries Income tax expenses 680,359,849.38 476,463,448.72 Mainly due to the increase in profit

Amounts for the corresponding Cash flows statement Amounts for the period of the items current period previous period Reasons for the change

Net cash flows generated 3,489,509,020.85 2,119,342,798.46 Mainly due to the period-on- from financing period increase in cash activities received from borrowings

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3.2 Analysis and explanation of progress and impact of significant events and respective solutions

√ Applicable □ Not applicable

3.2.1 Acquisition of TMAC Resources Inc.

The 33rd meeting of the fifth session of the Board held on 8 May 2020 considered and approved the Resolution on the Acquisition of TMAC Resources Inc. and the Signing of Documents related to the Acquisition under the Arrangement Agreement 《公司關於收購特麥克資源公司並簽署協議安排收購相關文件的議( 案》). On 8 May 2020, the Company, SDG Hong Kong, an overseas wholly-owned subsidiary of the Company, and TMAC Resources Inc. entered into an arrangement agreement. The Company, through Streamers Gold Mining Corporation Limited, a subsidiary established by SDG Hong Kong in Canada, proposed an acquisition arrangement to TMAC to acquire all 118,116,421 shares in issue and to-be-diluted shares (including restricted stock units, director share units, restricted share rights and other equity instruments of TMAC that may be converted into its shares) of TMAC in cash at a price of CAD1.75 per share, and the Company will provide guarantee for SDG Hong Kong for its fulfillment of the arrangement agreement. At the same time when the arrangement agreement was signed, SDG Hong Kong and TMAC entered into the Concurrent Non-public Placement and Subscription Agreement. SDG Hong Kong proposed to subscribe for ordinary shares additionally issued by TMAC at a price of CAD1.75 per share with the total subscription price of USD15 million, representing approximately 9% of the total number of shares after the additional issue. The final number of shares held was subject to the translation at the USD/CAD exchange rate announced by the central bank of Canada on 7 May 2020. Upon completion of all the above transactions, SDG Hong Kong will hold 100% equity interests in TMAC in aggregate through direct and indirect ways. The total investment of the transaction is approximately CAD230 million, equivalent to approximately RMB1,153 million or approximately USD163 million, and the actual transaction amount is subject to the final transaction amount of the acquisition. For details, please refer to the Announcement on the Acquisition of TMAC Resources Inc. in Cash by the Company 《公司關於以現金方式收購特( 麥克資源公司的公告》) disclosed by the Company on 9 May 2020 (No.: Lin 2020- 035).

On 26 June 2020, over 97% of votes from the shareholders of TMAC Resources Inc. were cast in favour of the transaction. On 30 June 2020, the transaction was approved by the courts in Canada. On 20 July 2020, it was informed by the Government of Canada that additional 45 days would be required to decide whether to conduct national security review. On 12 June 2020, the Company received a “no-action” letter from the Competition Bureau Canada.

On 14 October 2020, the Company was informed by the Government of Canada, the transaction entered the national security review stage since 12 October 2020.

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3.2.2 Offer to acquire Cardinal Resources Limited

The 36th meeting of the fifth session of the Board held on 18 June 2020 considered and approved the Resolution on the Acquisition of Cardinal Resources Limited and the Signing of Documents related to the Acquisition 《關於收購( Cardinal Resources公司並簽署收購相關文件的議案》). On 18 June 2020, SDG Hong Kong, an overseas wholly-owned subsidiary of the Company, Cardinal Resources Limited, a company listed in Australia and Canada (the “Target Company”), and the Company entered into a bid implementation agreement. Pursuant to the bid implementation agreement, SDG Hong Kong proposed an off-market conditional takeover offer to shareholders holding all shares in issue of Cardinal Resources Limited (excluding SDG Hong Kong and its connected persons) at a price of AUD0.60 per share by way of off-market takeover offer. At the same time, SDG Hong Kong subscribed for 26 million ordinary shares additionally issued by Cardinal Resources Limited at a price of AUD0.46, with a total subscription price of AUD12 million. For details, please refer to the Announcement on the Acquisition of Cardinal Resources Limited by Shandong Gold Mining Co., Ltd. by way of Off-market Takeover Offer 《山東黃金礦業股份有限公司關於以場外要約( 收購方式收購Cardinal Resources Limited的公告》) disclosed by the Company on 19 June 2020 (No.: Lin 2020-045).

The transaction in which SDG Hong Kong subscribed for 26 million shares of the Target Company at a price of AUD0.46 per share has been completed on 7 July 2020, with the total subscription price of AUD11.96 million. Upon completion of the subscription transaction, SDG Hong Kong holds 26 million shares of the Target Company, which represents 4.94% of issued share capital of the Target Company. On 15 July 2020, Nord Gold S.E. (“Nordgold”, based on publicly available information, the company holds 18.71% of all shares in issue of the Target Company on 15 July 2020) released an announcement that it proposed to acquire shares of the Target Company at a price of AUD0.66 per share by way of on-market takeover offer. SDG Hong Kong made a revised offer to the Target Company on 22 July 2020, pursuant to which, SDG Hong Kong proposed to make an off-market conditional takeover offer to shareholders holding all shares in issue of the Target Company (excluding SDG Hong Kong and its connected persons) to acquire the shares at a price of AUD0.70 per share by way of off- market takeover offer. On 22 July 2020, the Company received the Notice of Approval for Filing of Overseas Investment Project 《境外投資項目備案通知書》( ) issued by Shandong Development and Reform Commission, which approved the filing of the acquisition. On 23 July 2020, the Company received the Enterprise Overseas Investment Certificate 《企業境外投資證書》( ) from the Department of Commerce of Shandong Province, which approved the filing of the acquisition. As such, the offer condition of approval of Chinese regulatory authorities stated in the bid implementation agreement has been satisfied. For details, please refer to the Announcement on the Progress of the Acquisition of Cardinal Resources Limited by Shandong Gold Mining Co., Ltd. by way of Off-market Takeover Offer 《山東( 黃金礦業股份有限公司關於以場外要約收購方式收購Cardinal Resources Limited 的進展公告》) (No.: Lin 2020-053).

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The 38th meeting of the fifth session of the Board held on 29 July 2020 considered and approved the Resolution on Revising the Bid Implementation Agreement in respect of the Acquisition of Cardinal Resources Limited 《關於收購( Cardinal Resources公司修訂< 要約實施協議> 的議案》). For details, please refer to the Second Announcement on the Progress of the Acquisition of Cardinal Resources Limited by Shandong Gold Mining Co., Ltd. by way of Off-market Takeover Offer 《山東黃金礦業股份有限公司關於以場外要約收購方式收購( Cardinal Resources Limited的第二次進展公告》) disclosed by the Company on 30 July 2020 (No.: Lin 2020-055).

SDG Hong Kong made an acquisition offer to the shareholders of Cardinal Resources Limited on 13 August 2020. On 19 August 2020, the offer has obtained approval of the Foreign Investment Review Board of Australia. On 4 September 2020, approval of waiver application was obtained from the securities regulatory authority of Ontario, Canada.

The 40th meeting of the fifth session of the Board held on 7 September 2020 considered and approved the Resolution on the Improvement of Offer Price of Cardinal Resources Limited 《關於( Cardinal Resources Limited項目提高要約收購價格的議案》), which made an increase in the offer price of the acquisition to AUD1 per share. For details, please refer to the Third Announcement on the Progress of the Improvement of Offer Price of Cardinal Resources Limited by Shandong Gold Mining Co., Ltd. 《山東黃金礦業股份有限公司關於( Cardinal Resources Limited項目提高要約收購價格暨第三次進展公告》) disclosed by the Company on 8 September 2020 (No.: Lin 2020-064).

