Material collection at the mine
First-phase ore-source contracts and delivery
Measured in wet tonnes and recorded batch by batch
PROJECT 02 / GUIZHOU · XINGREN
Xingren gold tailings
Investment proposal
From tailings resources to gold assets.
Around first-phase resources, transfer processing and funding arrangements,
Define this round's investment scope and implementation pathway.
First-phase 1 million wet tonnes · Subsequent approximately 2 million wet tonnes require separate investment
RESOURCE → PROCESS → GOLD03 / ASSET
Project pathway illustration / Not proof of physical assets or capacity
10010,000 wet tonnes
Proposed phase-one resource commitment
4,000RMB 10,000
Proposed phase-one financing · RMB
1,500dry tonnes / day
Independent new-line design capacity
Approximately 3months
Construction plan after funding is in place
01 / INVESTMENT SCOPE
Whole-stockpile resource background,
Explained separately from the phase-one investment.
The sponsor reports total stockpile size of approximately 3 million wet tonnes. This round proposes securing the first 1 million wet tonnes for collection, transport, transfer, processing and gold sales. First-phase contracts and rights are confirmed separately; subsequent approximately 2 million wet tonnes require separate ore commitments, investment and accounting.
Review the research basis for the Xingren project ↗GUIZHOU / Guizhou
Guizhou · Xingren
Xingren, Guizhou → Drying and transfer near Xingren → Processing in Chenzhou, Hunan
Illustrative cities and processing directions; specific mines, sites and transport routes are subject to implementation documents.Phase one of this round1 million wet tonnes
Separate subsequent investmentApproximately 2 million wet tonnes
Approximately 3 million wet tonnes in total stockpile is a sponsor-provided background figure; the graphic shows quantity relationships only.
- Phase-one resource scope
- Proposed first-phase securing of 1 million wet tonnes
- Ore supplier entity materials
- Guizhou Huiyuan Trading Co., Ltd.
Shown according to the existing prospectus; Xingren-specific contracts and authorizations await review. - Ore-securing payment budget
- RMB 5 million, included in the RMB 40 million total
- Delivery and deadlines
- First-phase delivery, measurement, quality and deadlines
To be defined in Xingren's dedicated mine-supply contract.
The proposal lists minimum first-phase delivery of 700,000 dry tonnes; contracts, quality and metering conditions require implementation. Confirm minimum delivery targets, final receipts and scenario throughput separately.
02 / EXECUTION PATH
From Xingren to Chenzhou,
Connect the full first-phase implementation process.
The proposal envisages drying and transfer near Xingren, shipment to Chenzhou, Hunan for processing, and a supporting new production line. The receiving plant, logistics contracts, processing approvals and mine-specific line configuration are to be finalized in implementation documents.
Drying and transfer
Drying and transfer near Xingren
Outbound dry tonnes and batch coordination
Processing and gold output
Plant intake and processing at Chenzhou
Gold output weighing and metal plate testing
Sales and accounting
Sales settlement and bank collections
Cost allocation and return accounting
Approximately 3-month construction plan
Advance construction and supporting works once funding and startup conditions are in place. The Chenzhou line budget is RMB 15 million, with design capacity of 1,500 dry tonnes/day; project construction scheduling and supporting configuration remain to be finalized, with actual capacity validated through trial production.
Key mine-specific verification priorities
Mine-specific sampling and wet/dry basis → Transfer and transport coordination → Process and stable capacity → First-phase sales and collections
03 / CAPITAL ALLOCATION
RMB 40 million,
For first-phase startup in this round.
This round's funds cover first-phase ore securing, production line construction, operations and service budgets. Full development investment for the subsequent approximately 2 million wet tonnes will be arranged separately. Construction payments and working capital needs before the first collection are coordinated through staged budgets.
