CGN Ming held the extraordinary general meeting at the Renaissance Hong Kong Harbour View Hotel at 11:00 am on January 15, 2019 (Tuesday), voting on the resolution concerning the purchase and sale agreement and the transactions thereunder for the acquisition of CGN Global Uranium Limited (CGN GU). The independent shareholders present at the general meeting and by proxy unanimously passed the resolution. As of January 17, CGN Ming has completed the payment of M&A funds and the closing of the project.

After the meeting, Mr. Chen Deshao, Executive Director and Chief Financial Officer of CGN, said in an interview with the financial media that CGN GU is one of the most active natural uranium traders around the world, selling approximately 1,000 to 2,000 tons of natural uranium per year, 2 to 3 times that of CGN. The acquisition will integrate CGN’s advantages of low cost and abundant capital of natural uranium and CGN GU’s advantage of diversified sales channels, achieving the effect of “1+1>2” and boosting the performance growth of CGN.

In addition, Mr. Chen Deshao pointed out that CGN has reached a new cooperation intention with Kazatomprom in terms of jointly developing a uranium mine in process in Kazakhstan, which is being propelled in full force. After the acquisition, it is estimated that the low-cost uranium resources obtained by CGN from Kazakhstan will increase from the current 588 tons per year (about 1.53 million pounds of U₃O₈) to 1,813 tons per year (about 3.19 million pounds of U₃O₈). By then, CGN GU will be able to further consolidate its market position and expand into new markets by relying on the fast-growing low-cost production capacity of CGN.