The 42nd meeting of the fifth session of the Board held on 20 September 2020 considered and approved the Resolution on the Waiver of All Conditions of the Offer of Cardinal Resources Limited 《關於( Cardinal Resources Limited項目豁免所有要約實施條件的議案》), which determined to waive all conditions precedent of the offer in the bid implementation agreement. For details, please refer to the Fourth Announcement made by Shandong Gold Mining Co., Ltd. on the Progress of the Offer Becoming Unconditional of Cardinal Resources Limited 《山東黃金( 礦業股份有限公司關於Cardinal Resources Limited項目要約變為無條件暨第四次進展公告》) disclosed by the Company on 22 September 2020 (No.: Lin 2020- 073).

On 30 September 2020, the improvement of offer price to AUD1 per share received a filing certificate from the NDRC.

– 17 – SHANDONG GOLD MINING CO., LTD. 2020 Third Quarterly Report

The 44th meeting of the fifth session of the Board held on 12 October 2020 considered and approved the Resolution on the Extension of the Offer Period of the Acquisition of Cardinal Resources Limited 《關於收購( Cardinal Resources Limited項目延長要約期限的議案》), which extended the offer period to 23 October 2020. For details, please refer to the Fifth Announcement on the Progress of the Extension of the Offer Period of the Acquisition of Cardinal Resources Limited by Shandong Gold Mining Co., Ltd. 《山東黃金礦業股份有限公司關於收( 購 Cardinal Resources Limited項目延長要約期限暨第五次進展公告》) disclosed by the Company on 13 October 2020 (No.: Lin 2020-081).

The 45th meeting of the fifth session of the Board held on 19 October 2020 considered and approved the Resolution on the “Offer Price of AUD 1.00 per Share is the Final and Best in the Absence of a Higher Competing Offer” of the Acquisition of Cardinal Resources Limited 《關於收購( Cardinal Resources Limited項目「1.00澳元╱股為最終最優報價（除非有其他更高的要約報價）」的議案》), which confirmed that SDG Hong Kong’s current offer price of AUD 1 per share is the final and best in the absence of a higher competing offer. For details, please refer to the Sixth Announcement on the Progress of the Offer Price is the Final and Best of Cardinal Resources Limited by Shandong Gold Mining Co., Ltd. 《山東黃金礦業股份有限公司關於收購( Cardinal Resources Limited項目要約為最終最優報價暨第六次進展公告》) disclosed by the Company on 20 October 2020 (No.: Lin 2020-085).

On 23 October 2020, the Company extended deadline for the offer from 23 October 2020 to 30 October 2020 and the payment terms under the offer shall be accelerated from ten business days to three business days for acceptances received on or after 27 October 2020. Other major terms in the Bid Implementation Agreement remain unchanged as of the date of this announcement. For details, please refer to the Seventh Announcement on the Progress of the Extension of Offer Period and Acceleration of Payment Terms of Cardinal Resources Limited by Shandong Gold Mining Co., Ltd. 《山東黃金礦業股份有限公司關於收購( Cardinal Resources Limited項目要約延期並縮短支付期限暨第七次進展公告》) disclosed by the Company on 24 October 2020 (No.: Lin 2020-086).

On 27 October 2020, the Company disclosed Shandong Gold Mining Co., Ltd.’s Announcement on the Eighth Progress Announcement regarding the Increase in the Offer Price and Extension of the Offer Period of the Acquisition of Cardinal Resources Limited (《山東黃金礦業股份有限公司關於收購 Cardinal Resources Limited 項目提高要約報價並延長要約期限暨第八次進展公告》) (No.: Lin 2020- 087). In the event that there is a higher offer on the market than SDG Hong Kong’s current AUD1 per share, the Company intends to increase the offer price of this acquisition to AUD1.05 per share. In addition, the Company decided to extend the deadline for the offer from 30 October 2020 to 31 December 2020. The other main terms of the Bid Implementation Agreement remain unchanged as of the date of this announcement.

– 18 – SHANDONG GOLD MINING CO., LTD. 2020 Third Quarterly Report

3.2.3 Privatisation of Hengxing Gold Holding Company Limited by way of scheme of arrangement and the acquisition of its 100% Shares

The 43rd meeting of the fifth session of the Board held on 30 September 2020 considered and approved the Resolution on the Acquisition of Hengxing Gold Holding Company Limited 《關於收購恒興黃金控股有限公司的議案》( ), Resolution on the Issue of New H Shares and the Listing of the Shares on the Hong Kong Stock Exchange 《關於新增發行( H 股並在香港聯交所上市的議案》) and Resolution on the Submission to the General Meetings to Authorise the Board to Deal with Matters relating to the Issue of New H shares and the Listing of the Shares on the Hong Kong Stock Exchange at its Full Discretion 《關於提請股( 東大會授權董事會全權辦理新增發行H 股並在香港聯交所上市的議案》). The acquisition will not constitute a major asset restructuring under the Administrative Measures for the Major Assets Restructuring of Listed Companies 《上市公司( 重大資產重組管理辦法》). The aforementioned acquisition does not otherwise require further approval at the general meeting of the Company, except for the issue of H shares by the Company. Due to complexity of the acquisition procedures, all necessary approvals are required from the general meeting of Hengxing Gold Holding Company Limited, the court meetings of the Cayman Islands, the China Securities Regulatory Commission, The Stock Exchange of Hong Kong Limited and other regulatory authorities. As such, there are uncertainties as to whether approval may be obtained. For details, please refer to the Announcement on the Resolutions of the 43rd Meeting of the Fifth Session of the Board of Shandong Gold Mining Co., Ltd. 《山東黃金礦業股份有限公司第五屆董事會第四十三次會( 議決議公告》) (No.: Lin 2020-075), Announcement on the Resolutions of the 21st Meeting of the Fifth Session of the Board of Supervisors of Shandong Gold Mining Co., Ltd. 《山東黃金礦業股份有限公司第五屆監事會第二十一次會議決議公( 告》) (No.: Lin 2020-076), Announcement on the Privatisation of Hengxing Gold Holding Company Limited and Resumption of Trading in Shares by Shandong Gold Mining Co., Ltd. 《山東黃金礦業股份有限公司關於私有化恒興黃金控股有( 限公司暨股票復牌的公告》) (No.: Lin 2020-077) and Announcement on the Issue of New H Shares by Shandong Gold Mining Co., Ltd. 《山東黃金礦業股份有限公( 司關於新增發行H 股的公告》) (No.: Lin 2020-078) published on China Securities Journal, Shanghai Securities News, Securities Times, Securities Daily and the website of the Shanghai Stock Exchange (http://www.sse.com.cn), respectively, on 9 October 2020.

– 19 – SHANDONG GOLD MINING CO., LTD. 2020 Third Quarterly Report

3.2.4 Matters relating to the issuance of renewable corporate bonds by the Company

The 41st meeting of the fifth session of the Board held on 18 September 2020 and the 2020 fourth extraordinary general meeting held on 13 October 2020 considered and approved the Resolution on the Company’s Proposed Issuance of Renewable Corporate Bonds 《關於公司本次發行可續期公司債券方案的議案》( ). The Company is intended to register and issue renewable corporate bonds in an aggregate amount of not more than RMB4 billion.