Proposed startup budget / RMB4,000RMB 10,000
Project execution and reserve funds 70%
Intermediation and hospitality consultant budget 30%
Once credited against feedstock payments under the contract, mine-supply commitment payments are not counted again as costs. Startup budgets and full-cycle operating costs are accounted for separately.
| Uses of funds | RMB 10,000 | Proportion |
|---|---|---|
| Ore-securing payment | 500 | 12.5% |
| New production line | 1,500 | 37.5% |
| Total operating funds | 500 | 12.5% |
| Contingency reserve | 300 | 7.5% |
| Financing intermediary commission | 800 | 20.0% |
| Hospitality and consulting expenses | 400 | 10.0% |
| Total | 4,000 | 100.0% |
04 / PARTICIPATION
Based on the phase-one contracted mine quantity,
Clarify the scope of participation rights.
The following is the proposed participation mechanism for Xingren; specific shares, rights and settlement conditions require confirmation through this project's special agreement. Investors review contracting entities, receiving accounts, authorization and performance responsibilities.
Proposed continuation of participation units100RMB 10,000 / share
40 units planned, totaling RMB 40 million.
The share structure does not indicate current subscription progress.
Proposed phase-one dividend pool30%
The phase-one profit pool established under 40 sharing agreements.
Each unit represents 1/40 of the pool.
Proposed mechanism for termination of interests2× · Including principal
After Xingren-specific confirmation and reaching the agreed amount,
Terminate the corresponding project income rights.
Calculate actual returns before implementing distributions.
Operating collections → Agreement-based accounting → Distributable returns → Pro rata distribution → Cumulative records
Mechanism example: if an agreement confirms project profit of RMB 10 million for a period and all 40 rights units are valid, the calculated amount per unit is 10 million × 30% ÷ 40 = RMB 75,000. Actual payment depends on distributable returns, collections and the agreement.
View specific arrangements for cash, shares and gold pre-orders ＋
Cash settlement:Pay from actual distributable income and collections, counted cumulatively toward the agreed limit.
Share rights settlement:Security type, conversion price, lock-up period, registration and settlement conditions remain undefined; confirmed value counts toward the same cumulative limit.
Gold reservation:If continued use is confirmed, separate payment for the goods is required. Reference prices, specifications, quantities and delivery conditions are agreed separately; gold purchase payments and project investments are accounted for separately.
Rights cover only first-phase contracted ore volumes; the subsequent approximately 2 million wet tonnes require separate investment. The relationship between project income shares and company equity, and termination upon a cumulative 2× payout, require Xingren-specific confirmation; distributions depend on actual operations and collections.
TAILINGS VALUE / Integrated residual-tailings utilization
Beyond gold: three expected residual-tailings income sources
The following project sponsor expectations are added to the first-phase scope of the No. 2 Xingren, Guizhou project. The common measurement basis isRMB/residual-tailings tonne, listed separately from the core gold business estimates. Applicability to this project will be determined using this mine's policy, testing, process and sales documentation.
Government subsidies
30～200 RMB/residual-tailings tonneSponsor-expected income contribution, using the sponsor's gross-profit terminology. Applicable policies, compliant throughput, approvals and actual receipts require mine-specific verification and cannot be treated as approved subsidies.
Processing residual-tailings solid waste into floor tiles
500～1,000 RMB/residual-tailings tonneMeasured in residual-tailings tonnes lawfully usable for processing. Formulation, tailings blending ratio, finished yield, product testing, processing costs and real sales require validation; residual-tailings tonnes cannot be treated directly as finished tile tonnes.
Recovery of other precious metals
400～1,000 RMB/residual-tailings tonneSponsor expectations excluding the core gold business. Metal types, content, recoverability, processing and settlement costs require validation; reconcile with gold income and floor-tile feedstock destinations to avoid double-counting.
Source: On 2026.10.06, the sponsor provided the ranges above and confirmed residual-tailings tonnes as the measurement base. This shows expected gross profit contributions, not realized revenue, net profit or investor distributions. Government subsidies' financial classification and project gross-profit definitions require separate confirmation.
