Analysis of Pyrite Reserves and Mine Life of Yunliu Mining under YUEGUI Co., Ltd. (000833.SZ)

Based on authoritative information I obtained, the pyrite reserves and mine life of

, a subsidiary of , are as follows:

As of the end of 2024, the

[1], with the following breakdown:

Category	Reserves (10,000 tonnes)
Reserves within open-pit mining boundary	4,717
Reserves outside open-pit mining boundary	3,190
Reserves in underground mining section	3,366

According to the 2025 private placement announcement and credit rating report, Yunliu Mining has

, accounting for 85% of the country’s high-grade pyrite resources, with an average grade of 31.04% and excellent quality[2].

Product	Annual Production Capacity
Raw Ore (Pyrite)	Approximately 3 million tonnes
Pyrite Concentrate	1.4 million tonnes
Sulfuric Acid	0.52 million tonnes

Based on national pyrite output, YUEGUI Co., Ltd.'s pyrite output accounts for approximately

of the national total[2].

According to the follow-up rating report of Guangdong Province Guangye Group Co., Ltd., the

(until the mining right expires in November 2039)[3].

Data Source	Mine Life
Calculated based on 2024 reserves	Approximately 37-38 years
Calculated based on open-pit stope service life (until 2039)	Approximately 28 years
Calculated based on cumulative proven reserves	Approximately 69 years

: Considering the loss rate during actual mining, ore dressing recovery rate, and the term of the mining right (until 2039), the . This reserve scale leads the domestic pyrite industry and provides solid resource support for the long-term stable development of the company’s sulfur chemical industry.

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[1] 2024 Annual Report Abstract of Guangxi Guangdong Guangye Holding Co., Ltd. (https://file.finance.qq.com/finance/hs/pdf/2025/03/28/1222925479.PDF)

[2] YUEGUI Co., Ltd. Plans RMB 900 Million Private Placement for Three Projects, Its Pyrite Output Accounts for Nearly 17% of National Total to Promote Transformation (https://finance.sina.com.cn/roll/2025-05-22/doc-inexkvpi5241204.shtml)

[3] Follow-up Rating Report of Guangdong Province Guangye Group Co., Ltd. (https://www.chinamoney.com.cn/dqs/cm-s-notice-query/fileDownLoad.do?mode=open&contentId=1350185&priority=0)