3.2.5 The Company’s 2019 profit distribution and amendments to the Articles of Association and industrial and commercial registration of changes of the Company

At the 2019 annual general meeting, the 2020 second class meeting of A shareholders and the 2020 second class meeting of H shareholders of the Company held on 24 June 2020, the Resolution Regarding the Plan for 2019 Profit Distribution and Issuance of Bonus Shares by way of Conversion of Capital Reserve was considered and approved, pursuant to which the Company was approved to distribute cash dividend of RMB0.1 (tax inclusive) per share to all shareholders and to issue 0.4 bonus share per share to all shareholders by way of conversion of capital reserve, based on the total share capital of the Company of 3,099,611,632 shares as at 31 December 2019. The total amount of cash dividend distributed was RMB309,961,163.20 and the number of bonus shares issued was 1,239,844,651 shares. After the distribution, the total share capital was 4,339,456,283 shares. On 20 August 2020, the Company has completed its annual profit distribution for 2019.

Upon completion of the abovementioned profit distribution plan, the registered capital of the Company changed from RMB3,099,611,632 to RMB4,339,456,283. The 39th meeting of the fifth session of the Board held on 27 August 2020 considered and approved the Resolution on the Change of Registered Capital and the Amendments to the Articles of Association 《關於變更公司註冊資本及修( 改〈公司章程〉的議案》). The amendments to the articles relating to share capital and registered capital of the Articles of Association were completed on 27 August 2020 according to the authorisation by the general meeting and the procedures for industrial and commercial registration of changes of relevant articles on registered capital were completed on 27 September 2020.

– 20 – SHANDONG GOLD MINING CO., LTD. 2020 Third Quarterly Report If not performed in a timely manner, describe plans in next steps Paying close attention to the reply adjustment plan of Nature Reserve and Ecological Redlines, actively liaising with competent authorities to facilitate the application of the mining permit in a timely manner. Paying close attention to the reply adjustment plan on ecological redline, actively liaising with competent authorities to facilitate the application for boundary change of the mining permit in the two mining areas in Qijiagou-Hulu Line in a timely manner. If not performed in a timely manner, describe the specific reasons works due to involvement of adjustment to Luoshan Provincial Nature Reserve in Zhaoyuan and ecological redline re-demarcation. ecological redline re- demarcation, the works are behind schedule. strictly manner Whether in a timely performed Yes No Temporary suspension of the Yes No Due to involvement of Whether there is a deadline for performance Date and duration of undertaking From 12 August 2015 to 31 December 2017 From 12 August 2015 to 31 August 2017 exploration permit to mining has been fulfilled. According to the “Evaluation Report of Mining Permit and Detailed Surrounding Exploration Permit of Dongfeng Mining Area of Shandong Gold Group Co., Ltd.” (Zhong Lian Ping Kuang Bao Zi [2014] No. 1121, the “Evaluation Report”), mining permit application of Dongfeng Mining Area could be completed within the expected time of Evaluation Report; (2) the exploration permit of Dongfeng Mining Area may apply for mining permit according to the designed production scale as prescribed in the Evaluation Report. (1) The statutory conditions for transfer of the Qijiagou- Hulu Line Mine exploration permit to mining has been fulfilled. According to the“Evaluation Report of the Exploration Permit of the Gold Mine Deep and Peripheral Areas in Qijiagou-Hulu Line Mine Area, Penglai, Shandong Province (Exploration)” (Hai Di Ren Kuang Ping Bao Zi [2014] No. 53), the mining permit application of Qijiagou-Hulu Line Mine Area could be completed within the expected time thereof; (2) the exploration permit of Qijiagou-Hulu Line Mine Area may apply for mining permit according to the designed production scale as prescribed in the Evaluation Report. Not applicable Non-ferrous Metal Mine Group Co., Ltd. (“Non- ferrous Group”), Wang Zhiqiang and Jinmao Mining SDG Group (1) The statutory conditions for transfer of the Dongfeng Undertaking party Content of undertaking Shandong Gold □ in transfer of the exploration permit to mining permit Confirmation Type of undertaking √ Applicable relating to the material asset reorganisation Undertaking 3.3 Undertakings not yet performed during the reporting period Background

– 21 – SHANDONG GOLD MINING CO., LTD. 2020 Third Quarterly Report If not performed in a timely manner, describe plans in next steps If not performed in a timely manner, describe the specific reasons the Integration of Mineral Resources of Sanshandao Gold Mine of Shandong Group Co., Ltd. by the People’s Government of Shandong Province (Lu Zheng Zi [2017] No. 99), the Company integrated the two mining permits of its Sanshandao Gold Mine and Xinli Gold with three exploration permits of its Periphery Geological Exploration of Sanshandao Gold Mining Area, 55-91 Ore Section Gold Exploration of Xinli Mining Area and Village Gold Mine Exploration, with the consolidator being Sanshandao Gold Mine. The new mining permit after integration has been obtained. strictly manner Whether in a timely performed Yes No According to the Reply Whether there is a deadline for performance Date and duration of undertaking From 12 August 2015 to 30 June 2017 (1) The statutory conditions for transfer of the Xinli Mining exploration permit to mining has been fulfilled. According to the “Evaluation Report of Exploration Permit of the Xinli Village Gold Mine Exploration, Laizhou, Shandong Province” (Zhong Lian Ping Kuang Bao Zi (2014) No. 1123), the mining permit application of Xinli Mining Area could be completed within the expected time thereof; (2) exploration permit of Xinli Mining Area may apply for mining according to the designed production scale as prescribed in evaluation report. Geological Mine Exploration Co., Ltd. (“Gold Geological Exploration”) Undertaking party Content of undertaking Shandong Gold Type of undertaking Background

– 22 – SHANDONG GOLD MINING CO., LTD. 2020 Third Quarterly Report If not performed in a timely manner, describe plans in next steps At the request of Non-ferrous Group, Jinmao Mining and Wang Zhiqiang, the duration of undertaking to improve the lands with defective titles of Penglai Mining shall be extended to 30 June 2023. The relevant proposals have been considered and approved at the 37th meeting of the fifth session of the Board and the 2020 second extraordinary general meeting of the Company. If not performed in a timely manner, describe the specific reasons for industrial land use, Penglai Mining has not been able to obtain sufficient land quotas for acquiring land certificates. strictly manner Whether in a timely performed No No Due to the tight land quotas Whether there is a deadline for performance Date and duration of undertaking 27 November 2014, Long-term (1) To ensure that the 70.65% and 51% equity interests held by the Company in Shandong Gold Guilaizhuang Mining Co., Ltd. (“Guilaizhuang Mining”) and Shandong Gold Group Penglai Mining Co., Ltd. (“Penglai Mining”) respectively are acquired in accordance with the law, capital contribution to above enterprises are fully-paid, free from any unclear capital contribution or any circumstance that would affect their legal existence; the aforesaid titlehood of equity interests Company are clear and complete that the has legal and entire disposal rights over the abovementioned equity interests; the abovementioned equity interests are free from restrictions on the pledge, guarantee or other third party rights and are also free from the seizure, freezing, custody other restrictions on the transfer; (2) To ensure that business operation of the subject asset held by Company is legitimate and that the ownership of asset is complete: A. The subject company has obtained or is in the process of registering all valid approvals and licenses required for possessing operating its properties and assets as well for conducting currently operating businesses, and there are no substantive legal obstacles to the approvals and licenses in progress; B. The subject company has legal and complete ownership or use rights and right of disposition over its assets; C. If the competent authority requires the subject company to pay for consideration of the mining permits, Company is willing to compensate in cash based on the amount equal to premium to be assumed by the Company (i.e. amount of premium multiplied by the equity interests proportion of Company in the subject company); (3) There is no claim or litigation by a third party as result of the infringement patent, copyright, trademark or similar intellectual property rights of any third party in the operation of subject company; (4) The subject company has not signed any operating contract or arrangement with abnormal commercial conditions, which consequently has a material adverse impact on the financial or asset positions of the subject company; (5) Other than those disclosed to Shandong Gold, the subject company has no equity or equity-like investments nor investment commitments to any person; (6) Other than those disclosed to Shandong Gold, the subject company has not had any outstanding borrowings, Group Undertaking party Content of undertaking Non-ferrous and compliance Type of undertaking Asset integrity asset relating to the material asset reorganisation Background Undertaking