In the calculation, each expected contribution =Actual residual-tailings tonnes meeting this item's conditions × mine-verified unit return. Each revenue stream may have different eligible volumes and cost scopes. Do not assume all residual tailings qualify, directly add the ranges, or multiply them by the 1 million tonnes of feedstock. Residual-tailings volumes must be supported by actual processing, moisture and material-balance records.
The three items above are currently excluded from the existing gold scenario model and proposed dividend pool. Inclusion in contractual profit requires checking this project's rights scope, cost deductions, taxes, collections and dedicated agreements.
05 / PROJECT MATERIALS
From understanding the proposal,
Proceed to mine-specific material review.
Xingren project grade, recovery rate, costs and operating results require independent mine-specific validation. Review this project's contracts, testing, trial production and funding materials.
Scope and top-level budget
The special communication materials dated September 30, 2026 set out the first-phase scope, proposed financing, transfer and processing arrangements, and proposed participation mechanism; this page's ore source location has been corrected to Xingren, Guizhou as confirmed.
Contracts and entity documents
First-phase tailings storage area, delivery and measurement conditions, ore-securing payment offsets, company authorization, fund-receiving responsibilities and rights relationships.
Testing and trial-production records
This mine's sample identifiers, locations and depths, wet/dry basis, process tests, recovery conditions and stable capacity.
Budget and settlement terms
Cross-regional logistics, engineering and mine-specific line configuration, working capital, profit definitions and settlement terms proposed to be retained.
View preliminary operating scenarios and modeling assumptions ＋
The phase-one scenario assumes processing 1 million wet tonnes and 700,000 dry tonnes, gold output of 0.8 g/wet tonne and cost of RMB 550/dry tonne. These parameters require mine-specific testing and trial-production validation at Xingren; 700,000 dry tonnes is this table's processing-volume assumption. The balance must be reconciled with capital expenditure, expense allocation and actual collections.
| Scenario | Gold output Grams/wet tonne | Costs RMB/dry tonne | Gold price RMB/g | Estimated balance × RMB 100 million |
|---|---|---|---|---|
| Lower gold price | 0.8 | 550 | 900 | 3.35 |
| Baseline assumptions | 0.8 | 550 | 1,000 | 4.15 |
| Higher gold price | 0.8 | 550 | 1,100 | 4.95 |
| Downside pressure | 0.4 | 650 | 900 | −0.95 |
All use a fixed dry-equivalent quantity of 700,000 dry tonnes; downside scenarios come from stress assumptions in the preliminary proposal. Balances, actual profits and investor-distributable amounts are confirmed separately. Gold prices are scenario parameters.
Evidence: No. 3 Gold Tailings Project Financing Intermediary Cooperation Proposal dated September 30, 2026, distilled for investors. Page compiled October 5, 2026; on October 13, 2026 the project was corrected to No. 2 Xingren mine, Guizhou. The original PPT retains the original No. 3 title and content. Revisions will follow proposal updates.
06 / NEXT STEP
First understand the project,
Then confirm participation conditions.
Review materials, discuss technical and financial questions, and arrange visits to ore sources, transfer facilities or proposed processing facilities subject to actual access conditions, forming an independent assessment.
info@cnucap.com
- 01
Project discussions
Explain interests and material needs.
- 02
Material and site review
Review contracts, testing, trial production and staged budgets.
- 03
Dedicated conditions confirmation
Confirm entities, accounts, rights and settlement arrangements.
- 04
Ongoing disclosure after investment
Track production, gold output, sales and collections as agreed.
FACTS / SOURCES / CONTEXT
Page highlights and supporting materials
How does Xingren's first phase differ from total stockpile resources?
Project materials list a total stockpile of approximately 3 million wet tonnes, with 1 million wet tonnes in this first phase and proposed financing of RMB 40 million. Subsequent approximately 2 million wet tonnes require separate investment and accounting; first-phase budgets and operating scenarios cannot simply be scaled to the entire stockpile.
On October 13, 2026, following sponsor confirmation, the webpage name and number were corrected to No. 2 Xingren, Guizhou; original attachments, material dates and modeling parameters were retained.