– 23 – SHANDONG GOLD MINING CO., LTD. 2020 Third Quarterly Report If not performed in a timely manner, describe plans in next steps If not performed in a timely manner, describe the specific reasons strictly manner Whether in a timely performed Whether there is a deadline for performance Date and duration of undertaking contingent events and other form of liabilities; (7) The subject company has not received any written notice with legal effect from any creditor, indicating that assets of the subject company will be mandatorily disposed of; (8) The subject company has paid taxes in accordance with the law since its establishment, thus it has no outstanding significant taxes and fees that are due but not paid, has suffered from any major tax investigations or penalties; (9) The financial statements of the subject company provided to Shandong Gold give a true and fair view of the assets liabilities (including contingent events, undetermined amounts of liabilities or controversial liabilities) of the subject company at point of time indicated in the financial statements and profit or loss of the subject company as financial period indicated in the financial statements, which are accordance with the applicable accounting principles and truly reflect financial positions of the subject company at point time or period indicated in the financial statements; (10) There are no litigation, arbitration, investigation, claim or other procedures pending or being known to the other party subject company to be threatened against the company, other than those litigation, arbitration, investigation, claim or other procedures that separately or cumulatively would not have a material adverse effect on the subject company; (11) To ensure that Penglai Mining will have completed the registration of the “State-owned Land Use Rights Certificate” for collectively-owned lands currently leased and utilized for its main production and operation lands also have completed the registration of “Building Ownership Certificate” for the production and operation plants built on relevant lands with “State-owned Land Use Rights Certificate” by 30 June 2020, and that Penglai Mining will assume the land premium and other related costs arising from the registration of abovementioned “State-owned Land Use Rights Certificate” and “Building Ownership Certificate” based on the equity interests proportion of the Company in Penglai Mining; (12) To ensure regulation and rectification on the historical over- mining issues of Guilaizhuang Mining. Undertaking party Content of undertaking Type of undertaking Background

– 24 – SHANDONG GOLD MINING CO., LTD. 2020 Third Quarterly Report If not performed in a timely manner, describe plans in next steps At the request of Non- ferrous Group, Wang Zhiqiang and Jinmao Mining, the duration of undertaking to improve the lands with defective titles of Penglai Mining shall be extended to 30 June 2023. The relevant proposals have been considered and approved at the 37th meeting of the fifth session of the Board and the 2020 second extraordinary general meeting of the Company. If not performed in a timely manner, describe the specific reasons for industrial land use, Penglai Mining has not been able to obtain sufficient land quotas for acquiring land certificates. strictly manner Whether in a timely performed No No Due to the tight land quotas Whether there is a deadline for performance Date and duration of undertaking 26 November 2014, Long-term (1) To ensure that the titlehood of equity interests Company in Penglai Mining is clear and complete that the Company has legal and entire disposal rights over abovementioned equity interests; the interests is free from the restrictions on pledge, guarantee or other third party rights and are also free from the seizure, freezing, custody and other restrictions on the transfer; (2) To ensure that the business operation of subject asset held by the Company is legitimate and that ownership of asset is complete: A. The subject company has obtained or in the process of registering all valid approvals and licenses required for possessing and operating its properties assets as well for conducting its currently operating businesses, and there are no substantive legal obstacles to the approvals and licenses in progress; B. The subject company has legal complete ownership or use rights and right of disposition over its assets; C. If the competent authority requires subject company to pay for the consideration of mining permits, the Company is willing to compensate in cash based on amount equal to the premium be assumed by Company (i.e. the amount of premium multiplied by equity interests proportion of the Company in subject company); (3) There is no claim or litigation by a third party as result of the infringement of patent, copyright, trademark or similar intellectual property rights of any third party in the operation of the subject company; (4) The company has not signed any operating contract or arrangement with abnormal commercial conditions, which consequently has a material adverse impact on the financial or asset positions of subject company; (5) Other than those disclosed to Shandong Gold, the subject company has no equity or equity-like investments nor investment commitments to any person; (6) Other than those disclosed to Shandong Gold, the subject company has not had Wang Zhiqiang Undertaking party Content of undertaking Jinmao Mining; and compliance Type of undertaking Asset integrity asset relating to the material asset reorganisation Background Undertaking

– 25 – SHANDONG GOLD MINING CO., LTD. 2020 Third Quarterly Report If not performed in a timely manner, describe plans in next steps If not performed in a timely manner, describe the specific reasons strictly manner Whether in a timely performed Whether there is a deadline for performance Date and duration of undertaking any outstanding borrowings, contingent events and other form of liabilities; (7) The subject company has not received any written notice with legal effect from any creditor, indicating that any assets of the subject company will be mandatorily disposed of; (8) The subject company has paid taxes in accordance with the law since its establishment, thus it has no outstanding significant taxes and fees that are due but not paid, and has not suffered from any major tax investigations or penalties; (9) The financial statements of the subject company provided to Shandong Gold give a true and fair view of the assets and liabilities (including contingent events, undetermined amounts of liabilities or controversial liabilities) the subject company at the point of time indicated in financial statements and the profit or loss of subject company as the financial period indicated in statements, which are in accordance with the applicable accounting principles and truly reflect the financial positions of subject company at the point of time or period indicated in financial statements; (10) There are no litigation, arbitration, investigation, claim or other procedures pending being known to the party or the subject company to be threatened against company, other than those litigation, arbitration, investigation, claim or other procedures that separately cumulatively would not have a material adverse effect on the subject company; (11) To ensure that Penglai Mining will have completed the registration of the “State-owned Land Use Rights Certificate” for the collectively-owned lands currently leased and utilized for its main production and operation lands also have completed the registration of the“Building Ownership Certificate” for the production and operation plants built on relevant lands with “State-owned Land Use Rights Certificate” by 30 June 2020, and that Penglai Mining will assume the land premium and other related costs arising from the registration of the abovementioned “State-owned Land Use Rights Certificate” and “Building Ownership Certificate” based on the equity interests proportion of the Company in Penglai Mining. Undertaking party Content of undertaking Type of undertaking Background

– 26 – SHANDONG GOLD MINING CO., LTD. 2020 Third Quarterly Report

3.4 Warning and explanation in the forecast of any possible loss in accumulated net profit from the beginning of the year to the end of next reporting period or any material changes compared to the corresponding period of last year

□ Applicable √ Not applicable

Name of Company Shandong Gold Mining Co., Ltd. Officer in charge of the Company Li Guohong Date 28 October 2020

– 27 – SHANDONG GOLD MINING CO., LTD. 2020 Third Quarterly Report

IV. APPENDIX

4.1 Financial Statements

Consolidated Balance Sheet 30 September 2020

Prepared by: Shandong Gold Mining Co., Ltd.

Unit: Yuan Currency: RMB Type of audit: Unaudited

Items 30 September 2020 31 December 2019

Current Assets: Bank balances and cash 6,301,679,988.52 3,241,921,814.76 Balances with clearing companies 84,849,445.99 20,350,420.47 Loans to banks and other financial institutions Held-for-trading financial assets 1,876,603,769.48 1,528,353,386.38 Derivative financial assets 265,680.00 431,200.00 Notes receivable Trade receivable 120,158,403.62 290,143,268.97 Receivables financing 20,887,293.25 340,960.00 Prepayments 783,854,003.67 116,737,001.68 Premiums receivable Accounts receivable from reinsurers Deposits receivable from reinsurers Other receivables 1,524,591,641.86 1,169,960,017.38 Among which: Interests receivable 14,413.32 Dividends receivable 55,418.00 Financial assets held under resale agreements Inventories 3,909,624,762.71 3,639,787,257.16 Contract assets Held-for-sale assets Non-current assets due within one year Other current assets 353,858,297.93 353,786,331.21

Total current assets 14,976,373,287.03 10,361,811,658.01

Non-current Assets: Loans and advances granted Debt investments Other debt investments Long-term receivables 5,411,302.59 Long-term equity investments 1,353,519,578.44 1,042,259,349.31 Investments in other equity instruments 7,068,300.00 7,300,000.00

– 28 – SHANDONG GOLD MINING CO., LTD. 2020 Third Quarterly Report

Items 30 September 2020 31 December 2019

Other non-current financial assets 6,275,428,556.74 5,688,097,699.46 Investment properties 222,019,365.29 231,458,515.67 Fixed assets 21,181,720,814.91 22,033,552,187.25 Construction in progress 6,435,760,275.06 3,981,874,575.30 Biological assets for production Oil and gas assets Right-of-use assets 120,315,289.37 136,551,097.40 Intangible assets 10,533,908,081.83 10,628,306,347.82 Development expenditures 27,834,200.97 19,665,742.43 Goodwill 2,785,252,418.03 2,810,824,509.63 Long-term deferred expenditures 31,815,082.41 35,427,882.75 Deferred income tax assets 302,035,058.46 267,872,219.02 Other non-current assets 1,028,003,735.76 910,571,041.54

Total non-current assets 50,310,092,059.86 47,793,761,167.58

Total assets 65,286,465,346.89 58,155,572,825.59

Current liabilities: Short-term borrowings 9,993,890,838.35 3,154,257,465.97 Borrowings from central bank Placements from banks and other financial institutions Held-for-trading financial liabilities 11,697,398,033.45 13,056,372,314.68 Derivative financial liabilities 287,730.00 3,919,840.00 Notes payable 932,103,347.63 828,016,317.64 Trade payable 1,919,878,003.33 2,023,159,808.22 Advances received Contract liabilities 140,991,763.90 40,939,696.10 Financial assets sold under repurchase agreements Deposits from customers and due to placements from banks and other financial institutions Accounts payable to brokerage clients Accounts payable to underwriting clients Employee benefits payable 567,859,066.25 156,313,211.53 Taxes payable 381,995,372.12 341,150,747.56 Other payables 2,799,167,943.63 2,315,545,893.46 Among which: Interests payable Dividends payable 53,490,482.64 123,953,129.05 Handling fees and commissions payable Payable to reinsurers Held-for-sale liabilities Non-current liabilities due within one year 43,915,671.29 2,949,684,457.01 Other current liabilities 2,014,189,850.94 4,093,358.08

Total current liabilities 30,491,677,620.89 24,873,453,110.25

– 29 – SHANDONG GOLD MINING CO., LTD. 2020 Third Quarterly Report

Items 30 September 2020 31 December 2019

Non-current liabilities: Provisions for insurance contracts Long-term borrowings 1,038,732,031.26 1,201,567,500.00 Bonds payable 1,021,973,392.79 1,031,350,591.00 Among which: Preferred shares Perpetual bonds Lease liabilities 84,736,521.64 65,939,546.57 Long-term payables 491,943,036.46 415,223,973.31 Long-term salaries payables 259,813.90 494,081.62 Accrued liabilities 951,944,594.50 909,957,906.46 Deferred income 18,838,688.13 12,444,017.60 Deferred income tax liabilities 3,791,169,181.33 3,818,622,083.27 Other non-current liabilities 7,748,915.94 8,776,988.76

Total non-current liabilities 7,407,346,175.95 7,464,376,688.59

Total liabilities 37,899,023,796.84 32,337,829,798.84

Owners’ equity (or shareholders’ equity): Paid-up capital (or share capital) 4,339,456,283.00 3,099,611,632.00 Other equity instruments Among which: Preferred shares Perpetual bonds Capital reserve 6,282,229,369.24 7,522,074,020.24 Less: Treasury stock 6,384,642.36 6,384,642.36 Other comprehensive income –65,334,371.63 44,016,530.70 Special reserve 2,819,897.78 1,545,674.38 Surplus reserve 820,866,386.59 820,866,386.59 General risk provision Retained profits 13,167,880,210.69 11,632,482,870.61

Total equity attributable to owners of the parent company (or shareholders’ equity) 24,541,533,133.31 23,114,212,472.16 Non-controlling interests 2,845,908,416.74 2,703,530,554.59

Total owners’ equity (or shareholders’ equity) 27,387,441,550.05 25,817,743,026.75

Total liabilities and owners’ equity (or shareholders’ equity) 65,286,465,346.89 58,155,572,825.59

Officer in charge of the Company: Li Guohong Officer in charge of the accounting affairs: Wang Peiyue Head of the Accounting Department: Huang Weimin

– 30 – SHANDONG GOLD MINING CO., LTD. 2020 Third Quarterly Report

Balance Sheet of the Parent Company 30 September 2020

Prepared by: Shandong Gold Mining Co., Ltd.

Unit: Yuan Currency: RMB Type of audit: Unaudited

Items 30 September 2020 31 December 2019 Current Assets: Bank balances and cash 659,579,557.98 765,014,743.99 Held-for-trading financial assets Derivative financial assets Notes receivable Trade receivable 296,380,865.14 85,021,930.59 Receivables financing Prepayments 16,142,468.51 2,407,270.02 Other receivables 7,136,350,495.59 5,772,912,577.35 Among which: Interests receivable Dividends receivable 661,326,188.85 1,375,311,421.37 Inventories 45,458,489.48 76,887,618.01 Contract assets Held-for-sale assets Non-current assets due within one year Other current assets 27,722,064.09 34,431,600.68 Total current assets 8,181,633,940.79 6,736,675,740.64 Non-current Assets: Debt investments Other debt investments Long-term receivables 5,411,302.59 Long-term equity investments 18,817,805,196.77 18,820,742,474.66 Investments in other equity instruments 500,000.00 500,000.00 Other non-current financial assets Investment properties 177,719,401.72 184,446,433.41 Fixed assets 1,446,110,670.10 1,431,378,749.81 Construction in progress 1,412,242,437.59 1,044,628,329.39 Biological assets for production Oil and gas assets Right-of-use assets 10,503,073.01 12,574,449.63 Intangible assets 686,570,373.83 684,118,271.39 Development expenditures Goodwill Long-term deferred expenditures 13,867,039.62 16,298,933.64 Deferred income tax assets Other non-current assets 128,505,447.77 95,388,299.65 Total non-current assets 22,699,234,943.00 22,290,075,941.58 Total assets 30,880,868,883.79 29,026,751,682.22

– 31 – SHANDONG GOLD MINING CO., LTD. 2020 Third Quarterly Report

Items 30 September 2020 31 December 2019 Current liabilities: Short-term borrowings 4,103,974,861.11 1,952,825,701.39 Held-for-trading financial liabilities 5,830,816,457.86 7,009,996,686.36 Derivative financial liabilities Notes payable 199,566,970.46 98,165,975.04 Trade payable 392,045,742.30 399,236,482.65 Advances received Contract liabilities 1,356,115.77 487,573.81 Employee benefits payable 59,180,881.60 7,309,685.37 Taxes payable 11,793,276.76 12,439,914.54 Other payables 271,409,893.69 768,042,382.43 Among which: Interests payable Dividends payable 168,300.00 168,300.00 Held-for-sale liabilities Non-current liabilities due within one year 2,973,775.41 720,552,666.36 Other current liabilities 2,013,741,281.95 41,415.93 Total current liabilities 12,886,859,256.91 10,969,098,483.88 Non-current liabilities: Long-term borrowings 1,038,732,031.26 1,201,567,500.00 Bonds payable 1,021,973,392.79 1,031,350,591.00 Among which: Preferred shares Perpetual bonds Lease liabilities 9,350,714.24 8,102,197.14 Long-term payables Long-term salaries payables Accrued liabilities 10,190,235.62 10,190,235.62 Deferred income 2,790,412.16 1,869,560.60 Deferred income tax liabilities Other non-current liabilities Total non-current liabilities 2,083,036,786.07 2,253,080,084.36 Total liabilities 14,969,896,042.98 13,222,178,568.24 Owners’ equity (or shareholders’ equity): Paid-in capital (or share capital) 4,339,456,283.00 3,099,611,632.00 Other equity instruments Among which: Preferred shares Perpetual bonds Capital reserve 4,340,010,727.72 5,579,855,378.72 Less: Treasury stock Other comprehensive income Special reserve 584,257.84 Surplus reserve 991,342,064.87 991,342,064.87 Retained profits 6,239,579,507.38 6,133,764,038.39 Total owners’ equity (or shareholders’ equity) 15,910,972,840.81 15,804,573,113.98 Total liabilities and owners’ equity (or shareholders’ equity) 30,880,868,883.79 29,026,751,682.22 Officer in charge of the Company: Li Guohong Officer in charge of the accounting functions: Wang Peiyue Head of the Accounting Department: Huang Weimin

– 32 – SHANDONG GOLD MINING CO., LTD. 2020 Third Quarterly Report

Consolidated Income Statement January to September 2020

Prepared by: Shandong Gold Mining Co., Ltd.

Unit: Yuan Currency: RMB Type of audit: Unaudited

Third Third First three First three quarter of quarter of quarters of quarters of 2020 2019 2020 2019 (July to (July to (January to (January to Items September) September) September) September)

I. Total operating income 20,610,237,537.41 25,535,640,107.57 53,660,975,381.04 64,942,356,363.07 Among which: Operating income 20,610,237,537.41 25,510,350,242.88 53,660,975,381.04 64,828,768,040.84 Interest income Income earned from premiums Income from handling fee and commissions 25,289,864.69 113,588,322.23 II. Total operating costs 19,574,575,797.89 25,117,543,000.27 50,943,198,298.55 63,588,531,701.85 Among which: Operating costs 18,438,783,474.69 24,046,608,296.05 47,804,069,796.73 60,658,356,993.36 Interest expense Handling fee and commissions expense Surrender fee Net expenditure for compensation payments Net withdrawal on provision for insurance liabilities Insurance policy dividend expenses Reinsurance expenses Taxes and surcharges 154,479,334.78 128,497,946.84 433,368,811.90 390,299,556.65 Selling expenses 31,302,813.64 36,661,939.04 77,775,888.17 147,439,713.77 General and administrative expenses 631,715,994.10 530,019,354.55 1,738,098,528.10 1,487,900,658.38 Research and development expenses 120,446,458.53 101,783,071.81 276,221,286.48 249,730,965.98 Finance costs 197,847,722.15 273,972,391.98 613,663,987.17 654,803,813.71 Among which: Interest expenses 186,241,560.97 227,920,580.83 569,548,201.74 621,945,544.44 Interest income 12,144,448.24 9,916,567.95 36,245,338.22 34,237,732.01

– 33 – SHANDONG GOLD MINING CO., LTD. 2020 Third Quarterly Report

Third Third First three First three quarter of quarter of quarters of quarters of 2020 2019 2020 2019 (July to (July to (January to (January to Items September) September) September) September)

Add: Other income 1,619,866.68 13,112,888.16 13,333,971.25 20,822,014.05 Investment gains (loss is represented by “–”) –246,165,699.90 –63,150,588.85 –214,230,749.59 –22,342,773.10 Among which: investment gains from associates and joint ventures (loss is represented by “–”) –10,767,393.82 9,628,635.75 –2,937,277.89 32,397,973.07 Gains on derecognition of financial assets measured at amortised cost Foreign currency exchange gains (loss is represented by “–”) Gains from net exposure hedges (loss is represented by “–”) Gains from changes in fair value (loss is represented by “–”) 285,152,744.76 265,080,938.54 260,262,774.65 196,482,818.33 Credit impairment loss (loss is represented by “–”) –2,903,285.67 –7,558,261.22 –3,974,961.76 –8,539,343.26 Assets impairment loss (loss is represented by “–”) –4,499,645.73 –1,796.41 –4,499,645.73 –4,229,707.67 Gains from disposal of assets (loss is represented by “–”) –10,227.92 1,390,439.14 –43,519.81 III. Gains from operation (loss is represented by “–”) 1,068,855,491.74 625,580,287.52 2,770,058,910.45 1,535,974,149.76 Add: Non-operating income 6,376,737.97 1,889,204.93 7,998,560.46 5,404,202.31 Less: Non-operating expenses 5,060,466.20 7,331,920.49 17,811,437.83 14,222,900.87 IV. Total profit (total loss is represented by “–”) 1,070,171,763.51 620,137,571.96 2,760,246,033.08 1,527,155,451.20 Less: Income tax expense 291,625,336.18 260,948,931.20 680,359,849.38 476,463,448.72 V. Net profit (net loss is represented by “–”) 778,546,427.33 359,188,640.76 2,079,886,183.70 1,050,692,002.48 (1) Categorized by nature of continuous operation 1. Net profit from continuous operation (net loss is represented by “–”) 778,546,427.33 359,188,640.76 2,079,886,183.70 1,050,692,002.48 2. Net profit from discontinued operation (net loss is represented by “–”) (2) Categorized by owners’ equity 1. Net profit attributable to owners of the parent company (net loss is represented by “–”) 690,470,579.62 337,835,534.44 1,843,187,527.48 947,058,712.76 2. Profit or loss of non-controlling interests (net loss is represented by “–”) 88,075,847.71 21,353,106.32 236,698,656.22 103,633,289.72

– 34 – SHANDONG GOLD MINING CO., LTD. 2020 Third Quarterly Report

Third Third First three First three quarter of quarter of quarters of quarters of 2020 2019 2020 2019 (July to (July to (January to (January to Items September) September) September) September)

VI. Other comprehensive income, net of tax –175,466,350.75 124,758,594.63 –109,350,902.33 133,351,203.08 (1) Other comprehensive income attributable to owners of the parent company, net of tax –175,466,350.75 124,758,594.63 –109,350,902.33 133,351,203.08 1. Other comprehensive income that may not be reclassified to profit or loss (1) Changes arising from the re-measurement of defined benefit plans (2) Other comprehensive income that may not be reclassified to profit or loss under the equity method (3) Changes in fair value of other investments in equity instruments (4) Changes in fair value of the enterprise’s own credit risks 2. Other comprehensive income that may be reclassified to profit or loss –175,466,350.75 124,758,594.63 –109,350,902.33 133,351,203.08 (1) Other comprehensive income that may be reclassified to profit or loss under the equity method (2) Changes in fair value of other debt investments (3) Amount of financial assets reclassified into other comprehensive income (4) Credit impairment loss for other debt investments (5) Cash flow hedge reserve (6) Differences in exchange rate from translating foreign currency financial statements –175,466,350.75 124,758,594.63 –109,350,902.33 133,351,203.08 (7) Others (2) Other comprehensive income attributable to minority shareholders, net of tax

– 35 – SHANDONG GOLD MINING CO., LTD. 2020 Third Quarterly Report

Third Third First three First three quarter of quarter of quarters of quarters of 2020 2019 2020 2019 (July to (July to (January to (January to Items September) September) September) September)

VII. Total comprehensive income 603,080,076.58 483,947,235.39 1,970,535,281.37 1,184,043,205.56 (1) Total comprehensive income attributable to owners of the parent company 515,004,228.87 462,594,129.07 1,733,836,625.15 1,080,409,915.84 (2) Total comprehensive income attributable to minority shareholders 88,075,847.71 21,353,106.32 236,698,656.22 103,633,289.72 VIII. Earnings per share: (1) Basic earnings per share (RMB/share) 0.16 0.08 0.42 0.22 (2) Diluted earnings per share (RMB/share) 0.16 0.08 0.42 0.22

For business combination involving enterprises under common control, net profit of the acquiree realized before business combination: RMB0; net profit of the acquiree realized in the previous period: RMB0.

Officer in charge of the Company: Li Guohong Officer in charge of the accounting affairs: Wang Peiyue Head of the Accounting Department: Huang Weimin

– 36 – SHANDONG GOLD MINING CO., LTD. 2020 Third Quarterly Report

Income Statement of the Parent Company January to September 2020

Prepared by: Shandong Gold Mining Co., Ltd.

Unit: Yuan Currency: RMB Type of audit: Unaudited

Third Third First three First three quarter of quarter of quarters of quarters of 2020 2019 2020 2019 (July to (July to (January to (January to Items September) September) September) September)

I. Operating income 473,120,085.49 356,738,158.20 1,323,645,002.32 1,026,227,230.67 Less: Operating cost 183,839,288.39 157,219,819.16 501,425,028.02 423,499,289.55 Taxes and surcharges 16,355,674.48 11,260,638.17 43,213,900.49 32,305,816.80 Selling expenses 246,381.43 228,801.52 774,768.51 706,358.93 General and administrative expenses 128,405,429.71 79,215,282.31 317,817,161.96 264,396,788.91 Research and development expenses 22,958,226.86 23,921,778.33 36,808,409.15 46,196,265.27 Finance costs 83,905,854.67 100,856,673.98 290,227,130.36 292,817,701.61 Among which: Interest expenses 126,315,836.37 132,576,923.18 395,303,772.13 397,586,857.03 Interest income 44,924,670.50 31,827,455.21 113,172,020.36 92,732,699.09 Add: Other income 300,851.44 5,823,357.00 3,308,246.83 6,057,466.40 Investment gains (loss is represented by “–”) 64,655,651.15 46,455,365.15 286,682,489.59 259,872,202.47 Among which: Investment gains from associates and joint ventures –10,767,393.82 9,628,635.75 –2,937,277.89 32,397,973.07 Gains on derecognition of financial assets measured at amortised cost Net exposure hedging gains (loss is represented by “–”) Gains from changes in fair value (loss is represented by “–”) Credit impairment loss (loss is represented by “–”) –175,031.37 –67,808.28 –480,140.42 –421,589.78 Assets impairment loss (loss is represented by “–”) Gains from disposal of assets (loss is represented by “–”) –10,227.92 1,390,439.14 –43,519.81

– 37 – SHANDONG GOLD MINING CO., LTD. 2020 Third Quarterly Report

Third Third First three First three quarter of quarter of quarters of quarters of 2020 2019 2020 2019 (July to (July to (January to (January to Items September) September) September) September)

II. Gains from operation (loss is represented by “-”) 102,180,473.25 36,246,078.60 424,279,638.97 231,769,568.88 Add: Non-operating income 150.00 2,796.00 307,285.46 252,331.16 Less: Non-operating expenses 726,714.48 2,504,827.64 10,632,400.64 7,027,119.18 III. Total profit (total loss is represented by “-”) 101,453,908.77 33,744,046.96 413,954,523.79 224,994,780.86 Less: Income tax expense –26,575.16 24,919,576.80 IV. Net profit (net loss is represented by “-”) 101,453,908.77 33,770,622.12 413,954,523.79 200,075,204.06 (1) Net profit from continuous operation (net loss is represented by “-”) 101,453,908.77 33,770,622.12 413,954,523.79 200,075,204.06 (2) Net profit from discontinued operation (net loss is represented by “-”) V. Other comprehensive income, net of tax (1) Other comprehensive income that may not be reclassified to profit or loss 1. Changes arising from the re-measurement of defined benefit plans 2. Other comprehensive income that may not be reclassified to profit or loss under the equity method 3. Changes in fair value of other investments in equity instruments 4. Changes in fair value of the enterprise’s own credit risks (2) Other comprehensive income that may be reclassified to profit or loss 1. Other comprehensive income that may be reclassified to profit or loss under the equity method 2. Changes in fair value of other debt investments 3. Amount of financial assets reclassified into other comprehensive income 4. Credit impairment provision for other debt investments 5. Cash flow hedge reserve 6. Differences of exchange for foreign currency financial statements 7. Others VI. Total comprehensive income 101,453,908.77 33,770,622.12 413,954,523.79 200,075,204.06 VII. Earnings per share: (1) Basic earnings per share (RMB/share) (2) Diluted earnings per share (RMB/share) Officer in charge of the Company: Li Guohong Officer in charge of the accounting affairs: Wang Peiyue Head of the Accounting Department: Huang Weimin

– 38 – SHANDONG GOLD MINING CO., LTD. 2020 Third Quarterly Report

Combined Cash Flows Statement January to September 2020

Prepared by: Shandong Gold Mining Co., Ltd.

Unit: Yuan Currency: RMB Type of audit: Unaudited

First three First three quarters of 2020 quarters of 2019 (January to (January to Items September) September)

I. Cash flows generated from operating activities: Cash received from sales of goods and provision of labor service 53,738,130,614.53 64,919,718,225.27 Net increase in deposits from customers and due to placements from banks and other financial institutions Net increase in borrowings from central bank Net increase in placements from other financial institutions Premiums received Cash received from reinsurance business, net Net increase in policyholder deposits and investments Cash received from interests, handing fee and commissions Net increase in placements from banks and other financial institutions Net increase in repurchased business capital Net cash received from accounts payables to brokerage clients Tax refunds received 3,926,458.16 33,680,413.99 Cash received from other operating activities 24,720,840,508.52 25,541,850,808.52

Sub-total of cash inflows from operating activities 78,462,897,581.21 90,495,249,447.78

– 39 – SHANDONG GOLD MINING CO., LTD. 2020 Third Quarterly Report

First three First three quarters of 2020 quarters of 2019 (January to (January to Items September) September)

Cash paid for purchase of goods and engagement of labor service 45,812,879,497.31 57,747,374,761.61 Net increase of customer loans and advances Net increase of deposits in central bank and other financial institutions Claims paid Net increase in placements with banks and other financial institutions Cash paid for interests, handling fee and commissions Cash paid for policyholders’ dividend Cash paid to and for employees 1,840,408,831.03 1,696,450,007.79 Payments of all types of taxes 1,076,561,245.26 945,313,280.75 Cash paid for other operating activities 26,434,674,524.14 26,418,353,446.79 Sub-total of cash outflows used in operating activities 75,164,524,097.74 86,807,491,496.94 Net cash flows generated from operating activities 3,298,373,483.47 3,687,757,950.84 II. Cash flows generated from investing activities: Cash received from disposal of investment 398,500,008.02 Cash received from investment gains 1,517,098.96 Net cash from disposal of fixed assets, intangible assets and other long-term assets 1,022,837.20 575,170.50 Net cash received from disposal of subsidiaries and other operating units Cash received from other investing activities 1,748,513,880.95 545,827,631.95 Sub-total of cash inflows from investing activities 1,749,536,718.15 946,419,909.43 Cash paid for acquisition of fixed assets, intangible assets and other long-term assets 3,127,260,316.82 2,884,118,319.70 Cash paid for investments 322,617,507.46 Net increase in pledged loans Net cash paid for acquisition of subsidiaries and other operating units 2,272,319,100.00 Cash paid for other investing activities 1,948,005,935.08 590,150,358.33 Sub-total of cash outflows used in investing activities 5,397,883,759.36 5,746,587,778.03 Net cash flows generated from investing activities –3,648,347,041.21 –4,800,167,868.60

– 40 – SHANDONG GOLD MINING CO., LTD. 2020 Third Quarterly Report

First three First three quarters of 2020 quarters of 2019 (January to (January to Items September) September)

III. Cash flows generated from financing activities: Cash received from investments Among which: cash received from non-controlling shareholders’ investment by subsidiaries Cash received from obtaining borrowings 13,115,946,177.89 5,165,732,000.00 Cash received from other financing activities 7,254,984,561.89 7,251,571,604.58

Sub-total of cash inflows from financing activities 20,370,930,739.78 12,417,303,604.58

Cash paid for repayment of debt 6,417,591,000.00 2,259,427,442.33 Cash paid for distribution of dividends, profits or payment of interests 930,409,473.66 1,168,162,056.45 Among which: dividend and profits paid to non-controlling shareholders by subsidiaries 75,175,000.00 78,522,902.09 Cash paid for other financing activities 9,533,421,245.27 6,870,371,307.34

Sub-total of cash outflow used in financing activities 16,881,421,718.93 10,297,960,806.12

Net cash flows generated from financing activities 3,489,509,020.85 2,119,342,798.46

IV. Effect on cash and cash equivalents from changes of exchange rate –66,180,701.45 17,510,472.08 V. Net increase in cash and cash equivalents 3,073,354,761.66 1,024,443,352.78 Add: ca sh and cash equivalents at beginning of the period 3,019,040,271.75 2,634,004,612.31

VI. Closing balance of cash and cash equivalents at end of the period 6,092,395,033.41 3,658,447,965.09

Officer in charge of the Company: Li Guohong Officer in charge of the accounting affairs: Wang Peiyue Head of the Accounting Department: Huang Weimin

– 41 – SHANDONG GOLD MINING CO., LTD. 2020 Third Quarterly Report

Cash Flow Statement of the Parent Company January to September 2020

Prepared by: Shandong Gold Mining Co., Ltd.

Unit: Yuan Currency: RMB Type of audit: Unaudited

First three First three quarters of 2020 quarters of 2019 (January to (January to Items September) September)

I. Cash flows generated from operating activities: Cash received from sales of goods and provision of labor service 1,086,663,765.00 904,748,764.46 Tax refunds received Cash received from other operating activities 4,939,695,546.37 4,748,944,453.13

Sub-total of cash inflows from operating activities 6,026,359,311.37 5,653,693,217.59

Cash paid for purchase of goods and engagement of labor service 237,899,634.00 187,160,269.45 Cash paid to and for employees 280,631,452.75 270,802,492.67 Payments of all types of taxes 44,119,105.91 31,460,893.85 Cash paid for other operating activities 7,532,033,093.21 5,125,643,607.69

Sub-total of cash outflows used in operating activities 8,094,683,285.87 5,615,067,263.66

Net cash flows generated from operating activities –2,068,323,974.50 38,625,953.93

II. Cash flows generated from investing activities: Cash received from disposal of investment Cash received from investment gains 1,003,605,000.00 114,654,104.64 Net cash from disposal of fixed assets, intangible assets and other long-term assets 1,013,967.20 459,112.80 Net cash received from disposal of subsidiaries and other operating units Cash received from other investing activities 10,365.03 2,154.75

Sub-total of cash inflows from investing activities 1,004,629,332.23 115,115,372.19

– 42 – SHANDONG GOLD MINING CO., LTD. 2020 Third Quarterly Report

First three First three quarters of 2020 quarters of 2019 (January to (January to Items September) September)

Cash paid for acquisition of fixed assets, intangible assets and other long-term assets 473,030,647.09 612,681,767.57 Cash paid for investments 140,000,000.00 Net cash paid for acquisition of subsidiaries and other operating units 2,272,319,100.00 Cash paid for other investing activities 3,137,465.03 1,694.75 Sub-total of cash outflows used in investing activities 476,168,112.12 3,025,002,562.32 Net cash flows generated from investing activities 528,461,220.11 –2,909,887,190.13 III. Cash flows generated from financing activities: Cash received from investments Cash received from obtaining borrowings 6,099,159,777.89 4,009,000,000.00 Cash received from other financing activities 4,568,185,071.39 7,199,483,282.74 Sub-total of cash inflows from financing activities 10,667,344,849.28 11,208,483,282.74 Cash paid for repayment of debt 2,801,496,000.00 1,280,000,000.00 Cash paid for distribution of dividends, profits or payment of interests 615,302,750.58 397,458,811.02 Cash paid for other financing activities 5,849,697,456.80 6,836,734,448.33 Sub-total of cash outflows used in financing activities 9,266,496,207.38 8,514,193,259.35 Net cash flows generated from financing activities 1,400,848,641.90 2,694,290,023.39 IV. Effect on cash and cash equivalents from changes of exchange rate V. Net increase in cash and cash equivalents –139,014,112.49 –176,971,212.81 Add: ca sh and cash equivalents at beginning of the period 738,749,806.39 805,361,275.90 VI. Closing balance of cash and cash equivalents at end of the period 599,735,693.90 628,390,063.09 Officer in charge of the Company: Li Guohong Officer in charge of the accounting affairs: Wang Peiyue Head of the Accounting Department: Huang Weimin

– 43 – SHANDONG GOLD MINING CO., LTD. 2020 Third Quarterly Report

4.2 Adjustment on the relevant opening financial statements for the year of initial application of new revenue standard and new lease standard since 2020

□ Applicable ✓ Not applicable

4.3 Explanation of the retrospective adjustment on comparative figures for the previous period resulting from the initial application of new revenue standard and new lease standard since 2020

□ Applicable ✓ Not applicable

4.4 Audit Report

□ Applicable ✓ Not applicable

– 44 –